UNITED STATES SECURITIES AND EXCHANGE COMMISSION | ||||
Washington, D.C. 20549 | ||||
FORM 8-K |
THE BOEING COMPANY | ||
(Exact name of registrant as specified in its charter) |
Commission file number 1-442 |
Delaware | 91-0425694 | |||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||
100 N. Riverside, Chicago, IL | 60606-1596 | |||
(Address of principal executive offices) | (Zip Code) | |||
(312) 544-2000 | ||||
(Registrant's telephone number, including area code) | ||||
c | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
c | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
c | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
c | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
99.1 | Press Release issued by The Boeing Company dated October 23, 2013, reporting Boeing's financial results for the third quarter of 2013, furnished herewith. |
THE BOEING COMPANY | ||||
(Registrant) | ||||
/s/ DIANA L. SANDS | ||||
Diana L. Sands | ||||
Vice President of Finance & Corporate Controller | ||||
10/23/2013 |
Exhibit Number | Description | |
99.1 | Press release issued by The Boeing Company dated October 23, 2013, reporting Boeing’s financial results for the third quarter of 2013, furnished herewith. |
Exhibit 99.1 | ||
News Release | ||
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Boeing Corporate Offices 100 North Riverside Plaza Chicago, IL 60606-1596 www.boeing.com |
▪ | Core EPS (non-GAAP)* rose 16 percent to $1.80 on strong operating performance; GAAP EPS of $1.51 |
▪ | Revenue increased 11 percent to $22.1 billion reflecting higher commercial deliveries |
▪ | Backlog grew to a record $415 billion, including $27 billion of net orders during the quarter |
▪ | Operating cash flow before pension contributions* increased to $4.3 billion |
▪ | 2013 Core EPS guidance increased to between $6.50 and $6.65; GAAP EPS to between $5.40 and $5.55 |
Table 1. Summary Financial Results | Third Quarter | Nine Months | ||||||||||||||||||
(Dollars in Millions, except per share data) | 2013 | 2012 | Change | 2013 | 2012 | Change | ||||||||||||||
Revenues | $22,130 | $20,008 | 11% | $62,838 | $59,396 | 6% | ||||||||||||||
Non-GAAP* | ||||||||||||||||||||
Core Operating Earnings | $2,143 | $1,793 | 20% | $6,038 | $5,353 | 13% | ||||||||||||||
Core Operating Margin | 9.7 | % | 9.0 | % | 0.7 Pts | 9.6 | % | 9.0 | % | 0.6 Pts | ||||||||||
Core Earnings Per Share | $1.80 | $1.55 | 16% | $5.20 | $4.43 | 17% | ||||||||||||||
Operating Cash Flow Before Pension Contributions | $4,308 | $2,346 | 84% | $8,312 | $4,854 | 71% | ||||||||||||||
GAAP | ||||||||||||||||||||
Earnings From Operations | $1,803 | $1,559 | 16% | $5,047 | $4,666 | 8% | ||||||||||||||
Operating Margin | 8.1 | % | 7.8 | % | 0.3 Pts | 8.0 | % | 7.9 | % | 0.1 Pts | ||||||||||
Net Earnings | $1,158 | $1,032 | 12% | $3,352 | $2,922 | 15% | ||||||||||||||
Earnings Per Share | $1.51 | $1.35 | 12% | $4.36 | $3.84 | 14% | ||||||||||||||
Operating Cash Flow | $2,808 | $1,596 | 76% | $6,799 | $3,341 | 104% |
Table 2. Cash Flow | Third Quarter | Nine Months | ||||||||||||||
(Millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Operating Cash Flow Before Pension Contributions* | $4,308 | $2,346 | $8,312 | $4,854 | ||||||||||||
Pension Contributions | ($1,500 | ) | ($750 | ) | ($1,513 | ) | ($1,513 | ) | ||||||||
Operating Cash Flow | $2,808 | $1,596 | $6,799 | $3,341 | ||||||||||||
Less Additions to Property, Plant & Equipment | ($484 | ) | ($428 | ) | ($1,460 | ) | ($1,208 | ) | ||||||||
Free Cash Flow* | $2,324 | $1,168 | $5,339 | $2,133 |
Table 3. Cash, Marketable Securities and Debt Balances | Quarter-End | |||||||
(Billions) | Q3 13 | Q2 13 | ||||||
Cash | $10.0 | $8.7 | ||||||
Marketable Securities1 | $5.9 | $5.6 | ||||||
Total | $15.9 | $14.3 | ||||||
Debt Balances: | ||||||||
The Boeing Company, net of intercompany loans to BCC | $7.0 | $7.0 | ||||||
Boeing Capital Corporation, including intercompany loans | $2.6 | $2.6 | ||||||
Total Consolidated Debt | $9.6 | $9.6 |
Table 4. Commercial Airplanes | Third Quarter | Nine Months | |||||||||||||||||||
(Dollars in Millions) | 2013 | 2012 | Change | 2013 | 2012 | Change | |||||||||||||||
Commercial Airplanes Deliveries | 170 | 149 | 14% | 476 | 436 | 9% | |||||||||||||||
Revenues | $13,987 | $12,186 | 15% | $38,301 | $34,966 | 10% | |||||||||||||||
Earnings from Operations | $1,617 | $1,153 | 40% | $4,289 | $3,445 | 24 % | |||||||||||||||
Operating Margins | 11.6 | % | 9.5 | % | 2.1 Pts | 11.2 | % | 9.9 | % | 1.3 | Pts |
Table 5. Defense, Space & Security | Third Quarter | Nine Months | |||||||||||||||||||
(Dollars in Millions) | 2013 | 2012 | Change | 2013 | 2012 | Change | |||||||||||||||
Revenues | |||||||||||||||||||||
Boeing Military Aircraft | $3,543 | $3,710 | (5)% | $11,541 | $11,982 | (4)% | |||||||||||||||
Network & Space Systems | $2,231 | $2,055 | 9% | $6,240 | $5,887 | 6% | |||||||||||||||
Global Services & Support | $2,272 | $2,074 | 10% | $6,561 | $6,395 | 3% | |||||||||||||||
Total BDS Revenues | $8,046 | $7,839 | 3% | $24,342 | $24,264 | — | |||||||||||||||
Earnings from Operations | |||||||||||||||||||||
Boeing Military Aircraft | $221 | $424 | (48)% | $1,024 | $1,176 | (13)% | |||||||||||||||
Network & Space Systems | $193 | $179 | 8% | $486 | $424 | 15% | |||||||||||||||
Global Services & Support | $259 | $224 | 16% | $771 | $717 | 8% | |||||||||||||||
Total BDS Earnings from Operations | $673 | $827 | (19)% | $2,281 | $2,317 | (2)% | |||||||||||||||
Operating Margins | 8.4 | % | 10.5 | % | (2.1) Pts | 9.4 | % | 9.5 | % | (0.1) Pts |
Table 6. Additional Financial Information | Third Quarter | Nine Months | ||||||||||||||
(Dollars in Millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Revenues | ||||||||||||||||
Boeing Capital Corporation | $94 | $101 | $303 | $339 | ||||||||||||
Other segment | $26 | $27 | $80 | $79 | ||||||||||||
Unallocated items and eliminations | ($23 | ) | ($145 | ) | ($188 | ) | ($252 | ) | ||||||||
Earnings from Operations | ||||||||||||||||
Boeing Capital Corporation | $35 | $28 | $98 | $100 | ||||||||||||
Other segment income/(expense) | $44 | ($74 | ) | ($57 | ) | ($217 | ) | |||||||||
