E-Z-GO 1999 Annual Report Download - page 43

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Balance Sheets
As of January 1, 2000 and January 2, 1999
(Dollars in millions) 1999 1998
Assets
Textron Manufacturing
Cash and cash equivalents $ 192 $ 31
Commercial and U.S. government receivables – net 1,363 1,160
Inventories 1,859 1,640
Other current assets 321 348
Investment in discontinued operations –1,176
Total current assets 3,735 4,355
Property, plant, and equipment – net 2,484 2,185
Goodwill – net 2,807 2,119
Other assets 1,378 1,277
Total Textron Manufacturing assets 10,404 9,936
Textron Finance
Cash 17 22
Finance receivables – net 5,487 3,528
Other assets (including goodwill of $211 in 1999 and $27 in 1998) 485 235
Total Textron Finance assets 5,989 3,785
Total assets $16,393 $13,721
Liabilities and shareholders’ equity
Liabilities
Textron Manufacturing
Current portion of long-term debt and short-term debt $ 688 $ 1,735
Accounts payable 1,262 1,010
Income taxes payable 87 76
Other accrued liabilities 1,219 1,098
Total current liabilities 3,256 3,919
Accrued postretirement benefits other than pensions 741 762
Other liabilities 1,336 1,367
Long-term debt 1,079 880
Total Textron Manufacturing liabilities 6,412 6,928
Textron Finance
Other liabilities 234 162
Deferred income taxes 307 322
Debt 4,551 2,829
Total Textron Finance liabilities 5,092 3,313
Total liabilities 11,504 10,241
Textron Finance – mandatorily redeemable preferred securities of Finance subsidiary holding debentures 29 –
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 – $11) 56
$1.40 Convertible Preferred Dividend Stock, Series B (preferred only as to dividends) 77
Common stock (194,858,000 and 193,277,000 shares issued) 24 24
Capital surplus 1,009 931
Retained earnings 5,817 3,786
Accumulated other comprehensive income (loss) (98) (96)
6,764 4,658
Less cost of treasury shares 2,387 1,661
Total shareholders’ equity 4,377 2,997
Total liabilities and shareholders’ equity $16,393 $13,721
See notes to the consolidated financial statements. 1999 Textron Annual Report 41