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|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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|||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
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|||||||
(Address of principal executive offices) | (Zip code) |
Title of each class | Trading Symbol (s) | Name of each exchange on which registered | ||||||
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New York Stock Exchange (
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þ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | ||||||||||||
Smaller reporting company |
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Emerging growth company |
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Page | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||
(In millions, except per share amounts) |
July 3,
2021 |
July 4,
2020 |
July 3,
2021 |
July 4,
2020 |
||||||||||
Revenues | ||||||||||||||
Manufacturing revenues | $ |
|
$ |
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$ |
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$ |
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||||||
Finance revenues |
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||||||||||
Total revenues |
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Costs, expenses and other | ||||||||||||||
Cost of sales |
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Selling and administrative expense |
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||||||||||
Interest expense |
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||||||||||
Special charges |
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||||||||||
Non-service components of pension and post-retirement income, net |
(
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(
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(
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(
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||||||||||
Gain on business disposition |
(
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|
(
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||||||||||
Total costs, expenses and other |
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||||||||||
Income (loss) from continuing operations before income taxes |
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(
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(
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||||||||||
Income tax expense (benefit) |
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(
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(
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||||||||||
Income (loss) from continuing operations | $ |
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$ |
(
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$ |
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$ |
(
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||||||
Loss from discontinued operations |
(
|
|
(
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|
||||||||||
Net income (loss) | $ |
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$ |
(
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$ |
|
$ |
(
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||||||
Basic Earnings (loss) per share | ||||||||||||||
Continuing operations | $ |
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$ |
(
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$ |
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$ |
(
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||||||
Discontinued operations |
(
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|
(
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||||||||||
Basic Earnings (loss) per share | $ |
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$ |
(
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$ |
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$ |
(
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||||||
Diluted Earnings (loss) per share | ||||||||||||||
Continuing operations | $ |
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$ |
(
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$ |
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$ |
(
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||||||
Discontinued operations |
(
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|
(
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|
||||||||||
Diluted Earnings (loss) per share | $ |
