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2014 ANNUAL REPORT

Table of contents

  • Page 1
    NN 2014 A P ORT UAL RE

  • Page 2
    ..., TFC has played a key role for Textron customers around the globe. SELECTED YEAR-OVER-YEAR FINANCIAL DATA (Dollars in Millions, Except Per Share Amounts) 2014 $ 13,878 1,214 605 2013 $ 12,104 963 498 Total Revenues Total Segment Profit Income from Continuing Operations PER SHARE OF COMMON STOCK...

  • Page 3
    ... will help us realize new market opportunities, grow our customer base and provide a greater range of products and services to customers. In 2014, we acquired several businesses that complement our product lines and add new capabilities to our existing operations. Our largest acquisition was Beech...

  • Page 4
    ... U.S. Marine Corps and the Air Force Special Operations Command. Throughout 2014, we also saw our Textron Systems businesses win numerous contract awards,...contract with Volkswagen to supply an expected 1.1 million fuel tanks annually for vehicles serving the European markets with an option for nearly...

  • Page 5
    LEADERSHIP BOARD OF DIRECTORS Scott C. Donnelly (1) Chairman, President and CEO Textron Inc. Kathleen M. Bader (1) (3) (5) President and CEO (Retired) NatureWorks LLC R. Kerry Clark (2) (4) Chairman and CEO (Retired) Cardinal Health, Inc. James T. Conway (2) (3) General (Retired) U.S. Marine Corps ...

  • Page 6
    ... and obligations. This measure may not be comparable with similarly titled measures reported by other companies, as there is no definitive accounting standard on how the...to TFC Manufacturing Cash Flow Before Pension Contributions-Non-GAAP 2014 $ 1,097 (429) - 76 9 - $ 753 2013 $ 658 (444) (...

  • Page 7
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K [ x ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended January 3, 2015 or ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ...

  • Page 8
    Textron Inc. Index to Annual Report on Form 10-K For the Fiscal Year Ended January 3, 2015 PART I Item 1. Item 1A. Item 1B. Item 2. Item 3. Item 4. PART II Item 5. Item 6. Item 7. ... Schedules Page 3 10 15 15 15 15 16 18 19 36 37 76 76 76 76 76 77 77 77 77 82 2 Textron Inc. Annual Report • 2014

  • Page 9
    ... otherwise indicated, references to "Textron Inc.," the "Company," "we," "our" and "us" in this Annual Report on Form 10-K refer to Textron Inc. and its consolidated subsidiaries. On March 14, 2014, we completed the acquisition of Beech Holdings, LLC, which included Beechcraft Corporation and other...

  • Page 10
    .... The new 505 Jet Ranger X, a short-light single helicopter, achieved its first flight in late 2014. In addition, Bell continues to develop the 525 Relentless, its first super medium commercial helicopter, and ..., product support, performance and reputation. 4 Textron Inc. Annual Report • 2014

  • Page 11
    ...%, 14% and 14% of Textron's revenues in 2014, 2013 and 2012, respectively. This segment sells its... product lines were as follows: (In millions) 2014 2013 2012 Unmanned Systems Weapons and Sensors Marine and...revenues were as follows: (In millions) 2014 2013 2012 Fuel Systems and Functional Components...

  • Page 12
    ... Revenues of Kautex accounted for approximately 14%, 15% and 15% of our total revenues in 2014, 2013 and 2012, respectively. Our automotive products have several major competitors worldwide, some of which... is focused on price, term, structure and service. 6 Textron Inc. Annual Report • 2014

  • Page 13
    ...is contained in Note 1 to the Consolidated Financial Statements on page 51 of this Annual Report on Form 10-K. Patents and Trademarks We own, or are licensed under, numerous ... Command Suite; Jacobsen; Jet Ranger X; Kautex; King Air; King Air C90GTx; King Air Textron Inc. Annual Report • 2014 7

