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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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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 | Nine Months Ended | |||||||||||||
(In millions, except per share amounts) |
September 28,
2024 |
September 30,
2023 |
September 28,
2024 |
September 30,
2023 |
||||||||||
Revenues | ||||||||||||||
Manufacturing product revenues | $ |
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$ |
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$ |
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$ |
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||||||
Manufacturing service revenues |
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Finance revenues |
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Total revenues |
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Costs, expenses and other | ||||||||||||||
Cost of products sold |
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Cost of services sold |
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Selling and administrative expense |
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Interest expense, net |
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Special charges |
(
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Non-service components of pension and postretirement income, net |
(
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(
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(
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(
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Total costs, expenses and other |
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Income from continuing operations before income taxes |
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Income tax expense |
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Income from continuing operations |
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||||||||||
Loss from discontinued operations |
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(
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||||||||||
Net income | $ |
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$ |
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$ |
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$ |
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||||||
Basic Earnings per share | ||||||||||||||
Continuing operations | $ |
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$ |
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$ |
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$ |
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||||||
Diluted Earnings per share | ||||||||||||||
Continuing operations | $ |
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$ |
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$ |
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$ |
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||||||
Three Months Ended | Nine Months Ended | |||||||||||||
(In millions) |
September 28,
2024 |
September 30,
2023 |
September 28,
2024 |
September 30,
2023 |
||||||||||
Net income | $ |
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$ |
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$ |
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$ |
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||||||
Other comprehensive income (loss), net of tax | ||||||||||||||
Pension and postretirement benefits adjustments, net of reclassifications |
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||||||||||
Foreign currency translation adjustments |
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(
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(
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||||||||||
Deferred gains (losses) on hedge contracts, net of reclassifications |
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(
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(
