TEXTRON INC
For the period ended Sep 28, 2024. Filed Oct 24, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 28, 2024 · Filed Oct 24, 2024
TXT$83.54-2.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-29; filed 2024-07-30.
0000217346-24-000084
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-28; filed 2024-10-24.
0000217346-24-000092
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 136 previous paragraphs and 138 current paragraphs.
87 unchanged; 37 reworded; 14 added; 11 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 25 previous and 25 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (14)
Current report
•Textron Aviation revenues were essentially unchanged as higher pricing of $36 million was mostly offset by lower volume and mix of $35 million.
Current report
•Lower Textron Systems revenues of $8 million, primarily due to lower volume.
Current report
Cost of sales includes cost of products and services sold for the Manufacturing group. Cost of sales increased $156 million, 6%, and $332 million, 4% in the third quarter and first nine months of 2024, respectively, compared with the corresponding periods of 2023. The increase in both periods included the impact from higher net volume and mix of $91 million and $195 million, respectively, and inflation of $57 million and $173 million, respectively. Gross margin as a percentage of Manufacturing revenues decreased 240 basis points in the third quarter of 2024, primarily due to lower margins at the Textron Aviation segment, at the Industrial segment, largely in the Specialized Vehicles product line, and at the Bell segment. Gross margin as a percentage of Manufacturing revenues decreased 80 basis points in the first nine months of 2024, primarily due to lower margins at the Industrial segment, largely in the Specialized Vehicles product line, and at the Bell segment.
Current report
Bell's backlog increased $1.7 billion, 36%, due to orders in excess of revenues recognized and deliveries. In August 2024, the U.S. Army announced the approval of Milestone B for the FLRAA program, establishing it as a program of record and transitioning it to the Engineering and Manufacturing Development phase. As a result, in the third quarter, Bell was awarded a $2.5 billion contract for this phase of the program.
Current report
On September 21, 2024, the International Association of Machinists and Aerospace Workers (IAM) District 70, Local Lodge 774 called a strike against Textron Aviation and rejected a new proposed four-year contract. The strike impacted approximately 5,000 of Textron Aviation’s employees at the manufacturing, parts and distribution and service center facilities in Wichita. On October 20, 2024, Textron Aviation and the IAM reached an agreement and a new five-year labor contract was ratified.
Current report
While Textron Aviation had implemented its continuity of operations plans to help mitigate the impact of the labor disruption, the strike has had, and continues to have, an adverse impact on Textron Aviation’s ability to meet its production and delivery schedules. In the third quarter of 2024, delayed aircraft deliveries along with unfavorable performance from manufacturing inefficiencies associated with the labor disruption resulting from the strike lowered revenues by approximately $50 million and segment profit by approximately $30 million. We expect revenue and segment profit to be unfavorably impacted in the fourth quarter of 2024 related to the labor disruption and the recovery of production and delivery activities as our employees return to work.
Current report
Textron Aviation’s revenues were essentially unchanged in the third quarter of 2024, compared with the third quarter of 2023, as higher pricing of $36 million was mostly offset by lower volume and mix of $35 million. The lower volume and mix was primarily due to lower commercial turboprop volume, partially offset by higher aftermarket, defense and Citation jet volume. We delivered 41 Citation jets and 25 commercial turboprops in the third quarter of 2024, compared with 39 Citation jets and 38 commercial turboprops in the third quarter of 2023.
Current report
Segment profit at Textron Aviation decreased $32 million, 20%, in the third quarter of 2024, compared with the third quarter of 2023, largely reflecting lower volume and mix described above.
Current report
Bell’s operating expenses increased $154 million, 23%, and $316 million, 17% in the third quarter and first nine months of 2024, respectively, compared with the corresponding periods of 2023, primarily due to higher volume and mix described above.
