1285
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
for the fiscal year ended December 31, 1994
Commission File Number 1-5480
A. Full title of the plan and address of the plan:
TEXTRON SAVINGS PLAN
40 Westminster Street
Providence, Rhode Island 02903
B. Name of issuer of the securities held pursuant
to the plan and address of its principal executive
office:
TEXTRON INC.
40 Westminster Street
Providence, Rhode Island 02903
<PAGE>
REQUIRED INFORMATION
Financial Statements and Exhibit
The following Plan financial statements and schedules
prepared in accordance with the financial reporting
requirements of the Employee Retirement Income Security
Act of 1974 are filed herewith, as permitted by Item 4
of Form 11-K:
Report of Independent Auditors
Statement of Net Assets Available for Benefits for each
of the two years ended December 31, 1994 and 1993
Statement of Changes in Net Assets Available for
Benefits for each of the two years ended December 31, 1994 and
1993
Notes to financial statements
Schedule I - Assets Held for Investment
Schedule II - Transactions or Series of Transactions in
Excess of 5% of the Current Value of Plan Assets
The Consent of Independent Auditors is filed as an
exhibit to this Annual Report.
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Committee appointed by the Board of
Directors of Textron Inc. to administer the Plan has duly
caused this Annual Report on Form 11-K to be signed by the
undersigned hereunto duly authorized.
TEXTRON SAVINGS PLAN
By: /s/Duncan I. Sutherland
Attorney-in-fact
Date: June 27, 1995
<PAGE>
Financial Statements
and Supplemental Schedules
Textron Savings Plan
Years ended December 31, 1994 and 1993
with Report of Independent Auditors
<PAGE>
Textron Savings Plan
Financial Statements
and Supplemental Schedules
Years ended December 31, 1994 and 1993
Contents
Report of Independent Auditors 1
Audited Financial Statements
Statement of Net Assets Available for Benefits, December 31, 1994 2
Statement of Net Assets Available for Benefits, December 31, 1993
3
Statement of Changes in Net Assets Available for Benefits,
December 31, 1994 4
Statement of Changes in Net Assets Available for Benefits,
December 31, 1993 5
Notes to Financial Statements 6
Supplemental Schedules
Schedule I--Assets Held for Investment 15
Schedule II--Transactions or Series of
Transactions in Excess of 5% of the
Current Value of Plan Assets 17
<PAGE>1
Report of Independent Auditors
The Benefits Committee
Textron Savings Plan
We have audited the accompanying statements of net assets
available for benefits of the Textron Savings Plan (the
Plan) as of December 31, 1994 and 1993, and the related
statements of changes in net assets available for benefits
for the years then ended. These financial statements are
the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan
and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the net assets
available for benefits of the Plan at December 31, 1994 and
1993, and the changes in net assets available for benefits
for the years then ended, in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
accompanying supplemental schedules of assets held for
investment as of December 31, 1994, and transactions or
series of transactions in excess of 5% of the current value
of plan assets for the year then ended are presented for
purposes of complying with the Department of Labor's Rules
and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974, and are not
a required part of the basic financial statements. The Fund
Information in the statement of net assets available for
benefits and the statements of changes in net assets
available for benefits is presented for purposes of
additional analysis rather than to present the net assets
available for benefits of each fund. The supplemental
schedules and Fund Information have been subjected to the
auditing procedures applied in our audits of the basic
financial statements and, in our opinion, are fairly stated
in all material respects in relation to the basic financial
statements taken as a whole.
