John Deere 2009 Annual Report Download - page 25

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STATEMENT OF CONSOLIDATED CASH FLOWS
For the Years Ended October 31, 2009, 2008 and 2007
(In millions of dollars)
2009 2008 2007
_________ ________ ________
Cash Flows from Operating Activities
Net income ................................................................................................................................................. $ 873.5 $ 2,052.8 $ 1,821.7
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for doubtful receivables ............................................................................................................ 231.8 95.4 71.0
Provision for depreciation and amortization .............................................................................................. 873.3 831.0 744.4
Goodwill impairment charge .................................................................................................................... 289.2
Share-based compensation expense ....................................................................................................... 70.5 70.6 82.0
Undistributed earnings of unconsolidated affi liates ................................................................................... 7.0 (18.7) (17.1)
Provision (credit) for deferred income taxes ............................................................................................. 171.6 89.7 (4.2)
Changes in assets and liabilities:
Trade, notes and fi nancing receivables related to sales ......................................................................... 481.8 (428.4) 131.1
Inventories ......................................................................................................................................... 452.5 (1,195.4) (357.2)
Accounts payable and accrued expenses ............................................................................................. (1,168.3) 702.1 418.6
Accrued income taxes payable/receivable ........................................................................................... (234.2) 92.8 10.5
Retirement benefi ts ............................................................................................................................ (27.9) (133.2) (163.2)
Other ..................................................................................................................................................... (36.0) (209.7) 21.8
Net cash provided by operating activities......................................................................................... 1,984.8 1,949.0 2,759.4
Cash Flows from Investing Activities
Collections of receivables ............................................................................................................................ 11,252.0 12,608.8 10,335.3
Proceeds from sales of fi nancing receivables ............................................................................................... 12.2 45.2 141.4
Proceeds from maturities and sales of marketable securities ........................................................................ 825.1 1,738.5 2,458.5
Proceeds from sales of equipment on operating leases ................................................................................ 477.3 465.7 355.2
Proceeds from sales of businesses, net of cash sold .................................................................................... 42.0 77.2
Cost of receivables acquired ....................................................................................................................... (11,234.2) (13,304.4) (11,388.3)
Purchases of marketable securities ............................................................................................................. (29.5) (1,141.4) (2,251.6)
Purchases of property and equipment ......................................................................................................... (906.7) (1,112.3) (1,022.5)
Cost of equipment on operating leases acquired .......................................................................................... (401.4) (495.9) (461.7)
Acquisitions of businesses, net of cash acquired .......................................................................................... (49.8) (252.3) (189.3)
Other ......................................................................................................................................................... (2.0) (19.9) 12.5
Net cash used for investing activities .............................................................................................. (57.0) (1,426.0) (1,933.3)
Cash Flows from Financing Activities
Increase (decrease) in short-term borrowings .............................................................................................. (1,384.8) (413.0) 99.4
Proceeds from long-term borrowings ........................................................................................................... 6,282.8 6,320.2 4,283.9
Payments of long-term borrowings .............................................................................................................. (3,830.3) (4,585.4) (3,136.5)
Proceeds from issuance of common stock ................................................................................................... 16.5 108.9 285.7
Repurchases of common stock ................................................................................................................... (3.2) (1,677.6) (1,517.8)
Dividends paid ............................................................................................................................................ (473.4) (448.1) (386.7)
Excess tax benefi ts from share-based compensation ................................................................................... 4.6 72.5 102.2
Other ......................................................................................................................................................... (141.9) (26.0) (11.2)
Net cash provided by (used for) fi nancing activities .......................................................................... 470.3 (648.5) (281.0)
Effect of Exchange Rate Changes on Cash and Cash Equivalents ...................................................... 42.2 58.3 46.0
Net Increase (Decrease) in Cash and Cash Equivalents ...................................................................... 2,440.3 (67.2) 591.1
Cash and Cash Equivalents at Beginning of Year ................................................................................. 2,211.4 2,278.6 1,687.5
Cash and Cash Equivalents at End of Year............................................................................................ $ 4,651.7 $ 2,211.4 $ 2,278.6
The notes to consolidated fi nancial statements are an integral part of this statement.
Deere & Company
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