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$ |
(
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$ |
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$ |
(
|
Three Months Ended | Six Months Ended | |||||||||||||
(In millions) |
July 3,
2021 |
July 4,
2020 |
July 3,
2021 |
July 4,
2020 |
||||||||||
Net income (loss) | $ |
|
$ |
(
|
$ |
|
$ |
(
|
||||||
Other comprehensive income, net of tax | ||||||||||||||
Pension and postretirement benefits adjustments, net of reclassifications |
|
|
|
|
||||||||||
Foreign currency translation adjustments, net of reclassifications |
|
|
(
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(
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||||||||||
Deferred gains (losses) on hedge contracts, net of reclassifications |
|
|
|
(
|
||||||||||
Other comprehensive income |
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|
|
|
||||||||||
Comprehensive income (loss) | $ |
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$ |
(
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$ |
|
$ |
|
(Dollars in millions) |
July 3,
2021 |
January 2,
2021 |
||||||
Assets | ||||||||
Manufacturing group | ||||||||
Cash and equivalents | $ |
|
$ |
|
||||
Accounts receivable, net |
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|
||||||
Inventories |
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|
||||||
Other current assets |
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||||||
Total current assets |
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||||||
Property, plant and equipment, less accumulated depreciation
and amortization of $
|
|
|
||||||
Goodwill |
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|
||||||
Other assets |
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|
||||||
Total Manufacturing group assets |
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||||||
Finance group | ||||||||
Cash and equivalents |
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|
||||||
Finance receivables, net |
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|
||||||
Other assets |
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|
||||||
Total Finance group assets |
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|
||||||
Total assets | $ |
|
$ |
|
||||
Liabilities and shareholders’ equity | ||||||||
Liabilities | ||||||||
Manufacturing group | ||||||||
Current portion of long-term debt | $ |
|
$ |
|
||||
Accounts payable |
|
|
||||||
Other current liabilities |
|
|
||||||
Total current liabilities |
|
|
||||||
Other liabilities |
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|
||||||
Long-term debt |
|
|
||||||
Total Manufacturing group liabilities |
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|
||||||
Finance group | ||||||||
Other liabilities |
|
|
||||||
Debt |
|
|
||||||
Total Finance group liabilities |
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|
||||||
Total liabilities |
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|
||||||
Shareholders’ equity | ||||||||
Common stock |
|
|
||||||
Capital surplus |
|
|
||||||
Treasury stock |
(
|
(
|
||||||
Retained earnings |
|
|
||||||
Accumulated other comprehensive loss |
(
|
(
|
||||||
Total shareholders’ equity |
|
|
||||||
Total liabilities and shareholders’ equity | $ |
|
$ |
|
||||
Common shares outstanding (in thousands) |
|
|
Consolidated | ||||||||
(In millions) | 2021 | 2020 | ||||||
Cash flows from operating activities | ||||||||
Income (loss) from continuing operations | $ |
|
$ |
(
|
||||
Adjustments to reconcile income (loss) from continuing operations to
net cash provided by (used in) operating activities: |
||||||||
Non-cash items: | ||||||||
Depreciation and amortization |
|
|
||||||
Gain on business disposition |
(
|
|
||||||
Deferred income taxes |
|
(
|
||||||
Asset impairments and TRU inventory charge |
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|
||||||
Other, net |
|
|
||||||
Changes in assets and liabilities: | ||||||||
Accounts receivable, net |
(
|
|
||||||
Inventories |
(
|
(
|
||||||
Other assets |
|
|
||||||
Accounts payable |
|
(
|
||||||
Other liabilities |
|
|
||||||
Income taxes, net |
|
|
||||||
Pension, net |
(
|
(
|
||||||
Captive finance receivables, net |
|
(
|
||||||
Other operating activities, net |
(
|
|
||||||
Net cash provided by (used in) operating activities of continuing operations |
|
(
|
||||||
Net cash used in operating activities of discontinued operations |
(
|
|
||||||
Net cash provided by (used in) operating activities |
|
(
|
||||||
Cash flows from investing activities | ||||||||
