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 26, 2016, reporting Boeing's financial results for the third quarter of 2016, furnished herewith. |
THE BOEING COMPANY | ||||
(Registrant) | ||||
/s/ Robert E. Verbeck | ||||
Robert E. Verbeck | ||||
Senior Vice President, Finance and Corporate Controller | ||||
October 26, 2016 |
Exhibit Number | Description | |
99.1 | Press Release issued by The Boeing Company dated October 26, 2016, reporting Boeing's financial results for the third quarter of 2016, furnished herewith. |
Exhibit 99.1 | ||
News Release | ||
Boeing Corporate Offices 100 North Riverside Plaza Chicago, IL 60606-1596 www.boeing.com |
▪ | Strong operating cash flow of $3.2 billion; repurchased 7.6 million shares for $1.0 billion |
▪ | GAAP EPS of $3.60 and core EPS (non-GAAP)* of $3.51 on solid execution and tax items |
▪ | Revenue of $23.9 billion on timing of aircraft deliveries |
▪ | Backlog remains robust at $462 billion with more than 5,600 commercial airplane orders |
▪ | Cash and marketable securities of $9.7 billion provide strong liquidity |
▪ | 2016 revenue guidance increased $500 million on higher deliveries |
▪ | 2016 GAAP EPS and core EPS (non-GAAP)* guidance increased $0.70 for additional tax adjustment |
Table 1. Summary Financial Results | Third Quarter | Nine months | ||||||||||||||||||||
(Dollars in Millions, except per share data) | 2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||||||
Revenues | $23,898 | $25,849 | (8)% | $71,285 | $72,541 | (2)% | ||||||||||||||||
GAAP | ||||||||||||||||||||||
Earnings From Operations | $2,282 | $2,580 | (12)% | $3,651 | $6,282 | (42)% | ||||||||||||||||
Operating Margin | 9.5 | % | 10.0 | % | (0.5) Pts | 5.1 | % | 8.7 | % | (3.6) Pts | ||||||||||||
Net Earnings | $2,279 | $1,704 | 34% | $3,264 | $4,150 | (21)% | ||||||||||||||||
Earnings Per Share | $3.60 | $2.47 | 46% | $5.04 | $5.92 | (15)% | ||||||||||||||||
Operating Cash Flow | $3,202 | $2,859 | 12% | $7,667 | $6,244 | 23% | ||||||||||||||||
Non-GAAP* | ||||||||||||||||||||||
Core Operating Earnings | $2,194 | $2,637 | (17)% | $3,400 | $6,482 | (48)% | ||||||||||||||||
Core Operating Margin | 9.2 | % | 10.2 | % | (1.0) Pts | 4.8 | % | 8.9 | % | (4.1) Pts | ||||||||||||
Core Earnings Per Share | $3.51 | $2.52 | 39% | $4.79 | $6.11 | (22)% |
Table 2. Cash Flow | Third Quarter | Nine months | ||||||||||||||
(Millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Operating Cash Flow | $3,202 | $2,859 | $7,667 | $6,244 | ||||||||||||
Less Additions to Property, Plant & Equipment | ($595 | ) | ($561 | ) | ($2,014 | ) | ($1,827 | ) | ||||||||
Free Cash Flow* | $2,607 | $2,298 | $5,653 | $4,417 |
Table 3. Cash, Marketable Securities and Debt Balances | Quarter-End | |||||||
(Billions) | Q3 16 | Q2 16 | ||||||
Cash | $9.0 | $8.6 | ||||||
Marketable Securities1 | $0.7 | $0.7 | ||||||
Total | $9.7 | $9.3 | ||||||
Debt Balances: | ||||||||
The Boeing Company, net of intercompany loans to BCC | $8.1 | $8.7 | ||||||
Boeing Capital, including intercompany loans | $2.4 | $2.3 | ||||||
Total Consolidated Debt | $10.5 | $11.0 |
Table 4. Commercial Airplanes | Third Quarter | Nine months | ||||||||||||||||||||
(Dollars in Millions) | 2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||||||