  • Page 14
    ... contained in Note 13 to the Consolidated Financial Statements on page 71 of this Annual Report on Form 10-K. We do not believe that existing or pending climate change legislation...president and general counsel of Siemens Corporation (U.S.) since 1999 and general 8 Textron Inc. Annual Report • 2014

  • Page 15
    ...furnish it to, the Securities and Exchange Commission. Forward-Looking Information Certain statements in this Annual Report on Form 10-K and other oral and written statements made by us from time to ... businesses will not achieve revenue and profit projections. Textron Inc. Annual Report • 2014 9

  • Page 16
    ... Government defense spending may adversely affect our results of operations and financial condition. During 2014, we derived approximately 28% of our revenues from sales to a variety of U.S. ...and potentially prohibit the export of our products, services and 10 Textron Inc. Annual Report • 2014

  • Page 17
    ... of loans, leases and other assets in its portfolio. Portfolio quality may be adversely affected by several factors, including finance receivable underwriting procedures, Textron Inc. Annual Report • 2014 11

  • Page 18
    ... also could be adversely affected if our research and development investments are less successful than expected or if we do not adequately 12 Textron Inc. Annual Report • 2014

  • Page 19
    ... of our business, including proceedings and claims relating to commercial and financial transactions; government contracts; alleged lack of compliance with applicable laws and Textron Inc. Annual Report • 2014 13

  • Page 20
    ...for future payment obligations and the rates of future cost growth. Additionally, as part of our annual evaluation of these plans, significant changes in our assumptions, due to changes in economic, legislative... in sales of products and services in impacted 14 Textron Inc. Annual Report • 2014

  • Page 21
    ...are being put and are substantially in regular use. Item 3. Legal Proceedings On October 7, 2014, the Federal Aviation Administration of the U.S. Department of Transportation (DOT) issued a Notice ... operations. Item 4. Mine Safety Disclosures Not applicable. Textron Inc. Annual Report • 2014 15

  • Page 22
    ... of our outstanding common stock from the counterparty for an initial estimated purchase price of $150 million. Final settlement of the ASR occurred in December 2014 and resulted in a final average price of $38.90 per share. 16 Textron Inc. Annual Report • 2014

  • Page 23
    ...of which include Textron. The values calculated assume dividend reinvestment. In 2014, we changed from the S&P Industrial Conglomerates Index to the S&P ...30 138.84 140.01 143.14 2013 $ 198.15 180.44 215.08 184.31 201.91 2014 $ 227.77 205.10 239.90 206.98 203.64 Textron S&P 500 S&P 500 A&D S&P 500 ...

  • Page 24
    ... 423 343 $ 14,605 $ 2,811 $ 1,063 $ 4,272 33% 40% $ $ 429 389 (a) In 2014, segment profit includes amortization of $63 million related to fair value step-up adjustments of Beechcraft acquired inventories sold during the ...liquidating a Finance segment entity. 18 Textron Inc. Annual Report • 2014

  • Page 25
    ... of Operations Overview and Consolidated Results of Operations Our revenues increased 15% in 2014 reflecting the success of our strategy of investing in new products and complementary acquisitions...million and higher pre-owned aircraft volume of $53 million. Textron Inc. Annual Report • 2014 19

  • Page 26
    ...Dollars in millions) 2014 2013 2012 Operating...2014, compared with 2013, largely due to the impact of acquired businesses, primarily Beechcraft. In 2014...in 2014, ...2014 to align the Cessna and Beechcraft businesses, reduce operating redundancies and maximize efficiencies. During 2014...in 2014 related ...

