At the beginning of 2018, we adopted the new revenue recognition accounting standard using a modified retrospective transition method applied to contracts that were not substantially complete at the end of 2017. We recorded a $90 million adjustment to increase retained earnings to reflect the cumulative impact of adopting this standard at the beginning of 2018, primarily related to long-term contracts with the U.S. Government. Revenues associated with these contracts in 2018 are primarily recognized as costs are incurred, while revenues for 2017 were primarily recognized as units were delivered. The comparative information has not been restated and is reported under the accounting standards in effect for those periods.

TEXTRON INC.
MANUFACTURING GROUP
Condensed Schedule of Cash Flows
(In millions)
(Unaudited)
							Three Months Ended
							March 31, 2018					April 1, 2017
Cash flows from operating activities:
Income from continuing operations							$	179				$	94
Depreciation and amortization								103					103
Changes in working capital (a)								(376	)				(337	)
Changes in other assets and liabilities and non-cash items (a)								(9	)				(25	)
Dividends received from TFC								50					-
Net cash from operating activities of continuing operations (a)								(53	)				(165	)
Cash flows from investing activities:
Capital expenditures								(77	)				(76	)
Net proceeds from corporate-owned life insurance policies (a)								58					22
Proceeds from the sale of property, plant and equipment								9					-
Net cash used in acquisitions								-					(318	)
Other investing activities, net								-					1
Net cash from investing activities (a)								(10	)				(371	)
Cash flows from financing activities:
Increase in short-term debt								2					100
Proceeds from long-term debt								-					347
Purchases of Textron common stock								(344	)				(186	)
Other financing activities, net								3					13
Net cash from financing activities								(339	)				274
Total cash flows from continuing operations								(402	)				(262	)
Total cash flows from discontinued operations								-					(25	)
Effect of exchange rate changes on cash and equivalents								11					8
Net change in cash and equivalents								(391	)				(279	)
Cash and equivalents at beginning of period								1,079					1,137
Cash and equivalents at end of period							$	688				$	858
Manufacturing Cash Flow GAAP to Non-GAAP Reconciliation:
Net cash from operating activities of continuing operations - GAAP (a)							$	(53	)			$	(165	)
Less:				Capital Expenditures				(77	)				(76	)
				Dividends received from TFC				(50	)				-
Plus:				Total pension contributions				13					14
				Proceeds from the sale of property, plant and equipment				9					-
Manufacturing cash flow before pension contributions - Non-GAAP (a) (b)							$	(158	)			$	(227	)

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