XML 43 R9.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 28, 2014
Mar. 29, 2013
Operating activities:    
Net income $ 172 $ 192
Depreciation of property, plant and equipment 42 42
Amortization of intangibles and other assets 12 12
Deferred income tax provision 23 18
Stock-based employee compensation expense 15 14
Contributions to employee savings plans in L-3 Holdings' common stock 44 32
Amortization of pension and postretirement benefit plans net loss and prior service cost 4 22
Amortization of bond discounts and deferred debt issue costs (included in interest expense) 2 2
Other non-cash items 1 3
Changes in operating assets and liabilities, excluding amounts from acquisitions and divestitures:    
Billed receivables (73) (146)
Contracts in process (214) (125)
Inventories (16) 8
Other assets (10) 47
Accounts payable, trade 49 94
Accrued employment costs (10) 17
Accrued expenses (51) (41)
Advance payments and billings in excess of costs incurred (46) (37)
Income taxes 28 51
Excess income tax benefits related to share-based payment arrangements (14) (2)
Other current liabilities (6) 4
Pension and postretirement benefits (2) 4
All other operating activities (12) (65)
Net cash (used in) from operating activities (62) 146
Investing activities:    
Business acquisitions, net of cash acquired (57)  
Capital expenditures (30) (49)
Dispositions of property, plant and equipment 1 1
Other investing activities   (6)
Net cash used in investing activities (86) (54)
Financing activities:    
Borrowings under revolving credit facility 524 477
Repayment of borrowings under revolving credit facility (524) (477)
Common stock repurchased (133) (122)
Dividends paid on L-3 Holdings' common stock (55) (52)
Proceeds from exercises of stock options 69 18
Proceeds from employee stock purchase plan 9 9
Excess income tax benefits related to share-based payment arrangements 14 2
Other financing activities (28) (13)
Net cash used in financing activities (124) (158)
Effect of foreign currency exchange rate changes on cash and cash equivalents (1) (7)
Net decrease in cash and cash equivalents (273) (73)
Cash and cash equivalents, beginning of the period 500 349
Cash and cash equivalents, end of the period $ 227 $ 276