E-Z-GO 2007 Annual Report Download - page 62

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Consolidated Statements of Cash Flows
41
For each of the years in the three-year period ended December 29, 2007 Consolidated
(In millions) 2007 2006 2005
Cash fl ows from operating activities
Net income $ 917 $ 601 $ 203
(Loss) income from discontinued operations (2) 105 313
Income from continuing operations 915 706 516
Adjustments to reconcile income from continuing operations to net cash
provided by operating activities:
Earnings of Finance group, net of distributions — — —
Depreciation and amortization 336 290 303
Provision for losses on fi nance receivables 33 26 29
Special charges — — 118
Share-based compensation 41 30 28
Deferred income taxes (13) 37 17
Changes in assets and liabilities excluding those related to acquisitions
and divestitures:
Accounts receivable, net (42) (14) (87)
Inventories (490) (427) (188)
Other assets (23) 107 26
Accounts payable 52 115 173
Accrued and other liabilities 480 401 77
Captive fi nance receivables, net (299) (324) (100)
Other operating activities, net 37 70 40
Net cash provided by operating activities of continuing operations 1,027 1,017 952
Net cash provided by (used in) operating activities of discontinued operations 22 (48) 84
Net cash provided by operating activities 1,049 969 1,036
Cash fl ows from investing activities
Finance receivables:
Originated or purchased (11,964) (11,225) (10,116)
Repaid 11,059 9,534 8,982
Proceeds on receivables sales and securitization sales 917 493 237
Net cash used in acquisitions (1,092) (502) (28)
Net proceeds from sale of businesses (14) 8 (1)
Capital expenditures (401) (431) (365)
Proceeds from sale of property, plant and equipment 23 7 6
Other investing activities, net 3 54 62
Net cash used in investing activities of continuing operations (1,469) (2,062) (1,223)
Net cash provided by investing activities of discontinued operations 63 653 28
Net cash used in investing activities (1,406) (1,409) (1,195)
Cash fl ows from fi nancing activities
(Decrease) increase in short-term debt (414) 337 171
Proceeds from issuance of long-term debt 2,226 2,000 1,957
Principal payments and retirements of long-term debt (1,394) (1,137) (1,178)
Proceeds from option exercises 103 173 106
Purchases of Textron common stock (304) (761) (597)
Dividends paid (154) (244) (189)
Capital contributions paid to Finance group — — —
Excess tax benefi t received on share-based payments 24 31 14
Net cash provided by (used in) fi nancing activities of continuing operations 87 399 284
Net cash provided by (used in) fi nancing activities of discontinued operations — 2 (1)
Net cash provided by (used in) fi nancing activities 87 401 283
Effect of exchange rate changes on cash and cash equivalents 21 23 (25)
Net (decrease) increase in cash and cash equivalents (249) (16) 99
Cash and cash equivalents at beginning of year 780 796 697
Cash and cash equivalents at end of year $ 531 $ 780 $ 796
Supplemental schedule of non-cash investing and fi nancing activities from
continuing operations
Capital expenditures fi nanced through capital leases $ 22 $ 16 $ 15
* Textron is segregated into a Manufacturing group and a Finance group as described in Note 1 to the Consolidated Financial Statements. The Finance group’s
pre-tax income in excess of dividends paid is excluded from the Manufacturing group’s cash fl ows. All signifi cant transactions between the borrowing groups
have been eliminated from the consolidated column.
See Notes to the Consolidated Financial Statements.