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Revenues
3 Months Ended
Mar. 30, 2019
Revenues  
Revenues

 

Note 11. Revenues

 

Disaggregation of Revenues

Our revenues disaggregated by major product type are presented below:

                                                                                                                                                                                                                                                                                                                            

 

 

Three Months Ended

(In millions)

 

March 30,
2019

 

March 31,
2018

Aircraft

$

766

$

634

Aftermarket parts and services

 

368

 

376

Textron Aviation

 

1,134

 

1,010

Military aircraft and support programs

 

508

 

487

Commercial helicopters, parts and services

 

231

 

265

Bell

 

739

 

752

Unmanned systems

 

134

 

170

Marine and land systems

 

48

 

92

Simulation, training and other

 

125

 

125

Textron Systems

 

307

 

387

Fuel systems and functional components

 

594

 

655

Specialized vehicles

 

318

 

348

Tools and test equipment

 

 

128

Industrial

 

912

 

1,131

Finance

 

17

 

16

Total revenues

$

3,109

$

3,296

 

Our revenues for our segments by customer type and geographic location are presented below:

                                                                                                                                                                                                                                                                                                                            

(In millions)

 

Textron
Aviation

 

Bell

 

Textron
Systems

 

Industrial

 

Finance

 

Total

Three months ended March 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Customer type:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

$

1,092

$

230

$

74

$

905

$

17

$

2,318

U.S. Government

 

42

 

509

 

233

 

7

 

 

791

Total revenues

$

1,134

$

739

$

307

$

912

$

17

$

3,109

Geographic location:

 

 

 

 

 

 

 

 

 

 

 

 

United States

$

789

$

578

$

257

$

389

$

8

$

2,021

Europe

 

183

 

20

 

23

 

311

 

1

 

538

Asia and Australia

 

23

 

82

 

16

 

77

 

1

 

199

Other international

 

139

 

59

 

11

 

135

 

7

 

351

Total revenues

$

1,134

$

739

$

307

$

912

$

17

$

3,109

Three months ended March 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

Customer type:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

$

973

$

252

$

127

$

1,124

$

16

$

2,492

U.S. Government

 

37

 

500

 

260

 

7

 

 

804

Total revenues

$

1,010

$

752

$

387

$

1,131

$

16

$

3,296

Geographic location:

 

 

 

 

 

 

 

 

 

 

 

 

United States

$

665

$

509

$

287

$

496

$

7

$

1,964

Europe

 

146

 

27

 

12

 

383

 

1

 

569

Asia and Australia

 

81

 

127

 

28

 

92

 

2

 

330

Other international

 

118

 

89

 

60

 

160

 

6

 

433

Total revenues

$

1,010

$

752

$

387

$

1,131

$

16

$

3,296

 

Remaining Performance Obligations

Our remaining performance obligations, which is the equivalent of our backlog, represent the expected transaction price allocated to our contracts that we expect to recognize as revenue in future periods when we perform under the contracts.  These remaining obligations exclude unexercised contract options and potential orders under ordering-type contracts such as Indefinite Delivery, Indefinite Quantity contracts.  At March 30, 2019, we had $9.7 billion in remaining performance obligations of which we expect to recognize revenues of approximately 70% through 2020, an additional 23% through 2022, and the balance thereafter.

 

Contract Assets and Liabilities

 

Assets and liabilities related to our contracts with customers are reported on a contract-by-contract basis at the end of each reporting period.  At March 30, 2019, contract assets and contract liabilities totaled $477 million and $927 million, respectively.  At December 29, 2018, contract assets and contract liabilities totaled $461 million and $974 million, respectively.  During the first quarter of 2019, we recognized $311 million in revenues that were included in the contract liability balance at December 29, 2018. We recognized $322 million in revenues in the first quarter of 2018 that were included in the contract liability balance at the adoption date.