E-Z-GO 2005 Annual Report Download - page 97

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Schedule II – Valuation and Qualifying Accounts
Allowance for Doubtful Accounts Reserves
(In millions)
2005 2004 2003
Textron Manufacturing:
Balance at beginning of year $ 54 $ 55 $ 41
Charged to costs and expenses 16 16 34
Deductions from reserves* (32) (17) (20)
Balance at end of year $ 38 $ 54 $ 55
Textron Finance:
Balance at beginning of year $ 99 $ 119 $ 145
Charged to costs and expenses 29 58 81
Deduction from reserves* (32) (78) (107)
Balance at end of year $ 96 $ 99 $ 119
Textron Manufacturing’s Reserves for Recourse Liability to Textron Finance
(In millions)
2005 2004 2003
Balance at beginning of year $ 48 $ 64 $ 59
Charged to costs and expenses 1 10 37
Reclassifications to Other Assets — (14) (4)
Reclassification from discontinued operations line — — 21
Deductions from reserves* (13) (12) (49)
Balance at end of year $ 36 $ 48 $ 64
Textron Manufacturing’s Inventory FIFO Reserves
(In millions)
2005 2004 2003
Balance at beginning of year $ 91 $ 100 $ 118
Charged to costs and expenses 25 33 41
Deductions from reserves* (31) (42) (59)
Balance at end of year $ 85 $ 91 $ 100
* 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 management, includ-
ing 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 procedures are effective in providing reasonable assurance that (a) the information
required to be disclosed by us in the reports that we file or submit under the Act is recorded, processed, summarized and reported within the time
Schedule II – Valuation and Qualifying Accounts
77