  • Page 27
    ... in the relative volume of contracts with higher or lower fee rates such that the overall average margin rate for the segment changes. Textron Inc. Annual Report • 2014 21

  • Page 28
    ...costs incurred across the segment as a result of the Beechcraft integration, which are reported separately and are discussed in the Acquisition and Restructuring Costs section above. Factors ... a $27 million charge from an unfavorable arbitration award. 22 Textron Inc. Annual Report • 2014

  • Page 29
    ...the integrated cost structure. Performance and other also includes amortization of $63 million in 2014, related to fair value step-up adjustments of acquired inventories sold during the periods...a significant portion of Bell's revenues from t he U.S. Government. Textron Inc. Annual Report • 2014 23

  • Page 30
    ... phase of the ARH program, which was terminated in October 2008. Bell delivered 24 H-1 aircraft in 2014, compared with 25 aircraft in 2013. $16 million increase in V-22 program revenues, reflecting higher product... UAW Local 218 which represents these employees. 24 Textron Inc. Annual Report • 2014

  • Page 31
    ...mix of commercial aircraft deliveries. Bell Backlog Backlog decreased $926 million, 14%, at Bell during 2014, primarily due to V-22 aircraft deliveries, in excess of orders. In 2013, Bell's backlog...two flight simulation and training businesses in December 2013. Textron Inc. Annual Report • 2014 25

  • Page 32
    ...change $ $ 22 (12) (7) 3 Segment profit at Textron Systems increased $3 million, 2%, in 2014, compared with 2013, primarily driven by $22 million of improved performance, partially offset by $12 ... was partially offset by lower volume as described above. 26 Textron Inc. Annual Report • 2014

  • Page 33
    ..., reflecting higher compensation and material costs. Industrial Segment Profit Factors contributing to 2014 year-over-year segment profit change are provided below: (In millions) 2014 versus 2013 Volume and mix Performance Other Total change $ $ 20 15 3 38 Textron Inc. Annual Report • 2014 27

  • Page 34
    ... decreases in segment profit were partially offset by lower administrative expense of $19 million in 2014, primarily associated with the exit of the non-captive business. Finance segment profit decreased ...1,254 81 6.46% $ 57 4.55% $ 1,483 105 7.08% $ 80 5.39% 28 Textron Inc. Annual Report • 2014

  • Page 35
    ...banks in the principal amount of $500 million. Upon the closing of the Beechcraft acquisition on March 14, 2014, we fully drew down on the five-year term loan and used the cash, along with the net ...received from the Finance group in 2013. Working capital was Textron Inc. Annual Report • 2014 29

  • Page 36
    ... in net tax payments of $43 million. Net tax payments were $266 million and $223 million in 2014 and 2013, respectively. We generated $658 million in cash from operating activities in 2013 on $914 million ... group as they represent a return on investment. 30 Textron Inc. Annual Report • 2014

  • Page 37
    ... long-term and nonrecourse debt of $345 million, $743 million and $426 million in 2014, 2013 and 2012, respectively, which were partially offset by proceeds from long-term debt of... million and $272 million of share repurchases in 2014 and 2012, respectively. Textron Inc. Annual Report • 2014 31

  • Page 38
    ... subject to change in future years. Our policy for funding pension plans is to make contributions annually, consistent with applicable laws and regulations; however, future contributions to our pension plans are not ... the plan provisions in place at this time. 32 Textron Inc. Annual Report • 2014

  • Page 39
    ...clauses. Finance Group The following table summarizes the known contractual obligations, as defined by reporting regulations, of our Finance group as of January 3, 2015: Payments Due by Period..., including product deliveries, technical requirements, or schedule. Textron Inc. Annual Report • 2014 33

  • Page 40
    ...include a risk premium based on an assessment of risks related to the projected cash flows of each reporting unit. We believe this approach yields a discount rate that is consistent with an implied rate of return...be recognized in an amount equal to that excess. 34 Textron Inc. Annual Report • 2014

  • Page 41
    ...% likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. Interest and penalties are accrued, where Textron Inc. Annual Report • 2014 35

