Pay vs Performance Disclosure | 12 Months Ended |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) |
Pay vs Performance Disclosure [Table] | | | | | |
Pay vs Performance [Table Text Block] | | (1) (2) (2) (2) Value of Initial Fixed $100 Investment based on: (2) Summary Compensation (1) Average Average (1) Company Peer Group Peer Group Net Manufacturing 2022 15,367,279 18,736,482 3,881,920 4,533,894 159.5 111.5 127.2 861 1,188 (3) 2021 18,576,014 45,821,710 4,819,441 9,366,481 173.7 95.0 134.5 746 1,149 2020 17,770,781 15,822,859 4,206,109 3,770,432 108.6 83.9 111.1 309 596 | | | |
Named Executive Officers, Footnote [Text Block] | | As reflected in the Summary Compensation Table on page 38, during each year in the table above, Mr. Donnelly | | | |
PEO Total Compensation Amount | | $ 15,367,279 | | $ 18,576,014 | $ 17,770,781 |
PEO Actually Paid Compensation Amount | [1] | $ 18,736,482 | | 45,821,710 | 15,822,859 |
Adjustment To PEO Compensation, Footnote [Text Block] | | “Compensation Actually Paid” is defined by the SEC to include amounts not actually received by the PEO or non-PEO NEOs. The calculation of CAP is required to include, not only actual take-home pay for the reported year, but (i) an alternate valuation of pension benefits accrued during the year, (ii) the year-end value of equity awards granted during the reported year, and (iii) PEO Non-PEO NEOs (average) 2022 2021 2020 2022 2021 2020 Summary Compensation Table (“SCT”) Total $15,367,279 $18,576,014 $17,770,781 $3,881,920 $4,819,441 $4,206,109 Adjustments: Deduction for Change in Actuarial Present Values reported under the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” column of the SCT — (95,972 ) (2,838,193 ) — (216,984 ) (708,553 ) Increase for “Service Cost” for pension plans 576,449 580,054 512,139 162,591 165,031 188,354 Deduction for the grant date fair value of stock awards (PSUs and RSUs) awarded during the year, reported under the “Stock Awards” column in the SCT (8,314,479 ) (10,500,442 ) (10,522,576 ) (1,444,119 ) (1,828,820 ) (1,797,292 ) PEO Non-PEO NEOs (average) 2022 2021 2020 2022 2021 2020 Deduction for the grant date fair value of options awarded during the year, reported under the “Option Awards” column in the SCT (2,905,358) (3,011,625) (2,493,513) (504,602) (527,116) (429,833) Increase for year-end fair value of awards granted during year that remain outstanding and unvested as of year-end (1) 12,650,262 22,165,513 13,307,527 2,190,502 3,879,540 2,293,943 Increase/deduction for change in fair value from prior year-end to current year-end of awards granted prior to year that were outstanding and unvested as of year-end (1) 1,079,909 14,602,311 1,043,862 194,183 2,484,003 170,048 Increase/deduction for change in fair value from prior year-end to vesting date of awards granted prior to year that vested during the year 264,240 3,486,240 (977,153) 50,307 588,100 (155,581) Increase for value of dividend equivalents earned on RSUs 18,180 19,617 19,985 3,112 3,286 3,237 Total Adjustments 3,369,203 27,245,696 (1,947,922) 651,974 4,547,040 (435,677) “Compensation Actually Paid” $18,736,482 $45,821,710 $15,822,859 $4,533,894 $9,366,481 $3,770,432 (1) We calculate the fair value of our PSUs, which are settled in cash, in accordance with GAAP, based on the closing price of our common stock and the number of units, as adjusted based on estimates with respect to performance on the relevant metrics. On the grant date, we assume performance at target on the metrics. Following the grant date, we apply the actual rTSR as of the valuation date, and, for the remaining performance periods, we utilize estimates of performance against the target for each operating metric. | | | |
Non-PEO NEO Average Total Compensation Amount | | $ 3,881,920 | | 4,819,441 | 4,206,109 |
Non-PEO NEO Average Compensation Actually Paid Amount | | $ 4,533,894 | | 9,366,481 | 3,770,432 |
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | | CAP versus TSR As shown in the chart below, the calculated CAP for both the PEO and the Non-PEO NEOs is correlated with the Company’s TSR for each of the years set forth in the table above. This is due primarily to the Company’s use of equity awards in the long-term incentive compensation plan, which results in the alignment of the value of our executives’ outstanding and unvested awards with shareholders’ interests. As described in detail in the Compensation Discussion and Analysis beginning on page 24, awards issued under our long-term incentive compensation program are directly linked to stock price and represent a substantial portion of our NEOs’ compensation which serves to align our executives’ interests with our shareholders’ interests. Textron’s common stock price increased 59.7%, from $48.33 at the end of the 2020 fiscal year to $77.20 at the end of the 2021 fiscal year, resulting in a substantially greater fair value of outstanding and unvested equity awards and a substantial increase in year- over-year CAP. CAP Versus TSR | | | |
