XML 26 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Operating activities:      
Net income $ 1,026 $ 693 $ 724
Less: (income) loss from discontinued operations, net of tax (205) 76 (91)
Income from continuing operations 821 769 633
Depreciation of property, plant and equipment 182 172 156
Amortization of intangibles and other assets 59 53 42
Deferred income tax (benefit) provision (7) (8) 27
Stock-based employee compensation expense 60 53 49
Contributions to employee savings plans in common stock 115 106 102
Amortization of pension and postretirement benefit plans net loss and prior service cost 68 59 48
Loss (gain) on sale of property, plant and equipment 4 (31) (5)
Gain on sale of the Crestview Aerospace and TCS businesses (42) 0 0
Debt retirement charges 69 0 7
Other non-cash items 6 15 26
Changes in operating assets and liabilities, excluding amounts from acquisitions, divestitures, and discontinued operations:      
Billed receivables (195) (18) 1
Contract assets (246) 0 0
Contracts in process 0 (70) 26
Inventories 57 (69) 22
Prepaid expenses and other current assets (75) (58) (23)
Accounts payable, trade 158 99 (5)
Accrued employment costs 0 28 10
Accrued expenses 55 32 (6)
Contract liabilities 108 0 0
Advance payments and billings in excess of costs incurred 0 13 (73)
Income taxes 9 (39) 33
All other operating activities (164) (121) (48)
Net cash from operating activities from continuing operations 1,042 985 1,022
Investing activities:      
Business acquisitions, net of cash acquired (369) (316) (388)
Proceeds from the sale of businesses, net of closing date cash balances 535 18 561
Capital expenditures (232) (224) (210)
Dispositions of property, plant and equipment 3 74 21
Other investing activities (28) (5) 6
Net cash used in investing activities from continuing operations (91) (453) (10)
Proceeds from sale of senior notes 1,798 0 547
Financing activities:      
Repurchases, redemptions and maturities of senior notes (1,865) 0 (856)
Borrowings under revolving credit facility 501 1,328 819
Repayments of borrowings under revolving credit facility (501) (1,328) (819)
Common stock repurchased (322) (180) (373)
Dividends paid (254) (236) (220)
Proceeds from exercise of stock options 149 46 53
Proceeds from employee stock purchase plan 33 32 31
Repurchases of common stock to satisfy tax withholding obligations (31) (18) (21)
Debt issue costs (15) 0 (10)
Other financing activities (13) (10) (7)
Net cash used in financing activities from continuing operations (520) (366) (856)
Effect of foreign currency exchange rate changes on cash and cash equivalents (15) 20 (13)
Net cash from (used in) discontinued operations:      
Operating activities (10) 117 19
Investing activities (2) (4) (6)
Net cash (used in) from discontinued operations (12) 113 13
Net increase in cash and cash equivalents 404 299 156
Cash and cash equivalents, beginning of the year 662 363 207
Cash and cash equivalents, end of the year $ 1,066 $ 662 $ 363