E-Z-GO 2014 Annual Report Download - page 24

Download and view the complete annual report

Please find page 24 of the 2014 E-Z-GO annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 94

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94

Item 6. Selected Financial Data
(Dollars in millions, except per share amounts)
2014
2013
2012
2011
2010
Revenues
Textron Aviation
$ 4,568
$ 2,784
$ 3,111
$ 2,990
$ 2,563
Bell
4,245
4,511
4,274
3,525
3,241
Textron Systems
1,624
1,665
1,737
1,872
1,979
Industrial
3,338
3,012
2,900
2,785
2,524
Finance
103
132
215
103
218
Total revenues
$ 13,878
$ 12,104
$ 12,237
$ 11,275
$ 10,525
Segment profit
Textron Aviation (a)
$ 234
$ (48)
$ 82
$ 60
$ (29)
Bell
529
573
639
521
427
Textron Systems
150
147
132
141
230
Industrial
280
242
215
202
162
Finance (b)
21
49
64
(333)
(237)
Total 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 (c)
(52)
—
—
—
—
Special charges (d)
—
—
—
—
(190)
Income tax (expense) benefit
(248)
(176)
(260)
(95)
6
Income from continuing operations
$ 605
$ 498
$ 581
$ 242
$ 92
Per share of common stock
Income from continuing operations — basic
$ 2.17
$ 1.78
$ 2.07
$ 0.87
$ 0.33
Income from continuing operations — diluted
$ 2.15
$ 1.75
$ 1.97
$ 0.79
$ 0.30
Dividends declared
$ 0.08
$ 0.08
$ 0.08
$ 0.08
$ 0.08
Book value at year-end
$ 15.45
$ 15.54
$ 11.03
$ 9.84
$ 10.78
Common stock price: High
$ 44.23
$ 37.43
$ 29.18
$ 28.87
$ 25.30
Low
$ 32.28
$ 23.94
$ 18.37
$ 14.66
$ 15.88
Year-end
$ 42.17
$ 36.61
$ 24.12
$ 18.49
$ 23.64
Common shares outstanding (In thousands)
Basic average
279,409
279,299
280,182
277,684
274,452
Diluted average
281,790
284,428
294,663
307,255
302,555
Year-end
276,582
282,059
271,263
278,873
275,739
Financial position
Total assets
$ 14,605
$ 12,944
$ 13,033
$ 13,615
$ 15,282
Manufacturing group debt
$ 2,811
$ 1,931
$ 2,301
$ 2,459
$ 2,302
Finance group debt
$ 1,063
$ 1,256
$ 1,686
$ 1,974
$ 3,660
Shareholders’ equity
$ 4,272
$ 4,384
$ 2,991
$ 2,745
$ 2,972
Manufacturing group debt-to-capital (net of cash)
33%
15%
24%
37%
32%
Manufacturing group debt-to-capital
40%
31%
44%
47%
44%
Investment data
Capital expenditures
$ 429
$ 444
$ 480
$ 423
$ 270
Depreciation
$ 389
$ 349
$ 336
$ 343
$ 334
(a) In 2014, segment profit includes amortization of $63 million related to fair value step-up adjustments of Beechcraft acquired inventories
sold during the period.
(b) For 2011, segment profit includes 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.
(c) Acquisition and restructuring costs are related to the acquisition of Beech Holdings, LLC, the parent of Beechcraft Corporation, which was
completed on March 14, 2014.
(d) Special charges include restructuring charges of $99 million, primarily related to severance and asset impairment charges, and a $91
million non-cash pre-tax charge to reclassify a foreign exchange loss from equity as a result of substantially liquidating a Finance segment
entity.
18 Textron Inc. Annual Report • 2014