Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Lockheed Martin Corp., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net earnings	6,920)	5,732)	6,315)	6,833)	6,230)
Depreciation and amortization	1,430)	1,404)	1,364)	1,290)	1,189)
Stock-based compensation	265)	238)	227)	221)	189)
Equity method investment impairment	—)	—)	—)	128)	—)
Tax resolution related to former IS&GS business	—)	—)	—)	55)	—)
Deferred income taxes	(498)	(757)	(183)	5)	222)
Pension settlement charge	—)	1,470)	1,665)	—)	—)
Severance and other charges	92)	100)	36)	27)	—)
Gain on property sale	—)	—)	—)	—)	(51)
Receivables, net	373)	(542)	15)	359)	107)
Contract assets	(865)	(1,739)	(1,034)	(451)	378)
Inventories	(44)	(107)	564)	74)	(622)
Accounts payable	151)	1,274)	(98)	(372)	(1,098)
Contract liabilities	702)	381)	562)	491)	563)
Income taxes	(133)	148)	45)	(19)	(151)
Changes in assets and liabilities	184)	(585)	54)	82)	(823)
Qualified defined benefit pension plans	(378)	(412)	(267)	(1,197)	81)
Other, net	(95)	612)	10)	739)	274)
Adjustments to reconcile net earnings to net cash provided by operating activities	1,000)	2,070)	2,906)	1,350)	1,081)
Net cash provided by operating activities	7,920)	7,802)	9,221)	8,183)	7,311)
Capital expenditures	(1,691)	(1,670)	(1,522)	(1,766)	(1,484)
Acquisitions of businesses	—)	—)	—)	(282)	—)
Other, net	(3)	(119)	361)	38)	243)
Net cash used for investing activities	(1,694)	(1,789)	(1,161)	(2,010)	(1,241)
Repayment of commercial paper, net	—)	—)	—)	—)	(600)
Issuance of long-term debt, net of related costs	1,975)	6,211)	—)	1,131)	—)
Repayments of long-term debt	(115)	(2,250)	(500)	(1,650)	(900)
Repurchases of common stock	(6,000)	(7,900)	(4,087)	(1,100)	(1,200)
Dividends paid	(3,056)	(3,016)	(2,940)	(2,764)	(2,556)
Other, net	(135)	(115)	(89)	(144)	(72)
Net cash used for financing activities	(7,331)	(7,070)	(7,616)	(4,527)	(5,328)
Net change in cash and cash equivalents	(1,105)	(1,057)	444)	1,646)	742)
Cash and cash equivalents at beginning of year	2,547)	3,604)	3,160)	1,514)	772)
Cash and cash equivalents at end of year	1,442)	2,547)	3,604)	3,160)	1,514)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Cash flow statement item	Description	The company
Net cash provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	Lockheed Martin Corp. net cash provided by operating activities decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.
Net cash used for investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	Lockheed Martin Corp. net cash used for investing activities decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.
Net cash used for financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	Lockheed Martin Corp. net cash used for financing activities increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

Lockheed Martin Corp. (NYSE:LMT)

Cash Flow Statement