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Segment Financial Information | 12 Months Ended
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Dec. 28, 2024
Segment Reporting [Abstract] |
Segment Financial Information | Segment Financial Information We operate in, and report financial information for, the following six operating segments: Textron Aviation, Bell, Textron Systems, Industrial, Textron eAviation and Finance. The accounting policies of the segments are the same as those described in Note 1. Textron Aviation products and services include Cessna Citation jets, Beechcraft and Cessna turboprop aircraft, military trainer and defense aircraft, piston engine aircraft, advanced flight training devices, aftermarket parts and maintenance, inspection and repair services. Textron Aviation has a diverse customer base including fractional aircraft businesses, charter and fleet operators, corporate aviation, individual buyers, training schools, airlines, and special mission, military and government operators. Bell products and services include development of a next generation tiltrotor aircraft, the V-22 tiltrotor aircraft, advanced military helicopters, and aftermarket parts and support services to the U.S. and non-U.S. governments. Bell also supplies commercial helicopters and aftermarket parts and services to corporate, private, law enforcement, utility, public safety and emergency medical helicopter operators, and U.S. and foreign governments. Textron Systems products and services include electronic systems and solutions, advanced marine craft, piston aircraft engines, live military air-to-air and air-to-ship training, weapons and related components, unmanned aircraft systems, and both manned and unmanned armored and specialty vehicles for U.S. and international military, government and commercial customers. Industrial products and markets include the following: •Kautex products include blow-molded plastic fuel systems, including conventional plastic fuel tanks and pressurized fuel tanks for hybrid vehicle applications, clear-vision systems, plastic tanks for selective catalytic reduction systems and battery systems for use in electric vehicles, from hybrid to full battery-powered, that are sold to automobile OEMs; and •Textron Specialized Vehicles products include golf cars, off-road utility vehicles, powersports products, light transportation vehicles, aviation ground support equipment, professional turf-maintenance equipment and specialized turf-care vehicles that are marketed primarily to golf courses and resorts, government agencies and municipalities, consumers, outdoor enthusiasts, and commercial and industrial users. The Textron eAviation segment is focused on research and development initiatives related to sustainable aviation solutions and also manufactures a family of light aircraft and gliders with both electric and combustion engines. The Finance segment provides financing primarily to purchasers of new and pre-owned Textron Aviation aircraft and Bell helicopters. In November 2023, the Financial Accounting Standards Board issued Accounting Standard Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires a public entity to disclose, on an annual and interim basis, significant segment expenses and other segment items that are regularly provided to the Chief Operating Decision Maker (CODM). The new standard is effective for fiscal years beginning after December 15, 2023. We adopted ASU 2023-07 in the fourth quarter of 2024. In connection with the adoption of this standard, research and development costs previously included within Cost of products sold are now reported on a separate line in our Consolidated Statements of Operations. Prior period amounts have been recast to conform to the new presentation. Textron’s CODM is its Chairman and Chief Executive Officer, Scott Donnelly. Mr. Donnelly utilizes segment profit to evaluate the performance of the segments to establish management's compensation and for decision-making purposes, including the allocation of capital resources between segments. Segment profit for the manufacturing segments excludes the non-service components of pension and postretirement income, net; LIFO inventory provision; intangible asset amortization; interest expense, net for Manufacturing group; certain corporate expenses; gains/losses on major business dispositions; special charges; and the inventory valuation charge to write down production-related powersports inventory discussed in Note 15. The measurement for the Finance segment includes interest income and expense along with intercompany interest income and expense. Our revenues and expenses by segment are provided below:
