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31. SUPPLEMENTAL CONSOLIDATING DATA (continued)
STATEMENT OF CASH FLOWS
For the Years Ended October 31, 2015, 2014 and 2013
(In millions of dollars)
EQUIPMENT OPERATIONS* FINANCIAL SERVICES
2015 2014 2013 2015 2014 2013
Cash Flows from Operating Activities
Net income.............................................................................. $ 1,940.9 $ 3,163.3 $ 3,537.6 $ 632.9 $ 624.5 $ 565.0
Adjustments to reconcile net income to net cash provided by
operating activities:
Provision for credit losses ....................................................... 5.5 2.9 10.8 49.9 35.2 9.7
Provision for depreciation and amortization ................................ 791.8 795.7 733.0 688.5 574.9 492.2
Impairment charges ............................................................... 15.3 95.9 102.0 19.5
Undistributed earnings of unconsolidated subsidiaries
and affiliates .................................................................... 46.6 (463.4) (369.0) (1.0) (1.7) (.9)
Provision (credit) for deferred income taxes ................................ (139.8) (236.4) (204.6) 121.4 (43.7) 32.0
Changes in assets and liabilities:
Trade receivables ............................................................... 113.4 231.5 26.1
Insurance receivables .......................................................... 333.4 (149.9) 263.4
Inventories........................................................................ (17.0) 496.2 (69.6)
Accounts payable and accrued expenses ................................. (253.8) (277.0) 470.5 (245.4) 263.3 (207.9)
Accrued income taxes payable/receivable ................................ (133.0) 330.5 84.2 (4.6) 12.1 (3.8)
Retirement benefits ............................................................ 414.3 323.0 241.6 13.2 13.9 20.4
Other .................................................................................. 271.1 70.0 106.0 (25.7) (7.7) 73.5
Net cash provided by operating activities ............................. 3,055.3 4,532.2 4,668.6 1,582.1 1,320.9 1,243.6
Cash Flows from Investing Activities
Collections of receivables (excluding trade and wholesale) ................. 16,266.1 16,772.0 15,440.0
Proceeds from maturities and sales of marketable securities .............. 700.1 1,000.1 800.1 160.6 22.4 43.8
Proceeds from sales of equipment on operating leases..................... 1,049.4 1,091.5 936.7
Proceeds from sales of businesses, net of cash sold ......................... 345.8 22.0 149.2
Cost of receivables acquired (excluding trade and wholesale) ............. (16,327.8) (19,015.3) (18,792.7)
Purchases of marketable securities ............................................... (60.0) (504.1) (911.1) (94.9) (110.5) (115.2)
Purchases of property and equipment ........................................... (688.1) (1,045.2) (1,155.2) (5.9) (3.1) (3.2)
Cost of equipment on operating leases acquired ............................. (3,043.6) (2,684.2) (2,107.2)
Increase in investment in Financial Services .................................... (27.4) (66.8) (121.6)
Acquisitions of businesses, net of cash acquired ............................. (83.5)
Decrease (increase) in trade and wholesale receivables ..................... 657.0 (782.0) (1,152.7)
Other ..................................................................................... 6.8 (98.6) (120.0) (45.1) (47.1) (94.5)
Net cash used for investing activities .................................. (68.6) (368.8) (1,569.3) (1,235.0) (4,756.3) (5,845.0)
Cash Flows from Financing Activities
Increase (decrease) in total short-term borrowings........................... 211.9 (65.8) 36.0 289.7 155.0 2,713.5
Change in intercompany receivables/payables ................................. 928.6 (367.5) (2,007.2) (928.6) 367.5 2,007.2
Proceeds from long-term borrowings ............................................ 6.2 60.7 282.9 5,704.8 8,171.3 4,451.1
Payments of long-term borrowings............................................... (214.2) (819.1) (191.0) (4,649.0) (4,390.0) (4,767.4)
Proceeds from issuance of common stock...................................... 172.1 149.5 174.5
Repurchases of common stock .................................................... (2,770.7) (2,731.1) (1,531.4)
Capital investment from Equipment Operations............................... 27.4 66.8 121.6
Dividends paid ......................................................................... (816.3) (786.0) (752.9) (679.6) (150.0) (186.0)
Excess tax benefits from share-based compensation ........................ 18.5 30.8 50.7
Other ..................................................................................... (45.4) (27.7) (40.1) (26.7) (35.9) (19.2)
Net cash provided by (used for) financing activities................ (2,509.3) (4,556.2) (3,978.5) (262.0) 4,184.7 4,320.8
Effect of Exchange Rate Changes on Cash and Cash Equivalents ..... (146.6) (61.3) (5.4) (40.7) (12.3) 17.1
Net Increase (Decrease) in Cash and Cash Equivalents................... 330.8 (454.1) (884.6) 44.4 737.0 (263.5)
Cash and Cash Equivalents at Beginning of Year .......................... 2,569.2 3,023.3 3,907.9 1,217.8 480.8 744.3
Cash and Cash Equivalents at End of Year ................................... $ 2,900.0 $ 2,569.2 $ 3,023.3 $ 1,262.2 $ 1,217.8 $ 480.8
* Deere & Company with Financial Services on the equity basis.
The supplemental consolidating data is presented for informational purposes. The ‘‘Equipment Operations’’ reflect the basis of consolidation described in Note 1
to the consolidated financial statements. Transactions between the ‘‘Equipment Operations’’ and ‘‘Financial Services’’ have been eliminated to arrive at the
consolidated financial statements.
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