Commercial Airplanes Deliveries | 188 | 199 | (6)% | 563 | 580 | (3)% | ||||||||||||||||
Revenues | $16,973 | $17,692 | (4)% | $48,828 | $49,950 | (2)% | ||||||||||||||||
Earnings from Operations | $1,597 | $1,768 | (10)% | $1,657 | $4,591 | (64)% | ||||||||||||||||
Operating Margin | 9.4 | % | 10.0 | % | (0.6) Pts | 3.4 | % | 9.2 | % | (5.8) Pts |
Table 5. Defense, Space & Security | Third Quarter | Nine months | ||||||||||||||||||||
(Dollars in Millions) | 2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||||||
Revenues1 | ||||||||||||||||||||||
Boeing Military Aircraft | $3,260 | $4,037 | (19)% | $9,898 | $10,237 | (3)% | ||||||||||||||||
Network & Space Systems | $1,701 | $2,127 | (20)% | $5,246 | $5,797 | (10)% | ||||||||||||||||
Global Services & Support | $2,547 | $2,186 | 17% | $7,494 | $6,569 | 14% | ||||||||||||||||
Total BDS Revenues | $7,508 | $8,350 | (10)% | $22,638 | $22,603 | — | ||||||||||||||||
Earnings from Operations1 | ||||||||||||||||||||||
Boeing Military Aircraft | $434 | $494 | (12)% | $943 | $874 | 8% | ||||||||||||||||
Network & Space Systems | $35 | $245 | (86)% | $336 | $563 | (40)% | ||||||||||||||||
Global Services & Support | $315 | $283 | 11% | $920 | $874 | 5% | ||||||||||||||||
Total BDS Earnings from Operations | $784 | $1,022 | (23)% | $2,199 | $2,311 | (5)% | ||||||||||||||||
Operating Margin | 10.4 | % | 12.2 | % | (1.8) Pts | 9.7 | % | 10.2 | % | (0.5) Pts |
Table 6. Additional Financial Information | Third Quarter | Nine months | ||||||||||||||
(Dollars in Millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Revenues | ||||||||||||||||
Boeing Capital | $63 | $114 | $211 | $315 | ||||||||||||
Unallocated items, eliminations and other | ($646 | ) | ($307 | ) | ($392 | ) | ($327 | ) | ||||||||
Earnings from Operations | ||||||||||||||||
Boeing Capital | $13 | $10 | $36 | $41 | ||||||||||||
Unallocated pension/postretirement | $88 | ($57 | ) | $251 | ($200 | ) | ||||||||||
Other unallocated items and eliminations | ($200 | ) | ($163 | ) | ($492 | ) | ($461 | ) | ||||||||
Other income/(loss), net | $2 | ($26 | ) | $41 | ($23 | ) | ||||||||||
Interest and debt expense | ($81 | ) | ($67 | ) | ($227 | ) | ($203 | ) | ||||||||
Effective tax rate | (3.4 | )% | 31.5 | % | 5.8 | % | 31.5 | % |
Table 7. 2016 Financial Outlook | Current | Prior | |
(Dollars in Billions, except per share data) | Guidance | Guidance | |
The Boeing Company | |||
Revenue | $93.5 - 95.5 | $93.0 - 95.0 | |
GAAP Earnings Per Share | $7.10 - 7.30 | $6.40 - 6.60 | |
Core Earnings Per Share* | $6.80 - 7.00 | $6.10 - 6.30 | |
Operating Cash Flow | ~$10.0 | ~$10.0 | |
Commercial Airplanes | |||
Deliveries | 745 - 750 | 740 - 745 | |
Revenue | $64.5 - 65.5 | $64.0 - 65.0 | |
Operating Margin | 4.5% - 5.0 | 4.5% - 5.0 | |
Defense, Space & Security | |||
Revenue | |||
Boeing Military Aircraft | ~$12.4 | ~$12.3 | |
Network & Space Systems | ~$7.0 | ~$7.3 | |
Global Services & Support | ~$9.6 | ~$9.4 | |
Total BDS Revenue | $28.5 - 29.5 | $28.5 - 29.5 | |
Operating Margin | |||
Boeing Military Aircraft | ~9.5% | ~9.5% | |
Network & Space Systems | ~7.5% | ~9.0% | |
Global Services & Support | ~12.5% | ~12.0% | |
Total BDS Operating Margin | >10.0% | >10.0% | |
Boeing Capital | |||
Portfolio Size | Stable | Stable | |
Revenue | ~$0.3 | ~$0.3 | |
Pre-Tax Earnings | ~$0.05 | ~$0.05 | |