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||||||||||
Other comprehensive income (loss) |
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(
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|
(
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||||||||||
Comprehensive income | $ |
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$ |
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$ |
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$ |
|
(Dollars in millions) |
September 28,
2024 |
December 30,
2023 |
||||||
Assets | ||||||||
Manufacturing group | ||||||||
Cash and equivalents | $ |
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$ |
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||||
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 $
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||||||
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 | $ |
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$ |
|
||||
Liabilities and shareholders’ equity | ||||||||
Liabilities | ||||||||
Manufacturing group | ||||||||
Current portion of long-term debt | $ |
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$ |
|
||||
Accounts payable |
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||||||
Other current liabilities |
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||||||
Total current liabilities |
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||||||
Other liabilities |
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||||||
Long-term debt |
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||||||
Total Manufacturing group liabilities |
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||||||
Finance group | ||||||||
Other liabilities |
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||||||
Debt |
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||||||
Total Finance group liabilities |
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||||||
Total liabilities |
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||||||
Shareholders’ equity | ||||||||
Common stock |
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|
||||||
Capital surplus |
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|
||||||
Treasury stock |
(
|
(
|
||||||
Retained earnings |
|
|
||||||
Accumulated other comprehensive loss |
(
|
(
|
||||||
Total shareholders’ equity |
|
|
||||||
Total liabilities and shareholders’ equity | $ |
|
$ |
|
||||
Common shares outstanding (in thousands) |
|
|
Consolidated | ||||||||
(In millions) | 2024 | 2023 | ||||||
Cash flows from operating activities | ||||||||
Income from continuing operations | $ |
|
$ |
|
||||
Adjustments to reconcile income from continuing operations to net cash provided by operating activities: | ||||||||
Non-cash items: | ||||||||
Depreciation and amortization |
|
|
||||||
Deferred income taxes |
(
|
(
|
||||||
Other, net |
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|
||||||
Changes in assets and liabilities: | ||||||||
Accounts receivable, net |
(
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(
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||||||
Inventories |
(
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(
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||||||
Other assets |
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||||||
Accounts payable |
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||||||
Other liabilities |
(
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|
||||||
Income taxes, net |
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||||||
Pension, net |
(
|
(
|
||||||
Captive finance receivables, net |
|
(
|
||||||
Other operating activities, net |
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|
||||||
Net cash provided by operating activities of continuing operations |
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|
||||||
Net cash used in operating activities of discontinued operations |
(
|
(
|
||||||
Net cash provided by operating activities |
