Lockheed Martin 2002 Annual Report Download - page 45

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FIFTY-TWO
Lockheed Martin Corporation
CONSOLIDATED STATEMENT OF CASH FLOWS
Year Ended December 31,
(In millions) 2002 2001 2000
OPERATING ACTIVITIES
Earnings (loss) from continuing operations $ 533 $43$(477)
Adjustments to reconcile earnings (loss) from continuing operations
to net cash provided by operating activities:
Loss from discontinued operations (33) (1,089) (42)
Depreciation and amortization 433 425 464
Amortization of goodwill and other intangible assets 125 398 423
Deferred federal income taxes (463) (118) (96)
Write-down of investments and other charges 1,127 476 125
Net charges related to discontinued operations, write-off
of Astrolink and other charges —1,511 —
Net loss related to divestiture of AES and Control Systems —— 222
Changes in operating assets and liabilities:
Receivables 394 (34) 239
Inventories 585 651 (194)
Accounts payable (317) 192 (42)
Customer advances and amounts in excess of costs incurred (460) 318 352
Income taxes 44 (456) 522
Other 320 (492) 520
Net cash provided by operating activities 2,288 1,825 2,016
INVESTING ACTIVITIES
Expenditures for property, plant and equipment (662) (619) (500)
Acquisition of/investments in affiliated companies (104) (192) (257)
Proceeds from divestiture of affiliated companies 134 825 2,344
Other 93 125 175
Net cash (used for) provided by investing activities (539) 139 1,762
FINANCING ACTIVITIES
Net decrease in short-term borrowings —(12) (463)
Repayments of long-term debt (110) (2,566) (2,096)
Issuances of common stock 436 213 14
Repurchases of common stock (50) ——
Common stock dividends (199) (192) (183)
Net cash provided by (used for) financing activities 77 (2,557) (2,728)
Net increase (decrease) in cash and cash equivalents 1,826 (593) 1,050
Cash and cash equivalents at beginning of year 912 1,505 455
Cash and cash equivalents at end of year $2,738 $ 912 $ 1,505
See accompanying Notes to Consolidated Financial Statements.