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2018Fact Book

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2018Fact Book 2018 FACT BOOK TEXTRON INC. is a $14.0 FINANCIAL HIGHLIGHTS billion multi-industry company with Dollars in millions, except per share data 2018 2017 Change approximately 35,000 employees. Revenues1 $13,972 $14,198 (2)% International revenues % 38% 38% The Company leverages its global Segment profit2 $ 1,267 $ 1,169 8% Income from continuing operations—GAAP $ 1,222 $ 306 299% network of aircraft, defense, Adjusted income from continuing industrial, and finance businesses operations—Non-GAAP3 $ 845 $ 658 28% Manufacturing group debt4 $ 3,066 $ 3,088 (1)% to provide customers with innovative Shareholders’ equity $ 5,192 $ 5,647 (8)% Manufacturing Group debt-to-capital (net of cash)4 29% 26% products and services. Textron Common Share Data is known around the world for its Diluted EPS from continuing operations—GAAP $ 4.83 $ 1.14 324% powerful brands such as Bell, Cessna, Adjusted diluted EPS from continuing operations—Non-GAAP3 $ 3.34 $ 2.45 36% Beechcraft, Hawker, Jacobsen, Dividends per share $ 0.08 $ 0.08 — Diluted average shares outstanding (in thousands) 253,237 268,750 (6)% Kautex, Lycoming, E-Z-GO, Arctic Cat, Textron Systems, and TRU Key Performance Metrics ROIC5 13.0% 9.8% Simulation + Training. Net cash provided by operating activities of continuing operations—Manufacturing group—GAAP6 $ 1,127 $ 930 21% Manufacturing cash flow before pension contributions—Non-GAAP4, 6, 7 $ 784 $ 872 (10)% Manufacturing pension contributions 4 $ 52 $ 358 (85)% Capital expenditures $ 369 $ 423 (13)% Net Debt Finance group debt $ 718 $ 824 $(106) Manufacturing group debt 4 $ 3,066 $ 3,088 $ (22) Total debt $ 3,784 $ 3,912 $(128) Less: Consolidated cash and equivalents $ 1,107 $ 1,262 $(155) (Credit Ratings as of January 17, 2019) Net Debt $ 2,677 $ 2,650 $ 27 Textron Inc. Short-Term 1 At the beginning of 2018, we adopted ASC 606 using a modified retrospective basis and as a result, the comparative information has not been Long-Term Commercial restated and is reported under the accounting standards in effect for these periods. Debt Paper Outlook 2 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 and special charges. The measurement for the Finance segment includes interest income and expense along with intercompany interest income S&P BBB A2 Stable and expense. 3 Adjusted income from continuing operations and Adjusted diluted EPS from continuing operations are Non-GAAP measures. See page 11 for Moody’s Baa2 P2 Stable reconciliation to GAAP. 4 Our Manufacturing group includes all continuing operations of Textron Inc., except for the Finance segment. 5 Calculation of return on invested capital (“ROIC”) is provided on page 13. 6 For 2017, $17 million of net proceeds from the settlement of corporate-owned life insurance policies were reclassified from operating activities to investing activities as a result of the adoption of a new accounting standard at the beginning of 2018. 