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 January 28, 2015, reporting Boeing's financial results for the fourth quarter of 2014, furnished herewith. |
THE BOEING COMPANY | ||||
(Registrant) | ||||
/s/ Robert E. Verbeck | ||||
Robert E. Verbeck | ||||
Vice President of Finance & Corporate Controller | ||||
January 28, 2015 |
Exhibit Number | Description | |
99.1 | Press release issued by The Boeing Company dated January 28, 2015, reporting Boeing’s financial results for the fourth quarter of 2014, furnished herewith. |
Exhibit 99.1 | ||
![]() | News Release | |
Boeing Corporate Offices 100 North Riverside Plaza Chicago, IL 60606-1596 www.boeing.com |
▪ | Core EPS (non-GAAP) rose 23 percent* to $2.31 on strong operating performance; GAAP EPS of $2.02 |
▪ | Operating cash flow increased to $5.0 billion on higher deliveries and timing of receipts and expenditures |
▪ | Core EPS increased 22 percent* to a record $8.60 on record revenue of $90.8 billion; GAAP EPS of $7.38 |
▪ | Solid operating cash flow of $8.9 billion; strong liquidity of $13.1 billion in cash and marketable securities |
▪ | Backlog grew to a record $502 billion, including a record $152 billion of net orders during the year |
▪ | 2015 Core EPS guidance of between $8.20 and $8.40; GAAP EPS guidance of between $8.10 and $8.30 |
▪ | Revenue guidance of between $94.5 and $96.5 billion with commercial deliveries of between 750 and 755 |
▪ | Operating cash flow guidance of greater than $9.0 billion |
Table 1. Summary Financial Results | Fourth Quarter | Full Year | |||||||||||||||||||
(Dollars in Millions, except per share data) | 2014 | 2013 | Change | 2014 | 2013 | Change | |||||||||||||||
Revenues | $24,468 | $23,785 | 3% | $90,762 | $86,623 | 5% | |||||||||||||||
Non-GAAP* | |||||||||||||||||||||
Core Operating Earnings | $2,344 | $1,838 | 28% | $8,860 | $7,876 | 12% | |||||||||||||||
Core Operating Margin | 9.6 | % | 7.7 | % | 1.9 Pts | 9.8 | % | 9.1 | % | 0.7 Pts | |||||||||||
Core Earnings Per Share | $2.31 | $1.88 | 23% | $8.60 | $7.07 | 22% | |||||||||||||||
Operating Cash Flow Before Pension Contributions | $5,032 | $1,409 | 257% | $9,642 | $9,721 | (1)% | |||||||||||||||
GAAP | |||||||||||||||||||||
Earnings From Operations | $2,025 | $1,515 | 34% | $7,473 | $6,562 | 14% | |||||||||||||||
Operating Margin | 8.3 | % | 6.4 | % | 1.9 Pts | 8.2 | % | 7.6 | % | 0.6 Pts | |||||||||||
Net Earnings | $1,466 | $1,233 | 19% | $5,446 | $4,585 | 19% | |||||||||||||||
Earnings Per Share | $2.02 | $1.61 | 25% | $7.38 | $5.96 | 24% | |||||||||||||||
Operating Cash Flow | $4,998 | $1,380 | 262% | $8,858 | $8,179 | 8% |
Table 2. Cash Flow | Fourth Quarter | Full Year | ||||||||||||||
(Millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Operating Cash Flow Before Pension Contributions* | $5,032 | $1,409 | $9,642 | $9,721 | ||||||||||||
Pension Contributions | ($34 | ) | ($29 | ) | ($784 | ) | ($1,542 | ) | ||||||||
Operating Cash Flow | $4,998 | $1,380 | $8,858 | $8,179 | ||||||||||||
Less Additions to Property, Plant & Equipment | ($668 | ) | ($638 | ) | ($2,236 | ) | ($2,098 | ) | ||||||||
Free Cash Flow* | $4,330 | $742 | $6,622 | $6,081 |
Table 3. Cash, Marketable Securities and Debt Balances | Quarter-End | |||||||
(Billions) | Q4 14 | Q3 14 | ||||||
Cash | $11.7 | $6.7 | ||||||
Marketable Securities1 | $1.4 | $3.4 | ||||||
Total | $13.1 | $10.1 | ||||||
Debt Balances: | ||||||||
