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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Oct. 03, 2020
Sep. 28, 2019
Cash flows from operating activities    
Net income $ 73 $ 616
Non-cash items:    
Depreciation and amortization 283 302
Deferred income taxes (31) 85
Asset impairments and TRU inventory charge 111 0
Other, net 81 61
Changes in assets and liabilities:    
Accounts receivable, net 59 (7)
Inventories (258) (652)
Other assets 114 27
Accounts payable (267) 134
Other liabilities 60 (251)
Income taxes, net (4) (70)
Pension, net (11) (44)
Captive finance receivables, net (25) 22
Other operating activities, net 15 2
Net cash provided by operating activities of continuing operations 200 225
Net cash used in operating activities of discontinued operations (1) (2)
Net cash provided by operating activities 199 223
Cash flows from investing activities    
Capital expenditures 151 216
Proceeds from an insurance recovery and sale of property, plant and equipment 25 6
Net proceeds from corporate-owned life insurance policies 21 4
Net cash used in acquisitions (11) 0
Finance receivables repaid 21 20
Other investing activities, net 3 3
Net cash provided by (used in) investing activities (92) (183)
Cash flows from financing activities    
Increase (decrease) in short-term debt (2) 118
Net proceeds from long-term debt 1,137 297
Proceeds from borrowings against corporate-owned life insurance policies 377 0
Payment on borrowings against corporate-owned life insurance policies (15) 0
Principal payments on long-term debt and nonrecourse debt (235) (42)
Purchases of Textron common stock (54) (470)
Dividends paid (14) (9)
Other financing activities, net 14 18
Net cash provided by (used in) financing activities 1,208 (88)
Effect of exchange rate changes on cash and equivalents (2) (6)
Net increase (decrease) in cash and equivalents 1,313 (54)
Cash and equivalents at beginning of period 1,357 1,107
Cash and equivalents at end of period 2,670 1,053
Manufacturing group    
Cash flows from operating activities    
Net income 67 603
Non-cash items:    
Depreciation and amortization 279 297
Deferred income taxes (30) 86
Asset impairments and TRU inventory charge 111 0
Other, net 74 60
Changes in assets and liabilities:    
Accounts receivable, net 59 (7)
Inventories (258) (679)
Other assets 114 28
Accounts payable (267) 134
Other liabilities 66 (250)
Income taxes, net 1 (75)
Pension, net (11) (44)
Dividends received from Finance group 0 50
Other operating activities, net 15 2
Net cash provided by operating activities of continuing operations 220 205
Net cash used in operating activities of discontinued operations (1) (2)
Net cash provided by operating activities 219 203
Cash flows from investing activities    
Capital expenditures 151 216
Proceeds from an insurance recovery and sale of property, plant and equipment 25 6
Net proceeds from corporate-owned life insurance policies 21 4
Net cash used in acquisitions (11) 0
Finance receivables repaid 0 0
Finance receivables originated 0 0
Other investing activities, net 0 0
Net cash provided by (used in) investing activities (116) (206)
Cash flows from financing activities    
Increase (decrease) in short-term debt (2) 118
Net proceeds from long-term debt 1,137 297
Proceeds from borrowings against corporate-owned life insurance policies 377 0
Payment on borrowings against corporate-owned life insurance policies (15) 0
Principal payments on long-term debt and nonrecourse debt (195) (1)
Purchases of Textron common stock (54) (470)
Dividends paid (14) (9)
Other financing activities, net 2 18
Net cash provided by (used in) financing activities 1,236 (47)
Effect of exchange rate changes on cash and equivalents (2) (6)
Net increase (decrease) in cash and equivalents 1,337 (56)
Cash and equivalents at beginning of period 1,181 987
Cash and equivalents at end of period 2,518 931
Finance group    
Cash flows from operating activities    
Net income 6 13
Non-cash items:    
Depreciation and amortization 4 5
Deferred income taxes (1) (1)
Asset impairments and TRU inventory charge 0 0
Other, net 7 1
Changes in assets and liabilities:    
Accounts receivable, net 0 0
Inventories 0 0
Other assets 0 (1)
Accounts payable 0 0
Other liabilities (6) (1)
Income taxes, net (5) 5
Pension, net 0 0
Dividends received from Finance group 0 0
Other operating activities, net 0 0
Net cash provided by operating activities of continuing operations 5 21
Net cash used in operating activities of discontinued operations 0 0
Net cash provided by operating activities 5 21
Cash flows from investing activities    
Capital expenditures 0 0
Proceeds from an insurance recovery and sale of property, plant and equipment 0 0
Net proceeds from corporate-owned life insurance policies 0 0
Net cash used in acquisitions 0 0
Finance receivables repaid 90 149
Finance receivables originated (94) (107)
Other investing activities, net 3 30
Net cash provided by (used in) investing activities (1) 72
Cash flows from financing activities    
Increase (decrease) in short-term debt 0 0
Net proceeds from long-term debt 0 0
Proceeds from borrowings against corporate-owned life insurance policies 0 0
Payment on borrowings against corporate-owned life insurance policies 0 0
Principal payments on long-term debt and nonrecourse debt (40) (41)
Purchases of Textron common stock 0 0
Dividends paid 0 (50)
Other financing activities, net 12 0
Net cash provided by (used in) financing activities (28) (91)
Effect of exchange rate changes on cash and equivalents 0 0
Net increase (decrease) in cash and equivalents (24) 2
Cash and equivalents at beginning of period 176 120
Cash and equivalents at end of period $ 152 $ 122