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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jul. 03, 2021
Jul. 04, 2020
Cash flows from operating activities    
Income (loss) from continuing operations $ 355 $ (42)
Non-cash items:    
Depreciation and amortization 188 188
Gain on business disposition (17) 0
Deferred income taxes 16 (41)
Asset impairments and TRU inventory charge 6 110
Other, net 58 58
Changes in assets and liabilities:    
Accounts receivable, net (38) 157
Inventories (162) (244)
Other assets 22 51
Accounts payable 188 (400)
Other liabilities 103 17
Income taxes, net 8 3
Pension, net (42) (8)
Captive finance receivables, net 89 (14)
Other operating activities, net (1) 13
Net cash provided by (used in) operating activities of continuing operations 773 (152)
Net cash used in operating activities of discontinued operations (1) 0
Net cash provided by (used in) operating activities 772 (152)
Cash flows from investing activities    
Capital expenditures (128) (96)
Net proceeds from business disposition 38 0
Proceeds from the sale of property, plant and equipment 0 5
Net proceeds from corporate-owned life insurance policies 0 17
Net cash used in acquisitions 0 (11)
Finance receivables repaid 19 20
Other investing activities, net 6 1
Net cash provided by (used in) investing activities (65) (64)
Cash flows from financing activities    
Increase in short-term debt 0 499
Net proceeds from long-term debt 0 642
Proceeds from borrowings against corporate-owned life insurance policies 0 377
Payment On Borrowings Against Corporate Owned Life Insurance 0 (15)
Principal payments on long-term debt and nonrecourse debt (553) (229)
Purchases of Textron common stock (287) (54)
Dividends paid (9) (9)
Other financing activities, net 75 4
Net cash provided by (used in) financing activities (774) 1,215
Effect of exchange rate changes on cash and equivalents 1 (10)
Net increase (decrease) in cash and equivalents (66) 989
Cash and equivalents at beginning of period 2,254 1,357
Cash and equivalents at end of period 2,188 2,346
Manufacturing group    
Cash flows from operating activities    
Income (loss) from continuing operations 358 (47)
Non-cash items:    
Depreciation and amortization 183 186
Gain on business disposition (17) 0
Deferred income taxes 18 (39)
Asset impairments and TRU inventory charge 6 110
Other, net 60 54
Changes in assets and liabilities:    
Accounts receivable, net (38) 157
Inventories (162) (244)
Other assets 23 50
Accounts payable 188 (400)
Other liabilities 103 21
Income taxes, net 0 (1)
Pension, net (42) (8)
Other operating activities, net (1) 13
Net cash provided by (used in) operating activities of continuing operations 679 (148)
Net cash used in operating activities of discontinued operations (1) 0
Net cash provided by (used in) operating activities 678 (148)
Cash flows from investing activities    
Capital expenditures (128) (96)
Net proceeds from business disposition 38 0
Proceeds from the sale of property, plant and equipment 0 5
Net proceeds from corporate-owned life insurance policies 0 17
Net cash used in acquisitions 0 (11)
Finance receivables repaid 0 0
Finance receivables originated 0 0
Other investing activities, net 0 0
Net cash provided by (used in) investing activities (90) (85)
Cash flows from financing activities    
Increase in short-term debt 0 499
Net proceeds from long-term debt 0 642
Proceeds from borrowings against corporate-owned life insurance policies 0 377
Payment On Borrowings Against Corporate Owned Life Insurance 0 (15)
Principal payments on long-term debt and nonrecourse debt (519) (194)
Purchases of Textron common stock (287) (54)
Dividends paid (9) (9)
Other financing activities, net 75 (8)
Net cash provided by (used in) financing activities (740) 1,238
Effect of exchange rate changes on cash and equivalents 1 (10)
Net increase (decrease) in cash and equivalents (151) 995
Cash and equivalents at beginning of period 2,146 1,181
Cash and equivalents at end of period 1,995 2,176
Finance group    
Cash flows from operating activities    
Income (loss) from continuing operations (3) 5
Non-cash items:    
Depreciation and amortization 5 2
Gain on business disposition 0 0
Deferred income taxes (2) (2)
Asset impairments and TRU inventory charge 0 0
Other, net (2) 4
Changes in assets and liabilities:    
Accounts receivable, net 0 0
Inventories 0
Other assets (1) 1
Accounts payable 0 0
Other liabilities 0 (4)
Income taxes, net 8 4
Pension, net 0 0
Other operating activities, net 0 0
Net cash provided by (used in) operating activities of continuing operations 5 10
Net cash used in operating activities of discontinued operations 0 0
Net cash provided by (used in) operating activities 5 10
Cash flows from investing activities    
Capital expenditures 0 0
Net proceeds from business disposition 0 0
Proceeds from the 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 137 65
Finance receivables originated (29) (59)
Other investing activities, net 6 1
Net cash provided by (used in) investing activities 114 7
Cash flows from financing activities    
Increase in short-term debt 0 0
Net proceeds from long-term debt 0
Proceeds from borrowings against corporate-owned life insurance policies 0 0
Payment On Borrowings Against Corporate Owned Life Insurance 0 0
Principal payments on long-term debt and nonrecourse debt (34) (35)
Purchases of Textron common stock 0 0
Dividends paid 0 0
Other financing activities, net 0 12
Net cash provided by (used in) financing activities (34) (23)
Effect of exchange rate changes on cash and equivalents 0 0
Net increase (decrease) in cash and equivalents 85 (6)
Cash and equivalents at beginning of period 108 176
Cash and equivalents at end of period $ 193 $ 170