The Boeing Company, net of intercompany loans to BCC | $6.7 | $6.4 | ||||||
Boeing Capital, including intercompany loans | $2.4 | $2.5 | ||||||
Total Consolidated Debt | $9.1 | $8.9 |
Table 4. Commercial Airplanes | Fourth Quarter | Full Year | ||||||||||||||||||||
(Dollars in Millions) | 2014 | 2013 | Change | 2014 | 2013 | Change | ||||||||||||||||
Commercial Airplanes Deliveries | 195 | 172 | 13% | 723 | 648 | 12% | ||||||||||||||||
Revenues | $16,839 | $14,680 | 15% | $59,990 | $52,981 | 13% | ||||||||||||||||
Earnings from Operations | $1,562 | $1,506 | 4% | $6,411 | $5,795 | 11 % | ||||||||||||||||
Operating Margin | 9.3 | % | 10.3 | % | (1.0) Pts | 10.7 | % | 10.9 | % | (0.2) Pts |
Table 5. Defense, Space & Security | Fourth Quarter | Full Year | |||||||||||||||||||
(Dollars in Millions) | 2014 | 2013 | Change | 2014 | 2013 | Change | |||||||||||||||
Revenues1 | |||||||||||||||||||||
Boeing Military Aircraft | $2,993 | $4,226 | (29)% | $13,511 | $15,285 | (12)% | |||||||||||||||
Network & Space Systems | $2,180 | $2,272 | (4)% | $8,003 | $8,512 | (6)% | |||||||||||||||
Global Services & Support | $2,415 | $2,357 | 2% | $9,367 | $9,400 | 0% | |||||||||||||||
Total BDS Revenues | $7,588 | $8,855 | (14)% | $30,881 | $33,197 | (7)% | |||||||||||||||
Earnings from Operations1 | |||||||||||||||||||||
Boeing Military Aircraft | $367 | $446 | (18)% | $1,304 | $1,504 | (13)% | |||||||||||||||
Network & Space Systems | $191 | $233 | (18)% | $698 | $719 | (3)% | |||||||||||||||
Global Services & Support | $359 | $275 | 31% | $1,131 | $1,012 | 12% | |||||||||||||||
Total BDS Earnings from Operations | $917 | $954 | (4)% | $3,133 | $3,235 | (3)% | |||||||||||||||
Operating Margin | 12.1 | % | 10.8 | % | 1.3 Pts | 10.1 | % | 9.7 | % | 0.4 Pts |
Table 6. Additional Financial Information | Fourth Quarter | Full Year | ||||||||||||||
(Dollars in Millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenues | ||||||||||||||||
Boeing Capital | $153 | $105 | $416 | $408 | ||||||||||||
Unallocated items, eliminations and other | ($112 | ) | $145 | ($525 | ) | $37 | ||||||||||
Earnings from Operations | ||||||||||||||||
Boeing Capital | $26 | $9 | $92 | $107 | ||||||||||||
Unallocated items, eliminations and other excluding unallocated pension/postretirement | ($161 | ) | ($631 | ) | ($776 | ) | ($1,261 | ) | ||||||||
Unallocated pension/postretirement | ($319 | ) | ($323 | ) | ($1,387 | ) | ($1,314 | ) | ||||||||
Other (loss)/income, net | ($14 | ) | $15 | ($3 | ) | $56 | ||||||||||
Interest and debt expense | ($81 | ) | ($96 | ) | ($333 | ) | ($386 | ) | ||||||||
Effective tax rate | 24.0 | % | 14.0 | % | 23.7 | % | 26.4 | % |
Table 7. 2015 Financial Outlook | |
(Dollars in Billions, except per share data) | 2015 |
The Boeing Company | |
Revenue | $94.5 - 96.5 |
Core Earnings Per Share* | $8.20 - 8.40 |
GAAP Earnings Per Share | $8.10 - 8.30 |
Operating Cash Flow | > $9 |
Commercial Airplanes | |
Deliveries | 750 - 755 |
Revenue | $64.5 - 65.5 |
Operating Margin | 9.5% - 10.0% |
Defense, Space & Security (revised for business realignment) | |
Revenue | |
Boeing Military Aircraft | ~$12.5 |
Network & Space Systems | ~$8.0 |
Global Services & Support | ~$9.5 |
Total BDS Revenue | $29.5 - 30.5 |
Operating Margin | |
Boeing Military Aircraft | ~9.5% |
Network & Space Systems | ~9.0% |
Global Services & Support | ~11.0% |
Total BDS Operating Margin | 9.75% - 10.0% |
Boeing Capital | |
