Textron Reports First Quarter 2018 Income from Continuing Operations of $0.72 per Share; Signs Agreement to Sell Tools & Test Business for $810 Million

(a) For the three months ended April 1, 2017, $22 million of net cash proceeds received from the settlement of corporate owned life insurance policies were reclassified from operating activities to investing activities as a result of the adoption of a new accounting standard at the beginning of 2018.

(b) 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
March 31, 2018     April 1, 2017
Cash flows from operating activities:    
Income from continuing operations $ 189 $ 100
Depreciation and amortization 105 106
Changes in working capital (a) (369 ) (371 )
Changes in other assets and liabilities and non-cash items (a)   (10 )       (26 )
Net cash from operating activities of continuing operations (a)   (85 )       (191 )
Cash flows from investing activities:
Capital expenditures (77 ) (76 )

Net proceeds from corporate-owned life insurance policies (a)

58 22
Finance receivables repaid 16 15
Net cash used in acquisitions - (318 )
Other investing activities, net   9         13  
Net cash from investing activities (a)   6         (344 )
Cash flows from financing activities:
Increase in short-term debt 2 100
Principal payments on long-term debt and nonrecourse debt (19 ) (38 )
Proceeds from long-term debt - 362
Purchases of Textron common stock (344 ) (186 )
Other financing activities, net   3         13  
Net cash from financing activities   (358 )       251  
Total cash flows from continuing operations (437 ) (284 )
Total cash flows from discontinued operations - (25 )
Effect of exchange rate changes on cash and equivalents   11         8  
Net change in cash and equivalents (426 ) (301 )
Cash and equivalents at beginning of period   1,262         1,298  
Cash and equivalents at end of period $ 836       $ 997  
 

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