Selected Financial Statistics 2023-2021
| (Dollars in millions, except where noted and per share amounts) | 2023 | 2022 | 2021 |
|---|---|---|---|
| Income Statement Data | |||
| Revenues | 13,683 | 12,869 | 12,382 |
| Segment profit(1) | 1,327 | 1,136 | 1,064 |
| Corporate expenses and other, net | (143) | (143) | (150) |
| Interest expense, net for Manufacturing group | (62) | (94) | (124) |
| Special charges | (126) | — | (25) |
| LIFO inventory provision | (107) | (71) | (17) |
| Intangible asset amortization | (39) | (52) | (51) |
| Gain on business disposition | — | — | 17 |
| Non-service components of pension and postretirement income, net | 237 | 240 | 159 |
| Income tax expense | 165 | 154 | 126 |
| Effective tax rate | 15.2% | 15.2% | 14.4% |
| Income from continuing operations | 922 | 862 | 747 |
| Diluted EPS from continuing operations | 4.57 | 4.01 | 3.30 |
| Special charges, net of tax | 0.47 | — | 0.08 |
| LIFO inventory provision, net of tax | 0.40 | 0.25 | 0.06 |
| Intangible asset amortization, net of tax | 0.15 | 0.19 | 0.17 |
| Gain on business disposition, net of taxes | — | — | (0.08) |
| Adjusted Diluted EPS—Non-GAAP(1) | 5.59 | 4.45 | 3.53 |
| Balance Sheet Data—Manufacturing Group | |||
| Cash and equivalents | 2,121 | 1,963 | 1,922 |
| Accounts receivable, net | 868 | 855 | 838 |
| Inventories | 3,914 | 3,550 | 3,468 |
| Property, plant and equipment, net | 2,477 | 2,523 | 2,538 |
| Goodwill | 2,295 | 2,283 | 2,149 |
| Total assets | 16,195 | 15,629 | 14,960 |
| Total debt | 3,526 | 3,182 | 3,185 |
| Total liabilities | 9,451 | 8,724 | 8,320 |
| Total company shareholders’ equity | 6,987 | 7,113 | 6,815 |
| Non-GAAP Cash Flow—Manufacturing Group | |||
| Net cash from operating activities of continuing operations—GAAP | 1,270 | 1,461 | 1,469 |
| Less: Capital expenditures | (402) | (354) | (375) |
| Plus: Total pension contributions | 45 | 49 | 52 |
| Proceeds from the sale of property, plant and equipment | 18 | 22 | 3 |
| Manufacturing cash flow before pension contributions—Non-GAAP(1) | 931 | 1,178 | 1,149 |
| Cash Flow Items—Manufacturing Group | |||
| Depreciation and amortization | 395 | 396 | 380 |
| Net cash used in acquisitions | (1) | (202) | — |
| Net proceeds from business disposition | — | — | 38 |
| Net change in debt | 341 | (32) | (525) |
| Dividends paid | (16) | (17) | (18) |
| Purchases of Textron common stock | (1,168) | (867) | (921) |
| Total number of shares purchased (in thousands) | 16,169 | 13,075 | 13,533 |
| Key Ratios | |||
| Segment profit margin | 9.7% | 8.8% | 8.6% |
| Selling and administrative expense as % of sales | 9.0% | 9.2% | 9.9% |
| Inventory turns (based on FIFO) | 2.9x | 2.9x | 2.8x |
| Debt-to-capital (net of cash)—Manufacturing Group | 17% | 15% | 15% |
| Stock-Related Information | |||
| Stock price at year-end | 80.42 | 70.80 | 77.20 |
| Dividend payout ratio | 2% | 2% | 2% |
| Dividends declared per share | 0.08 | 0.08 | 0.08 |
| Other Statistics | |||
| Number of employees at year-end | 35,000 | 34,000 | 33,000 |
| Average revenues per employee (in thousands) | 391 | 379 | 390 |
Segment profit, Adjusted diluted EPS from continuing operations and Manufacturing cash flow before pension contributions are Non-GAAP measures that are defined on page 17. A reconciliation of segment profit to GAAP is provided on page 14.