E-Z-GO 1999 Annual Report Download - page 44

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Statements of Cash Flows
For each of the three years in the period ended January 1, 2000 Consolidated
(In millions) 1999 1998 1997
Cash flows from operating activities:
Income from continuing operations $ 623 $ 443 $ 372
Adjustments to reconcile income from continuing operations to net cash
provided by operating activities:
Earnings of Textron Finance (greater than) less than distributions –––
Dividends received from discontinued operations –187 108
Depreciation 349 292 254
Amortization 91 69 56
Provision for losses on receivables 34 21 25
Gain on sale of division, net of income taxes –(54) –
Special (credits)/charges (1) 87 –
Deferred income taxes 63 (16) 68
Changes in assets and liabilities excluding those related to
acquisitions and divestitures:
Decrease (increase) in commercial and U.S. government receivables 34 (116) 44
Decrease (increase) in inventories 13 (157) (89)
Decrease (increase) in other assets (144) (111) (67)
Increase (decrease) in accounts payable 149 46 74
Increase (decrease) in accrued liabilities (85) 262 (103)
Other – net (10) 81
Net cash provided by operating activities 1,116 961 743
Cash flows from investing activities:
Proceeds from disposition of investments –– 251
Finance receivables:
Originated or purchased (4,920) (4,069) (2,712)
Repaid or sold 4,090 3,459 2,441
Proceeds on sales of securitized assets –260 373
Cash used in acquisitions (1,574) (956) (364)
Net proceeds from dispositions 2,950 117 549
Capital expenditures (532) (475) (374)
Other investing activities – net 29 22 48
Net cash provided (used) by investing activities 43 (1,642) 212
Cash flows from financing activities:
Increase (decrease) in short-term debt (1,131) 1,571 (425)
Proceeds from issuance of long-term debt 3,195 438 401
Principal payments and retirements on long-term debt (2,174) (534) (427)
Proceeds from exercise of stock options 50 71 38
Purchases of Textron common stock (751) (712) (328)
Dividends paid (192) (143) (202)
Dividends paid to Textron Manufacturing –––
Capital contributions to Textron Finance –––
Net cash (used) provided by financing activities (1,003) 691 (943)
Net increase (decrease) in cash and cash equivalents 156 10 12
Cash and cash equivalents at beginning of year 53 43 31
Cash and cash equivalents at end of year $ 209 $53 $43
Supplemental information:
Cash paid during the year for interest $ 239 $ 345 $ 293
Cash paid during the year for income taxes (includes $912 in 1999 for AFS disposal) 1,167 260 156
*“Textron Manufacturing” income from continuing operations includes income from of Textron Inc., the parent company, consolidated with the entities which operate in the
Aircraft, Automotive, and Industrial business segments and the pretax income from “Textron Finance.” Textron Finance consists of Textron’s wholly-owned commercial finance
subsidiary, Textron Financial Corporation, consolidated with its subsidiaries. All significant transactions between Textron Manufacturing and Textron Finance have been
eliminated from the “Consolidated” column. The principles of consolidation are described in Note 1 to the consolidated financial statements.
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