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 25, 2017, reporting Boeing's financial results for the fourth quarter of 2016, furnished herewith. |
THE BOEING COMPANY | ||||
(Registrant) | ||||
/s/ Robert E. Verbeck | ||||
Robert E. Verbeck | ||||
Senior Vice President, Finance and Corporate Controller | ||||
January 25, 2017 |
Exhibit Number | Description | |
99.1 | Press Release issued by The Boeing Company dated January 25, 2017, reporting Boeing's financial results for the fourth quarter of 2016, furnished herewith. |
Exhibit 99.1 | ||
News Release | ||
Boeing Corporate Offices 100 North Riverside Plaza Chicago, IL 60606-1596 www.boeing.com |
▪ | Operating cash flow of $2.8 billion driven by solid operating performance |
▪ | GAAP EPS of $2.59 and core EPS (non-GAAP)* of $2.47 on solid execution |
▪ | Revenue of $94.6 billion reflecting 926 commercial and defense aircraft deliveries and services growth |
▪ | Record operating cash flow of $10.5 billion; repurchased 55.1 million shares for $7.0 billion |
▪ | Backlog remains robust at $473 billion with more than 5,700 commercial airplane orders |
▪ | Cash and marketable securities of $10.0 billion provide strong liquidity |
▪ | Operating cash flow expected to increase to approximately $10.75 billion |
▪ | 2017 GAAP EPS of between $10.25 and $10.45; core EPS (non-GAAP)* of between $9.10 and $9.30 |
Table 1. Summary Financial Results | Fourth Quarter | Full Year | ||||||||||||||||||||
(Dollars in Millions, except per share data) | 2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||||||
Revenues | $23,286 | $23,573 | (1)% | $94,571 | $96,114 | (2)% | ||||||||||||||||
GAAP | ||||||||||||||||||||||
Earnings From Operations | $2,183 | $1,161 | 88% | $5,834 | $7,443 | (22)% | ||||||||||||||||
Operating Margin | 9.4 | % | 4.9 | % | 4.5 Pts | 6.2 | % | 7.7 | % | (1.5) Pts | ||||||||||||
Net Earnings | $1,631 | $1,026 | 59% | $4,895 | $5,176 | (5)% | ||||||||||||||||
Earnings Per Share | $2.59 | $1.51 | 72% | $7.61 | $7.44 | 2% | ||||||||||||||||
Operating Cash Flow | $2,832 | $3,119 | (9)% | $10,499 | $9,363 | 12% | ||||||||||||||||
Non-GAAP* | ||||||||||||||||||||||
Core Operating Earnings | $2,064 | $1,259 | 64% | $5,464 | $7,741 | (29)% | ||||||||||||||||
Core Operating Margin | 8.9 | % | 5.3 | % | 3.6 Pts | 5.8 | % | 8.1 | % | (2.3) Pts | ||||||||||||
Core Earnings Per Share | $2.47 | $1.60 | 54% | $7.24 | $7.72 | (6)% |
Table 2. Cash Flow | Fourth Quarter | Full Year | ||||||||||||||
(Millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Operating Cash Flow | $2,832 | $3,119 | $10,499 | $9,363 | ||||||||||||
Less Additions to Property, Plant & Equipment | ($599 | ) | ($623 | ) | ($2,613 | ) | ($2,450 | ) | ||||||||
Free Cash Flow* | $2,233 | $2,496 | $7,886 | $6,913 |
Table 3. Cash, Marketable Securities and Debt Balances | Quarter-End | |||||||
(Billions) | Q4 16 | Q3 16 | ||||||
Cash | $8.8 | $9.0 | ||||||
Marketable Securities1 | $1.2 | $0.7 | ||||||
Total | $10.0 | $9.7 | ||||||
Debt Balances: | ||||||||
The Boeing Company, net of intercompany loans to BCC | $7.1 | $8.1 | ||||||
Boeing Capital, including intercompany loans | $2.9 | $2.4 | ||||||
Total Consolidated Debt | $10.0 | $10.5 |
Table 4. Commercial Airplanes | Fourth Quarter | Full Year | |||||||||||||||||||
