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LEIDOS HOLDINGS, INC.
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Three Months Ended | ||||||
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March 30,
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March 31,
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Cash flows from operations: |
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Net income |
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$ |
102 |
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$ |
74 |
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Adjustments to reconcile net income to net cash provided by (used in) operations: |
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Depreciation and amortization |
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63 |
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82 |
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Stock-based compensation |
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11 |
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10 |
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Asset impairment charges |
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7 |
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— |
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Other |
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7 |
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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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(84) |
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(190) |
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Inventory, prepaid expenses and other current assets |
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(63) |
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22 |
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Accounts payable and accrued liabilities |
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60 |
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(37) |
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Accrued payroll and employee benefits |
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(107) |
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(86) |
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Deferred income taxes and income taxes receivable/payable |
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28 |
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31 |
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Other long-term assets/liabilities |
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(2) |
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20 |
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Net cash provided by (used in) operating activities |
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22 |
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(71) |
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Cash flows from investing activities: |
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Payments for property, plant and equipment |
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(15) |
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(7) |
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Acquisitions of businesses |
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(81) |
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— |
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Other |
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— |
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2 |
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Net cash used in investing activities |
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(96) |
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(5) |
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Cash flows from financing activities: |
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Payments of long-term debt |
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(17) |
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(22) |
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Proceeds from issuances of stock |
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4 |
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1 |
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Repurchases of stock and other |
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(22) |
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(6) |
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Dividend payments |
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(52) |
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(50) |
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Other |
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(4) |
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(1) |
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Net cash used in financing activities |
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(91) |
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(78) |
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Net decrease in cash, cash equivalents and restricted cash |
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(165) |
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(154) |
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Cash, cash equivalents and restricted cash at beginning of period |
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422 |
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396 |
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Cash, cash equivalents and restricted cash at end of period |
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$ |
257 |
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$ |
242 |
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