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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 26, 2015
Jun. 27, 2014
Operating activities:    
Net income $ 233 $ 313
Depreciation of property, plant and equipment 87 84
Amortization of intangibles and other assets 23 25
Deferred income tax (benefit) provision (13) 43
Stock-based employee compensation expense 24 29
Excess income tax benefits related to share-based payment arrangements (24) (16)
Contributions to employee savings plans in L-3 Holdings' common stock 62 74
Amortization of pension and postretirement benefit plans net loss and prior service cost 33 8
Amortization of bond discounts and deferred debt issue costs (included in interest expense) 4 3
Loss related to business divestitures 20  
Other non-cash items (6) (4)
Changes in operating assets and liabilities, excluding amounts from acquisitions and divestitures:    
Billed receivables 32 (61)
Contracts in process (132) (182)
Inventories (70) (8)
Other assets 5 8
Accounts payable, trade 82 14
Accrued employment costs 2 (3)
Accrued expenses (48) (76)
Advance payments and billings in excess of costs incurred 36 49
Income taxes   (1)
Other current liabilities 2 (36)
Pension and postretirement benefits 13 (16)
All other operating activities (51) (32)
Net cash from operating activities 314 215
Investing activities:    
Business acquisitions, net of cash acquired (260) (57)
Proceeds from the sale of businesses, net of closing date cash balances 304  
Capital expenditures (85) (67)
Dispositions of property, plant and equipment 1 2
Other investing activities 5 5
Net cash used in investing activities (35) (117)
Financing activities:    
Proceeds from sale of Senior Notes   996
Retirement of CODES   (935)
Borrowings under revolving credit facility 600 1,031
Repayment of borrowings under revolving credit facility (600) (1,031)
Common stock repurchased (346) (333)
Dividends paid on L-3 Holdings' common stock (111) (107)
Proceeds from exercises of stock options 39 86
Proceeds from employee stock purchase plan 17 18
Excess income tax benefits related to share-based payment arrangements 24 16
Debt issue costs   (8)
Employee restricted stock units surrendered in lieu of income tax withholding (33) (26)
Other financing activities (11) (6)
Net cash (used in) from financing activities (421) (299)
Effect of foreign currency exchange rate changes on cash and cash equivalents (8)  
Change in cash balance in assets held for sale 61  
Net decrease in cash and cash equivalents (89) (201)
Cash and cash equivalents, beginning of the period 442 500
Cash and cash equivalents, end of the period $ 353 $ 299