|
|
||||||
Cash flows from investing activities | ||||||||
Capital expenditures |
(
|
(
|
||||||
Net cash used in business acquisitions |
(
|
(
|
||||||
Net proceeds from corporate-owned life insurance policies |
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|
||||||
Proceeds from sale of property, plant and equipment |
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|
||||||
Finance receivables repaid |
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|
||||||
Finance receivables originated |
(
|
|
||||||
Other investing activities, net |
|
|
||||||
Net cash used in investing activities |
(
|
(
|
||||||
Cash flows from financing activities | ||||||||
Principal payments on long-term debt and nonrecourse debt |
(
|
(
|
||||||
Purchases of Textron common stock |
(
|
(
|
||||||
Dividends paid |
(
|
(
|
||||||
Proceeds from options exercised |
|
|
||||||
Other financing activities, net |
(
|
(
|
||||||
Net cash used in financing activities |
(
|
(
|
||||||
Effect of exchange rate changes on cash and equivalents |
|
(
|
||||||
Net 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) | 2024 | 2023 | 2024 | 2023 | ||||||||||
Cash flows from operating activities | ||||||||||||||
Income from continuing operations | $ |
|
$ |
|
$ |
|
$ |
|
||||||
Adjustments to reconcile income from continuing operations to net cash provided by operating activities: | ||||||||||||||
Non-cash items: | ||||||||||||||
Depreciation and amortization |
|
|
|
|
||||||||||
Deferred income taxes |
(
|
(
|
(
|
(
|
||||||||||
Other, net |
|
|
(
|
(
|
||||||||||
Changes in assets and liabilities: | ||||||||||||||
Accounts receivable, net |
(
|
(
|
|
|
||||||||||
Inventories |
(
|
(
|
|
|
||||||||||
Other assets |
|
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||||||||||
Accounts payable |
|
|
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||||||||||
Other liabilities |
(
|
|
(
|
(
|
||||||||||
Income taxes, net |
|
|
|
|
||||||||||
Pension, net |
(
|
(
|
|
|
||||||||||
Other operating activities, net |
|
|
|
|
||||||||||
Net cash provided by operating activities of continuing operations |
|
|
|
|
||||||||||
Net cash used in operating activities of discontinued operations |
(
|
(
|
|
|
||||||||||
Net cash provided by operating activities |
|
|
|
|
||||||||||
Cash flows from investing activities | ||||||||||||||
Capital expenditures |
(
|
(
|
|
|
||||||||||
Net cash used in business acquisitions |
(
|
(
|
|
|
||||||||||
Net proceeds from corporate-owned life insurance policies |
|
|
|
|
||||||||||
Proceeds from sale of property, plant and equipment |
|
|
|
|
||||||||||
Finance receivables repaid |
|
|
|
|
||||||||||
Finance receivables originated |
|
|
(
|
(
|
||||||||||
Other investing activities, net |
|
|
|
|
||||||||||
Net cash provided by (used in) investing activities |
(
|
(
|
|
(
|
||||||||||
Cash flows from financing activities | ||||||||||||||
Principal payments on long-term debt and nonrecourse debt |
(
|
(
|
(
|
(
|
||||||||||
Purchases of Textron common stock |
(
|
(
|
|
|
||||||||||
Dividends paid |
(
|
(
|
|
|
||||||||||
Proceeds from options exercised |
|
|
|
|
||||||||||
Other financing activities, net |
(
|
(
|
|
|
||||||||||
Net cash used in financing activities |
(
|
(
|
(
|
(
|
||||||||||
Effect of exchange rate changes on cash and equivalents |
|
(
|
|
|
||||||||||
Net decrease in cash and equivalents |
(
|
(
|
(
|
(
|
||||||||||
Cash and equivalents at beginning of period |
|
|
|
|
||||||||||
Cash and equivalents at end of period | $ |
|
$ |
|
$ |
|
$ |
|
(In millions) |
September 28,
2024 |
December 30,
2023 |
||||||
Commercial | $ |
|
$ |
|
||||
U.S. Government contracts |
|
|
||||||
|
|
|||||||
Allowance for credit losses |
(
|
(
|
||||||
Total accounts receivable, net | $ |
|
$ |
|
(In millions) |
September 28,
2024 |
December 30,
2023 |
||||||
Finance receivables | $ |
|
$ |
|
||||
Allowance for credit losses |
(
|
(
|
||||||
Total finance receivables, net | $ |
|
$ |
|
(Dollars in millions) |
September 28,
2024 |
December 30,
