E-Z-GO 2012 Annual Report Download - page 60

Download and view the complete annual report

Please find page 60 of the 2012 E-Z-GO annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 106

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106

48 Textron Inc. Annual Report ● 2012
Consolidated Statements of Cash Flows
For each of the years in the three-year period ended December 29, 2012
Consolidated
(In millions) 2012 2011 2010
Cash flows from operating activities
N
et income (loss) $ 589 $ 242 $ 86
Less: Income (loss) from discontinued operations 8 — (6)
Income (loss) from continuing operations 581 242 92
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 383 403 393
Provision for losses on finance receivables held for investment (3) 12 143
Portfolio losses on finance receivables 68 102 112
Valuation allowance on finance receivables held for sale (76) 202 8
Goodwill and other asset impairment charges — 59 19
Deferred income taxes 171 81 69
Other, net 97 166 109
Changes in assets and liabilities:
Accounts receivable, net 32 36 (1)
Inventories (316) (127) (10)
Other assets 85 76 99
Accounts payable 179 211 54
Accrued and other liabilities (122) (105) (249)
Pension, net (240) (474) (269)
Captive finance receivables, net 96 236 424
Other operating activities, net — (52) —
N
et cash provided by (used in) operating activities of continuing operations 935 1,068 993
N
et cash used in operating activities of discontinued operations (8) (5) (9)
N
et cash provided by (used in) operating activities 927 1,063 984
Cash flows from investing activities
Finance receivables repaid 599 824 1,635
Finance receivables originated or purchased (22) (187) (450)
Proceeds on receivables sales 116 421 528
Capital expenditures (480) (423) (270)
Proceeds from collection on notes receivable from a prior disposition — 58 —
N
et cash used in acquisitions (11) (14) (57)
Proceeds from sale of repossessed assets and properties 133 109 129
Other investing activities, net 43 55 34
N
et cash provided by (used in) investing activities 378 843 1,549
Cash flows from financing activities
Principal payments on long-term debt and nonrecourse debt (615) (785) (2,241)
N
et proceeds from issuance of long-term debt 106 926 231
Payments on long-term lines of credit — (1,440) (1,467)
Intergroup financing — — —
Settlement of convertible notes (2) (580) —
Capital contributions paid to Finance group under Support Agreement — — —
Capital contributions paid to Cessna Export Finance Corp. — — —
Amendment of call option/warrant transactions and purchase of capped call — (30) —
Purchases of Textron common stock (272) — —
Dividends paid (17) (22) (22)
Other financing activities. 19 (20) 6
N
et cash provided by (used in) financing activities (781) (1,951) (3,493)
Effect of exchange rate changes on cash and equivalents 4 (1) (1)
Net increase (decrease) in cash and equivalents 528 (46) (961)
Cash and equivalents at beginning of year 885 931 1,892
Cash and equivalents at end of year $ 1,413 $ 885 $ 931
See Notes to the Consolidated Financial Statements.