Current report
Textron Systems' revenues decreased $8 million, 3%, in the third quarter of 2024, and increased $9 million, 1%, in the first nine months of 2024, compared with the corresponding periods of 2023. The decrease in the third quarter of 2024 was primarily due to lower volume and the increase in the first nine months of 2024 was primarily due to higher pricing. Volume for both periods included lower volume related to the cancellation of the Shadow program, largely offset by higher volume for the Ship-to-Shore Connector program.
Current report
Textron eAviation segment revenues decreased $1 million, 14% in the third quarter of 2024 and were unchanged in the first nine months of 2024, compared with the corresponding periods of 2023.
Current report
Finance segment revenues decreased $1 million and $4 million in the third quarter and first nine months of 2024, respectively, compared with the corresponding periods of 2023.
Current report
Segment profit decreased $17 million and $12 million in the third quarter and first nine months of 2024, compared with the corresponding periods of 2023, primarily due to a $17 million recovery of credit losses in the third quarter of 2023. For the first nine months of 2024, this decrease was partially offset by an $8 million recovery of credit losses in the first quarter of 2024.
Current report
Due to the employee strike at the Textron Aviation segment, as discussed on page 22 in the Segment Analysis section, our cash flows from operating activities were adversely impacted by lower deliveries in the third quarter. We expect that operating cash flow will continue to be unfavorably impacted related to the labor disruption and the recovery of production and delivery activities as our employees return to work.
Removed paragraphs (11)
Previous report
•Higher Textron Aviation revenues of $152 million, reflecting higher pricing of $105 million and higher volume and mix of $47 million.
Previous report
Cost of sales includes cost of products and services sold for the Manufacturing group. Cost of sales increased $93 million, 3%, and $176 million, 3% in the second quarter and first half of 2024, respectively, compared with the corresponding periods of 2023. The increase in both periods included the impact from inflation of $62 million and $116 million, respectively, and higher net volume and mix of $43 million and $105 million, respectively.
Previous report
Textron Aviation’s revenues increased $113 million, 8%, in the second quarter of 2024, compared with the second quarter of 2023, reflecting higher pricing of $57 million and higher volume and mix of $56 million. The increase in volume and mix includes higher commercial turboprop and aftermarket volume, partially offset by lower defense volume. We delivered 42 Citation jets and 44 commercial turboprops in the second quarter of 2024, compared with 44 Citation jets and 37 commercial turboprops in the second quarter of 2023.
Previous report
Textron Aviation’s operating expenses increased $110 million, 5%, in the first half of 2024, compared with the first half of 2023, largely due to inflation of $69 million and higher volume and mix described above.
Previous report
Segment profit at Textron Aviation increased $24 million, 14%, in the second quarter of 2024, compared with the second quarter of 2023, reflecting higher volume and mix described above and $22 million of favorable pricing, net of inflation, partially offset by an unfavorable impact from performance of $33 million.
Previous report
Bell’s operating expenses increased $76 million, 12%, and $162 million, 14% in the second quarter and first half of 2024, respectively, compared with the corresponding periods of 2023, primarily due to higher volume and mix described above.
Previous report
Textron Systems' revenues increased $17 million, 6%, and $17 million, 3%, in the second quarter and first half of 2024, respectively, compared with the corresponding periods of 2023, primarily due to higher volume.
Previous report
Textron Systems’ operating expenses increased $19 million, 7%, and $15 million, 3%, in the in the second quarter and first half of 2024, respectively, compared with the corresponding periods of 2023, primarily due to higher volume.
Previous report
Textron Systems’ segment profit increased $2 million, 3%, in the first half of 2024, compared with the first half of 2023, largely reflecting higher pricing, net of inflation.
Previous report
Industrial segment revenues decreased $112 million, 11%, in the second quarter of 2024, compared with the second quarter of 2023, largely due to lower volume and mix of $119 million, principally in the Specialized Vehicles product line.
Previous report
Textron eAviation segment revenues decreased $2 million, 18% in the second quarter of 2024, compared with the second quarter of 2023, primarily reflecting lower volume and mix.