Unallocated items and eliminations included in core operating earnings | ($226 | ) | ($141 | ) | ($573 | ) | ($292 | ) | ||||||||
Unallocated pension/postretirement expense | ($340 | ) | ($234 | ) | ($991 | ) | ($687 | ) | ||||||||
Other income, net | $19 | $17 | $41 | $39 | ||||||||||||
Interest and debt expense | ($95 | ) | ($110 | ) | ($290 | ) | ($330 | ) | ||||||||
Effective tax rate | 32.8 | % | 29.5 | % | 30.1 | % | 33.1 | % |
Table 7. Financial Outlook | |
(Dollars in Billions, except per share data) | 2013 |
The Boeing Company | |
Revenue | $83 - 86 |
Core Earnings Per Share* | $6.50 - 6.65 |
Earnings Per Share | $5.40 - 5.55 |
Operating Cash Flow Before Pension Contributions* | > $8.5 |
Operating Cash Flow 1 | > $7 |
Boeing Commercial Airplanes | |
Deliveries 2 | 635 - 645 |
Revenue | $51 - 53 |
Operating Margin | > 10.0% |
Boeing Defense, Space & Security | |
Revenue | |
Boeing Military Aircraft | ~$16.0 |
Network & Space Systems | ~$7.8 |
Global Services & Support | ~$8.2 |
Total BDS Revenue | $31.5 - 32.5 |
Operating Margin | |
Boeing Military Aircraft | ~ 9.0% |
Network & Space Systems | ~ 7.5% |
Global Services & Support | ~ 11.5% |
Total BDS Operating Margin | > 9.25% |
Boeing Capital Corporation | |
Portfolio Size | Lower |
Revenue | ~ $0.4 |
Pre-Tax Earnings | ~ $0.05 |
Research & Development | ~ $3.2 |
Capital Expenditures | ~ $2.3 |
Pension Expense 3 | ~ $3.2 |
Effective Tax Rate | ~ 31% |
Investor Relations: | Troy Lahr or Matt Welch (312) 544-2140 | |
Communications: | Chaz Bickers (312) 544-2002 |
Nine months ended September 30 | Three months ended September 30 | ||||||||||||||
(Dollars in millions, except per share data) | 2013 | 2012 | 2013 | 2012 | |||||||||||
Sales of products | $55,310 | $51,441 | $19,754 | $17,415 | |||||||||||
Sales of services | 7,528 | 7,955 | 2,376 | 2,593 | |||||||||||
Total revenues | 62,838 | 59,396 | 22,130 | 20,008 | |||||||||||
Cost of products | (47,030 | ) | (43,103 | ) | (16,865 | ) | (14,683 | ) | |||||||
Cost of services | (5,795 | ) | (6,431 | ) | (1,791 | ) | (2,089 | ) | |||||||
Boeing Capital interest expense | (55 | ) | (85 | ) | (18 | ) | (27 | ) | |||||||
Total costs and expenses | (52,880 | ) | (49,619 | ) | (18,674 | ) | (16,799 | ) | |||||||
9,958 | 9,777 | 3,456 | 3,209 | ||||||||||||
Income from operating investments, net | 147 | 211 | 59 | 120 | |||||||||||
General and administrative expense | (2,856 | ) | (2,774 | ) | (956 | ) | (916 | ) | |||||||
Research and development expense, net | (2,223 | ) | (2,545 | ) | (755 | ) | (853 | ) | |||||||
Gain/(loss) on dispositions, net | 21 | (3 | ) | (1 | ) | (1 | ) | ||||||||
Earnings from operations | 5,047 | 4,666 | 1,803 | 1,559 | |||||||||||
Other income, net | 41 | 39 | 19 | 17 | |||||||||||
Interest and debt expense | (290 | ) | (330 | ) | (95 | ) | (110 | ) | |||||||
Earnings before income taxes | 4,798 | 4,375 | 1,727 | 1,466 | |||||||||||
Income tax expense | (1,445 | ) | (1,450 | ) | (567 | ) | (432 | ) | |||||||
Net earnings from continuing operations | 3,353 | 2,925 | 1,160 | 1,034 | |||||||||||
Net loss on disposal of discontinued operations, net of taxes of $0, $2, $0 and $1 | (1 | ) | (3 | ) | (2 | ) | (2 | ) | |||||||
