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Selected Financial Statistics 2014–2010

(Dollars in millions, except where noted and per share amounts) 2014 2013 2012 2011 2010
Income Statement Data          
Revenues $13,878 $12,104 $12,237 $11,275 $10,525
Segment profit 1,214 963 1,132 591 553
Corporate expenses and other, net (161) (166) (148) (114) (137)
Interest expense, net for Manufacturing group (148) (123) (143) (140) (140)
Acquisition and restructuring costs (52) — — — —
Special charges — — — — (190)
Income tax (expense) benefit (248) (176) (260) (95) 6
Effective tax rate 29.1% 26.1% 30.9% 28.2% (6.4%)
Income from continuing operations $605 $498 $581 $242 $92
Diluted EPS from continuing operations $2.15 $1.75 $1.97 $0.79 $0.30
Balance Sheet Data — Manufacturing Group          
Cash and equivalents $731 $1,163 $1,378 $871 $898
Accounts receivable, net 1,035 979 829 856 892
Inventories 3,928 2,963 2,712 2,402 2,277
Property, plant and equipment, net 2,497 2,215 2,149 1,996 1,932
Goodwill 2,027 1,735 1,649 1,635 1,632
Total assets from continuing operations 13,076 11,219 10,711 10,402 10,333
Total debt 2,811 1,931 2,301 2,459 2,302
Total liabilities from continuing operations 9,028 7,044 8,076 8,070 7,933
Total company shareholders’ equity 4,272 4,384 2,991 2,745 2,972
Non-GAAP Cash Flow Calculations — Manufacturing Group        
Net cash provided by operating activities of continuing operations — GAAP $1,097 $658 $958 $761 $730
Less: Capital expenditures (429) (444) (480) (423) (270)
Dividends received from TFC — (175) (345) (179) (505)
Plus: Total pension contributions1 76 194 405 642 417
Proceeds on sale of property, plant and equipment 9 22 15 17 4
Capital contributions paid to TFC — 1 240 182 383
Manufacturing cash flow before pension contributions — Non-GAAP2 $753 $256 $793 $1,000 $759
Cash Flow Items — Manufacturing Group        
Depreciation and amortization $446 $371 $358 $371 $362
Net cash used in acquisitions (1,628) (196) (11) (14) (57)
Net change in debt 880 (321) 299 (288) (1,199)
Dividends paid (28) (22) (17) (22) (22)
Purchases of Textron common stock (340) — (272) — —
Total number of shares purchased (in thousands) 8,921 — 11,103 — —
Key Ratios        
Segment profit margin 8.7% 8.0% 9.3% 5.2% 5.3%
Selling and administrative expenses as % of sales 9.8% 9.3% 9.5% 10.5% 11.7%
Inventory turns (based on FIFO) 2.7x 2.6x 2.8x 2.8x 2.7x
Ratio of income to fixed charges — Manufacturing group 5.43x 6.23x 5.84x 4.22x 3.67x
Debt-to-capital (net of cash) — Manufacturing group 33% 15% 24% 37% 32%
Stock-Related Information        
Stock price at year-end $42.17 $36.61 $24.12 $18.49 $23.64
Dividend payout ratio 4% 5% 4% 10% 26%
Dividends declared per share $0.08 $0.08 $0.08 $0.08 $0.08
Other Statistics          
Number of employees at year-end 34,000 32,000 33,000 32,000 32,000
Average revenues per employee (in thousands) $408 $378 $371 $352 $329
  1. In 2011, we changed the definition of our non-GAAP cash flow measure to exclude all pension contributions. Prior periods have been recast to conform to this presentation.
  2. We use Manufacturing cash flow before pension contributions as our measure of free cash flow. This measure is not a financial measure under generally accepted accounting principles (GAAP) and should be used in conjunction with GAAP cash measures provided in our Consolidated Statement of Cash Flows. Free cash flow is a measure generally used by investors, analysts and management to gauge a company’s ability to generate cash from operations in excess of that necessary to be reinvested to sustain and grow the business and fund its obligations. Our definition of Manufacturing cash flow before pension contributions adjusts net cash from operating activities of continuing operations for dividends received from TFC, capital contributions provided under the Support Agreement and debt agreements, capital expenditures, proceeds from the sale of property, plant and equipment and contributions to our pension plans. We believe that our calculation provides a relevant measure of liquidity and is a useful basis for assessing our ability to fund operations and obligations. This measure may not be comparable with similarly titled measures reported by other companies, as there is no definitive accounting standard on how the measure should be calculated.
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