Boeing 2005 Annual Report Download - page 50

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Consolidated Statements of Cash Flows
)
)
)
)
)
)
(Dollars in millions)
Year ended December 31
Cash flows - operating activities:
Net earnings
Adjustments to reconcile net earnings to net cash provided by operating activities:
Non-cash items:
Goodwill impairment
Share-based plans expense
Depreciation
Amortization of other acquired intangibles
Amortization of debt discount/premium and issuance costs
Pension expense/(income)
Investment/asset impairments charges, net
Customer financing valuation provision
Net loss (gain) on disposal of discontinued operations
Gain on dispositions, net
Other charges and credits, net
Non-cash adjustments relating to discontinued operations
Excess tax benefits from share-based payment arrangements
Changes in assets and liabilities –
Accounts receivable
Inventories, net of advances, progress billings and reserves
Accounts payable and other liabilities
Advances in excess of related costs
Income taxes receivable, payable and deferred
Deferred lease income
Prepaid pension expense
Goodwill
Other acquired intangibles, net
Accrued retiree health care
Customer financing, net
Other
Net cash provided by operating activities
2005
$2,572
852
1,412
91
23
1,225
83
73
12
(520)
129
(70)
(592)
(1,965)
1,147
3,562
628
(476)
(1,862)
11
30
589
46
7,000
2004
$1,872
3
576
1,412
97
15
335
122
45
(66)
(23)
539
15
(23)
(241)
535
1,321
735
1,086
(30)
(4,355)
(3)
(1)
214
(421)
(255)
3,504
2003
$718
913
456
1,306
94
18
(147
153
216
2
63
63
357
191
(132
643
320
233
(1,728
(3
(2
311
(1,316
47
2,776
Cash flows – investing activities:
)
)
)
)
)
)
Discontinued operations customer financing, additions (333
Discontinued operations customer financing, reductions 2 174 558
Property, plant and equipment, additions (1,547) (1,246) (836
Property, plant and equipment, reductions 51 268 95
Acquisitions, net of cash acquired (172) (34) 289
Proceeds from dispositions of discontinued operations 2,017
Proceeds from dispositions 1,709 194 186
Contributions to investments (2,866) (4,142) (102
Proceeds from investments 2,725 1,323 203
Net cash (used)/provided by investing activities (98) (1,446) 60
Cash flows – financing activities:
New borrowings 2,042
Debt repayments (1,378) (2,208) (2,024
Stock options exercised 348 98 18
Excess tax benefits from share-based payment arrangements 70 23
Common shares repurchased (2,877) (752)
Dividends paid (820) (648) (572
Net cash used by financing activities (4,657) (3,487) (536
Effect of exchange rate changes on cash and cash equivalents (37)
Net increase/(decrease) in cash and cash equivalents 2,208 (1,429) 2,300
Cash and cash equivalents at beginning of year 3,204 4,633 2,333
Cash and cash equivalents at end of year $5,412 $3,204 $4,633
See notes to consolidated financial statements on pages 50–84.
48 The Boeing Company and Subsidiaries