Research & Development | ~ $4.8 | ~ $4.8 | |
Capital Expenditures | ~ $2.8 | ~ $2.8 | |
Pension Expense 1 | ~ $2.1 | ~ $2.1 | |
Effective Tax Rate | ~ 14.0% | ~ 23.0% |
Investor Relations: | Troy Lahr or Ben Hackman (312) 544-2140 | |
Communications: | Bernard Choi (312) 544-2002 |
Nine months ended September 30 | Three months ended September 30 | ||||||||||||||
(Dollars in millions, except per share data) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Sales of products | $63,563 | $64,408 | $21,494 | $23,000 | |||||||||||
Sales of services | 7,722 | 8,133 | 2,404 | 2,849 | |||||||||||
Total revenues | 71,285 | 72,541 | 23,898 | 25,849 | |||||||||||
Cost of products | (55,117 | ) | (55,020 | ) | (17,907 | ) | (19,393 | ) | |||||||
Cost of services | (6,163 | ) | (6,377 | ) | (1,983 | ) | (2,191 | ) | |||||||
Boeing Capital interest expense | (46 | ) | (49 | ) | (14 | ) | (16 | ) | |||||||
Total costs and expenses | (61,326 | ) | (61,446 | ) | (19,904 | ) | (21,600 | ) | |||||||
9,959 | 11,095 | 3,994 | 4,249 | ||||||||||||
Income from operating investments, net | 220 | 207 | 69 | 78 | |||||||||||
General and administrative expense | (2,617 | ) | (2,594 | ) | (923 | ) | (889 | ) | |||||||
Research and development expense, net | (3,901 | ) | (2,426 | ) | (857 | ) | (857 | ) | |||||||
(Loss)/gain on dispositions, net | (10 | ) | (1 | ) | (1 | ) | |||||||||
Earnings from operations | 3,651 | 6,282 | 2,282 | 2,580 | |||||||||||
Other income/(loss), net | 41 | (23 | ) | 2 | (26 | ) | |||||||||
Interest and debt expense | (227 | ) | (203 | ) | (81 | ) | (67 | ) | |||||||
Earnings before income taxes | 3,465 | 6,056 | 2,203 | 2,487 | |||||||||||
Income tax (expense)/benefit | (201 | ) | (1,906 | ) | 76 | (783 | ) | ||||||||
Net earnings | $3,264 | $4,150 | $2,279 | $1,704 | |||||||||||
Basic earnings per share | $5.09 | $5.99 | $3.64 | $2.50 | |||||||||||
Diluted earnings per share | $5.04 | $5.92 | $3.60 | $2.47 | |||||||||||
Cash dividends paid per share | $3.27 | $2.73 | $1.09 | $0.91 | |||||||||||
Weighted average diluted shares (millions) | 647.9 | 700.9 | 632.7 | 689.0 |
(Dollars in millions, except per share data) | September 30 2016 | December 31 2015 | |||||
Assets | |||||||
Cash and cash equivalents | $8,986 | $11,302 | |||||
Short-term and other investments | 682 | 750 | |||||
Accounts receivable, net | 9,524 | 8,713 | |||||
Current portion of customer financing, net | 365 | 212 | |||||
Inventories, net of advances and progress billings | 42,680 | 47,257 | |||||
Total current assets | 62,237 | 68,234 | |||||
Customer financing, net | 3,401 | 3,358 | |||||
Property, plant and equipment, net of accumulated depreciation of $16,752 and $16,286 | 12,713 | 12,076 | |||||
Goodwill | 5,128 | 5,126 | |||||
Acquired intangible assets, net | 2,488 | 2,657 | |||||
Deferred income taxes | 265 | 265 | |||||
Investments | 1,303 | 1,284 | |||||
Other assets, net of accumulated amortization of $470 and $451 | 1,415 | 1,408 | |||||
Total assets | $88,950 | $94,408 | |||||
Liabilities and equity | |||||||
Accounts payable | $11,968 | $10,800 | |||||
Accrued liabilities | 13,243 | 14,014 | |||||
Advances and billings in excess of related costs | 22,646 | 24,364 | |||||
Short-term debt and current portion of long-term debt | 632 | 1,234 | |||||
