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Lockheed Martin Corporation is a well-known producer of advanced aircraft, missiles, and space hardware. Lockheed Martin is most famous for its super-secret research and development

Lockheed Martin Corporation is a well-known producer of advanced aircraft, missiles, and space hardware. Lockheed Martin is most famous for its super-secret research and development division, nicknamed the ?Skunk Works.? Among the high-tech aircraft developed at the Skunk Works are the SR-71 Blackbird spy plane and the F-117A Stealth fighter.

The consolidated statement of cash flows from Lockheed Martin?s 2011 annual report is reproduced on the next page. When investors and analysts use the term cash flow, they can mean a variety of things. Some common definitions of cash flow are as follows:

(a) net income + depreciation

(b) cash flow from operating activities

(c) cash flow from operating activities + cash paid for interest + cash paid for income taxes

(d) cash flow from operating activities - capital expenditures - dividends

1. Using the data from Lockheed?s statement of cash flows, compute values for the four measures of cash flow defined above for 2009, 2010, and 2011. Use net earnings as net income. For capital expenditures, use expenditures for property, plant, and equipment. ( I need not only the values - but the calculations as to how the answer was found)

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