E-Z-GO 2005 Annual Report Download - page 62

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Consolidated Statements of Cash Flows
For each of the years in the three-year period ended December 31, 2005
Consolidated
2005 2004 2003
(In millions)
(Revised – See Note 1) (Revised – See Note 1)
Cash flows from operating activities:
Net income $ 203 $ 365 $ 259
Loss (income) from discontinued operations 313 10 43
Income from continuing operations 516 375 302
Adjustments to reconcile income from continuing operations to net cash
provided by operating activities:
Earnings of Textron Finance, net of distributions — — —
Depreciation 284 265 260
Amortization 19 15 19
Provision for losses on finance receivables 29 58 81
Gain on sale of businesses — — (15)
Special charges 118 59 77
Non-cash gain on securitizations, net 2 2 (15)
Deferred income taxes 17 29 (41)
Changes in assets and liabilities excluding those related to acquisitions
and divestitures:
Accounts receivable, net (87) (3) 63
Inventories (188) (201) 262
Other assets 26 25 (191)
Accounts payable 173 (8) (184)
Accrued liabilities 77 414 99
Captive finance receivables, net (100) (105) 86
Other operating activities, net 66 24 43
Net cash provided by operating activities of continuing operations 952 949 846
Net cash provided by (used in) operating activities of discontinued operations 84 1 129
Net cash provided by operating activities 1,036 950 975
Cash flows from investing activities:
Finance receivables:
Originated or purchased (10,116) (9,725) (8,938)
Repaid 8,982 8,762 8,137
Proceeds on receivables sales and securitization sales 237 264 846
Net cash used in acquisitions (28) (5) —
Net proceeds from sale of businesses (1) 3 14
Capital expenditures (365) (250) (263)
Proceeds on sale of property, plant and equipment 6 16 18
Proceeds on sale of investments — 38 —
Other investing activities, net 62 97 149
Net cash (used in) provided by investing activities of continuing operations (1,223) (800) (37)
Net cash provided by (used in) investing activities of discontinued operations 28 (18) 400
Net cash (used in) provided by investing activities (1,195) (818) 363
Cash flows from financing activities:
Increase (decrease) in short-term debt 171 788 (313)
Proceeds from issuance of long-term debt 1,957 963 1,682
Principal payments and retirements of long-term debt and mandatorily redeemable
preferred securities (1,178) (1,664) (1,877)
Proceeds from employee stock ownership plans 106 187 67
Purchases of Textron common stock (597) (415) (64)
Dividends paid (189) (135) (222)
Dividends paid to Textron Manufacturing — — —
Excess tax benefit on stock options 14 — —
Other financing activities, net — — (8)
Net cash provided by (used in) financing activities of continuing operations 284 (276) (735)
Net cash used in financing activities of discontinued operations (1) — (99)
Net cash provided by (used in) financing activities 283 (276) (834)
Effect of exchange rate changes on cash and cash equivalents (25) 33 32
Net increase (decrease) in cash and cash equivalents 99 (111) 536
Cash and cash equivalents at beginning of year 697 808 272
Cash and cash equivalents at end of year $ 796 $ 697 $ 808
Supplemental schedule of non-cash investing and financing activities from
continuing operations:
Capital expenditures financed through capital leases $ 15 $ 44 $ 26
* Textron is segregated into two borrowing groups, Textron Manufacturing and Textron Finance, as described in Note 1 to the Consolidated Financial Statements
along with the principles of consolidation. Textron Manufacturing’s cash flows exclude the pre-tax income from Textron Finance in excess of dividends paid to
Textron Manufacturing. All significant transactions between Textron Manufacturing and Textron Finance have been eliminated from the Consolidated column.
See Notes to the Consolidated Financial Statements.
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