L3Harris Technologies Reports Strong Third Quarter 2024 Results, Increases 2024 Guidance

Table 2 - Consolidated Statement of Cash Flow (Unaudited)

 

Third Quarter

 

Year to Date

(In millions)

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

 

 

 

 

 

 

 

Operating Activities

 

 

 

 

 

 

 

Net income

$

404

 

 

$

382

 

 

$

1,056

 

 

$

1,072

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

 

324

 

 

 

310

 

 

 

963

 

 

 

816

 

Share-based compensation

 

23

 

 

 

22

 

 

 

76

 

 

 

67

 

Pension and other postretirement benefit plan income

 

(72

)

 

 

(68

)

 

 

(215

)

 

 

(209

)

Share-based matching contributions under defined contribution plans

 

57

 

 

 

51

 

 

 

199

 

 

 

172

 

Deferred income taxes

 

467

 

 

 

(34

)

 

 

220

 

 

 

(277

)

(Increase) decrease in:

 

 

 

 

 

 

 

Receivables, net

 

188

 

 

 

158

 

 

 

163

 

 

 

53

 

Contract assets

 

(207

)

 

 

36

 

 

 

(372

)

 

 

(136

)

Inventories, net

 

40

 

 

 

(80

)

 

 

46

 

 

 

(195

)

Other current assets

 

(6

)

 

 

(15

)

 

 

(32

)

 

 

(87

)

Increase (decrease) in:

 

 

 

 

 

 

 

Accounts payable

 

155

 

 

 

(41

)

 

 

(45

)

 

 

(18

)

Contract liabilities

 

(12

)

 

 

(18

)

 

 

(150

)

 

 

202

 

Compensation and benefits

 

(44

)

 

 

(45

)

 

 

(145

)

 

 

(55

)

Other current liabilities

 

(26

)

 

 

(24

)

 

 

59

 

 

 

(27

)

Income taxes

 

(469

)

 

 

5

 

 

 

(258

)

 

 

15

 

Other operating activities

 

(42

)

 

 

(96

)

 

 

(135

)

 

 

(86

)

Net cash provided by operating activities

 

780

 

 

 

543

 

 

 

1,430

 

 

 

1,307

 

Investing Activities

 

 

 

 

 

 

 

Net cash paid for acquired businesses

 

 

 

 

(4,715

)

 

 

 

 

 

(6,688

)

Additions to property, plant and equipment

 

(78

)

 

 

(148

)

 

 

(290

)

 

 

(312

)

Proceeds from sales of businesses, net

 

 

 

 

 

 

 

158

 

 

 

71

 

Other investing activities

 

(15

)

 

 

(1

)

 

 

(19

)

 

 

(9

)

Net cash used in investing activities

 

(93

)

 

 

(4,864

)

 

 

(151

)

 

 

(6,938

)

Financing Activities

 

 

 

 

 

 

 

Proceeds from borrowings, net of issuance cost

 

585

 

 

 

5,319

 

 

 

2,826

 

 

 

7,568

 

Repayments of borrowings

 

(2

)

 

 

(2,099

)

 

 

(2,609

)

 

 

(3,159

)

Change in commercial paper, maturities under 90 days, net

 

(404

)

 

 

806

 

 

 

93

 

 

 

1,330

 

Proceeds from commercial paper, maturities over 90 days

 

 

 

 

646

 

 

 

688

 

 

 

701

 

Repayments of commercial paper, maturities over 90 days

 

(520

)

 

 

 

 

 

(1,205

)

 

 

 

Proceeds from exercises of employee stock options

 

48

 

 

 

5

 

 

 

111

 

 

 

18

 

Repurchases of common stock

 

(190

)

 

 

 

 

 

(512

)

 

 

(518

)

Dividends paid

 

(220

)

 

 

(216

)

 

 

(665

)

 

 

(652

)

Other financing activities

 

(6

)

 

 

(1

)

 

 

(36

)

 

 

(34

)

Net cash (used in) provided by financing activities

 

(709

)

 

 

4,460

 

 

 

(1,309

)

 

 

5,254

 

Effect of exchange rate changes on cash and cash equivalents

 

14

 

 

 

(6

)

 

 

9

 

 

 

(4

)

Net decrease in cash and cash equivalents

 

(8

)

 

 

133

 

 

 

(21

)

 

 

(381

)

Cash and cash equivalents, beginning of period

 

547

 

 

 

366

 

 

 

560

 

 

 

880

 

Cash and cash equivalents, end of period

$

539

 

 

$

499

 

 

$

539

 

 

$

499

 

 

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