E-Z-GO 2013 Annual Report Download - page 60

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Consolidated Statements of Cash Flows
For each of the years in the three-year period ended December 28, 2013
Consolidated
(In millions) 2013 2012 2011
Cash flows from operating activities
N
et income (loss) $ 498 $ 589 $ 242
Less: Income from discontinued operations — 8 —
Income (loss) from continuing operations 498 581 242
Adjustments to reconcile income (loss) from continuing operations to net cash
provided by operating activities:
Dividends received from Finance group — — —
Capital contributions paid to Finance group — — —
Non-cash items:
Depreciation and amortization 389 383 403
Deferred income taxes 86 171 81
Portfolio losses on finance receivables 29 68 102
Valuation allowance on finance receivables held for sale (31) (76) 202
Goodwill and other asset impairment charges — — 59
Other, net 63 94 178
Changes in assets and liabilities:
Accounts receivable, net (118) 32 36
Inventories (118) (316) (127)
Other assets (42) 7 98
Accounts payable 65 179 211
Accrued and other liabilities (182) (96) (175)
Income taxes, net (84) 52 48
Pension, net 17 (240) (474)
Captive finance receivables, net 237 96 236
Other operating activities, net 4 — (52)
N
et cash provided by operating activities of continuing operations 813 935 1,068
N
et cash used in operating activities of discontinued operations (3) (8) (5)
N
et cash provided by operating activities 810 927 1,063
Cash flows from investing activities
Capital expenditures (444) (480) (423)
N
et cash used in acquisitions (196) (11) (14)
Finance receivables repaid 190 599 824
Proceeds from sales of receivables and other finance assets 178 249 530
Finance receivables originated or purchased (10) (22) (187)
Proceeds from collection on notes receivable from a prior disposition — — 58
Other investing activities, net 18 43 55
N
et cash provided by (used in) investing activities (264) 378 843
Cash flows from financing activities
Principal payments on long-term debt and nonrecourse debt (1,056) (615) (785)
Proceeds from long-term debt 448 106 926
Settlement of convertible notes (215) (2) (580)
Proceeds from settlement of capped call 75 — —
Amendment of call option/warrant transactions and purchase of capped call — — (30)
Payments on long-term lines of credit — — (1,440)
Purchases of Textron common stock — (272) —
Proceeds from exercise of stock options 31 19 3
Dividends paid (22) (17) (22)
Intergroup financing — — —
Capital contributions paid to Finance group — — —
Capital contributions paid to Cessna Export Finance Corp. — — —
Other financing activities (3) — (23)
N
et cash provided by (used in) financing activities (742) (781) (1,951)
Effect of exchange rate changes on cash and equivalents (6) 4 (1)
Net increase (decrease) in cash and equivalents (202) 528 (46)
Cash and equivalents at beginning of year 1,413 885 931
Cash and equivalents at end of year $ 1,211 $ 1,413 $ 885
See Notes to the Consolidated Financial Statements.
47 Textron Inc. Annual Report • 2013