Capital expenditures |
(
|
(
|
||||||
Net proceeds from business disposition |
|
|
||||||
Net proceeds from corporate-owned life insurance policies |
|
|
||||||
Proceeds from the sale of property, plant and equipment |
|
|
||||||
Net cash used in acquisitions |
|
(
|
||||||
Finance receivables repaid |
|
|
||||||
Other investing activities, net |
|
|
||||||
Net cash used in investing activities |
(
|
(
|
||||||
Cash flows from financing activities | ||||||||
Increase in short-term debt |
|
|
||||||
Net proceeds from long-term debt |
|
|
||||||
Proceeds from borrowings against corporate-owned life insurance policies |
|
|
||||||
Payment on borrowings against corporate-owned life insurance policies |
|
(
|
||||||
Principal payments on long-term debt and nonrecourse debt |
(
|
(
|
||||||
Purchases of Textron common stock |
(
|
(
|
||||||
Dividends paid |
(
|
(
|
||||||
Other financing activities, net |
|
|
||||||
Net cash provided by (used in) financing activities |
(
|
|
||||||
Effect of exchange rate changes on cash and equivalents |
|
(
|
||||||
Net increase (decrease) in cash and equivalents |
(
|
|
||||||
Cash and equivalents at beginning of period |
|
|
||||||
Cash and equivalents at end of period | $ |
|
$ |
|
Manufacturing Group | Finance Group | |||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||
Cash flows from operating activities | ||||||||||||||
Income (loss) from continuing operations | $ |
|
$ |
(
|
$ |
(
|
$ |
|
||||||
Adjustments to reconcile income (loss) from continuing operations to
net cash provided by (used in) operating activities: |
||||||||||||||
Non-cash items: | ||||||||||||||
Depreciation and amortization |
|
|
|
|
||||||||||
Gain on business disposition |
(
|
|
|
|
||||||||||
Deferred income taxes |
|
(
|
(
|
(
|
||||||||||
Asset impairments and TRU inventory charge |
|
|
|
|
||||||||||
Other, net |
|
|
(
|
|
||||||||||
Changes in assets and liabilities: | ||||||||||||||
Accounts receivable, net |
(
|
|
|
|
||||||||||
Inventories |
(
|
(
|
|
|
||||||||||
Other assets |
|
|
(
|
|
||||||||||
Accounts payable |
|
(
|
|
|
||||||||||
Other liabilities |
|
|
|
(
|
||||||||||
Income taxes, net |
|
(
|
|
|
||||||||||
Pension, net |
(
|
(
|
|
|
||||||||||
Other operating activities, net |
(
|
|
|
|
||||||||||
Net cash provided by (used in) operating activities of continuing operations |
|
(
|
|
|
||||||||||
Net cash used in operating activities of discontinued operations |
(
|
|
|
|
||||||||||
Net cash provided by (used in) operating activities |
|
(
|
|
|
||||||||||
Cash flows from investing activities | ||||||||||||||
Capital expenditures |
(
|
(
|
|
|
||||||||||
Net proceeds from business disposition |
|
|
|
|
||||||||||
Net proceeds from corporate-owned life insurance policies |
|
|
|
|
||||||||||
Proceeds from the sale of property, plant and equipment |
|
|
|
|
||||||||||
Net cash used in acquisitions |
|
(
|
|
|
||||||||||
Finance receivables repaid |
|
|
|
|
||||||||||
Finance receivables originated |
|
|
(
|
(
|
||||||||||
Other investing activities, net |
|
|
|
|
||||||||||
Net cash provided by (used in) investing activities |
(
|
(
|
|
|
||||||||||
Cash flows from financing activities | ||||||||||||||
Increase in short-term debt |
|
|
|
|
||||||||||
Net proceeds from long-term debt |
|
|
|
|
||||||||||
Proceeds from borrowings against corporate-owned life insurance policies |
|
|
|
|
||||||||||
Payment on borrowings against corporate-owned life insurance policies |
|
(
|
|
|
||||||||||
Principal payments on long-term debt and nonrecourse debt |
(
|
(
|
(
|
(
|
||||||||||
Purchases of Textron common stock |
(
|
(
|
|
|
||||||||||
Dividends paid |
(
|
(
|
|
|
||||||||||
Other financing activities, net |
|
(
|
|
|
||||||||||
Net cash provided by (used in) financing activities |
(
|
|
(
|
(
|
||||||||||
Effect of exchange rate changes on cash and equivalents |
|
(
|
|
|
||||||||||
Net increase (decrease) in cash and equivalents |
(
|
|
|
(
|
||||||||||
Cash and equivalents at beginning of period |
|
|
|
|
||||||||||
Cash and equivalents at end of period | $ |
|
$ |
|
$ |
|
$ |
|
(In millions) |
July 3,
2021 |
January 2,
2021 |
||||||
Commercial | $ |
|
$ |
|
||||
U.S. Government contracts |
|
|
||||||
|
|
|||||||
Allowance for credit losses |
(
|
(
|
||||||
Total accounts receivable, net | $ |
|
$ |
|
(In millions) |
July 3,
2021 |
January 2,
2021 |
||||||
Finance receivables | $ |
|
$ |
|
||||
Allowance for credit losses |
(
|
(
|
||||||
Total finance receivables, net | $ |
|
$ |
|
(Dollars in millions) |
July 3,
2021 |
January 2,
2021 |
||||||
Performing | $ |
|
$ |
|
||||
