Item 6. Selected Financial Data

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Item 6. Selected Financial Data

(Dollars in millions, except per share amounts)	2015			2014			2013			2012			2011
Revenues
Textron Aviation	$	4,822		$	4,568		$	2,784		$	3,111		$	2,990
Bell	3,454			4,245			4,511			4,274			3,525
Textron Systems	1,520			1,624			1,665			1,737			1,872
Industrial	3,544			3,338			3,012			2,900			2,785
Finance	83			103			132			215			103
Total revenues	$	13,423		$	13,878		$	12,104		$	12,237		$	11,275
Segment profit
Textron Aviation (a)	$	400		$	234		$	(48	)	$	82		$	60
Bell	400			529			573			639			521
Textron Systems	129			150			147			132			141
Industrial	302			280			242			215			202
Finance (b)	24			21			49			64			(333		)
Total segment profit	1,255			1,214			963			1,132			591
Corporate expenses and other, net	(154		)	(161		)	(166		)	(148		)	(114		)
Interest expense, net for Manufacturing group	(130		)	(148		)	(123		)	(143		)	(140		)
Acquisition and restructuring costs (c)	—			(52		)	—			—			—
Income tax expense	(273		)	(248		)	(176		)	(260		)	(95		)
Income from continuing operations	$	698		$	605		$	498		$	581		$	242
Per share of common stock
Income from continuing operations — basic	$	2.52		$	2.17		$	1.78		$	2.07		$	0.87
Income from continuing operations — diluted	$	2.50		$	2.15		$	1.75		$	1.97		$	0.79
Dividends declared	$	0.08		$	0.08		$	0.08		$	0.08		$	0.08
Book value at year-end	$	18.10		$	15.45		$	15.54		$	11.03		$	9.84
Common stock price: High	$	46.93		$	44.23		$	37.43		$	29.18		$	28.87
Low	$	32.20		$	32.28		$	23.94		$	18.37		$	14.66
Year-end	$	42.01		$	42.17		$	36.61		$	24.12		$	18.49
Common shares outstanding (In thousands)
Basic average	276,682			279,409			279,299			280,182			277,684
Diluted average	278,727			281,790			284,428			294,663			307,255
Year-end	274,228			276,582			282,059			271,263			278,873
Financial position
Total assets	$	14,708		$	14,605		$	12,944		$	13,033		$	13,615
Manufacturing group debt	$	2,697		$	2,811		$	1,931		$	2,301		$	2,459
Finance group debt	$	913		$	1,063		$	1,256		$	1,686		$	1,974
Shareholders’ equity	$	4,964		$	4,272		$	4,384		$	2,991		$	2,745
Manufacturing group debt-to-capital (net of cash)	26		%	33		%	15		%	24		%	37		%
Manufacturing group debt-to-capital	35		%	40		%	31		%	44		%	47		%
Investment data
Capital expenditures	$	420		$	429		$	444		$	480		$	423
Depreciation	$	391		$	389		$	349		$	336		$	343

(a) Segment profit includes amortization of $12 million and $63 million in 2015 and 2014, respectively, 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.

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