E-Z-GO 2014 Annual Report Download - page 63

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Note 6. Accrued Liabilities
The accrued liabilities of our Manufacturing group are summarized below:
(In millions)
January 3,
2015
December 28,
2013
Customer deposits
$ 1,412
$ 888
Salaries, wages and employer taxes
332
246
Current portion of warranty and product maintenance contracts
169
142
Retirement plans
73
74
Other
630
538
Total
$ 2,616
$ 1,888
Changes in our warranty and product maintenance contract liability are as follows:
(In millions)
2014
2013
2012
Accrual at the beginning of period
$ 223
$ 222
$ 224
Provision
334
299
255
Settlements
(323)
(293)
(250)
Acquisitions
67
—
—
Adjustments*
(20)
(5)
(7)
Accrual at the end of period
$ 281
$ 223
$ 222
* Adjustments include changes to prior year estimates, new issues on prior year sales and currency translation adjustments.
Note 7. Debt and Credit Facilities
Our debt is summarized in the table below:
(In millions)
January 3,
2015
December 28,
2013
Manufacturing group
Long-term senior debt:
6.20% due 2015
$ —
$ 350
4.625% due 2016
250
250
Variable-rate note due 2016 (average rate of 1.48% and 1.54%, respectively)
150
150
5.60% due 2017
350
350
7.25% due 2019
250
250
Variable-rate note due 2018-2019 (average rate of 1.67%)
300
—
6.625% due 2020
234
246
5.95% due 2021
250
250
3.65% due 2021
250
—
4.30% due 2024
350
—
3.875% due 2025
350
—
Other (weighted-average rate of 1.32% and 1.57%, respectively)
77
85
Total Manufacturing group debt
$ 2,811
$ 1,931
Less: current portion of long-term debt
(8)
(8)
Total long-term debt
$ 2,803
$ 1,923
Finance group
Fixed-rate note due 2014 (5.13%)
$ —
$ 100
Fixed-rate notes due 2014-2017* (weighted-average rate of 4.59%)
32
42
Variable-rate notes due 2016 (weighted-average rate of 1.73% and 1.78%, respectively)
200
200
Fixed-rate notes due 2017-2024* (weighted-average rate of 2.76% and 2.67%, respectively)
381
378
Variable-rate notes due 2015-2024* (weighted-average rate of 1.18% and 1.19%, respectively)
52
63
Securitized debt (weighted-average rate of 1.50%)
98
172
6% Fixed-to-Floating Rate Junior Subordinated Notes
299
299
Fair value adjustments and unamortized discount
1
2
Total Finance group debt
$ 1,063
$ 1,256
* Notes amortize on a quarterly or semi-annual basis.
57 Textron Inc. Annual Report • 2014