Watchlist |
|
|
||||||
Nonaccrual |
|
|
||||||
Nonaccrual as a percentage of finance receivables |
|
|
||||||
Current and less than 31 days past due | $ |
|
$ |
|
||||
31-60 days past due |
|
|
||||||
61-90 days past due |
|
|
||||||
Over 90 days past due |
|
|
||||||
60+ days contractual delinquency as a percentage of finance receivables |
|
|
(In millions) |
July 3,
2021 |
January 2,
2021 |
||||||
Finance receivables evaluated collectively | $ |
|
$ |
|
||||
Finance receivables evaluated individually |
|
|
||||||
Allowance for credit losses based on collective evaluation |
|
|
||||||
Allowance for credit losses based on individual evaluation |
|
|
||||||
Impaired finance receivables with specific allowance for credit losses | $ |
|
$ |
|
||||
Impaired finance receivables with no specific allowance for credit losses |
|
|
||||||
Unpaid principal balance of impaired finance receivables |
|
|
||||||
Allowance for credit losses on impaired finance receivables |
|
|
||||||
Average recorded investment of impaired finance receivables |
|
|
(In millions) |
July 3,
2021 |
January 2,
2021 |
||||||
Finished goods | $ |
|
$ |
|
||||
Work in process |
|
|
||||||
Raw materials and components |
|
|
||||||
Total inventories | $ |
|
$ |
|
Six Months Ended | ||||||||
(In millions) |
July 3,
2021 |
July 4,
2020 |
||||||
Beginning of period | $ |
|
$ |
|
||||
Provision |
|
|
||||||
Settlements |
(
|
(
|
||||||
Adjustments* |
|
(
|
||||||
End of period | $ |
|
$ |
|
(Dollars in millions) |
July 3,
2021 |
January 2,
2021 |
||||||
Other assets | $ |
|
$ |
|
||||
Other current liabilities |
|
|
||||||
Other liabilities |
|
|
||||||
Weighted-average remaining lease term (in years) |
|
|
||||||
Weighted-average discount rate |
|
|
July 3, 2021 | January 2, 2021 | |||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||
(In millions) | Value | Fair Value | Value | Fair Value | ||||||||||
Manufacturing group | ||||||||||||||
Debt, excluding leases | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
||||||
Finance group | ||||||||||||||
Finance receivables, excluding leases |
|
|
|
|
||||||||||
Debt |
(
|
(
|
(
|
(
|
(In millions) |
Common
Stock |
Capital
Surplus |
Treasury
Stock |
Retained
Earnings |
Accumulated
Other Comprehensive Loss |
Total
Shareholders' Equity |
||||||||||||||
Three months ended July 3, 2021 | ||||||||||||||||||||
Beginning of period | $ |
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
||||||||
Net income | — | — | — |
|
— |
|
||||||||||||||
Other comprehensive income | — | — | — | — |
|
|
||||||||||||||
Share-based compensation activity | — |
|
— | — | — |
|
||||||||||||||
Dividends declared | — | — | — |
(
|
— |
(
|
||||||||||||||
Purchases of common stock | — | — |
(
|
— | — |
(
|
||||||||||||||
End of period | $ |
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
||||||||
Three months ended July 4, 2020 | ||||||||||||||||||||
Beginning of period | $ |
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
||||||||
Net loss | — | — | — |
(
|
— |
(
|
||||||||||||||
Other comprehensive income | — | — | — | — |
|
|
||||||||||||||
Share-based compensation activity | — |
|
— | — | — |
|
||||||||||||||
Dividends declared | — | — | — |
(
|
— |
(
|
||||||||||||||
End of period | $ |
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
||||||||
Six months ended July 3, 2021 | ||||||||||||||||||||
Beginning of period | $ |
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
||||||||
Net income | — | — | — |
|
— |
|
||||||||||||||
Other comprehensive income | — | — | — | — |
|
|
||||||||||||||
Share-based compensation activity | — |
|
— | — | — |
|
||||||||||||||
Dividends declared | — | — | — |
(
|
— |
(
|
||||||||||||||
Purchases of common stock | — | — |
(
|
— | — |
(
|
||||||||||||||
End of period | $ |
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
||||||||
Six months ended July 4, 2020 | ||||||||||||||||||||
Beginning of period | $ |
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
||||||||
Net loss | — | — | — |
(
|
— |
(
|
||||||||||||||
Other comprehensive income | — | — | — | — |
|
|
||||||||||||||
Share-based compensation activity | — |
|
— | — | — |
|
||||||||||||||
Dividends declared | — | — | — |
(
|
— |
(
|
||||||||||||||
Purchases of common stock | — | — |
(
|
— | — |
(
|
||||||||||||||
End of period | $ |
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
Three Months Ended | Six Months Ended | |||||||||||||
(In thousands) |
July 3,
2021 |
July 4,
2020 |
July 3,
2021 |
July 4,
2020 |
||||||||||
Basic weighted-average shares outstanding |
|
|
|
|
||||||||||
