Textron Aviation 34% Bell 28% Industrial 26% Textron Systems 11% Finance 1%
Commercial 70% U.S. Government 30%
U.S. 68% Europe 11% Asia and Australia 10% Other 11%
FINANCIAL HIGHLIGHTS
| Dollars in millions, except per share data | 2020 | 2019 | Change |
|---|---|---|---|
| Revenues | 11,651 | 13,630 | (15)% |
| International revenues % | 32% | 34% | |
| Segment profit1 | 751 | 1,270 | (41)% |
| Income from continuing operations —GAAP | 309 | 815 | (62)% |
| Adjusted income from continuing operations —Non-GAAP2 | 475 | 870 | (45)% |
| Manufacturing Group debt3 | 3,707 | 3,124 | 19% |
| Shareholders’ equity | 5,845 | 5,518 | 6% |
| Manufacturing Group debt-to-capital (net of cash)2 | 21% | 26% | |
| Common Share Data | |||
| Diluted EPS—GAAP | 1.35 | 3.50 | (61)% |
| Adjusted diluted EPS—Non-GAAP2 | 2.07 | 3.74 | (45)% |
| Dividends per share | 0.08 | 0.08 | — |
| Diluted average shares outstanding (in thousands) | 228,979 | 232,709 | (2)% |
| Key Performance Metrics | |||
| ROIC4 | 7.7% | 13.3% | |
| Net cash provided by operating activities of continuing | |||
| operations—Manufacturing Group—GAAP5 | 833 | 960 | (13)% |
| Manufacturing cash flow before pension contributions— | |||
| Non-GAAP3, 5 | 596 | 642 | (7)% |
| Manufacturing pension contributions | 47 | 51 | (8)% |
| Capital expenditures | 317 | 339 | (6)% |
| Net Debt | |||
| Finance group debt | 662 | 686 | (24) |
| Manufacturing Group debt | 3,707 | 3,124 | 583 |
| Total debt | 4,369 | 3,810 | 559 |
| Less: Consolidated cash and equivalents | 2,254 | 1,357 | 897 |
| Net Debt | 2,115 | 2,453 | (338) |
| 1 | Segment profit is an important measure used for evaluating performance and for decision-making purposes. Segment profit for the manufacturing segments excludes interest expense, certain corporate expenses, gains/losses on major business dispositions, special charges and an inventory charge related to a restructuring plan initiated in the second quarter of 2020. The measurement for the Finance segment includes interest income and expense along with intercompany interest income and expense. |
| 2 | Adjusted income from continuing operations and Adjusted diluted EPS from continuing operations are Non-GAAP measures. See page 11 for reconciliation to GAAP. |
| 3 | Our Manufacturing Group includes all continuing operations of Textron Inc., except for the Finance segment. |
| 4 | Calculation of return on invested capital (“ROIC”) is provided on the inside back cover. |
| 5 | Manufacturing cash flow before pension contributions is a Non-GAAP measure. See page 12 for reconciliation to GAAP. |