(Dollars in Millions) | 2016 | 2015 | Change | 2016 | 2015 | Change | |||||||||||||||
Commercial Airplanes Deliveries | 185 | 182 | 2% | 748 | 762 | (2)% | |||||||||||||||
Revenues | $16,241 | $16,098 | 1% | $65,069 | $66,048 | (1)% | |||||||||||||||
Earnings from Operations | $1,473 | $566 | 160% | $3,130 | $5,157 | (39)% | |||||||||||||||
Operating Margin | 9.1 | % | 3.5 | % | 5.6 Pts | 4.8 | % | 7.8 | % | (3.0) Pts |
Table 5. Defense, Space & Security | Fourth Quarter | Full Year | ||||||||||||||||||||
(Dollars in Millions) | 2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||||||
Revenues1 | ||||||||||||||||||||||
Boeing Military Aircraft | $2,617 | $3,187 | (18)% | $12,515 | $13,424 | (7)% | ||||||||||||||||
Network & Space Systems | $1,800 | $1,954 | (8)% | $7,046 | $7,751 | (9)% | ||||||||||||||||
Global Services & Support | $2,443 | $2,644 | (8)% | $9,937 | $9,213 | 8% | ||||||||||||||||
Total BDS Revenues | $6,860 | $7,785 | (12)% | $29,498 | $30,388 | (3)% | ||||||||||||||||
Earnings from Operations1 | ||||||||||||||||||||||
Boeing Military Aircraft | $288 | $437 | (34)% | $1,231 | $1,311 | (6)% | ||||||||||||||||
Network & Space Systems | $157 | $163 | (4)% | $493 | $726 | (32)% | ||||||||||||||||
Global Services & Support | $364 | $363 | — | $1,284 | $1,237 | 4% | ||||||||||||||||
Total BDS Earnings from Operations | $809 | $963 | (16)% | $3,008 | $3,274 | (8)% | ||||||||||||||||
Operating Margin | 11.8 | % | 12.4 | % | (0.6) Pts | 10.2 | % | 10.8 | % | (0.6) Pts |
Table 6. Additional Financial Information | Fourth Quarter | Full Year | ||||||||||||||
(Dollars in Millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Revenues | ||||||||||||||||
Boeing Capital | $87 | $98 | $298 | $413 | ||||||||||||
Unallocated items, eliminations and other | $98 | ($408 | ) | ($294 | ) | ($735 | ) | |||||||||
Earnings from Operations | ||||||||||||||||
Boeing Capital | $23 | $9 | $59 | $50 | ||||||||||||
Unallocated pension/postretirement | $119 | ($98 | ) | $370 | ($298 | ) | ||||||||||
Other unallocated items and eliminations | ($241 | ) | ($279 | ) | ($733 | ) | ($740 | ) | ||||||||
Other (loss)/income, net | ($1 | ) | $10 | $40 | ($13 | ) | ||||||||||
Interest and debt expense | ($79 | ) | ($72 | ) | ($306 | ) | ($275 | ) | ||||||||
Effective tax rate | 22.4 | % | 6.6 | % | 12.1 | % | 27.7 | % |
Table 7. 2017 Financial Outlook | |||
(Dollars in Billions, except per share data) | 2017 | ||
The Boeing Company | |||
Revenue | $90.5 - 92.5 | ||
GAAP Earnings Per Share | $10.25 - 10.45 | ||
Core Earnings Per Share* | $9.10 - 9.30 | ||
Operating Cash Flow | ~$10.75 | ||
Commercial Airplanes | |||
Deliveries | 760 - 765 | ||
Revenue | $62.5 - 63.5 | ||
Operating Margin | 9.5% - 10.0 | ||
Defense, Space & Security | |||
Revenue | |||
Boeing Military Aircraft | ~$11.5 | ||
Network & Space Systems | ~$7.0 | ||
Global Services & Support | ~$10.0 | ||
Total BDS Revenue | $28.0 - 29.0 | ||
Operating Margin | |||
Boeing Military Aircraft | ~12.0% | ||
Network & Space Systems | ~9.0% | ||
Global Services & Support | >12.5% | ||
Total BDS Operating Margin | ~11.5% | ||
Boeing Capital | |||
Portfolio Size | Stable | ||
Revenue | ~$0.3 | ||
Pre-Tax Earnings | ~$0.05 | ||
Research & Development | ~ $3.6 | ||
Capital Expenditures | ~ $2.3 | ||
Pension Expense 1 | ~ $0.7 | ||
Effective Tax Rate | ~ 32.0% |