Dilutive effect of stock options |
|
|
|
|
||||||||||
Diluted weighted-average shares outstanding |
|
|
|
|
(In millions) |
Pension and
Postretirement Benefits Adjustments |
Foreign
Currency Translation Adjustments |
Deferred
Gains (Losses) on Hedge Contracts |
Accumulated
Other Comprehensive Loss |
||||||||||
Balance at January 2, 2021 | $ |
(
|
$ |
|
$ |
(
|
$ |
(
|
||||||
Other comprehensive loss before reclassifications |
|
(
|
|
(
|
||||||||||
Reclassified from Accumulated other comprehensive loss |
|
|
|
|
||||||||||
Balance at July 3, 2021 | $ |
(
|
$ |
|
$ |
|
$ |
(
|
||||||
Balance at January 4, 2020 | $ |
(
|
$ |
(
|
$ |
|
$ |
(
|
||||||
Other comprehensive loss before reclassifications |
|
(
|
(
|
(
|
||||||||||
Reclassified from Accumulated other comprehensive loss |
|
|
(
|
|
||||||||||
Balance at July 4, 2020 | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
July 3, 2021 | July 4, 2020 | |||||||||||||||||||
(In millions) |
Pre-Tax
Amount |
Tax
(Expense) Benefit |
After-tax
Amount |
Pre-Tax
Amount |
Tax
(Expense) Benefit |
After-tax
Amount |
||||||||||||||
Three Months Ended | ||||||||||||||||||||
Pension and postretirement benefits adjustments: | ||||||||||||||||||||
Amortization of net actuarial loss* | $ |
|
$ |
(
|
$ |
|
$ |
|
$ |
(
|
$ |
|
||||||||
Amortization of prior service cost* |
|
(
|
|
|
|
|
||||||||||||||
Pension and postretirement benefits adjustments, net |
|
(
|
|
|
(
|
|
||||||||||||||
Foreign currency translation adjustments |
|
|
|
|
|
|
||||||||||||||
Deferred gains (losses) on hedge contracts: | ||||||||||||||||||||
Current deferrals |
|
|
|
|
(
|
|
||||||||||||||
Reclassification adjustments |
|
|
|
(
|
|
(
|
||||||||||||||
Deferred gains (losses) on hedge contracts, net |
|
|
|
|
|
|
||||||||||||||
Total | $ |
|
$ |
(
|
$ |
|
$ |
|
$ |
(
|
$ |
|
||||||||
Six Months Ended | ||||||||||||||||||||
Pension and postretirement benefits adjustments: | ||||||||||||||||||||
Amortization of net actuarial loss* | $ |
|
$ |
(
|
$ |
|
$ |
|
$ |
(
|
$ |
|
||||||||
Amortization of prior service cost* |
|
(
|
|
|
(
|
|
||||||||||||||
Pension and postretirement benefits adjustments, net |
|
(
|
|
|
(
|
|
||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||
Foreign currency translation adjustments |
(
|
|
(
|
(
|
(
|
(
|
||||||||||||||
Business disposition |
|
|
|
|
|
|
||||||||||||||
Foreign currency translation adjustments, net |
(
|
|
(
|
(
|
(
|
(
|
||||||||||||||
Deferred gains (losses) on hedge contracts: | ||||||||||||||||||||
Current deferrals |
|
(
|
|
(
|
|
(
|
||||||||||||||
Reclassification adjustments |
|
|
|
(
|
|
(
|
||||||||||||||
Deferred gains (losses) on hedge contracts, net |
|
(
|
|
(
|
|
(
|
||||||||||||||
Total | $ |
|
$ |
(
|
$ |
|
$ |
|
$ |
(
|
$ |
|
Three Months Ended | Six Months Ended | |||||||||||||
(In millions) |
July 3,
2021 |
July 4,
2020 |
July 3,
2021 |
July 4,
2020 |
||||||||||
Revenues | ||||||||||||||
Textron Aviation | $ |
|
$ |
|
$ |
|
$ |
|
||||||
Bell |
|
|
|
|
||||||||||
Textron Systems |
|
|
|
|
||||||||||
Industrial |
|
|
|
|
||||||||||
Finance |
|
|
|
|
||||||||||
Total revenues | $ |
|
$ |
|
$ |
|
$ |
|
||||||
Segment Profit | ||||||||||||||
Textron Aviation | $ |
|
$ |
(
|
$ |
|
$ |
(
|
||||||
Bell |
|
|
|
|
||||||||||
Textron Systems |
|
|
|
|
||||||||||
Industrial |
|
(
|
|
(
|
||||||||||
Finance |
|
|
|
|
||||||||||
Segment profit |
|
|
|
|
||||||||||
Corporate expenses and other, net |
(
|
(
|
(
|
(
|
||||||||||
Interest expense, net for Manufacturing group |
(
|
(
|
(
|
(
|
||||||||||
Special charges* |
(
|
(
|
(
|
(
|
||||||||||
Gain on business disposition |
|
|
|
|
||||||||||
Inventory charge* |
|
(
|
|
(
|
||||||||||
Income (loss) from continuing operations before income taxes | $ |
|
$ |
(
|
$ |
|
$ |
(
|
Three Months Ended | Six Months Ended | |||||||||||||
(In millions) |
July 3,
2021 |
July 4,
2020 |
July 3,
2021 |
July 4,
2020 |
||||||||||
Aircraft | $ |
|
$ |
|
$ |
|
$ |
|
||||||
Aftermarket parts and services |
|
|
|
|
||||||||||
Textron Aviation |
|
|
|
|
||||||||||
Military aircraft and support programs |
|
|
|
|
||||||||||
Commercial helicopters, parts and services |
|
|
|
|
||||||||||
Bell |
|
|
|
|
||||||||||
Air systems* |
|
|
|
|
||||||||||
Land and sea systems* |
|
|
|
|
||||||||||
Other* |
|
|
|
|
||||||||||
Textron Systems |
|
|
|
|
||||||||||
Fuel systems and functional components |
|
|
|
|
||||||||||
Specialized vehicles |
|
|
|
|
||||||||||
Industrial |
|
|
|
|
||||||||||
Finance |
|
|
|
|
||||||||||
Total revenues | $ |
|
$ |
|
$ |
|
$ |
|
(In millions) |
Textron
Aviation |
Bell |
Textron
Systems |
