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44 Textron Inc. Annual Report ● 2012
Consolidated Statements of Operations
For each of the years in the three-year period ended December 29, 2012
(In millions, except per share data) 2012 2011 2010
Revenues
Manufacturing revenues $ 12,022 $ 11,172 $ 10,307
Finance revenues 215 103 218
Total revenues 12,237 11,275 10,525
Costs, expenses and other
Cost of sales 10,019 9,308 8,605
Selling and administrative expense 1,168 1,183 1,231
Interest expense 212 246 270
Provision for losses on finance receivables (3) 12 143
Valuation allowance on transfer of Golf Mortgage portfolio to held for sale — 186 —
Special charges — — 190
Other losses, net — 3 —
Total costs, expenses and other 11,396 10,938 10,439
Income from continuing operations before income taxes 841 337 86
Income tax expense (benefit) 260 95 (6)
Income from continuing operations 581 242 92
Income (loss) from discontinued operations, net of income taxes 8 — (6)
Net income $ 589 $ 242 $ 86
Basic earnings per share
Continuing operations $ 2.07 $ 0.87 $ 0.33
Discontinued operations 0.03 — (0.02)
Basic earnings per share $ 2.10 $ 0.87 $ 0.31
Diluted earnings per share
Continuing operations $ 1.97 $ 0.79 $ 0.30
Discontinued operations 0.03 — (0.02)
Diluted earnings per share $ 2.00 $ 0.79 $ 0.28
See Notes to the Consolidated Financial Statements.