Reworded paragraphs (37)
Previous wording
An analysis of our consolidated operating results is set forth below. A more detailed analysis of our segments’ operating results is provided in the Segment Analysis section on pages 21 to 26.
Current wording
An analysis of our consolidated operating results is set forth below. A more detailed analysis of our segments’ operating results is provided in the Segment Analysis section on pages 21 to 27.
Previous wording
Revenues increased $103 million, 3%, in the second quarter of 2024, compared with the second quarter of 2023. The revenue increase primarily included the following factors:
Current wording
Revenues increased $84 million, 3%, in the third quarter of 2024, compared with the third quarter of 2023. The revenue increase primarily included the following factors:
Previous wording
•Higher Bell revenues of $199 million, reflecting higher military volume of $199 million, primarily related to the FLRAA program, partially offset by lower volume on the V-22 program.
Current wording
•Higher Bell revenues of $175 million, largely due to higher military volume of $81 million, primarily related to the Future Long Range Assault Aircraft (FLRAA) program that was partially offset by lower volume on the V-22 program, and higher commercial volume and mix of $67 million.
Previous wording
•Lower Industrial revenues of $112 million, largely due to lower volume and mix of $119 million, principally in the Specialized Vehicles product line.
Current wording
•Lower Industrial revenues of $82 million, largely due to lower volume and mix of $86 million, principally in the Specialized Vehicles product line.
Previous wording
Revenues increased $214 million, 3%, in the first half of 2024, compared with the first half of 2023. The revenue increase primarily included the following factors:
Current wording
Revenues increased $298 million, 3%, in the first nine months of 2024, compared with the first nine months of 2023. The revenue increase primarily included the following factors:
Previous wording
•Higher Bell revenues of $93 million, largely due to higher military volume of $104 million, primarily related to the FLRAA program, partially offset by lower volume on the V-22 program.
Current wording
•Higher Bell revenues of $374 million, largely due to higher military volume of $280 million, primarily related to the FLRAA program, partially offset by lower volume on the V-22 program.
Previous wording
•Higher Textron Aviation revenues of $113 million, reflecting higher pricing of $57 million and higher volume and mix of $56 million.
Current wording
•Higher Textron Aviation revenues of $153 million, reflecting higher pricing of $141 million and higher volume and mix of $12 million.
Previous wording
•Higher Textron Systems revenues of $17 million, largely due to higher volume.
Current wording
•Higher Textron Systems revenues of $9 million, primarily due to pricing.
Previous wording
•Lower Industrial revenues of $152 million, largely due to lower volume and mix of $170 million, principally in the Specialized Vehicles product line, partially offset by higher pricing of $29 million.
Current wording
•Lower Industrial revenues of $234 million, largely due to lower volume and mix of $256 million, principally in the Specialized Vehicles product line.
Previous wording
Selling and administrative expense increased $4 million, 1%, and $15 million, 3%, in the second quarter and first half of 2024, respectively, compared with the corresponding periods of 2023. The increase in the first half of 2024, was primarily due to higher share-based compensation expense, partially offset by a gain on a legal settlement.
Current wording
Selling and administrative expense decreased $21 million, 7%, and $6 million, 1%, in the third quarter and first nine months of 2024, compared with the corresponding periods of 2023, respectively. The decrease in the third quarter of 2024 includes lower share-based compensation expense, partially offset by a $17 million recovery of credit losses in the third quarter of 2023 at the Finance segment.
Previous wording
In the second quarter of 2024, interest expense, net increased $6 million, 32%, compared with the second quarter of 2023, primarily due to an increase in the weighted-average interest rate. In the first half of 2024, interest expense, net increased $6 million, 15%, compared with the first half of 2023, due to an increase in the weighted-average interest rate and higher average debt outstanding, partially offset by higher interest income of $5 million. For the second quarter and first half of 2024, gross interest expense totaled $36 million and $74 million, respectively. Gross interest expense for the second quarter and first half of 2023 totaled $31 million and $63 million, respectively.