Industrial | Finance | Total | ||||||||||||||
Three months ended July 3, 2021 | ||||||||||||||||||||
Customer type: | ||||||||||||||||||||
Commercial | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
U.S. Government |
|
|
|
|
|
|
||||||||||||||
Total revenues | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Geographic location: | ||||||||||||||||||||
United States | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Europe |
|
|
|
|
|
|
||||||||||||||
Asia and Australia |
|
|
|
|
|
|
||||||||||||||
Other international |
|
|
|
|
|
|
||||||||||||||
Total revenues | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Three months ended July 4, 2020 | ||||||||||||||||||||
Customer type: | ||||||||||||||||||||
Commercial | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
U.S. Government |
|
|
|
|
|
|
||||||||||||||
Total revenues | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Geographic location: | ||||||||||||||||||||
United States | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Europe |
|
|
|
|
|
|
||||||||||||||
Asia and Australia |
|
|
|
|
|
|
||||||||||||||
Other international |
|
|
|
|
|
|
||||||||||||||
Total revenues | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Six months ended July 3, 2021 | ||||||||||||||||||||
Customer type: | ||||||||||||||||||||
Commercial | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
U.S. Government |
|
|
|
|
|
|
||||||||||||||
Total revenues | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Geographic location: | ||||||||||||||||||||
United States | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Europe |
|
|
|
|
|
|
||||||||||||||
Asia and Australia |
|
|
|
|
|
|
||||||||||||||
Other international |
|
|
|
|
|
|
||||||||||||||
Total revenues | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Six months ended July 4, 2020 | ||||||||||||||||||||
Customer type: | ||||||||||||||||||||
Commercial | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
U.S. Government |
|
|
|
|
|
|
||||||||||||||
Total revenues | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Geographic location: | ||||||||||||||||||||
United States | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Europe |
|
|
|
|
|
|
||||||||||||||
Asia and Australia |
|
|
|
|
|
|
||||||||||||||
Other international |
|
|
|
|
|
|
||||||||||||||
Total revenues | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Three Months Ended | Six Months Ended | |||||||||||||
(In millions) |
July 3,
2021 |
July 4,
2020 |
July 3,
2021 |
July 4,
2020 |
||||||||||
Pension Benefits | ||||||||||||||
Service cost | $ |
|
$ |
|
$ |
|
$ |
|
||||||
Interest cost |
|
|
|
|
||||||||||
Expected return on plan assets |
(
|
(
|
(
|
(
|
||||||||||
Amortization of net actuarial loss |
|
|
|
|
||||||||||
Amortization of prior service cost |
|
|
|
|
||||||||||
Net periodic benefit cost (credit)* | $ |
(
|
$ |
|
$ |
(
|
$ |
|
||||||
Postretirement Benefits Other Than Pensions | ||||||||||||||
Service cost | $ |
|
$ |
|
$ |
|
$ |
|
||||||
Interest cost |
|
|
|
|
||||||||||
Amortization of net actuarial gain |
|
|
(
|
|
||||||||||
Amortization of prior service credit |
(
|
(
|
(
|
(
|
||||||||||
Net periodic benefit cost | $ |
|
$ |
|
$ |
|
$ |
|
(In millions) |
Severance
Costs |
Contract
Termination and Other |
Asset
Impairments |
Total 2020
COVID-19 Restructuring Plan |
Other Asset
Impairments |
Total | ||||||||||||||
Three months ended July 3, 2021 | ||||||||||||||||||||
Industrial | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Total special charges | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Three months ended July 4, 2020 | ||||||||||||||||||||
Textron Systems | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Textron Aviation |
|
|
|
|
|
|
||||||||||||||
Industrial |
|
|
|
|
|
|
||||||||||||||
Corporate |
|
|
|
|
|
|
||||||||||||||
Total special charges | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Six months ended July 3, 2021 | ||||||||||||||||||||
Industrial | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Total special charges | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Six months ended July 4, 2020 | ||||||||||||||||||||
Textron Systems | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Textron Aviation |
|
|
|
|
|
|
||||||||||||||
Industrial |
|
|
|
|
|
|
||||||||||||||
Corporate |
|
|
|
|
|
|
||||||||||||||
Total special charges | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
(In millions) |
Severance
Costs |
Contract
Terminations and Other |
Total | ||||||||
Balance at January 2, 2021 | $ |
|
$ |
|
$ |
|
|||||
