John Deere 2010 Annual Report Download - page 55

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55
31. SUPPLEMENTAL CONSOLIDATING DATA (continued)
STATEMENT OF CASH FLOWS
For the Years Ended October 31, 2010, 2009 and 2008
(In millions of dollars)
EQUIPMENT OPERATIONS* FINANCIAL SERVICES
2010 2009 2008 2010 2009 2008
_________ _________ _________ ________ ________ ________
Cash Flows from Operating Activities
Net income ................................................................................ $ 1,874.4 $ 873.1 $ 2,053.8 $ 372.4 $ 202.3 $ 337.3
Adjustments to reconcile net income to net cash
provided by operating activities:
Provision for doubtful receivables ........................................... 6.3 35.3 10.6 100.1 196.5 84.7
Provision for depreciation and amortization ............................. 548.7 516.2 483.9 424.6 409.0 414.3
Goodwill impairment charges ................................................. 27.2 289.2
Undistributed earnings of unconsolidated subsidiaries
and affi liates ..................................................................... (156.7) (195.1) 210.3 (.9) (.5) (1.1)
Provision for deferred income taxes ........................................ 74.8 83.2 51.8 100.2 88.4 37.9
Changes in assets and liabilities:
Receivables ...................................................................... (333.0) 325.9 (47.6) (5.6) 1.2 1.4
Inventories ........................................................................ (647.7) 773.0 (888.9)
Accounts payable and accrued expenses ........................... 1,062.9 (1,127.2) 540.9 5.7 18.1 155.8
Accrued income taxes payable/receivable .......................... 6.5 (247.0) 72.4 15.6 12.9 20.4
Retirement benefi ts ........................................................... (140.1) (25.7) (139.8) (14.0) (2.1) 6.7
Other .................................................................................... 221.6 123.7 17.7 276.1 (29.2) ( 117.6 )
_________ _________ _________ ________ ________ ________
Net cash provided by operating activities........................ 2,544.9 1,424.6 2,365.1 1,274.2 896.6 939.8
_________ _________ _________ ________ ________ ________
Cash Flows from Investing Activities
Collections of receivables ........................................................... 35,733.5 33,791.5 35,284.9
Proceeds from sales of fi nancing receivables .............................. 18.3 34.0 88.8
Proceeds from maturities and sales of marketable securities ....... 803.4 1,685.9 38.4 21.7 52.6
Proceeds from sales of equipment on operating leases ............... 621.9 477.3 465.7
Government grants related to property and equipment ................ 92.3
Proceeds from sales of businesses, net of cash sold ................... 34.9 42.0
Cost of receivables acquired ...................................................... (37,966.2) (33,698.9) (36,357.0)
Purchases of marketable securities ............................................ (7.6) (1,059.0) (63.4) (22.0) (82.4)
Purchases of property and equipment ........................................ (735.5) (788.0) (772.9) (26.2) (118.7) (339.4)
Cost of equipment on operating leases acquired ......................... (1,098.4) (834.4) (910.2)
Increase in investment in Financial Services................................ (43.8) (60.0) (494.7)
Acquisitions of businesses, net of cash acquired ......................... (37.2) (49.8) (252.3) (8.3)
Other ........................................................................................ (32.9) (20.7) (28.5) 18.8 (34.9)
_________ _________ _________ ________ ________ ________
Net cash used for investing activities ............................. (814.5) (122.7) (879.5) (2,658.1) (330.7) (1,831.9)
_________ _________ _________ ________ ________ ________
Cash Flows from Financing Activities
Increase (decrease) in short-term borrowings ............................. (127.9) (52.2) 77.5 883.9 (1,332.6) (490.5)
Change in intercompany receivables/payables ............................ (1,229.9) 550.9 (568.8) 1,229.9 (550.9) 568.8
Proceeds from long-term borrowings .......................................... 305.0 1,384.8 2,316.0 4,898.0 6,320.2
Payments of long-term borrowings ............................................. (311.5) (75.6 ) (20.1) (3,364.2) (3,754.7) (4,565.3)
Proceeds from issuance of common stock .................................. 129.1 16.5 108.9
Repurchases of common stock .................................................. (358.8) (3.2) (1,677.6)
Capital investment from Equipment Operations ........................... 43.8 60.0 494.7
Divid ends paid ........................................................................... ( 4 83.5) ( 473.4 ) (4 48 .1) ( 217. 2 ) (565.3)
Excess tax benefi ts from share-based compensation .................. 43.5 4.6 72.5
Other ........................................................................................ (20.7) (25.8) .1 (20.6) (116.1) (26.2)
_________ _________ _________ ________ ________ ________
Net cash provided by (used for) fi nancing activities ......... (2,054.7) 1,326.6 (2,455.6) 871.6 (796.3) 1,736.4
_________ _________ _________ ________ ________ ________
Effect of Exchange Rate Changes on Cash
and Cash Equivalents ........................................................ (17.2) 26.7 (15.0) (7.3) 15.5 73.4
_________ _________ _________ ________ ________ ________
Net Increase (Decrease) in Cash and Cash Equivalents ..... (341.5) 2,655.2 (985.0) (519.6) (214.9) 917.7
Cash and Cash Equivalents at Beginning of Year ................ 3,689.8 1,034.6 2,019.6 961.9 1,176.8 259.1
_________ _________ _________ ________ ________ ________
Cash and Cash Equivalents at End of Year........................... $ 3,348.3 $ 3,689.8 $ 1,034.6 $ 442.3 $ 961.9 $ 1,176.8
_________ _________ _________ ________ ________ ________
_________ _________ _________ ________ ________ ________
* Deere & Company with Financial Services on the equity basis.
The supplemental consolidating data is presented for informational purposes. The “Equipment Operations” refl ect Deere & Company with Financial Services
on the Equity Basis. The supplemental “Financial Services” data represent primarily Deere & Company’s credit operations. Transactions between the
“Equipment Operations” and “Financial Services” have been eliminated to arrive at the consolidated fi nancial statements.