Northrop Grumman 2009 Annual Report Download - page 72

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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in millions 2009 2008 2007
Year Ended December 31
Operating Activities
Sources of Cash—Continuing Operations
Cash received from customers
Progress payments $ 8,561 $ 6,219 $ 5,860
Collections on billings 25,099 26,938 24,570
Insurance proceeds received 25 5 125
Other cash receipts 37 83 34
Total sources of cash—continuing operations 33,722 33,245 30,589
Uses of Cash—Continuing Operations
Cash paid to suppliers and employees (29,250) (28,817) (26,144)
Pension contributions (858) (320) (342)
Interest paid, net of interest received (269) (287) (334)
Income taxes paid, net of refunds received (774) (712) (853)
Income taxes paid on sale of businesses (508) (7)
Excess tax benefits from stock-based compensation (2) (48) (52)
Other cash payments (30) (16) (52)
Total uses of cash—continuing operations (31,691) (30,207) (27,777)
Cash provided by continuing operations 2,031 3,038 2,812
Cash provided by discontinued operations 102 173 78
Net cash provided by operating activities 2,133 3,211 2,890
Investing Activities
Proceeds from sale of businesses, net of cash divested 1,650 175
Payments for businesses purchased (33) (92) (690)
Additions to property, plant, and equipment (654) (681) (681)
Payments for outsourcing contract costs and related software costs (68) (110) (137)
(Increase) decrease in restricted cash (28) 61 59
Other investing activities, net 21 19
Net cash provided by (used in) investing activities 867 (626) (1,430)
Financing Activities
Net borrowings under lines of credit (12) (2) (69)
Proceeds from issuance of long-term debt 843
Principal payments of long-term debt (474) (113) (90)
Proceeds from exercises of stock options and issuances of common stock 51 103 274
Dividends paid (539) (525) (504)
Excess tax benefits from stock-based compensation 248 52
Common stock repurchases (1,100) (1,555) (1,175)
Net cash used in financing activities (1,229) (2,044) (1,512)
Increase (decrease) in cash and cash equivalents 1,771 541 (52)
Cash and cash equivalents, beginning of year 1,504 963 1,015
Cash and cash equivalents, end of year $ 3,275 $ 1,504 $ 963
The accompanying notes are an integral part of these consolidated financial statements.
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NORTHROP GRUMMAN CORPORATION
eBP - v54508-i003_a.pdf - Page 66 of 124 - March 11, 2010 - 20:02:39