17 Textron Inc. Annual Report • 2013
Item 6. SelectedFinancial Data
(
Dollars inmillions, except per share amounts
)
2013
2012
2011
2010
2009
Revenues
Cessna
$ 2,784 $ 3,111 $ 2,990 $ 2,563 $ 3,320
Bell
4,511
4,274
3,525
3,241
2,842
TextronSystems
1,665
1,737
1,872
1,979
1,899
Industrial
3,012
2,900
2,785
2,524
2,078
Finance
132
215
103
218
361
Total revenues
$ 12,104 $ 12,237 $ 11,275 $ 10,525 $ 10,500
Segment profit
Cessna
$
(48) $
82 $
60 $
(29) $
198
Bell
573
639
521
427
304
TextronSystems
147
132
141
230
240
Industrial
242
215
202
162
27
Finance (a)
49
64
(333)
(237)
(294)
Total segment profit
963
1,132
591
553
475
Special charges (b)
—
—
—
(190)
(317)
Corporate expenses andother, net
(166)
(148)
(114)
(137)
(164)
Interest expense, net forManufacturinggroup
(123)
(143)
(140)
(140)
(143)
Income tax (expense) benefit
(176)
(260)
(95)
6
76
Income (loss) from continuingoperations
$
498 $
581 $
242 $
92 $
(73)
Per share of common stock
Income (loss) from continuing operations—basic
$ 1.78 $ 2.07 $ 0.87 $ 0.33 $ (0.28)
Income (loss) from continuing operations—diluted (c)
$ 1.75 $ 1.97 $ 0.79 $ 0.30 $ (0.28)
Dividends declared
$ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.08
Bookvalue at year-end
$ 15.54 $ 11.03 $ 9.84 $ 10.78 $ 10.38
Common stock price: High
$ 37.43 $ 29.18 $ 28.87 $ 25.30 $ 21.00
Low
$ 23.94 $ 18.37 $ 14.66 $ 15.88 $ 3.57
Year-end
$ 36.61 $ 24.12 $ 18.49 $ 23.64 $ 18.81
Common shares outstanding
(In thousands)
Basic average
279,299
280,182
277,684
274,452
262,923
Diluted average (c)
284,428
294,663
307,255
302,555
262,923
Year-end
282,059
271,263
278,873
275,739
272,272
Financial position
Total assets
$ 12,944 $ 13,033 $ 13,615 $ 15,282 $ 18,940
Manufacturing groupdebt
$ 1,931 $ 2,301 $ 2,459 $ 2,302 $ 3,584
Finance groupdebt
$ 1,256 $ 1,686 $ 1,974 $ 3,660 $ 5,667
Shareholders’ equity
$ 4,384 $ 2,991 $ 2,745 $ 2,972 $ 2,826
Manufacturing groupdebt-to-capital (net of cash)
15% 24% 37%
32% 39%
Manufacturing groupdebt-to-capital
31% 44% 47%
44% 56%
Investment data
Capital expenditures
$
444 $
480 $
423 $
270 $
238
Depreciation
$
349 $
336 $
343 $
334 $
344
(a)
For 2011, segment profit included a $186million initial mark-to-market adjustment for finance receivables in the Golf Mortgage portfolio
that were transferred to the held for sale classification.
(b)
Special charges include restructuring charges of $99 million and $237 million in 2010 and 2009, respectively, primarily related to
severance and asset impairment charges. In 2010, special charges also include a $91 million non-cash pre-tax charge to reclassify a
foreign exchange loss from equity to the income statement as a result of substantially liquidating aFinance segment entity. In 2009, special
charges include a goodwill impairment charge of $80million in the Industrial segment.
(c)
For 2009, the potential dilutive effect of stock options, restricted stock units and the shares that could have been issued upon the conversion
of our convertible notes and upon the exercise of the related warrants was excluded from the computation of diluted weighted-average
shares outstanding as the shareswould have ananti-dilutive effect on the loss from continuing operations.
