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Segment Information
3 Months Ended
Apr. 01, 2023
Segment Reporting [Abstract]  
Segment Information Segment Information
We operate in, and reported financial information for, the following six business segments: Textron Aviation, Bell, Textron Systems, Industrial, Textron eAviation and Finance. Segment profit is an important measure used for evaluating performance and for decision-making purposes. Beginning in 2023, we changed how we measure our manufacturing segment operating results to exclude the non-service components of pension and postretirement income, net; LIFO inventory provision; and intangible asset amortization. This measure also continues to exclude interest expense, net for Manufacturing group; certain corporate expenses; gains/losses on major business dispositions; and special charges. The prior period has been recast to conform to this presentation. 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 Ended
(In millions)April 1,
2023
April 2,
2022
Revenues
Textron Aviation$1,149 $1,040 
Bell621 834 
Textron Systems306 273 
Industrial932 838 
Textron eAviation— 
Finance12 16 
Total revenues$3,024 $3,001 
Segment Profit
Textron Aviation$125 $110 
Bell60 91 
Textron Systems34 28 
Industrial41 39 
Textron eAviation(9)— 
Finance
Segment profit259 277 
Corporate expenses and other, net(39)(52)
Interest expense, net for Manufacturing group(17)(28)
LIFO inventory provision(25)(12)
Intangible asset amortization(10)(13)
Non-service components of pension and postretirement income, net59 60 
Income before income taxes$227 $232