$TXT
TEXTRON INC

2012 Q2 Form 10-Q Financial Statement

#000110465912051224 Filed on July 26, 2012

View on sec.gov

Income Statement

Concept 2012 Q2 2011 Q3
Revenue $3.019B $2.728B
YoY Change 21.78% 0.7%
Cost Of Revenue $2.435B $2.225B
YoY Change 18.49% 1.69%
Gross Profit $584.0M $503.0M
YoY Change 37.74% -3.45%
Gross Profit Margin 19.34% 18.44%
Selling, General & Admin $276.0M $295.0M
YoY Change -12.66% -13.99%
% of Gross Profit 47.26% 58.65%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $92.00M $100.0M
YoY Change -3.16% 3.09%
% of Gross Profit 15.75% 19.88%
Operating Expenses $276.0M $295.0M
YoY Change -12.66% -13.99%
Operating Profit $308.0M $208.0M
YoY Change 185.19% 16.85%
Interest Expense $53.00M $61.00M
YoY Change -185.48% -188.41%
% of Operating Profit 17.21% 29.33%
Other Income/Expense, Net
YoY Change
Pretax Income $255.0M $135.0M
YoY Change 454.35% 36.36%
Income Tax $82.00M $43.00M
% Of Pretax Income 32.16% 31.85%
Net Earnings $172.0M $90.00M
YoY Change 493.1% 9.76%
Net Earnings / Revenue 5.7% 3.3%
Basic Earnings Per Share $0.61 $0.32
Diluted Earnings Per Share $0.58 $0.29
COMMON SHARES
Basic Shares Outstanding 281.1M shares 277.4M shares
Diluted Shares Outstanding 295.5M shares 315.2M shares

Balance Sheet

Concept 2012 Q2 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $898.0M $610.0M
YoY Change -8.92% -48.78%
Cash & Equivalents $911.0M $651.0M
Short-Term Investments
Other Short-Term Assets $704.0M $1.395B
YoY Change -32.95% 24.0%
Inventory $2.759B $2.562B
Prepaid Expenses
Receivables $917.0M $874.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $5.278B $5.441B
YoY Change -2.24% -50.65%
LONG-TERM ASSETS
Property, Plant & Equipment $2.027B $1.964B
YoY Change 3.95% 3.37%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.870B $2.217B
YoY Change -16.07% -14.1%
Total Long-Term Assets $7.790B $9.398B
YoY Change -19.36% 54.14%
TOTAL ASSETS
Total Short-Term Assets $5.278B $5.441B
Total Long-Term Assets $7.790B $9.398B
Total Assets $13.07B $14.84B
YoY Change -13.22% -13.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $886.0M $742.0M
YoY Change 18.45% 4.51%
Accrued Expenses $1.837B $1.915B
YoY Change 0.44% 5.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $507.0M $351.0M
YoY Change 134.72% 158.09%
Total Short-Term Liabilities $3.230B $3.008B
YoY Change 15.65% 13.38%
LONG-TERM LIABILITIES
Long-Term Debt $3.619B $4.691B
YoY Change -34.02% -34.36%
Other Long-Term Liabilities $3.117B $3.966B
YoY Change -16.41% -6.88%
Total Long-Term Liabilities $6.736B $8.657B
YoY Change -26.89% -24.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.230B $3.008B
Total Long-Term Liabilities $6.736B $8.657B
Total Liabilities $9.966B $11.67B
YoY Change -17.0% -17.9%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.102B $3.174B
YoY Change
Total Liabilities & Shareholders Equity $13.07B $14.84B
YoY Change -13.22% -13.34%

