Raytheon 2003 Annual Report Download - page 39

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P37 333 RAYTHEON COMPANY 333
CO N S O L I DATE D STAT E M E NTS O F CAS H F LOWS
33333333333333333333333333
(In millions) Years Ended December 31: 2003 2002 2001
Cash flows from operating activities
Income from continuing operations $ 535 $756 $ 2
Adjustments to reconcile income from continuing operations to net cash provided by
operating activities from continuing operations, net of the effect of acquisitions
and divestitures
Depreciation and amortization 393 364 677
Deferred federal and foreign income taxes 94 264 7
Net gain on sales of operating units and investments (82) (4) (74)
Savings and investment plan activity 190 181 193
Decrease (increase) in accounts receivable 193 (20) (20)
Decrease in contracts in process 285 152 528
Decrease (increase) in inventories 110 10 (288)
Decrease (increase) in prepaid expenses and other current assets 78 124 (74)
Increase (decrease) in advance payments 136 (52) (268)
Increase (decrease) in accounts payable 26 (105) (109)
Increase in accrued salaries and wages 60 137 57
(Decrease) increase in other accrued expenses (163) 223 251
Other adjustments, net 247 205 (131)
Net cash provided by operating activities from continuing operations 2,102 2,235 751
Net cash used in operating activities from discontinued operations (533) (1,196) (596)
Net cash provided by operating activities 1,569 1,039 155
Cash flows from investing activities
Origination of financing receivables (402) (431) (663)
Sale of financing receivables 279 263 696
Repurchase of financing receivables —(347) (329)
Collection of financing receivables not sold 588 156 121
Buy-out of off balance sheet receivables facility —(1,029) —
Expenditures for property, plant, and equipment (428) (458) (461)
Synthetic lease maturity payment (125) ——
Proceeds from sales of property, plant, and equipment 25 11 9
Capitalized expenditures for internal use software (98) (138) (149)
Increase in other assets (3) (36) (6)
Space Imaging debt guarantee payment (130) ——
Proceeds from sales of operating units and investments 111 1,166 266
Payment for purchases of acquired companies, net of cash received (60) (10) —
Hughes Defense settlement —134 500
Net cash used in investing activities from continuing operations (243) (719) (16)
Net cash used in investing activities from discontinued operations —— (31)
Net cash used in investing activities (243) (719) (47)
Cash flows from financing activities
Dividends (331) (321) (281)
(Decrease) increase in short-term debt and other notes —(163) 140
Issuance of long-term debt, net of offering costs 1,113 566 —
Repayments of long-term debt (2,078) (1,294) (1,910)
Issuance of equity security units ——837
Issuance of common stock 74 147 1,426
Proceeds under common stock plans 13 75 25
Net cash (used in) provided by financing activities from continuing operations (1,209) (990) 237
Net cash used in financing activities from discontinued operations —— (2)
Net cash (used in) provided by financing activities (1,209) (990) 235
Net increase (decrease) in cash and cash equivalents 117 (670) 343
Cash and cash equivalents at beginning of year 544 1,214 871
Cash and cash equivalents at end of year $661 $ 544 $ 1,214
The accompanying notes are an integral part of the financial statements.