Quarterly Data

12 Months Ended

Dec. 31, 2011

Quarterly Data [Abstract]

Quarterly Data

Quarterly Data

(Unaudited)	2011												2010
(Dollars in millions, except per share amounts)	Q1			Q2			Q3			Q4			Q1			Q2			Q3			Q4
Revenues
Cessna	$	556		$	652		$	771		$	1,011		$	433		$	635		$	535		$	960
Bell		749			872			894			1,010			618			823			825			975
Textron Systems		445			452			462			513			458			534			460			527
Industrial		703			719			655			708			625			661			600			638
Finance		26			33			32			12			76			56			59			27
Total revenues	$	2,479		$	2,728		$	2,814		$	3,254		$	2,210		$	2,709		$	2,479		$	3,127
Segment profit
Cessna	$	(38	)	$	5		$	33		$	60		$	(24	)	$	3		$	(31	)	$	23
Bell		91			120			143			167			74			108			107			138
Textron Systems (a)		53			49			47			(8	)		55			70			50			55
Industrial		61			55			37			49			49			51			37			25
Finance (b)		(44	)		(33	)		(24	)		(232	)		(58	)		(71	)		(51	)		(57)
Total segment profit		123			196			236			36			96			161			112			184
Corporate expenses and other, net		(39	)		(23	)		(13	)		(39	)		(37	)		(17	)		(35	)		(48)
Interest expense, net for Manufacturing group		(38	)		(38	)		(37	)		(27	)		(36	)		(35	)		(32	)		(37)
Special charges (c)		—			—			—			—			(12	)		(10	)		(114	)		(54)
Income tax benefit (expense)		(15	)		(43	)		(50	)		13			(15	)		(18	)		21			18
Income (loss) from continuing operations		31			92			136			(17	)		(4	)		81			(48	)		63
Income (loss) from discontinued operations, net of income taxes		(2	)		(2	)		6			(2	)		(4	)		1			—			(3)
Net income (loss)	$	29		$	90		$	142		$	(19	)	$	(8	)	$	82		$	(48	)	$	60
Basic earnings per share
Continuing operations	$	0.11		$	0.33		$	0.49		$	(0.06	)	$	(0.01	)	$	0.30		$	(0.17	)	$	0.23
Discontinued operations		(0.01	)		(0.01	)		0.02			(0.01	)		(0.02	)		—			—			(0.01)
Basic earnings per share	$	0.10		$	0.32		$	0.51		$	(0.07	)	$	(0.03	)	$	0.30		$	(0.17	)	$	0.22
Basic average shares outstanding (In thousands)		276,358			277,406			278,090			278,881			273,174			274,098			274,896			275,640
Diluted earnings per share (d)
Continuing operations	$	0.10		$	0.29		$	0.45		$	(0.06	)	$	(0.01	)	$	0.27		$	(0.17	)	$	0.20
Discontinued operations		(0.01	)		—			0.02			(0.01	)		(0.02	)		—			—			(0.01)
Diluted earnings per share	$	0.09		$	0.29		$	0.47		$	(0.07	)	$	(0.03	)	$	0.27		$	(0.17	)	$	0.19
Diluted average shares outstanding (In thousands)		319,119			315,208			300,866			278,881			273,174			302,397			274,896			308,491
Segment profit margins
Cessna		(6.8	)%		0.8	%		4.3	%		5.9	%		(5.5	)%		0.5	%		(5.8	)%		2.4%
Bell		12.1			13.8			16.0			16.5			12.0			13.1			13.0			14.2
Textron Systems		11.9			10.8			10.2			(1.6	)		12.0			13.1			10.9			10.4
Industrial		8.7			7.6			5.6			6.9			7.8			7.7			6.2			3.9
Finance		(169.2	)		(100.0	)		(75.0	)		(1,933.3	)		(76.1	)		(126.8	)		(86.4	)		(211.1)
Segment profit margin		5.0	%		7.2	%		8.4	%		1.1	%		4.3	%		5.9	%		4.5	%		5.9%
Common stock information (d)
Price range: High	$	28.87		$	28.65		$	25.17		$	20.41		$	23.46		$	25.30		$	21.52		$	24.18
Low	$	23.50		$	20.86		$	14.66		$	16.37		$	17.96		$	15.88		$	16.02		$	19.92
Dividends declared per share	$	0.02		$	0.02		$	0.02		$	0.02		$	0.02		$	0.02		$	0.02		$	0.02

(a) The fourth quarter of 2011 includes a $41 million impairment charge to write down certain intangible assets and approximately $19 million in severance costs related to a workforce reduction at the segment.

(b) The fourth quarter of 2011 includes a $186 million initial mark-to-market adjustment for remaining finance receivables in the Golf Mortgage portfolio that were transferred to the held for sale classification in the quarter.

(c) Special charges include restructuring charges of $99 million in 2010, primarily related to severance and asset impairment charges. In addition, in the third quarter of 2010, special charges include a $91 million charge to reclassify a foreign exchange loss from equity to the income statement as a result of substantially liquidating a Finance segment entity.

(d) For the fourth quarter of 2011 and the first and third quarters of 2010, the potential dilutive effect of stock options, restricted stock units and the shares that could be issued upon the conversion of our convertible senior notes and upon the exercise of the related warrants was excluded from the computation of diluted weighted-average shares outstanding as the shares would have an anti-dilutive effect on the loss from continuing operations.