v3.25.2

Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 29, 2025	Jun. 30, 2024
Cash flows from operating activities – continuing operations:
Net earnings	$ 2,008	$ 1,704
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation of property, plant and equipment	325	311
Amortization of intangible and finance lease right-of-use assets	121	117
Equity-based compensation expense	89	87
Deferred income tax benefit	(98)	(90)
(Increase) decrease in assets, net of effects of business acquisitions:
Accounts receivable	(612)	(158)
Unbilled receivables	(200)	(601)
Inventories	(207)	(1,152)
Increase (decrease) in liabilities, net of effects of business acquisitions:
Accounts payable	(261)	(125)
Customer advances and deposits	106	169
Other, net	179	274
Net cash provided by operating activities	1,450	536
Cash flows from investing activities:
Capital expenditures	(340)	(360)
Other, net	124	53
Net cash used by investing activities	(216)	(307)
Cash flows from financing activities:
Repayment of fixed-rate notes	(1,500)	0
Proceeds from fixed-rate notes	747	0
Proceeds from commercial paper, net	696	0
Dividends paid	(785)	(750)
Purchases of common stock	(600)	(139)
Other, net	39	111
Net cash used by financing activities	(1,403)	(778)
Net cash used by discontinued operations	(5)	(2)
Net decrease in cash and equivalents	(174)	(551)
Cash and equivalents at beginning of period	1,697	1,913
Cash and equivalents at end of period	1,523	1,362
Supplemental cash flow information:
Income tax (payments) refunds, net	(236)	48
Interest payments	$ (203)	$ (194)

Amortization Of Intangible Assets And Finance Lease, Right-Of-Use Assets

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GENERAL DYNAMICS CORP 10-Q