Lockheed Martin 1999 Annual Report Download - page 34

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41
CONSOLIDATED STATEMENT OF CASH FLOWS
Lockheed Martin Corporation
Year ended December 31,
(In millions)
1999 1998 1997
Operating Activities
Earnings before cumulative effect of change in accounting $ 737 $ 1,001 $ 1,300
Adjustments to reconcile earnings to net cash provided by operating activities:
Depreciation and amortization 529 569 606
Amortization of intangible assets 440 436 446
Deferred federal income taxes 293 203 155
GE Transaction —— (311)
Changes in operating assets and liabilities:
Receivables 130 809 (572)
Inventories (404) (1,183) (687)
Customer advances and amounts in excess of costs incurred 313 329 1,048
Income taxes (284) 189 (560)
Other (677) (322) (217)
Net cash provided by operating activities 1,077 2,031 1,208
Investing Activities
Expenditures for property, plant and equipment (669) (697) (750)
Consummation of COMSAT Tender Offer (1,203) — —
Sale of remaining interest in L-3 263 — —
Divestiture of L-3 companies —— 464
Divestiture of Armament Systems and Defense Systems —— 450
Other acquisition and divestiture activities (103) 134 12
Other 74 108 9
Net cash (used for) provided by investing activities (1,638) (455) 185
Financing Activities
Net decrease in short-term borrowings (868) (151) (866)
Increases in long-term debt 2,994 266 1,505
Repayments and extinguishments of long-term debt (1,067) (1,136) (219)
Issuances of common stock 17 91 110
Dividends on common stock (345) (310) (299)
Dividends on preferred stock —— (53)
Redemption of preferred stock —(51) (1,571)
Net cash provided by (used for) financing activities 731 (1,291) (1,393)
Net increase in cash and cash equivalents 170 285 —
Cash and cash equivalents at beginning of year 285 — —
Cash and cash equivalents at end of year $ 455 $ 285 $ —
See accompanying Notes to Consolidated Financial Statements.