filings.toolsItem 6. Selected Financial Data
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Item 6. Selected Financial Data
| (Dollars in millions, except per share amounts) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Revenues | ||||||||||
| Textron Aviation | $ | 4,921 | $ | 4,822 | $ | 4,568 | $ | 2,784 | $ | 3,111 |
| Bell | 3,239 | 3,454 | 4,245 | 4,511 | 4,274 | |||||
| Textron Systems | 1,756 | 1,520 | 1,624 | 1,665 | 1,737 | |||||
| Industrial | 3,794 | 3,544 | 3,338 | 3,012 | 2,900 | |||||
| Finance | 78 | 83 | 103 | 132 | 215 | |||||
| Total revenues | $ | 13,788 | $ | 13,423 | $ | 13,878 | $ | 12,104 | $ | 12,237 |
| Segment profit | ||||||||||
| Textron Aviation (a) | $ | 389 | $ | 400 | $ | 234 | $ | (48) | $ | 82 |
| Bell | 386 | 400 | 529 | 573 | 639 | |||||
| Textron Systems | 186 | 129 | 150 | 147 | 132 | |||||
| Industrial | 329 | 302 | 280 | 242 | 215 | |||||
| Finance | 19 | 24 | 21 | 49 | 64 | |||||
| Total segment profit | 1,309 | 1,255 | 1,214 | 963 | 1,132 | |||||
| Corporate expenses and other, net | (172) | (154) | (161) | (166) | (148) | |||||
| Interest expense, net for Manufacturing group | (138) | (130) | (148) | (123) | (143) | |||||
| Special charges (b) | (123) | — | (52) | — | — | |||||
| Income tax expense (c) | (33) | (273) | (248) | (176) | (260) | |||||
| Income from continuing operations | $ | 843 | $ | 698 | $ | 605 | $ | 498 | $ | 581 |
| Earnings per share | ||||||||||
| Basic earnings per share — continuing operations | $ | 3.11 | $ | 2.52 | $ | 2.17 | $ | 1.78 | $ | 2.07 |
| Diluted earnings per share — continuing operations | $ | 3.09 | $ | 2.50 | $ | 2.15 | $ | 1.75 | $ | 1.97 |
| Basic average shares outstanding (in thousands) | 270,774 | 276,682 | 279,409 | 279,299 | 280,182 | |||||
| Diluted average shares outstanding (in thousands) | 272,365 | 278,727 | 281,790 | 284,428 | 294,663 | |||||
| Common stock information | ||||||||||
| Dividends declared per share | $ | 0.08 | $ | 0.08 | $ | 0.08 | $ | 0.08 | $ | 0.08 |
| Book value at year-end | $ | 20.62 | $ | 18.10 | $ | 15.45 | $ | 15.54 | $ | 11.03 |
| Price at year-end | $ | 48.56 | $ | 42.01 | $ | 42.17 | $ | 36.61 | $ | 24.12 |
| Financial position | ||||||||||
| Total assets | $ | 15,358 | $ | 14,708 | $ | 14,605 | $ | 12,944 | $ | 13,033 |
| Manufacturing group debt | $ | 2,777 | $ | 2,697 | $ | 2,811 | $ | 1,931 | $ | 2,301 |
| Finance group debt | $ | 903 | $ | 913 | $ | 1,063 | $ | 1,256 | $ | 1,686 |
| Shareholders’ equity | $ | 5,574 | $ | 4,964 | $ | 4,272 | $ | 4,384 | $ | 2,991 |
| Manufacturing group debt-to-capital (net of cash) | 23% | 26% | 33% | 15% | 24% | |||||
| Manufacturing group debt-to-capital | 33% | 35% | 40% | 31% | 44% | |||||
| Investment data | ||||||||||
| Capital expenditures | $ | 446 | $ | 420 | $ | 429 | $ | 444 | $ | 480 |
| Manufacturing group depreciation | $ | 368 | $ | 383 | $ | 379 | $ | 335 | $ | 315 |
(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) In 2016, we initiated a plan to restructure and realign our businesses by implementing headcount reductions, facility consolidations and other actions in order to improve overall operating efficiency across Textron. Special charges for 2016 include restructuring charges for this plan, which primarily consists of severance costs of $70 million and asset impairments of $38 million. For 2014, special charges include acquisition and restructuring costs related to the acquisition of Beechcraft.
(c) In 2016, we recognized an income tax benefit of $319 million, inclusive of interest, of which $206 million is attributable to continuing operations and $113 million is attributable to discontinued operations. This benefit was a result of the final settlement with the Internal Revenue Service Office of Appeals for our 1998 to 2008 tax years.
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