  • Page 42
    ...using discounted cash flow analysis and indicative market pricing as reported by leading financial news and data providers. This sensitivity ...944) $ (1,854) $ (2,027) $ 1,039 (1,063) $ 1,056 (1,051) $ 20 9 $ 1,296 (1,256) $ 1,356 (1,244) $ 24 (4) 36 Textron Inc. Annual Report • 2014

  • Page 43
    ... either because they are not applicable or not required or because the required information is included in the financial statements or notes thereto. Textron Inc. Annual Report • 2014 37

  • Page 44
    ...Annual Report...over financial reporting for ... reporting ...over financial reporting as ...report on Textron's internal controls over financial reporting as of January 3, 2015, as stated in its reports...out an annual Compliance Plan ...an annual ... financial reporting responsibilities....financial reporting, internal...

  • Page 45
    ... reporting as...reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Report... reporting ...reporting...reporting...reporting... financial reporting may ... control over financial reporting as of January...Inc. and our report dated February 25,...

  • Page 46
    Report of ...Board (United States), Textron Inc.'s internal control over financial reporting as of January 3, 2015, based on criteria established in... Sponsoring Organizations of the Treadway Commission (2013 Framework) and our report dated February 25, 2015 expressed an unqualified opinion thereon. /s/...

  • Page 47
    ...the three-year period ended January 3, 2015 (In millions, except per share data) 2014 2013 2012 Revenues Manufacturing revenues Finance revenues Total revenues Costs and expenses Cost of sales ... 11,396 841 260 581 8 $ 589 $ $ $ $ 2.07 0.03 2.10 1.97 0.03 2.00 Textron Inc. Annual Report • 2014 41

  • Page 48
    ... of the years in the three-year period ended January 3, 2015 (In millions) 2014 2013 2012 Net income Other comprehensive income (loss), net of tax: Pension and postretirement...(3) (479) 121 $ 498 747 12 (16) 743 1,241 $ 589 (146) 2 (1) (145) 444 $ $ $ 42 Textron Inc. Annual Report • 2014

  • Page 49
    ... 3,003 2,118 1,923 7,044 260 1,256 1,516 8,560 36 1,459 (340) 4,623 (1,506) 4,272 $ 14,605 35 1,331 - 4,045 (1,027) 4,384 $ 12,944 Textron Inc. Annual Report • 2014 43

  • Page 50
    ...) 96 (272) 2,991 498 743 (22) 99 - 75 - 4,384 600 (479) (22) 135 (340) (6) 4,272 See Notes to the Consolidated Financial Statements. 44 Textron Inc. Annual Report • 2014

  • Page 51
    ...Cash and equivalents at beginning of year Cash and equivalents at end of year See Notes to the Consolidated Financial Statements. 2014 $ 600 (5) 605 $ 2013 498 - 498 $ 2012 589 8 581 459 (19) 100 56 (209) ...) (2) - (272) 19 (17) - (781) 4 528 885 1,413 $ $ $ Textron Inc. Annual Report • 2014 45

  • Page 52
    ...in the three-year period ended January 3, 2015 Manufacturing Group 2014 2013 2012 $ 585 $ (5) 590 470 - 470 $ 542 8 534 $ Finance Group 2014 2013 15 - 15 $ 28 - 28 $ (In ...5 - - 1,004 (331) 249 12 934 106 (426) - - - - (345) (493) 240 - (918) - 21 14 35 $ 46 Textron Inc. Annual Report • 2014

  • Page 53
    ... accounted for under the percentage-of-completion method of accounting. These changes in estimates increased income from continuing operations before income taxes in 2014, 2013 and 2012 by $95 million, $29 million and $15 million, respectively, ($60 million, Textron Inc. Annual Report • 2014 47

  • Page 54
    ...gross favorable program profit adjustments totaled $132 million, $51 million and $88 million, respectively. For 2014, 2013 and 2012, the gross unfavorable program profit adjustments totaled $37 million, $22 million and... to long-term contracts are stated at 48 Textron Inc. Annual Report • 2014

