Raytheon 2012 Annual Report Download - page 91

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83
RAYTHEON COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions) Years Ended December 31: 2012 2011 2010
Cash flows from operating activities
Net income $ 1,900 $ 1,896 $ 1,879
(Income) loss from discontinued operations, net of tax 1(18) (35)
Income from continuing operations 1,901 1,878 1,844
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 455 444 414
Stock-based compensation 122 102 128
Deferred income taxes 94 376 345
Tax benefit from stock-based awards (13) (14) (21)
Changes in assets and liabilities
Contracts in process, net and advance payments and billings in excess
of costs incurred (145)289 24
Inventories (37) 29 (13)
Prepaid expenses and other current assets 44 (81) (25)
Accounts payable (159) (41) 141
Income taxes receivable/payable (219) (49) 419
Accrued employee compensation 75 18 27
Other accrued expenses 3(150) 175
Other long-term liabilities (74) (25) (344)
Pension and other postretirement benefit plans (131) (760) (1,048)
Other, net 35 86 (174)
Net cash provided by (used in) operating activities from continuing operations 1,951 2,102 1,892
Net cash provided by (used in) operating activities from discontinued operations 65 50
Net cash provided by (used in) operating activities 1,957 2,107 1,942
Cash flows from investing activities
Additions to property, plant and equipment (339) (340) (319)
Proceeds from sales of property, plant and equipment 46 — 4
Additions to capitalized internal use software (76) (97) (67)
Purchases of short-term investments (1,505) — —
Sales of short-term investments 150 — —
Maturities of short-term investments 505 — —
Payments for purchases of acquired companies, net of cash received (301) (645) (152)
Change in other assets (3) (1) (1)
Net cash provided by (used in) investing activities from continuing operations (1,523) (1,083) (535)
Net cash provided by (used in) investing activities from discontinued operations —32 —
Net cash provided by (used in) investing activities (1,523) (1,051) (535)
Cash flows from financing activities
Dividends paid (643) (588) (536)
Issuance of long-term debt, net of offering costs 1,092 992 1,975
Repayments of long-term debt (970) — (678)
Repurchases of common stock (825) (1,250) (1,450)
Proceeds from warrants exercised —123 250
Activity under common stock plans 94 22 22
Tax benefit from stock-based awards 13 14 21
Other (7) (7) (15)
Net cash provided by (used in) financing activities (1,246) (694) (411)
Net increase (decrease) in cash and cash equivalents (812) 362 996
Cash and cash equivalents at beginning of year 4,000 3,638 2,642
Cash and cash equivalents at end of year $ 3,188 $ 4,000 $ 3,638
The accompanying notes are an integral part of the consolidated financial statements.