/S/Ernst & Young LLP
New York, New York
June 15, 1995
<PAGE>2
<TABLE> Textron Savings Plan
<CAPTION>
Statement of Net Assets Available for Benefits
December 31, 1994
Fund Fund Fund Fund Loan
A B C H Fund Total
Assets (In Thousands)
Investments, at fair value (Notes 2,
5 and 8):
<S> <C> <C> <C> <C> <C> <C>
Textron Inc. Common Stock $772,465 $ $ $ $ $ 772,465
U.S. Government securities 18,411 18,411
Common/collective trust funds 1,875 67,711 11,437 65 81,088
Participant notes receivable 72 72
774,340 67,711 29,848 65 72 872,036
Insurance contracts, at contract
value (Notes 2 and 8) 146,995 146,995
Total investments 774,340 67,711 176,843 65 72 1,019,031
Receivables:
Investment income 5,394 162 5,556
Interfund 179 179
Other 57 25 82
Total receivables 5,451 25 341 5,817
Total assets 779,791 67,736 177,184 65 72 1,024,848
Liabilities
Payables:
Contributions 2,496 310 367 3,173
Interest 160 160
Investments purchased 2,548 2,548
Interfund 164 15 179
5,368 325 367 6,060
Senior note (Note 6) 14,195 14,195
Total liabilities 19,563 325 367 20,255
Net assets available for benefits $760,228 $67,411 $176,817 $65 $72 $1,004,59
3
</TABLE>
See notes to financial statements.
<PAGE>3
<TABLE>
<CAPTION>
Textron Savings Plan
Statement of Net Assets Available for Benefits
December 31, 1993
Fund Fund Fund Fund
A B C H Loans Total
Assets (In Thousands)
Investments, at fair value (Notes 2,
5 and 8):
<S> <C> <C> <C> <C> <C> <C>
Textron Inc. Common Stock $923,438 $ $ $ $ $ 923,438
U.S. Government securities 33,967 33,967
Common/collective trust funds 1,432 63,637 15,726 22 80,817
Participant notes receivable 76 76
924,870 63,637 49,693 22 76 1,038,298
Insurance contracts, at contract
value (Notes 2 and 8) 132,361 132,361
Total investments 924,870 63,637 182,054 22 76 1,170,659
Receivables:
Investment income 4,921 370 5,291
Interfund 395 395
Other 456 39 10 1 506
Total receivables 5,377 434 380 1 6,192
Total assets 930,247 64,071 182,434 22 77 1,176,851
Liabilities
Payables:
Contributions 1,077 86 330 1,493
Interest 208 208
Investments purchased 815 10 825
Interfund 388 7 395
2,488 96 337 2,921
Senior note (Note 6) 29,595 29,595
Total liabilities 32,083 96 337 32,516
Net assets available for benefits $898,164 $63,975 $182,097 $22 $77 $1,144,33
5
</TABLE>
See notes to financial statements.
<PAGE>4
<TABLE>
<CAPTION>
Textron Savings Plan
Statement of Changes in Net Assets Available for Benefits
Year ended December 31, 1994
Fund Fund Fund Fund Loan
A B C H Fund Total
(In Thousands)
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation) in fair
<S> <C> <C> <C> <C> <C>
value of investments (Note 8) $(121,61 $ 1,032 $(1,378) $ $ $(121,96
5) 1)
Dividends 22,565 22,565
Interest 57 11,110 2 6 11,175
(98,993) 1,032 9,732 2 6 (88,221)
Contributions, net:
Participants 51,732 9,999 10,158 71,889
Employer 20,874 20,874
72,606 9,999 10,158 92,763
Total additions (26,387) 11,031 19,890 2 6 4,542
Deductions from net assets attributed
to:
Benefits paid to participants (107,390) (7,234) (25,898) (140,522)
Forfeitures (2,178) (2,178)
Interest expense (699) (699)
Administrative expenses (657) (94) (134) (885)
Total deductions (110,924) (7,328) (26,032) (144,284)
Net increase (decrease) prior to (137,311) 3,703 (6,142) 2 6 (139,742)
interfund transfers
Interfund transfers, net (625) (267) 862 41 (11)
Net increase(decrease) (137,936) 3,436 (5,280) 43 (5) (139,742)
Net assets available for benefits:
Beginning of year 898,164 63,975 182,097 22 77 1,144,335
End of year $760,228 $67,411 $176,817 $65 $72 $1,004,59
3
</TABLE>
See notes to financial statements.