  • Page 55
    ... the business climate, indicate a potential impairment. For our annual impairment test, we calculate the fair value of each reporting unit and indefinite-lived intangible asset primarily using discounted cash ... results. While our analysis is specific to each Textron Inc. Annual Report • 2014 49

  • Page 56
    ...assets, discount rates and healthcare cost projections. We evaluate and update these assumptions annually in consultation with third-party actuaries and investment advisors. We also make assumptions...related liability recorded in the Consolidated Balance Sheets. 50 Textron Inc. Annual Report • 2014

  • Page 57
    .... Income Taxes Deferred income tax balances reflect the effects of temporary differences between the financial reporting carrying amounts of assets and liabilities and their tax bases, as well as from net... along with the transition method we expect to utilize. Textron Inc. Annual Report • 2014 51

  • Page 58
    ... businesses have been significantly integrated since the acquisition of Beechcraft; therefore, it is not possible to separately report earnings for this acquisition. The earnings related to the other 2014 acquisitions were not significant for this period. 52 Textron Inc. Annual Report • 2014

  • Page 59
    ...information as if our 2014 acquisitions had been ...millions, except per share amounts) 2014 2013 Revenues Income from continuing ...costs were excluded from the 2014 pro-forma results. In addition...million, $37 million and $40 million in 2014, 2013 and 2012, respectively. Amortization expense is ...

  • Page 60
    ...beyond the credit enhancement provided by the assets of the SPE. In addition, at the end of 2014 and 2013, finance receivables of $565 million and $610 million, respectively, have been pledged as collateral...or nonaccrual categories are classified as performing. 54 Textron Inc. Annual Report • 2014

  • Page 61
    ... portion of the contractually due payment is delinquent, the entire finance receivable balance is reported in accordance with the most past-due delinquency aging category. Finance receivables by delinquency ... 42 110 115 20 115 $ $ $ 59 78 137 141 14 155 Textron Inc. Annual Report • 2014 55

  • Page 62
    ...finance receivables are evaluated for impairment, is provided below. The finance receivables reported in this table specifically exclude $121 million and $120 million of leveraged...$379 million, $335 million and $315 million in 2014, 2013 and 2012, respectively. 56 Textron Inc. Annual Report • 2014

  • Page 63
    ...contract liability are as follows: (In millions) 2014 $ 1,412 332 169 73 630 $ 2,616...group Fixed-rate note due 2014 (5.13%) Fixed-rate notes due 2014-2017* (weighted-average ...discount Total Finance group debt * Notes amortize on a quarterly or semi-annual basis. $ $ $ $ - 250 150 350 250 300 234...

  • Page 64
    ... of foreign currency debt as a hedge of a net investment. We record changes in the fair value of these contracts in other comprehensive 58 Textron Inc. Annual Report • 2014

  • Page 65
    ...278,873 1,159 2,159 (11,103) - 175 271,263 Earnings per Share In February 2014, we entered into an Accelerated Share Repurchase agreement (ASR) with a counterparty and repurchased 4.3 ... the ASR in December 2014 for a final purchase price of $167 million. Textron Inc. Annual Report • 2014 59

  • Page 66
    ...,790 279,299 328 - 4,801 284,428 280,182 428 - 14,053 294,663 In 2014, 2013 and 2012, stock options to purchase 2 million, 5 million and 7 million shares, respectively... 12 - 12 93 (75) - (75) 18 $ (1,770) 623 120 743 (1,027) (558) 79 (479) $ (1,506) $ $ 60 Textron Inc. Annual Report • 2014

  • Page 67
    ...tax components of other comprehensive income (loss) are presented below: (In millions) 2014 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Pension and postretirement benefits ...net periodic pension cost. See Note 11 for additional information. Textron Inc. Annual Report • 2014 61

  • Page 68
    ...and $1 million in 2014, 2013 and 2012...is as follows: (In millions) 2014 2013 2012 Compensation expense Income tax...approximately $21 million, $26 million and $23 million in 2014, 2013 and 2012, respectively, for a portion of the ... for such grants are as follows: 2014 2013 2012 Fair value of options at...

