Raytheon 2010 Annual Report Download - page 82

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RAYTHEON COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions) Years Ended December 31: 2010 2009 2008
Cash flows from operating activities
Net income $ 1,879 $ 1,976 $ 1,696
(Income) loss from discontinued operations, net of tax (36) 12
Income from continuing operations 1,843 1,977 1,698
Adjustments to reconcile to net cash provided by (used in) operating activities from
continuing operations, net of the effect of acquisitions and divestitures
Depreciation and amortization 420 402 390
Stock-based compensation 128 127 122
Deferred income taxes 345 269 574
Collection of financing receivables 36 46 68
Tax benefit from stock-based awards (21) (13) (53)
Changes in assets and liabilities
Contracts in process, net and advance payments and billings in excess of
costs incurred 52 (225) 155
Inventories (10) (6) 62
Prepaid expenses and other current assets (25) (36) 60
Accounts payable 139 198 (24)
Income taxes receivable/payable 419 494 (351)
Accrued employee compensation 27 (56) (9)
Other accrued expenses 175 78 3
Pension and other, net (1,597) (510) (659)
Net cash provided by (used in) operating activities from continuing operations 1,931 2,745 2,036
Net cash provided by (used in) operating activities from discontinued operations 11 (20) (21)
Net cash provided by (used in) operating activities 1,942 2,725 2,015
Cash flows from investing activities
Additions to property, plant and equipment (319) (280) (304)
Proceeds from sales of property, plant and equipment 4114
Additions to capitalized internal use software (67) (67) (74)
Change in other assets (1) (12) (8)
Proceeds from sales of discontinued operations, net ——9
Payments for purchases of acquired companies, net of cash received (152) (334) (54)
Net cash provided by (used in) investing activities (535) (692) (417)
Cash flows from financing activities
Dividends paid (536) (473) (460)
Issuance of long-term debt, net of offering costs 1,975 496 —
Repayments of long-term debt (678) (474) —
Repurchases of common stock (1,450) (1,200) (1,700)
Proceeds from warrants exercised 250 ——
Activity under common stock plans 22 1 113
Tax benefit from stock-based awards 21 13 53
Other (15) (13) —
Net cash provided by (used in) financing activities (411) (1,650) (1,994)
Net increase (decrease) in cash and cash equivalents 996 383 (396)
Cash and cash equivalents at beginning of year 2,642 2,259 2,655
Cash and cash equivalents at end of year $ 3,638 $ 2,642 $ 2,259
The accompanying notes are an integral part of the consolidated financial statements.
74