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LEIDOS HOLDINGS, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) | ||||||||||||||||
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Three Months Ended |
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Six Months Ended | ||||||||||||
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June 30, |
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July 1, |
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June 30, |
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July 1, | ||||||||
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2017 |
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2016 |
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2017 |
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2016 | ||||||||
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Cash flows from operations: |
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Net income |
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$ |
98 |
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$ |
41 |
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$ |
172 |
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$ |
94 |
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Adjustments to reconcile net income to net cash provided by operations: |
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Depreciation and amortization |
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80 |
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9 |
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162 |
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17 |
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Stock-based compensation |
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10 |
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8 |
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20 |
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16 |
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Bad debt expense |
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5 |
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(1) |
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12 |
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— |
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Other |
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20 |
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(4) |
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15 |
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(3) |
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Change in assets and liabilities, net of effects of acquisitions and dispositions: |
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Receivables |
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11 |
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(28) |
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(179) |
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(76) |
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Inventory, prepaid expenses and other current assets |
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29 |
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4 |
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35 |
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(7) |
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Accounts payable and accrued liabilities |
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(86) |
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(11) |
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(123) |
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7 |
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Accrued payroll and employee benefits |
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79 |
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53 |
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(7) |
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2 |
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Deferred income taxes and income taxes receivable/payable |
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(75) |
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(2) |
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(44) |
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7 |
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Other long-term assets/liabilities |
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6 |
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3 |
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26 |
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|
1 |
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Net cash provided by operating activities of continuing operations |
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177 |
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|
72 |
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|
89 |
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|
58 |
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Cash flows from investing activities: |
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Payments for property, plant and equipment |
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(16) |
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(3) |
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(23) |
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(7) |
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Collections on promissory note |
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— |
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— |
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2 |
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— |
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Net proceeds from sale of assets |
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7 |
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— |
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7 |
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3 |
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Proceeds from disposition of business |
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— |
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23 |
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— |
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|
23 |
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Other |
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— |
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(1) |
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— |
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(1) |
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Net cash (used in) provided by investing activities of continuing operations |
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(9) |
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19 |
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(14) |
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18 |
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Cash flows from financing activities: |
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Payments of long-term debt |
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(47) |
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(1) |
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(69) |
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(2) |
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Proceeds from issuances of stock |
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6 |
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4 |
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7 |
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6 |
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Repurchases of stock and other |
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(19) |
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(10) |
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(25) |
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(19) |
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Dividend payments |
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(52) |
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(23) |
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(102) |
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(46) |
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Net cash used in financing activities of continuing operations |
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(112) |
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(30) |
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(189) |
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(61) |
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Net increase (decrease) in cash and cash equivalents from continuing operations |
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56 |
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|
61 |
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(114) |
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15 |
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Cash flows from discontinued operations: |
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Net cash used in investing activities of discontinued operations |
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— |
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— |
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— |
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(1) |
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Net decrease in cash and cash equivalents from discontinued operations |
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— |
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— |
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— |
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|
(1) |
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Net increase (decrease) in cash and cash equivalents |
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56 |
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|
61 |
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(114) |
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|
14 |
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Cash and cash equivalents at beginning of period |
|
206 |
|
|
609 |
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|
376 |
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|
656 |
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Cash and cash equivalents at end of period |
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$ |
262 |
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$ |
670 |
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$ |
262 |
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$ |
670 |
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