Boeing 2007 Annual Report Download - page 45

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42
Consolidated Statements of Cash Flows
(Dollars in millions)
Years ended December 31, 2007 2006 2005
Cash flows –operating activities:
Net earnings $«4,074 $«2,215 $«2,572
Adjustments to reconcile net earnings to net cash provided by operating activities:
Non-cash items –
Share-based plans expense 287 743 1,036
Depreciation 1,334 1,445 1,412
Amortization of other acquired intangibles 152 100 91
Amortization of debt discount/premium and issuance costs (1) 14 23
Pension expense 1,082 746 1,225
Investment/asset impairment charges, net 51 118 83
Customer financing valuation (benefit)/provision (60) 32 73
(Gain)/loss on disposal of discontinued operations (25) (14) 12
(Gain)/loss on dispositions/business shutdown, net (38) 226 (520)
Other charges and credits, net 197 82 129
Excess tax benefits from share-based payment arrangements (144) (395) (70)
Changes in assets and liabilities –
Accounts receivable (392) (244) (592)
Inventories, net of advances and progress billings (1,558) 444 (1,965)
Accounts payable and other liabilities 928 (744) 963
Advances and billings in excess of related costs 2,369 1,739 3,562
Income taxes receivable, payable and deferred 1,290 933 628
Other long-term liabilities 71 (62) (476)
Pension contributions (580) (522) (1,862)
Accrued retiree health care (664) 114 30
Customer financing, net 1,458 718 589
Other (247) (189) 57
Net cash provided by operating activities 9,584 7,499 7,000
Cash flows – investing activities:
Property, plant and equipment additions (1,731) (1,681) (1,547)
Property, plant and equipment reductions 59 225 51
Acquisitions, net of cash acquired (75) (1,854) (172)
Proceeds from dispositions of discontinued operations 33
Proceeds from dispositions 123 1,676
Contributions to investments (5,710) (2,815) (2,866)
Proceeds from investments 3,817 2,850 2,725
Other (182) (34) 2
Net cash used by investing activities (3,822) (3,186) (98)
Cash flows – financing activities:
New borrowings 40 1
Debt repayments (1,406) (1,681) (1,378)
Stock options exercised, other 209 294 348
Excess tax benefits from share-based payment arrangements 144 395 70
Common shares repurchased (2,775) (1,698) (2,877)
Dividends paid (1,096) (956) (820)
Net cash used by financing activities (4,884) (3,645) (4,657)
Effect of exchange rate changes on cash and cash equivalents 46 38 (37)
Net increase in cash and cash equivalents 924 706 2,208
Cash and cash equivalents at beginning of year 6,118 5,412 3,204
Cash and cash equivalents at end of year $«7,042 $«6,118 $«5,412
See notes to consolidated financial statements on pages 44–76.
The Boeing Company and Subsidiaries