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.

General Dynamics Corp., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Net earnings	3,484)	3,345)	2,912)	2,955)	2,965)
Depreciation of property, plant and equipment	466)	493)	362)	366)	366)
Amortization of intangible and finance lease right-of-use assets	363)	270)	79)	88)	116)
Equity-based compensation expense	133)	140)	123)	100)	110)
Excess tax benefit from equity-based compensation	—)	—)	—)	—)	(77)
Deferred income tax provision (benefit)	92)	(3)	401)	376)	167)
Discontinued operations, net of tax	—)	13)	—)	107)	—)
Accounts receivable	176)	417)	(195)	(161)	604)
Unbilled receivables	(1,303)	(800)	(987)	(1,033)	231)
Inventories	(376)	(591)	(182)	(154)	(156)
Other current assets	8)	310)	207)	—)	—)
(Increase) decrease in assets, net of effects of business acquisitions	(1,495)	(664)	(1,157)	(1,348)	679)
Accounts payable	6)	(197)	657)	567)	(89)
Customer advances and deposits	(105)	36)	264)	(825)	(1,756)
Other current liabilities	—)	—)	—)	(30)	(83)
Increase (decrease) in liabilities, net of effects of business acquisitions	(99)	(161)	921)	(288)	(1,928)
Other, net	37)	(285)	238)	(158)	101)
Adjustments to reconcile net earnings to net cash from operating activities	(503)	(197)	967)	(757)	(466)
Net cash provided by operating activities	2,981)	3,148)	3,879)	2,198)	2,499)
Capital expenditures	(987)	(690)	(428)	(392)	(569)
Business acquisitions, net of cash acquired	(19)	(10,099)	(399)	(58)	(5)
Maturities of held-to-maturity securities	—)	—)	—)	—)	500)
Proceeds from sales of assets	14)	562)	50)	9)	291)
Other, net	(2)	(7)	(14)	15)	(17)
Net cash (used) provided by investing activities	(994)	(10,234)	(791)	(426)	200)
Dividends paid	(1,152)	(1,075)	(986)	(911)	(873)
Proceeds from (repayments of) commercial paper, net	(850)	850)	—)	—)	—)
Purchases of common stock	(231)	(1,769)	(1,558)	(1,996)	(3,233)
Proceeds from fixed-rate notes	—)	6,461)	985)	992)	—)
Proceeds from floating-rate notes	—)	1,000)	—)	—)	—)
Repayment of CSRA accounts receivable purchase agreement	—)	(450)	—)	—)	—)
Repayment of fixed-rate notes	—)	—)	(900)	(500)	(500)
Other, net	236)	69)	60)	246)	347)
Net cash provided (used) by financing activities	(1,997)	5,086)	(2,399)	(2,169)	(4,259)
Net cash provided (used) by discontinued operations	(51)	(20)	(40)	(54)	(43)
Net increase (decrease) in cash and equivalents	(61)	(2,020)	649)	(451)	(1,603)
Cash and equivalents at beginning of year	963)	2,983)	2,334)	2,785)	4,388)
Cash and equivalents at end of year	902)	963)	2,983)	2,334)	2,785)

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

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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.	General Dynamics Corp. net cash provided by operating activities decreased from 2017 to 2018 and from 2018 to 2019.
Net cash (used) provided by 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.	General Dynamics Corp. net cash (used) provided by investing activities decreased from 2017 to 2018 but then increased from 2018 to 2019 not reaching 2017 level.
Net cash provided (used) by 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.	General Dynamics Corp. net cash provided (used) by financing activities increased from 2017 to 2018 but then slightly decreased from 2018 to 2019 not reaching 2017 level.

General Dynamics Corp. (NYSE:GD)

Cash Flow Statement