Northrop Grumman 2009 Annual Report Download - page 73

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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in millions 2009 2008 2007
Year Ended December 31
Reconciliation of Net Earnings (Loss) to Net Cash Provided by
Operating Activities
Net earnings (loss) $ 1,686 $(1,262) $ 1,790
Net earnings from discontinued operations (95) (91) (39)
Adjustments to reconcile to net cash provided by operating activities
Depreciation 585 567 570
Amortization of assets 151 189 152
Impairment of goodwill 3,060
Stock-based compensation 105 118 196
Excess tax benefits from stock-based compensation (2) (48) (52)
Pre-tax gain on sale of businesses (446) (58)
Pre-tax gain on sale of investments (23)
(Increase) decrease in
Accounts receivable (6,313) (378) (6,439)
Inventoried costs (291) (521) 4
Prepaid expenses and other current assets (6) (20) 9
Increase (decrease) in
Progress payments 6,655 764 6,513
Accounts payable and accruals (151) 383 (2)
Deferred income taxes 112 167 195
Income taxes payable 65 241 (59)
Retiree benefits (20) (167) (50)
Other non-cash transactions, net (4) 94 47
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
Non-Cash Investing and Financing Activities
Investment in unconsolidated affiliate $ 30
Sale of businesses
Liabilities assumed by purchaser $ 167 $18
Purchase of businesses
Liabilities assumed by the company $ 20 $ 136
Mandatorily redeemable convertible preferred stock converted or redeemed into
common stock $ 350
Capital leases $35
Capital expenditures accrued in accounts payable $ 104 $84$80
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 67 of 124 - March 11, 2010 - 20:02:40