<PAGE>5
<TABLE>
<CAPTION>
Textron Savings Plan
Statement of Changes in Net Assets Available for Benefits
Year ended December 31, 1993
Fund Fund Fund Fund
A B C H Loans Total
(In Thousands)
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation) in fair
<S> <C> <C> <C> <C> <C> <C>
value of investments (Note 8) $219,108 $ 5,618 $ 872 $ $ $225,598
Dividends 21,029 21,029
Interest 36 12,583 7 12,626
240,173 5,618 13,455 7 259,253
Contributions, net:
Participants 49,291 9,989 11,690 70,970
Employer 21,411 21,411
70,702 9,989 11,690 92,381
Total additions 310,875 15,607 25,145 7 351,634
Deductions from net assets attributed
to:
Benefits paid to participants (110,758) (5,673) (23,388) (5) (139,824)
Forfeitures (2,187) (2,187)
Interest expense (996) (996)
Administrative expenses (651) (85) (153) (889)
Total deductions (114,592) (5,758) (23,541) (5) (143,896)
Net increase (decrease) prior to 196,283 9,849 1,604 2 207,738
interfund transfers
Interfund transfers, net (4,900) 2,059 2,899 21 (79)
Net increase (decrease) 191,383 11,908 4,503 21 (77) 207,738
Net assets available for benefits:
Beginning of year 706,781 52,067 177,594 1 154 936,597
End of year $898,164 $63,975 $182,097 $22 $ 77 $1,144,33
5
</TABLE>
See notes to financial statements.
<PAGE>6
Textron Savings Plan
Notes to Financial Statements
December 31, 1994 and 1993
1. Description of Plan
The Textron Savings Plan (the "Plan") is an employee stock ownership plan.
For a description of the Plan, refer to the
Summary Plan Description that is on file with the Department
of Labor and available at the Human Resources office of Textron Inc.
("Textron").
2. Summary of Significant Accounting Policies
General
The Plan is administered under the terms of a Trust
Agreement, dated May 1, 1989, with Bankers Trust Company
(the "Trustee").
Certain prior year amounts have been reclassified to conform
to the current year's financial statement presentation.
Investment Options
The Plan allows employee contributions to be invested in
Fund A, B, or C, based on the election of the employee. The
employee must contribute at least 50% to Fund A. Fund H is
available to any participant who has attained age 55 and
completed ten years of Textron service. Employer
contributions are entirely invested in Fund A.
Fund A invests primarily in Textron Common Stock that is
either purchased by the Trustee or contributed by Textron.
Fund B invests primarily in the BT Pyramid Large
Capitalization Equity Index Fund which is principally a
portfolio of common stocks constructed and maintained with
the objective of providing investment results which
approximate the overall performance of the common stocks
included in the Standard & Poor's Composite Index of 500
stocks. During 1993, Fund B invested primarily in the BT
Pyramid Equity Index Fund which had the same basic
investment objective as the BT Pyramid Large Capitalization
Equity Index Fund.
Fund C may be invested in bonds, notes, debentures,
government obligations, insurance contracts, short-term
securities, money market instruments and other fixed income
instruments at the discretion of Textron Inc. or an
Investment Manager designated by Textron.
<PAGE>7
2. Significant Accounting Policies (continued)
Fund H is invested in the BT Pyramid Directed Account Cash
Fund, which is a portfolio of short-term instruments,
primarily demand master notes, certificates of deposit, and
commercial paper.
At the discretion of the Trustee or other Investment
Manager, a portion of the assets of Fund A, B, C, or H may
be maintained in cash or invested in short-term securities
(BT Pyramid Directed Account Cash Fund and BT Pyramid
Discretionary Account Cash Fund).
