E-Z-GO 2001 Annual Report Download - page 60

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Accrued Liabilities
Included in Textron Manufacturing’s accrued liabilities at the end of 2001 and 2000 were the follow ing:
December 29),December 30),
(In millions) 2001 2000
Customer deposits $279 $279
Reserve for w arranties 242 236
Salaries, w ages and employer taxes 212 260
Contract reserves 113 52
Other 538 544
Total accrued liabilities $1,384 $1,371
Research and Development Costs
Company-funded research and development costs include amounts for company-initiated programs, the
cost sharing portions of customer-initiated programs, and losses incurred on customer-initiated programs.
Textron also carries out research and development under contracts w ith others, primarily the U.S. Government.
A significant portion of company-initiated programs include independent research and development
related to government products and services w hich is recoverable through overhead cost allow ances.
Company-funded and customer-funded research and development costs are as follows:
(In millions) 2001 2000 1999
Company-funded $366 $307 $ 257
Customer-funded 323 414 413
Total research and development $689 $721 $ 670
Textron has five reportable segments: Aircraft, Automotive, Fastening Systems, Industrial Products and
Finance. See Note 1 for principal markets and major locations of Textron’s segments.
Textron’s reportable segments are strategically aligned based on the manner in w hich Textron manages its
various operations. The accounting policies of the segments are the same as those described in the
summary of significant accounting policies in Note 1. Textron evaluates segment performance based on
segment profit. Segment profit for Textron M anufacturing excludes interest expense, certain corporate
expenses, special charges and gains or losses from the disposition of significant business units. The Finance
segment includes interest income, interest expense and distributions on preferred securities of Finance
subsidiary trust as part of segment profit. Provisions for losses on finance receivables involving the sale
or lease of Textron products are recorded by the selling manufacturing division.
The following summarizes the revenues by type of products:
Revenues
(In millions) 2001 2000 1999
Aircraft:
Fixed-Wing Aircraft $3,043 $2,814 $ 2,472
Rotor Aircraft 1,621 1,580 1,547
Automotive:
Trim 1,579 1,842 1,796
Fuel Systems and Functional Components 1,022 1,082 1,072
Fastening Systems 1,679 1,996 2,059
Industrial Products:
Industrial Components and Other 1,446 1,693 1,131
Golf, Turf and Specialty Products 738 823 773
Fluid and Pow er 484 569 541
Finance 709 691 463
$12,321 $13,090 $11,854
18. Segment
Reporting
17. Supplemental
Financial
Information
58 Textron Annual Report