Textron Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Textron Inc. has filed its 2023 annual report (10-K) detailing its financial performance and operations.</b>

AI Summary

TEXTRON INC (TXT) filed a Annual Report (10-K) with the SEC on February 12, 2024. Textron Inc. filed its 2023 Form 10-K on February 12, 2024, reporting on the fiscal year ending December 30, 2023. The filing covers the company's financial performance and business operations for the fiscal year 2023. Textron Inc. is classified under the SIC code 3720 for Aircraft & Parts. The company's principal business address is 40 Westminster St, Providence, RI 02903. The filing includes financial data for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking TEXTRON INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Textron's financial health, operational segments, and strategic direction for the past fiscal year, crucial for investors assessing its performance. As a major player in the aircraft and parts industry, Textron's annual report offers insights into the sector's trends and the company's competitive positioning.

Risk Assessment

Risk Level: medium — TEXTRON INC shows moderate risk based on this filing. The filing is a standard annual report (10-K), which is routine for public companies. However, the complexity of Textron's diverse business segments (manufacturing and finance) and its position in the aerospace industry introduce inherent risks that require careful analysis.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Textron's performance drivers and potential challenges in the upcoming fiscal year.

Key Numbers

• 20231230 — Fiscal Year End (Conformed Period of Report)
• 20240212 — Filing Date (Filed as of Date)
• 146 — Public Document Count (Document count in the filing)
• 001-05480 — SEC File Number (SEC File Number for Textron Inc.)

Key Players & Entities

• TEXTRON INC (company) — Filer name
• 0000217346 (company) — Central Index Key
• 3720 (company) — Standard Industrial Classification
• DE (company) — State of Incorporation
• 40 WESTMINSTER ST (company) — Business Address Street 1
• PROVIDENCE (company) — Business Address City
• RI (company) — Business Address State
• 02903 (company) — Business Address ZIP

Forward-Looking Statements

• Textron's manufacturing segment will continue to be the primary revenue driver. (TEXTRON INC) — high confidence, target: 2024-12-31

FAQ

Industry Context

Textron Inc. operates in the aircraft and parts manufacturing industry, a sector characterized by high capital intensity, technological innovation, and significant regulatory oversight.

Regulatory Implications

As a publicly traded company in the aerospace sector, Textron is subject to extensive regulations from bodies like the FAA (Federal Aviation Administration) and SEC (Securities and Exchange Commission), impacting its product development, safety standards, and financial reporting.

What Investors Should Do

1. Review Textron's detailed financial statements for FY2023 to understand revenue, profitability, and cash flow trends.
2. Analyze the risk factors section to identify potential challenges and their impact on Textron's operations and future performance.
3. Compare Textron's FY2023 performance against industry benchmarks and its own historical data.

Key Dates

• 2023-12-30: Fiscal Year End — End of the reporting period for the 2023 Form 10-K.
• 2024-02-12: Filing Date — Date Textron Inc. filed its 2023 Form 10-K with the SEC.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ending December 30, 2023, providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $0.125 — ch Registered Common Stock — par value $0.125 TXT New York Stock Exchange Securitie
• $13.7 billion — sidiaries. Total revenues for 2023 were $13.7 billion and are presented below by segment and
• $160 million — 022, our Finance group made payments of $160 million and $92 million, respectively, to finan
• $92 m — group made payments of $160 million and $92 million, respectively, to finance the Man

Filing Documents

• txt-20231230.htm (10-K) — 2538KB
• q4202310k-exx21.htm (EX-21) — 125KB
• q4202310k-exx23.htm (EX-23) — 4KB
• q4202310k-exx24.htm (EX-24) — 16KB
• q4202310k-exx311.htm (EX-31.1) — 10KB
• q4202310k-exx312.htm (EX-31.2) — 10KB
• q4202310k-exx321.htm (EX-32.1) — 5KB
• q4202310k-exx322.htm (EX-32.2) — 5KB
• q4202310k-exx97.htm (EX-97) — 12KB
• txt-20231230_g1.jpg (GRAPHIC) — 34KB
• txt-20231230_g2.jpg (GRAPHIC) — 24KB
• txt-20231230_g3.jpg (GRAPHIC) — 66KB
• 0000217346-24-000017.txt (&nbsp;) — 15697KB
• txt-20231230.xsd (EX-101.SCH) — 99KB
• txt-20231230_cal.xml (EX-101.CAL) — 165KB
• txt-20231230_def.xml (EX-101.DEF) — 600KB
• txt-20231230_lab.xml (EX-101.LAB) — 1337KB
• txt-20231230_pre.xml (EX-101.PRE) — 942KB
• txt-20231230_htm.xml (XML) — 2657KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 9 Item 1B. Unresolved Staff Comments 16

C

Item 1 C . Cybersecurity 16 Item 2.

Properties

Properties 18 Item 3.

Legal Proceedings

Legal Proceedings 18 Item 4. Mine Safety Disclosures 18 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 18 Item 6 . [Reserved] 19 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 32 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 33 Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 69 Item 9A.

Controls and Procedures

Controls and Procedures 69

B

Item 9 B . Other Information 71 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 71 PART III Item 10. Directors, Executive Officers and Corporate Governance 71 Item 11.

Executive Compensation

Executive Compensation 71 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 71 Item 13. Certain Relationships and Related Transactions and Director Independence 71 Item 14. Principal Accountant Fees and Services 71 PART IV Item 15. Exhibits and Financial Statement Schedules 72 Item 16. Form 10-K Summary 75

Signatures

Signatures 76 2 Table of Contents PART I

Business

Item 1. Business Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative products and services around the world. References to "Textron Inc.," the "Company," "we," "our" and "us" in this Annual Report on Form 10-K, unless otherwise indicated, refer to Textron Inc. and its consolidated subsidiaries. We conduct our business through six operating segments: Textron Aviation, Bell, Textron Systems, Industrial and Textron eAviation, which represent our manufacturing businesses, and Finance, which represents our captive finance business. Our segments include numerous separately incorporated subsidiaries. Total revenues for 2023 were $13.7 billion and are presented below by segment and customer type. The following description of our business and operating segments should be read in conjunction with Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. Textron Aviation Segment Textron Aviation is a leader in general aviation. Textron Aviation manufactures, sells and services Cessna and Beechcraft aircraft, and services the Hawker brand of business jets. The segment has two principal product lines: aircraft and aftermarket parts and services. Aircraft includes sales of business jets, turboprop aircraft, military trainer and defense aircraft and piston engine aircraft. Aftermarket parts and services includes commercial parts sales and maintenance, inspection and repair services. Textron Aviation's business jets include the Cessna Citation M2 Gen2, Citation CJ3 Gen2, Citation CJ4 Gen2, Citation XLS Gen2, Citation Latitude and the Citation Longitude. Textron Aviation's turboprop aircraft include the Beechcraft King Air 260, King Air 360ER and King Air 360, and the Cessna Caravan, Grand Caravan EX and SkyCourier. In addition, Textron Aviation's military trainer and defense aircraft include the Beechcraft T-6 trainer, which