Provision for 2020 COVID-19 restructuring plan |
|
|
|
||||||||
Cash paid |
(
|
(
|
(
|
||||||||
Foreign currency translation |
(
|
|
(
|
||||||||
Balance at July 3, 2021 | $ |
|
$ |
|
$ |
|
Three Months Ended | Six Months Ended | |||||||||||||||||||
(Dollars in millions) |
July 3,
2021 |
July 4,
2020 |
% Change |
July 3,
2021 |
July 4,
2020 |
% Change | ||||||||||||||
Revenues | $ | 3,191 | $ | 2,472 | 29% | $ | 6,070 | $ | 5,249 | 16% | ||||||||||
Cost of sales | 2,660 | 2,251 | 18% | 5,060 | 4,638 | 9% | ||||||||||||||
Selling and administrative expense | 314 | 239 | 31% | 612 | 502 | 22% | ||||||||||||||
Gross margin as a % of Manufacturing revenues | 16.3% | 8.4% | 16.3% | 11.1% |
(In millions) |
July 3,
2021 |
January 2,
2021 |
||||||
Bell | $ | 4,775 | $ | 5,342 | ||||
Textron Aviation | 2,744 | 1,603 | ||||||
Textron Systems | 2,296 | 2,556 | ||||||
Total backlog | $ | 9,815 | $ | 9,501 |
Three Months Ended | Six Months Ended | |||||||||||||||||||
(Dollars in millions) |
July 3,
2021 |
July 4,
2020 |
% Change |
July 3,
2021 |
July 4,
2020 |
% Change | ||||||||||||||
Revenues: | ||||||||||||||||||||
Aircraft | $ | 797 | $ | 478 | 67% | $ | 1,332 | $ | 993 | 34% | ||||||||||
Aftermarket parts and services | 364 | 269 | 35% | 694 | 626 | 11% | ||||||||||||||
Total revenues | 1,161 | 747 | 55% | 2,026 | 1,619 | 25% | ||||||||||||||
Operating expenses | 1,065 | 813 | 31% | 1,883 | 1,682 | 12% | ||||||||||||||
Segment profit (loss) | 96 | (66) | 245% | 143 | (63) | 327% | ||||||||||||||
Profit margin | 8.3% | (8.8)% | 7.1% | (3.9)% |
(In millions) |
Q2 2021
versus Q2 2020 |
YTD 2021
versus YTD 2020 |
||||||
Volume and mix | $ | 397 | $ | 384 | ||||
Pricing | 17 | 23 | ||||||
Total change | $ | 414 | $ | 407 |
(In millions) |
Q2 2021
versus Q2 2020 |
YTD 2021
versus YTD 2020 |
||||||
Volume and mix | $ | 117 | $ | 133 | ||||
Performance | 34 | 59 | ||||||
Pricing, net of inflation | 11 | 14 | ||||||
Total change | $ | 162 | $ | 206 |
Three Months Ended | Six Months Ended | |||||||||||||||||||
(Dollars in millions) |
July 3,
2021 |
July 4,
2020 |
% Change |
July 3,
2021 |
July 4,
2020 |
% Change | ||||||||||||||
Revenues: | ||||||||||||||||||||
Military aircraft and support programs | $ | 572 | $ | 602 | (5)% | $ | 1,149 | $ | 1,222 | (6)% | ||||||||||
Commercial helicopters, parts and services | 319 | 220 | 45% | 588 | 423 | 39% | ||||||||||||||
Total revenues | 891 | 822 | 8% | 1,737 | 1,645 | 6% | ||||||||||||||
Operating expenses | 781 | 704 | 11% | 1,522 | 1,412 | 8% | ||||||||||||||
Segment profit | 110 | 118 | (7)% | 215 | 233 | (8)% | ||||||||||||||
Profit margin | 12.3% | 14.4% | 12.4% | 14.2% |
(In millions) |
Q2 2021
versus Q2 2020 |
YTD 2021
versus YTD 2020 |
||||||
Volume and mix | $ | 61 | $ | 80 | ||||
Other | 8 | 12 | ||||||
Total change | $ | 69 | $ | 92 |
(In millions) |
Q2 2021
versus Q2 2020 |
YTD 2021
versus YTD 2020 |
||||||
Performance and other | $ | (13) | $ | (22) | ||||
Pricing, net of inflation | 5 | 7 | ||||||
Volume and mix | — | (3) | ||||||
Total change | $ | (8) | $ | (18) |
Three Months Ended | Six Months Ended | |||||||||||||||||||
(Dollars in millions) |
July 3,
2021 |
July 4,
2020 |
% Change |
July 3,
2021 |
July 4,
2020 |
% Change | ||||||||||||||
Revenues | $ | 333 | $ | 326 | 2% | $ | 661 | $ | 654 | 1% | ||||||||||
Operating expenses | 285 | 289 | (1)% | 562 | 591 | (5)% | ||||||||||||||
Segment profit | 48 | 37 | 30% | 99 | 63 | 57% | ||||||||||||||
Profit margin | 14.4% | 11.3% | 15.0% | 9.6% |
(In millions) |
Q2 2021
versus Q2 2020 |
YTD 2021
versus YTD 2020 |
||||||
Volume | $ | 17 | $ | 23 | ||||
Other | (10) | (16) | ||||||
Total change | $ | 7 | $ | 7 |
(In millions) |
Q2 2021
versus Q2 2020 |
YTD 2021
versus YTD 2020 |
||||||
Performance and other | $ | 9 | $ | 36 | ||||
Volume and mix | 2 | — | ||||||
Total change | $ | 11 | $ | 36 |
Three Months Ended | Six Months Ended | |||||||||||||||||||
(Dollars in millions) |
July 3,
2021 |
July 4,
2020 |
% Change |
July 3,
2021 |
July 4,
2020 |
% Change | ||||||||||||||
Revenues: | ||||||||||||||||||||
Fuel systems and functional components | $ | 440 | $ | 271 | 62% | $ | 937 | $ | 736 | 27% | ||||||||||
Specialized vehicles | 354 | 291 | 22% | 682 | 566 | 20% | ||||||||||||||
Total revenues | 794 | 562 | 41% | 1,619 | 1,302 | 24% | ||||||||||||||
Operating expenses | 762 | 573 | 33% | 1,540 | 1,304 | 18% | ||||||||||||||
Segment profit (loss) | 32 | (11) | 391% | 79 | (2) | 4050% | ||||||||||||||
Profit margin | 4.0% | (2.0)% | 4.9% | (0.2)% |
(In millions) |
Q2 2021
versus Q2 2020 |
YTD 2021
versus YTD 2020 |
||||||
