Leonardo DRS Inc
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 28, 2024
DRS$36.53+0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| (Dollars in millions) | 2023 | 2022 | 2021 |
| Operating activities | |||
| Net earnings | $168 | $405 | $154 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
| Depreciation and amortization | 85 | 65 | 58 |
| Deferred income taxes | (52) | (6) | 31 |
| Gain from sale of business | — | (354) | — |
| Share-based compensation expense | 17 | 5 | — |
| Other | 1 | — | — |
| Changes in assets and liabilities: | |||
| Accounts receivable | 15 | (1) | (54) |
| Contract assets | (36) | (134) | (71) |
| Inventories | (10) | (33) | 42 |
| Prepaid expenses | (1) | (1) | 10 |
| Other current assets | (18) | 3 | 12 |
| Other noncurrent assets | 19 | 24 | 19 |
| Defined benefit obligations | (8) | (4) | (13) |
| Other current liabilities | (26) | 14 | 28 |
| Other noncurrent liabilities | 8 | (8) | (36) |
| Accounts payable | (59) | (14) | 1 |
| Contract liabilities | 102 | 72 | (3) |
| Net cash provided by operating activities | 205 | 33 | 178 |
| Investing activities | |||
| Capital expenditures | (60) | (65) | (60) |
| Business acquisitions, net of cash acquired | — | 19 | (14) |
| Proceeds from sales of assets | 1 | — | — |
| Proceeds from sales of businesses | — | 482 | — |
| Net repayments received on related party note receivable | — | — | 115 |
| Cost method investment | — | — | (2) |
| Net cash (used in) provided by investing activities | (59) | 436 | 39 |
| Financing activities | |||
| Net increase (decrease) in third party borrowings (maturities of 90 days or less) | 20 | (8) | (18) |
| Repayment of third party debt | (727) | — | — |
| Borrowings of third party debt | 715 | 223 | — |
| Repayment of related party debt | — | (992) | (950) |
| Borrowings from related parties | — | 775 | 930 |
| Dividend to US Holding | — | (396) | — |
| Dividend from investment | — | 3 | — |
| Proceeds from stock issuance | 12 | — | — |
| Cash outlay to reacquire equity instruments | (1) | — | — |
| Other | (4) | (8) | — |
| Net cash provided by (used in) financing activities | 15 | (403) | (38) |
| Effect of exchange rate changes on cash and cash equivalents | — | — | — |
| Net increase in cash and cash equivalents | 161 | 66 | 179 |
| Cash and cash equivalents at beginning of year | 306 | 240 | 61 |
| Cash and cash equivalents at end of year | $467 | $306 | $240 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.