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Financial Data 2016-2015

(Dollars in millions, except per share amounts)         2016         2015
  Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year
Revenues  
Textron Aviation $1,091 $1,196 $1,198 $1,436 $4,921 $1,051 $1,124 $1,159 $1,488 $4,822
Bell 814 804 734 887 3,239 813 850 756 1,035 3,454
Textron Systems 324 487 413 532 1,756 315 322 420 463 1,520
Industrial 952 1,004 886 952 3,794 872 927 828 917 3,544
Finance 20 20 20 18 78 22 24 17 20 83
Total Revenues $3,201 $3,511 $3,251 $3,825 $13,788 $3,073 $3,247 $3,180 $3,923 $13,423
Segment Profit 1  
Textron Aviation 2 $ 73 $ 81 $ 100 $ 135 $ 389 $ 67 $ 88 $ 107 $ 138 $ 400
Bell 82 81 97 126 386 76 101 99 124 400
Textron Systems 29 60 44 53 186 28 21 39 41 129
Industrial 91 99 66 73 329 82 86 61 73 302
Finance 5 7 3 4 19 6 10 6 2 24
Total Segment Profit $ 280 $ 328 $ 310 $ 391 $ 1,309 $ 259 $ 306 $ 312 $ 378 $ 1,255
Segment Profit Margins  
Textron Aviation 6.7% 6.8% 8.3% 9.4% 7.9% 6.4% 7.8% 9.2% 9.3% 8.3%
Bell 10.1% 10.1% 13.2% 14.2% 11.9% 9.3% 11.9% 13.1% 12.0% 11.6%
Textron Systems 9.0% 12.3% 10.7% 10.0% 10.6% 8.9% 6.5% 9.3% 8.9% 8.5%
Industrial 9.6% 9.9% 7.4% 7.7% 8.7% 9.4% 9.3% 7.4% 8.0% 8.5%
Finance 25.0% 35.0% 15.0% 22.2% 24.4% 27.3% 41.7% 35.3% 10.0% 28.9%
Total Profit Margin 8.7% 9.3% 9.5% 10.2% 9.5% 8.4% 9.4% 9.8% 9.6% 9.3%
Corporate expenses and other, net $ (32) $ (31) $ (53) $ (56) $ (172) $ (42) $ (33) $ (27) $ (52) $ (154)
Interest expense, net for the Manufacturing group (33) (37) (35) (33) (138) (33) (32) (33) (32) (130)
Special charges 3 — — (115) (8) (123) — — — — —
Income tax benefit (expense) 4 (64) (82) 192 (79) (33) (56) (72) (76) (69) (273)
Income from Continuing Operations — GAAP $ 151 $ 178 $ 299 $ 215 $ 843 $ 128 $ 169 $ 176 $ 225 $ 698
Special charges, net of income taxes 5 — — 73 5 78 — — — — —
Income tax settlement — — (206) — (206) — — — — —
Adjusted Income from Continuing Operations — Non-GAAP 6 $ 151 $ 178 $ 166 $ 220 $ 715 $ 128 $ 169 $ 176 $ 225 $ 698
Diluted EPS from Continuing Operations — GAAP $ 0.55 $ 0.66 $ 1.10 $ 0.78 $ 3.09 $ 0.46 $ 0.60 $ 0.63 $ 0.81 $ 2.50
Special charges, net of taxes — — 0.27 0.02 0.29 — — — — —
Income tax settlement — — (0.76) — (0.76) — — — — —
Adjusted Diluted EPS from Continuing  
Operations—Non-GAAP 6 $ 0.55 $ 0.66 $ 0.61 $ 0.80 $ 2.62 $ 0.46 $ 0.60 $ 0.63 $ 0.81 $ 2.50
   
  1. Segment profit is an important measure used for evaluating performance and for decision-making purposes. Segment profit for the manufacturing segments excludes interest expense, certain corporate expenses and special charges. The measurement for the Finance segment includes interest income and expense along with intercompany interest income and expense.
  2. Includes amortization of $12 million in 2015 related to fair value step-up adjustments of Beechcraft acquired inventories sold during the periods, primarily in the first and second quarters of 2015.
  3. In 2016, we initiated a plan to restructure and realign our business by implementing headcount reductions, facility consolidations and other actions in order to improve overall operating efficiency across Textron. Special charges for 2016 include restructuring charges for this plan, which primarily consists of severance costs of $66 million and asset impairments of $36 million in the third quarter of 2016.
  4. The third quarter of 2016 includes an income tax benefit of $206 million attributable to continuing operations as a result of the final settlement with the Internal Revenue Service Office of Appeals for our 1998 to 2008 tax years. An additional $113 million tax benefit related to this settlement is included in discontinued operations.
  5. Special charges, net of income taxes includes an income tax benefit of $42 million and $3 million in the third and fourth quarters of 2016, respectively.
  6. Our definition of Adjusted income from continuing operations and adjusted diluted earnings per share both exclude Special charges, net of income taxes, and a significant multi-year income tax settlement. We consider items recorded in Special charges, net of income taxes, such as enterprise-wide restructuring, to be of a non-recurring nature that is not indicative of ongoing operations. In addition, the income tax settlement is not considered to be indicative of ongoing operations since it represents a significant one-time favorable settlement of our 1998 to 2008 tax years.
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