Net earnings | $3,352 | $2,922 | $1,158 | $1,032 | |||||||||||
Basic earnings per share from continuing operations | $4.40 | $3.86 | $1.53 | $1.36 | |||||||||||
Net loss on disposal of discontinued operations, net of taxes | |||||||||||||||
Basic earnings per share | $4.40 | $3.86 | $1.53 | $1.36 | |||||||||||
Diluted earnings per share from continuing operations | $4.36 | $3.84 | $1.51 | $1.35 | |||||||||||
Net loss on disposal of discontinued operations, net of taxes | |||||||||||||||
Diluted earnings per share | $4.36 | $3.84 | $1.51 | $1.35 | |||||||||||
Cash dividends paid per share | $1.455 | $1.32 | $0.485 | $0.44 | |||||||||||
Weighted average diluted shares (millions) | 769.8 | 762.3 | 769.1 | 765.2 |
(Dollars in millions, except per share data) | September 30 2013 | December 31 2012 | |||||
Assets | |||||||
Cash and cash equivalents | $10,041 | $10,341 | |||||
Short-term and other investments | 5,870 | 3,217 | |||||
Accounts receivable, net | 6,652 | 5,608 | |||||
Current portion of customer financing, net | 316 | 364 | |||||
Deferred income taxes | 43 | 28 | |||||
Inventories, net of advances and progress billings | 41,240 | 37,751 | |||||
Total current assets | 64,162 | 57,309 | |||||
Customer financing, net | 3,903 | 4,056 | |||||
Property, plant and equipment, net of accumulated depreciation of $14,938 and $14,645 | 9,987 | 9,660 | |||||
Goodwill | 5,047 | 5,035 | |||||
Acquired intangible assets, net | 2,962 | 3,111 | |||||
Deferred income taxes | 5,957 | 6,753 | |||||
Investments | 1,168 | 1,180 | |||||
Other assets, net of accumulated amortization of $493 and $504 | 1,447 | 1,792 | |||||
Total assets | $94,633 | $88,896 | |||||
Liabilities and equity | |||||||
Accounts payable | $10,657 | $9,394 | |||||
Accrued liabilities | 12,384 | 12,995 | |||||
Advances and billings in excess of related costs | 20,216 | 16,672 | |||||
Deferred income taxes and income taxes payable | 5,504 | 4,485 | |||||
Short-term debt and current portion of long-term debt | 919 | 1,436 | |||||
Total current liabilities | 49,680 | 44,982 | |||||
Accrued retiree health care | 7,415 | 7,528 | |||||
Accrued pension plan liability, net | 18,559 | 19,651 | |||||
Non-current income taxes payable | 299 | 366 | |||||
Other long-term liabilities | 936 | 1,429 | |||||
Long-term debt | 8,677 | 8,973 | |||||
Shareholders’ equity: | |||||||
Common stock, par value $5.00 – 1,200,000,000 shares authorized; 1,012,261,159 shares issued | 5,061 | 5,061 | |||||
Additional paid-in capital | 4,295 | 4,122 | |||||
Treasury stock, at cost - 260,351,104 and 256,630,628 shares | (16,865 | ) | (15,937 | ) | |||
Retained earnings | 32,647 | 30,037 | |||||
Accumulated other comprehensive loss | (16,187 | ) | (17,416 | ) | |||
Total shareholders’ equity | 8,951 | 5,867 | |||||
Noncontrolling interest | 116 | 100 | |||||
Total equity | 9,067 | 5,967 | |||||
Total liabilities and equity | $94,633 | $88,896 |
Nine months ended September 30 | |||||||
(Dollars in millions) | 2013 | 2012 | |||||
Cash flows – operating activities: | |||||||
