TEXTRON INC.
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Three Months Ended |
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Nine Months Ended |
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October 2,
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October 3,
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October 2,
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October 3,
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Cash Flows from Operating Activities: |
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Income from continuing operations |
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$ |
185 |
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$ |
115 |
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$ |
540 |
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$ |
73 |
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Depreciation and amortization |
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97 |
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|
95 |
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285 |
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283 |
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Gain on business disposition |
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— |
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— |
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(17 |
) |
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— |
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| Deferred income taxes and income taxes receivable/payable |
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9 |
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3 |
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33 |
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(35 |
) |
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| Asset impairments and TRU inventory charge |
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5 |
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1 |
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11 |
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111 |
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| Pension, net |
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(20 |
) |
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(3 |
) |
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(62 |
) |
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(11 |
) |
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| Changes in assets and liabilities: |
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| Accounts receivable, net |
|
46 |
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(98 |
) |
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|
8 |
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59 |
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| Inventories |
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(2 |
) |
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(14 |
) |
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(164 |
) |
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(258 |
) |
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| Accounts payable |
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(187 |
) |
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133 |
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1 |
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(267 |
) |
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| Captive finance receivables, net |
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63 |
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(11 |
) |
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152 |
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(25 |
) |
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| Other, net |
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205 |
|
|
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|
131 |
|
|
|
|
|
387 |
|
|
|
|
270 |
|
|
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| Net cash from operating activities |
|
401 |
|
|
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|
352 |
|
|
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1,174 |
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|
200 |
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| Cash Flows from Investing Activities: |
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| Capital expenditures |
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(76 |
) |
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(55 |
) |
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(204 |
) |
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(151 |
) |
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| Net proceeds from business disposition |
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— |
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— |
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38 |
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— |
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| Proceeds from an insurance recovery and sale of property, plant and equipment |
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3 |
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20 |
|
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3 |
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25 |
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| Finance receivables repaid |
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— |
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|
1 |
|
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19 |
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|
21 |
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| Other investing activities, net |
|
11 |
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|
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|
6 |
|
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|
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|
17 |
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|
13 |
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| Net cash from investing activities |
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(62 |
) |
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(28 |
) |
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(127 |
) |
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(92 |
) |
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| Cash Flows from Financing Activities: |
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| Decrease in short-term debt |
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— |
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(501 |
) |
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— |
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(2 |
) |
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| Net proceeds from long-term debt |
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— |
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|
495 |
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— |
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1,137 |
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| Principal payments on long-term debt and nonrecourse debt |
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(62 |
) |
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(6 |
) |
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(615 |
) |
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(235 |
) |
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| Net borrowings against corporate-owned life insurance policies |
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— |
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— |
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— |
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|
362 |
|
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| Purchases of Textron common stock |
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(299 |
) |
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— |
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|
|
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(586 |
) |
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|
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(54 |
) |
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| Dividends paid |
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(5 |
) |
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(5 |
) |
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|
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(14 |
) |
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(14 |
) |
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| Other financing activities, net |
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28 |
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|
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|
10 |
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|
|
|
|
103 |
|
|
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|
14 |
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| Net cash from financing activities |
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(338 |
) |
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(7 |
) |
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(1,112 |
) |
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1,208 |
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| Total cash flows from continuing operations |
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1 |
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|
|
317 |
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|
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(65 |
) |
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1,316 |
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| Total cash flows from discontinued operations |
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— |
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|
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(1 |
) |
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(1 |
) |
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(1 |
) |
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| Effect of exchange rate changes on cash and equivalents |
|
(7 |
) |
|
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|
8 |
|
|
|
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(6 |
) |
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(2 |
) |
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| Net change in cash and equivalents |
|
(6 |
) |
|
|
|
324 |
|
|
|
|
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(72 |
) |
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|
|
1,313 |
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| Cash and equivalents at beginning of period |
|
2,188 |
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|
|
|
2,346 |
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|
|
|
|
2,254 |
|
|
|
|
1,357 |
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| Cash and equivalents at end of period |
|
$ |
2,182 |
|
|
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$ |
2,670 |
|
|
|
|
|
$ |
2,182 |
|
|
|
|
$ |
2,670 |
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TEXTRON INC.