7 Manufacturing cash flow before pension contributions is a Non-GAAP measure. See page 12 for reconciliation to GAAP. TEXTRON REVENUE BY SEGMENT TEXTRON REVENUE BY TYPE TEXTRON REVENUE BY REGION TEXTRON AVIATION 36% U.S. 62% INDUSTRIAL 31% COMMERCIAL 76% EUROPE 16% BELL 23% U.S. GOVERNMENT 24% ASIA AND TEXTRON SYSTEMS 10% FINANCE <1% AUSTRALIA 9% FINANCE <1% OTHER 13% COMMITMENT TO FUTURE GROWTH Investing for future growth is a key strategy for Textron. Here are a few notable examples from 2018. There are also additional examples contained within the segment sections. BELL HELICOPTER marked the anniversary of the V-280 Valor’s first flight in December. Since its first flight one year ago, the V-280 has completed over 80 flight hours and has flown at over 280 knots true airspeed with in-flight transitions between cruise mode and vertical takeoff and landing. These milestones represent exceptional progress on the V-280 development program and bring Bell one step closer to creating the next generation of vertical lift for the U.S. military. TEXTRON AVIATION announced an expanded relationship between Textron Aviation and NetJets, reaching agreements for the purchase of up to 175 Citation Longitudes and an option to purchase up to 150 Citation Hemispheres, making NetJets the launch customer for the Hemisphere. TEXTRON SPECIALIZED VEHICLES won new business for its TUG, Douglas Equipment, and Safeaero products for use at airports around the globe, while KAUTEX, an industry leader in the development and production of all-plastic hybrid fuel systems, entered into contracts with major OEMs to supply these products for their hybrid vehicles. TEXTRON SYSTEMS continued to advance its Ship-to-Shore Connector program, receiving contracts in 2018 totaling $420 million to procure long-lead time material for the initial production contract. In addition, following Pre-Delivery Inspection and Trials, Textron Systems’ Common Unmanned Surface Vehicle began Development Testing as the U.S. Navy leads underway operations and testing as part of its Unmanned Influence Sweep Systems program. KEY EXECUTIVES RONALD DRAPER LISA M. ATHERTON MITCH SNYDER Textron Aviation Textron Systems Segment Bell Helicopter President and CEO President and CEO President and CEO SCOTT C. DONNELLY FRANK T. CONNOR Chairman, President and Executive Vice President and Chief Executive Officer Chief Financial Officer Scott C. Donnelly was named Frank T. Connor joined Textron as chief executive officer in December executive vice president and chief 2009 and chairman of the board financial officer in August 2009. in September 2010. Donnelly joined Connor came to Textron after a Textron as executive vice president 22-year career at Goldman, Sachs & and chief operating officer in Co. where he was most recently June 2008 and was promoted managing director and head of SCOTT A. ERNEST R. DANNY MALDONADO to president in January 2009. Telecom Investment Banking. Industrial Segment and Textron Financial Corporation Prior to joining Textron, Donnelly Prior to that, he served as Goldman, Textron Specialized President and CEO was president and CEO for Sachs & Co.’s chief operating Vehicles General Electric (GE) Aviation. officer of Telecom, Technology and President and CEO Media Investment Banking. TEXTRON 2018 FACT BOOK 1 U.S. 62% LATIN AND SOUTH AMERICA 13% EUROPE 11% ASIA PACIFIC 6% CANADA 4% 36% MIDDLE EAST 3% Textron Aviation’s AFRICA 1% share of Textron Cessna Denali Cessna Citation Latitude Cessna Citation Longitude 2018 revenues TEXTRON