Textron Reports First Quarter 2018 Income from Continuing Operations of $0.72 per Share; Signs Agreement to Sell Tools & Test Business for $810 Million
At the beginning of 2018, we adopted the new revenue recognition
accounting standard using a modified retrospective transition method
applied to contracts that were not substantially complete at the end of
2017. We recorded a $90 million adjustment to increase retained earnings
to reflect the cumulative impact of adopting this standard at the
beginning of 2018, primarily related to long-term contracts with the
U.S. Government. Revenues associated with these contracts in 2018 are
primarily recognized as costs are incurred, while revenues for 2017 were
primarily recognized as units were delivered. The comparative
information has not been restated and is reported under the accounting
standards in effect for those periods.
Income from Continuing Operations and Diluted Earnings Per Share
(EPS) GAAP to Non-GAAP Reconciliation:
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Three Months Ended
April 1, 2017
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Diluted EPS
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Income from continuing operations - GAAP
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$
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100
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$
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0.37
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Restructuring, net of taxes of $5 million
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10
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0.04
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Arctic Cat restructuring and transaction costs, net of taxes of $7
million
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15
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0.05
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Total Special charges, net of income taxes
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25
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0.09
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Adjusted income from continuing operations - Non-GAAP (b)
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$
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125
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$
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0.46
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