E-Z-GO 2014 Annual Report Download - page 51

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Consolidated Statements of Cash Flows
For each of the years in the three-year period ended January 3, 2015
Consolidated
(In millions)
2014
2013
2012
Cash flows from operating activities
Net income
$ 600
$ 498
$ 589
Less: Income (loss) from discontinued operations
(5)
—
8
Income from continuing operations
605
498
581
Adjustments to reconcile income from continuing operations to net cash
provided by operating activities:
Non-cash items:
Depreciation and amortization
459
389
383
Deferred income taxes
(19)
86
171
Other, net
100
61
86
Changes in assets and liabilities:
Accounts receivable, net
56
(118)
32
Inventories
(209)
(118)
(316)
Other assets
(33)
(42)
7
Accounts payable
(228)
65
179
Accrued and other liabilities
311
(182)
(96)
Income taxes, net
(22)
(84)
52
Pension, net
46
17
(240)
Captive finance receivables, net
150
237
96
Other operating activities, net
(5)
4
—
Net cash provided by operating activities of continuing operations
1,211
813
935
Net cash used in operating activities of discontinued operations
(3)
(3)
(8)
Net cash provided by operating activities
1,208
810
927
Cash flows from investing activities
Net cash used in acquisitions
(1,628)
(196)
(11)
Capital expenditures
(429)
(444)
(480)
Finance receivables repaid
91
190
599
Proceeds from sales of receivables and other finance assets
43
178
249
Other investing activities, net
4
8
21
Net cash provided by (used in) investing activities
(1,919)
(264)
378
Cash flows from financing activities
Proceeds from long-term debt
1,567
448
106
Principal payments on long-term debt and nonrecourse debt
(904)
(1,056)
(615)
Settlement of convertible notes
—
(215)
(2)
Proceeds from settlement of capped call
—
75
—
Purchases of Textron common stock
(340)
—
(272)
Proceeds from exercise of stock options
50
31
19
Dividends paid
(28)
(22)
(17)
Other financing activities, net
(10)
(3)
—
Net cash provided by (used in) financing activities
335
(742)
(781)
Effect of exchange rate changes on cash and equivalents
(13)
(6)
4
Net increase (decrease) in cash and equivalents
(389)
(202)
528
Cash and equivalents at beginning of year
1,211
1,413
885
Cash and equivalents at end of year
$ 822
$ 1,211
$ 1,413
See Notes to the Consolidated Financial Statements.
45
Textron Inc. Annual Report • 2014