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 July 23, 2014, reporting Boeing's financial results for the second quarter of 2014, furnished herewith. |
THE BOEING COMPANY | ||||
(Registrant) | ||||
/s/ Robert E. Verbeck | ||||
Robert E. Verbeck | ||||
Vice President of Finance & Corporate Controller | ||||
July 23, 2014 |
Exhibit Number | Description | |
99.1 | Press release issued by The Boeing Company dated July 23, 2014, reporting Boeing’s financial results for the second quarter of 2014, furnished herewith. |
Exhibit 99.1 | ||
News Release | ||
Boeing Corporate Offices 100 North Riverside Plaza Chicago, IL 60606-1596 www.boeing.com |
▪ | Revenue of $22 billion reflects higher commercial deliveries |
▪ | Core EPS (non-GAAP)* increased 45 percent to $2.42; GAAP EPS of $2.24 |
▪ | Solid operating cash flow of $1.8 billion; strong liquidity of $11.3 billion in cash & marketable securities |
▪ | Backlog remains strong at $440 billion with over 5,200 commercial airplane orders |
▪ | Repurchased 11.4 million shares for $1.5 billion |
▪ | 2014 core EPS guidance increased $0.75 to between $7.90 and $8.10 |
Table 1. Summary Financial Results | Second Quarter | First Half | ||||||||||||||||||||
(Dollars in Millions, except per share data) | 2014 | 2013 | Change | 2014 | 2013 | Change | ||||||||||||||||
Revenues | $22,045 | $21,815 | 1% | $42,510 | $40,708 | 4% | ||||||||||||||||
Non-GAAP* | ||||||||||||||||||||||
Core Operating Earnings | $1,991 | $2,028 | (2)% | $4,086 | $3,895 | 5% | ||||||||||||||||
Core Operating Margin | 9.0 | % | 9.3 | % | (0.3) Pts | 9.6 | % | 9.6 | % | 0.0 Pts | ||||||||||||
Core Earnings Per Share | $2.42 | $1.67 | 45% | $4.16 | $3.40 | 22% | ||||||||||||||||
Operating Cash Flow Before Pension Contributions | $1,809 | $3,480 | (48)% | $2,921 | $4,004 | (27)% | ||||||||||||||||
GAAP | ||||||||||||||||||||||
Earnings From Operations | $1,787 | $1,716 | 4% | $3,329 | $3,244 | 3% | ||||||||||||||||
Operating Margin | 8.1 | % | 7.9 | % | 0.2 Pts | 7.8 | % | 8.0 | % | (0.2) Pts | ||||||||||||
Net Earnings | $1,653 | $1,088 | 52% | $2,618 | $2,194 | 19% | ||||||||||||||||
Earnings Per Share | $2.24 | $1.41 | 59% | $3.50 | $2.85 | 23% | ||||||||||||||||
Operating Cash Flow | $1,809 | $3,467 | (48)% | $2,921 | $3,991 | (27)% |
Table 2. Cash Flow | Second Quarter | First Half | ||||||||||||||
(Millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Operating Cash Flow Before Pension Contributions* | $1,809 | $3,480 | $2,921 | $4,004 | ||||||||||||
Pension Contributions | ($13 | ) | ($13 | ) | ||||||||||||
Operating Cash Flow | $1,809 | $3,467 | $2,921 | $3,991 | ||||||||||||
Less Additions to Property, Plant & Equipment | ($449 | ) | ($455 | ) | ($946 | ) | ($976 | ) | ||||||||
Free Cash Flow* | $1,360 | $3,012 | $1,975 | $3,015 |
Table 3. Cash, Marketable Securities and Debt Balances | Quarter-End | |||||||
(Billions) | Q2 14 | Q1 14 | ||||||
Cash | $7.5 | $6.9 | ||||||
Marketable Securities1 | $3.8 | $5.3 | ||||||
Total | $11.3 | $12.2 | ||||||
Debt Balances: | ||||||||
The Boeing Company, net of intercompany loans to BCC | $6.4 | $6.3 | ||||||
Boeing Capital, including intercompany loans | $2.5 | $2.6 | ||||||
Total Consolidated Debt | $8.9 | $8.9 |
Table 4. Commercial Airplanes | Second Quarter | First Half | |||||||||||||||||||
(Dollars in Millions) | 2014 | 2013 | Change | 2014 | 2013 | Change | |||||||||||||||
Commercial Airplanes Deliveries | 181 | 169 | 7% | 342 | 306 | 12% | |||||||||||||||
Revenues | $14,304 | $13,624 | 5% | $27,041 | $24,314 | 11% | |||||||||||||||
Earnings from Operations | $1,550 | $1,453 | 7% | $3,052 | $2,672 | 14 % | |||||||||||||||
Operating Margin | 10.8 | % | 10.7 | % | 0.1 Pts | 11.3 | % | 11.0 | % | 0.3 | Pts |
Table 5. Defense, Space & Security | Second Quarter | First Half | |||||||||||||||||||
(Dollars in Millions) | 2014 | 2013 | Change | 2014 | 2013 | Change | |||||||||||||||
Revenues1 | |||||||||||||||||||||
Boeing Military Aircraft | $3,523 | $3,641 | (3)% | $6,981 | $7,621 | (8)% | |||||||||||||||
