LEIDOS HOLDINGS, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) | ||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended | ||||||||||||
|
|
September 30,
|
|
October 2,
|
|
September 30,
|
|
October 2,
| ||||||||
Cash flows from operations: |
|
|
|
|
|
|
|
| ||||||||
Net income |
|
$ |
92 |
|
|
$ |
49 |
|
|
$ |
186 |
|
|
$ |
127 |
|
Income from discontinued operations |
|
— |
|
|
— |
|
|
— |
|
|
(18) |
| ||||
Adjustments to reconcile net income to net cash provided by operations: |
|
|
|
|
|
|
|
| ||||||||
Depreciation and amortization |
|
37 |
|
|
11 |
|
|
54 |
|
|
35 |
| ||||
Stock-based compensation |
|
9 |
|
|
9 |
|
|
25 |
|
|
23 |
| ||||
Asset impairment charges |
|
— |
|
|
4 |
|
|
— |
|
|
73 |
| ||||
Bad debt expense and other, net |
|
1 |
|
|
9 |
|
|
(2) |
|
|
8 |
| ||||
Change in assets and liabilities, net of effects of acquisitions
|
|
|
|
|
|
|
|
| ||||||||
Receivables |
|
216 |
|
|
82 |
|
|
140 |
|
|
145 |
| ||||
Inventory, prepaid expenses and other current assets |
|
(117) |
|
|
(12) |
|
|
(124) |
|
|
(22) |
| ||||
Accounts payable and accrued liabilities |
|
29 |
|
|
57 |
|
|
36 |
|
|
71 |
| ||||
Accrued payroll and employee benefits |
|
(4) |
|
|
(6) |
|
|
(2) |
|
|
(26) |
| ||||
Deferred income taxes and income taxes receivable/payable |
|
(26) |
|
|
68 |
|
|
(19) |
|
|
(20) |
| ||||
Other long-term assets/liabilities |
|
(11) |
|
|
(2) |
|
|
(10) |
|
|
(18) |
| ||||
Total cash flows provided by operating activities of continuing operations |
|
226 |
|
|
269 |
|
|
284 |
|
|
378 |
| ||||
Cash flows from investing activities: |
|
|
|
|
|
|
|
| ||||||||
Payments for property, plant and equipment |
|
(13) |
|
|
(7) |
|
|
(20) |
|
|
(15) |
| ||||
Acquisition of business |
|
25 |
|
|
— |
|
|
25 |
|
|
— |
| ||||
Payments on accrued purchase price related to prior acquisition |
|
— |
|
|
— |
|
|
— |
|
|
(13) |
| ||||
Net proceeds from sale of assets |
|
— |
|
|
4 |
|
|
3 |
|
|
9 |
| ||||
Proceeds from disposition of business |
|
— |
|
|
27 |
|
|
23 |
|
|
27 |
| ||||
Proceeds from collections on promissory note |
|
4 |
|
|
— |
|
|
4 |
|
|
— |
| ||||
Other |
|
— |
|
|
— |
|
|
(1) |
|
|
— |
| ||||
Total cash flows provided by investing activities of
|
|
16 |
|
|
24 |
|
|
34 |
|
|
8 |
| ||||
Cash flows from financing activities: |
|
|
|
|
|
|
|
| ||||||||
Payments of long-term debt |
|
(100) |
|
|
(2) |
|
|
(102) |
|
|
(49) |
| ||||
Proceeds from debt issuance |
|
690 |
|
|
— |
|
|
690 |
|
|
— |
| ||||
Payments for debt issuance costs |
|
(30) |
|
|
— |
|
|
(30) |
|
|
— |
| ||||
Proceeds from issuances of stock |
|
19 |
|
|
1 |
|
|
25 |
|
|
4 |
| ||||
Repurchases of stock and other |
|
(1) |
|
|
(1) |
|
|
(20) |
|
|
(116) |
| ||||
Special cash dividend payment |
|
(993) |
|
|
— |
|
|
(993) |
|
|
— |
| ||||
Dividend payments |
|
(48) |
|
|
(23) |
|
|
(94) |
|
|
(71) |
| ||||
Other |
|
— |
|
|
2 |
|
|
— |
|
|
3 |
| ||||
Total cash flows used in financing activities of continuing operations |
|
(463) |
|
|
(23) |
|
|
(524) |
|
|
(229) |
| ||||
(Decrease) increase in cash and cash equivalents from continuing
|
|
(221) |
|
|
270 |
|
|
(206) |
|
|
157 |
| ||||
Cash flows from discontinued operations: |
|
|
|
|
|
|
|
| ||||||||
Cash provided by operating activities of discontinued operations |
|
— |
|
|
— |
|
|
— |
|
|
13 |
| ||||
Cash (used in) provided by investing activities of discontinued operations |
|
— |
|
|
— |
|
|
(1) |
|
|
6 |
| ||||
(Decrease) increase in cash and cash equivalents from discontinued
|
|
— |
|
|
— |
|
|
(1) |
|
|
19 |
| ||||
Total (decrease) increase in cash and cash equivalents |
|
(221) |
|
|
270 |
|
|
(207) |
|
|
176 |
| ||||
Cash and cash equivalents at beginning of period |
|
670 |
|
|
365 |
|
|
656 |
|
|
459 |
| ||||
Cash and cash equivalents at end of period |
|
$ |
449 |
|
|
$ |
635 |
|
|
$ |
449 |
|
|
$ |
635 |
|