filings.toolsItem 6. Selected Financial Data
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Item 6. Selected Financial Data
| (Dollars in millions, except per share amounts) | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenues | |||||||||||||||||
| Textron Aviation | $ | 4,568 | $ | 2,784 | $ | 3,111 | $ | 2,990 | $ | 2,563 | |||||||
| Bell | 4,245 | 4,511 | 4,274 | 3,525 | 3,241 | ||||||||||||
| Textron Systems | 1,624 | 1,665 | 1,737 | 1,872 | 1,979 | ||||||||||||
| Industrial | 3,338 | 3,012 | 2,900 | 2,785 | 2,524 | ||||||||||||
| Finance | 103 | 132 | 215 | 103 | 218 | ||||||||||||
| Total revenues | $ | 13,878 | $ | 12,104 | $ | 12,237 | $ | 11,275 | $ | 10,525 | |||||||
| Segment profit | |||||||||||||||||
| Textron Aviation (a) | $ | 234 | $ | (48 | ) | $ | 82 | $ | 60 | $ | (29 | ) | |||||
| Bell | 529 | 573 | 639 | 521 | 427 | ||||||||||||
| Textron Systems | 150 | 147 | 132 | 141 | 230 | ||||||||||||
| Industrial | 280 | 242 | 215 | 202 | 162 | ||||||||||||
| Finance (b) | 21 | 49 | 64 | (333 | ) | (237 | ) | ||||||||||
| Total segment profit | 1,214 | 963 | 1,132 | 591 | 553 | ||||||||||||
| Corporate expenses and other, net | (161 | ) | (166 | ) | (148 | ) | (114 | ) | (137 | ) | |||||||
| Interest expense, net for Manufacturing group | (148 | ) | (123 | ) | (143 | ) | (140 | ) | (140 | ) | |||||||
| Acquisition and restructuring costs (c) | (52 | ) | — | — | — | — | |||||||||||
| Special charges (d) | — | — | — | — | (190 | ) | |||||||||||
| Income tax (expense) benefit | (248 | ) | (176 | ) | (260 | ) | (95 | ) | 6 | ||||||||
| Income from continuing operations | $ | 605 | $ | 498 | $ | 581 | $ | 242 | $ | 92 | |||||||
| Per share of common stock | |||||||||||||||||
| Income from continuing operations — basic | $ | 2.17 | $ | 1.78 | $ | 2.07 | $ | 0.87 | $ | 0.33 | |||||||
| Income from continuing operations — diluted | $ | 2.15 | $ | 1.75 | $ | 1.97 | $ | 0.79 | $ | 0.30 | |||||||
| Dividends declared | $ | 0.08 | $ | 0.08 | $ | 0.08 | $ | 0.08 | $ | 0.08 | |||||||
| Book value at year-end | $ | 15.45 | $ | 15.54 | $ | 11.03 | $ | 9.84 | $ | 10.78 | |||||||
| Common stock price: High | $ | 44.23 | $ | 37.43 | $ | 29.18 | $ | 28.87 | $ | 25.30 | |||||||
| Low | $ | 32.28 | $ | 23.94 | $ | 18.37 | $ | 14.66 | $ | 15.88 | |||||||
| Year-end | $ | 42.17 | $ | 36.61 | $ | 24.12 | $ | 18.49 | $ | 23.64 | |||||||
| Common shares outstanding (In thousands) | |||||||||||||||||
| Basic average | 279,409 | 279,299 | 280,182 | 277,684 | 274,452 | ||||||||||||
| Diluted average | 281,790 | 284,428 | 294,663 | 307,255 | 302,555 | ||||||||||||
| Year-end | 276,582 | 282,059 | 271,263 | 278,873 | 275,739 | ||||||||||||
| Financial position | |||||||||||||||||
| Total assets | $ | 14,605 | $ | 12,944 | $ | 13,033 | $ | 13,615 | $ | 15,282 | |||||||
| Manufacturing group debt | $ | 2,811 | $ | 1,931 | $ | 2,301 | $ | 2,459 | $ | 2,302 | |||||||
| Finance group debt | $ | 1,063 | $ | 1,256 | $ | 1,686 | $ | 1,974 | $ | 3,660 | |||||||
| Shareholders’ equity | $ | 4,272 | $ | 4,384 | $ | 2,991 | $ | 2,745 | $ | 2,972 | |||||||
| Manufacturing group debt-to-capital (net of cash) | 33 | % | 15 | % | 24 | % | 37 | % | 32 | % | |||||||
| Manufacturing group debt-to-capital | 40 | % | 31 | % | 44 | % | 47 | % | 44 | % | |||||||
| Investment data | |||||||||||||||||
| Capital expenditures | $ | 429 | $ | 444 | $ | 480 | $ | 423 | $ | 270 | |||||||
| Depreciation | $ | 389 | $ | 349 | $ | 336 | $ | 343 | $ | 334 |
(a) In 2014, segment profit includes amortization of $63 million related to fair value step-up adjustments of Beechcraft acquired inventories sold during the period.
(b) For 2011, segment profit includes 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.
(c) Acquisition and restructuring costs are related to the acquisition of Beech Holdings, LLC, the parent of Beechcraft Corporation, which was completed on March 14, 2014.
(d) Special charges include restructuring charges of $99 million, primarily related to severance and asset impairment charges, and a $91 million non-cash pre-tax charge to reclassify a foreign exchange loss from equity as a result of substantially liquidating a Finance segment entity.
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