At December 31, 1994, there were approximately 30,700
participants in Fund A, 11,700 in Fund B, 15,400 in Fund C
and 3 in Fund H.
Investment Valuation and Income Recognition
Textron Common Stock is valued at the New York Stock
Exchange closing price on the last business day of the Plan
year. U.S. Government securities are valued at fair value
as determined by quoted market price. The BT Pyramid Large
Capitalization Equity Index Fund and BT Pyramid Equity Index
Fund are valued at the redemption price established by the
fund's Trustee which is generally based on the fair value of
the underlying assets. The BT Pyramid Directed Account Cash
Fund and BT Pyramid Discretionary Account Cash Fund include
pooled temporary investments and are stated at cost which
approximates market value. Insurance contracts are valued
at contract value which represents contributions made, plus
accrued interest, less funds used to pay employee
withdrawals and administrative expenses. Participant notes
receivable are valued at cost which approximates fair value.
Purchases and sales of investments are recorded on a trade-
date basis. Interest income is recorded on the accrual
basis. Dividends are recorded on the ex-dividend date.
Dividends, interest and other distributions received by the
Plan are reinvested in the fund in which earned.
<PAGE>8
2. Significant Accounting Policies (continued)
Fair Value of Insurance Contracts
The fair values presented in Note 8 are estimates of the
fair values of the insurance contracts at a specific point
in time using available market information and appropriate
valuation methodologies. These estimates are subjective in
nature and involve uncertainties and significant judgment in
the interpretation of current market data. Therefore, the
fair values presented are not necessarily indicative of
amounts the Plan could realize or settle currently. The
Plan does not necessarily intend to dispose of or liquidate
such instruments prior to maturity. See Note 8 for further
information about fair values of financial instruments.
Contributions
Participants of the Plan are entitled to elect compensation
deferrals within the limits prescribed by Section 401(k) of
the Internal Revenue Code (the "Code"). Contributions from
employees and employee compensation deferrals, which are
matched 50% by Textron subject to certain ERISA restrictions
and plan limits, are recorded when Textron makes payroll
deductions from participants' wages. The total of the
matching contributions (net of employee forfeitures) made by
Textron is limited by the Textron Board of Directors to $40
million for any calendar year. For the years ending
December 31, 1994 and 1993, employee contributions included
rollovers of approximately $.9 million and $1 million,
respectively.
Textron makes contributions to the Plan based on estimated
contribution levels. In addition, Textron may make, at its
own discretion, additional contributions. To the extent
actual contributions by the participants differ from
estimated contributions, a contribution receivable or
payable from Textron will result. All forfeitures arising
out of a participant's termination of employment for reasons
other than retirement, disability or death, are used to
reduce future Textron contributions. Textron's
contributions are also reduced by the market value of any
excess shares that are released as a result of the loan
payment (see Note 5). For the years ending December 31,
1994 and 1993, employer contributions were reduced by
approximately $22.8 million and $20.7 million, respectively.
Additional contributions may be required by Textron to fund
debt service payments on the senior note (see Note 6). Such
contributions amounted to $7.7 million in 1994 and $6.4
million in 1993.
<PAGE>9
2. Significant Accounting Policies (continued)
Administrative Expenses
All administrative expenses are paid from Plan assets.
3. Unit Valuation
Plan equity is reported on a unit valuation basis except for
Fund A, which is reported on a per share basis. Unit values
are determined by dividing the Plan equity in each fund by
the number of fund units outstanding.