Network & Space Systems | $1,920 | $2,049 | (6)% | $3,796 | $4,009 | (5)% | |||||||||||||||
Global Services & Support | $2,304 | $2,496 | (8)% | $4,603 | $4,666 | (1)% | |||||||||||||||
Total BDS Revenues | $7,747 | $8,186 | (5)% | $15,380 | $16,296 | (6)% | |||||||||||||||
Earnings from Operations1 | |||||||||||||||||||||
Boeing Military Aircraft | $165 | $386 | (57)% | $497 | $813 | (39)% | |||||||||||||||
Network & Space Systems | $150 | $137 | 9% | $318 | $293 | 9% | |||||||||||||||
Global Services & Support | $267 | $253 | 6% | $545 | $502 | 9% | |||||||||||||||
Total BDS Earnings from Operations | $582 | $776 | (25)% | $1,360 | $1,608 | (15)% | |||||||||||||||
Operating Margin | 7.5 | % | 9.5 | % | (2.0) Pts | 8.8 | % | 9.9 | % | (1.1) Pts |
Table 6. Additional Financial Information | Second Quarter | First Half | ||||||||||||||
(Dollars in Millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenues | ||||||||||||||||
Boeing Capital | $90 | $104 | $172 | $209 | ||||||||||||
Other segment | $22 | $27 | $42 | $54 | ||||||||||||
Unallocated items and eliminations | ($118 | ) | ($126 | ) | ($125 | ) | ($165 | ) | ||||||||
Earnings from Operations | ||||||||||||||||
Boeing Capital | $33 | $19 | $77 | $63 | ||||||||||||
Other segment income/(expense) | ($48 | ) | ($43 | ) | ($110 | ) | ($101 | ) | ||||||||
Unallocated items and eliminations excluding unallocated pension/postretirement expense | ($126 | ) | ($177 | ) | ($293 | ) | ($347 | ) | ||||||||
Unallocated pension/postretirement expense | ($204 | ) | ($312 | ) | ($757 | ) | ($651 | ) | ||||||||
Other income, net | $11 | $13 | $20 | $22 | ||||||||||||
Interest and debt expense | ($81 | ) | ($96 | ) | ($173 | ) | ($195 | ) | ||||||||
Effective tax rate | 3.7 | % | 33.4 | % | 17.6 | % | 28.6 | % |
Table 7. Financial Outlook | |
(Dollars in Billions, except per share data) | 2014 |
The Boeing Company | |
Revenue | $87.5 - 90.5 |
Core Earnings Per Share* | $7.90 - 8.10 |
GAAP Earnings Per Share | $6.85 - 7.05 |
Operating Cash Flow Before Pension Contributions* | ~ $7 |
Operating Cash Flow 1 | ~ $6.25 |
Commercial Airplanes | |
Deliveries 2 | 715 - 725 |
Revenue | $57.5 - 59.5 |
Operating Margin | > 10% |
Defense, Space & Security (revised for business realignment) | |
Revenue | |
Boeing Military Aircraft | ~ $14.2 |
Network & Space Systems | ~ $7.7 |
Global Services & Support | ~ $8.6 |
Total BDS Revenue | $30 - 31 |
Operating Margin | |
Boeing Military Aircraft | ~ 9.0% |
Network & Space Systems | ~ 8.5% |
Global Services & Support | ~ 11.0% |
Total BDS Operating Margin | ~ 9.5% |
Boeing Capital | |
Portfolio Size | Lower |
Revenue | ~ $0.3 |
Pre-Tax Earnings | ~ $0.05 |
Research & Development | ~ $3.2 |
Capital Expenditures | ~ $2.5 |
Pension Expense 3 | ~ $3.2 |
Effective Tax Rate 4 | ~ 23% |
Investor Relations: | Troy Lahr or Matt Welch (312) 544-2140 | |
Communications: | Chaz Bickers (312) 544-2002 |
Six months ended June 30 | Three months ended June 30 | ||||||||||||||
(Dollars in millions, except per share data) | 2014 | 2013 | 2014 | 2013 | |||||||||||
Sales of products | $37,542 | $35,556 | $19,527 | $19,238 | |||||||||||
Sales of services | 4,968 | 5,152 | 2,518 | 2,577 | |||||||||||
Total revenues | 42,510 | 40,708 | 22,045 | 21,815 | |||||||||||
Cost of products | (31,932 | ) | (30,165 | ) | (16,674 | ) | (16,437 | ) | |||||||
Cost of services | (3,999 | ) | (4,004 | ) | (1,979 | ) | (1,995 | ) | |||||||
Boeing Capital interest expense | (35 | ) | (37 | ) | (17 | ) | (18 | ) | |||||||
Total costs and expenses | (35,966 | ) | (34,206 | ) | (18,670 | ) | (18,450 | ) | |||||||
6,544 | 6,502 | 3,375 | 3,365 | ||||||||||||
Income from operating investments, net | 120 | 88 | 61 | 43 | |||||||||||
General and administrative expense | (1,795 | ) | (1,900 | ) | (918 | ) | (929 | ) | |||||||
Research and development expense, net | (1,542 | ) | (1,468 | ) | (733 | ) | (763 | ) | |||||||
Gain on dispositions, net | 2 | 22 | 2 | ||||||||||||
