E-Z-GO 2000 Annual Report Download - page 38

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For each of the years in the three-year period ended December 30, 2000 Consolidated
(In millions) 2000 1999 1998
Cash flows from operating activities:
Income from continuing operations $ 277 $ 623 $ 443
Adjustments to reconcile income from continuing operations to net cash
provided by operating activities:
Earnings of Textron Finance greater than distributions –––
Dividends received from discontinued operations ––187
Depreciation 382 349 292
Amortization 112 91 69
Provision for losses on receivables 41 34 21
Gain on sale of division, net of income taxes –– (54)
Special charges, net 483 (1) 87
Deferred income taxes 963 (16)
Changes in assets and liabilities excluding those related to
acquisitions and divestitures:
Decrease (increase) in commercial and U.S. Government receivables 69 34 (116)
Decrease (increase) in inventories 513 (157)
Decrease (increase) in other assets (206) (144) (111)
Increase (decrease) in accounts payable (95) 149 46
Increase (decrease) in accrued liabilities (43) (85) 262
Other – net (11) (10) 8
Net cash provided by operating activities 1,023 1,116 961
Cash flows from investing activities:
Finance receivables:
Originated or purchased (7,032) (4,920) (4,069)
Repaid 5,233 3,783 3,352
Proceeds on receivables sales and securitization sales 1,556 307 367
Cash used in acquisitions (85) (1,574) (956)
Net proceeds from dispositions (9) 2,950 117
Capital expenditures (527) (532) (475)
Cash used to purchase investment securities (134) ––
Other investing activities – net 76 29 22
Net cash (used) provided by investing activities (922) 43 (1,642)
Cash flows from financing activities:
Increase (decrease) in short-term debt (450) (1,131) 1,571
Proceeds from issuance of long-term debt 2,005 3,195 438
Principal payments and retirements on long-term debt (1,048) (2,174) (534)
Proceeds from exercise of stock options 14 50 71
Purchases of Textron common stock (353) (751) (712)
Dividends paid (189) (192) (143)
Dividends paid to Textron Manufacturing –––
Capital contributions to Textron Finance –––
Net cash (used) provided by financing activities (21) (1,003) 691
Net increase (decrease) in cash and cash equivalents 80 156 10
Cash and cash equivalents at beginning of year 209 53 43
Cash and cash equivalents at end of year $ 289 $ 209 $ 53
Supplemental information:
Cash paid during the year for interest $ 479 $ 239 $ 345
Cash paid during the year for income taxes
(includes $9 and $912 in 2000 and 1999, respectively, for AFS disposal) $ 327 $ 1,167 $ 260
*“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, Fastening Systems and Industrial Products 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.
Statements of Cash Flows
TEXTRON 2000 ANNUAL REPORT 36