Current wording
In the third quarter and first nine months of 2024, interest expense, net increased $7 million, 37%, and $13 million, 22%, respectively, compared with the corresponding periods of 2023, primarily due to an increase in the weighted-average interest rate of our debt. Gross interest expense totaled $36 million and $110 million in the third quarter and first nine months of 2024, respectively, and $32 million and $95 million, in the third quarter and first nine months of 2023, respectively.
Previous wording
Our effective tax rate for the second quarter and first half of 2023 was 20.1% and 18.3%, respectively. In the first half of 2023, the effective tax rate was lower than the U.S. federal statutory rate of 21%, largely due to the favorable impact of research and development credits and tax deductions for foreign-derived intangible income, partially offset by a $7 million provision for withholding taxes due to the planned repatriation of cash related to a non-U.S. jurisdiction.
Current wording
Our effective tax rate for the third quarter of 2024 and 2023 was 11.5% and 10.6%, respectively. In the third quarter of 2024, the effective tax rate was lower than the U.S. federal statutory rate of 21%, largely due to the favorable impact of research and development credits and foreign tax credits. In the third quarter of 2023, the effective tax rate was lower than the U.S. federal statutory rate of 21%, largely due to the favorable impact of research and development credits and tax deductions for foreign-derived intangible income.
Previous wording
Our effective tax rate for the second quarter and first half of 2024 was 19.5% and 17.7%, respectively. In the second quarter and first half of 2024, the effective tax rate was lower than the U.S. federal statutory rate of 21%, largely due to the favorable impact of research and development credits and tax deductions for foreign-derived intangible income.
Current wording
Our effective tax rate for the first nine months of 2024 and 2023 was 15.8% and 15.6%, respectively, and was lower than the U.S. federal statutory rate largely due to the favorable impact of research and development credits and tax deductions for foreign-derived intangible income.
Previous wording
Textron Aviation’s revenues increased $152 million, 6%, in the first half of 2024, compared with the first half of 2023, reflecting higher pricing of $105 million and higher volume and mix of $47 million. The increase in volume and mix includes higher aftermarket volume and a favorable mix of Citation jets, partially offset by lower defense volume. We delivered 78 Citation jets and 64 commercial turboprops in the first half of 2024, compared with 79 Citation jets and 71 commercial turboprops in the first half of 2023.
Current wording
Textron Aviation’s revenues increased $153 million, 4%, in the first nine months of 2024, compared with the first nine months of 2023, reflecting higher pricing of $141 million and higher volume and mix of $12 million. The increase in volume and mix includes higher aftermarket volume and a favorable mix of Citation jets, partially offset by lower defense and commercial turboprop volume. We delivered 119 Citation jets and 89 commercial turboprops in the first nine months of 2024, compared with 118 Citation jets and 109 commercial turboprops in the first nine months of 2023.
Previous wording
Textron Aviation’s operating expenses increased $89 million, 7%, in the second quarter of 2024, compared with the second quarter of 2023, largely due to inflation of $35 million and higher volume and mix described above.
Current wording
Textron Aviation’s operating expenses increased $33 million, 3%, and $143 million, 4% in the third quarter and first nine months of 2024, compared with the corresponding periods of 2023, largely due to inflation of $36 million and $105 million, respectively. The increase in the third quarter of 2024 was partially offset by the lower volume and mix described above.
Previous wording
Segment profit at Textron Aviation increased $42 million, 14%, in the first half of 2024, compared with the first half of 2023, reflecting favorable pricing, net of inflation of $36 million and higher volume and mix, partially offset by an unfavorable impact from performance of $27 million.
Current wording
Segment profit at Textron Aviation increased $10 million, 2%, in the first nine months of 2024, compared with the first nine months of 2023, reflecting favorable pricing, net of inflation of $36 million and higher volume and mix, partially offset by an unfavorable impact from performance of $30 million.
