E-Z-GO 2002 Annual Report Download - page 40

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Statements of Cash Flows
For each of the years in the three-year period ended December 28, 2002 Consolidated
(In millions) 2002 2001 2000
Cash flows from operating activities:
Income before cumulative effect of change in accounting principle $ 364 $ 166 $ 277
Adjustments to reconcile income to net cash provided by operating activities:
Earnings of Textron Finance greater than distributions — — —
Depreciation 341 400 382
Amortization 27 114 112
Provision for losses on finance receivables 139 82 37
Gain on sale of businesses, net (5) (342) —
Special charges 128 437 483
Noncash gain on securitizations (28) (43) (22)
Deferred income taxes 330 96 9
Changes in assets and liabilities excluding those related to acquisitions
and divestitures:
Commercial and U.S. Government receivables 3 (102) 69
Inventories 120 103 5
Other assets (409) (72) (206)
Accounts payable (165) 166 (95)
Accrued liabilities (180) (27) (43)
Other - net 29 5 15
Net cash provided by operating activities 694 983 1,023
Cash flows from investing activities:
Finance receivables:
Originated or purchased (9,263) (7,527) (7,032)
Repaid 7,739 5,750 5,233
Proceeds on receivables sales and securitization sales 1,151 2,019 1,556
Cash used in acquisitions (2) (596) (85)
Net proceeds from dispositions 30 608 (9)
Capital expenditures (296) (532) (527)
Proceeds on sale of fixed assets 67 83 56
Due (from) to Textron (Finance) Manufacturing — — —
Net decrease (increase) in investment securities — 8 (134)
Other investing activities - net (27) (133) 20
Net cash (used) provided by investing activities (601) (320) (922)
Cash flows from financing activities:
Increase (decrease) in short-term debt 72 (608) (450)
Proceeds from issuance of long-term debt 2,495 1,480 2,005
Principal payments and retirements on long-term debt (2,207) (1,360) (1,048)
Proceeds from exercise of stock options 24 27 14
Purchases of Textron common stock (248) (47) (353)
Dividends paid (182) (184) (189)
Dividends paid to Textron Manufacturing — — —
Capital contributions to Textron Finance — — —
Net cash (used) provided by financing activities (46) (692) (21)
Net increase (decrease) in cash and cash equivalents 47 (29) 80
Cash and cash equivalents at beginning of year 260 289 209
Cash and cash equivalents at end of year $ 307 $ 260 $ 289
Supplemental information:
Cash paid during the year for interest** $ 314 $ 421 $ 479
Net cash paid during the year for income taxes (includes $77 in 2002 and
$28 in 2001 related to the Automotive Trim sale and $2 in 2001 and
$9 in 2000 for AFS disposal) $ 11 $ 126 $ 327
Supplemental schedule of non-cash investing & financing activities:
Capital lease obligations incurred to finance future construction $ 79 $ — $ —
Capital expenditures financed through capital leases $ 23 $ — $ —
* Textron is segregated into two borrowing groups, Textron Manufacturing and Textron Finance as described in Note 1 to the consolidated financial statements along with the
principles of consolidation. Textron Manufacturing’s cash flows include the pretax income from Textron Finance. All significant transactions between Textron Manufacturing and
Textron Finance have been eliminated from the “Consolidated” column.
** Includes $8 and $16 paid by Textron Manufacturing to Textron Finance in 2002 and 2001, respectively.
See notes to the consolidated financial statements.
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