  • Page 69
    ...awards is based on the trading price of our common stock and is remeasured at each reporting period date. The 2014 activity for our performance share units is as follows: Number of Units WeightedAverage Grant Date ...677 $ 28.08 39.70 (27.76) (28.19) $ 33.38 Textron Inc. Annual Report • 2014 63

  • Page 70
    ...was closed to new participants, and employees hired after that date receive an additional 4% annual cash contribution to their Textron Savings Plan account based on their eligible compensation. We also ... cost (credit) Total $ $ 156 16 172 $ $ 2 (25) (23) 64 Textron Inc. Annual Report • 2014

  • Page 71
    ...Benefits 2014 2013 Postretirement Benefits Other than Pensions 2014 ... (413) $ (445) Pension Benefits 2014 2013 Postretirement Benefits Other than Pensions 2014 2013 Non-current assets Current liabilities Non...as follows: (In millions) 2014 2013 Projected benefit obligation Accumulated benefit...

  • Page 72
    ... will remain. These assumed healthcare cost trend rates have a significant effect on the amounts reported for the postretirement benefits other than pensions. A one-percentage-point change in these assumed ...to 11% to 13% to 5% 49% to 67% 28% to 41% 3% to 12% 66 Textron Inc. Annual Report • 2014

  • Page 73
    ...Balance at beginning of year Actual return on plan assets: Related to assets still held at reporting date Related to assets sold during the period Purchases, sales and settlements, net Balance at ...our benefit obligation at the end of fiscal 2014. While pension Textron Inc. Annual Report • 2014 67

  • Page 74
    ... to examination based upon management's evaluati on of the facts, circumstances and information available at the reporting date. For those tax positions for which it is more likely than not that a tax benefit... will be sustained, no tax benefit is recognized. 68 Textron Inc. Annual Report • 2014

  • Page 75
    ...As a result, our effective tax rate may fluctuate significantly on a quarterly and annual basis. Our unrecognized tax benefits represent tax positions for which reserves have been ...of net accrued interest expense included in our Consolidated Balance Sheets. Textron Inc. Annual Report • 2014 69

  • Page 76
    ... federal net operating losses expiring through 2034, related to 2014 acquisitions U.S. foreign tax credits expiring through 2022, related to 2014 acquisitions State net operating loss and tax credits, net of...the event they no longer are indefinitely reinvested. 70 Textron Inc. Annual Report • 2014

  • Page 77
    ... Supplemental Cash Flow Information We have made the following cash payments: (In millions) 2014 2013 2012 Interest paid: Manufacturing group Finance group Net taxes paid /(received): Manufacturing ... Manufacturing group was not significant in 2014 and 2013. Textron Inc. Annual Report • 2014 71

  • Page 78
    ... before income taxes, are as follows: (In millions) 2014 Revenues 2013 2012 Segment Profit (Loss) 2014 2013 2012 Textron Aviation Bell Textron Systems Industrial Finance Total Corporate... 147 132 242 215 49 64 963 $ 1,132 (166) (148) (123) (143) - - 674 $ 841 72 Textron Inc. Annual Report • 2014

  • Page 79
    ... sales to the U.S. Government of approximately $3.8 billion, $3.7 billion and $3.6 billion in 2014, 2013 and 2012, respectively, primarily in the Bell and Textron Systems segments. Other information...272 44 74 - 92 2,497 $ $ 1,701 288 45 80 - 101 2,215 Textron Inc. Annual Report • 2014 73

  • Page 80
    ... for the first, second, third and fourth quarters of 2014, respectively, related to fair value step-up adjustments of Beechcraft...2014. Transaction costs of $11 million related to the Beechcraft acquisition are also included in the first quarter of 2014. (b) 74 Textron Inc. Annual Report • 2014