2023 |
||||||
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) |
September 28,
2024 |
December 30,
2023 |
||||||
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) |
September 28,
2024 |
December 30,
2023 |
||||||
Finished goods | $ |
|
$ |
|
||||
Work in process |
|
|
||||||
Raw materials and components |
|
|
||||||
Total inventories | $ |
|
$ |
|
Nine Months Ended | ||||||||
(In millions) |
September 28,
2024 |
September 30,
2023 |
||||||
Beginning of period | $ |
|
$ |
|
||||
Provision |
|
|
||||||
Settlements |
(
|
(
|
||||||
Adjustments* |
(
|
|
||||||
End of period | $ |
|
$ |
|
(Dollars in millions) |
September 28,
2024 |
December 30,
2023 |
||||||
Operating leases: | ||||||||
Other assets | $ |
|
$ |
|
||||
Other current liabilities |
|
|
||||||
Other liabilities |
|
|
||||||
Weighted-average remaining lease term (in years) |
|
|
||||||
Weighted-average discount rate |
|
|
||||||
Finance leases: | ||||||||
Property, plant and equipment, less accumulated amortization
of $
|
$ |
|
$ |
|
||||
Long-term debt, including current portion |
|
|
||||||
Weighted-average remaining lease term (in years) |
|
|
||||||
Weighted-average discount rate |
|
|
September 28, 2024 | December 30, 2023 | |||||||||||||
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 September 28, 2024 | ||||||||||||||||||||
Beginning of period | $ |
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
||||||||
Net income | — | — | — |
|
— |
|
||||||||||||||
Other comprehensive income | — | — | — | — |
|
|
||||||||||||||
Share-based compensation activity | — |
|
— | — | — |
|
||||||||||||||
Dividends declared | — | — | — |
(
|
— |
(
|
||||||||||||||
Purchases of common stock, including excise tax* | — | — |
(
|
— | — |
(
|
||||||||||||||
End of period | $ |
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
||||||||
Three months ended September 30, 2023 | ||||||||||||||||||||
Beginning of period | $ |
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
||||||||
Net income | — | — | — |
|
— |
|
||||||||||||||
Other comprehensive loss | — | — | — | — |
(
|
(
|
||||||||||||||
Share-based compensation activity | — |
|
— | — | — |
|
||||||||||||||
Dividends declared | — | — | — |
(
|
— |
(
|
||||||||||||||
Purchases of common stock, including excise tax* | — | — |
(
|
— | — |
(
|
||||||||||||||
End of period | $ |
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
||||||||
Nine months ended September 28, 2024 | ||||||||||||||||||||
Beginning of period | $ |
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
||||||||
Net income | — | — | — |
|
— |
|
||||||||||||||
Other comprehensive income | — | — | — | — |
|
|
||||||||||||||
Share-based compensation activity |
|
|
— | — | — |
|
||||||||||||||
Dividends declared | — | — | — |
(
|
— |
(
|
||||||||||||||
Purchases of common stock, including excise tax* | — | — |
(
|
— | — |
(
|
||||||||||||||
End of period | $ |
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
||||||||
Nine months ended September 30, 2023 | ||||||||||||||||||||
Beginning of period | $ |
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
||||||||
Net income | — | — | — |
|
— |
|
||||||||||||||
Other comprehensive loss | — | — | — | — |
(
|
(
|
||||||||||||||
Share-based compensation activity | — |
|
— | — | — |
|
||||||||||||||
Dividends declared | — | — | — |
(
|
— |
(
|
||||||||||||||
Purchases of common stock, including excise tax* | — | — |
(
|
— | — |
(
|
||||||||||||||
End of period | $ |
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
Three Months Ended | Nine Months Ended | |||||||||||||
(In thousands) |
September 28,
2024 |
September 30,
2023 |
September 28,
2024 |
September 30,
2023 |
||||||||||
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 December 30, 2023 | $ |
(
|
$ |
(
|
$ |
|
$ |
(
|
||||||
Other comprehensive income before reclassifications |
|
|
(
|
|
||||||||||
Reclassified from Accumulated other comprehensive loss |
|
|
|
|
||||||||||
Balance at September 28, 2024 | $ |
(
|
$ |
(
|
$ |
|
$ |
(
|
||||||
