Lockheed Martin 2005 Annual Report Download - page 48

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   
Lockheed฀Martin฀Corporation
CONSOLIDATED฀STATEMENT฀OF฀CASH฀FLOWS
Year฀Ended฀December฀31,
(In฀millions)  2004 2003

Net฀earnings  $฀1,266 $฀1,053
Adjustments฀to฀reconcile฀net฀earnings฀to฀net฀cash฀provided฀by฀operating฀activities:
฀ Depreciation฀and฀amortization  511 480
฀ Amortization฀of฀purchased฀intangibles฀  145 129
฀ Deferred฀federal฀income฀taxes  (58) 467
฀ Changes฀in฀operating฀assets฀and฀liabilities:
฀ ฀ Receivables  (87) (258)
฀ ฀ Inventories  519 (94)
฀ ฀ Accounts฀payable  288 330
฀ ฀ Customer฀advances฀and฀amounts฀in฀excess฀of฀costs฀incurred  (228) (285)
฀ Other  568 (13)
฀ ฀ ฀ Net฀cash฀provided฀by฀operating฀activities  2,924 1,809

Expenditures฀for฀property,฀plant฀and฀equipment  (769) (687)
Acquisition฀of฀businesses/investments฀in฀affiliated฀companies  (91) (821)
Proceeds฀from฀divestiture฀of฀businesses/investments฀in฀affiliated฀companies  279 234
Purchase฀of฀short-term฀investments,฀net  (156) (240)
Other  29 53
฀ ฀ ฀ Net฀cash฀used฀for฀investing฀activities  (708) (1,461)

Repayments฀of฀long-term฀debt  (1,089) (2,202)
Issuances฀of฀long-term฀debt — 1,000
Long-term฀debt฀repayment฀and฀issuance฀costs  (163) (175)
Issuances฀of฀common฀stock  164 44
Repurchases฀of฀common฀stock  (673) (482)
Common฀stock฀dividends  (405) (261)
฀ ฀ ฀ Net฀cash฀used฀for฀financing฀activities  (2,166) (2,076)
Net฀increase฀(decrease)฀in฀cash฀and฀cash฀equivalents  50 (1,728)
Cash฀and฀cash฀equivalents฀at฀beginning฀of฀year  1,010 2,738
Cash฀and฀cash฀equivalents฀at฀end฀of฀year  $฀ 1,060 $฀ 1,010
See฀accompanying฀Notes฀to฀Consolidated฀Financial฀Statements.