E-Z-GO 2009 Annual Report Download - page 56

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For each of the years in the three-year period ended January 2, 2010 Consolidated
(In millions) 2009 2008 2007
Cash flows from operating activities
Net income (loss) $ (31) $ 486 $ 917
Income from discontinued operations 42 162 51
Income (loss) from continuing operations (73) 324 866
Adjustments to reconcile income from continuing operations to net cash provided
by (used in) operating activities:
Dividends received from Finance group — — —
Capital contributions paid to Finance group — — —
Non-cash items:
Depreciation and amortization 409 400 322
Provision for losses on finance receivables held for investment 267 234 33
Portfolio losses on finance receivables 162 — —
Valuation allowance on finance receivables held for sale (15) 293 —
Goodwill and other asset impairment charges 144 191 1
Other, net 82 103 87
Deferred income taxes (265) (43) (3)
Changes in assets and liabilities:
Accounts receivable, net 17 15 (38)
Inventories 803 (662) (453)
Other assets (152) 9 (14)
Accounts payable (535) 276 35
Accrued and other liabilities (20) (110) 443
Captive finance receivables, net 177 (291) (299)
Other operating activities, net 31 25 5
Net cash provided by operating activities of continuing operations 1,032 764 985
Net cash provided by (used in) operating activities of discontinued operations (17) (14) 64
Net cash provided by operating activities 1,015 750 1,049
Cash flows from investing activities
Finance receivables originated or purchased (3,005) (10,860) (11,964)
Finance receivables repaid 4,011 10,630 11,059
Proceeds on receivables sales, including securitizations 594 518 917
Net cash used in acquisitions — (109) (1,092)
Net proceeds from sale of businesses — — (14)
Capital expenditures (238) (545) (379)
Proceeds from sale of repossessed assets and properties 236 22 23
Retained interests 117 15 8
Purchase of marketable securities — (100) —
Other investing activities, net 13 21 (22)
Net cash provided by (used in) investing activities of continuing operations 1,728 (408) (1,464)
Net cash provided by investing activities of discontinued operations 211 471 58
Net cash provided by (used in) investing activities 1,939 63 (1,406)
Cash flows from financing activities
Increase (decrease) in short-term debt (1,637) 218 (412)
Proceeds from long-term lines of credit 2,970 — —
Payments on long-term lines of credit (63) — —
Proceeds from issuance of long-term debt 918 1,461 2,226
Principal payments on long-term debt (4,163) (1,922) (1,394)
Proceeds (payments) on borrowings against officers’ life insurance policies (412) 222 —
Intergroup financing — — —
Proceeds from issuance of convertible notes, net of fees paid 582 — —
Purchase of convertible note hedge (140) — —
Proceeds from issuance of common stock and warrants 333 — —
Proceeds from option exercises — 40 103
Excess tax benefit on stock options — 10 24
Purchases of Textron common stock — (533) (304)
Capital contributions paid to Finance group under Support Agreement — — —
Capital contributions paid to Cessna Export Finance Corp. — — —
Dividends paid (21) (284) (154)
Net cash provided by (used in) financing activities of continuing operations (1,633) (788) 89
Net cash used in financing activities of discontinued operations — (2) (2)
Net cash provided by (used in) financing activities (1,633) (790) 87
Effect of exchange rate changes on cash and cash equivalents 24 (7) 21
Net increase (decrease) in cash and cash equivalents 1,345 16 (249)
Cash and cash equivalents at beginning of year 547 531 780
Cash and cash equivalents at end of year $ 1,892 $ 547 $ 531
See Notes to the Consolidated Financial Statements.
47
Consolidated Statements of Cash Flows