Previous wording
Bell’s military aircraft and support programs include a development contract for the U.S. Army's FLRAA program, as well as production, upgrade, and support contracts for the V-22 tiltrotor aircraft and H-1 helicopters. The FLRAA program has begun to represent an increasing portion of Bell’s revenues as development activities have ramped. We continue to receive production, upgrade and support orders for the V-22 and H-1 programs, however, these programs are expected to represent a lower portion of Bell’s military revenue in the future. In the first quarter of 2024, Bell received a foreign military sale award for the production and delivery of 12 AH-1Z helicopters.
Current wording
Bell’s military aircraft and support programs include a development contract for the U.S. Army's FLRAA program, as well as production, upgrade, and support contracts for the V-22 tiltrotor aircraft and H-1 helicopters. The FLRAA program has begun to represent an increasing portion of Bell’s revenues as development activities have ramped. We continue to receive production, upgrade and support orders for the V-22 and H-1 programs, however, these programs are expected to represent a lower portion of Bell’s military revenue in the future.
Previous wording
Bell’s revenues increased $93 million, 13%, in the second quarter of 2024, compared with the second quarter of 2023, reflecting higher volume and mix of $75 million and higher pricing of $18 million. Volume and mix included higher military volume of $104 million, primarily related to the FLRAA program, partially offset by lower volume on the V-22 program. Commercial volume and mix decreased $29 million, as we delivered 32 commercial helicopters in the second quarter of 2024, compared with 35 commercial helicopters in the second quarter of 2023.
Current wording
Bell’s revenues increased $175 million, 23%, in the third quarter of 2024, compared with the third quarter of 2023, largely reflecting higher volume and mix of $148 million. Volume and mix included higher military volume of $81 million, primarily related to the FLRAA program, partially offset by lower volume on the V-22 program. Commercial volume and mix increased $67 million, as we delivered 44 commercial helicopters in the third quarter of 2024, compared with 23 commercial helicopters in the third quarter of 2023.
Previous wording
Bell’s revenues increased $199 million, 15%, in the first half of 2024, compared with the first half of 2023, reflecting higher volume and mix of $164 million and higher pricing of $35 million. Volume and mix included higher military volume of $199 million, primarily related to the FLRAA program, partially offset by lower volume on the V-22 program. Commercial volume and mix decreased $35 million, as we delivered 50 commercial helicopters in the first half of 2024, compared with 57 commercial helicopters in the first half of 2023.
Current wording
Bell’s revenues increased $374 million, 18%, in the first nine months of 2024, compared with the first nine months of 2023, largely reflecting higher volume and mix of $312 million. Volume and mix included higher military volume of $280 million, primarily related to the FLRAA program, partially offset by lower volume on the V-22 program. Commercial volume and mix increased $32 million, as we delivered 94 commercial helicopters in the first nine months of 2024, compared with 80 commercial helicopters in the first nine months of 2023.
Previous wording
Bell’s segment profit increased $17 million, 26%, in the second quarter of 2024, compared with the second quarter of 2023, largely due to a favorable impact from performance of $39 million, partially offset by lower volume and mix, reflecting the mix of products and services sold in the period.
Current wording
Bell’s segment profit increased $21 million, 27%, in the third quarter of 2024, compared with the third quarter of 2023, largely due to a favorable impact from performance of $17 million and a favorable impact from pricing, net of inflation of $12 million, partially offset by lower volume and mix, reflecting the mix of products and services sold in the period.
Previous wording
Bell’s segment profit increased $37 million, 30%, in the first half of 2024, compared with the first half of 2023, largely due to a favorable impact from performance of $69 million, partially offset by lower volume and mix, reflecting the mix of products and services sold in the period.
Current wording
Bell’s segment profit increased $58 million, 29%, in the first nine months of 2024, compared with the first nine months of 2023, largely due to a favorable impact from performance of $86 million, partially offset by lower volume and mix, reflecting the mix of products and services sold in the period.
Previous wording
In the second quarter and first half of 2024, lower research and development costs of $45 million and $55 million, respectively, had a favorable impact on performance and was largely due to the winddown of the Future Attack Reconnaissance Aircraft Program.