Net earnings | $3,352 | $2,922 | |||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||
Non-cash items – | |||||||
Share-based plans expense | 156 | 148 | |||||
Depreciation and amortization | 1,323 | 1,313 | |||||
Investment/asset impairment charges, net | 38 | 59 | |||||
Customer financing valuation benefit | (7 | ) | (4 | ) | |||
Loss on disposal of discontinued operations | 1 | 5 | |||||
(Gain)/loss on dispositions, net | (21 | ) | 3 | ||||
Other charges and credits, net | 48 | 559 | |||||
Excess tax benefits from share-based payment arrangements | (86 | ) | (43 | ) | |||
Changes in assets and liabilities – | |||||||
Accounts receivable | (1,006 | ) | 150 | ||||
Inventories, net of advances and progress billings | (3,631 | ) | (4,588 | ) | |||
Accounts payable | 943 | 857 | |||||
Accrued liabilities | (338 | ) | (123 | ) | |||
Advances and billings in excess of related costs | 3,543 | 123 | |||||
Income taxes receivable, payable and deferred | 1,336 | 1,085 | |||||
Other long-term liabilities | (52 | ) | 22 | ||||
Pension and other postretirement plans | 954 | 571 | |||||
Customer financing, net | 223 | 254 | |||||
Other | 23 | 28 | |||||
Net cash provided by operating activities | 6,799 | 3,341 | |||||
Cash flows – investing activities: | |||||||
Property, plant and equipment additions | (1,460 | ) | (1,208 | ) | |||
Property, plant and equipment reductions | 47 | 29 | |||||
Acquisitions, net of cash acquired | (26 | ) | (18 | ) | |||
Contributions to investments | (9,640 | ) | (10,331 | ) | |||
Proceeds from investments | 6,997 | 6,941 | |||||
Purchase of distribution rights | (6 | ) | |||||
Net cash used by investing activities | (4,082 | ) | (4,593 | ) | |||
Cash flows – financing activities: | |||||||
New borrowings | 547 | 34 | |||||
Debt repayments | (1,397 | ) | (1,273 | ) | |||
Repayments of distribution rights financing | (139 | ) | (72 | ) | |||
Stock options exercised, other | 871 | 96 | |||||
Excess tax benefits from share-based payment arrangements | 86 | 43 | |||||
Employee taxes on certain share-based payment arrangements | (60 | ) | (72 | ) | |||
Common shares repurchased | (1,799 | ) | |||||
Dividends paid | (1,102 | ) | (990 | ) | |||
Net cash used by financing activities | (2,993 | ) | (2,234 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | (24 | ) | 19 | ||||
Net decrease in cash and cash equivalents | (300 | ) | (3,467 | ) | |||
Cash and cash equivalents at beginning of year | $10,341 | $10,049 | |||||
Cash and cash equivalents at end of period | $10,041 | $6,582 |
Nine months ended September 30 | Three months ended September 30 | ||||||||||||||
(Dollars in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||
Revenues: | |||||||||||||||
Commercial Airplanes | $38,301 | $34,966 | $13,987 | $12,186 | |||||||||||
Defense, Space & Security: | |||||||||||||||
Boeing Military Aircraft | 11,541 | 11,982 | 3,543 | 3,710 | |||||||||||
Network & Space Systems | 6,240 | 5,887 | 2,231 | 2,055 | |||||||||||
Global Services & Support | 6,561 | 6,395 | 2,272 | 2,074 | |||||||||||
Total Defense, Space & Security | 24,342 | 24,264 | 8,046 | 7,839 | |||||||||||