Investor Relations: | Troy Lahr or Ben Hackman (312) 544-2140 | |
Communications: | Bernard Choi (312) 544-2002 |
Twelve months ended December 31 | Three months ended December 31 | ||||||||||||||
(Dollars in millions, except per share data) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Sales of products | $84,399 | $85,255 | $20,836 | $20,847 | |||||||||||
Sales of services | 10,172 | 10,859 | 2,450 | 2,726 | |||||||||||
Total revenues | 94,571 | 96,114 | 23,286 | 23,573 | |||||||||||
Cost of products | (72,713 | ) | (73,446 | ) | (17,596 | ) | (18,426 | ) | |||||||
Cost of services | (8,018 | ) | (8,578 | ) | (1,855 | ) | (2,201 | ) | |||||||
Boeing Capital interest expense | (59 | ) | (64 | ) | (13 | ) | (15 | ) | |||||||
Total costs and expenses | (80,790 | ) | (82,088 | ) | (19,464 | ) | (20,642 | ) | |||||||
13,781 | 14,026 | 3,822 | 2,931 | ||||||||||||
Income from operating investments, net | 303 | 274 | 83 | 67 | |||||||||||
General and administrative expense | (3,616 | ) | (3,525 | ) | (999 | ) | (931 | ) | |||||||
Research and development expense, net | (4,627 | ) | (3,331 | ) | (726 | ) | (905 | ) | |||||||
(Loss)/gain on dispositions, net | (7 | ) | (1 | ) | 3 | (1 | ) | ||||||||
Earnings from operations | 5,834 | 7,443 | 2,183 | 1,161 | |||||||||||
Other income/(loss), net | 40 | (13 | ) | (1 | ) | 10 | |||||||||
Interest and debt expense | (306 | ) | (275 | ) | (79 | ) | (72 | ) | |||||||
Earnings before income taxes | 5,568 | 7,155 | 2,103 | 1,099 | |||||||||||
Income tax expense | (673 | ) | (1,979 | ) | (472 | ) | (73 | ) | |||||||
Net earnings | $4,895 | $5,176 | $1,631 | $1,026 | |||||||||||
Basic earnings per share | $7.70 | $7.52 | $2.63 | $1.52 | |||||||||||
Diluted earnings per share | $7.61 | $7.44 | $2.59 | $1.51 | |||||||||||
Cash dividends paid per share | $4.36 | $3.64 | $1.09 | $0.91 | |||||||||||
Weighted average diluted shares (millions) | 643.8 | 696.1 | 630.3 | 681.2 |
(Dollars in millions, except per share data) | December 31 2016 | December 31 2015 | |||||
Assets | |||||||
Cash and cash equivalents | $8,801 | $11,302 | |||||
Short-term and other investments | 1,228 | 750 | |||||
Accounts receivable, net | 8,832 | 8,713 | |||||
Current portion of customer financing, net | 428 | 212 | |||||
Inventories, net of advances and progress billings | 43,199 | 47,257 | |||||
Total current assets | 62,488 | 68,234 | |||||
Customer financing, net | 3,773 | 3,358 | |||||
Property, plant and equipment, net of accumulated depreciation of $16,883 and $16,286 | 12,807 | 12,076 | |||||
Goodwill | 5,324 | 5,126 | |||||
Acquired intangible assets, net | 2,540 | 2,657 | |||||
Deferred income taxes | 332 | 265 | |||||
Investments | 1,317 | 1,284 | |||||
Other assets, net of accumulated amortization of $497 and $451 | 1,416 | 1,408 | |||||
Total assets | $89,997 | $94,408 | |||||
Liabilities and equity | |||||||
Accounts payable | $11,190 | $10,800 | |||||
Accrued liabilities | 14,691 | 14,014 | |||||
Advances and billings in excess of related costs | 23,869 | 24,364 | |||||
Short-term debt and current portion of long-term debt | 384 | 1,234 | |||||
Total current liabilities | 50,134 | 50,412 | |||||
Deferred income taxes | 1,338 | 2,392 | |||||
Accrued retiree health care | 5,916 | 6,616 | |||||