Current wording
In the third quarter and first nine months of 2024, lower research and development costs of $12 million and $67 million, respectively, had a favorable impact on performance and was largely due to the winddown of the Future Attack Reconnaissance Aircraft Program.
Previous wording
Textron Systems’ segment profit decreased $2 million, 5%, in the second quarter of 2024, compared with the second quarter of 2023, primarily due to an unfavorable impact from performance.
Current wording
Textron Systems’ segment profit decreased $2 million, 5%, in the third quarter of 2024, and was unchanged in the first nine months of 2024, compared with the corresponding periods of 2023.
Previous wording
Industrial segment revenues decreased $152 million, 8%, in the first half of 2024, compared with the first half of 2023, largely due to lower volume and mix of $170 million, principally in the Specialized Vehicles product line, partially offset by higher pricing of $29 million in the segment.
Current wording
Industrial segment revenues decreased $82 million, 9%, and $234 million, 8%, in the third quarter and first nine months of 2024, compared with the corresponding periods of 2023, largely due to lower volume and mix of $86 million and $256 million, respectively, principally in the Specialized Vehicles product line reflecting lower demand in its end markets.
Previous wording
Industrial's operating expenses decreased $75 million, 8%, and $103 million, 6%, in the second quarter and first half of 2024, respectively, compared with the corresponding periods in 2023, principally reflecting the impact of lower volume and mix described above.
Current wording
Industrial's operating expenses decreased $63 million, 7%, and $166 million, 6%, in the third quarter and first nine months of 2024, respectively, compared with the corresponding periods in 2023, principally reflecting the impact of lower volume and mix described above.
Previous wording
Segment profit for the Industrial segment decreased $37 million, 47%, and $49 million, 41%, in the second quarter and first half of 2024, compared with the corresponding periods of 2023, largely due to lower volume and mix described above.
Current wording
Segment profit for the Industrial segment decreased $19 million, 37%, and $68 million, 40%, in the third quarter and first nine months of 2024, compared with the corresponding periods of 2023, largely due to lower volume and mix described above.
Previous wording
Textron eAviation's operating expenses increased $4 million and $16 million, in the second quarter and first half of 2024, respectively, compared with the corresponding periods of 2023, primarily related to higher research and development costs.
Current wording
Textron eAviation's operating expenses decreased $2 million in the third quarter of 2024 and increased $14 million in the first nine months of 2024, compared with the corresponding periods of 2023. The increase in the first nine months of 2024 was primarily related to higher research and development costs.
Previous wording
Textron eAviation's segment loss increased $6 million and $15 million in the second quarter and first half of 2024, respectively, compared with the corresponding periods of 2023. The increase in the first half of 2024 was largely due to an unfavorable impact from performance and other, primarily reflecting higher research and development costs.
Current wording
Textron eAviation's segment loss decreased $1 million in the third quarter of 2024 and increased $14 million in the first nine months of 2024, compared with the corresponding periods of 2023. The increase in the first nine months of 2024 was largely due to an unfavorable impact from performance and other, primarily reflecting higher research and development costs.
Previous wording
Finance segment revenues decreased $6 million and $3 million in the second quarter and first half of 2024, respectively, compared with the corresponding periods of 2023. Segment profit decreased $5 million in the second quarter of 2024 and increased $5 million in the first half of 2024, compared with the corresponding periods of 2023. The increase in segment profit in the first half of 2024 was largely due to an $8 million recovery of amounts that were previously written off related to one customer relationship. The following table reflects information about the Finance segment’s credit performance related to finance receivables.
Current wording
The following table reflects information about the Finance segment’s credit performance related to finance receivables.
Previous wording
We believe our allowance for credit losses adequately covers our exposure on these loans as our estimated collateral values largely exceed the outstanding loan amounts. Key portfolio quality indicators are discussed in Note 2 to the Consolidated Financial Statements.
