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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating activities      
Net earnings $ 3,189 $ 2,248 $ 3,229
Adjustments to reconcile to net cash provided by operating activities:      
Depreciation and amortization 1,267 1,265 800
Mark-to-market pension and OPB expense 1,034 1,800 655
Stock-based compensation 90 127 86
Deferred income taxes 210 (509) 234
Changes in assets and liabilities:      
Accounts receivable, net (285) 122 202
Unbilled receivables, net 160 (335) (297)
Inventoried costs, net 18 (135) (37)
Prepaid expenses and other assets (147) (78) (56)
Accounts payable and other liabilities 719 617 381
Income taxes payable, net (238) (63) (258)
Retiree benefits (1,678) (703) (1,083)
Other, net (34) (59) (29)
Net cash provided by operating activities 4,305 4,297 3,827
Investing activities      
Acquisition of Orbital ATK, net of cash acquired 0 0 (7,657)
Capital expenditures (1,420) (1,264) (1,249)
Proceeds from Sale of Equipment to a Customer 205 0 0
Other investing activities, net 4 57 28
Net cash used in investing activities (1,211) (1,207) (8,878)
Financing activities      
Payments of long-term debt (1,027) (500) (2,276)
Net proceeds from issuance of long-term debt 2,239 0 0
Payments to credit facilities (78) (31) (320)
Net (repayments of) borrowings on commercial paper 0 (198) 198
Common stock repurchases (490) (744) (1,263)
Cash dividends paid (953) (880) (821)
Payments of employee taxes withheld from share-based awards (66) (65) (85)
Other financing activities, net (57) (6) (28)
Net cash used in financing activities (432) (2,424) (4,595)
Increase (decrease) in cash and cash equivalents 2,662 666 (9,646)
Cash and cash equivalents, beginning of year 2,245 1,579 11,225
Cash and cash equivalents, end of year $ 4,907 $ 2,245 $ 1,579