Revenues (Tables)

9 Months Ended

Sep. 29, 2018

Revenues

Schedule of revenue by major product type, customer type and geographic

Our revenues disaggregated by major product type for the three and nine months ended September 29, 2018 are presented below:

(In millions)		Three Months Ended		Nine Months Ended
Aircraft	$	756	$	2,267
Aftermarket parts and services		377		1,152
Textron Aviation		1,133		3,419
Military aircraft and support programs		505		1,525
Commercial helicopters, parts and services		265		828
Bell		770		2,353
Unmanned systems		154		485
Marine and land systems		87		248
Simulation, training and other		111		386
Textron Systems		352		1,119
Fuel systems and functional components		522		1,804
Specialized vehicles		408		1,231
Tools and test equipment		—		248
Industrial		930		3,283
Finance		15		48
Total revenues	$	3,200	$	10,222

Our revenues by customer type and geographic location for the three and nine months ended September 29, 2018 are presented below:

(In millions)		Textron Aviation		Bell		Textron Systems		Industrial		Finance		Total
Three months ended
Customer type:
Commercial	$	1,081	$	258	$	92	$	923	$	15	$	2,369
U.S. Government		52		512		260		7		—		831
Total revenues	$	1,133	$	770	$	352	$	930	$	15	$	3,200
Geographic location:
United States	$	740	$	392	$	293	$	435	$	4	$	1,864
International		393		378		59		495		11		1,336
Total revenues	$	1,133	$	770	$	352	$	930	$	15	$	3,200
Nine months ended
Customer type:
Commercial	$	3,245	$	801	$	326	$	3,262	$	48	$	7,682
U.S. Government		174		1,552		793		21		—		2,540
Total revenues	$	3,419	$	2,353	$	1,119	$	3,283	$	48	$	10,222
Geographic location:
United States	$	2,319	$	1,444	$	877	$	1,521	$	18	$	6,179
International		1,100		909		242		1,762		30		4,043
Total revenues	$	3,419	$	2,353	$	1,119	$	3,283	$	48	$	10,222

ASC 606

Revenues

Schedule of impacts of adopting ASU 606

	September 29, 2018
(In millions)		As Reported		Effect of the adoption of ASC 606		Under Prior Accounting
Consolidated Balance Sheets
Accounts receivable, net	$	1,026	$	187	$	1,213
Inventories		4,030		207		4,237
Other current assets		706		(418)		288
Property, plant and equipment, net		2,593		6		2,599
Other assets		1,868		40		1,908
Total Manufacturing group assets		13,582		22		13,604
Total assets		14,669		22		14,691
Other current liabilities		2,310		147		2,457
Total Manufacturing group liabilities		8,225		147		8,372
Total liabilities		9,126		147		9,273
Retained earnings		6,419		(125)		6,294
Total shareholders’ equity		5,543		(125)		5,418

	Three Months Ended September 29, 2018						Nine Months Ended September 29, 2018
(In millions, except per share amounts)		As Reported		Effect of the adoption of ASC 606		Under Prior Accounting		As Reported		Effect of the adoption of ASC 606		Under Prior Accounting
Consolidated Statements of Operations
Manufacturing revenues	$	3,185	$	21	$	3,206	$	10,174	$	(225)	$	9,949
Total revenues		3,200		21		3,221		10,222		(225)		9,997
Cost of sales		2,687		25		2,712		8,489		(178)		8,311
Income from continuing operations before income taxes		628		(4)		624		1,106		(47)		1,059
Income tax expense		65		(1)		64		130		(12)		118
Income from continuing operations		563		(3)		560		976		(35)		941
Net income		563		(3)		560		976		(35)		941
Basic earnings per share - continuing operations	$	2.29	$	(0.01)	$	2.28	$	3.85	$	(0.14)	$	3.71
Diluted earnings per share - continuing operations		2.26		(0.01)		2.25		3.80		(0.14)		3.66
Consolidated Statements of Comprehensive Income
Other comprehensive income	$	46	$	(3)	$	43	$	78	$	(35)	$	43
Comprehensive income		609		(3)		606		1,054		(35)		1,019

	Nine Months Ended September 29, 2018
(In millions)		As Reported		Effect of the adoption of ASC 606		Under Prior Accounting
Consolidated Statements of Cash flows
Net income	$	976	$	(35)	$	941
Income from continuing operations		976		(35)		941
Deferred income taxes		25		(12)		13
Accounts receivable, net		56		16		72
Inventories		(190)		(29)		(219)
Other assets		(28)		(12)		(40)
Other liabilities		(80)		72		(8)
Net cash provided by operating activities of continuing operations		697		—		697