E-Z-GO 2001 Annual Report Download - page 38

Download and view the complete annual report

Please find page 38 of the 2001 E-Z-GO annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 70

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70

For each of the years in the three-year period ended December 29, 2001 Consolidated
(In millions) 2001 2000 1999
Cash flows from operating activities:
Income from continuing operations $166 $277 $ 623
Adjustments to reconcile income from continuing
operations to net cash provided by operating activities:
Earnings of Textron Finance greater than distributions –––
Depreciation 400 382 349
Amortization 114 112 91
Provision for losses on finance receivables 82 37 32
Gains on sale of divisions (342) ––
Special charges, net 437 483 (1)
Gains on securitizations (43) (22) –
Deferred income taxes 96 963
Changes in assets and liabilities excluding those
related to acquisitions and divestitures:
Commercial and U.S. Government receivables (102) 69 34
Inventories 103 513
Other assets (72) (206) (144)
Accounts payable 166 (95) 149
Other accrued liabilities (27) (43) (85)
Other – net 515 (8)
Net cash provided by operating activities 983 1,023 1,116
Cash flows from investing activities:
Finance receivables:
Originated or purchased (7,527) (7,032) (4,920)
Repaid 5,750 5,233 3,783
Proceeds on receivables sales and securitization sales 2,019 1,556 307
Cash used in acquisitions (596) (85) (1,574)
Net proceeds from dispositions 608 (9) 2,950
Capital expenditures (532) (527) (532)
Due (from) to Textron (Finance) M anufacturing –––
Net decrease (increase) in investment securities 8(134) –
Other investing activities – net (50) 76 29
Net cash (used) provided by investing activities (320) (922) 43
Cash flows from financing activities:
Decrease in short-term debt (608) (450) (1,131)
Proceeds from issuance of long-term debt 1,480 2,005 3,195
Principal payments and retirements on long-term debt (1,360) (1,048) (2,174)
Proceeds from exercise of stock options 27 14 50
Purchases of Textron common stock (47) (353) (751)
Dividends paid (184) (189) (192)
Dividends paid to Textron Manufacturing –––
Capital contributions to Textron Finance –––
Net cash (used) provided by financing activities (692) (21) (1,003)
Net (decrease) increase in cash and cash equivalents (29) 80 156
Cash and cash equivalents at beginning of year 289 209 53
Cash and cash equivalents at end of year $260 $289 $ 209
Supplemental information:
Cash paid during the year for interest $421 $479 $ 239
Cash paid during the year for income taxes (includes $2 and $9
in 2001 and 2000, respectively, for AFS disposal and
$28 million in 2001 related to the Automotive Trim sale) $126 $327 $ 1,167
*“ Textron M anufacturing” income from continuing operations includes income of Textron Inc., the parent company, consolidated with the entities w hich 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 w holly-owned
commercial finance subsidiary, Textron Financial Corporation consolidated w ith its subsidiaries. All significant transactions between Textron M anufacturing and Textron Finance
have been eliminated from the “ Consolidated” column. The principles of consolidation are described in Note 1 to the consolidated financial statements.
See notes to the consolidated financial statements.
Statements of Cash Flows
36 Textron Annual Report