FORM 10-K

18 Item 6. Selected Financial Data ( Dollars in millions, except per share amounts ) 2017 2016 2015 2014 2013 Revenues Textron Aviation $ 4,686 $ 4,921 $ 4,822 $ 4,568 $ 2,784 Bell 3,317 3,239 3,454 4,245 4,511 Textron Systems 1,840 1,756 1,520 1,624 1,665 Industrial 4,286 3,794 3,544 3,338 3,012 Finance 69 78 83 103 132 Total revenues $ 14,198 $ 13,788 $ 13,423 $ 13,878 $ 12,104 Segment profit Textron Aviation (a) $ 303 $ 389 $ 400 $ 234 $ (48) Bell 415 386 400 529 573 Textron Systems 139 186 129 150 147 Industrial 290 329 302 280 242 Finance 22 19 24 21 49 Total segment profit 1,169 1,309 1,255 1,214 963 Corporate expenses and other, net (132) (172) (154) (161) (166) Interest expense, net for Manufacturing group (145) (138) (130) (148) (123) Special charges (b) (130) (123) — (52) — Income tax expense (c) (456) (33) (273) (248) (176) Income from continuing operations $ 306 $ 843 $ 698 $ 605 $ 498 Earnings per share Basic earnings per share — continuing operations $ 1.15 $ 3.11 $ 2.52 $ 2.17 $ 1.78 Diluted earnings per share — continuing operations $ 1.14 $ 3.09 $ 2.50 $ 2.15 $ 1.75 Basic average shares outstanding ( in thousands) 266,380 270,774 276,682 279,409 279,299 Diluted average shares outstanding ( in thousands) 268,750 272,365 278,727 281,790 284,428 Common stock information Dividends declared per share $ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.08 Book value at year-end $ 21.60 $ 20.62 $ 18.10 $ 15.45 $ 15.54 Price at year-end $ 56.59 $ 48.56 $ 42.01 $ 42.17 $ 36.61 Financial position Total assets $ 15,340 $ 15,358 $ 14,708 $ 14,605 $ 12,944 Manufacturing group debt $ 3,088 $ 2,777 $ 2,697 $ 2,811 $ 1,931 Finance group debt $ 824 $ 903 $ 913 $ 1,063 $ 1,256 Shareholders’ equity $ 5,647 $ 5,574 $ 4,964 $ 4,272 $ 4,384 Manufacturing group debt-to-capital (net of cash) 26% 23% 26% 33% 15% Manufacturing group debt-to-capital 35% 33% 35% 40% 31% Investment data Capital expenditures $ 423 $ 446 $ 420 $ 429 $ 444 Manufacturing group depreciation $ 362 $ 368 $ 383 $ 379 $ 335 (a) Segment profit included amortization of $12 million and $63 million in 2015 and 2014, respectively, related to fair value step-up adjustments of Beechcraft acquired inventories sold during the period. (b) Special charges included $90 million and $123 million in 2017 and 2016, respectively, related to our 2016 restructuring plan. We also recorded special charges of $40 million in 2017 related to the Arctic Cat acquisition, which included restructuring, integration and transaction costs. For 2014, special charges included acquisition and restructuring costs related to the acquisition of Beechcraft. (c) Income tax expense for 2017 included a $266 million charge to reflect our provisional estimate of the net impact of the Tax Cuts and Jobs Act, which was enacted on December 22, 2017. In 2016, we recognized an income tax benefit of $319 million, inclusive of interest, of which $206 million is attributable to continuing operations and $113 million is attributable to discontinued operations. This benefit was a result of the final settlement with the Internal Revenue Service Office of Appeals for our 1998 to 2008 tax years.