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Consolidated Statements of Cash Flows continued
For each of the years in the three-year period ended January 3, 2015
Manufacturing Group
Finance Group
(In millions)
2014
2013
2012
2014
2013
2012
Cash flows from operating activities
Net income
$ 585
$ 470
$ 542
$ 15
$ 28
$ 47
Less: Income (loss) from discontinued operations
(5)
—
8
—
—
—
Income from continuing operations
590
470
534
15
28
47
Adjustments to reconcile income from continuing operations to net cash
provided by operating activities:
Non-cash items:
Depreciation and amortization
446
371
358
13
18
25
Deferred income taxes
(7)
51
102
(12)
35
69
Other, net
86
86
97
14
(25)
(11)
Changes in assets and liabilities:
Accounts receivable, net
56
(118)
32
—
—
—
Inventories
(168)
(135)
(300)
—
—
—
Other assets
(18)
(41)
21
(15)
—
(11)
Accounts payable
(228)
65
179
—
—
—
Accrued and other liabilities
316
(171)
(77)
(5)
(21)
(19)
Income taxes, net
(17)
(119)
148
(5)
35
(96)
Pension, net
46
21
(241)
—
(4)
1
Dividends received from Finance group
—
175
345
—
—
—
Capital contributions paid to Finance group
—
(1)
(240)
—
—
—
Other operating activities, net
(5)
4
—
—
—
—
Net cash provided by operating activities of continuing operations
1,097
658
958
5
66
5
Net cash used in operating activities of discontinued operations
(3)
(3)
(8)
—
—
—
Net cash provided by operating activities
1,094
655
950
5
66
5
Cash flows from investing activities
Net cash used in acquisitions
(1,628)
(196)
(11)
—
—
—
Capital expenditures
(429)
(444)
(480)
—
—
—
Finance receivables repaid
—
—
—
456
675
1,004
Finance receivables originated
—
—
—
(215)
(271)
(331)
Proceeds from sales of receivables and other finance assets
—
—
—
43
178
249
Other investing activities, net
(8)
16
15
(29)
42
12
Net cash provided by (used in) investing activities
(2,065)
(624)
(476)
255
624
934
Cash flows from financing activities
Proceeds from long-term debt
1,439
150
—
128
298
106
Principal payments on long-term and nonrecourse debt
(559)
(313)
(189)
(345)
(743)
(426)
Settlement of convertible notes
—
(215)
(2)
—
—
—
Proceeds from settlement of capped call
—
75
—
—
—
—
Purchases of Textron common stock
(340)
—
(272)
—
—
—
Proceeds from exercise of stock options
50
31
19
—
—
—
Dividends paid
(28)
(22)
(17)
—
(175)
(345)
Intergroup financing
—
57
490
—
(57)
(493)
Capital contributions paid to Finance group
—
—
—
—
1
240
Other financing activities, net
(10)
(3)
—
—
(1)
—
Net cash provided by (used in) financing activities
552
(240)
29
(217)
(677)
(918)
Effect of exchange rate changes on cash and equivalents
(13)
(6)
4
—
—
—
Net increase (decrease) in cash and equivalents
(432)
(215)
507
43
13
21
Cash and equivalents at beginning of year
1,163
1,378
871
48
35
14
Cash and equivalents at end of year
$ 731
$ 1,163
$ 1,378
$ 91
$ 48
$ 35
See Notes to the Consolidated Financial Statements.
46 Textron Inc. Annual Report • 2014