AVIATION ® ® ® 2018 REVENUES BY CUSTOMER Textron Aviation is home to the Beechcraft , Cessna and Hawker BY REGION brands, and continues to lead general aviation through two principal COMMERCIAL 95% lines of business: aircraft and aftermarket parts and services. Aircraft U.S. GOVERNMENT 5% includes sales of business jets, turboprop and piston aircraft, as well as special mission and military aircraft. Aftermarket parts and services includes parts sales, maintenance, inspection and repair services. U.S. 68% U.S. 69% U.S. 76% U.S. 46% LONG-TERM DEBT 33% BY PRODUCT LINE U.S.EUROPE 68% 12% U.S.ASIA 69% AND AUSTRALIA 13% U.S.ASIA 76% AND AUSTRALIA 9% U.S.EUROPE 46% 31% LONG-TERMSUBORDINATED DEBT DEBT 33% 33% EUROPEASIA AND 12% AUSTRALIA 7% ASIAEUROPE AND 5% AUSTRALIA 13% ASIAEUROPE AND 5% AUSTRALIA 9% EUROPEASIA AND 31% AUSTRALIA 8% SUBORDINATEDEQUITY 21% DEBT 33% KEY DATA U.S. 68% U.S. 69% U.S. 76% U.S. 46% LONG-TERM DEBT 33% ASIAOTHER AND 13% AUSTRALIA 7% EUROPEOTHER 13% 5% EUROPEOTHER 10% 5% ASIAOTHER AND 15% AUSTRALIA 8% EQUITYEXIMEDIC 21% 13% AIRCRAFT SALES 71% (Dollars in millions) 2018 2017 2016 2015 2014 EUROPE 12% ASIA AND AUSTRALIA 13% ASIA AND AUSTRALIA 9% EUROPE 31% SUBORDINATED DEBT 33% OTHER 13% OTHER 13% OTHER 10% OTHER 15% EXIMEDIC 13% AFTERMARKET 29% ASIA AND AUSTRALIA 7% EUROPE 5% EUROPE 5% ASIA AND AUSTRALIA 8% EQUITY 21% Textron Aviation OTHER 13% OTHER 13% OTHER 10% OTHER 15% EXIMEDIC 13% Units delivered: 2018 REVENUES Business jets 188 180 178 166 159 BY PRODUCT LINE King Airs 94 86 106 117 113 Caravans 92 69 84 102 94 Piston engine 227 274 262 312 290 Backlog $1,791 $1,180 $1,041 $1,074 $1,365 Revenues $4,971 $4,686 $4,921 $4,822 $4,568 Segment profit1 $ 445 $ 303 $ 389 $ 400 $ 234 Segment profit margin 9.0% 6.5% 7.9% 8.3% 5.1% TEXTRON AVIATION 55% Total assets $4,290 $4,403 $4,460 $4,039 $4,085 UNMANNED SYSTEMS 42% TEXTRONBELL HELICOPTER AVIATION 27% 55% Capital expenditures $ 132 $ 128 $ 157 $ 124 $ 96 AIRCRAFT 69% U.S. GOVERNMENT 65% UNMANNEDMARINE AND SYSTEMS LAND 42% BELLNON-CAPTIVE HELICOPTER 16% 27% Depreciation and AIRCRAFTAFTERMARKET 69% PARTS U.S.COMMERCIAL GOVERNMENT 35% 65% MARINESYSTEMS AND 21% LAND TEXTRON AVIATION 55% UNMANNED SYSTEMS 42% NON-CAPTIVEINDEPENDENT 16% AVIATION 2% AFTERMARKETAND SERVICES 31%PARTS COMMERCIAL 35% SYSTEMSSIMULATION, 21% TRAINING BELL HELICOPTER 27% amortization $ 145 $ 139 $ 140 $ 134 $ 137 AIRCRAFT 69% U.S. GOVERNMENT 65% MARINE AND LAND INDEPENDENT AVIATION 2% AND SERVICES 31% SIMULATION,AND OTHER 37% TRAINING NON-CAPTIVE 16% AFTERMARKET PARTS COMMERCIAL 35% SYSTEMS 21% 1 In 2015 and 2014, segment profit included amortization of $12 million and $63 million, respectively, related to fair value step-up AND OTHER 37% INDEPENDENT AVIATION 2% AND SERVICES 31% SIMULATION, TRAINING adjustments of Beechcraft acquired inventories sold during the year. 2018 REVENUES AND OTHER 37% BY CUSTOMER REVENUE DETAILS (In millions) 2018 2017 2016 2015 2014 Aircraft $3,435 $3,112 $3,412 $3,404 $3,182 Aftermarket Parts and Services 1,536 1,574 1,509 1,418 1,386 Total revenues $4,971 $4,686 $4,921 $4,822 $4,568 COMMERCIAL 95% MARINES 96% U.S. GOVERNMENT 71% COMMERCIALU.S. GOVERNMENT 95% 5% MARINESARMY 2% 96% U.S.COMMERCIAL GOVERNMENT 29% 71% U.S.
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