|
|
|
Six Months Ended
September 30,
|
|
|
|
|
|
|
|
|
|
2004
|
|
2003
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Restated)
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
369
|
|
$
|
273
|
|
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
De-designated hedge amortization
|
|
|
(96
|
)
|
|
—
|
|
|
|
Derivative fair value adjustment
|
|
|
(11
|
)
|
|
(36
|
)
|
|
|
Depreciation and amortization
|
|
|
1,010
|
|
|
929
|
|
|
|
Recognition of deferred income
|
|
|
(143
|
)
|
|
(140
|
)
|
|
|
Provision for credit losses
|
|
|
96
|
|
|
187
|
|
|
|
Other assets
|
|
|
|
|
|
|
|
|
|
Decrease in other assets
|
|
|
95
|
|
|
62
|
|
|
|
Increase in derivative assets
|
|
|
346
|
|
|
—
|
|
|
|
Decrease in other liabilities
|
|
|
177
|
|
|
210
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
1,843
|
|
|
1,485
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
Purchase of investments in marketable securities
|
|
|
(384
|
)
|
|
(1,212
|
)
|
|
|
Disposition of investments in marketable securities
|
|
|
400
|
|
|
960
|
|
|
|
Acquisition of finance receivables
|
|
|
(26,260
|
)
|
|
(23,809
|
)
|
|
|
Collection of finance receivables
|
|
|
23,615
|
|
|
20,599
|
|
|
|
Proceeds from sale of finance receivables
|
|
|
—
|
|
|
1,825
|
|
|
|
Acquisition of investments in operating leases
|
|
|
(2,168
|
)
|
|
(1,594
|
)
|
|
|
Disposals of investments in operating leases
|
|
|
1,045
|
|
|
896
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
|
(3,752
|
)
|
|
(2,335
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of notes and loans payable
|
|
|
4,232
|
|
|
2,815
|
|
|
|
Payments on notes and loans payable
|
|
|
(2,763
|
)
|
|
(3,556
|
)
|
|
|
Net change in commercial paper
|
|
|
920
|
|
|
1,295
|
|
|
|
Distribution of net assets to TFSA
|
|
|
(14
|
)
|
|
—
|
|
|
|
Advance to TFSA under credit agreement
|
|
|
(22
|
)
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by financing activities
|
|
|
2,353
|
|
|
554
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
444
|
|
|
(296
|
)
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the period
|
|
|
818
|
|
|
980
|
|
|
Cash and cash equivalents at the end of the period
|
|
$
|
1,262
|
|
$
|
684
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosures:
|
|
|
|
|
|
|
|
|
|
Interest paid
|
|
$
|
361
|
|
$
|
343
|
|
|
|
Income taxes paid
|
|
$
|
21
|
|
$
|
39
|
|
|
|
Non-cash investing and financing activities in connection with the distribution of net assets to TFSA:
|
|
|
|
|
|
|
|
|
|
Decrease in assets
|
|
$
|
133
|
|
|
—
|
|
|
|
Decrease in liabilities
|
|
$
|
130
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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