Lockheed Martin 2015 Annual Report Download - page 78

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Lockheed Martin Corporation
Consolidated Statements of Cash Flows
(in millions)
Years Ended December 31,
2015 2014 2013
Operating activities
Net earnings $ 3,605 $ 3,614 $ 2,981
Adjustments to reconcile net earnings to net cash provided by
operating activities
Depreciation and amortization 1,026 994 990
Stock-based compensation 138 164 189
Deferred income taxes (445) (401) (5)
Goodwill impairment charges —119 195
Severance charges 102 — 201
Changes in assets and liabilities
Receivables, net (256) 28 767
Inventories, net (398) 77 (60)
Accounts payable (160) 95 (647)
Customer advances and amounts in excess of costs incurred (32) (572) (158)
Postretirement benefit plans 1,068 (880) (375)
Income taxes (48) 351 364
Other, net 501 277 104
Net cash provided by operating activities 5,101 3,866 4,546
Investing activities
Capital expenditures (939) (845) (836)
Acquisitions of businesses and investments in affiliates (9,003) (898) (269)
Other, net 208 20 (16)
Net cash used for investing activities (9,734) (1,723) (1,121)
Financing activities
Repurchases of common stock (3,071) (1,900) (1,762)
Proceeds from stock option exercises 174 308 827
Dividends paid (1,932) (1,760) (1,540)
Proceeds from the issuance of long-term debt 9,101 ——
Repayments of long-term debt —— (150)
Proceeds from borrowings under revolving credit facilities 6,000 ——
Repayments of borrowings under revolving credit facilities (6,000) ——
Other, net 538 (81)
Net cash provided by (used for) financing activities 4,277 (3,314) (2,706)
Net change in cash and cash equivalents (356) (1,171) 719
Cash and cash equivalents at beginning of year 1,446 2,617 1,898
Cash and cash equivalents at end of year $ 1,090 $ 1,446 $ 2,617
The accompanying notes are an integral part of these consolidated financial statements.
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