Accrued pension plan liability, net | 19,943 | 17,783 | |||||
Other long-term liabilities | 2,221 | 2,078 | |||||
Long-term debt | 9,568 | 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 | 4,762 | 4,834 | |||||
Treasury stock, at cost - 395,109,568 and 345,637,354 shares | (36,097 | ) | (29,568 | ) | |||
Retained earnings | 40,714 | 38,756 | |||||
Accumulated other comprehensive loss | (13,623 | ) | (12,748 | ) | |||
Total shareholders’ equity | 817 | 6,335 | |||||
Noncontrolling interests | 60 | 62 | |||||
Total equity | 877 | 6,397 | |||||
Total liabilities and equity | $89,997 | $94,408 |
Twelve months ended December 31 | |||||||
(Dollars in millions) | 2016 | 2015 | |||||
Cash flows – operating activities: | |||||||
Net earnings | $4,895 | $5,176 | |||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||
Non-cash items – | |||||||
Share-based plans expense | 190 | 189 | |||||
Depreciation and amortization | 1,910 | 1,833 | |||||
Investment/asset impairment charges, net | 90 | 167 | |||||
Customer financing valuation benefit | (7 | ) | (5 | ) | |||
Loss on dispositions, net | 7 | 1 | |||||
Other charges and credits, net | 369 | 364 | |||||
Excess tax benefits from share-based payment arrangements | (157 | ) | |||||
Changes in assets and liabilities – | |||||||
Accounts receivable | 112 | (1,069 | ) | ||||
Inventories, net of advances and progress billings | 3,755 | (1,110 | ) | ||||
Accounts payable | 622 | (238 | ) | ||||
Accrued liabilities | 726 | 2 | |||||
Advances and billings in excess of related costs | (493 | ) | 1,192 | ||||
Income taxes receivable, payable and deferred | (810 | ) | 477 | ||||
Other long-term liabilities | (68 | ) | 46 | ||||
Pension and other postretirement plans | 153 | 2,470 | |||||
Customer financing, net | (696 | ) | 167 | ||||
Other | (256 | ) | (142 | ) | |||
Net cash provided by operating activities | 10,499 | 9,363 | |||||
Cash flows – investing activities: | |||||||
Property, plant and equipment additions | (2,613 | ) | (2,450 | ) | |||
Property, plant and equipment reductions | 38 | 42 | |||||
Acquisitions, net of cash acquired | (297 | ) | (31 | ) | |||
Contributions to investments | (1,719 | ) | (2,036 | ) | |||
Proceeds from investments | 1,209 | 2,590 | |||||
Other | 2 | 39 | |||||
Net cash used by investing activities | (3,380 | ) | (1,846 | ) | |||
Cash flows – financing activities: | |||||||
New borrowings | 1,325 | 1,746 | |||||
Debt repayments | (1,359 | ) | (885 | ) | |||
Repayments of distribution rights and other asset financing | (24 | ) | |||||
Stock options exercised | 321 | 399 | |||||
Excess tax benefits from share-based payment arrangements | 157 | ||||||
Employee taxes on certain share-based payment arrangements | (93 | ) | (96 | ) | |||
Common shares repurchased | (7,001 | ) | (6,751 | ) | |||
Dividends paid | (2,756 | ) | (2,490 | ) | |||
Net cash used by financing activities | (9,587 | ) | (7,920 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | (33 | ) | (28 | ) | |||
Net decrease in cash and cash equivalents | (2,501 | ) | (431 | ) | |||
Cash and cash equivalents at beginning of year | 11,302 | 11,733 | |||||
Cash and cash equivalents at end of period | $8,801 | $11,302 |
Twelve months ended December 31 | Three months ended December 31 | ||||||||||||||
(Dollars in millions) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Revenues: | |||||||||||||||
