E-Z-GO 2010 Annual Report Download - page 56

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44
Consolidated Statements of Cash Flows
For each of the years in the three-year period ended January 1, 2011
Consolidated
(In millions)
2010 2009 2008
Cash flows from operating activities
Net income (loss) $ 86 $ (31) $ 486
Less: Income (loss) from discontinued operations
(6)
42
162
Income (loss) from continuing operations
92
(73)
324
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
393
409
400
Provision for losses on finance receivables held for investment
143
267
234
Portfolio losses on finance receivables
112
162
—
Valuation allowance on finance receivables held for sale
8
(15)
293
Goodwill and other asset impairment charges
19
144
191
Deferred income taxes 69 (265) (43)
Other, net
109
82
103
Changes in assets and liabilities:
Accounts receivable, net
(1)
17
15
Inventories
(10)
803
(662)
Other assets
36
(250)
(68)
Accounts payable
54
(535)
276
Accrued and other liabilities
(455)
78
(33)
Captive finance receivables, net
424
177
(291)
Other operating activities, net
—
31
25
Net cash provided by (used in) operating activities of continuing operations
993
1,032
764
Net cash used in operating activities of discontinued operations
(9 )
(17)
(14)
Net cash provided by operating activities
984
1,015
750
Cash flows from investing activities
Finance receivables originated or purchased
(450)
(3,005)
(10,860)
Finance receivables repaid
1,635
4,011
10,630
Proceeds on receivables sales, including securitizations
528
594
518
Net cash used in acquisitions
(57)
—
(109)
Capital expenditures
(270)
(238)
(545)
Proceeds from sale of repossessed assets and properties
129
236
22
Retained interests
—
117
15
Purchase of marketable securities
—
—
(100)
Other investing activities, net
34
13
21
Net cash provided by (used in) investing activities of continuing operations
1,549
1,728
(408)
Net cash provided by investing activities of discontinued operations
—
211
471
Net cash provided by investing activities
1,549
1,939
63
Cash flows from financing activities
Proceeds from long-term lines of credit
—
2,970
—
Payments on long-term lines of credit
(1,467 )
(63)
—
Proceeds from issuance of long-term debt
231
918
1,461
Principal payments on long-term debt (2,241 ) (4,163) (1,922)
Increase (decrease) in short-term debt
—
(1,637)
218
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 call options
—
(140)
—
Proceeds from issuance of common stock and warrants
—
333
—
Proceeds from option exercises and excess tax benefit on options
6
—
50
Purchases of Textron common stock
—
—
(533)
Capital contributions paid to Finance group under Support Agreement
—
—
—
Capital contributions paid to Cessna Export Finance Corp.
—
—
—
Dividends paid
(22)
(21)
(284)
Net cash provided by (used in) financing activities of continuing operations
(3,493)
(1,633)
(788)
Net cash used in financing activities of discontinued operations
—
—
(2)
Net cash provided by (used in) financing activities
(3,493)
(1,633)
(790)
Effect of exchange rate changes on cash and equivalents
(1)
24
(7)
Net increase (decrease) in cash and equivalents
(961)
1,345
16
Cash and equivalents at beginning of year
1,892
547
531
Cash and equivalents at end of year
$ 931
$ 1,892
$ 547
See Notes to the Consolidated Financial Statements.