filings.toolsItem 6. Selected Financial Data
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Item 6. Selected Financial Data
| (Dollars in millions, except per share amounts) | 2018 | 2017 | 2016 | 2015 | 2014 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Revenues (a) | ||||||||||
| Textron Aviation | $ | 4,971 | $ | 4,686 | $ | 4,921 | $ | 4,822 | $ | 4,568 |
| Bell | 3,180 | 3,317 | 3,239 | 3,454 | 4,245 | |||||
| Textron Systems | 1,464 | 1,840 | 1,756 | 1,520 | 1,624 | |||||
| Industrial | 4,291 | 4,286 | 3,794 | 3,544 | 3,338 | |||||
| Finance | 66 | 69 | 78 | 83 | 103 | |||||
| Total revenues | $ | 13,972 | $ | 14,198 | $ | 13,788 | $ | 13,423 | $ | 13,878 |
| Segment profit | ||||||||||
| Textron Aviation (b) | $ | 445 | $ | 303 | $ | 389 | $ | 400 | $ | 234 |
| Bell | 425 | 415 | 386 | 400 | 529 | |||||
| Textron Systems | 156 | 139 | 186 | 129 | 150 | |||||
| Industrial | 218 | 290 | 329 | 302 | 280 | |||||
| Finance | 23 | 22 | 19 | 24 | 21 | |||||
| Total segment profit | 1,267 | 1,169 | 1,309 | 1,255 | 1,214 | |||||
| Corporate expenses and other, net | (119) | (132) | (172) | (154) | (161) | |||||
| Interest expense, net for Manufacturing group | (135) | (145) | (138) | (130) | (148) | |||||
| Special charges (c) | (73) | (130) | (123) | — | (52) | |||||
| Gain on business disposition (d) | 444 | — | — | — | — | |||||
| Income tax expense (e) | (162) | (456) | (33) | (273) | (248) | |||||
| Income from continuing operations | $ | 1,222 | $ | 306 | $ | 843 | $ | 698 | $ | 605 |
| Earnings per share | ||||||||||
| Basic earnings per share — continuing operations | $ | 4.88 | $ | 1.15 | $ | 3.11 | $ | 2.52 | $ | 2.17 |
| Diluted earnings per share — continuing operations | $ | 4.83 | $ | 1.14 | $ | 3.09 | $ | 2.50 | $ | 2.15 |
| Basic average shares outstanding (in thousands) | 250,196 | 266,380 | 270,774 | 276,682 | 279,409 | |||||
| Diluted average shares outstanding (in thousands) | 253,237 | 268,750 | 272,365 | 278,727 | 281,790 | |||||
| Common stock information | ||||||||||
| Dividends declared per share | $ | 0.08 | $ | 0.08 | $ | 0.08 | $ | 0.08 | $ | 0.08 |
| Book value at year-end | $ | 22.04 | $ | 21.60 | $ | 20.62 | $ | 18.10 | $ | 15.45 |
| Price at year-end | $ | 45.65 | $ | 56.59 | $ | 48.56 | $ | 42.01 | $ | 42.17 |
| Financial position | ||||||||||
| Total assets | $ | 14,264 | $ | 15,340 | $ | 15,358 | $ | 14,708 | $ | 14,605 |
| Manufacturing group debt | $ | 3,066 | $ | 3,088 | $ | 2,777 | $ | 2,697 | $ | 2,811 |
| Finance group debt | $ | 718 | $ | 824 | $ | 903 | $ | 913 | $ | 1,063 |
| Shareholders’ equity | $ | 5,192 | $ | 5,647 | $ | 5,574 | $ | 4,964 | $ | 4,272 |
| Manufacturing group debt-to-capital (net of cash) | 29% | 26% | 23% | 26% | 33% | |||||
| Manufacturing group debt-to-capital | 37% | 35% | 33% | 35% | 40% | |||||
| Investment data | ||||||||||
| Capital expenditures | $ | 369 | $ | 423 | $ | 446 | $ | 420 | $ | 429 |
| Manufacturing group depreciation | $ | 358 | $ | 362 | $ | 368 | $ | 383 | $ | 379 |
(a) At the beginning of 2018, we adopted ASC 606 using a modified retrospective basis and as a result, the comparative information has not been restated and is reported under the accounting standards in effect for these years. See Note 1 to the Consolidated Financial Statements for additional information.
(b) In 2015 and 2014, segment profit included amortization of $12 million and $63 million, respectively, related to fair value step-up adjustments of Beechcraft acquired inventories sold during the period.
(c) Special charges of $73 million were recorded in the fourth quarter of 2018 under a restructuring plan for the Textron Specialized Vehicles businesses within our Industrial segment. In 2017 and 2016, special charges included $90 million and $123 million, 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.
(d) On July 2, 2018, Textron completed the sale of the Tools & Test Equipment product line which resulted in an after-tax gain of $419 million.
(e) 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. We completed our analysis of this legislation in the fourth quarter of 2018 and recorded a $14 million income tax benefit. 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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