The following table sets forth selected consolidated financial data for the five years ended December 31, 2014. This selected consolidated financial data should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and the notes thereto included in this Report.
On and prior to the Distribution Date, our financial position and results of operations consisted of WaterCo, the water equipment and services businesses of ITT Corporation. The Spin-off was completed pursuant to the Distribution Agreement among ITT, Exelis Inc. and Xylem. Xylem's financial position and results of operations have been derived from ITT’s historical accounting records and are presented on a carve-out basis through the Distribution Date, while our financial results for Xylem post Spin-off are prepared on a stand-alone basis. Further, financial information for the twelve months ended December 31, 2011 consists of the consolidated results of Xylem on a stand-alone basis for the two months of November and December and the combined results of operations of WaterCo for the first ten months on a carve-out basis.
Year Ended December 31,
(in millions, except per share data)
2014
2013
2012
2011 (b)
2010 (c)
Results of Operations Data:
Revenue
$
3,916
$
3,837
$
3,791
$
3,803
$
3,202
Gross profit
1,513
1,499
1,502
1,461
1,214
Gross margin
38.6
%
39.1
%
39.6
%
38.4
%
37.9
%
Operating income
463
363
443
395
388
Operating margin
11.8
%
9.5
%
11.7
%
10.4
%
12.1
%
Net income
337
228
297
279
329
Per Share Data:
Earnings per share:
Basic
$
1.84
$
1.23
$
1.60
$
1.51
$
1.78
Diluted
1.83
1.22
1.59
1.50
1.78
Basic shares outstanding (a)
183.1
185.2
185.8
185.1
184.6
Diluted shares outstanding (a)
184.2
186.0
186.2
185.3
184.6
Cash dividends per share
$
0.5120
$
0.4656
$
0.4048
$
0.1012
$
—
Balance Sheet Data (at period end):
Cash and cash equivalents
$
663
$
533
$
504
$
318
$
131
Working capital*
882
930
859
834
759
Total assets
4,864
4,896
4,679
4,400
3,742
Total debt
1,288
1,241
1,205
1,206
4
*
The Company calculates Working capital as follows: net accounts receivable + inventories - accounts payable - customer advances.
(a)
On October 31, 2011, the Spin-off from ITT was completed through a tax-free stock dividend to ITT’s shareholders. ITT shareholders received one share of Xylem common stock for each share of ITT common stock. As a result on October 31, 2011, we had 184.6 million shares of common stock outstanding and this share amount is being utilized to calculate earnings per share and diluted earnings per share for all prior periods presented.
(b)
In 2011, we acquired YSI Incorporated, which contributed revenue of $35 million in 2011 and $371 million of total assets on date of acquisition.
(c)
In 2010, we acquired Godwin Pumps of America, Inc. and Nova Analytics Corporation. These businesses in the aggregate contributed revenue of $247 million in 2010 and $1,070 million of total assets on date of acquisition.
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