Portfolio Size | Stable |
Revenue | ~$0.3 |
Pre-Tax Earnings | ~$0.05 |
Research & Development | ~ $3.5 |
Capital Expenditures | ~ $2.8 |
Pension Expense 1 | ~ $2.1 |
Effective Tax Rate 2 | ~ 30.5% |
Investor Relations: | Troy Lahr or Rob Martin (312) 544-2140 | |
Communications: | Chaz Bickers (312) 544-2002 |
Twelve months ended December 31 | Three months ended December 31 | ||||||||||||||
(Dollars in millions, except per share data) | 2014 | 2013 | 2014 | 2013 | |||||||||||
Sales of products | $80,688 | $76,792 | $21,768 | $21,482 | |||||||||||
Sales of services | 10,074 | 9,831 | 2,700 | 2,303 | |||||||||||
Total revenues | 90,762 | 86,623 | 24,468 | 23,785 | |||||||||||
Cost of products | (68,551 | ) | (65,640 | ) | (18,528 | ) | (18,610 | ) | |||||||
Cost of services | (8,132 | ) | (7,553 | ) | (2,167 | ) | (1,758 | ) | |||||||
Boeing Capital interest expense | (69 | ) | (75 | ) | (16 | ) | (20 | ) | |||||||
Total costs and expenses | (76,752 | ) | (73,268 | ) | (20,711 | ) | (20,388 | ) | |||||||
14,010 | 13,355 | 3,757 | 3,397 | ||||||||||||
Income from operating investments, net | 287 | 214 | 75 | 67 | |||||||||||
General and administrative expense | (3,767 | ) | (3,956 | ) | (1,040 | ) | (1,100 | ) | |||||||
Research and development expense, net | (3,047 | ) | (3,071 | ) | (755 | ) | (848 | ) | |||||||
(Loss)/gain on dispositions, net | (10 | ) | 20 | (12 | ) | (1 | ) | ||||||||
Earnings from operations | 7,473 | 6,562 | 2,025 | 1,515 | |||||||||||
Other (loss)/income, net | (3 | ) | 56 | (14 | ) | 15 | |||||||||
Interest and debt expense | (333 | ) | (386 | ) | (81 | ) | (96 | ) | |||||||
Earnings before income taxes | 7,137 | 6,232 | 1,930 | 1,434 | |||||||||||
Income tax expense | (1,691 | ) | (1,646 | ) | (464 | ) | (201 | ) | |||||||
Net earnings from continuing operations | 5,446 | 4,586 | 1,466 | 1,233 | |||||||||||
Net loss on disposal of discontinued operations, net of taxes of $0, $0, $0 and $0 | (1 | ) | |||||||||||||
Net earnings | $5,446 | $4,585 | $1,466 | $1,233 | |||||||||||
Basic earnings per share from continuing operations | $7.47 | $6.03 | $2.05 | $1.63 | |||||||||||
Net loss on disposal of discontinued operations, net of taxes | |||||||||||||||
Basic earnings per share | $7.47 | $6.03 | $2.05 | $1.63 | |||||||||||
Diluted earnings per share from continuing operations | $7.38 | $5.96 | $2.02 | $1.61 | |||||||||||
Net loss on disposal of discontinued operations, net of taxes | |||||||||||||||
Diluted earnings per share | $7.38 | $5.96 | $2.02 | $1.61 | |||||||||||
Cash dividends paid per share | $2.92 | $1.94 | $0.73 | $0.485 | |||||||||||
Weighted average diluted shares (millions) | 738.0 | 769.5 | 724.8 | 768.4 |
(Dollars in millions, except per share data) | December 31 2014 | December 31 2013 | |||||
Assets | |||||||
Cash and cash equivalents | $11,733 | $9,088 | |||||
Short-term and other investments | 1,359 | 6,170 | |||||
Accounts receivable, net | 7,729 | 6,546 | |||||
Current portion of customer financing, net | 190 | 344 | |||||
Deferred income taxes | 18 | 14 | |||||
Inventories, net of advances and progress billings | 46,756 | 42,912 | |||||
Total current assets | 67,785 | 65,074 | |||||
Customer financing, net | 3,371 | 3,627 | |||||
Property, plant and equipment, net of accumulated depreciation of $15,689 and $15,070 | 11,007 | 10,224 | |||||
Goodwill | 5,119 | 5,043 | |||||
Acquired intangible assets, net | 2,869 | 3,052 | |||||
