E-Z-GO 1998 Annual Report Download - page 39

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Balance Sheet
As of January 2, 1999 and January 3, 1998
(Dollars in millions)
1998 1997
Assets
Textron Manufacturing
Cash $ 31 $30
Commercial and U.S. government receivables – net 1,160 920
Inventories 1,640 1,349
Investment in discontinued operations 1,176 1,214
Other current assets 348 185
Total current assets 4,355 3,698
Property, plant, and equipment – net 2,185 1,761
Goodwill – net 2,119 1,567
Other assets 1,277 1,126
Total Textron Manufacturing assets 9,936 8,152
Textron Finance
Cash 22 13
Finance receivables – net 3,528 2,992
Other assets 235 173
Total Textron Finance assets 3,785 3,178
Total assets $13,721 $11,330
Liabilities and shareholders’ equity
Liabilities
Textron Manufacturing
Current portion of long-term debt and short-term debt $ 1,735 $ 476
Accounts payable 1,010 812
Accrued liabilities 1,174 853
Total current liabilities 3,919 2,141
Accrued postretirement benefits other than pensions 762 766
Other liabilities 1,367 1,195
Long-term debt 880 745
Total Textron Manufacturing liabilities 6,928 4,847
Textron Finance
Other liabilities 162 88
Deferred income taxes 322 319
Debt 2,829 2,365
Total Textron Finance liabilities 3,313 2,772
Total liabilities 10,241 7,619
Textron – obligated mandatorily redeemable preferred securities of subsidiary trust
holding solely Textron junior subordinated debt securities 483 483
Shareholders’ equity
Capital stock:
Preferred stock:
$2.08 Cumulative Convertible Preferred Stock, Series A (liquidation value – $12) 66
$1.40 Convertible Preferred Dividend Stock, Series B (preferred only as to dividends) 77
Common stock (193,277,000 and 190,689,000 shares issued) 24 24
Capital surplus 931 830
Retained earnings 3,786 3,362
Accumulated other comprehensive income (loss) (96) (62)
4,658 4,167
Less cost of treasury shares 1,661 939
Total shareholders’ equity 2,997 3,228
Total liabilities and shareholders’ equity $13,721 $11,330
See notes to the consolidated financial statements. 1998 TEXTRON ANNUAL REPORT 35