E-Z-GO 2015 Annual Report Download - page 49

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Consolidated Statements of Cash Flows continued
For each of the years in the three-year period ended January 2, 2016
Manufacturin
g
Grou
p
Finance Grou
p
(In millions) 2015 2014 2013 2015 2014 2013
Cash flows from operating activities
N
et income $ 683 $ 585 $ 470 $ 14 $ 15 $ 28
Less: Loss from discontinued operations (1) (5) — — — —
Income from continuing operations 684 590 470 14 15 28
Adjustments to reconcile income from continuing operations to net cash
provided by operating activities:
Non-cash items:
Depreciation and amortization 449 446 371 12 13 18
Deferred income taxes 14 (7) 51 (10) (12) 35
Other, net 97 86 86 9 14 (25)
Changes in assets and liabilities:
Accounts receivable, net (14) 56 (118) —— —
Inventories (241) (168) (135) — — —
Other assets (40) (18) (41) 4 (15) —
Accounts payable 43 (228) 65 — — —
Accrued and other liabilities (144) 316 (171) (8) (5) (21)
Pension, net 69 46 21 — — (4)
Income taxes, net 62 (17) (119) 9 (5) 35
Dividends received from Finance group 63 — 175 — — —
Other operating activities, net (4) (5) 3 — — —
N
et cash provided by operating activities of continuing operations 1,038 1,097 658 30 5 66
N
et cash used in operating activities of discontinued operations (4) (3) (3) — — —
N
et cash provided by operating activities 1,034 1,094 655 30 5 66
Cash flows from investing activities
Capital expenditures (420) (429) (444) — — —
N
et cash used in acquisitions (81) (1,628) (196) —— —
Finance receivables repaid — — — 351 456 675
Finance receivables originated — — — (194) (215) (271)
Proceeds from sales of receivables and other finance assets — — — 38 43 178
Other investing activities, net 5 (8) 16 2 (29) 42
N
et cash provided by (used in) investing activities (496) (2,065)(624) 197 255624
Cash flows from financing activities
Principal payments on long-term and nonrecourse debt (100) (559) (313) (256) (345) (743)
Proceeds from long-term debt — 1,439 150 61 128 298
Purchases of Textron common stock (219) (340) — — — —
Settlement of convertible notes — — (215) —— —
Proceeds from settlement of capped call — — 75 — — —
Proceeds from exercise of stock options 32 50 31 — — —
Dividends paid (22) (28) (22) (63) — (175)
Intergroup financing — — 57 — — (57)
Other financing activities, net 1 (10) (3) (1) — —
N
et cash provided by (used in) financing activities (308) 552 (240) (259) (217) (677)
Effect of exchange rate changes on cash and equivalents (15) (13) (6) — — —
Net increase (decrease) in cash and equivalents 215 (432) (215) (32) 43 13
Cash and equivalents at beginning of year 731 1,163 1,378 91 48 35
Cash and equivalents at end of year $ 946 $ 731 $ 1,163 $ 59 $ 91 $ 48
See Notes to the Consolidated Financial Statements.
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