Commercial Airplanes | $65,069 | $66,048 | $16,241 | $16,098 | |||||||||||
Defense, Space & Security: | |||||||||||||||
Boeing Military Aircraft | 12,515 | 13,424 | 2,617 | 3,187 | |||||||||||
Network & Space Systems | 7,046 | 7,751 | 1,800 | 1,954 | |||||||||||
Global Services & Support | 9,937 | 9,213 | 2,443 | 2,644 | |||||||||||
Total Defense, Space & Security | 29,498 | 30,388 | 6,860 | 7,785 | |||||||||||
Boeing Capital | 298 | 413 | 87 | 98 | |||||||||||
Unallocated items, eliminations and other | (294 | ) | (735 | ) | 98 | (408 | ) | ||||||||
Total revenues | $94,571 | $96,114 | $23,286 | $23,573 | |||||||||||
Earnings from operations: | |||||||||||||||
Commercial Airplanes | $3,130 | $5,157 | $1,473 | $566 | |||||||||||
Defense, Space & Security: | |||||||||||||||
Boeing Military Aircraft | 1,231 | 1,311 | 288 | 437 | |||||||||||
Network & Space Systems | 493 | 726 | 157 | 163 | |||||||||||
Global Services & Support | 1,284 | 1,237 | 364 | 363 | |||||||||||
Total Defense, Space & Security | 3,008 | 3,274 | 809 | 963 | |||||||||||
Boeing Capital | 59 | 50 | 23 | 9 | |||||||||||
Segment operating profit | 6,197 | 8,481 | 2,305 | 1,538 | |||||||||||
Unallocated items, eliminations and other | (363 | ) | (1,038 | ) | (122 | ) | (377 | ) | |||||||
Earnings from operations | 5,834 | 7,443 | 2,183 | 1,161 | |||||||||||
Other income/(loss), net | 40 | (13 | ) | (1 | ) | 10 | |||||||||
Interest and debt expense | (306 | ) | (275 | ) | (79 | ) | (72 | ) | |||||||
Earnings before income taxes | 5,568 | 7,155 | 2,103 | 1,099 | |||||||||||
Income tax expense | (673 | ) | (1,979 | ) | (472 | ) | (73 | ) | |||||||
Net earnings | $4,895 | $5,176 | $1,631 | $1,026 | |||||||||||
Research and development expense, net: | |||||||||||||||
Commercial Airplanes | $3,755 | $2,340 | $561 | $627 | |||||||||||
Defense, Space & Security | 919 | 986 | 169 | 271 | |||||||||||
Other | (47 | ) | 5 | (4 | ) | 7 | |||||||||
Total research and development expense, net | $4,627 | $3,331 | $726 | $905 | |||||||||||
Unallocated items, eliminations and other | |||||||||||||||
Share-based plans | ($66 | ) | ($76 | ) | ($16 | ) | ($19 | ) | |||||||
Deferred compensation | (46 | ) | (63 | ) | (8 | ) | (53 | ) | |||||||
Amortization of previously capitalized interest | (94 | ) | (90 | ) | (23 | ) | (20 | ) | |||||||
Eliminations and other unallocated items | (527 | ) | (511 | ) | (194 | ) | (187 | ) | |||||||
Sub-total (included in core operating earnings) | (733 | ) | (740 | ) | (241 | ) | (279 | ) | |||||||
Pension | 217 | (421 | ) | 88 | (128 | ) | |||||||||
Postretirement | 153 | 123 | 31 | 30 | |||||||||||
Total unallocated items, eliminations and other | ($363 | ) | ($1,038 | ) | ($122 | ) | ($377 | ) |
Deliveries | Twelve months ended December 31 | Three months ended December 31 | |||||||||||
Commercial Airplanes | 2016 | 2015 | 2016 | 2015 | |||||||||
737 | 490 | 495 | 122 | 120 | |||||||||
747 | 9 | (3) | 18 | (3) | 1 | 5 | (2) | ||||||
767 | 13 | 16 | 3 | 2 | |||||||||
777 | 99 | 98 | 26 | 21 | |||||||||
787 | 137 | 135 | 33 | 34 | |||||||||
Total | 748 | 762 | 185 | 182 | |||||||||
Note: Deliveries under operating lease are identified by parentheses. | |||||||||||||
Defense, Space & Security | |||||||||||||
Boeing Military Aircraft | |||||||||||||