Balance at December 31, 2022 | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
||||||
Other comprehensive loss before reclassifications |
|
(
|
(
|
(
|
||||||||||
Reclassified from Accumulated other comprehensive loss |
|
|
|
|
||||||||||
Balance at September 30, 2023 | $ |
(
|
$ |
(
|
$ |
|
$ |
(
|
September 28, 2024 | September 30, 2023 | |||||||||||||||||||
(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 gain* | $ |
(
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
||||||||
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 | $ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
||||||||
Nine Months Ended | ||||||||||||||||||||
Pension and postretirement benefits adjustments: | ||||||||||||||||||||
Amortization of net actuarial gain* | $ |
(
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
$ |
(
|
||||||||
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 | $ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
(
|
$ |
(
|
Three Months Ended | Nine Months Ended | |||||||||||||
(In millions) |
September 28,
2024 |
September 30,
2023 |
September 28,
2024 |
September 30,
2023 |
||||||||||
Revenues | ||||||||||||||
Textron Aviation | $ |
|
$ |
|
$ |
|
$ |
|
||||||
Bell |
|
|
|
|
||||||||||
Textron Systems |
|
|
|
|
||||||||||
Industrial |
|
|
|
|
||||||||||
Textron eAviation |
|
|
|
|
||||||||||
Finance |
|
|
|
|
||||||||||
Total revenues | $ |
|
$ |
|
$ |
|
$ |
|
||||||
Segment Profit | ||||||||||||||
Textron Aviation | $ |
|
$ |
|
$ |
|
$ |
|
||||||
Bell |
|
|
|
|
||||||||||
Textron Systems |
|
|
|
|
||||||||||
Industrial |
|
|
|
|
||||||||||
Textron eAviation |
(
|
(
|
(
|
(
|
||||||||||
Finance |
|
|
|
|
||||||||||
Segment profit |
|
|
|
|
||||||||||
Corporate expenses and other, net |
(
|
(
|
(
|
(
|
||||||||||
Interest expense, net for Manufacturing group |
(
|
(
|
(
|
(
|
||||||||||
LIFO inventory provision |
(
|
(
|
(
|
(
|
||||||||||
Intangible asset amortization |
(
|
(
|
(
|
(
|
||||||||||
Special charges |
|
|
(
|
|
||||||||||
Non-service components of pension and postretirement income, net |
|
|
|
|
||||||||||
Income from continuing operations before income taxes | $ |
|
$ |
|
$ |
|
$ |
|
Three Months Ended | Nine Months Ended | |||||||||||||
(In millions) |
September 28,
2024 |
September 30,
2023 |
September 28,
2024 |
September 30,
2023 |
||||||||||
Aircraft | $ |
|
$ |
|
$ |
|
$ |
|
||||||
Aftermarket parts and services |
|
|
|
|
||||||||||
Textron Aviation | $ |
|
$ |
|
$ |
|
$ |
|
||||||
Military aircraft and support programs |
|
|
|
|
||||||||||
Commercial helicopters, parts and services |
|
|
|
|
||||||||||
Bell | $ |
|
$ |
|
$ |
|
$ |
|
||||||
Textron Systems | $ |
|
$ |
|
$ |
|
$ |
|
||||||
Fuel systems and functional components |
|
|
|
|
||||||||||
Specialized vehicles |
|
|
|
|
||||||||||
Industrial | $ |
|
$ |
|
$ |
|
$ |
|
||||||
Textron eAviation | $ |
|
$ |
|
$ |
|
$ |
|
||||||
Finance | $ |
|
$ |
|
$ |
|
$ |
|
||||||
Total revenues | $ |
|
$ |
|
$ |
|
$ |
|
(In millions) |
Textron
Aviation |
Bell |
Textron
Systems |
Industrial | Textron eAviation | Finance | Total | ||||||||||||||||
Three months ended September 28, 2024 | |||||||||||||||||||||||
Customer type: | |||||||||||||||||||||||
Commercial | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||
U.S. Government |
|
|
|
|
|
|
|
||||||||||||||||
Total revenues | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||
Geographic location: | |||||||||||||||||||||||
United States | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||
Europe |
|
|
|
|
|
|
|
||||||||||||||||
Other international |
|
|
|
|
|
|
|
||||||||||||||||
Total revenues | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||
Three months ended September 30, 2023 | |||||||||||||||||||||||
Customer type: | |||||||||||||||||||||||
Commercial | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||
U.S. Government |
|
|
|
|
|
|
|
||||||||||||||||
Total revenues | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||
Geographic location: | |||||||||||||||||||||||
