Lockheed Martin 2003 Annual Report Download - page 46

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44
Year ended December 31,
(In millions) 2003 2002 2001
OPERATING ACTIVITIES
Earnings from continuing operations $ 1,053 $ 533 $ 43
Adjustments to reconcile earnings from continuing operations to
net cash provided by operating activities:
Depreciation and amortization 480 433 425
Amortization of purchased intangibles 129 125 154
Amortization of goodwill —— 244
Deferred federal income taxes 467 (463) (118)
Loss from discontinued operations —(33) (1,089)
Write-down of investments and other charges 42 1,127 1,051
Net charges related to discontinued operations —— 936
Changes in operating assets and liabilities:
Receivables (258) 394 (34)
Inventories (94) 585 651
Accounts payable 330 (317) 192
Customer advances and amounts in excess of costs incurred (285) (460) 318
Income taxes (16) 44 (456)
Other (39) 320 (492)
Net cash provided by operating activities 1,809 2,288 1,825
INVESTING ACTIVITIES
Expenditures for property, plant and equipment (687) (662) (619)
Acquisition of businesses / investments in affiliated companies (821) (104) (192)
Purchase of short-term investments, net (240) ——
Proceeds from divestiture of affiliated companies 234 134 825
Other 53 93 125
Net cash (used for) provided by investing activities (1,461) (539) 139
FINANCING ACTIVITIES
Issuances of long-term debt 1,000 ——
Repayments of long-term debt (2,202) (110) (2,508)
Long-term debt issuance and repayment costs (175) —(58)
Issuances of common stock 44 436 213
Repurchases of common stock (482) (50) —
Common stock dividends (261) (199) (192)
Other ——(12)
Net cash (used for) provided by financing activities (2,076) 77 (2,557)
Net (decrease) increase in cash and cash equivalents (1,728) 1,826 (593)
Cash and cash equivalents at beginning of year 2,738 912 1,505
Cash and cash equivalents at end of year $ 1,010 $ 2,738 $ 912
See accompanying Notes to Consolidated Financial Statements.
Lockheed Martin Corporation
CONSOLIDATED STATEMENT OF CASH FLOWS