(Dollars in millions, except where noted and per share amounts) |
2013 |
2012 |
2011 |
2010 |
2009 |
||||||
Income Statement Data |
|||||||||||
Revenues |
$ |
12,104 |
$ |
12,237 |
$ |
11,275 |
$ |
10,525 |
$ |
10,500 |
|
Segment profit |
963 |
1,132 |
591 |
553 |
475 |
||||||
Special charges |
– |
– |
– |
(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 benefit (expense) |
(176) |
(260) |
(95) |
6 |
76 |
||||||
Effective tax rate |
26.1% |
30.9% |
28.2% |
(6.4)% |
(51.0)% |
||||||
Income from continuing operations |
$ |
498 |
$ |
581 |
$ |
242 |
$ |
92 |
$ |
(73) |
|
Diluted EPS from continuing operations |
$ |
1.75 |
$ |
1.97 |
$ |
0.79 |
$ |
0.30 |
$ |
(0.28) |
|
Balance Sheet Data – Manufacturing Group |
|||||||||||
Cash and equivalents |
$ |
1,163 |
$ |
1,378 |
$ |
871 |
$ |
898 |
$ |
1,748 |
|
Accounts receivable, net |
979 |
829 |
856 |
892 |
894 |
||||||
Inventories |
2,963 |
2,712 |
2,402 |
2,277 |
2,273 |
||||||
Property, plant and equipment, net |
2,215 |
2,149 |
1,996 |
1,932 |
1,968 |
||||||
Goodwill |
1,735 |
1,649 |
1,635 |
1,632 |
1,622 |
||||||
Total assets from continuing operations |
11,219 |
10,711 |
10,402 |
10,333 |
11,428 |
||||||
Total debt |
1,931 |
2,301 |
2,459 |
2,302 |
3,584 |
||||||
Total liabilities from continuing operations |
7,044 |
8,076 |
8,070 |
7,933 |
9,445 |
||||||
Shareholders’ equity |
4,384 |
2,991 |
2,745 |
2,972 |
2,826 |
||||||
Non-GAAP Cash Flow Calculations – Manufacturing Group |
|||||||||||
Net cash provided by operating activities of continuing operations – GAAP |
$ |
658 |
$ |
958 |
$ |
761 |
$ |
730 |
$ |
738 |
|
Less: |
|||||||||||
Capital expenditures |
(444) |
(480) |
(423) |
(270) |
(238) |
||||||
Dividends received from TFC |
(175) |
(345) |
(179) |
(505) |
(349) |
||||||
Plus: |
|||||||||||
Capital contributions paid to TFC |
1 |
240 |
182 |
383 |
270 |
||||||
Proceeds on sale of property, plant and equipment |
22 |
15 |
17 |
4 |
3 |
||||||
Total pension contributions1 |
194 |
405 |
642 |
417 |
79 |
||||||
Manufacturing cash flow before pension contributions – Non-GAAP2 |
$ |
256 |
$ |
793 |
$ |
1,000 |
$ |
759 |
$ |
503 |
|
Cash Flow Items – Manufacturing Group |
|||||||||||
Depreciation and amortization |
$ |
371 |
$ |
358 |
$ |
371 |
$ |
362 |
$ |
373 |
|
Net cash used in acquisitions |
(196) |
(11) |
(14) |
(57) |
– |
||||||
Net change in debt |
(321) |
299 |
(288) |
(1,199) |
803 |
||||||
Dividends paid |
(22) |
(17) |
(22) |
(22) |
(21) |
||||||
Purchases of Textron common stock |
– |
(272) |
– |
– |
– |
||||||
Total number of shares purchased (in thousands) |
– |
11,103 |
– |
– |
– |
||||||
Key Ratios |
|||||||||||
Segment profit margin |
8.0% |
9.3% |
5.2% |
5.3% |
4.5% |
||||||
Selling and administrative expenses as % of sales |
9.3% |
9.5% |
10.5% |
11.7% |
12.8% |
||||||
Inventory turns (based on FIFO) |
2.6x |
2.8x |
2.8x |
2.7x |
2.6x |
||||||
Ratio of income to fixed charges – Manufacturing group |
6.23x |
5.84x |
4.22x |
3.67x |
2.29x |
||||||
Debt-to-capital (net of cash) – Manufacturing group |
15% |
24% |
37% |
32% |
39% |
||||||
Stock-Related Information |
|||||||||||
Stock price at year-end |
$ |
36.61 |
$ |
24.12 |
$ |
18.49 |
$ |
23.64 |
$ |
18.81 |
|
Dividend payout ratio |
5% |
4% |
10% |
26% |
(29)% |
||||||
Dividends declared per share |
$ |
0.08 |
$ |
0.08 |
$ |
0.08 |
$ |
0.08 |
$ |
0.08 |
|
Other Statistics |
|||||||||||
Number of employees at year-end |
32,000 |
33,000 |
32,000 |
32,000 |
32,000 |
||||||
Average revenues per employee (in thousands) |
$ |
378 |
$ |
371 |
$ |
354 |
$ |
327 |
$ |
293 |
|
1 In 2011, we changed the definition of our non-GAAP cash flow measure to exclude all pension contributions. Prior periods have been recast to conform to this presentation.
2 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 Statement of Cash Flows. Free cash flow is a measure generally used by investors, analysts and management to gauge a company’s ability to generate cash from operations in excess of that necessary to be reinvested to sustain and grow the business and fund its obligations. Our definition of Manufacturing cash flow before pension contributions adjusts net cash from operating activities of continuing operations for dividends received from TFC, capital contributions provided under the Support Agreement and debt agreements, capital expenditures, proceeds from the sale of property, plant and equipment and contributions to our pension plans. We believe that our calculation provides a relevant measure of liquidity and is a useful basis for assessing our ability to fund operations and obligations. This measure may not be comparable with similarly titled measures reported by other companies, as there is no definitive accounting standard on how the measure should be calculated.
|