Boeing 2012 Annual Report Download - page 64

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52
The Boeing Company and Subsidiaries
Consolidated Statements of Cash Flows
(Dollars in millions)
Years ended December 31, 2012 2011 2010
Cash flows – operating activities:
Net earnings $3,900 $4,018 $3,307
Adjustments to reconcile net earnings to net cash provided by operating
activities:
Non-cash items –
Share-based plans expense 193 186 215
Depreciation and amortization 1,811 1,675 1,746
Investment/asset impairment charges, net 84 119 174
Customer financing valuation (benefit)/provision (10) (269) 51
Loss/(gain) on disposal of discontinued operations 5(11) 6
Gain on dispositions, net (4) (24) (6)
Other charges and credits, net 694 500 512
Excess tax benefits from share-based payment arrangements (45) (36) (19)
Changes in assets and liabilities –
Accounts receivable (27) (292) 8
Inventories, net of advances and progress billings (5,681) (10,012) (7,387)
Accounts payable 1,199 1,164 313
Accrued liabilities 801 237 668
Advances and billings in excess of related costs 1,177 3,173 238
Income taxes receivable, payable and deferred 1,605 1,262 822
Other long-term liabilities 157 127 328
Pension and other postretirement plans 1,288 2,126 1,335
Customer financing, net 407 (6) 717
Other (46) 86 (76)
Net cash provided by operating activities 7,508 4,023 2,952
Cash flows – investing activities:
Property, plant and equipment additions (1,703) (1,713) (1,125)
Property, plant and equipment reductions 97 94 63
Acquisitions, net of cash acquired (124) (42) (932)
Contributions to investments (12,921) (6,796) (15,548)
Proceeds from investments 10,901 10,757 12,425
Reimbursement of Sea Launch guarantee payments 82
Receipt of economic development program funds 69 206
Purchase of distribution rights (7) (2)
Net cash (used)/provided by investing activities (3,757) 2,369 (4,831)
Cash flows – financing activities:
New borrowings 60 799 41
Debt repayments (2,076) (930) (689)
Repayments of distribution rights financing (228) (451) (137)
Stock options exercised, other 120 114 87
Excess tax benefits from share-based payment arrangements 45 36 19
Employee taxes on certain share-based payment arrangements (76) (24) (30)
Dividends paid (1,322) (1,244) (1,253)
Net cash used by financing activities (3,477) (1,700) (1,962)
Effect of exchange rate changes on cash and cash equivalents 18 (2) (15)
Net increase/(decrease) in cash and cash equivalents 292 4,690 (3,856)
Cash and cash equivalents at beginning of year 10,049 5,359 9,215
Cash and cash equivalents at end of year $10,341 $10,049 $5,359
See Notes to the Consolidated Financial Statements on pages 54 –108.