Compensation Actually Paid vs. Net Income [Text Block] | | CAP versus Net Income As shown in the chart below, the Company’s net income increased significantly from 2020 to 2021 and also increased from 2021 to 2022. This measure is somewhat aligned with the calculated CAP for both the PEO and the Non-PEO NEOs, although, the correlation related to Net Income impact is overshadowed by the impact of changes in the Company’s stock price on CAP primarily due to the Company’s use of equity incentives that are tied directly to stock price, as described above. Notably, the Company does not use Net Income to determine compensation levels or long-term incentive plan payouts. | | | |
Compensation Actually Paid vs. Company Selected Measure [Text Block] | | CAP versus Manufacturing Cash Flow before Pension Contributions As shown in the chart below, the Company’s Manufacturing Cash Flow before Pension Contributions increased significantly from 2020 to 2021 and modestly from 2021 to 2022, despite a significant increase in cash taxes due to a change in tax law that became effective in 2022. This measure affects CAP for both the PEO and the Non-PEO NEOs by impacting the extent to which performance share units were earned in 2022, although that impact was overshadowed by the impact of changes in the Company’s stock price on CAP, primarily due to the Company’s use of equity incentives that are tied directly to stock price, as described above. In particular, Textron’s common stock price increased 59.7%, from $48.33 at the end of the 2020 fiscal year to $77.20 at the end of the 2021 fiscal year, resulting in a substantially greater fair value of outstanding and unvested equity awards and a substantial increase in year-over-year CAP. Likewise, while Manufacturing Cash Flow before Pension Contributions increased modestly from 2021 to 2022, year-over-year CAP decreased, primarily due to an 8.3% decrease in Textron’s common stock price from $77.20 at the end of 2021 to $70.80 at year end 2022. | | | |
Total Shareholder Return Vs Peer Group [Text Block] | | Company’s TSR versus Peer Groups’ TSR As shown in the chart below, the Company’s cumulative TSR is correlated with the S&P 500 Industrials index cumulative TSR. It is not as closely aligned with the S&P 500 A&D index cumulative TSR. Because Textron is a multi-industry company with businesses in the aerospace and defense industry as well as other industrial manufacturing businesses, both indices are relevant for comparison, although neither is an ideal peer group. Due to consolidation in the A&D industry, that index reflects the results of only ten companies, including Textron, making each company’s impact arguably outsized, especially the impact of large companies, given that the returns shown are weighted based on market capitalization. Since the S&P 500 Industrials index includes a greater number of companies than the S&P 500 A&D index, using this index for comparison mitigates the effect of companies with outlying performance. | | | |
Tabular List [Table Text Block] | | Financial Performance Measures The following list of financial performance measures represents, in the Company’s assessment, the most important financial performance measures used by the Company to link Compensation Actually Paid (“CAP”) to the NEOs to company performance for the 2022 fiscal year. Please see the Compensation Discussion and Analysis for additional discussion of how these factors affected our NEOs’ compensation. Manufacturing Cash Flow before Pension Contributions Average Return on Investment Capital Cumulative Manufacturing Cash Flow Enterprise Net Operating Profit Relative TSR compared to the S&P 500 Set forth below is a description of the relationship between CAP and the financial performance metrics set forth in the Pay versus Performance table above, as well as a description of the relationship of the Company’s Total Shareholder Return (“TSR”) compared to our Peer Groups’ TSR. | | | |
Total Shareholder Return Amount | [2] | $ 159.5 | | 173.7 | 108.6 |
Peer Group Total Shareholder Return Amount | [2] | 111.5 | | 95 | 83.9 |
Net Income (Loss) | | $ 861,000,000 | | $ 746,000,000 | $ 309,000,000 |
Company Selected Measure Amount | | 1,188 | [3] | 1,149 | 596 |
PEO [Member] | | | | | |
Pay vs Performance Disclosure [Table] | | | | | |
Adjustment to Compensation Amount | | $ 3,369,203 | | $ 27,245,696 | $ (1,947,922) |
PEO [Member] | Deduction for Change in Actuarial Present Values reported under the Change in Pension Value and Nonqualified Deferred Compensation Earnings column of the SCT | | | | | |
Pay vs Performance Disclosure [Table] | | | | | |
Adjustment to Compensation Amount | | | | (95,972) | (2,838,193) |
PEO [Member] | Increase for Service Cost for pension plans | | | | | |
Pay vs Performance Disclosure [Table] | | | | | |
Adjustment to Compensation Amount | | 576,449 | | 580,054 | 512,139 |
PEO [Member] | Deduction for the grant date fair value of stock awards (PSUs and RSUs) awarded during the year, reported under the Stock Awards column in the SCT | | | | | |
