TEXTRON INC. | ||||||||||||||
MANUFACTURING GROUP | ||||||||||||||
Condensed Schedule of Cash Flows | ||||||||||||||
(In millions) | ||||||||||||||
(Unaudited) | ||||||||||||||
Three Months Ended | ||||||||||||||
March 31, 2018 | April 1, 2017 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||
Income from continuing operations | $ | 179 | $ | 94 | ||||||||||
Depreciation and amortization | 103 | 103 | ||||||||||||
Changes in working capital (a) | (376 | ) | (337 | ) | ||||||||||
Changes in other assets and liabilities and non-cash items (a) | (9 | ) | (25 | ) | ||||||||||
Dividends received from TFC | 50 | - | ||||||||||||
Net cash from operating activities of continuing operations (a) | (53 | ) | (165 | ) | ||||||||||
Cash flows from investing activities: | ||||||||||||||
Capital expenditures | (77 | ) | (76 | ) | ||||||||||
Net proceeds from corporate-owned life insurance policies (a) |
58 | 22 | ||||||||||||
Proceeds from the sale of property, plant and equipment | 9 | - | ||||||||||||
Net cash used in acquisitions | - | (318 | ) | |||||||||||
Other investing activities, net | - | 1 | ||||||||||||
Net cash from investing activities (a) | (10 | ) | (371 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||
Increase in short-term debt | 2 | 100 | ||||||||||||
Proceeds from long-term debt | - | 347 | ||||||||||||
Purchases of Textron common stock | (344 | ) | (186 | ) | ||||||||||
Other financing activities, net | 3 | 13 | ||||||||||||
Net cash from financing activities | (339 | ) | 274 | |||||||||||
Total cash flows from continuing operations | (402 | ) | (262 | ) | ||||||||||
Total cash flows from discontinued operations | - | (25 | ) | |||||||||||
Effect of exchange rate changes on cash and equivalents | 11 | 8 | ||||||||||||
Net change in cash and equivalents | (391 | ) | (279 | ) | ||||||||||
Cash and equivalents at beginning of period | 1,079 | 1,137 | ||||||||||||
Cash and equivalents at end of period | $ | 688 | $ | 858 | ||||||||||
Manufacturing Cash Flow GAAP to Non-GAAP Reconciliation: | ||||||||||||||
Net cash from operating activities of continuing operations - GAAP (a) | $ | (53 | ) | $ | (165 | ) | ||||||||
Less: | Capital Expenditures | (77 | ) | (76 | ) | |||||||||
Dividends received from TFC | (50 | ) | - | |||||||||||
Plus: | Total pension contributions | 13 | 14 | |||||||||||
Proceeds from the sale of property, plant and equipment | 9 | - | ||||||||||||
Manufacturing cash flow before pension contributions - Non-GAAP (a) (b) | $ | (158 | ) | $ | (227 | ) | ||||||||