PACCAR 2012 Annual Report Download - page 54

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 Year Ended December 31, 2012 2011 2010
(millions)
OPERATING ACTIVIT IES:
Net Income $ 1,111.6 $1,042.3 $ 457.6
Adjustments to reconcile net income to cash provided by operations:
Depreciation and amortization:
Property, plant and equipment 188.8 196.5 189.9
Equipment on operating leases and other 512.1 477.3 433.3
Provision for losses on financial services receivables 20.0 41.4 61.0
Deferred taxes 151.7 224.1 46.3
Other, net 34.0 28.4 11.6
Pension and post-retirement contributions (190.8) (85.2) (63.9)
Change in operating assets and liabilities:
(Increase) decrease in assets other than cash and cash equivalents:
Receivables:
Trade and other 75.2 (408.4) (42.3)
Wholesale receivables on new trucks (6.5) (551.1) (1.1)
Sales-type finance leases and dealer direct loans on new trucks (186.6) (141.3) 67.1
Inventories (61.5) (187.1) 96.6
Other assets, net (120.7) 28.1 (48.2)
Increase (decrease) in liabilities:
Accounts payable and accrued expenses (303.6) 585.0 221.3
Residual value guarantees and deferred revenues 204.4 231.8 79.8
Other liabilities, net 90.9 110.8 42.4
Net Cash Provided by Operating Activities 1,519.0 1,592.6 1,551.4
INVEST ING ACTIVITIES:
Retail loans and direct financing leases originated (3,235.5) (2,731.9) (1,789.2)
Collections on retail loans and direct financing leases 2,404.3 2,121.0 2,039.3
Net (increase) decrease in wholesale receivables on used equipment (5.7) (18.1) 8.2
Marketable securities purchases (1,048.9) (1,614.2) (757.5)
Marketable securities sales and maturities 768.3 1,142.4 523.8
Payments for property, plant and equipment (515.4) (340.7) (168.4)
Acquisition of equipment for operating leases (1,288.0) (1,306.6) (715.4)
Proceeds from asset disposals 330.2 339.0 392.1
Other, net 2.7 (9.9)
Net Cash Used in Investing Activities (2,588.0) (2,419.0) (467.1)
FINANC ING ACTIVITIES:
Cash dividends paid (809.5) (217.4) (251.7)
Purchase of treasury stock (162.1) (337.6)
Stock compensation transactions 13.9 10.9 22.0
Net (decrease) increase in commercial paper and short-term bank loans (365.8) 1,642.6 (548.1)
Proceeds from long-term debt 2,201.1 1,165.5 707.0
Payments on long-term debt (668.1) (1,317.9) (889.6)
Net Cash Provided by (Used in) Financing Activities 209.5 946.1 (960.4)
Effect of exchange rate changes on cash 25.2 (53.8) 4.9
Net (Decrease) Increase in Cash and Cash Equivalents (834.3) 65.9 128.8
Cash and Cash Equivalents at beginning of year 2,106.7 2,040.8 1,912.0
Cash and Cash Equivalents at end of year $ 1,272.4 $2,106.7 $2,040.8
See notes to consolidated financial statements.
C O N S O L I D A T E D S T A T E M E N T S O F C A S H F L O W S