filings.toolsItem 6. Selected Financial Data
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Item 6. Selected Financial Data
| (Dollars in millions, except per share amounts) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenues | ||||||||||||||||||
| Cessna | $ | 3,111 | $ | 2,990 | $ | 2,563 | $ | 3,320 | $ | 5,662 | ||||||||
| Bell | 4,274 | 3,525 | 3,241 | 2,842 | 2,827 | |||||||||||||
| Textron Systems | 1,737 | 1,872 | 1,979 | 1,899 | 1,880 | |||||||||||||
| Industrial | 2,900 | 2,785 | 2,524 | 2,078 | 2,918 | |||||||||||||
| Finance | 215 | 103 | 218 | 361 | 723 | |||||||||||||
| Total revenues | $ | 12,237 | $ | 11,275 | $ | 10,525 | $ | 10,500 | $ | 14,010 | ||||||||
| Segment profit | ||||||||||||||||||
| Cessna | $ | 82 | $ | 60 | $ | (29 | ) | $ | 198 | $ | 905 | |||||||
| Bell | 639 | 521 | 427 | 304 | 278 | |||||||||||||
| Textron Systems | 132 | 141 | 230 | 240 | 251 | |||||||||||||
| Industrial | 215 | 202 | 162 | 27 | 67 | |||||||||||||
| Finance (a) | 64 | (333 | ) | (237 | ) | (294 | ) | (50 | ) | |||||||||
| Total segment profit | 1,132 | 591 | 553 | 475 | 1,451 | |||||||||||||
| Special charges (b) | — | — | (190 | ) | (317 | ) | (526 | ) | ||||||||||
| Corporate expenses and other, net | (148 | ) | (114 | ) | (137 | ) | (164 | ) | (171 | ) | ||||||||
| Interest expense, net for Manufacturing group | (143 | ) | (140 | ) | (140 | ) | (143 | ) | (125 | ) | ||||||||
| Income tax (expense) benefit | (260 | ) | (95 | ) | 6 | 76 | (305 | ) | ||||||||||
| Income (loss) from continuing operations | $ | 581 | $ | 242 | $ | 92 | $ | (73 | ) | $ | 324 | |||||||
| Per share of common stock | ||||||||||||||||||
| Income (loss) from continuing operations — basic | $ | 2.07 | $ | 0.87 | $ | 0.33 | $ | (0.28 | ) | $ | 1.32 | |||||||
| Income (loss) from continuing operations — diluted (c) | $ | 1.97 | $ | 0.79 | $ | 0.30 | $ | (0.28 | ) | $ | 1.29 | |||||||
| Dividends declared | $ | 0.08 | $ | 0.08 | $ | 0.08 | $ | 0.08 | $ | 0.92 | ||||||||
| Book value at year-end | $ | 11.03 | $ | 9.84 | $ | 10.78 | $ | 10.38 | $ | 9.75 | ||||||||
| Common stock price: High | $ | 29.18 | $ | 28.87 | $ | 25.30 | $ | 21.00 | $ | 71.69 | ||||||||
| Low | $ | 18.37 | $ | 14.66 | $ | 15.88 | $ | 3.57 | $ | 10.09 | ||||||||
| Year-end | $ | 24.12 | $ | 18.49 | $ | 23.64 | $ | 18.81 | $ | 15.37 | ||||||||
| Common shares outstanding (In thousands) | ||||||||||||||||||
| Basic average | 280,182 | 277,684 | 274,452 | 262,923 | 246,208 | |||||||||||||
| Diluted average (c) | 294,663 | 307,255 | 302,555 | 262,923 | 250,338 | |||||||||||||
| Year-end | 271,263 | 278,873 | 275,739 | 272,272 | 242,041 | |||||||||||||
| Financial position | ||||||||||||||||||
| Total assets | $ | 13,033 | $ | 13,615 | $ | 15,282 | $ | 18,940 | $ | 20,031 | ||||||||
| Manufacturing group debt | $ | 2,301 | $ | 2,459 | $ | 2,302 | $ | 3,584 | $ | 2,569 | ||||||||
| Finance group debt | $ | 1,686 | $ | 1,974 | $ | 3,660 | $ | 5,667 | $ | 7,388 | ||||||||
| Shareholders’ equity | $ | 2,991 | $ | 2,745 | $ | 2,972 | $ | 2,826 | $ | 2,366 | ||||||||
| Manufacturing group debt-to-capital (net of cash) | 24 | % | 37 | % | 32 | % | 39 | % | 46 | % | ||||||||
| Manufacturing group debt-to-capital | 44 | % | 47 | % | 44 | % | 56 | % | 52 | % | ||||||||
| Investment data | ||||||||||||||||||
| Capital expenditures | $ | 480 | $ | 423 | $ | 270 | $ | 238 | $ | 545 | ||||||||
| Depreciation | $ | 336 | $ | 343 | $ | 334 | $ | 344 | $ | 331 |
| (a) | For 2011, segment profit included a $186 million initial mark-to-market adjustment for finance receivables in the Golf Mortgage portfolio that were transferred to the held for sale classification. |
|---|---|
| (b) | Special charges include restructuring charges of $99 million, $237 million and $64 million in 2010, 2009 and 2008, respectively, primarily related to severance and asset impairment charges. In 2010, special charges also include a $91 million non-cash pre-tax charge to reclassify a foreign exchange loss from equity to the income statement as a result of substantially liquidating a Finance segment entity. In 2009, special charges include a goodwill impairment charge of $80 million in the Industrial segment. In 2008, special charges include charges related to strategic actions taken in the Finance segment to exit portions of the commercial finance business, including an impairment charge of $169 million for unrecoverable goodwill and the initial valuation allowance adjustment of $293 million related to the designation of a portion of finance receivables as held for sale. |
| (c) | For 2009, the potential dilutive effect of stock options, restricted stock units and the shares that could be issued upon the conversion of our convertibles notes and upon the exercise of the related warrants was excluded from the computation of diluted weighted-average shares outstanding as the shares would have an anti-dilutive effect on the loss from continuing operations. |
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