E-Z-GO 2010 Annual Report Download - page 57
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45
Consolidated Statements of Cash Flows continued
For each of the years in the three-year period ended January 1, 2011
Manufacturing Group
Finance Group
(In millions)
2010
2009
2008
2010
2009
2008
Cash flows from operating activities
Net income (loss)
$ 314
$ 175
$ 947
$ (228)
$ (206)
$ (461)
Less: Income (loss) from discontinued operations
(6)
42
162
—
—
—
Income (loss) from continuing operations 320 133 785 (228) (206) (461)
Adjustments to reconcile income from continuing operations to net cash provided
by (used in) operating activities:
Dividends received from Finance group
505
349
142
—
—
—
Capital contributions paid to Finance group
(383)
(270)
(625)
—
—
—
Non-cash items:
Depreciation and amortization
362
373
360
31
36
40
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 18 144 11 1 — 180
Deferred income taxes
131
(61)
51
(62)
(204)
(94)
Other, net
110
112
103
(1)
(30)
—
Changes in assets and liabilities
Accounts receivable, net
(1)
17
15
—
—
—
Inventories (11) 810 (648) — — —
Other assets
9
(255)
(98)
32
(5)
18
Accounts payable
54
(535)
276
—
—
—
Accrued and other liabilities
(384)
(85)
21
(71)
166
(54)
Captive finance receivables, net
—
—
—
—
—
—
Other operating activities, net
—
6
14
—
25
11
Net cash provided by (used in) operating activities of continuing operations
730
738
407
(35)
196
167
Net cash used in operating activities of discontinued operations
(9)
(17)
(14)
—
—
—
Net cash provided by (used in) operating activities
721
721
393
(35)
196
167
Cash flows from investing activities
Finance receivables originated or purchased
—
—
—
(866)
(3,659)
(11,879)
Finance receivables repaid
—
—
—
2,348
4,804
11,245
Proceeds on receivables sales, including securitizations
—
—
—
655
644
631
Net cash used in acquisitions
(57)
—
(109)
—
—
—
Capital expenditures
(270)
(238)
(537)
—
—
(8)
Proceeds from sale of repossessed assets and properties
—
—
—
129
236
22
Retained interests
—
—
—
—
117
15
Purchase of marketable securities
—
—
—
—
—
(100)
Other investing activities, net (26) (50)
9 39
11 10
Net cash provided by (used in) investing activities of continuing operations
(353)
(288)
(637)
2,305
2,153
(64)
Net cash provided by investing activities of discontinued operations — 211 471 — — —
Net cash provided by (used in) investing activities
(353)
(77)
(166)
2,305
2,153
(64)
Cash flows from financing activities
Proceeds from long-term lines of credit
—
1,230
—
—
1,740
—
Payments on long-term lines of credit
(1,167)
(63)
—
(300)
—
—
Proceeds from issuance of long-term debt
— 595
— 231 323
1,461
Principal payments on long-term debt
(130)
(392)
(348)
(2,111)
(3,771)
(1,574)
Increase (decrease) in short-term debt
—
(869)
867
—
(768)
(649)
Proceeds (payments) on borrowings against officers’ life insurance policies
—
(412)
222
—
—
—
Intergroup financing
98
(280)
(133)
(111)
280
133
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
—
—
—
383
270
625
Capital contributions paid to Cessna Export Finance Corp.
—
—
—
30
40
—
Dividends paid
(22)
(21)
(284)
(505)
(349)
(142)
Net cash provided by (used in) financing activities of continuing operations (1,215) 563 (159) (2,383) (2,235) (146)
Net cash used in financing activities of discontinued operations
—
—
(2)
—
—
—
Net cash provided by (used in) financing activities (1,215) 563 (161) (2,383) (2,235) (146)
Effect of exchange rate changes on cash and equivalents
(3)
10
(6)
2
14
(1)
Net increase (decrease) in cash and equivalents
(850)
1,217
60
(111)
128
(44)
Cash and equivalents at beginning of year
1,748
531
471
144
16
60
Cash and equivalents at end of year
$ 898
$ 1,748
$ 531
$ 33
$ 144
$ 16
See Notes to the Consolidated Financial Statements.