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Anyone here looked at the latest Cash Flow statements? Starting in 2007, HMC started adding a "Purchase of operating lease assets" line item to the "Cash flows from investing activities" portion of the CF statement.

The problem is that it is eating into FCF like bacteria. In 2007, the figure was about -$3.7B, and in 2008 it was -8.4B. In 2009Q1, it was -$2.6B.

This line item did not exist pre-2007.

It's not clear to me exactly what this refers to. If I read the statement correctly, it seems to be the value of vehicles that were leased are now being returned, which HMC is adding to their balance sheet. If so, is this simply an accounting adjustment or is HMC actually dishing out the cash? Does this concern anyone?

Any expertise on the matter is greatly appreciated!
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