E-Z-GO 2004 Annual Report Download - page 92

Download and view the complete annual report

Please find page 92 of the 2004 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 102

  • 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
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102

Schedule II – Valuation and Qualifying Accounts
Allowance for Doubtful Accounts Reserves
(In millions)
2004 2003 2002
Textron Manufacturing:
Balance at beginning of year $ 66 $ 48 $ 50
Charged to costs and expenses 22 43 23
Deductions from reserves* (24) (25) (25)
Balance at end of year $ 64 $ 66 $ 48
Textron Finance:
Balance at beginning of year $ 119 $ 145 $ 125
Charged to costs and expenses 58 81 111
Deduction from reserves* (78) (107) (91)
Balance at end of year $ 99 $ 119 $ 145
Textron Manufacturing’s Reserves for Recourse Liability to Textron Finance
(In millions)
2004 2003 2002
Balance at beginning of year $ 64 $ 59 $ 60
Charged to costs and expenses 10 37 47
Reclassifications to other assets (14) (4) (20)
Reclassification from discontinued operations line — 21 —
Deductions from reserves* (12) (49) (28)
Balance at end of year $ 48 $ 64 $ 59
Textron Manufacturing’s Inventory FIFO Reserves
(In millions)
2004 2003 2002
Balance at beginning of year $ 124 $ 139 $ 131
Charged to costs and expenses 38 52 81
Deductions from reserves* (46) (67) (73)
Balance at end of year $ 116 $ 124 $ 139
* Represents uncollectible accounts written off (less recoveries), inventory disposals, acquisitions and translation adjustments.
Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure
None.
Item 9A. Controls and Procedures
Disclosure Controls and Procedures -
We have carried out an evaluation, under the supervision and the participation of our man-
agement, including our Chairman, President and Chief Executive Officer (our “CEO”) and our Executive Vice President and Chief
Financial Officer (our “CFO”), of the effectiveness of the design and operation of our disclosure controls and procedures (as
defined in Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Act”) as of the end of the
fiscal year covered by this report. Based upon that evaluation, our CEO and CFO concluded that our disclosure controls and proce-
dures are effective in providing reasonable assurance that (a) the information required to be disclosed by us in the reports that we
Textron Inc.
71