Total current liabilities | 48,489 | 50,412 | |||||
Deferred income taxes | 2,211 | 2,392 | |||||
Accrued retiree health care | 6,544 | 6,616 | |||||
Accrued pension plan liability, net | 18,003 | 17,783 | |||||
Other long-term liabilities | 1,729 | 2,078 | |||||
Long-term debt | 9,824 | 8,730 | |||||
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 | 4,808 | 4,834 | |||||
Treasury stock, at cost - 393,301,648 and 345,637,354 shares | (35,763 | ) | (29,568 | ) | |||
Retained earnings | 40,641 | 38,756 | |||||
Accumulated other comprehensive loss | (12,658 | ) | (12,748 | ) | |||
Total shareholders’ equity | 2,089 | 6,335 | |||||
Noncontrolling interests | 61 | 62 | |||||
Total equity | 2,150 | 6,397 | |||||
Total liabilities and equity | $88,950 | $94,408 |
Nine months ended September 30 | |||||||
(Dollars in millions) | 2016 | 2015 | |||||
Cash flows – operating activities: | |||||||
Net earnings | $3,264 | $4,150 | |||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||
Non-cash items – | |||||||
Share-based plans expense | 144 | 141 | |||||
Depreciation and amortization | 1,364 | 1,349 | |||||
Investment/asset impairment charges, net | 61 | 124 | |||||
Customer financing valuation benefit | (5 | ) | (3 | ) | |||
Loss on dispositions, net | 10 | ||||||
Other charges and credits, net | 219 | 230 | |||||
Excess tax benefits from share-based payment arrangements | (139 | ) | |||||
Changes in assets and liabilities – | |||||||
Accounts receivable | (517 | ) | (1,202 | ) | |||
Inventories, net of advances and progress billings | 4,334 | (2,186 | ) | ||||
Accounts payable | 1,366 | 1,058 | |||||
Accrued liabilities | 82 | (196 | ) | ||||
Advances and billings in excess of related costs | (1,717 | ) | 270 | ||||
Income taxes receivable, payable and deferred | (725 | ) | 824 | ||||
Other long-term liabilities | (67 | ) | 40 | ||||
Pension and other postretirement plans | 144 | 1,837 | |||||
Customer financing, net | (195 | ) | 45 | ||||
Other | (95 | ) | (98 | ) | |||
Net cash provided by operating activities | 7,667 | 6,244 | |||||
Cash flows – investing activities: | |||||||
Property, plant and equipment additions | (2,014 | ) | (1,827 | ) | |||
Property, plant and equipment reductions | 14 | 24 | |||||
Acquisitions, net of cash acquired | (23 | ) | |||||
Contributions to investments | (928 | ) | (1,341 | ) | |||
Proceeds from investments | 956 | 2,169 | |||||
Other | 8 | 33 | |||||
Net cash used by investing activities | (1,964 | ) | (965 | ) | |||
Cash flows – financing activities: | |||||||
New borrowings | 1,323 | 761 | |||||
Debt repayments | (836 | ) | (864 | ) | |||
Stock options exercised | 192 | 331 | |||||
Excess tax benefits from share-based payment arrangements | 139 | ||||||
Employee taxes on certain share-based payment arrangements | (83 | ) | (93 | ) | |||
Common shares repurchased | (6,501 | ) | (6,001 | ) | |||
Dividends paid | (2,084 | ) | (1,882 | ) | |||
Other | (24 | ) | |||||
Net cash used by financing activities | (8,013 | ) | (7,609 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | (6 | ) | (20 | ) | |||
Net decrease in cash and cash equivalents | (2,316 | ) | (2,350 | ) | |||
Cash and cash equivalents at beginning of year | 11,302 | 11,733 | |||||
Cash and cash equivalents at end of period | $8,986 | $9,383 |
