2014 Q4 Form 10-Q Financial Statement

#000110465914073500 Filed on October 24, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q4
Revenue $3.430B $3.506B
YoY Change 18.11% 4.28%
Cost Of Revenue $2.845B $2.938B
YoY Change 15.04% 5.04%
Gross Profit $585.0M $568.0M
YoY Change 35.73% 0.53%
Gross Profit Margin 17.06% 16.2%
Selling, General & Admin $304.0M $306.0M
YoY Change 24.08% -2.24%
% of Gross Profit 51.97% 53.87%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $111.0M $104.0M
YoY Change 19.35% -1.89%
% of Gross Profit 18.97% 18.31%
Operating Expenses $304.0M $306.0M
YoY Change 24.08% -2.24%
Operating Profit $281.0M $262.0M
YoY Change 51.08% 3.97%
Interest Expense $47.00M -$39.00M
YoY Change 14.63% -25.0%
% of Operating Profit 16.73% -14.89%
Other Income/Expense, Net
YoY Change
Pretax Income $231.0M $223.0M
YoY Change 59.31% 11.5%
Income Tax $71.00M $52.00M
% Of Pretax Income 30.74% 23.32%
Net Earnings $159.0M $167.0M
YoY Change 60.61% 12.84%
Net Earnings / Revenue 4.64% 4.76%
Basic Earnings Per Share $0.57 $0.59
Diluted Earnings Per Share $0.57 $0.59
COMMON SHARES
Basic Shares Outstanding 276.0M shares 278.9M shares 282.3M shares
Diluted Shares Outstanding 281.0M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $511.0M $1.211B
YoY Change -19.78% -12.12%
Cash & Equivalents $511.0M $1.211B
Short-Term Investments
Other Short-Term Assets $539.0M $467.0M
YoY Change 7.58% -0.64%
Inventory $4.081B $2.963B
Prepaid Expenses
Receivables $1.150B $979.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $6.281B $5.620B
YoY Change 14.76% 4.29%
LONG-TERM ASSETS
Property, Plant & Equipment $2.442B $2.215B
YoY Change 12.9% 3.07%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.688B $1.605B
YoY Change 57.19% -11.86%
Total Long-Term Assets $8.458B $7.324B
YoY Change 21.11% -4.19%
TOTAL ASSETS
Total Short-Term Assets $6.281B $5.620B
Total Long-Term Assets $8.458B $7.324B
Total Assets $14.74B $12.94B
YoY Change 18.32% -0.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.135B $1.107B
YoY Change 13.05% 8.42%
Accrued Expenses $2.375B $1.888B
YoY Change 34.33% -3.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $383.0M $8.000M
YoY Change 268.27% -98.5%
Total Short-Term Liabilities $3.893B $3.003B
YoY Change 35.03% -14.49%
LONG-TERM LIABILITIES
Long-Term Debt $3.585B $3.179B
YoY Change 12.24% -7.91%
Other Long-Term Liabilities $2.689B $2.378B
YoY Change -3.96% -22.74%
Total Long-Term Liabilities $6.274B $5.557B
YoY Change 4.67% -14.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.893B $3.003B
Total Long-Term Liabilities $6.274B $5.557B
Total Liabilities $10.17B $8.560B
YoY Change 14.53% -14.76%
SHAREHOLDERS EQUITY
Retained Earnings $4.416B $4.045B
YoY Change 6.72% 5.78%
Common Stock $36.00M $35.00M
YoY Change -2.7% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $302.0M
YoY Change -4.43%
Treasury Stock Shares
Shareholders Equity $4.572B $4.384B
YoY Change
Total Liabilities & Shareholders Equity $14.74B $12.94B
YoY Change 18.32% -0.68%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q4
OPERATING ACTIVITIES
Net Income $159.0M $167.0M
YoY Change 60.61% 12.84%
Depreciation, Depletion And Amortization $111.0M $104.0M
YoY Change 19.35% -1.89%
Cash From Operating Activities $215.0M $918.0M
YoY Change -39.94% 73.21%
INVESTING ACTIVITIES
Capital Expenditures $83.00M $144.0M
YoY Change -24.55% -13.25%
Acquisitions
YoY Change
Other Investing Activities $6.000M -$89.00M
YoY Change -95.92% -143.41%
Cash From Investing Activities -$77.00M -$233.0M
YoY Change -308.11% -697.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -435.0M -113.0M
YoY Change 30.24% -71.25%
NET CHANGE
Cash From Operating Activities 215.0M 918.0M
Cash From Investing Activities -77.00M -233.0M
Cash From Financing Activities -435.0M -113.0M
Net Change In Cash -297.0M 572.0M
YoY Change -586.89% 225.0%
FREE CASH FLOW
Cash From Operating Activities $215.0M $918.0M
Capital Expenditures $83.00M $144.0M
Free Cash Flow $132.0M $774.0M
YoY Change -46.77% 112.64%

