Textron Reports Fourth Quarter 2017 Results; Announces 2018 Financial Outlook

(a) Manufacturing cash flow before pension contributions is a non-GAAP financial measure as defined in "Non-GAAP Financial Measures" attached to this release.

TEXTRON INC.
Condensed Consolidated Schedule of Cash Flows
(In millions)
(Unaudited)
                           
Three Months Ended Twelve Months Ended
December 30,     December 31, December 30,     December 31,
2017     2016 2017     2016
Cash flows from operating activities:
Income (loss) from continuing operations $ (106 ) $ 215 $ 306 $ 843
Depreciation and amortization 115 118 447 449
Changes in working capital 352 473 131 (375 )
Changes in other assets and liabilities and non-cash items   234         63     96         97  
Net cash from operating activities of continuing operations   595         869     980         1,014  
Cash flows from investing activities:
Capital expenditures (147 ) (140 ) (423 ) (446 )
Net cash used in acquisitions (1 ) (7 ) (331 ) (186 )
Finance receivables repaid 5 4 32 44
Other investing activities, net   12         12     60         65  
Net cash from investing activities   (131 )       (131 )   (662 )       (523 )
Cash flows from financing activities:
Proceeds from long-term debt 354 5 1,036 525
Principal payments on long-term debt and nonrecourse debt (725 ) (24 ) (841 ) (457 )
Increase (decrease) in short-term debt - (113 ) 2 (3 )
Purchases of Textron common stock (131 ) (26 ) (582 ) (241 )
Other financing activities, net   5         4     25         8  
Net cash from financing activities   (497 )       (154 )   (360 )       (168 )
Total cash flows from continuing operations (33 ) 584 (42 ) 323
Total cash flows from discontinued operations (3 ) - (27 ) (2 )
Effect of exchange rate changes on cash and equivalents   4         (25 )   33         (28 )
Net change in cash and equivalents (32 ) 559 (36 ) 293
Cash and equivalents at beginning of period   1,294         739     1,298         1,005  
Cash and equivalents at end of period $ 1,262       $ 1,298   $ 1,262       $ 1,298  
 
 

TEXTRON INC.

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