ARVINMERITOR, INC. | ||||
SUMMARY CONSOLIDATED BALANCE SHEET | ||||
(In millions) | ||||
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| March 31, |
| September 30, |
ASSETS |
| 2007 |
| 2006 |
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| (Unaudited) |
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Cash and cash equivalents |
| $ 222 |
| $ 350 |
Receivables, net |
| 1,136 |
| 1,103 |
Inventories |
| 486 |
| 488 |
Other current assets |
| 240 |
| 246 |
Assets of discontinued operations |
| 1,224 |
| 1,200 |
Net property |
| 706 |
| 719 |
Goodwill |
| 511 |
| 503 |
Other assets |
| 973 |
| 904 |
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TOTAL ASSETS |
| $ 5,498 |
| $ 5,513 |
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LIABILITIES AND SHAREOWNERS’ EQUITY |
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Short-term debt |
| $ 17 |
| $ 56 |
Accounts payable |
| 1,128 |
| 1,106 |
Other current liabilities |
| 637 |
| 706 |
Liabilities of discontinued operations |
| 805 |
| 712 |
Long-term debt |
| 1,220 |
| 1,174 |
Retirement benefits |
| 478 |
| 487 |
Other liabilities |
| 228 |
| 264 |
Minority interests |
| 67 |
| 64 |
Shareowners’ equity |
| 918 |
| 944 |
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TOTAL LIABILITIES AND SHAREOWNERS’ EQUITY |
| $ 5,498 |
| $ 5,513 |
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Note: Amounts at September 30, 2006 have been restated for discontinued operations. |
ARVINMERITOR, INC. | |||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | |||
(In millions) | |||
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| Six Months Ended | ||
| March 31, | ||
| 2007 |
| 2006 |
| (Unaudited) | ||
OPERATING ACTIVITIES |
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Income (loss) from continuing operations | $ (3) |
| $ 58 |
Adjustments to income (loss) from continuing operations |
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Depreciation and amortization | 64 |
| 61 |
Restructuring costs, net of payments | 20 |
| (9) |
Adjustment of impairment reserves | (10) |
| - |
Gain on divestitures | (2) |
| (23) |
Loss on debt extinguishment | 6 |
| 9 |
Pension and retiree medical expense | 67 |
| 66 |
Other adjustments to income (loss) from continuing operations | 1 |
| 2 |
Pension and retiree medical contributions | (136) |
| (49) |
Changes in receivable securitization and factoring | 20 |
| 42 |
Changes in assets and liabilities | (81) |
| (54) |
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Cash flows provided by (used for) continuing operations | (54) |
| 103 |
Cash flows provided by (used for) discontinued operations | (9) |
| 23 |
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CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES | (63) |
| 126 |
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INVESTING ACTIVITIES |
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Capital expenditures | (48) |
| (53) |
Proceeds from dispositions of property and businesses | 11 |
| 44 |
Proceeds from marketable securities | 5 |
| - |
Acquisitions of businesses and investments, net of cash acquired | (2) |
| (1) |
Net investing cash flows provided by (used for) discontinued operations | (23) |
| 177 |
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CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES | (57) |
| 167 |
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FINANCING ACTIVITIES |
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Change in revolving debt, net | 74 |
| - |
Change in U.S. accounts receivable securitization program | (40) |
| 94 |
Debt issuance | 200 |
| 300 |
Debt buy back | (227) |
| (603) |
Payments on lines of credit and other, net | (1) |
| (3) |
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Net change in debt | 6 |
| (212) |
Costs associated with debt extinguishment and issuance | (10) |
| (18) |
Proceeds from exercise of stock options | 6 |
| - |
Cash dividends | (14) |
| (14) |
Other financing activities | (1) |
| - |
Net financing cash flows provided by discontinued operations | (1) |
| (2) |
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CASH USED FOR FINANCING ACTIVITIES | (14) |
| (246) |
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IMPACT OF CURRENCY ON CASH AND CASH EQUIVALENTS | 6 |
| 2 |
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CHANGE IN CASH AND CASH EQUIVALENTS | (128) |
| 49 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 350 |
| 187 |
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CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 222 |
| $ 236 |
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Note: Amounts for the six months ended March 31, 2006 have been restated for discontinued operations. |
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