E-Z-GO 2011 Annual Report Download - page 94

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The Finance segment 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 excludes special charges and includes interest income and expense along with intercompany interest expense.
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 profit to income from continuing operations before income taxes,
are as follows:
Revenues
Segment Profit (Loss)
(In millions)
2011
2010
2009
2011
2010
2009
Cessna
$ 2,990
$ 2,563
$ 3,320
$ 60
$ (29)
$ 198
Bell
3,525
3,241
2,842
521
427
304
Textron Systems
1,872
1,979
1,899
141
230
240
Industrial
2,785
2,524
2,078
202
162
27
Finance
103
218
361
(333)
(237)
(294)
$ 11,275
$ 10,525
$ 10,500
591
553
475
Special charges
—
(190)
(317)
Corporate expenses and other, net
(114)
(137)
(164)
Interest expense, net for Manufacturing group
(140)
(140)
(143)
Income (loss) from continuing operations before income taxes
$ 337
$ 86
$ (149)
Revenues by major product type are summarized below:
Revenues
(In millions)
2011
2010
2009
Fixed-wing aircraft
$ 2,990
$ 2,563
$ 3,320
Rotor aircraft
3,525
3,241
2,842
Unmanned aircraft systems, armored security vehicles, precision weapons and other
1,872
1,979
1,899
Fuel systems and functional components
1,823
1,640
1,287
Powered tools, testing and measurement equipment
402
330
300
Golf and turf-care products
560
554
491
Finance
103
218
361
$ 11,275
$ 10,525
$ 10,500
Our revenues included sales to the U.S. Government of approximately $3.5 billion, $3.6 billion and $3.3 billion in 2011, 2010 and
2009, respectively, primarily in the Bell and Textron Systems segments.
Other information by segment is provided below:
Assets
Capital Expenditures
Depreciation and Amortization
(In millions)
December 31,
2011
January 1,
2011
2011
2010
2009
2011
2010
2009
Cessna
$ 2,078
$ 2,294
$ 101
$ 47
$ 65
$ 109
$ 106
$ 115
Bell
2,247
2,079
184
123
101
95
92
83
Textron Systems
1,948
1,997
37
41
31
85
81
85
Industrial
1,664
1,604
94
51
38
72
72
76
Finance
3,213
4,949
—
—
—
32
31
36
Corporate
2,465
2,359
7
8
3
10
11
14
$ 13,615
$ 15,282
$ 423
$ 270
$ 238
$ 403
$ 393
$ 409
83
Textron Inc. Annual Report • 2011 83