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EffectOfExchangeRateOnCashAndCashEquivalents
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us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2014Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2013Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1413000000 USD
CY2014Q3 us-gaap Assets
Assets
14739000000 USD
CY2013Q4 us-gaap Assets
Assets
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CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2014Q3 us-gaap Liabilities
Liabilities
10167000000 USD
CY2013Q4 us-gaap Liabilities
Liabilities
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CY2013Q4 us-gaap Common Stock Value
CommonStockValue
35000000 USD
CY2013Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
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CY2014Q3 us-gaap Treasury Stock Value
TreasuryStockValue
302000000 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
4045000000 USD
CY2013Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
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CY2014Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
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CY2014Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2014Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3662000000 USD
CY2013Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3463000000 USD
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
2014-09-27
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--01-03
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
276048870 shares
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
txt Financing Receivable Allowance For Credit Losses Transfers
FinancingReceivableAllowanceForCreditLossesTransfers
1000000 USD
CY2014Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
276195000 shares
CY2013Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
282059000 shares
CY2014Q3 us-gaap Sales Revenue Net
SalesRevenueNet
3405000000 USD
CY2014Q3 us-gaap Financial Services Revenue
FinancialServicesRevenue
25000000 USD
CY2014Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
2845000000 USD
CY2014Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
304000000 USD
CY2014Q3 us-gaap Interest Expense
InterestExpense
47000000 USD
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
71000000 USD
CY2014Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
-1000000 USD
CY2014Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.57
CY2014Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.57
CY2014Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.02
us-gaap Sales Revenue Net
SalesRevenueNet
9701000000 USD
us-gaap Financial Services Revenue
FinancialServicesRevenue
81000000 USD
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
8077000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
959000000 USD
us-gaap Interest Expense
InterestExpense
141000000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
174000000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
-4000000 USD
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.40
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
-0.02
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.39
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
-0.02
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.06
CY2014Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-17000000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-62000000 USD
CY2014Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-43000000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-47000000 USD
CY2014Q3 us-gaap Common Stock Value
CommonStockValue
36000000 USD
CY2014Q3 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
1432000000 USD
CY2014Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
4416000000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
325000000 USD
us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
-41000000 USD
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
55000000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
370000000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-24000000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-120000000 USD
us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
-3000000 USD
us-gaap Payments To Acquire Businesses And Interest In Affiliates
PaymentsToAcquireBusinessesAndInterestInAffiliates
1580000000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
255000000 USD
txt Finance Receivables Repaid
FinanceReceivablesRepaid
77000000 USD
txt Proceeds From Sale Of Receivables And Other Finance Assets
ProceedsFromSaleOfReceivablesAndOtherFinanceAssets
37000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
4000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt And Capital Securities Net
ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet
1187000000 USD
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
462000000 USD
us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
25000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
33000000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
17000000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-5000000 USD
CY2013Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1211000000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-80000000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
137000000 USD
txt Net Increase Decrease In Income Taxes
NetIncreaseDecreaseInIncomeTaxes
61000000 USD
txt Net Increase Decrease In Pension
NetIncreaseDecreaseInPension
31000000 USD
txt Captive Finance Receivables Net
CaptiveFinanceReceivablesNet
-107000000 USD
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
2000000 USD

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