Boeing 2013 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, 2013 2012 2011
Cash flows – operating activities:
Net earnings $4,585 $3,900 $4,018
Adjustments to reconcile net earnings to net cash provided by operating
activities:
Non-cash items –
Share-based plans expense 206 193 186
Depreciation and amortization 1,844 1,811 1,675
Investment/asset impairment charges, net 96 84 119
Customer financing valuation benefit (11) (10) (269)
Loss/(gain) on disposal of discontinued operations 15 (11)
Gain on dispositions, net (20) (4) (24)
Other charges and credits, net 528 694 500
Excess tax benefits from share-based payment arrangements (128) (45) (36)
Changes in assets and liabilities –
Accounts receivable (879) (27) (292)
Inventories, net of advances and progress billings (5,562) (5,681) (10,012)
Accounts payable (298) 1,199 1,164
Accrued liabilities 883 801 237
Advances and billings in excess of related costs 3,353 1,177 3,173
Income taxes receivable, payable and deferred 1,445 1,605 1,262
Other long-term liabilities 2157 127
Pension and other postretirement plans 1,720 1,288 2,126
Customer financing, net 391 407 (6)
Other 23 (46) 86
Net cash provided by operating activities 8,179 7,508 4,023
Cash flows – investing activities:
Property, plant and equipment additions (2,098) (1,703) (1,713)
Property, plant and equipment reductions 51 97 94
Acquisitions, net of cash acquired (26) (124) (42)
Contributions to investments (15,394) (12,921) (6,796)
Proceeds from investments 12,453 10,901 10,757
Receipt of economic development program funds 69
Purchase of distribution rights (140) (7)
Net cash (used)/provided by investing activities (5,154) (3,757) 2,369
Cash flows – financing activities:
New borrowings 571 60 799
Debt repayments (1,434) (2,076) (930)
Repayments of distribution rights and other asset financing (280) (228) (451)
Stock options exercised, other 1,097 120 114
Excess tax benefits from share-based payment arrangements 128 45 36
Employee taxes on certain share-based payment arrangements (63) (76) (24)
Common shares repurchased (2,801)
Dividends paid (1,467) (1,322) (1,244)
Net cash used by financing activities (4,249) (3,477) (1,700)
Effect of exchange rate changes on cash and cash equivalents (29) 18 (2)
Net (decrease)/increase in cash and cash equivalents (1,253) 292 4,690
Cash and cash equivalents at beginning of year 10,341 10,049 5,359
Cash and cash equivalents at end of year $9,088 $10,341 $10,049
See Notes to the Consolidated Financial Statements on pages 54 –109.