Boeing Capital | 303 | 339 | 94 | 101 | |||||||||||
Other segment | 80 | 79 | 26 | 27 | |||||||||||
Unallocated items and eliminations | (188 | ) | (252 | ) | (23 | ) | (145 | ) | |||||||
Total revenues | $62,838 | $59,396 | $22,130 | $20,008 | |||||||||||
Earnings from operations: | |||||||||||||||
Commercial Airplanes | $4,289 | $3,445 | $1,617 | $1,153 | |||||||||||
Defense, Space & Security: | |||||||||||||||
Boeing Military Aircraft | 1,024 | 1,176 | 221 | 424 | |||||||||||
Network & Space Systems | 486 | 424 | 193 | 179 | |||||||||||
Global Services & Support | 771 | 717 | 259 | 224 | |||||||||||
Total Defense, Space & Security | 2,281 | 2,317 | 673 | 827 | |||||||||||
Boeing Capital | 98 | 100 | 35 | 28 | |||||||||||
Other segment | (57 | ) | (217 | ) | 44 | (74 | ) | ||||||||
Unallocated items and eliminations | (1,564 | ) | (979 | ) | (566 | ) | (375 | ) | |||||||
Earnings from operations | 5,047 | 4,666 | 1,803 | 1,559 | |||||||||||
Other income, net | 41 | 39 | 19 | 17 | |||||||||||
Interest and debt expense | (290 | ) | (330 | ) | (95 | ) | (110 | ) | |||||||
Earnings before income taxes | 4,798 | 4,375 | 1,727 | 1,466 | |||||||||||
Income tax expense | (1,445 | ) | (1,450 | ) | (567 | ) | (432 | ) | |||||||
Net earnings from continuing operations | 3,353 | 2,925 | 1,160 | 1,034 | |||||||||||
Net loss on disposal of discontinued operations, net of taxes of $0, $2, $0 and $1 | (1 | ) | (3 | ) | (2 | ) | (2 | ) | |||||||
Net earnings | $3,352 | $2,922 | $1,158 | $1,032 | |||||||||||
Research and development expense, net: | |||||||||||||||
Commercial Airplanes | $1,297 | $1,638 | $432 | $534 | |||||||||||
Defense, Space & Security | 892 | 868 | 313 | 306 | |||||||||||
Other | 34 | 39 | 10 | 13 | |||||||||||
Total research and development expense, net | $2,223 | $2,545 | $755 | $853 | |||||||||||
Unallocated items and eliminations: | |||||||||||||||
Share-based plans | ($74 | ) | ($64 | ) | (21 | ) | (23 | ) | |||||||
Deferred compensation | (165 | ) | (49 | ) | (63 | ) | (15 | ) | |||||||
Capitalized interest | (52 | ) | (53 | ) | (18 | ) | (16 | ) | |||||||
Eliminations and other | (282 | ) | (126 | ) | (124 | ) | (87 | ) | |||||||
Sub-total (included in core operating earnings) | (573 | ) | (292 | ) | (226 | ) | (141 | ) | |||||||
Pension | (1,045 | ) | (608 | ) | (356 | ) | (204 | ) | |||||||
Postretirement | 54 | (79 | ) | 16 | (30 | ) | |||||||||
Total unallocated items and eliminations | ($1,564 | ) | ($979 | ) | ($566 | ) | ($375 | ) |
Deliveries | Nine months ended September 30 | Three months ended September 30 | ||||||||||||
Commercial Airplanes | 2013 | 2012 | 2013 | 2012 | ||||||||||
737 | 330 | 310 | 112 | 102 | ||||||||||
747 | 16 | 21 | 4 | 8 | ||||||||||
767 | 17 | 20 | 5 | 7 | ||||||||||
777 | 73 | 62 | 26 | 20 | ||||||||||
787 | 40 | (1) | 23 | 23 | 12 | |||||||||
Total | 476 | 436 | 170 | 149 | ||||||||||
Note: Deliveries under operating lease are identified by parentheses. | ||||||||||||||
Defense, Space & Security | ||||||||||||||
Boeing Military Aircraft | ||||||||||||||
F/A-18 Models | 36 | 36 | 12 | 12 | ||||||||||