AH-64 Apache (New) | 31 | 23 | 6 | 5 | |||||||||
AH-64 Apache (Remanufactured) | 34 | 38 | 7 | 5 | |||||||||
C-17 Globemaster III | 4 | 5 | |||||||||||
CH-47 Chinook (New) | 25 | 41 | 8 | 6 | |||||||||
CH-47 Chinook (Renewed) | 25 | 16 | 2 | 10 | |||||||||
F-15 Models | 15 | 12 | 4 | 4 | |||||||||
F/A-18 Models | 25 | 35 | 5 | 7 | |||||||||
P-8 Models | 18 | 14 | 5 | 4 | |||||||||
Global Services & Support | |||||||||||||
AEW&C | 1 | 1 | |||||||||||
C-40A | 1 | 1 | 1 | ||||||||||
Network & Space Systems | |||||||||||||
Commercial and Civil Satellites | 5 | 3 | 2 | 2 | |||||||||
Military Satellites | 2 | 1 | |||||||||||
Contractual backlog (Dollars in billions) | December 31 2016 | September 30 2016 | December 31 2015 | |||||||||
Commercial Airplanes | $416.2 | $408.8 | $431.4 | |||||||||
Defense, Space & Security: | ||||||||||||
Boeing Military Aircraft | 21.4 | 20.8 | 19.9 | |||||||||
Network & Space Systems | 5.1 | 6.5 | 7.4 | |||||||||
Global Services & Support | 15.6 | 12.8 | 17.9 | |||||||||
Total Defense, Space & Security** | 42.1 | 40.1 | 45.2 | |||||||||
Total contractual backlog | $458.3 | $448.9 | $476.6 | |||||||||
Unobligated backlog | $15.2 | $13.1 | $12.7 | |||||||||
Total backlog | $473.5 | $462.0 | $489.3 | |||||||||
Workforce | 150,500 | 154,700 | 161,400 |
(Dollars in millions, except per share data) | Fourth Quarter | Full Year | Guidance | ||||||||||||||
2016 | 2015 | 2016 | 2015 | 2017 | |||||||||||||
Revenues | $23,286 | $23,573 | $94,571 | $96,114 | |||||||||||||
GAAP Earnings From Operations | $2,183 | $1,161 | $5,834 | $7,443 | |||||||||||||
Increase/(Decrease) in GAAP Earnings From Operations | 88 | % | (22 | %) | |||||||||||||
GAAP Operating Margin | 9.4 | % | 4.9 | % | 6.2 | % | 7.7 | % | |||||||||
Unallocated Pension (Income)/Expense | ($88 | ) | $128 | ($217 | ) | $421 | |||||||||||
Unallocated Other Postretirement Benefit Income | ($31 | ) | ($30 | ) | ($153 | ) | ($123 | ) | |||||||||
Unallocated Pension and Other Postretirement Benefit (Income)/Expense | ($119 | ) | $98 | ($370 | ) | $298 | ~($1,075) | ||||||||||
Core Operating Earnings (non-GAAP) | $2,064 | $1,259 | $5,464 | $7,741 | |||||||||||||
Increase/(Decrease) in Core Operating Earnings (non-GAAP) | 64 | % | (29 | %) | |||||||||||||
Core Operating Margin (non-GAAP) | 8.9 | % | 5.3 | % | 5.8 | % | 8.1 | % | |||||||||
GAAP Diluted Earnings Per Share | $2.59 | $1.51 | $7.61 | $7.44 | $10.25 - $10.45 | ||||||||||||
Unallocated Pension (Income)/Expense | ($0.14 | ) | $0.18 | ($0.33 | ) | $0.61 | |||||||||||
Unallocated Postretirement Benefit (Income)/Expense | ($0.05 | ) | ($0.04 | ) | ($0.24 | ) | ($0.18 | ) | ($1.15) | ||||||||
Provision for deferred income taxes on adjustments (1) | $0.07 | ($0.05 | ) | $0.20 | ($0.15 | ) | |||||||||||
Core Earnings Per Share (non-GAAP) | $2.47 | $1.60 | $7.24 | $7.72 | $9.10 - $9.30 | ||||||||||||
Weighted Average Diluted Shares (millions) | 630.3 | 681.2 | 643.8 | 696.1 | 605 - 610 | ||||||||||||
Increase/(Decrease) in GAAP Earnings Per Share | 72 | % | 2 | % | |||||||||||||
Increase/(Decrease) in Core Earnings Per Share (non-GAAP) | 54 | % | (6 | %) | |||||||||||||
(1) The income tax impact is calculated using the tax rate in effect for the non-GAAP adjustments. |
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