(in millions) | Textron Aviation | Bell | Textron Systems | Industrial | Textron eAviation | Finance | Total
2024 |  |  |  |  |  |  |
Revenues | $ | 5,284 |  | $ | 3,579 |  | $ | 1,241 |  | $ | 3,515 |  | $ | 33 |  | $ | 50 |  | $ | 13,702 |
Costs and expenses: |  |  |  |  |  |  |
Cost of sales | 4,102 |  | 2,899 |  | 929 |  | 2,993 |  | 29 |  | — |  | 10,952 |
Research and development costs | 208 |  | 97 |  | 51 |  | 72 |  | 63 |  | — |  | 491 |
Selling and administrative expense | 408 |  | 213 |  | 107 |  | 299 |  | 17 |  | (4) |  | 1,040 |
Interest expense, net | — |  | — |  | — |  | — |  | — |  | 19 |  | 19 |
Segment profit (loss) | $ | 566 |  | $ | 370 |  | $ | 154 |  | $ | 151 |  | $ | (76) |  | $ | 35 |  | $ | 1,200 |
2023 |  |  |  |  |  |  |
Revenues | $ | 5,373 |  | $ | 3,147 |  | $ | 1,235 |  | $ | 3,841 |  | $ | 32 |  | $ | 55 |  | $ | 13,683 |
Costs and expenses: |  |  |  |  |  |  |
Cost of sales | 4,116 |  | 2,392 |  | 925 |  | 3,221 |  | 35 |  | — |  | 10,689 |
Research and development costs | 199 |  | 192 |  | 53 |  | 80 |  | 46 |  | — |  | 570 |
Selling and administrative expense | 409 |  | 243 |  | 110 |  | 312 |  | 14 |  | (6) |  | 1,082 |
Interest expense, net | — |  | — |  | — |  | — |  | — |  | 15 |  | 15 |
Segment profit (loss) | $ | 649 |  | $ | 320 |  | $ | 147 |  | $ | 228 |  | $ | (63) |  | $ | 46 |  | $ | 1,327 |
2022 |  |  |  |  |  |  |
Revenues | $ | 5,073 |  | $ | 3,091 |  | $ | 1,172 |  | $ | 3,465 |  | $ | 16 |  | $ | 52 |  | $ | 12,869 |
Costs and expenses: |  |  |  |  |  |  |
Cost of sales | 3,905 |  | 2,316 |  | 878 |  | 2,959 |  | 18 |  | — |  | 10,076 |
Research and development costs | 191 |  | 266 |  | 53 |  | 71 |  | 20 |  | — |  | 601 |
Selling and administrative expense | 417 |  | 227 |  | 109 |  | 280 |  | 2 |  | 8 |  | 1,043 |
Interest expense, net | — |  | — |  | — |  | — |  | — |  | 13 |  | 13 |
Segment profit (loss) | $ | 560 |  | $ | 282 |  | $ | 132 |  | $ | 155 |  | $ | (24) |  | $ | 31 |  | $ | 1,136 |
A reconciliation of segment profit to income from continuing operations before income taxes is presented below:
(in millions) | 2024 | 2023 | 2022
Segment profit | $ | 1,200 |  | $ | 1,327 |  | $ | 1,136 |
Unallocated amounts: |  |  |
Corporate expenses and other, net | (116) |  | (143) |  | (143) |
Interest expense, net for Manufacturing group | (78) |  | (62) |  | (94) |
LIFO inventory provision | (176) |  | (107) |  | (71) |
Intangible asset amortization | (34) |  | (39) |  | (52) |
Special charges* | (78) |  | (126) |  | — |
Inventory charge* | (38) |  | — |  | — |
Non-service components of pension and postretirement income, net | 263 |  | 237 |  | 240 |
Income from continuing operations before income taxes | $ | 943 |  | $ | 1,087 |  | $ | 1,016 |
* See Note 15 for additional information. Other information by segment is provided below:
| Assets | Capital Expenditures | Depreciation and Amortization
(In millions) | December 28, 2024 | December 30, 2023 | 2024 | 2023 | 2022 | 2024 | 2023 | 2022
Textron Aviation | $ | 4,624 |  | $ | 4,542 |  | $ | 136 |  | $ | 138 |  | $ | 138 |  | $ | 164 |  | $ | 160 |  | $ | 152 |
Bell | 2,992 |  | 2,869 |  | 122 |  | 119 |  | 80 |  | 86 |  | 89 |  | 90 |
Textron Systems | 2,036 |  | 2,008 |  | 40 |  | 48 |  | 57 |  | 48 |  | 41 |  | 49 |
Industrial | 2,378 |  | 2,520 |  | 62 |  | 91 |  | 78 |  | 70 |  | 89 |  | 93 |
Textron eAviation | 286 |  | 287 |  | 4 |  | 4 |  | 1 |  | 7 |  | 7 |  | 2 |
Finance | 680 |  | 661 |  | — |  | — |  | — |  | — |  | — |  | 1 |
Corporate | 3,842 |  | 3,969 |  | — |  | 2 |  | — |  | 7 |  | 9 |  | 10 |
Total | $ | 16,838 |  | $ | 16,856 |  | $ | 364 |  | $ | 402 |  | $ | 354 |  | $ | 382 |  | $ | 395 |  | $ | 397 |
At December 28, 2024 and December 30, 2023, 86% and 85%, respectively, of our property, plant and equipment, net was located in the United States.

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