F-15E Eagle | 3 | 8 | ||||||||||||
C-17 Globemaster III | 8 | 8 | 2 | 3 | ||||||||||
CH-47 Chinook | 32 | 40 | 15 | 18 | ||||||||||
AH-64 Apache | 31 | 13 | 11 | 10 | ||||||||||
P-8 Models | 7 | 3 | 2 | 2 | ||||||||||
AEW&C | 2 | |||||||||||||
Network & Space Systems | ||||||||||||||
Commercial and Civil Satellites | 1 | 3 | 2 | |||||||||||
Military Satellites | 1 | 6 | 1 | 3 | ||||||||||
Contractual backlog (Dollars in billions) | September 30 2013 | June 30 2013 | March 31 2013 | December 31 2012 | ||||||||||||
Commercial Airplanes | $344.3 | $337.7 | $322.0 | $317.3 | ||||||||||||
Defense, Space & Security: | ||||||||||||||||
Boeing Military Aircraft | 26.4 | 26.5 | 26.6 | 29.2 | ||||||||||||
Network & Space Systems | 9.9 | 10.2 | 9.6 | 10.1 | ||||||||||||
Global Services & Support | 14.6 | 14.8 | 15.4 | 15.8 | ||||||||||||
Total Defense, Space & Security | 50.9 | 51.5 | 51.6 | 55.1 | ||||||||||||
Total contractual backlog | $395.2 | $389.2 | $373.6 | $372.4 | ||||||||||||
Unobligated backlog | $19.9 | $21.1 | $18.1 | $17.9 | ||||||||||||
Total backlog | $415.1 | $410.3 | $391.7 | $390.3 | ||||||||||||
Workforce | 170,800 | 172,200 | 173,100 | 174,400 |
Nine months ended September 30 | Three months ended September 30 | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues | $62,838 | $59,396 | $22,130 | $20,008 | ||||||||||||
GAAP Earnings From Operations | $5,047 | $4,666 | $1,803 | $1,559 | ||||||||||||
GAAP Operating Margin | 8.0 | % | 7.9 | % | 8.1 | % | 7.8 | % | ||||||||
Unallocated Pension/Postretirement Expense | $991 | $687 | $340 | $234 | ||||||||||||
Core Operating Earnings (non-GAAP) | $6,038 | $5,353 | $2,143 | $1,793 | ||||||||||||
Core Operating Margin (non-GAAP) | 9.6 | % | 9.0 | % | 9.7 | % | 9.0 | % | ||||||||
GAAP Diluted Earnings Per Share | $4.36 | $3.84 | $1.51 | $1.35 | ||||||||||||
Unallocated Pension/Postretirement Expense1 | $0.84 | $0.59 | $0.29 | $0.20 | ||||||||||||
Core Earnings Per Share (non-GAAP) | $5.20 | $4.43 | $1.80 | $1.55 | ||||||||||||
Weighted Average Diluted Shares (millions) | 769.8 | 762.3 | 769.1 | 765.2 | ||||||||||||
Increase in GAAP Earnings Per Share | 14 | % | 12 | % | ||||||||||||
Increase in Core Earnings Per Share | 17 | % | 16 | % |
Year Ended December 31, 2012 | Year Ended December 31, 2013 Guidance | |||||||
Earnings Per Share | Earnings Per Share | |||||||
GAAP Diluted Earnings Per Share | $5.11 | $5.40 - 5.55 | ||||||
Unallocated Pension/Postretirement Expense | 0.77 | a | 1.10 | b | ||||
Core Earnings Per Share (non-GAAP) | $5.88 | $6.50 - 6.65 | ||||||
Weighted average diluted shares (millions) | 763.8 | 768.0 | ||||||
2013 Change in GAAP Earnings per Share | ~ 7% | |||||||
2013 Increase in Core Earnings per Share | ~ 12% |
a | Represents the net earnings per share impact of unallocated pension and postretirement expense of $899 million, net of the federal statutory tax rate of 35.0 percent. |
b | Represents the net earnings per share impact of unallocated pension and postretirement expense of approximately $1.3 billion, net of the federal statutory tax rate of 35.0 percent. |