Nine months ended September 30 | Three months ended September 30 | ||||||||||||||
(Dollars in millions) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Revenues: | |||||||||||||||
Commercial Airplanes | $48,828 | $49,950 | $16,973 | $17,692 | |||||||||||
Defense, Space & Security: | |||||||||||||||
Boeing Military Aircraft | 9,898 | 10,237 | 3,260 | 4,037 | |||||||||||
Network & Space Systems | 5,246 | 5,797 | 1,701 | 2,127 | |||||||||||
Global Services & Support | 7,494 | 6,569 | 2,547 | 2,186 | |||||||||||
Total Defense, Space & Security | 22,638 | 22,603 | 7,508 | 8,350 | |||||||||||
Boeing Capital | 211 | 315 | 63 | 114 | |||||||||||
Unallocated items, eliminations and other | (392 | ) | (327 | ) | (646 | ) | (307 | ) | |||||||
Total revenues | $71,285 | $72,541 | $23,898 | $25,849 | |||||||||||
Earnings from operations: | |||||||||||||||
Commercial Airplanes | $1,657 | $4,591 | $1,597 | $1,768 | |||||||||||
Defense, Space & Security: | |||||||||||||||
Boeing Military Aircraft | 943 | 874 | 434 | 494 | |||||||||||
Network & Space Systems | 336 | 563 | 35 | 245 | |||||||||||
Global Services & Support | 920 | 874 | 315 | 283 | |||||||||||
Total Defense, Space & Security | 2,199 | 2,311 | 784 | 1,022 | |||||||||||
Boeing Capital | 36 | 41 | 13 | 10 | |||||||||||
Segment operating profit | 3,892 | 6,943 | 2,394 | 2,800 | |||||||||||
Unallocated items, eliminations and other | (241 | ) | (661 | ) | (112 | ) | (220 | ) | |||||||
Earnings from operations | 3,651 | 6,282 | 2,282 | 2,580 | |||||||||||
Other income/(loss), net | 41 | (23 | ) | 2 | (26 | ) | |||||||||
Interest and debt expense | (227 | ) | (203 | ) | (81 | ) | (67 | ) | |||||||
Earnings before income taxes | 3,465 | 6,056 | 2,203 | 2,487 | |||||||||||
Income tax (expense)/benefit | (201 | ) | (1,906 | ) | 76 | (783 | ) | ||||||||
Net earnings | $3,264 | $4,150 | $2,279 | $1,704 | |||||||||||
Research and development expense, net: | |||||||||||||||
Commercial Airplanes | $3,194 | $1,713 | $646 | $616 | |||||||||||
Defense, Space & Security | 750 | 715 | 229 | 241 | |||||||||||
Other | (43 | ) | (2 | ) | (18 | ) | |||||||||
Total research and development expense, net | $3,901 | $2,426 | $857 | $857 | |||||||||||
Unallocated items, eliminations and other | |||||||||||||||
Share-based plans | ($50 | ) | ($57 | ) | ($9 | ) | ($20 | ) | |||||||
Deferred compensation | (38 | ) | (10 | ) | (33 | ) | 38 | ||||||||
Amortization of previously capitalized interest | (71 | ) | (70 | ) | (23 | ) | (21 | ) | |||||||
Eliminations and other unallocated items | (333 | ) | (324 | ) | (135 | ) | (160 | ) | |||||||
Sub-total (included in core operating earnings) | (492 | ) | (461 | ) | (200 | ) | (163 | ) | |||||||
Pension | 129 | (293 | ) | 50 | (84 | ) | |||||||||
Postretirement | 122 | 93 | 38 | 27 | |||||||||||
Total unallocated items, eliminations and other | ($241 | ) | ($661 | ) | ($112 | ) | ($220 | ) |
Deliveries | Nine months ended September 30 | Three months ended September 30 | |||||||||||
Commercial Airplanes | 2016 | 2015 | 2016 | 2015 | |||||||||
737 | 368 | 375 | 120 | 126 | |||||||||
747 | 8 | (3) | 13 | (1) | 5 | (3) | 4 | (1) | |||||
767 | 10 | 14 | 5 | 5 | |||||||||
777 | 73 | 77 | 22 | 27 | |||||||||
787 | 104 | 101 | 36 | 37 | |||||||||
Total | 563 | 580 | 188 | 199 | |||||||||
