filings.toolsItem 6. Selected Financial Data
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Item 6. Selected Financial Data
| (Dollars in millions, except per share amounts) | 2017 | 2016 | 2015 | 2014 | 2013 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Revenues | ||||||||||
| Textron Aviation | $ | 4,686 | $ | 4,921 | $ | 4,822 | $ | 4,568 | $ | 2,784 |
| Bell | 3,317 | 3,239 | 3,454 | 4,245 | 4,511 | |||||
| Textron Systems | 1,840 | 1,756 | 1,520 | 1,624 | 1,665 | |||||
| Industrial | 4,286 | 3,794 | 3,544 | 3,338 | 3,012 | |||||
| Finance | 69 | 78 | 83 | 103 | 132 | |||||
| Total revenues | $ | 14,198 | $ | 13,788 | $ | 13,423 | $ | 13,878 | $ | 12,104 |
| Segment profit | ||||||||||
| Textron Aviation (a) | $ | 303 | $ | 389 | $ | 400 | $ | 234 | $ | (48) |
| Bell | 415 | 386 | 400 | 529 | 573 | |||||
| Textron Systems | 139 | 186 | 129 | 150 | 147 | |||||
| Industrial | 290 | 329 | 302 | 280 | 242 | |||||
| Finance | 22 | 19 | 24 | 21 | 49 | |||||
| Total segment profit | 1,169 | 1,309 | 1,255 | 1,214 | 963 | |||||
| Corporate expenses and other, net | (132) | (172) | (154) | (161) | (166) | |||||
| Interest expense, net for Manufacturing group | (145) | (138) | (130) | (148) | (123) | |||||
| Special charges (b) | (130) | (123) | — | (52) | — | |||||
| Income tax expense (c) | (456) | (33) | (273) | (248) | (176) | |||||
| Income from continuing operations | $ | 306 | $ | 843 | $ | 698 | $ | 605 | $ | 498 |
| Earnings per share | ||||||||||
| Basic earnings per share — continuing operations | $ | 1.15 | $ | 3.11 | $ | 2.52 | $ | 2.17 | $ | 1.78 |
| Diluted earnings per share — continuing operations | $ | 1.14 | $ | 3.09 | $ | 2.50 | $ | 2.15 | $ | 1.75 |
| Basic average shares outstanding (in thousands) | 266,380 | 270,774 | 276,682 | 279,409 | 279,299 | |||||
| Diluted average shares outstanding (in thousands) | 268,750 | 272,365 | 278,727 | 281,790 | 284,428 | |||||
| Common stock information | ||||||||||
| Dividends declared per share | $ | 0.08 | $ | 0.08 | $ | 0.08 | $ | 0.08 | $ | 0.08 |
| Book value at year-end | $ | 21.60 | $ | 20.62 | $ | 18.10 | $ | 15.45 | $ | 15.54 |
| Price at year-end | $ | 56.59 | $ | 48.56 | $ | 42.01 | $ | 42.17 | $ | 36.61 |
| Financial position | ||||||||||
| Total assets | $ | 15,340 | $ | 15,358 | $ | 14,708 | $ | 14,605 | $ | 12,944 |
| Manufacturing group debt | $ | 3,088 | $ | 2,777 | $ | 2,697 | $ | 2,811 | $ | 1,931 |
| Finance group debt | $ | 824 | $ | 903 | $ | 913 | $ | 1,063 | $ | 1,256 |
| Shareholders’ equity | $ | 5,647 | $ | 5,574 | $ | 4,964 | $ | 4,272 | $ | 4,384 |
| Manufacturing group debt-to-capital (net of cash) | 26% | 23% | 26% | 33% | 15% | |||||
| Manufacturing group debt-to-capital | 35% | 33% | 35% | 40% | 31% | |||||
| Investment data | ||||||||||
| Capital expenditures | $ | 423 | $ | 446 | $ | 420 | $ | 429 | $ | 444 |
| Manufacturing group depreciation | $ | 362 | $ | 368 | $ | 383 | $ | 379 | $ | 335 |
(a) Segment profit included 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) Special charges included $90 million and $123 million in 2017 and 2016, respectively, related to our 2016 restructuring plan. We also recorded special charges of $40 million in 2017 related to the Arctic Cat acquisition, which included restructuring, integration and transaction costs. For 2014, special charges included acquisition and restructuring costs related to the acquisition of Beechcraft.
(c) Income tax expense for 2017 included a $266 million charge to reflect our provisional estimate of the net impact of the Tax Cuts and Jobs Act, which was enacted on December 22, 2017. 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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