Lockheed Martin 2011 Annual Report Download - page 61

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Lockheed Martin Corporation
Consolidated Statements of Cash Flows
Year ended December 31,
(In millions) 2011 2010 2009
Operating Activities
Net earnings $ 2,655 $ 2,878 $ 2,973
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization 1,008 1,052 1,014
Stock-based compensation 157 168 154
Deferred income taxes (2) 452 567
Severance and other charges 136 220 —
Reduction in tax expense from resolution of certain tax matters (89) (10) (69)
Tax expense related to Medicare Part D reimbursement —96 —
Net adjustments related to discontinued operations (16) (257) —
Changes in assets and liabilities:
Receivables, net (363) 3 (685)
Inventories, net (74) (207) (237)
Accounts payable 609 (364) (21)
Customer advances and amounts in excess of costs incurred 502 706 496
Postretirement benefit plans (393) (1,027) (394)
Income taxes 304 70 (272)
Other, net (181) 21 (39)
Net cash provided by operating activities 4,253 3,801 3,487
Investing Activities
Expenditures for property, plant and equipment (814) (820) (852)
Expenditures for capitalized internal-use software (173) (254) (314)
Net cash provided by (used for) short-term investment transactions 510 (171) (279)
Net proceeds from sale of EIG —798 —
Acquisitions of businesses / investments in affiliates (649) (148) (435)
Other, net 313 22 48
Net cash used for investing activities (813) (573) (1,832)
Financing Activities
Repurchases of common stock (2,465) (2,420) (1,851)
Common stock dividends (1,095) (969) (908)
Issuance of long-term debt, net of related costs 1,980 — 1,464
Repayments of long-term debt (632) — (242)
Other, net 93 31 105
Net cash used for financing activities (2,119) (3,358) (1,432)
Net increase (decrease) in cash and cash equivalents 1,321 (130) 223
Cash and cash equivalents at beginning of year 2,261 2,391 2,168
Cash and cash equivalents at end of year $ 3,582 $ 2,261 $ 2,391
See accompanying Notes to Consolidated Financial Statements.
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