Cashflow Statement

Concept 2012 Q2 2011 Q3
OPERATING ACTIVITIES
Net Income $172.0M $90.00M
YoY Change 493.1% 9.76%
Depreciation, Depletion And Amortization $92.00M $100.0M
YoY Change -3.16% 3.09%
Cash From Operating Activities $276.0M $163.0M
YoY Change 411.11% -51.34%
INVESTING ACTIVITIES
Capital Expenditures $85.00M $91.00M
YoY Change 8.97% 102.22%
Acquisitions
YoY Change
Other Investing Activities $268.0M $237.0M
YoY Change -38.11% -46.74%
Cash From Investing Activities $183.0M $146.0M
YoY Change -48.45% -63.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -192.0M -682.0M
YoY Change -41.28% -35.11%
NET CHANGE
Cash From Operating Activities 276.0M 163.0M
Cash From Investing Activities 183.0M 146.0M
Cash From Financing Activities -192.0M -682.0M
Net Change In Cash 267.0M -373.0M
YoY Change 225.61% 18.04%
FREE CASH FLOW
Cash From Operating Activities $276.0M $163.0M
Capital Expenditures $85.00M $91.00M
Free Cash Flow $191.0M $72.00M
YoY Change -895.83% -75.17%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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txt Finance Receivables Originated Or Purchased
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us-gaap Payments To Acquire Productive Assets
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dei Entity Registrant Name
EntityRegistrantName
TEXTRON INC
dei Entity Central Index Key
EntityCentralIndexKey
0000217346
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2012-06-30
dei Amendment Flag
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dei Current Fiscal Year End Date
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dei Entity Current Reporting Status
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dei Entity Filer Category
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CY2012Q3 dei Entity Common Stock Shares Outstanding
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dei Document Fiscal Year Focus
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dei Document Fiscal Period Focus
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us-gaap Use Of Estimates
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<table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <p style="MARGIN: 0in 0in 0pt"><i><font style="FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman" size="2">Use of Estimates</font></i></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">We prepare our financial statements in conformity with generally accepted accounting principles, which require us to make estimates and assumptions that affect the amounts reported in the financial statements.&#160; Actual results could differ from those estimates.&#160; Our estimates and assumptions are reviewed periodically, and the effects of changes, if any, are reflected in the Consolidated Statements of Operations in the period that they are determined.</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">During 2012 and 2011, we changed our estimates of revenues and costs on certain long-term contracts that are accounted for under the percentage-of-completion method of accounting.&#160; The changes in estimates increased income from continuing operations before income taxes in the second quarter of 2012 and 2011 by $12 million and $10 million, respectively, ($8 million and $7 million after tax, or $0.03 and $0.02 per diluted share, respectively).&#160; For the second quarter of 2012 and 2011, the gross favorable program profit adjustments totaled $23 million and $21 million, respectively, and the gross unfavorable program profit adjustments totaled $11 million for each quarter.</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The changes in estimates increased income from continuing operations before income taxes in the first half of 2012 and 2011 by $16 million and $24 million, ($10 million and $15 million after tax, or $0.04 and $0.05 per diluted share, respectively).&#160; For the first half of 2012 and 2011, the gross favorable program profit adjustments totaled $40 million and $42 million, respectively, and the gross unfavorable program profit adjustments totaled $24 million and $18 million, respectively.</font></p></td></tr></table>
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txt Operating Profit For All Operating Segments Before Income Taxes
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255000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
432000000 USD
CY2011Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
874000000 USD
CY2012Q2 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
935000000 USD
CY2011Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
18000000 USD
CY2012Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
18000000 USD
CY2011Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
192000000 USD
CY2011Q4 txt Financing Receivable Held For Investment Recorded Investment Greater Than Ninety Days Past Due
FinancingReceivableHeldForInvestmentRecordedInvestmentGreaterThanNinetyDaysPastDue
123000000 USD
CY2012Q2 txt Financing Receivable Held For Investment Recorded Investment Zero To Thirty Days Past Due
FinancingReceivableHeldForInvestmentRecordedInvestmentZeroToThirtyDaysPastDue
1906000000 USD
CY2012Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
122000000 USD
CY2011Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
156000000 USD
CY2011Q4 txt Finance Receivables Held For Investment
FinanceReceivablesHeldForInvestment
2477000000 USD
CY2012Q2 txt Finance Receivables Held For Investment
FinanceReceivablesHeldForInvestment
2128000000 USD
CY2011Q4 txt Financing Receivable Held For Investment Recorded Investment Zero To Thirty Days Past Due
FinancingReceivableHeldForInvestmentRecordedInvestmentZeroToThirtyDaysPastDue
2239000000 USD
CY2011Q4 txt Financing Receivable Held For Investment Recorded Investment Thirty One To Sixty Days Past Due
FinancingReceivableHeldForInvestmentRecordedInvestmentThirtyOneToSixtyDaysPastDue
72000000 USD
CY2011Q4 txt Financing Receivable Held For Investment Recorded Investment Sixty One To Ninety Days Past Due
FinancingReceivableHeldForInvestmentRecordedInvestmentSixtyOneToNinetyDaysPastDue
43000000 USD
CY2012Q2 txt Financing Receivable Held For Investment Recorded Investment Thirty One To Sixty Days Past Due
FinancingReceivableHeldForInvestmentRecordedInvestmentThirtyOneToSixtyDaysPastDue
53000000 USD
CY2012Q2 txt Financing Receivable Held For Investment Recorded Investment Sixty One To Ninety Days Past Due
FinancingReceivableHeldForInvestmentRecordedInvestmentSixtyOneToNinetyDaysPastDue
71000000 USD
CY2012Q2 txt Financing Receivable Held For Investment Recorded Investment Greater Than Ninety Days Past Due
FinancingReceivableHeldForInvestmentRecordedInvestmentGreaterThanNinetyDaysPastDue
98000000 USD
CY2012Q2 txt Contractual Delinquency Of Sixty Plus Days As Percentage Of Finance Receivables Held For Investment
ContractualDelinquencyOfSixtyPlusDaysAsPercentageOfFinanceReceivablesHeldForInvestment
0.0794 pure
CY2011Q4 txt Contractual Delinquency Of Sixty Plus Days As Percentage Of Finance Receivables Held For Investment
ContractualDelinquencyOfSixtyPlusDaysAsPercentageOfFinanceReceivablesHeldForInvestment
0.0670 pure
CY2011Q4 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
383000000 USD
CY2011 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
726000000 USD
CY2012Q2 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
283000000 USD
CY2012Q2 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
356000000 USD
CY2012Q2 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
61000000 USD
us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
330000000 USD
CY2011Q4 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
491000000 USD
CY2011Q4 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
87000000 USD
CY2011Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
342000000 USD
CY2011Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
299000000 USD
us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
24000000 USD
us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
68000000 USD
us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
40000000 USD
us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
-3000000 USD
CY2012Q2 us-gaap Leveraged Leases Balance Sheet Investment In Leveraged Leases Net
LeveragedLeasesBalanceSheetInvestmentInLeveragedLeasesNet
149000000 USD
CY2011Q3 us-gaap Leveraged Leases Balance Sheet Investment In Leveraged Leases Net
LeveragedLeasesBalanceSheetInvestmentInLeveragedLeasesNet
281000000 USD
CY2011Q3 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
787000000 USD
CY2011Q3 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
2576000000 USD
CY2011Q3 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
183000000 USD
CY2011Q3 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
116000000 USD
CY2012Q2 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
283000000 USD
CY2012Q2 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
1696000000 USD
CY2012Q2 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
61000000 USD
CY2012Q2 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
61000000 USD

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