Current wording
We believe our allowance for credit losses adequately covers our exposure on these loans as our estimated collateral values largely exceed the outstanding loan amounts. Key portfolio quality indicators are discussed in Note 2 to the Consolidated Financial Statements in Item 1. Financial Statements.
Previous wording
In the first half of 2024, cash flows from operating activities of continuing operations decreased $114 million to $353 million, compared with $467 million in the first half of 2023, largely due to changes in working capital.
Current wording
In the first nine months of 2024, cash flows from operating activities of continuing operations decreased by $176 million to $561 million, compared with $737 million in the first nine months of 2023, largely due to changes in working capital, partially offset by $69 million in lower net tax payments.
Previous wording
Cash flows used in investing activities included $140 million and $145 million of capital expenditures in the first half of 2024 and 2023, respectively, partially offset by $26 million and $38 million of net proceeds from corporate-owned life insurance policies, respectively.
Current wording
Cash flows used in investing activities included $211 million and $224 million of capital expenditures in the first nine months of 2024 and 2023, respectively, partially offset by $27 million and $39 million of net proceeds from corporate-owned life insurance policies, respectively.
Previous wording
Cash flows used in financing activities in the first half of 2024 included $675 million of cash paid to repurchase an aggregate of 7.7 million shares of our common stock and $359 million of payments on long-term debt. In the first half of 2023, cash flows used in financing activities included $650 million of cash paid to repurchase an aggregate of 9.4 million shares of our common stock.
Current wording
Cash flows used in financing activities in the first nine months of 2024 included $890 million of cash paid to repurchase an aggregate of 10.1 million shares of our common stock and $360 million of payments on long-term debt. In the first nine months of 2023, cash flows used in financing activities included $885 million of cash paid to repurchase an aggregate of 12.5 million shares of our common stock.
Previous wording
The Finance group’s cash flows from investing activities included collections on finance receivables totaling $78 million and $67 million in the first half of 2024 and 2023, respectively, partially offset by finance receivable originations of $58 million and $63 million, respectively. In the first half of 2024 and 2023, financing activities included payments on long-term and nonrecourse debt of $15 million and $31 million, respectively.
Current wording
The Finance group’s cash flows from investing activities included collections on finance receivables totaling $99 million and $116 million in the first nine months of 2024 and 2023, respectively, and finance receivable originations of $90 million and $122 million, respectively. In the first nine months of 2024 and 2023, financing activities included payments on long-term and nonrecourse debt of $15 million and $36 million, respectively.
Previous wording
In the first half of 2024, cash flows from operating activities of continuing operations decreased $99 million to $361 million, compared with $460 million in the first half of 2023, largely due to changes in working capital, partially offset by a net cash inflow from captive financing activities of $22 million.
Current wording
In the first nine months of 2024, cash flows from operating activities of continuing operations decreased by $149 million to $569 million, compared with $718 million in the first nine months of 2023, largely due to changes in working capital, partially offset by $70 million in lower net tax payments.
Previous wording
Cash flows used in investing activities included $140 million and $145 million of capital expenditures in the first half of 2024 and 2023, respectively, partially offset by $26 million and $38 million of net proceeds from corporate-owned life insurance policies, respectively.
Current wording
Cash flows used in investing activities included $211 million and $224 million of capital expenditures in the first nine months of 2024 and 2023, respectively, partially offset by $27 million and $39 million of net proceeds from corporate-owned life insurance policies, respectively.
Previous wording
Cash flows used in financing activities in the first half of 2024 included $675 million of cash paid to repurchase shares of our outstanding common stock and $374 million of payments on long-term debt. In the first half of 2023, cash flows used in financing activities included $650 million of cash paid to repurchase shares of our outstanding common stock.
Current wording
Cash flows used in financing activities in the first nine months of 2024 included $890 million of cash paid to repurchase shares of our outstanding common stock and $375 million of payments on long-term debt. In the first nine months of 2023, cash flows used in financing activities included $885 million of cash paid to repurchase shares of our outstanding common stock.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
•Higher Textron Systems revenues of $17 million, largely due to higher volume.