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17 Textron Inc. Annual Report • 2013
Item 6. Selected Financial Data
(Dollars in millions, 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
Textron Systems 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
Textron Systems 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 and other, net (166) (148) (114) (137) (164)
Interest expense, net for Manufacturing group (123) (143) (140) (140) (143)
Income tax (expense) benefit (176) (260) (95) 6 76
Income (loss) from continuing operations $ 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
Book value 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 group debt $ 1,931 $ 2,301 $ 2,459 $ 2,302 $ 3,584
Finance group debt $ 1,256 $ 1,686 $ 1,974 $ 3,660 $ 5,667
Shareholders’ equity $ 4,384 $ 2,991 $ 2,745 $ 2,972 $ 2,826
Manufacturing group debt-to-capital (net of cash) 15% 24% 37% 32% 39%
Manufacturing group debt-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 $186 million 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 a Finance segment entity. In 2009, special
charges include a goodwill impairment charge of $80 million 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 shares would have an anti-dilutive effect on the loss from continuing operations.