Textron Aviation 37% Bell 27% Industrial 25% Textron Systems 10% Finance 1%
Commercial 74% U.S. Government 26%
U.S. 69% Europe 11% Asia and Australia 9% Other 11%
FINANCIAL HIGHLIGHTS
| Dollars in millions, except per share data | 2021 | 2020 | Change |
|---|---|---|---|
| Revenues | 12,382 | 11,651 | 6% |
| International revenues % | 31% | 32% | |
| Segment profit1 | 1,134 | 751 | 51% |
| Income from continuing operations —GAAP | 747 | 309 | 142% |
| Adjusted income from continuing operations —Non-GAAP2 | 748 | 475 | 57% |
| Manufacturing Group debt3 | 3,185 | 3,707 | (14)% |
| Shareholders’ equity | 6,815 | 5,845 | 17% |
| Manufacturing Group debt-to-capital (net of cash)2 | 16% | 21% | (24)% |
| Common Share Data | |||
| Diluted EPS from continuing operations—GAAP | 3.30 | 1.35 | 144% |
| Adjusted diluted EPS from continuing operations—Non-GAAP2 | 3.30 | 2.07 | 59% |
| Dividends per share | 0.08 | 0.08 | — |
| Diluted average shares outstanding (in thousands) | 226,520 | 228,979 | (1)% |
| Key Performance Metrics | |||
| ROIC4 | 10.9% | 7.7% | |
| Net cash provided by operating activities of continuing operations | |||
| —Manufacturing Group—GAAP5 | 1,469 | 833 | 76% |
| Manufacturing cash flow before pension contributions—Non-GAAP3, 5 | 1,149 | 596 | 93% |
| Manufacturing pension contributions | 52 | 47 | 11% |
| Capital expenditures | 375 | 317 | 18% |
| Net Debt | |||
| Finance group debt | 582 | 662 | (80) |
| Manufacturing Group debt | 3,185 | 3,707 | (522) |
| Total debt | 3,767 | 4,369 | (602) |
| Less: Consolidated cash and equivalents | 2,117 | 2,254 | (137) |
| Net Debt | 1,650 | 2,115 | (465) |
| 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 | anufacturing cash flow before pension contributions is a Non-GAAP measure. See page 11 for reconciliation to GAAP. |