Textron Reports Third Quarter 2023 Results; Raises Full-Year EPS Outlook

Non-GAAP Financial Measures and Outlook (Continued)
(Dollars in millions, except per share amounts)

Manufacturing Cash Flow Before Pension Contributions and Outlook

Manufacturing cash flow before pension contributions adjusts net cash from operating activities (GAAP) for the following:

  • Deducts capital expenditures and includes proceeds from insurance recoveries and the sale of property, plant and equipment to arrive at the net capital investment required to support ongoing manufacturing operations;
  • Excludes dividends received from Textron Financial Corporation (TFC) and capital contributions to TFC provided under the Support Agreement and debt agreements as these cash flows are not representative of manufacturing operations;
  • Adds back pension contributions as we consider our pension obligations to be debt-like liabilities. Additionally, these contributions can fluctuate significantly from period to period and we believe that they are not representative of cash used by our manufacturing operations during the period.

While we believe this measure provides a focus on cash generated from manufacturing operations, before pension contributions, and may be used as an additional relevant measure of liquidity, it does not necessarily provide the amount available for discretionary expenditures since we have certain non-discretionary obligations that are not deducted from the measure.

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,
2023

 

 

October 1,
2022

 

 

September 30,
2023

 

 

October 1,
2022

 

Net cash from operating activities - GAAP

 

$

270

 

 

 

$

356

 

 

 

$

737

 

 

 

$

945

 

 

Less: Capital expenditures

 

 

(79

)

 

 

 

(78

)

 

 

 

(224

)

 

 

 

(192

)

 

Add: Total pension contributions

 

 

10

 

 

 

 

11

 

 

 

 

34

 

 

 

 

36

 

 

Proceeds from sale of property, plant and equipment

 

 

4

 

 

 

 

3

 

 

 

 

4

 

 

 

 

21

 

 

Manufacturing cash flow before pension contributions - Non-GAAP

 

$

205

 

 

 

$

292

 

 

 

$

551

 

 

 

$

810

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023 Outlook

Net cash from operating activities - GAAP

 

$

1,250

 

 

 

$

1,350

 

Less: Capital expenditures

 

 

 

(400

 

 

Add: Total pension contributions

 

 

 

50

 

 

 

 

Manufacturing cash flow before pension contributions - Non-GAAP

 

$

900

 

 

 

$

1,000

 

 

 

 

 

 

 

 


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