Pay vs Performance Disclosure [Table] | | | | | |
Adjustment to Compensation Amount | | (8,314,479) | | (10,500,442) | (10,522,576) |
PEO [Member] | Deduction for the grant date fair value of options awarded during the year, reported under the Option Awards column in the SCT | | | | | |
Pay vs Performance Disclosure [Table] | | | | | |
Adjustment to Compensation Amount | | (2,905,358) | | (3,011,625) | (2,493,513) |
PEO [Member] | Increase for year-end fair value of awards granted during year that remain outstanding and unvested as of year-end | | | | | |
Pay vs Performance Disclosure [Table] | | | | | |
Adjustment to Compensation Amount | [4] | 12,650,262 | | 22,165,513 | 13,307,527 |
PEO [Member] | Increase/deduction for change in fair value from prior year-end to current year-end of awards granted prior to year that were outstanding and unvested as of year-end | | | | | |
Pay vs Performance Disclosure [Table] | | | | | |
Adjustment to Compensation Amount | | 1,079,909 | | 14,602,311 | 1,043,862 |
PEO [Member] | Increase/deduction for change in fair value from prior year-end to vesting date of awards granted prior to year that vested during the year | | | | | |
Pay vs Performance Disclosure [Table] | | | | | |
Adjustment to Compensation Amount | | 264,240 | | 3,486,240 | (977,153) |
PEO [Member] | Increase for value of dividend equivalents earned on RSUs | | | | | |
Pay vs Performance Disclosure [Table] | | | | | |
Adjustment to Compensation Amount | | 18,180 | | 19,617 | 19,985 |
Non-PEO NEO [Member] | | | | | |
Pay vs Performance Disclosure [Table] | | | | | |
Adjustment to Compensation Amount | | 651,974 | | 4,547,040 | (435,677) |
Non-PEO NEO [Member] | Deduction for Change in Actuarial Present Values reported under the Change in Pension Value and Nonqualified Deferred Compensation Earnings column of the SCT | | | | | |
Pay vs Performance Disclosure [Table] | | | | | |
Adjustment to Compensation Amount | | | | (216,984) | (708,553) |
Non-PEO NEO [Member] | Increase for Service Cost for pension plans | | | | | |
Pay vs Performance Disclosure [Table] | | | | | |
Adjustment to Compensation Amount | | 162,591 | | 165,031 | 188,354 |
Non-PEO NEO [Member] | Deduction for the grant date fair value of stock awards (PSUs and RSUs) awarded during the year, reported under the Stock Awards column in the SCT | | | | | |
Pay vs Performance Disclosure [Table] | | | | | |
Adjustment to Compensation Amount | | (1,444,119) | | (1,828,820) | (1,797,292) |
Non-PEO NEO [Member] | Deduction for the grant date fair value of options awarded during the year, reported under the Option Awards column in the SCT | | | | | |
Pay vs Performance Disclosure [Table] | | | | | |
Adjustment to Compensation Amount | | (504,602) | | (527,116) | (429,833) |
Non-PEO NEO [Member] | Increase for year-end fair value of awards granted during year that remain outstanding and unvested as of year-end | | | | | |
Pay vs Performance Disclosure [Table] | | | | | |
Adjustment to Compensation Amount | [4] | 2,190,502 | | 3,879,540 | 2,293,943 |
Non-PEO NEO [Member] | Increase/deduction for change in fair value from prior year-end to current year-end of awards granted prior to year that were outstanding and unvested as of year-end | | | | | |
Pay vs Performance Disclosure [Table] | | | | | |
Adjustment to Compensation Amount | | 194,183 | | 2,484,003 | 170,048 |
Non-PEO NEO [Member] | Increase/deduction for change in fair value from prior year-end to vesting date of awards granted prior to year that vested during the year | | | | | |
Pay vs Performance Disclosure [Table] | | | | | |
Adjustment to Compensation Amount | | 50,307 | | 588,100 | (155,581) |
Non-PEO NEO [Member] | Increase for value of dividend equivalents earned on RSUs | | | | | |
Pay vs Performance Disclosure [Table] | | | | | |
Adjustment to Compensation Amount | | $ 3,112 | | $ 3,286 | $ 3,237 |
Donnelly [Member] | | | | | |
Pay vs Performance Disclosure [Table] | | | | | |
PEO Name | | Mr. Donnelly | | | |
Measure [Axis]: 1 | | | | | |
Pay vs Performance Disclosure [Table] | | | | | |
Other Performance Measure Amount | [2] | 127.2 | | 134.5 | 111.1 |
Measure [Axis]: 2 | | | | | |
Pay vs Performance Disclosure [Table] | | | | | |
Measure Name | | Manufacturing Cash Flow before Pension Contributions | | | |
Measure [Axis]: 3 | | | | | |
Pay vs Performance Disclosure [Table] | | | | | |
Measure Name | | Average Return on Investment Capital | | | |
Measure [Axis]: 4 | | | | | |
Pay vs Performance Disclosure [Table] | | | | | |
Measure Name | | Cumulative Manufacturing Cash Flow | | | |
Measure [Axis]: 5 | | | | | |
Pay vs Performance Disclosure [Table] | | | | | |
Measure Name | | Enterprise Net Operating Profit | | | |
Measure [Axis]: 6 | | | | | |
Pay vs Performance Disclosure [Table] | | | | | |
Measure Name | | Relative TSR compared to the S&P 500 | | | |
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[1] As reflected in the Summary Compensation Table on page 38, during each year in the table above, Mr. Donnelly | |