At December 31, 1994, the number of units outstanding and
the values for each unit were:
Number of Units Value per unit
Fund
B 22,676,686 2.972700685
C 83,759,885 2.110998600
H 39,095 1.662616703
4. Benefits
In the event a participant ceases to be an employee or
becomes totally disabled while employed, all of his or her
accounts to the extent then vested shall become
distributable. Distributions of more than forty whole
shares of Textron stock shall be in the form of Textron
Common Stock. Distributions of forty or less whole shares
of Textron Common Stock shall be in the form of cash unless
the participant or beneficiary expressly requests Textron
Common Stock. All other distributions shall be in the form
of cash. An account will be distributed in a single payment
if the value of the account is less than $3,500 when the
account first becomes distributable. If the value of the
account is $3,500 or more when the account first becomes
distributable, a participant is not required to take a
distribution immediately. However, current federal law
requires Textron to begin to distribute accounts by April 1
of the year following the year in which the participant
reaches age 70 1/2. A participant is always vested in those
portions of his or her account attributable to his or her
own contributions and compensation deferrals and to
<PAGE>10
4. Benefits (continued)
discretionary contributions by Textron. Employees of
discontinued operations become fully vested upon approval of
the Administrative and Management Committee. The Plan
provides for full vesting of a participant's plan account in
the event of his or her termination of employment, other
than for cause, within two years after a change in control
of Textron. Textron's 50% matching contributions vest based
on the length of participation in the Plan as follows:
Ownership
Months of Participation Interest
24 months but less than 36 months 25%
36 months but less than 48 months 50%
48 months but less than 60 months 75%
60 months or more 100%
A separate account is maintained for each participant and is
increased monthly by (a) the participant's contributions and
compensation deferrals, (b) Textron's 50% matching
contribution, and annually by the pro rata share of
additional discretionary contributions made by Textron, if
any, and (c) the pro rata share of income.
While Textron has not expressed any intent to terminate the
Plan, it is free to do so at any time. In the event of
termination, each participant automatically becomes vested
to the extent of the balance in his or her separate account.
5. Unallocated Shares
During 1989, coincident with the conversion of the Plan to
an employee stock ownership plan, the Plan purchased from
Textron Inc. 3,652,969 shares of Textron Common Stock with
the proceeds of a $100 million bank loan (see Note 6). Such
shares of Textron Common Stock are released for allocation
to the accounts of participants as the loan is repaid. The
Plan makes loan repayments with dividends received on
unallocated shares and certain other shares and
contributions received from Textron. Unallocated shares are
collateral for the loan. The value of the Textron Common
Stock allocated as matching contributions and dividends will
be the average fair market value for the period the shares
are allocated to the participants' accounts, even though the
shares may have been
<PAGE>11
5. Unallocated Shares (continued)
purchased earlier at a different value as part of a block
purchase made by the Trustee. At December 31, 1994, Fund A
includes 433,754 shares with a market value of $21,850,353
and a cost of $11,873,990 (954,485 shares with a market
value of $55,598,772 and a cost of $26,129,013 at December
31, 1993) that remain unallocated.
6. Senior Note
The Plan has a senior note payable to a bank that is
guaranteed by Textron which relates to a $100 million term
loan agreement entered into during 1989. The agreement
provides for the note to be repaid over a seven-year period
in quarterly installments beginning April 3, 1990. The
maturity date of the note has been changed to October 3,
1995 due to a prepayment of principal at the note's
inception. The note bears interest at 85% of either the
lower of the Eurodollar rate or a base rate. Such rate was
4.50% and 2.82% at December 31, 1994, and December 31, 1993,
respectively. The note is prepayable in whole or in part on
any interest payment date without penalty.
A payment of $14,195,000 is required during 1995.
7. Participant Loans
The Textron Capital Accumulation Plan and the Textron
Capital Accumulation Plan for Hourly Employees
(collectively, "TCAP") were merged into the Plan effective
May 1, 1989. The TCAP, prior to their merger into the Plan,
allowed participants to receive loans from their pre-tax
contribution accounts. Because the Plan does not provide
for participant loans, no new loans were made to former TCAP
participants after April 30, 1989. Existing loans must be
repaid with interest to the participant's pre-tax
contribution account. The loan repayments and related
interest will be invested in the investment funds in the
same manner as the optional contributions to the Plan the
participant is then making. If the participant is not then
making contributions to the Plan, the loan repayments will
be invested in Fund C.
