filings.toolsItem 6. Selected Financial Data
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Item 6. Selected Financial Data
| (Dollars in millions, except per share amounts) | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||
| Revenues | |||||||||||
| Cessna | $ | 2,784 | $ | 3,111 | $ | 2,990 | $ | 2,563 | $ | 3,320 | |
| Bell | 4,511 | 4,274 | 3,525 | 3,241 | 2,842 | ||||||
| Textron Systems | 1,665 | 1,737 | 1,872 | 1,979 | 1,899 | ||||||
| Industrial | 3,012 | 2,900 | 2,785 | 2,524 | 2,078 | ||||||
| Finance | 132 | 215 | 103 | 218 | 361 | ||||||
| Total revenues | $ | 12,104 | $ | 12,237 | $ | 11,275 | $ | 10,525 | $ | 10,500 | |
| Segment profit | |||||||||||
| Cessna | $ | (48) | $ | 82 | $ | 60 | $ | (29) | $ | 198 | |
| Bell | 573 | 639 | 521 | 427 | 304 | ||||||
| Textron Systems | 147 | 132 | 141 | 230 | 240 | ||||||
| Industrial | 242 | 215 | 202 | 162 | 27 | ||||||
| Finance (a) | 49 | 64 | (333) | (237) | (294) | ||||||
| Total segment profit | 963 | 1,132 | 591 | 553 | 475 | ||||||
| Special charges (b) | — | — | — | (190) | (317) | ||||||
| Corporate expenses and other, net | (166) | (148) | (114) | (137) | (164) | ||||||
| Interest expense, net for Manufacturing group | (123) | (143) | (140) | (140) | (143) | ||||||
| Income tax (expense) benefit | (176) | (260) | (95) | 6 | 76 | ||||||
| Income (loss) from continuing operations | $ | 498 | $ | 581 | $ | 242 | $ | 92 | $ | (73) | |
| Per share of common stock | |||||||||||
| Income (loss) from continuing operations — basic | $ | 1.78 | $ | 2.07 | $ | 0.87 | $ | 0.33 | $ | (0.28) | |
| Income (loss) from continuing operations — diluted (c) | $ | 1.75 | $ | 1.97 | $ | 0.79 | $ | 0.30 | $ | (0.28) | |
| Dividends declared | $ | 0.08 | $ | 0.08 | $ | 0.08 | $ | 0.08 | $ | 0.08 | |
| Book value at year-end | $ | 15.54 | $ | 11.03 | $ | 9.84 | $ | 10.78 | $ | 10.38 | |
| Common stock price: High | $ | 37.43 | $ | 29.18 | $ | 28.87 | $ | 25.30 | $ | 21.00 | |
| Low | $ | 23.94 | $ | 18.37 | $ | 14.66 | $ | 15.88 | $ | 3.57 | |
| Year-end | $ | 36.61 | $ | 24.12 | $ | 18.49 | $ | 23.64 | $ | 18.81 | |
| Common shares outstanding (In thousands) | |||||||||||
| Basic average | 279,299 | 280,182 | 277,684 | 274,452 | 262,923 | ||||||
| Diluted average (c) | 284,428 | 294,663 | 307,255 | 302,555 | 262,923 | ||||||
| Year-end | 282,059 | 271,263 | 278,873 | 275,739 | 272,272 | ||||||
| Financial position | |||||||||||
| Total assets | $ | 12,944 | $ | 13,033 | $ | 13,615 | $ | 15,282 | $ | 18,940 | |
| Manufacturing group debt | $ | 1,931 | $ | 2,301 | $ | 2,459 | $ | 2,302 | $ | 3,584 | |
| Finance group debt | $ | 1,256 | $ | 1,686 | $ | 1,974 | $ | 3,660 | $ | 5,667 | |
| Shareholders’ equity | $ | 4,384 | $ | 2,991 | $ | 2,745 | $ | 2,972 | $ | 2,826 | |
| Manufacturing group debt-to-capital (net of cash) | 15% | 24% | 37% | 32% | 39% | ||||||
| Manufacturing group debt-to-capital | 31% | 44% | 47% | 44% | 56% | ||||||
| Investment data | |||||||||||
| Capital expenditures | $ | 444 | $ | 480 | $ | 423 | $ | 270 | $ | 238 | |
| Depreciation | $ | 349 | $ | 336 | $ | 343 | $ | 334 | $ | 344 |
(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 and $237 million in 2010 and 2009, 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.
(c) For 2009, the potential dilutive effect of stock options, restricted stock units and the shares that could have been issued upon the conversion of our convertible 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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