Raytheon 2015 Annual Report Download - page 91

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81
RAYTHEON COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions) Years Ended December 31: 2015 2014 2013
Cash flows from operating activities
Net income $ 2,067 $ 2,258 $ 2,013
(Income) loss from discontinued operations, net of tax (13)(65) (64)
Income from continuing operations 2,054 2,193 1,949
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 489 439 445
Stock-based compensation 140 148 129
Deferred income taxes (56)(60) 68
Tax benefit from stock-based awards (47)(47) (16)
Changes in assets and liabilities
Contracts in process, net and advance payments and billings in excess
of costs incurred (637)(162)(391)
Inventories (223)(50) 18
Prepaid expenses and other current assets (28)50 (27)
Income taxes receivable/payable (181)(33) 197
Accounts payable 107 54 (171)
Accrued employee compensation 72 (20) 53
Other current liabilities 58 (33) 48
Accrued retiree benefits 637 (367) 150
Other, net (39)(48) (70)
Net cash provided by (used in) operating activities from continuing operations 2,346 2,064 2,382
Net cash provided by (used in) operating activities from discontinued operations 13 120 (4)
Net cash provided by (used in) operating activities 2,359 2,184 2,378
Cash flows from investing activities
Additions to property, plant and equipment (406)(326) (280)
Proceeds from sales of property, plant and equipment 59 9 2
Additions to capitalized internal use software (51)(54) (49)
Purchases of short-term investments (1,392)(2,914) (1,241)
Sales of short-term investments 209 882 325
Maturities of short-term investments 1,793 1,523 779
Payments for acquired companies, net of cash received (1,954)(427) (9)
Other (2)(15) —
Net cash provided by (used in) investing activities (1,744)(1,322) (473)
Cash flows from financing activities
Dividends paid (797)(735) (694)
Issuance of long-term debt, net of offering costs —592 —
Repurchases of common stock under share repurchase programs (1,000)(750) (1,075)
Repurchases of common stock to satisfy tax withholding obligations (99)(90) (48)
Proceeds from exercise of stock options —2 24
Tax benefit from stock-based awards 47 47 16
Sale of noncontrolling interest in Forcepoint 343 — —
Other (3)(2) (20)
Net cash provided by (used in) financing activities (1,509)(936) (1,797)
Net increase (decrease) in cash and cash equivalents (894)(74) 108
Cash and cash equivalents at beginning of year 3,222 3,296 3,188
Cash and cash equivalents at end of year $ 2,328 $ 3,222 $ 3,296
The accompanying notes are an integral part of the consolidated financial statements.