<PAGE>12
8. Investments
The fair value of individual investments that represent 5%
or more of the fair value of the Plan's net assets is as
follows:
December 31
1994 1993
(Share and dollar
amounts in thousands)
Investments at fair value as
determined by quoted market price
Textron Inc. Common Stock*, 15,334
and 15,853 shares, respectively $772,465 $923,438
Investments at estimated fair value
BT Pyramid Equity Index Fund*, 64 63,627
shares
BT Pyramid Large Capitalization
Equity Index Fund*, 67 shares 67,711
Total investments at fair value $840,176 $987,065
* Indicates party-in-interest to the Plan.
During 1994 and 1993, the Plan's investments (including
investments bought, sold, and held during the year)
appreciated (depreciated) in fair value by $(121,961,000)
and $225,598,000 as follows:
December 31
1994 1993
(In thousands)
Investments at fair value as
determined by quoted market price
Textron Inc. Common Stock $(121,615) $219,108
U.S. Government securities ( 1,378) 872
Net change in fair value (122,993) 219,980
Investments at estimated fair value
Common/collective trust funds 1,032 5,618
Net change in fair value $(121,961) $225,598
<PAGE>13
8. Investments (continued)
Statement of Financial Accounting Standards No. 107,
"Disclosures about Fair Value of Financial Instruments" (FAS
107), requires disclosure of fair value information about
all financial instruments held or owned by a plan except for
certain excluded instruments and instruments for which it is
not practicable to estimate fair value. Note 2 describes
the methods and assumptions used in determining the fair
value of all Plan investments except insurance contracts.
The estimated fair value of the Plan's investment in
guaranteed insurance contracts was determined by discounted
cash flow analyses using U.S. Treasury note interest rates
with maturities similar to the remaining terms of the
guaranteed insurance contracts. The estimated fair value of
such contracts was approximately $143,000,000 and
$136,738,000 at December 31, 1994 and 1993, respectively.
9. Differences between Financial Statements and Form 5500
The following is a reconciliation of net assets available
for benefits per the financial statements to the Form 5500:
December 31
1994 1993
(In thousands)
Net assets available for benefits
per the financial statements $1,004,593 $1,144,335
Amounts allocated to withdrawn ( 16,153) ( 12,081)
participants
Net assets available for benefits $988,440 $1,132,254
per the Form 5500
The following is a reconciliation of benefits paid to
participants per the financial statements to the Form 5500:
Year Ended
December
31
1994
(In
thousands)
Benefits paid to participants per the financial $140,522
statements
Add: Amounts allocated on Form 5500 to
withdrawn participants at December 31, 1994 16,153
Less: Amounts allocated on Form 5500 to
withdrawn participants at December 31, 1993 (12,081)
Benefits paid to participants per the Form 5500 $144,594
<PAGE>14
9. Differences between Financial Statements and Form 5500
(continued)
Amounts allocated to withdrawn participants are recorded on
the Form 5500 for benefit claims that have been processed
and approved for payment prior to year end but not yet paid
as of that date.
10. Income Tax Status
The Internal Revenue Service (IRS) has ruled that the Plan
qualifies under Section 401(a) of the Internal Revenue Code
(the Code) and that the related trust is therefore exempt
from federal income taxes under the provision of Section
501(a) of the Code. In addition, the IRS has ruled that the
plan qualifies as an Employee Stock Ownership Plan under
Section 4975(e)(7) of the Code. Once qualified, the Plan is
required to operate in conformity with the Code to maintain
its qualification. Textron is not aware of any course of
action or series of events that have occurred that might
adversely affect the Plan's qualified status.
