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Revenues (Tables) | 9 Months Ended
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Sep. 29, 2018
Revenues |
Schedule of revenue by major product type, customer type and geographic | Our revenues disaggregated by major product type for the three and nine months ended September 29, 2018 are presented below:
(In millions) |  | Three Months Ended |  | Nine Months Ended
Aircraft | $ | 756 | $ | 2,267
Aftermarket parts and services |  | 377 |  | 1,152
Textron Aviation |  | 1,133 |  | 3,419
Military aircraft and support programs |  | 505 |  | 1,525
Commercial helicopters, parts and services |  | 265 |  | 828
Bell |  | 770 |  | 2,353
Unmanned systems |  | 154 |  | 485
Marine and land systems |  | 87 |  | 248
Simulation, training and other |  | 111 |  | 386
Textron Systems |  | 352 |  | 1,119
Fuel systems and functional components |  | 522 |  | 1,804
Specialized vehicles |  | 408 |  | 1,231
Tools and test equipment |  | — |  | 248
Industrial |  | 930 |  | 3,283
Finance |  | 15 |  | 48
Total revenues | $ | 3,200 | $ | 10,222
Our revenues by customer type and geographic location for the three and nine months ended September 29, 2018 are presented below:
(In millions) |  | Textron Aviation |  | Bell |  | Textron Systems |  | Industrial |  | Finance |  | Total
Three months ended |  |  |  |  |  |  |  |  |  |  |  |
Customer type: |  |  |  |  |  |  |  |  |  |  |  |
Commercial | $ | 1,081 | $ | 258 | $ | 92 | $ | 923 | $ | 15 | $ | 2,369
U.S. Government |  | 52 |  | 512 |  | 260 |  | 7 |  | — |  | 831
Total revenues | $ | 1,133 | $ | 770 | $ | 352 | $ | 930 | $ | 15 | $ | 3,200
Geographic location: |  |  |  |  |  |  |  |  |  |  |  |
United States | $ | 740 | $ | 392 | $ | 293 | $ | 435 | $ | 4 | $ | 1,864
International |  | 393 |  | 378 |  | 59 |  | 495 |  | 11 |  | 1,336
Total revenues | $ | 1,133 | $ | 770 | $ | 352 | $ | 930 | $ | 15 | $ | 3,200
Nine months ended |  |  |  |  |  |  |  |  |  |  |  |
Customer type: |  |  |  |  |  |  |  |  |  |  |  |
Commercial | $ | 3,245 | $ | 801 | $ | 326 | $ | 3,262 | $ | 48 | $ | 7,682
U.S. Government |  | 174 |  | 1,552 |  | 793 |  | 21 |  | — |  | 2,540
Total revenues | $ | 3,419 | $ | 2,353 | $ | 1,119 | $ | 3,283 | $ | 48 | $ | 10,222
Geographic location: |  |  |  |  |  |  |  |  |  |  |  |
United States | $ | 2,319 | $ | 1,444 | $ | 877 | $ | 1,521 | $ | 18 | $ | 6,179
International |  | 1,100 |  | 909 |  | 242 |  | 1,762 |  | 30 |  | 4,043
Total revenues | $ | 3,419 | $ | 2,353 | $ | 1,119 | $ | 3,283 | $ | 48 | $ | 10,222
ASC 606 |
Revenues |
Schedule of impacts of adopting ASU 606 |
|  |  | September 29, 2018
(In millions) |  |  |  | As Reported |  | Effect of the adoption of ASC 606 |  | Under Prior Accounting
Consolidated Balance Sheets |  |  |  |  |  |  |  |
Accounts receivable, net |  |  | $ | 1,026 | $ | 187 | $ | 1,213
Inventories |  |  |  | 4,030 |  | 207 |  | 4,237
Other current assets |  |  |  | 706 |  | (418) |  | 288
Property, plant and equipment, net |  |  |  | 2,593 |  | 6 |  | 2,599
Other assets |  |  |  | 1,868 |  | 40 |  | 1,908
Total Manufacturing group assets |  |  |  | 13,582 |  | 22 |  | 13,604
Total assets |  |  |  | 14,669 |  | 22 |  | 14,691
Other current liabilities |  |  |  | 2,310 |  | 147 |  | 2,457
Total Manufacturing group liabilities |  |  |  | 8,225 |  | 147 |  | 8,372
Total liabilities |  |  |  | 9,126 |  | 147 |  | 9,273
Retained earnings |  |  |  | 6,419 |  | (125) |  | 6,294
Total shareholders’ equity |  |  |  | 5,543 |  | (125) |  | 5,418
| Three Months Ended September 29, 2018 | Nine Months Ended September 29, 2018
(In millions, except per share amounts) |  | As Reported |  | Effect of the adoption of ASC 606 |  | Under Prior Accounting |  | As Reported |  | Effect of the adoption of ASC 606 |  | Under Prior Accounting
Consolidated Statements of Operations |  |  |  |  |  |  |  |  |  |  |  |
Manufacturing revenues | $ | 3,185 | $ | 21 | $ | 3,206 | $ | 10,174 | $ | (225) | $ | 9,949
Total revenues |  | 3,200 |  | 21 |  | 3,221 |  | 10,222 |  | (225) |  | 9,997
Cost of sales |  | 2,687 |  | 25 |  | 2,712 |  | 8,489 |  | (178) |  | 8,311
Income from continuing operations before income taxes |  | 628 |  | (4) |  | 624 |  | 1,106 |  | (47) |  | 1,059
Income tax expense |  | 65 |  | (1) |  | 64 |  | 130 |  | (12) |  | 118
Income from continuing operations |  | 563 |  | (3) |  | 560 |  | 976 |  | (35) |  | 941
Net income |  | 563 |  | (3) |  | 560 |  | 976 |  | (35) |  | 941
Basic earnings per share - continuing operations | $ | 2.29 | $ | (0.01) | $ | 2.28 | $ | 3.85 | $ | (0.14) | $ | 3.71
Diluted earnings per share - continuing operations |  | 2.26 |  | (0.01) |  | 2.25 |  | 3.80 |  | (0.14) |  | 3.66
Consolidated Statements of Comprehensive Income |  |  |  |  |  |  |  |  |  |  |  |
Other comprehensive income | $ | 46 | $ | (3) | $ | 43 | $ | 78 | $ | (35) | $ | 43
Comprehensive income |  | 609 |  | (3) |  | 606 |  | 1,054 |  | (35) |  | 1,019
| Nine Months Ended September 29, 2018
(In millions) |  | As Reported |  | Effect of the adoption of ASC 606 |  | Under Prior Accounting
Consolidated Statements of Cash flows |  |  |  |  |  |
Net income | $ | 976 | $ | (35) | $ | 941
Income from continuing operations |  | 976 |  | (35) |  | 941
Deferred income taxes |  | 25 |  | (12) |  | 13
Accounts receivable, net |  | 56 |  | 16 |  | 72
Inventories |  | (190) |  | (29) |  | (219)
Other assets |  | (28) |  | (12) |  | (40)
Other liabilities |  | (80) |  | 72 |  | (8)
Net cash provided by operating activities of continuing operations |  | 697 |  | — |  | 697

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