Volume and mix | $ | 180 | $ | 227 | ||||
Pricing | 28 | 48 | ||||||
Foreign exchange | 24 | 42 | ||||||
Total change | $ | 232 | $ | 317 |
(In millions) |
Q2 2021
versus Q2 2020 |
YTD 2021
versus YTD 2020 |
||||||
Volume and mix | $ | 48 | $ | 64 | ||||
Pricing, net of inflation | 10 | 21 | ||||||
Performance | (11) | — | ||||||
Foreign exchange | (4) | (4) | ||||||
Total change | $ | 43 | $ | 81 |
Three Months Ended | Six Months Ended | |||||||||||||
(In millions) |
July 3,
2021 |
July 4,
2020 |
July 3,
2021 |
July 4,
2020 |
||||||||||
Revenues | $ | 12 | $ | 15 | $ | 27 | $ | 29 | ||||||
Segment profit | 3 | 4 | 9 | 7 |
(Dollars in millions) |
July 3,
2021 |
January 2,
2021 |
||||||
Finance receivables | $ | 682 | $ | 779 | ||||
Allowance for credit losses | 30 | 35 | ||||||
Ratio of allowance for credit losses to finance receivables | 4.40% | 4.49% | ||||||
Nonaccrual finance receivables | 106 | 93 | ||||||
Ratio of nonaccrual finance receivables to finance receivables | 15.54% | 11.94% | ||||||
60+ days contractual delinquency | 17 | 29 | ||||||
60+ days contractual delinquency as a percentage of finance receivables | 2.49% | 3.72% |
(Dollars in millions) |
July 3,
2021 |
January 2,
2021 |
||||||
Manufacturing group | ||||||||
Cash and equivalents | $ | 1,995 | $ | 2,146 | ||||
Debt | 3,189 | 3,707 | ||||||
Shareholders’ equity | 6,101 | 5,845 | ||||||
Capital (debt plus shareholders’ equity) | 9,290 | 9,552 | ||||||
Net debt (net of cash and equivalents) to capital | 16% | 21% | ||||||
Debt to capital | 34% | 39% | ||||||
Finance group | ||||||||
Cash and equivalents | $ | 193 | $ | 108 | ||||
Debt | 644 | 662 |
Six Months Ended | ||||||||
(In millions) |
July 3,
2021 |
July 4,
2020 |
||||||
Operating activities | $ | 679 | $ | (148) | ||||
Investing activities | (90) | (85) | ||||||
Financing activities | (740) | 1,238 |
Six Months Ended | ||||||||
(In millions) |
July 3,
2021 |
July 4,
2020 |
||||||
Operating activities | $ | 5 | $ | 10 | ||||
Investing activities | 114 | 7 | ||||||
Financing activities | (34) | (23) |
Six Months Ended | ||||||||
(In millions) |
July 3,
2021 |
July 4,
2020 |
||||||
Operating activities | $ | 773 | $ | (152) | ||||
Investing activities | (65) | (64) | ||||||
Financing activities | (774) | 1,215 |
Six Months Ended | ||||||||
(In millions) |
July 3,
2021 |
July 4,
2020 |
||||||
Reclassification adjustments from investing activities to operating activities: | ||||||||
Cash received from customers | $ | 118 | $ | 45 | ||||
Finance receivable originations for Manufacturing group inventory sales | (29) | (59) | ||||||
Total reclassification adjustments from investing activities to operating activities | $ | 89 | $ | (14) |
Three Months Ended | Six Months Ended | |||||||||||||
(In millions) |
July 3,
2021 |
July 4,
2020 |
July 3,
2021 |
July 4,
2020 |
||||||||||
Gross favorable | $ | 40 | $ | 46 | $ | 76 | $ | 73 | ||||||
Gross unfavorable | (25) | (29) | (47) | (54) | ||||||||||
Net adjustments | $ | 15 | $ | 17 | $ | 29 | $ | 19 |
Period (shares in thousands) |
Total
Number of Shares Purchased * |
Average Price
Paid per Share (excluding commissions) |
Total Number of
Shares Purchased as part of Publicly Announced Plan * |
Maximum
Number of Shares that may yet be Purchased under the Plan |
||||||||||
April 4, 2021 – May 8, 2021 | 645 | $ | 60.74 | 645 | 18,855 | |||||||||
May 9, 2021 – June 5, 2021 | 1,250 | 67.00 | 1,250 | 17,605 | ||||||||||
June 6, 2021 – July 3, 2021 | 1,085 | 66.99 | 1,085 | 16,520 | ||||||||||
Total | 2,980 | $ | 65.64 | 2,980 |
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
101 |
The following materials from Textron Inc.’s Quarterly Report on Form 10-Q for the quarterly period ended July 3, 2021, formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Statements of Operations, (ii) the Consolidated Statements of Comprehensive Income (Loss), (iii) the Consolidated Balance Sheets, (iv) the Consolidated Statements of Cash Flows and (v) the Notes to the Consolidated Financial Statements.
|
||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
TEXTRON INC. | |||||||||||
Date: | July 29, 2021 | /s/ Mark S. Bamford | |||||||||
Mark S. Bamford
Vice President and Corporate Controller (principal accounting officer) |
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
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DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
Customers
Customer name | Ticker |
---|---|
American Water Works Company, Inc. | AWK |
Southwest Airlines Co. | LUV |
Suppliers
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|