<PAGE>
Supplemental Schedules
<PAGE>15
Textron Savings Plan
Schedule I--Assets Held for Investment
December 31, 1994
Number Cost/
of Contract
Shares
or Units Value Market
(In Thousands)
Fund A
Textron Inc. Common Stock* 15,334 $473,892 $772,465
BT Pyramid Directed Account 1,875 1,875 1,875
Cash Fund*
Total Fund A $475,767 $774,340
Fund B
BT Pyramid Large
Capitalization Equity Index 67 $67,040 $67,711
Fund*
Total Fund B $67,040 $67,711
Fund C
Insurance Contracts:
Metropolitan Life Ins. Co.
Matures through 6/30/98; 15,924 $15,924 $14,699
4.67%
Matures through 3/1/99; 5.27% 3,135 3,135 2,934
Matures through 3/31/99; 5,237 5,237 4,871
5.11%
Matures through 5/15/99; 10,465 10,465 10,278
7.38%
Prudential Asset Management
Matures 7/31/95; 5% 2,249 2,249 2,227
Matures 9/10/96; 4.18% 10,550 10,550 9,951
Matures 6/1/97; 7.08% 5,222 5,222 5,138
Matures 7/31/97; 6.3% 10,427 10,427 10,184
NY Life Insurance Co.
Matures 7/31/95; 9.05% 5,864 5,864 5,945
Matures 7/31/96; 5.65% 6,850 6,850 6,645
Matures 3/31/97; 7.7% 6,746 6,746 6,742
Matures 9/9/98; 5.2% 10,686 10,686 9,693
Matures through 8/16/99; 10,273 10,273 10,059
7.33%
<PAGE>16
Textron Savings Plan
Schedule I--Assets Held for Investment (continued)
Number Cost/
of Contract
Shares
or Units Value Market
(In Thousands)
Fund C (continued)
Aetna
Matures 5/1/95; 9.12% 12,027 12,027 12,147
John Hancock Mutual Life Ins.
Co.
Matures 1/3/95; 8.14% 12,303 12,303 12,308
Matures 1/2/96; 8.36% 11,025 11,025 11,137
Mass Mutual Life Ins. Co.
Matures through 1/31/97; 8,012 8,012 7,922
6.11%
Government Obligations:
Federal National Mortgage
Association:
Matures 9/25/01; 6.4% 3,000 2,949 2,960
Matures 9/25/07; 5.8% 3,416 3,418 3,255
Matures 4/25/17; 6.5% 9,000 8,999 8,432
Federal Home Loan Mortgage
Corp.
Matures 2/15/01; 6.65% 892 878 885
Matures 3/15/13; 7.0% 1,751 1,718 1,739
Matures 12/15/19; 6.5% 1,157 1,115 1,140
BT Pyramid Directed Account 11,437 11,437 11,437
Cash Fund*
Total Fund C $177,509 $172,728
Fund H
BT Pyramid Directed Account 65 $ 65 $ 65
Cash Fund*
Total Fund H $ 65 $ 65
Total all funds $720,381 $1,014,844
Loans
Loans Receivable (9.5% - 11%) 72 $ 72 $ 72
* Indicates party-in-interest to the Plan.
