E-Z-GO 2003 Annual Report Download - page 40

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For each of the years in the three-year period ended January 3, 2004
(In millions) 2002 2001
Income from continuing operations $ 281 $ 367 $ 474
Adjustments to reconcile income from continuing operations to
net cash provided by operating activities:
Earnings of Textron Finance greater than distributions — — —
Depreciation 338 332 391
Amortization 18 26 105
Provision for losses on finance receivables 81 111 69
Gain on sale of businesses (15) (25) (342)
Special charges 159 135 143
Non-cash gain on securitizations (15) (28) (43)
Deferred income taxes (41) 326 126
Changes in assets and liabilities excluding those related to acquisitions
and divestitures:
Commercial and U.S. Government receivables 87 (20) (93)
Inventories 172 97 62
Other assets (237) (320) (37)
Accounts payable (199) (159) 196
Accrued liabilities 175 (215) (60)
Other, net 44 13 (2)
848 640 989
Finance receivables:
Originated or purchased (9,824) (8,874) (7,456)
Repaid 8,793 7,454 5,588
Proceeds on receivables sales and securitization sales 1,162 966 2,019
Cash used in acquisitions — (2) (596)
Net proceeds from sale of businesses 14 27 695
Capital expenditures (301) (295) (527)
Proceeds on sale of property, plant and equipment 55 62 82
Due (from) to Textron (Finance) Manufacturing — — —
Other investing activities, net 159 (27) (125)
58 (689) (320)
(Decrease) increase in short-term debt (321) 154 (608)
Proceeds from issuance of long-term debt 1,682 2,495 1,480
Principal payments and retirements of long-term debt and mandatorily
redeemable preferred securities (1,882) (2,207) (1,360)
Proceeds from employee stock ownership plans 67 24 27
Purchases of Textron common stock (64) (248) (47)
Dividends paid (222) (182) (184)
Dividends paid to Textron Manufacturing — — —
Capital contributions to Textron Finance — — —
Other financing activities, net (8) — —
(748) 36 (692)
Effect of exchange rate changes on cash and cash equivalents 32 17 5
Net cash provided (used) by continuing operations 190 4 (18)
Net cash provided (used) by discontinued operations 346 43 (11)
536 47 (29)
Cash and cash equivalents at beginning of year 307 260 289
Cash and cash equivalents at end of year $ 843 $ 307 $ 260
Capital lease obligations incurred to finance future construction $ — $ 79 $ —
Capital expenditures financed through capital leases $ 26 $ 23 $ —
38
* Textron is segregated into two borrowing groups, Textron Manufacturing and Textron Finance as described in Note 1 to the consolidated finan-
cial 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.
See notes to the consolidated financial statements.