United States | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||
Europe |
|
|
|
|
|
|
|
||||||||||||||||
Other international |
|
|
|
|
|
|
|
||||||||||||||||
Total revenues | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||
Nine months ended September 28, 2024 | |||||||||||||||||||||||
Customer type: | |||||||||||||||||||||||
Commercial | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||
U.S. Government |
|
|
|
|
|
|
|
||||||||||||||||
Total revenues | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||
Geographic location: | |||||||||||||||||||||||
United States | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||
Europe |
|
|
|
|
|
|
|
||||||||||||||||
Other international |
|
|
|
|
|
|
|
||||||||||||||||
Total revenues | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||
Nine months ended September 30, 2023 | |||||||||||||||||||||||
Customer type: | |||||||||||||||||||||||
Commercial | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||
U.S. Government |
|
|
|
|
|
|
|
||||||||||||||||
Total revenues | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||
Geographic location: | |||||||||||||||||||||||
United States | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||
Europe |
|
|
|
|
|
|
|
||||||||||||||||
Other international |
|
|
|
|
|
|
|
||||||||||||||||
Total revenues | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Three Months Ended | Nine Months Ended | |||||||||||||
(In millions) |
September 28,
2024 |
September 30,
2023 |
September 28,
2024 |
September 30,
2023 |
||||||||||
Pension Benefits | ||||||||||||||
Service cost | $ |
|
$ |
|
$ |
|
$ |
|
||||||
Interest cost |
|
|
|
|
||||||||||
Expected return on plan assets |
(
|
(
|
(
|
(
|
||||||||||
Amortization of net actuarial loss |
|
|
|
|
||||||||||
Amortization of prior service cost |
|
|
|
|
||||||||||
Net periodic benefit income* | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
||||||
Postretirement Benefits Other Than Pensions | ||||||||||||||
Service cost | $ |
|
$ |
|
$ |
|
$ |
|
||||||
Interest cost |
|
|
|
|
||||||||||
Amortization of net actuarial gain |
(
|
(
|
(
|
(
|
||||||||||
Amortization of prior service credit |
|
(
|
(
|
(
|
||||||||||
Net periodic benefit income | $ |
|
$ |
|
$ |
(
|
$ |
(
|
(In millions) |
Severance
Costs |
Contract
Terminations and Other |
Total | ||||||||
Balance at December 30, 2023 | $ |
|
$ |
|
$ |
|
|||||
Provision for 2023 Restructuring Plan |
|
|
|
||||||||
Cash paid |
(
|
(
|
(
|
||||||||
Reversals |
(
|
|
(
|
||||||||
Balance at September 28, 2024 | $ |
|
$ |
|
$ |
|
Three Months Ended | Nine Months Ended | |||||||||||||||||||
(Dollars in millions) |
September 28,
2024 |
September 30,
2023 |
% Change |
September 28,
2024 |
September 30,
2023 |
% Change | ||||||||||||||
Revenues | $ | 3,427 | $ | 3,343 | 3% | $ | 10,089 | $ | 9,791 | 3% | ||||||||||
Cost of sales | 2,935 | 2,779 | 6% | 8,488 | 8,156 | 4% | ||||||||||||||
Gross margin as a % of Manufacturing revenues | 14.1% | 16.5% | 15.5% | 16.3% | ||||||||||||||||
Selling and administrative expense | $ | 282 | $ | 303 | (7)% | $ | 891 | $ | 897 | (1)% | ||||||||||
Interest expense, net | 26 | 19 | 37% | 71 | 58 | 22% | ||||||||||||||
Special charges | (2) | — | 100% | 25 | — | 100% | ||||||||||||||
Non-service components of pension and postretirement income, net | 66 | 59 | 12% | 198 | 177 | 12% |
(In millions) |
September 28,
2024 |
December 30,
2023 |
||||||
Textron Aviation | $ | 7,626 | $ | 7,169 | ||||
Bell | 6,500 | 4,780 | ||||||
Textron Systems | 1,867 | 1,950 | ||||||
Total backlog | $ | 15,993 | $ | 13,899 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||
(Dollars in millions) |
September 28,
2024 |
September 30,
2023 |
% Change |
September 28,
2024 |
September 30,
2023 |
% Change | ||||||||||||||
Revenues: | ||||||||||||||||||||
Aircraft | $ | 869 | $ | 891 | (2)% | $ | 2,576 | $ | 2,529 | 2% | ||||||||||
Aftermarket parts and services | 470 | 447 | 5% | 1,426 | 1,320 | 8% | ||||||||||||||
Total revenues | 1,339 | 1,338 | —% | 4,002 | 3,849 | 4% | ||||||||||||||