<PAGE>17
<TABLE>
Textron Savings Plan
Schedule II--Transactions or Series of Transactions in Excess of 5%
of the Current Value of Plan Assets
Year ended December 31, 1994
<CAPTION>
Current Value
of
Purchase Selling Cost of Asset on Net Gain
Identity of Party Description Price Price Assets Transactio (Loss)
n Date
(Dollars in Thousands)
Category (i)--Individual transactions in excess of 5% of plan assets
<S> <S> <C> <C> <C>
Bankers Trust Company* Purchase of 64,844 units of
BT Pyramid Large $ 64,514 $ 64,514 $ 64,514
Capitalization Equity
Index Fund
Sale of 64,878 units of BT
Pyramid Equity Index Fund $ 64,514 42,584 64,514 $21,930
Category (iii)--Series of transactions in excess of 5% of plan assets
** Purchase of 1,521,202
shares of Textron Inc. 81,413 81,413 81,413
Common Stock in 341
transactions
Bankers Trust Company* Purchase of 120,042,667
units of BT Pyramid
Directed Account Cash Fund 120,043 120,043 120,043
in 201 transactions
Sale of 123,845,912 units
of BT Pyramid Directed
Account Cash Fund in 246 123,846 123,846 123,846
transactions
Purchase of 73,606 units of
BT Pyramid Large
Capitalization Equity 73,154 73,154 73,154
Index Fund in 63
transactions
</TABLE>
<PAGE>18
<TABLE>
Textron Savings Plan
Schedule II--Transactions or Series of Transactions in Excess of 5%
of the Current Value of Plan Assets (continued)
<CAPTION>
Current
Value of
Purchase Selling Cost of Asset on Net Gain
Identity of Party Description Price Price Assets Transaction (Loss)
Date
(Dollars in Thousands)
Category (iii)--Series of transactions in excess of 5% of plan assets (continued)
<S> <S> <C> <C> <C> <C>
Bankers Trust Company* Sale of 66,623 units of BT
(continued) Pyramid Equity Index Fund 66,263 43,723 66,263 22,540
in 5 transactions
There were no category (ii) or (iv) reportable transactions during the year.
* Indicates party-in-interest to the Plan.
**Transactions made on the market.
</TABLE>
<PAGE>19 TEXTRON SAVINGS PLAN
ANNUAL REPORT ON FORM 11-K
FOR FISCAL YEAR ENDED DECEMBER 31, 1994
EXHIBIT INDEX
Exhibit Number Description Page
24 Consent of 20
Independent Auditors
25 Power of Attorney 21
<PAGE>20
EXHIBIT 23
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration
Statements (Form S-8 No. 33-00668 and Form S-8 No. 33-37139)
pertaining to the Textron Savings Plan of Textron Inc. of our
report dated June 15, 1995, with respect to the financial
statements and schedules of the Textron Savings Plan included in
this Annual Report (Form 11-K) for the year ended December 31,
1994.
/s/ ERNST & YOUNG LLP
New York, New York
June 23, 1995
<PAGE>21
EXHIBIT 25
POWER OF ATTORNEY
The undersigned members of the Committee administering the
Textron Savings Plan of Textron Inc. (the "Plan"), do hereby
constitute and appoint Wayne W. Juchatz, Arnold M. Friedman,
Michael D. Cahn and Duncan I. Sutherland, and each of them, with
full powers of substitution, their true and lawful attorneys and
agents to do or cause to be done any and all acts and things and
to execute and deliver any and all instruments and documents
which said attorneys and agents, or any of them, may deem
necessary or advisable in order to enable the Plan to comply with
the Securities and Exchange Act of 1934, as amended, and any
requirements of the Securities and Exchange Commission in respect
thereof, in connection with the filing of the Plan's Annual Report
on Form 11-K for the fiscal year ended December 31, 1994,
including specifically, but without limitation, power and
authority to sign the names of the undersigned in the capacities
indicated below to such Annual Report filed with the Securities
and Exchange Commission, to any and all amendments to such Annual
Report, to any instruments or documents or other writings in which
the original or copies thereof are to be filed as a part of or in
connection with such Annual Report or amendments thereto, and to
file or cause to be filed the same with the Securities and
Exchange Commission; and each of the undersigned hereby ratifies
and confirms all that such attorneys and agents, and each of them,
shall do or cause to be done hereunder and such attorneys and
agents, and each of them, shall have, and may exercise, all of the
powers hereby conferred.
IN WITNESS WHEREOF, each of the undersigned has signed his
name hereto, on the 19th day of June, 1995.
/s/ Richard A. McWhirter
Richard A. McWhirter
Committee Member
/s/ Richard A. Watson
Richard A. Watson
Committee Member
/s/ William F. Wayland
William F. Wayland
Committee Member
