filings.toolsItem 6. Selected Financial Data
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Item 6. Selected Financial Data
| (Dollars in millions, except per share amounts) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||
| Revenues (a) | |||||||||||||||||
| Textron Aviation | $ | 3,974 | $ | 5,187 | $ | 4,971 | $ | 4,686 | $ | 4,921 | |||||||
| Bell | 3,309 | 3,254 | 3,180 | 3,317 | 3,239 | ||||||||||||
| Textron Systems | 1,313 | 1,325 | 1,464 | 1,840 | 1,756 | ||||||||||||
| Industrial | 3,000 | 3,798 | 4,291 | 4,286 | 3,794 | ||||||||||||
| Finance | 55 | 66 | 66 | 69 | 78 | ||||||||||||
| Total revenues | $ | 11,651 | $ | 13,630 | $ | 13,972 | $ | 14,198 | $ | 13,788 | |||||||
| Segment profit | |||||||||||||||||
| Textron Aviation | $ | 16 | $ | 449 | $ | 445 | $ | 303 | $ | 389 | |||||||
| Bell | 462 | 435 | 425 | 415 | 386 | ||||||||||||
| Textron Systems | 152 | 141 | 156 | 139 | 186 | ||||||||||||
| Industrial | 111 | 217 | 218 | 290 | 329 | ||||||||||||
| Finance | 10 | 28 | 23 | 22 | 19 | ||||||||||||
| Total segment profit | 751 | 1,270 | 1,267 | 1,169 | 1,309 | ||||||||||||
| Corporate expenses and other, net | (122) | (110) | (119) | (132) | (172) | ||||||||||||
| Interest expense, net for Manufacturing group | (145) | (146) | (135) | (145) | (138) | ||||||||||||
| Special charges (b) | (147) | (72) | (73) | (130) | (123) | ||||||||||||
| Inventory charge (c) | (55) | — | — | — | — | ||||||||||||
| Gain on business disposition (d) | — | — | 444 | — | — | ||||||||||||
| Income tax (expense) benefit (e) | 27 | (127) | (162) | (456) | (33) | ||||||||||||
| Income from continuing operations | $ | 309 | $ | 815 | $ | 1,222 | $ | 306 | $ | 843 | |||||||
| Earnings per share | |||||||||||||||||
| Basic earnings per share — continuing operations | $ | 1.35 | $ | 3.52 | $ | 4.88 | $ | 1.15 | $ | 3.11 | |||||||
| Diluted earnings per share — continuing operations | $ | 1.35 | $ | 3.50 | $ | 4.83 | $ | 1.14 | $ | 3.09 | |||||||
| Basic average shares outstanding (in thousands) | 228,536 | 231,315 | 250,196 | 266,380 | 270,774 | ||||||||||||
| Diluted average shares outstanding (in thousands) | 228,979 | 232,709 | 253,237 | 268,750 | 272,365 | ||||||||||||
| Common stock information | |||||||||||||||||
| Dividends declared per share | $ | 0.08 | $ | 0.08 | $ | 0.08 | $ | 0.08 | $ | 0.08 | |||||||
| Book value at year-end | $ | 25.81 | $ | 24.21 | $ | 22.04 | $ | 21.60 | $ | 20.62 | |||||||
| Price at year-end | $ | 48.33 | $ | 44.74 | $ | 45.65 | $ | 56.59 | $ | 48.56 | |||||||
| Financial position | |||||||||||||||||
| Total assets | $ | 15,443 | $ | 15,018 | $ | 14,264 | $ | 15,340 | $ | 15,358 | |||||||
| Manufacturing group debt | $ | 3,707 | $ | 3,124 | $ | 3,066 | $ | 3,088 | $ | 2,777 | |||||||
| Finance group debt | $ | 662 | $ | 686 | $ | 718 | $ | 824 | $ | 903 | |||||||
| Shareholders’ equity | $ | 5,845 | $ | 5,518 | $ | 5,192 | $ | 5,647 | $ | 5,574 | |||||||
| Manufacturing group debt-to-capital (net of cash) | 21% | 26% | 29% | 26% | 23% | ||||||||||||
| Manufacturing group debt-to-capital | 39% | 36% | 37% | 35% | 33% | ||||||||||||
| Investment data | |||||||||||||||||
| Capital expenditures | $ | 317 | $ | 339 | $ | 369 | $ | 423 | $ | 446 | |||||||
| Manufacturing group depreciation | $ | 325 | $ | 346 | $ | 358 | $ | 362 | $ | 368 |
*(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.
*(b)*In 2020, special charges included $108 million recorded under a restructuring plan, primarily impacting the TRU Simulation + Training (TRU) business within the Textron Systems segment, and the Textron Aviation and Industrial segments, and $39 million of charges related to the impairment of indefinite-lived trade name intangible assets, primarily in the Textron Aviation segment. In 2019, $72 million was recorded under a restructuring plan principally impacting the Industrial and Textron Aviation segments. In 2018, $73 million was recorded under a restructuring plan for the 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 and $40 million in 2017, for a restructuring plan related to the Arctic Cat acquisition.
*(c)*In connection with the 2020 restructuring plan, we ceased manufacturing at TRU's facility in Montreal, Canada, resulting in the production suspension of its commercial air transport simulators. As a result of market conditions and the cessation of manufacturing at this facility, we incurred a $55 million charge to write-down the related inventory to its net realizable value.
*(d)*In 2018, we completed the sale of the Tools and Test Equipment product line which resulted in an after-tax gain of $419 million.
*(e)*In 2017, income tax expense 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 benefit. In 2016, we recognized a 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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