Deferred income taxes | 6,576 | 2,939 | |||||
Investments | 1,154 | 1,204 | |||||
Other assets, net of accumulated amortization of $479 and $448 | 1,317 | 1,500 | |||||
Total assets | $99,198 | $92,663 | |||||
Liabilities and equity | |||||||
Accounts payable | $10,667 | $9,498 | |||||
Accrued liabilities | 13,343 | 14,131 | |||||
Advances and billings in excess of related costs | 23,175 | 20,027 | |||||
Deferred income taxes and income taxes payable | 8,603 | 6,267 | |||||
Short-term debt and current portion of long-term debt | 929 | 1,563 | |||||
Total current liabilities | 56,717 | 51,486 | |||||
Accrued retiree health care | 6,802 | 6,528 | |||||
Accrued pension plan liability, net | 17,182 | 10,474 | |||||
Non-current income taxes payable | 358 | 156 | |||||
Other long-term liabilities | 1,208 | 950 | |||||
Long-term debt | 8,141 | 8,072 | |||||
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 | 4,625 | 4,415 | |||||
Treasury stock, at cost – 305,533,606 and 264,882,461 shares | (23,298 | ) | (17,671 | ) | |||
Retained earnings | 36,180 | 32,964 | |||||
Accumulated other comprehensive loss | (13,903 | ) | (9,894 | ) | |||
Total shareholders’ equity | 8,665 | 14,875 | |||||
Noncontrolling interests | 125 | 122 | |||||
Total equity | 8,790 | 14,997 | |||||
Total liabilities and equity | $99,198 | $92,663 |
Twelve months ended December 31 | |||||||
(Dollars in millions) | 2014 | 2013 | |||||
Cash flows – operating activities: | |||||||
Net earnings | $5,446 | $4,585 | |||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||
Non-cash items – | |||||||
Share-based plans expense | 195 | 206 | |||||
Depreciation and amortization | 1,906 | 1,844 | |||||
Investment/asset impairment charges, net | 229 | 96 | |||||
Customer financing valuation benefit | (28 | ) | (11 | ) | |||
Loss on disposal of discontinued operations | 1 | ||||||
Loss/(gain) on dispositions, net | 10 | (20 | ) | ||||
Other charges and credits, net | 317 | 528 | |||||
Excess tax benefits from share-based payment arrangements | (114 | ) | (128 | ) | |||
Changes in assets and liabilities – | |||||||
Accounts receivable | (1,328 | ) | (879 | ) | |||
Inventories, net of advances and progress billings | (4,330 | ) | (5,562 | ) | |||
Accounts payable | 1,339 | (298 | ) | ||||
Accrued liabilities | (1,088 | ) | 883 | ||||
Advances and billings in excess of related costs | 3,145 | 3,353 | |||||
Income taxes receivable, payable and deferred | 1,325 | 1,445 | |||||
Other long-term liabilities | 36 | 2 | |||||
Pension and other postretirement plans | 1,186 | 1,720 | |||||
Customer financing, net | 578 | 391 | |||||
Other | 34 | 23 | |||||
Net cash provided by operating activities | 8,858 | 8,179 | |||||
Cash flows – investing activities: | |||||||
Property, plant and equipment additions | (2,236 | ) | (2,098 | ) | |||
Property, plant and equipment reductions | 34 | 51 | |||||
Acquisitions, net of cash acquired | (163 | ) | (26 | ) | |||
Contributions to investments | (8,617 | ) | (15,394 | ) | |||
Proceeds from investments | 13,416 | 12,453 | |||||
Purchase of distribution rights | (140 | ) | |||||
Other | 33 | ||||||
Net cash provided/(used) by investing activities | 2,467 | (5,154 | ) | ||||
Cash flows – financing activities: | |||||||
New borrowings | 962 | 571 | |||||
Debt repayments | (1,601 | ) | (1,434 | ) | |||
Payments to noncontrolling interests | (12 | ) | |||||
