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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 24, 2016
Jun. 26, 2015
Operating activities:    
Net income $ 381 $ 233
Less: Income from discontinued operations, net of tax (63) (8)
Income from continuing operations 318 225
Depreciation of property, plant and equipment 81 83
Amortization of intangibles and other assets 21 21
Deferred income tax provision (benefit) 29 (14)
Stock-based employee compensation expense 19 23
Contributions to employee savings plans in L-3 Holdings' common stock 58 57
Amortization of pension and postretirement benefit plans net loss and prior service cost 25 33
Amortization of bond discounts and deferred debt issue costs (included in interest expense) 4 4
Loss related to business divestitures 20
Other non-cash items 9 (6)
Changes in operating assets and liabilities, excluding amounts from acquisitions and divestitures, and discontinued operations:    
Billed receivables (62) 21
Contracts in process (84) (144)
Inventories (24) (70)
Other assets (5) 7
Accounts payable, trade 118 77
Accrued employment costs (23) 8
Accrued expenses (2) (43)
Advance payments and billings in excess of costs incurred (111) 40
Income taxes 25 (6)
Other current liabilities (10) 7
Pension and postretirement benefits 13
All other operating activities (17) (47)
Net cash from operating activities from continuing operations 369 309
Investing activities:    
Business acquisitions, net of cash acquired (27) (260)
Proceeds from the sale of businesses, net of closing date cash balances 575 304
Capital expenditures (75) (83)
Dispositions of property, plant and equipment 11 1
Other investing activities 6 5
Net cash from (used in) investing activities from continuing operations 490 (33)
Financing activities:    
Borrowings under revolving credit facility 320 600
Repayment of borrowings under revolving credit facility (320) (600)
Redemption of senior notes (298)
Common stock repurchased (276) (346)
Dividends paid on L-3 Holdings' common stock (112) (111)
Proceeds from exercises of stock options 38 39
Proceeds from employee stock purchase plan 16 17
Repurchases of common stock to satisfy tax withholding obligations (20) (33)
Other financing activities (6) (11)
Net cash used in financing activities from continuing operations (658) (445)
Effect of foreign currency exchange rate changes on cash and cash equivalents (8)
Cash (used in) from discontinued operations:    
Operating activities (56) 29
Investing activities (2)
Cash (used in) from discontinued operations (56) 27
Change in cash balance in assets held for sale 61
Net increase (decrease) in cash and cash equivalents 145 (89)
Cash and cash equivalents, beginning of the period 207 442
Cash and cash equivalents, end of the period $ 352 $ 353