Operating expenses | 1,211 | 1,178 | 3% | 3,536 | 3,393 | 4% | ||||||||||||||
Segment profit | $ | 128 | $ | 160 | (20)% | $ | 466 | $ | 456 | 2% | ||||||||||
Profit margin | 9.6% | 12.0% | 11.6% | 11.8% |
(In millions) |
Q3 2024
versus Q3 2023 |
YTD 2024
versus YTD 2023 |
||||||
Pricing | $ | 36 | $ | 141 | ||||
Volume and mix | (35) | 12 | ||||||
Total change | $ | 1 | $ | 153 |
(In millions) |
Q3 2024
versus Q3 2023 |
YTD 2024
versus YTD 2023 |
||||||
Pricing, net of inflation | $ | — | $ | 36 | ||||
Volume and mix | (29) | 4 | ||||||
Performance | (3) | (30) | ||||||
Total change | $ | (32) | $ | 10 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||
(Dollars in millions) |
September 28,
2024 |
September 30,
2023 |
% Change |
September 28,
2024 |
September 30,
2023 |
% Change | ||||||||||||||
Revenues: | ||||||||||||||||||||
Military aircraft and support programs | $ | 553 | $ | 472 | 17% | $ | 1,532 | $ | 1,252 | 22% | ||||||||||
Commercial helicopters, parts and services | 376 | 282 | 33% | 918 | 824 | 11% | ||||||||||||||
Total revenues | 929 | 754 | 23% | 2,450 | 2,076 | 18% | ||||||||||||||
Operating expenses | 831 | 677 | 23% | 2,190 | 1,874 | 17% | ||||||||||||||
Segment profit | $ | 98 | $ | 77 | 27% | $ | 260 | $ | 202 | 29% | ||||||||||
Profit margin | 10.5% | 10.2% | 10.6% | 9.7% |
(In millions) |
Q3 2024
versus Q3 2023 |
YTD 2024
versus YTD 2023 |
||||||
Volume and mix | $ | 148 | $ | 312 | ||||
Pricing | 27 | 62 | ||||||
Total change | $ | 175 | $ | 374 |
(In millions) |
Q3 2024
versus Q3 2023 |
YTD 2024
versus YTD 2023 |
||||||
Performance | $ | 17 | $ | 86 | ||||
Pricing, net of inflation | 12 | 17 | ||||||
Volume and mix | (8) | (45) | ||||||
Total change | $ | 21 | $ | 58 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||
(Dollars in millions) |
September 28,
2024 |
September 30,
2023 |
% Change |
September 28,
2024 |
September 30,
2023 |
% Change | ||||||||||||||
Revenues | $ | 301 | $ | 309 | (3)% | $ | 930 | $ | 921 | 1% | ||||||||||
Operating expenses | 262 | 268 | (2)% | 818 | 809 | 1% | ||||||||||||||
Segment profit | $ | 39 | $ | 41 | (5)% | $ | 112 | $ | 112 | —% | ||||||||||
Profit margin | 13.0% | 13.3% | 12.0% | 12.2% |
(In millions) |
Q3 2024
versus Q3 2023 |
YTD 2024
versus YTD 2023 |
||||||
Pricing | $ | 3 | $ | 10 | ||||
Volume | (11) | (1) | ||||||
Total change | $ | (8) | $ | 9 |
(In millions) |
Q3 2024
versus Q3 2023 |
YTD 2024
versus YTD 2023 |
||||||
Performance | $ | 7 | $ | 5 | ||||
Pricing, net of inflation | 1 | 4 | ||||||
Volume and mix | (10) | (9) | ||||||
Total change | $ | (2) | $ | — |
Three Months Ended | Nine Months Ended | |||||||||||||||||||
(Dollars in millions) |
September 28,
2024 |
September 30,
2023 |
% Change |
September 28,
2024 |
September 30,
2023 |
% Change | ||||||||||||||
Revenues: | ||||||||||||||||||||
Kautex | $ | 452 | $ | 465 | (3)% | $ | 1,432 | $ | 1,476 | (3)% | ||||||||||
Specialized vehicles | 388 | 457 | (15)% | 1,214 | 1,404 | (14)% | ||||||||||||||
Total revenues | 840 | 922 | (9)% | 2,646 | 2,880 | (8)% | ||||||||||||||
Operating expenses | 808 | 871 | (7)% | 2,543 | 2,709 | (6)% | ||||||||||||||
Segment profit | $ | 32 | $ | 51 | (37)% | $ | 103 | $ | 171 | (40)% | ||||||||||
Profit margin | 3.8% | 5.5% | 3.9% | 5.9% |
(In millions) |
Q3 2024
versus Q3 2023 |
YTD 2024
versus YTD 2023 |
||||||
Volume and mix | $ | (86) | $ | (256) | ||||
Foreign exchange | 1 | (10) | ||||||
Pricing | 3 | 32 | ||||||
Total change | $ | (82) | $ | (234) |
(In millions) |
Q3 2024
versus Q3 2023 |
YTD 2024
versus YTD 2023 |
||||||
Volume and mix | $ | (31) | $ | (75) | ||||
Inflation, net of pricing | (8) | (7) | ||||||
Performance | 19 | 14 | ||||||
Foreign exchange | 1 | — | ||||||
Total change | $ | (19) | $ | (68) |
Three Months Ended | Nine Months Ended | |||||||||||||||||||
(Dollars in millions) |
September 28,
2024 |
September 30,
2023 |
%
Change |
September 28,
2024 |
September 30,
2023 |
%
Change |
||||||||||||||
Revenues | $ | 6 | $ | 7 | (14)% | $ | 22 | $ | 22 | —% | ||||||||||
