Textron reported that its finance segment revenues in the fourth quarter and full year 2011 were $12 million and $103 million, respectively down from $27 million and $218 million in the same 2010 periods. The finance segment loss of $232 million in the fourth quarter was $175 million higher compared to the same quarter in 2010. The company said the increase was primarily the result of a golf mortgage portfolio mark-to-market adjustment.

The company said at the end of the fourth quarter, as part of its continuing strategy to orderly liquidate its non-captive finance business, the company transferred the remainder of its golf mortgage portfolio to held for sale status and recorded a pretax charge of $186 million to reflect the current fair value of these assets. Finance receivables ended the year at $2.9 billion, of which $950 million are non-captive.

Since the end of the third quarter 2011, non-accrual finance receivables decreased from $606 million to $321 million and sixty-day plus delinquencies decreased from $275 million to $166 million, both measures reflecting the impact of the transfer of the golf mortgage portfolio into the held for sale classification.

Textron chairman and CEO Scott C. Donnelly noted the company liquidated another $386 million from its finance receivables during the quarter. Donnelly said, “With the mark-to-market adjustment, we’ve reached a notable milestone with our liquidation strategy, ending the year with less than $1 billion in non-captive finance receivables.”