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Segment Information
9 Months Ended
Oct. 03, 2020
Segment Reporting [Abstract]  
Segment Information Segment Information
We operate in, and report financial information for, the following five business segments: Textron Aviation, Bell, Textron Systems, Industrial and Finance. 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, gains/losses on major business dispositions, special charges and an inventory charge related to the restructuring plan initiated in the second quarter of 2020, as discussed in Note 14. The measurement for the Finance segment includes interest income and expense along with intercompany interest income and expense.
Our revenues by segment, along with a reconciliation of Segment profit to Income before income taxes, are included in the table below:
Three Months EndedNine Months Ended
(In millions)October 3,
2020
September 28,
2019
October 3,
2020
September 28,
2019
Revenues
Textron Aviation$795 $1,201 $2,414 $3,458 
Bell793 783 2,438 2,293 
Textron Systems302 311 956 926 
Industrial832 950 2,134 2,871 
Finance13 14 42 47 
Total revenues$2,735 $3,259 $7,984 $9,595 
Segment Profit
Textron Aviation$(29)$104 $(92)$315 
Bell119 110 352 317 
Textron Systems40 31 103 108 
Industrial58 47 56 173 
Finance17 
Segment profit189 297 427 930 
Corporate expenses and other, net(28)(17)(72)(88)
Interest expense, net for Manufacturing group(38)(39)(109)(110)
Special charges(7)— (124)— 
Inventory charge*— — (55)— 
Income before income taxes$116 $241 $67 $732 
* In connection with the restructuring plan initiated in the second quarter of 2020, we ceased manufacturing at the Montreal facility of the TRU Simulation + Training business, resulting in the production suspension of our commercial air transport simulators. As a result of this action and current market conditions, we recorded a $55 million charge to write-down the related inventory to its net realizable value.