E-Z-GO 2011 Annual Report Download - page 59

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Consolidated Statements of Cash Flows
For each of the years in the three-year period ended December 31, 2011
Consolidated
(In millions)
2011
2010
2009
Cash flows from operating activities
Net income (loss)
$ 242
$ 86
$ (31)
Less: Income (loss) from discontinued operations
—
(6)
42
Income (loss) from continuing operations
242
92
(73)
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
403
393
409
Provision for losses on finance receivables held for investment
12
143
267
Portfolio losses on finance receivables
102
112
162
Valuation allowance on finance receivables held for sale
202
8
(15)
Goodwill and other asset impairment charges
59
19
144
Deferred income taxes
81
69
(265)
Other, net
166
109
82
Changes in assets and liabilities:
Accounts receivable, net
36
(1)
17
Inventories
(127)
(10)
803
Other assets
(413)
36
(250)
Accounts payable
211
54
(535)
Accrued and other liabilities
(90)
(455)
78
Captive finance receivables, net
236
424
177
Other operating activities, net
(52)
—
31
Net cash provided by (used in) operating activities of continuing operations
1,068
993
1,032
Net cash used in operating activities of discontinued operations
(5)
(9)
(17)
Net cash provided by (used in) operating activities
1,063
984
1,015
Cash flows from investing activities
Finance receivables originated or purchased
(187)
(450)
(3,005)
Finance receivables repaid
824
1,635
4,011
Proceeds on receivables sales
421
528
594
Capital expenditures
(423)
(270)
(238)
Proceeds from collection on notes receivable from a prior disposition
58
—
—
Net cash used in acquisitions
(14)
(57)
—
Proceeds from sale of repossessed assets and properties
109
129
236
Retained interests
—
—
117
Other investing activities, net
55
34
13
Net cash provided by (used in) investing activities of continuing operations
843
1,549
1,728
Net cash provided by investing activities of discontinued operations
—
—
211
Net cash provided by (used in) investing activities
843
1,549
1,939
Cash flows from financing activities
Proceeds from long-term lines of credit
—
—
2,970
Payments on long-term lines of credit
(1,440)
(1,467)
(63)
Net proceeds from issuance of long-term debt
926
231
918
Principal payments on long-term debt and nonrecourse debt
(785)
(2,241)
(4,163)
Intergroup financing
—
—
—
Proceeds from issuance of convertible notes, net of fees paid
—
—
582
Purchase of convertible notes
(580)
—
—
Amendment of call option/warrant transactions and purchase of capped call
(30)
—
—
Purchase of convertible note call options
—
—
(140)
Proceeds from issuance of common stock and warrants
—
—
333
Decrease in short-term debt
—
—
(1,637)
Payment on borrowings against officers’ life insurance policies
—
—
(412)
Capital contributions paid to Finance group under Support Agreement
—
—
—
Capital contributions paid to Cessna Export Finance Corp.
—
—
—
Dividends paid
(22)
(22)
(21)
Other financing activities.
(20)
6
—
Net cash provided by (used in) financing activities
(1,951)
(3,493)
(1,633)
Effect of exchange rate changes on cash and equivalents
(1)
(1)
24
Net increase (decrease) in cash and equivalents
(46)
(961)
1,345
Cash and equivalents at beginning of year
931
1,892
547
Cash and equivalents at end of year
$ 885
$ 931
$ 1,892
See Notes to the Consolidated Financial Statements.
48
48 Textron Inc. Annual Report • 2011