Note: Deliveries under operating lease are identified by parentheses. | |||||||||||||
Defense, Space & Security | |||||||||||||
Boeing Military Aircraft | |||||||||||||
AH-64 Apache (New) | 25 | 18 | 10 | 6 | |||||||||
AH-64 Apache (Remanufactured) | 27 | 33 | 9 | 10 | |||||||||
C-17 Globemaster III | 4 | 5 | 2 | ||||||||||
CH-47 Chinook (New) | 17 | 35 | 7 | 14 | |||||||||
CH-47 Chinook (Renewed) | 23 | 6 | 7 | 1 | |||||||||
F-15 Models | 11 | 8 | 4 | 3 | |||||||||
F/A-18 Models | 20 | 28 | 6 | 8 | |||||||||
P-8 Models | 13 | 10 | 4 | 4 | |||||||||
Global Services & Support | |||||||||||||
C-40A | 1 | ||||||||||||
Network & Space Systems | |||||||||||||
Commercial and Civil Satellites | 3 | 1 | 2 | ||||||||||
Military Satellites | 2 | 1 | 1 | ||||||||||
Contractual backlog (Dollars in billions) | September 30 2016 | December 31 2015 | ||||||
Commercial Airplanes | $408.8 | $431.4 | ||||||
Defense, Space & Security: | ||||||||
Boeing Military Aircraft | 20.8 | 19.9 | ||||||
Network & Space Systems | 6.5 | 7.4 | ||||||
Global Services & Support | 12.8 | 17.9 | ||||||
Total Defense, Space & Security | 40.1 | 45.2 | ||||||
Total contractual backlog | $448.9 | $476.6 | ||||||
Unobligated backlog | $13.1 | $12.7 | ||||||
Total backlog | $462.0 | $489.3 | ||||||
Workforce | 154,700 | 161,400 |
(Dollars in millions, except per share data) | Third Quarter | Nine months | Guidance | ||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | |||||||||||||
Revenues | $23,898 | $25,849 | $71,285 | $72,541 | |||||||||||||
GAAP Earnings From Operations | $2,282 | $2,580 | $3,651 | $6,282 | |||||||||||||
Increase/(Decrease) in GAAP Earnings From Operations | (12 | %) | (42 | %) | |||||||||||||
GAAP Operating Margin | 9.5 | % | 10.0 | % | 5.1 | % | 8.7 | % | |||||||||
Unallocated Pension (Income)/Expense | ($50 | ) | $84 | ($129 | ) | $293 | |||||||||||
Unallocated Other Postretirement Benefit Income | ($38 | ) | ($27 | ) | ($122 | ) | ($93 | ) | |||||||||
Unallocated Pension and Other Postretirement Benefit (Income)/Expense | ($88 | ) | $57 | ($251 | ) | $200 | ~($300) | ||||||||||
Core Operating Earnings (non-GAAP) | $2,194 | $2,637 | $3,400 | $6,482 | |||||||||||||
Increase/(Decrease) in Core Operating Earnings (non-GAAP) | (17 | %) | (48 | %) | |||||||||||||
Core Operating Margin (non-GAAP) | 9.2 | % | 10.2 | % | 4.8 | % | 8.9 | % | |||||||||
GAAP Diluted Earnings Per Share | $3.60 | $2.47 | $5.04 | $5.92 | $7.10 - $7.30 | ||||||||||||
Unallocated Pension (Income)/Expense | ($0.08 | ) | $0.12 | ($0.20 | ) | $0.42 | |||||||||||
Unallocated Postretirement Benefit (Income)/Expense | ($0.06 | ) | ($0.04 | ) | ($0.19 | ) | ($0.13 | ) | ($0.30) | ||||||||
Provision for deferred income taxes on adjustments (1) | $0.05 | ($0.03 | ) | $0.14 | ($0.10 | ) | |||||||||||
Core Earnings Per Share (non-GAAP) | $3.51 | $2.52 | $4.79 | $6.11 | $6.80 - $7.00 | ||||||||||||
Weighted Average Diluted Shares (millions) | 632.7 | 689.0 | 647.9 | 700.9 | 645 - 650 | ||||||||||||
Increase/(Decrease) in GAAP Earnings Per Share | 46 | % | (15 | %) | |||||||||||||
Increase/(Decrease) in Core Earnings Per Share (non-GAAP) | 39 | % | (22 | %) | |||||||||||||
(1) The income tax impact is calculated using the tax rate in effect for the non-GAAP adjustments. |
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