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58 Textron Inc. Annual Report ● 2012
A summary of impaired finance receivables, excluding leveraged leases, at year end and the average recorded investment for the
year is provided below:
Recorded Investment
(In millions)
Impaired
Loans with
No Related
Allowance for
Credit Losses
Impaired
Loans with
Related
Allowance for
Credit Losses
Total
Impaired
Loans
Unpaid
Principal
Balance
Allowance
For Losses On
Impaired Loans
Average
Recorded
Investment
December 29, 2012
Captive $ 61 $ 66 $ 127 $ 128 $ 15 $ 121
N
on-captive 11 33 44 59 12 149
Total $ 72 $ 99 $ 171 $ 187 $ 27 $ 270
December 31, 2011
Captive $ 47 $ 94 $ 141 $ 144 $ 40 $ 149
N
on-captive 173 69 242 347 47 577
Total $ 220 $ 163 $ 383 $ 491 $ 87 $ 726
*Non-captive impaired loans are primarily related to the Timeshare portfolio.
A summary of the allowance for losses on finance receivables that are evaluated on an individual and on a collective basis is
provided below. The finance receivables reported in this table specifically exclude $122 million and $208 million of leveraged
leases at December 29, 2012 and December 31, 2011, respectively, in accordance with authoritative accounting standards.
December 29, 2012 December 31, 2011
Finance
Receivables Evaluated
Allowance
Based on
Individual
Evaluation
Allowance
Based on
Collective
Evaluation
Finance
Receivables Evaluated
Allowance
Based on
Individual
Evaluation
Allowance
Based on
Collective
Evaluation
(In millions) Individually Collectively Individually Collectively
Captive $ 127 $ 1,577 $ 15 $ 55 $ 141 $ 1,804 $ 40 $ 61
N
on-captive 44 64 12 2 242 82 47 8
Total $ 171 $ 1,641 $ 27 $ 57 $ 383 $ 1,886 $ 87 $ 69
Allowance for Losses
A rollforward of the allowance for losses on finance receivables held for investment is provided below:
(In millions) Captive
Golf
Mortgage Timeshare
Other
Liquidating Total
Balance at January 1, 2011 $ 123 $ 79 $ 106 $ 34 $ 342
Provision for losses 15 25 (26) (2) 12
Charge-offs (43) (27) (40) (14) (124)
Recoveries 9 3 — 10 22
Transfers (3) (80) — (13) (96)
Balance at December 31, 2011 $ 101 $ — $ 40 $ 15 $ 156
Provision for losses 1 — 2 (6) (3)
Charge-offs (42) — (32) (10) (84)
Recoveries 10 — 1 4 15
Balance at December 29, 2012 $ 70 $ — $ 11 $ 3 $ 84