Repayments of distribution rights and other asset financing | (185 | ) | (280 | ) | |||
Stock options exercised, other | 343 | 1,097 | |||||
Excess tax benefits from share-based payment arrangements | 114 | 128 | |||||
Employee taxes on certain share-based payment arrangements | (98 | ) | (63 | ) | |||
Common shares repurchased | (6,001 | ) | (2,801 | ) | |||
Dividends paid | (2,115 | ) | (1,467 | ) | |||
Net cash used by financing activities | (8,593 | ) | (4,249 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | (87 | ) | (29 | ) | |||
Net increase/(decrease) in cash and cash equivalents | 2,645 | (1,253 | ) | ||||
Cash and cash equivalents at beginning of year | 9,088 | 10,341 | |||||
Cash and cash equivalents at end of period | $11,733 | $9,088 |
Twelve months ended December 31 | Three months ended December 31 | ||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||
Revenues: | |||||||||||||||
Commercial Airplanes | $59,990 | $52,981 | $16,839 | $14,680 | |||||||||||
Defense, Space & Security: | |||||||||||||||
Boeing Military Aircraft | 13,511 | 15,285 | 2,993 | 4,226 | |||||||||||
Network & Space Systems | 8,003 | 8,512 | 2,180 | 2,272 | |||||||||||
Global Services & Support | 9,367 | 9,400 | 2,415 | 2,357 | |||||||||||
Total Defense, Space & Security | 30,881 | 33,197 | 7,588 | 8,855 | |||||||||||
Boeing Capital | 416 | 408 | 153 | 105 | |||||||||||
Unallocated items, eliminations and other | (525 | ) | 37 | (112 | ) | 145 | |||||||||
Total revenues | $90,762 | $86,623 | $24,468 | $23,785 | |||||||||||
Earnings from operations: | |||||||||||||||
Commercial Airplanes | $6,411 | $5,795 | $1,562 | $1,506 | |||||||||||
Defense, Space & Security: | |||||||||||||||
Boeing Military Aircraft | 1,304 | 1,504 | 367 | 446 | |||||||||||
Network & Space Systems | 698 | 719 | 191 | 233 | |||||||||||
Global Services & Support | 1,131 | 1,012 | 359 | 275 | |||||||||||
Total Defense, Space & Security | 3,133 | 3,235 | 917 | 954 | |||||||||||
Boeing Capital | 92 | 107 | 26 | 9 | |||||||||||
Unallocated items, eliminations and other | (2,163 | ) | (2,575 | ) | (480 | ) | (954 | ) | |||||||
Earnings from operations | 7,473 | 6,562 | 2,025 | 1,515 | |||||||||||
Other (loss)/income, net | (3 | ) | 56 | (14 | ) | 15 | |||||||||
Interest and debt expense | (333 | ) | (386 | ) | (81 | ) | (96 | ) | |||||||
Earnings before income taxes | 7,137 | 6,232 | 1,930 | 1,434 | |||||||||||
Income tax expense | (1,691 | ) | (1,646 | ) | (464 | ) | (201 | ) | |||||||
Net earnings from continuing operations | 5,446 | 4,586 | 1,466 | 1,233 | |||||||||||
Net loss on disposal of discontinued operations, net of taxes of $0, $0, and $0 and $0 | (1 | ) | |||||||||||||
Net earnings | $5,446 | $4,585 | $1,466 | $1,233 | |||||||||||
Research and development expense, net: | |||||||||||||||
Commercial Airplanes | $1,881 | $1,807 | $459 | $510 | |||||||||||
Defense, Space & Security | 1,158 | 1,215 | 292 | 323 | |||||||||||
Other | 8 | 49 | 4 | 15 | |||||||||||
Total research and development expense, net | $3,047 | $3,071 | $755 | $848 | |||||||||||
Unallocated items, eliminations and other: | |||||||||||||||
Share-based plans | ($67 | ) | ($95 | ) | ($1 | ) | ($21 | ) | |||||||
Deferred compensation | (44 | ) | (238 | ) | (22 | ) | (73 | ) | |||||||
Amortization of previously capitalized interest | (72 | ) | (69 | ) | (17 | ) | (17 | ) | |||||||
Eliminations and other unallocated items | (593 | ) | (859 | ) | (121 | ) | (520 | ) | |||||||
