E-Z-GO 2009 Annual Report Download - page 95

Download and view the complete annual report

Please find page 95 of the 2009 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 108

  • 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
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108

86
Note 20. Segment and Geographic Data
We operate in, and report financial information for, the following five business segments: Cessna, Bell, Textron Systems, Industrial and Finance.
The accounting policies of the segments are the same as those described in Note 1.
Cessna products include Citation business jets, Caravan single engine turboprops, single engine piston aircraft, and aftermarket services sold to
a diverse base of corporate and individual buyers.
Bell products include military and commercial helicopters, tiltrotor aircraft and related spare parts for U.S. and non-U.S. governments in the
defense and aerospace industries and general aviation markets.
Textron Systems products include armored security vehicles, advanced marine craft, precision weapons, airborne and ground-based surveillance
systems and services, the Unmanned Aircraft System, training and simulation systems and countersniper devices, intelligence and situational
awareness software for U.S. and non-U.S. governments in the defense and aerospace industries, and general aviation markets.
Industrial products and markets include the following:
• Kautex products include blow-molded fuel systems, windshield and headlamp washer systems, engine camshafts and other parts that are
marketed primarily to automobile original equipment manufacturers, as well as bottles and plastic containers for various uses;
• Greenlee products include powered equipment, electrical test and measurement instruments, hand and hydraulic powered tools, and
electrical and fiber optic assemblies, principally used in the electrical construction and maintenance, plumbing, wiring, telecommunications
and data communications industries; and
• E-Z-GO and Jacobsen products include golf cars, professional turf-maintenance equipment, and off-road, multipurpose utility and
specialized turf-care vehicles that are marketed primarily to golf courses, resort communities, municipalities, sporting venues, and commercial
and industrial users.
Finance provided secured commercial loans and leases primarily in North America to the aviation, golf equipment, asset-based lending,
distribution finance, golf mortgage, hotel, structured capital and timeshare markets through the fourth quarter of 2008, when we announced a plan
to exit the non-captive portion of the commercial finance business of the segment, while retaining the captive portion of the business that
supports customer purchases of products that we manufacture.
Segment profit is an important measure used for evaluating performance and for decision-making purposes. Segment profit for the manufacturing
segments excludes interest expense, certain corporate expenses and special charges. The measurement for the Finance segment includes interest
income and expense and excludes special charges. Provisions for losses on finance receivables involving the sale or lease of our products are
recorded by the selling manufacturing division when our Finance group has recourse to the Manufacturing group.
Our revenues by segment, along with a reconciliation of segment prot to income from continuing operations before income taxes, are as follows:
Revenues Segment Profit (Loss)
(In millions) 2009 2008 2007 2009 2008 2007
Cessna $ 3,320 $ 5,662 $ 5,000 $ 198 $ 905 $ 865
Bell 2,842 2,827 2,581 304 278 144
Textron Systems 1,899 1,880 1,114 240 251 174
Industrial 2,078 2,918 2,825 27 67 173
Finance 361 723 875 (294) (50) 222
$ 10,500 $ 14,010 $ 12,395 475 1,451 1,578
Special charges (317) (526) —
Corporate expenses and other, net (164) (171) (257)
Interest expense, net for Manufacturing group (143) (125) (87)
Income (loss) from continuing operations before income taxes $ (149) $ 629 $ 1,234
Notes to the Consolidated Financial Statements