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Consolidated Statements of Cash Flows (Unaudited) - Manufacturing Group and Finance Group - USD ($)
$ in Millions
3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Cash flows from operating activities    
Net income $ 201 $ 191
Non-cash items:    
Depreciation and amortization 88 92
Deferred income taxes (16) (32)
Other, net 33 39
Changes in assets and liabilities:    
Accounts receivable, net (34) (69)
Inventories (350) (380)
Other assets 100 128
Accounts payable 121 261
Other liabilities (159) (74)
Income taxes, net 39 50
Pension, net (56) (51)
Other operating activities, net 4 2
Net cash provided by (used in) operating activities (7) 163
Cash flows from investing activities    
Capital expenditures (66) (62)
Net proceeds from corporate-owned life insurance policies 3 20
Proceeds from sale of property, plant and equipment 3 0
Finance receivables repaid 8 12
Finance receivables originated (11) 0
Other investing activities, net 0 1
Net cash provided by (used in) investing activities (63) (29)
Cash flows from financing activities    
Principal payments on long-term debt and nonrecourse debt (365) (17)
Purchases of Textron common stock (317) (377)
Dividends paid (4) (4)
Proceeds from options exercised 63 27
Other financing activities, net (14) (5)
Net cash used in financing activities (637) (376)
Effect of exchange rate changes on cash and equivalents (8) 6
Net increase (decrease) in cash and equivalents (715) (236)
Cash and equivalents at beginning of period 2,181 2,035
Cash and equivalents at end of period 1,466 1,799
Manufacturing group    
Cash flows from operating activities    
Net income 187 185
Non-cash items:    
Depreciation and amortization 88 92
Deferred income taxes (16) (32)
Other, net 44 41
Changes in assets and liabilities:    
Accounts receivable, net (34) (69)
Inventories (350) (380)
Other assets 100 121
Accounts payable 121 261
Other liabilities (153) (65)
Income taxes, net 35 48
Pension, net (56) (51)
Other operating activities, net 4 2
Net cash provided by (used in) operating activities (30) 153
Cash flows from investing activities    
Capital expenditures (66) (62)
Net proceeds from corporate-owned life insurance policies 3 20
Proceeds from sale of property, plant and equipment 3 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 (60) (42)
Cash flows from financing activities    
Principal payments on long-term debt and nonrecourse debt (352) (2)
Purchases of Textron common stock (317) (377)
Dividends paid (4) (4)
Proceeds from options exercised 63 27
Other financing activities, net (25) (5)
Net cash used in financing activities (635) (361)
Effect of exchange rate changes on cash and equivalents (8) 6
Net increase (decrease) in cash and equivalents (733) (244)
Cash and equivalents at beginning of period 2,121 1,963
Cash and equivalents at end of period 1,388 1,719
Finance group    
Cash flows from operating activities    
Net income 14 6
Non-cash items:    
Depreciation and amortization 0 0
Deferred income taxes 0 0
Other, net (11) (2)
Changes in assets and liabilities:    
Accounts receivable, net 0 0
Inventories 0 0
Other assets 0 7
Accounts payable 0 0
Other liabilities (6) (9)
Income taxes, net 4 2
Pension, net 0 0
Other operating activities, net 0 0
Net cash provided by (used in) operating activities 1 4
Cash flows from investing activities    
Capital expenditures 0 0
Net proceeds from corporate-owned life insurance policies 0 0
Proceeds from sale of property, plant and equipment 0 0
Finance receivables repaid 47 35
Finance receivables originated (28) (17)
Other investing activities, net 0 1
Net cash provided by (used in) investing activities 19 19
Cash flows from financing activities    
Principal payments on long-term debt and nonrecourse debt (13) (15)
Purchases of Textron common stock 0 0
Dividends paid 0 0
Proceeds from options exercised 0 0
Other financing activities, net 11 0
Net cash used in financing activities (2) (15)
Effect of exchange rate changes on cash and equivalents 0 0
Net increase (decrease) in cash and equivalents 18 8
Cash and equivalents at beginning of period 60 72
Cash and equivalents at end of period $ 78 $ 80