  • Page 81
    Schedule II - Valuation and Qualifying Accounts (In millions) 2014 2013 2012 Allowance for doubtful accounts Balance at beginning of year $ 22 $ 19 $ 18 ... on uncollectable accounts (less recoveries), inventory disposals and currency translation adjustments. Textron Inc. Annual Report • 2014 75

  • Page 82
    ... Company's Amended and Restated By-Laws which are filed as Exhibit 3.2 to this Annual Report on Form 10-K. PART III Item 10. Directors, Executive Officers and Corporate Governance The... Committees-- Compensation Committee Interlocks and Insider Participation ," 76 Textron Inc. Annual Report • 2014

  • Page 83
    ...Annual Meeting of Shareholders to be held on April 22, 2015 is incorporated by reference into this Annual Report...Annual Report...Annual Report...Annual Report...Textron's Quarterly Report on Form ... to Textron's Quarterly Report on Form 10-Q...to Textron's Annual Report on Form...Quarterly Report on Form 10-Q for...

  • Page 84
    ...No. 001-05480) Form of Performance Share Unit Grant Agreement. Incorporated by reference to Exhibit 10.1H to Textron's Annual Report on Form 10-K for the fiscal year ended January 3, 2009. (SEC File No. 001-05480) Form of ...3B 10.3C 10.4A 10.4B 10.4C 10.5A 78 Textron Inc. Annual Report • 2014

  • Page 85
    ... to Exhibit 10.5 to Textron's Quarterly Report on Form 10 -Q for the fiscal quarter ended March 29, 2014. Form of Indemnity Agreement between Textron and its executive officers. Incorporated by reference to Exhibit A to Textron's Proxy Statement for its Annual Meeting of Shareholders on April 29...

  • Page 86
    ... Textron's Annual Report on Form...Quarterly Report on...'s Quarterly Report on Form...Quarterly Report on... Quarterly Report on Form...Textron's Annual Report on...Report ...Textron's Annual Report on Form... Quarterly Report on Form...Report...'s Annual Report on... Quarterly Report on ...22C to Textron's Annual Report on Form 10...

  • Page 87
    ..., and other lenders named therein. Incorporated by reference to Exhibit 10.20 to Textron's Annual Report on Form 10-K for the fiscal year ended December 28, 2013. Computation of ratio of...Confidential Treatment has been requested for portions of this document. Textron Inc. Annual Report • 2014 81

  • Page 88
    Signatures Pursuant to the requirement of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized on this 25th day of February 2015. TEXTRON INC. Registrant ...

  • Page 89
    Pursuant to the requirements of the Securities Exchange Act of 1934, this Annual Report on Form 10-K has been signed below on this 25th day of...and Corporate Controller (principal accounting officer) *By: /s/ Jayne M. Donegan Jayne M. Donegan, Attorney-in-fact Textron Inc. Annual Report • 2014 83

  • Page 90
    NOTES 84 Textron Inc. Annual Report • 2014

  • Page 91
    NOTES Textron Inc. Annual Report • 2014 85

  • Page 92
    ...AND GENERAL INFORMATION To receive a copy of Textron's Forms 10-K and 10-Q, Proxy Statement or Annual Report without charge, visit our website at www.textron.com or send a written request to Textron ...) 457-2269; or send an email to [email protected]. 86 Textron Inc. Annual Report • 2014

  • Page 93
    TEXTRON'S DIVERSE PRODUCT PORTFOLIO Textron is known around the world for its powerful brands of aircraft, defense and industrial products that provide customers with groundbreaking technologies, innovative solutions and first-class service. BELL HELICOPTER TEXTRON AVIATION INDUSTRIAL TEXTRON ...

  • Page 94
    40 Westminster Street • Providence, RI 02903 © 2015 TEXTRON INC. (401) 421-2800 • www.textron.com