Sub-total (included in core operating earnings) | (776 | ) | (1,261 | ) | (161 | ) | (631 | ) | |||||||
Pension | (1,469 | ) | (1,374 | ) | (334 | ) | (329 | ) | |||||||
Postretirement | 82 | 60 | 15 | 6 | |||||||||||
Total unallocated items, eliminations and other | ($2,163 | ) | ($2,575 | ) | ($480 | ) | ($954 | ) |
Deliveries | Twelve months ended December 31 | Three months ended December 31 | |||||||||||
Commercial Airplanes | 2014 | 2013 | 2014 | 2013 | |||||||||
737 | 485 | 440 | 126 | 110 | |||||||||
747 | 19 | (3) | 24 | 7 | (1) | 8 | |||||||
767 | 6 | 21 | 3 | 4 | |||||||||
777 | 99 | 98 | 24 | 25 | |||||||||
787 | 114 | 65 | (1) | 35 | 25 | ||||||||
Total | 723 | 648 | 195 | 172 | |||||||||
Note: Deliveries under operating lease are identified by parentheses. | |||||||||||||
Defense, Space & Security | |||||||||||||
Boeing Military Aircraft | |||||||||||||
F/A-18 Models | 44 | 48 | 8 | 12 | |||||||||
F-15 Models | 14 | 14 | 4 | 11 | |||||||||
C-17 Globemaster III | 7 | 10 | 2 | ||||||||||
CH-47 Chinook | 54 | 44 | 8 | 12 | |||||||||
AH-64 Apache | 45 | 37 | 15 | 6 | |||||||||
P-8 Models | 11 | 11 | 5 | 4 | |||||||||
Global Services & Support | |||||||||||||
AEW&C | 3 | ||||||||||||
C-40A | 1 | 1 | |||||||||||
Network & Space Systems | |||||||||||||
Commercial and Civil Satellites | 5 | 3 | 2 | 2 | |||||||||
Military Satellites | 4 | 3 | |||||||||||
Contractual backlog (Dollars in billions) | December 31 2014 | September 30 2014 | December 31 2013 | |||||||||
Commercial Airplanes | $440.1 | $429.6 | $373.0 | |||||||||
Defense, Space & Security: | ||||||||||||
Boeing Military Aircraft | 21.1 | 21.2 | 23.6 | |||||||||
Network & Space Systems | 8.9 | 8.8 | 9.8 | |||||||||
Global Services & Support | 16.9 | 15.5 | 16.2 | |||||||||
Total Defense, Space & Security | 46.9 | 45.5 | 49.6 | |||||||||
Total contractual backlog | $487.0 | $475.1 | $422.6 | |||||||||
Unobligated backlog | $15.3 | $14.9 | $18.3 | |||||||||
Total backlog | $502.3 | $490.0 | $440.9 | |||||||||
Workforce | 165,500 | 168,000 | 168,400 |
Fourth Quarter | Full Year | Guidance | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2015 | |||||||||||||||
Revenues | $24,468 | $23,785 | $90,762 | $86,623 | |||||||||||||||
GAAP Earnings From Operations | $2,025 | $1,515 | $7,473 | $6,562 | |||||||||||||||
GAAP Operating Margin | 8.3 | % | 6.4 | % | 8.2 | % | 7.6 | % | |||||||||||
Unallocated Pension/Postretirement Expense | $319 | $323 | $1,387 | $1,314 | $110 | ||||||||||||||
Core Operating Earnings (non-GAAP) | $2,344 | $1,838 | $8,860 | $7,876 | |||||||||||||||
Core Operating Margin (non-GAAP) | 9.6 | % | 7.7 | % | 9.8 | % | 9.1 | % | |||||||||||
Increase/(Decrease) in GAAP Earnings From Operations | 34 | % | 14 | % | |||||||||||||||
Increase/(Decrease) in Core Operating Earnings (non-GAAP) | 28 | % | 12 | % | |||||||||||||||
GAAP Diluted Earnings Per Share | $2.02 | $1.61 | $7.38 | $5.96 | $8.10 - $8.30 | ||||||||||||||
Unallocated Pension/Postretirement Expense1 | $0.29 | $0.27 | $1.22 | $1.11 | $0.10 | ||||||||||||||
Core Earnings Per Share (non-GAAP) | $2.31 | $1.88 | $8.60 | $7.07 | $8.20 - $8.40 | ||||||||||||||
Weighted Average Diluted Shares (millions) | 724.8 | 768.4 | 738.0 | 769.5 | 695 - 700 | ||||||||||||||
Increase/(Decrease) in GAAP Earnings Per Share | 25 | % | 24 | % | |||||||||||||||
Increase/(Decrease) in Core Earnings Per Share (non-GAAP) | 23 | % | 22 | % |