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General Dynamics Annual Report 2011 63
Guarantors on a Other Subsidiaries Consolidating Total
Year Ended December 31, 2009 Parent Combined Basis on a Combined Basis Adjustments Consolidated
Net cash provided by operating activities $ (172) $ 2,872 $ 155 $ – $ 2,855
Cash flows from investing activities:
Business acquisitions, net of cash acquired (641) (168) (2) – (811)
Capital expenditures (7) (297) (81) – (385)
Purchases of held-to-maturity securities (97) – (240) – (337)
Other, net 118 21 2 – 141
Net cash used by investing activities (627) (444) (321) – (1,392)
Cash flows from financing activities:
Repayment of commercial paper, net (904) – – – (904)
Proceeds from fixed-rate notes 747 – – – 747
Dividends paid (577) – – – (577)
Other, net (67) (2) (3) – (72)
Net cash used by financing activities (801) (2) (3) – (806)
Net cash used by discontinued operations – – (15) – (15)
Cash sweep/funding by parent 2,260 (2,426) 166 – –
Net increase in cash and equivalents 660 – (18) – 642
Cash and equivalents at beginning of year 746 – 875 – 1,621
Cash and equivalents at end of year $ 1,406 $ – $ 857 $ – $ 2,263
Guarantors on a Other Subsidiaries Consolidating Total
Year Ended December 31, 2010 Parent Combined Basis on a Combined Basis Adjustments Consolidated
Net cash provided by operating activities $ (391) $ 2,884 $ 493 $ – $ 2,986
Cash flows from investing activities:
Maturities of held-to-maturity securities 273 – 332 – 605
Purchases of held-to-maturity securities (237) – (231) – (468)
Capital expenditures (10) (301) (59) – (370)
Business acquisitions, net of cash acquired – (163) (70) – (233)
Other, net (12) 70 – – 58
Net cash used by investing activities 14 (394) (28) – (408)
Cash flows from financing activities:
Purchases of common stock (1,185) – – – (1,185)
Repayment of fixed-rate notes (700) – – – (700)
Dividends paid (631) – – – (631)
Proceeds from option exercises 277 – – – 277
Other, net 18 (1) (4) – 13
Net cash used by financing activities (2,221) (1) (4) – (2,226)
Net cash used by discontinued operations – – (2) – (2)
Cash sweep/funding by parent 2,800 (2,489) (311) – –
Net increase in cash and equivalents 202 – 148 – 350
Cash and equivalents at beginning of year 1,406 – 857 – 2,263
Cash and equivalents at end of year $ 1,608 $ – $ 1,005 $ – $ 2,613
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS