2010 Compared to 2009: Credit Lines and Other: Financing activities : Cash provided by financing activities in 2011 of $946.1 million was $1.91 billion higher than  the cash used in financing activities in 2010. This was primarily due to $1.64 billion from net borrowings on  commercial paper and short-term bank loans in 2011 compared to net repayments in 2010 of $548.1 million and  higher issuances of long-term debt of $458.5 million, partially offset by higher payments of term debt of $428.3  million and $337.6 million for higher stock repurchases. The higher cash inflow in financing reflects higher funding  required for a growing financial services asset portfolio. Operating activities : Cash provided by operations increased $178.1 million to $1.55 billion in 2010 compared to  $1.37 billion in 2009. The higher operating cash flow was primarily due to higher net income of $345.7 million and  $493.1 million from higher purchases of goods and services in accounts payable and accrued expenses greater than  payments compared to 2009. Also, due to the improved funded status of its pension plans, pension contributions in  2010 were $112.7 million lower than in 2009. In addition, $113.4 million of additional operating cash flow was  provided from higher income tax liabilities compared to payments in 2010 as opposed to a decrease in income tax  liabilities compared to payments in 2009. This was partially offset by a lower amount of cash provided from Truck  Segment trade receivables ($205.5 million) and Financial Services segment wholesale receivables ($642.9 million) in  2010 reflecting higher truck production compared to 2009. Investing activities : Cash used in investing activities of $467.1 million in 2010 decreased $777.7 million from the  $310.6 million provided in 2009. In 2010, there were higher new loan and lease originations of $507.0 million in  the Financial Services segment compared to the prior year due to increased new truck demand. In addition,  proceeds from asset disposals were $128.0 million lower in 2010, reflecting fewer used truck unit sales, and net  purchases of marketable securities were $190.9 million higher in 2010 compared to the prior year. Financing activities : The cash outflow from financing activities in 2010 of $960.4 million was $855.8 million lower  than in 2009. This was primarily due to lower repayments of long term debt of $1,295.3 million and net repayments  of commercial paper and bank loans of $241.7 million, partially offset by lower proceeds from term debt of $666.0  million. The lower overall cash outflow in financing reflects a smaller funding reduction in the financial services  asset portfolio.  The Company has line of credit arrangements of $3.55 billion, of which $3.31 billion was unused at the end of  December 2011. Included in these arrangements are $3.0 billion of syndicated bank facilities. Of the $3.0 billion  bank facilities, $1.0 billion matures in June 2012, $1.0 billion matures in June 2013 and $1.0 billion matures in June  2016. The Company intends to replace these credit facilities as they expire with facilities of similar amounts and  duration. These credit facilities are maintained primarily to provide backup liquidity for commercial paper  borrowings and maturing medium-term notes. There were no borrowings under the syndicated bank facilities for  the year ended December 31, 2011. In December 2011, PACCAR Inc filed a shelf registration under the Securities Act of 1933. The current registration  expires in the fourth quarter of 2014 and does not limit the principal amount of debt securities that may be issued  during the period. The total amount of medium-term notes outstanding for PACCAR Inc as of December 31, 2011  is $870.0 million.  In 2011, the Company completed the repurchase of $307.7 million of the Company’s common stock under  authorizations approved in October 2007 and July 2008. In December 2011, PACCAR’s Board of Directors approved  the repurchase of an additional $300.0 million of the Company’s common stock and as of December 31, 2011  $29.9 million of the shares have been repurchased pursuant to the authorization.  