Whether a company has a future external financing need depends on 1.) its future sales growth, 2.) the length of its cash cycle, and 3.) the future level of profitability and profit retention. Rapid sales growth by a company with a long cash cycle (a long collection period + high inventories + high plan & equipment relative to sales) and low profitability/low profit retention is a recipe for an ever-increasing appetite for external finance, raised in the form of loans, debt issues, and/or sale of shares.

Textron Inc.
Condensed Consolidated Balance Sheets
(In millions)
(Unaudited)
						April 1, 2017						December 31, 2016
Assets
Cash and equivalents						$	858					$	1,137
Accounts receivable, net							1,198						1,064
Inventories							4,709						4,464
Other current assets							361						388
Net property, plant and equipment							2,637						2,581
Goodwill							2,332						2,113
Other assets							2,398						2,331
Finance group assets							1,210						1,280
Total Assets						$	15,703					$	15,358
Liabilities and Shareholders' Equity
Short-term debt and current portion of long-term debt						$	462					$	363
Other current liabilities							3,561						3,530
Other liabilities							2,283						2,354
Long-term debt							2,768						2,414
Finance group liabilities							1,047						1,123
Total Liabilities							10,121						9,784
Total Shareholders' Equity							5,582						5,574
Total Liabilities and Shareholders' Equity						$	15,703					$	15,358

TEXTRON INC.
MANUFACTURING GROUP
Condensed Schedule of Cash Flows
(In millions)
(Unaudited)
							Three Months Ended
							April 1,							April 2,
							2017							2016
Cash flows from operating activities:
Income from continuing operations							$	94						$	148
Depreciation and amortization								103							106
Changes in working capital								(313	)						(390	)
Changes in other assets and liabilities and non-cash items								(27	)						(12	)
Net cash from operating activities of continuing operations								(143	)						(148	)
Cash flows from investing activities:
Net cash used in acquisitions								(318	)						(164	)
Capital expenditures								(76	)						(88	)
Proceeds from the sale of property, plant and equipment								-							2
Other investing activities, net								1							(2	)
Net cash from investing activities								(393	)						(252	)
Cash flows from financing activities:
Proceeds from long-term debt								347							345
Increase in short-term debt								100							42
Purchases of Textron common stock								(186	)						(215	)
Other financing activities, net								13							1
Net cash from financing activities								274							173
Total cash flows from continuing operations								(262	)						(227	)
Total cash flows from discontinued operations								(25	)						-
Effect of exchange rate changes on cash and equivalents								8							4
Net change in cash and equivalents								(279	)						(223	)
Cash and equivalents at beginning of period								1,137							946
Cash and equivalents at end of period							$	858						$	723
Manufacturing Cash Flow GAAP to Non-GAAP Reconciliation:
Net cash from operating activities of continuing operations - GAAP							$	(143	)					$	(148	)
Less: Capital expenditures								(76	)						(88	)
Plus: Total pension contributions								14							12
Proceeds from the sale of property, plant and equipment								-							2
Manufacturing cash flow before pension contributions- Non-GAAP (a)							$	(205	)					$	(222	)

(a) Manufacturing cash flow before pension contributions is a non-GAAP financial measure as defined in "Non-GAAP Financial Measures" attached to this release.

TEXTRON INC.
Condensed Consolidated Schedule of Cash Flows
(In millions)
(Unaudited)
						Three Months Ended
						April 1,							April 2,
						2017							2016
Cash flows from operating activities:
Income from continuing operations						$	100						$	151
Depreciation and amortization							106							109
Changes in working capital							(347	)						(400	)
Changes in other assets and liabilities and non-cash items							(28	)						(10	)
Net cash from operating activities of continuing operations							(169	)						(150	)
Cash flows from investing activities:
Net cash used in acquisitions							(318	)						(164	)
Capital expenditures							(76	)						(88	)
Finance receivables repaid							15							17
Other investing activities, net							13							10
Net cash from investing activities							(366	)						(225	)
Cash flows from financing activities:
Proceeds from long-term debt							362							362
Increase in short-term debt							100							42
Principal payments on long-term debt and nonrecourse debt							(38	)						(46	)
Purchases of Textron common stock							(186	)						(215	)
Other financing activities, net							13							1
Net cash from financing activities							251							144
Total cash flows from continuing operations							(284	)						(231	)
Total cash flows from discontinued operations							(25	)						-
Effect of exchange rate changes on cash and equivalents							8							4
Net change in cash and equivalents							(301	)						(227	)
Cash and equivalents at beginning of period							1,298							1,005
Cash and equivalents at end of period						$	997						$	778

Given that information, what are the future external financing needs of Textron over the next 3-5 years, assuming a 5% increase in sales year over year?