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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Apr. 04, 2020
Mar. 30, 2019
Cash flows from operating activities    
Net income $ 50 $ 179
Non-cash items:    
Depreciation and amortization 90 102
Deferred income taxes (10) 15
Asset impairments 39  
Other, net 33 33
Changes in assets and liabilities:    
Accounts receivable, net 47 (33)
Inventories (368) (215)
Other assets (41) (31)
Accounts payable (49) 47
Other liabilities (203) (288)
Income taxes, net 20 (7)
Pension, net (5) (14)
Captive finance receivables, net   (1)
Other operating activities, net 3 (3)
Net cash (used in) provided by operating activities of continuing operations (394) (216)
Net cash used in operating activities of discontinued operations (1)  
Net cash (used in) provided by operating activities (395) (216)
Cash flows from investing activities    
Capital expenditures (50) (59)
Finance receivables repaid 13 12
Other investing activities, net (6) 5
Net cash used in investing activities (43) (42)
Cash flows from financing activities    
Increase in short-term debt 603 100
Proceeds from long-term debt 643  
Proceeds from borrowings against corporate-owned life insurance policies 377  
Principal payments on long-term debt and nonrecourse debt (24) (19)
Purchases of Textron common stock (54) (202)
Dividends paid (5) (5)
Other financing activities, net 3 10
Net cash provided by (used in) financing activities 1,543 (116)
Effect of exchange rate changes on cash and equivalents (16) 9
Net increase (decrease) in cash and equivalents 1,089 (365)
Cash and equivalents at beginning of period 1,357 1,107
Cash and equivalents at end of period 2,446 742
Manufacturing group    
Cash flows from operating activities    
Net income 48 175
Non-cash items:    
Depreciation and amortization 89 100
Deferred income taxes (11) 15
Asset impairments 39  
Other, net 33 33
Changes in assets and liabilities:    
Accounts receivable, net 47 (33)
Inventories (368) (241)
Other assets (41) (30)
Accounts payable (49) 47
Other liabilities (198) (286)
Income taxes, net 20 (9)
Pension, net (5) (14)
Dividends received from Finance group   50
Other operating activities, net 3 (3)
Net cash (used in) provided by operating activities of continuing operations (393) (196)
Net cash used in operating activities of discontinued operations (1)  
Net cash (used in) provided by operating activities (394) (196)
Cash flows from investing activities    
Capital expenditures (50) (59)
Other investing activities, net (6) 3
Net cash used in investing activities (56) (56)
Cash flows from financing activities    
Increase in short-term debt 603 100
Proceeds from long-term debt 643  
Proceeds from borrowings against corporate-owned life insurance policies 377  
Principal payments on long-term debt and nonrecourse debt (7)  
Purchases of Textron common stock (54) (202)
Dividends paid (5) (5)
Other financing activities, net (9) 9
Net cash provided by (used in) financing activities 1,548 (98)
Effect of exchange rate changes on cash and equivalents (16) 9
Net increase (decrease) in cash and equivalents 1,082 (341)
Cash and equivalents at beginning of period 1,181 987
Cash and equivalents at end of period 2,263 646
Finance group    
Cash flows from operating activities    
Net income 2 4
Non-cash items:    
Depreciation and amortization 1 2
Deferred income taxes 1  
Changes in assets and liabilities:    
Other assets   (1)
Other liabilities (5) (2)
Income taxes, net   2
Net cash (used in) provided by operating activities of continuing operations (1) 5
Net cash (used in) provided by operating activities (1) 5
Cash flows from investing activities    
Finance receivables repaid 46 40
Finance receivables originated (33) (29)
Other investing activities, net   28
Net cash used in investing activities 13 39
Cash flows from financing activities    
Principal payments on long-term debt and nonrecourse debt (17) (18)
Dividends paid   (50)
Other financing activities, net 12  
Net cash provided by (used in) financing activities (5) (68)
Net increase (decrease) in cash and equivalents 7 (24)
Cash and equivalents at beginning of period 176 120
Cash and equivalents at end of period $ 183 $ 96