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Selected Financial Statistics 2016-2012

(Dollars in millions, except where noted and per share amounts) 2016 2015 2014 2013 2012
Income Statement Data  
Revenues $13,788 $13,423 $13,878 $12,104 $12,237
Segment profit 1,309 1,255 1,214 963 1,132
Corporate expenses and other, net (172) (154) (161) (166) (148)
Interest expense, net for Manufacturing group (138) (130) (148) (123) (143)
Special charges (123) — (52) — —
Income tax expense (33) (273) (248) (176) (260)
Effective tax rate 3.8% 28.1% 29.1% 26.1% 30.9%
Income from continuing operations $ 843 $ 698 $ 605 $ 498 $ 581
Diluted EPS from continuing operations $ 3.09 $ 2.50 $ 2.15 $ 1.75 $ 1.97
Balance Sheet Data—Manufacturing Group  
Cash and equivalents $ 1,137 $ 946 $ 731 $ 1,163 $ 1,378
Accounts receivable, net 1,064 1,047 1,035 979 829
Inventories 4,464 4,144 3,928 2,963 2,712
Property, plant and equipment, net 2,581 2,492 2,497 2,215 2,149
Goodwill 2,113 2,023 2,027 1,735 1,649
Total assets 14,078 13,392 13,076 11,219 10,711
Total debt 2,777 2,697 2,811 1,931 2,301
Total liabilities 8,661 8,603 9,028 7,044 8,076
Total Company shareholders' equity 5,574 4,964 4,272 4,384 2,991
Non-GAAP Cash Flow Calculations—Manufacturing Group  
Net cash from operating activities of continuing operations—GAAP $ 988 $ 1,038 $ 1,097 $ 658 $ 958
Less: Capital expenditures (446) (420) (429) (444) (480)
Dividends received from TFC (29) (63) — (175) (345)
Plus: Total pension contributions 50 68 76 194 405
Proceeds from sale of property, plant and equipment 10 8 9 22 15
Capital contributions paid to TFC — — — 1 240
Manufacturing cash flow before pension contributions—Non-GAAP1 $ 573 $ 631 $ 753 $ 256 $ 793
Cash Flow Items—Manufacturing Group  
Depreciation and amortization $ 437 $ 449 $ 446 $ 371 $ 358
Net cash used in acquisitions (186) (81) (1,628) (196) (11)
Net change in debt 91 (100) 880 (321) 299
Dividends paid (22) (22) (28) (22) (17)
Purchases of Textron common stock (241) (219) (340) — (272)
Total number of shares purchased (in thousands) 6,898 5,197 8,921 — 11,103
Key Ratios  
Segment profit margin 9.5% 9.3% 8.7% 8.0% 9.3%
Selling and administrative expenses as % of sales 9.5% 9.7% 9.8% 9.3% 9.5%
Inventory turns (based on FIFO) 2.3x 2.4x 2.7x 2.6x 2.8x
Ratio of income to fixed charges—Manufacturing group 5.92x 7.05x 5.43x 6.23x 5.84x
Debt-to-capital (net of cash)—Manufacturing group 23% 26% 33% 15% 24%
Stock-Related Information  
Stock price at year-end $ 48.56 $ 42.01 $ 42.17 $ 36.61 $ 24.12
Dividend payout ratio 3% 3% 4% 5% 4%
Dividends declared per share $ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.08
Other Statistics  
Number of employees at year-end 36,000 35,000 34,000 32,000 33,000
Average revenues per employee (in thousands) 383 384 408 378 371
   
  1. 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 Statements of Cash Flows. Our definition of manufacturing cash flow before pension contributions adjusts net cash from operating activities of continuing operations (GAAP) for the following:
    • Excludes dividends received from Textron Financial Corporation (TFC) and capital contributions to TFC provided under the Support Agreement and debt agreements as these cash flows are not representative of manufacturing operations;
    • Deducts capital expenditures and includes proceeds from the sale of property, plant and equipment to arrive at the net capital investment required to support ongoing manufacturing operations;
    • Adds back pension contributions as we consider our pension obligations to be debt-like liabilities. Additionally, these contributions can fluctuate significantly from period to period and we believe that they are not representative of cash used by our manufacturing operations during the period.
    While we believe this measure provides a focus on cash generated from manufacturing operations, before pension contributions, and may be used as an additional relevant measure of liquidity, it does not necessarily provide the amount available for discretionary expenditures since we have certain non-discretionary obligations that are not deducted from the measure.
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