Operating expenses | 24 | 26 | (8)% | 76 | 62 | 23% | ||||||||||||||
Segment loss | $ | (18) | $ | (19) | (5)% | $ | (54) | $ | (40) | 35% | ||||||||||
(In millions) |
Q3 2024
versus Q3 2023 |
YTD 2024
versus YTD 2023 |
||||||
Volume and mix | $ | (2) | $ | (4) | ||||
Other | 1 | 4 | ||||||
Total change | $ | (1) | $ | — |
(In millions) |
Q3 2024
versus Q3 2023 |
YTD 2024
versus YTD 2023 |
||||||
Performance and other | $ | 1 | $ | (13) | ||||
Volume and mix | — | (1) | ||||||
Total change | $ | 1 | $ | (14) |
Three Months Ended | Nine Months Ended | |||||||||||||
(In millions) |
September 28,
2024 |
September 30,
2023 |
September 28,
2024 |
September 30,
2023 |
||||||||||
Revenues | $ | 12 | $ | 13 | $ | 39 | $ | 43 | ||||||
Segment profit | 5 | 22 | 30 | 42 |
(Dollars in millions) |
September 28,
2024 |
December 30,
2023 |
||||||
Finance receivables | $ | 614 | $ | 609 | ||||
Allowance for credit losses | 19 | 24 | ||||||
Ratio of allowance for credit losses to finance receivables | 3.09% | 3.94% | ||||||
Nonaccrual finance receivables | 11 | 15 | ||||||
Ratio of nonaccrual finance receivables to finance receivables | 1.79% | 2.46% | ||||||
60+ days contractual delinquency | — | 4 | ||||||
60+ days contractual delinquency as a percentage of finance receivables | 0.00% | 0.66% |
(Dollars in millions) |
September 28,
2024 |
December 30,
2023 |
||||||
Manufacturing group | ||||||||
Cash and equivalents | $ | 1,289 | $ | 2,121 | ||||
Debt | 3,241 | 3,526 | ||||||
Shareholders’ equity | 6,951 | 6,987 | ||||||
Capital (debt plus shareholders’ equity) | 10,192 | 10,513 | ||||||
Net debt (net of cash and equivalents) to capital | 22% | 17% | ||||||
Debt to capital | 32% | 34% | ||||||
Finance group | ||||||||
Cash and equivalents | $ | 58 | $ | 60 | ||||
Debt | 341 | 348 |
Nine Months Ended | ||||||||
(In millions) |
September 28,
2024 |
September 30,
2023 |
||||||
Operating activities | $ | 561 | $ | 737 | ||||
Investing activities | (194) | (182) | ||||||
Financing activities | (1,199) | (841) |
Nine Months Ended | ||||||||
(In millions) |
September 28,
2024 |
September 30,
2023 |
||||||
Operating activities | $ | 4 | $ | 13 | ||||
Investing activities | 9 | (4) | ||||||
Financing activities | (15) | (36) |
Nine Months Ended | ||||||||
(In millions) |
September 28,
2024 |
September 30,
2023 |
||||||
Operating activities | $ | 569 | $ | 718 | ||||
Investing activities | (189) | (154) | ||||||
Financing activities | (1,214) | (877) |
Nine Months Ended | ||||||||
(In millions) |
September 28,
2024 |
September 30,
2023 |
||||||
Reclassification adjustments from investing activities to operating activities: | ||||||||
Cash received from customers | $ | 76 | $ | 90 | ||||
Finance receivable originations for Manufacturing group inventory sales | (72) | (122) | ||||||
Total reclassification adjustments from investing activities to operating activities | $ | 4 | $ | (32) |
Three Months Ended | Nine Months Ended | |||||||||||||
(In millions) |
September 28,
2024 |
September 30,
2023 |
September 28,
2024 |
September 30,
2023 |
||||||||||
Gross favorable | $ | 23 | $ | 29 | $ | 95 | $ | 78 | ||||||
Gross unfavorable | (13) | (11) | (54) | (42) | ||||||||||
Net adjustments | $ | 10 | $ | 18 | $ | 41 | $ | 36 |
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 |
||||||||||
June 30, 2024 – August 3, 2024 | 715 | $ | 90.01 | 715 | 20,111 | |||||||||
August 4, 2024 – August 31, 2024 | 965 | 86.75 | 965 | 19,146 | ||||||||||
September 1, 2024 – September 28, 2024 | 765 | 87.21 | 765 | 18,381 | ||||||||||
Total | 2,445 | $ | 87.85 | 2,445 |
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 September 28, 2024, formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Statements of Operations, (ii) the Consolidated Statements of Comprehensive Income, (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: | October 24, 2024 | /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 |
---|
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 |
---|