Earnings from operations | 3,329 | 3,244 | 1,787 | 1,716 | |||||||||||
Other income, net | 20 | 22 | 11 | 13 | |||||||||||
Interest and debt expense | (173 | ) | (195 | ) | (81 | ) | (96 | ) | |||||||
Earnings before income taxes | 3,176 | 3,071 | 1,717 | 1,633 | |||||||||||
Income tax expense | (558 | ) | (878 | ) | (64 | ) | (546 | ) | |||||||
Net earnings from continuing operations | 2,618 | 2,193 | 1,653 | 1,087 | |||||||||||
Net gain on disposal of discontinued operations, net of taxes of $0, $0, $0 and $0 | 1 | 1 | |||||||||||||
Net earnings | $2,618 | $2,194 | $1,653 | $1,088 | |||||||||||
Basic earnings per share from continuing operations | $3.55 | $2.88 | $2.26 | $1.43 | |||||||||||
Net gain on disposal of discontinued operations, net of taxes | |||||||||||||||
Basic earnings per share | $3.55 | $2.88 | $2.26 | $1.43 | |||||||||||
Diluted earnings per share from continuing operations | $3.50 | $2.85 | $2.24 | $1.41 | |||||||||||
Net gain on disposal of discontinued operations, net of taxes | |||||||||||||||
Diluted earnings per share | $3.50 | $2.85 | $2.24 | $1.41 | |||||||||||
Cash dividends paid per share | $1.46 | $0.97 | $0.73 | $0.485 | |||||||||||
Weighted average diluted shares (millions) | 747.4 | 770.1 | 740.1 | 771.8 |
(Dollars in millions, except per share data) | June 30 2014 | December 31 2013 | |||||
Assets | |||||||
Cash and cash equivalents | $7,533 | $9,088 | |||||
Short-term and other investments | 3,797 | 6,170 | |||||
Accounts receivable, net | 7,694 | 6,546 | |||||
Current portion of customer financing, net | 237 | 344 | |||||
Deferred income taxes | 15 | 14 | |||||
Inventories, net of advances and progress billings | 46,251 | 42,912 | |||||
Total current assets | 65,527 | 65,074 | |||||
Customer financing, net | 3,180 | 3,627 | |||||
Property, plant and equipment, net of accumulated depreciation of $15,424 and $15,070 | 10,449 | 10,224 | |||||
Goodwill | 5,139 | 5,043 | |||||
Acquired intangible assets, net | 3,004 | 3,052 | |||||
Deferred income taxes | 2,664 | 2,939 | |||||
Investments | 1,196 | 1,204 | |||||
Other assets, net of accumulated amortization of $420 and $448 | 1,578 | 1,500 | |||||
Total assets | $92,737 | $92,663 | |||||
Liabilities and equity | |||||||
Accounts payable | $11,060 | $9,498 | |||||
Accrued liabilities | 13,222 | 14,131 | |||||
Advances and billings in excess of related costs | 21,244 | 20,027 | |||||
Deferred income taxes and income taxes payable | 6,222 | 6,267 | |||||
Short-term debt and current portion of long-term debt | 1,591 | 1,563 | |||||
Total current liabilities | 53,339 | 51,486 | |||||
Accrued retiree health care | 6,506 | 6,528 | |||||
Accrued pension plan liability, net | 9,812 | 10,474 | |||||
Non-current income taxes payable | 740 | 156 | |||||
Other long-term liabilities | 864 | 950 | |||||
Long-term debt | 7,292 | 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 | 4,524 | 4,415 | |||||
Treasury stock, at cost – 290,904,517 and 264,882,461 shares | (21,381 | ) | (17,671 | ) | |||
Retained earnings | 34,516 | 32,964 | |||||
Accumulated other comprehensive loss | (8,659 | ) | (9,894 | ) | |||
Total shareholders’ equity | 14,061 | 14,875 | |||||
Noncontrolling interests | 123 | 122 | |||||
Total equity | 14,184 | 14,997 | |||||
Total liabilities and equity | $92,737 | $92,663 |
Six months ended June 30 | |||||||
(Dollars in millions) | 2014 | 2013 | |||||
Cash flows – operating activities: | |||||||
Net earnings | $2,618 | $2,194 | |||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||
Non-cash items – | |||||||
Share-based plans expense | 101 | 107 | |||||
Depreciation and amortization | 900 | 865 | |||||
Investment/asset impairment charges, net | 36 | 26 | |||||
Customer financing valuation benefit | (26 | ) | (5 | ) | |||
Gain on disposal of discontinued operations | (1 | ) | |||||
Gain on dispositions, net | (2 | ) | (22 | ) | |||
Other charges and credits, net | 87 | 31 | |||||
Excess tax benefits from share-based payment arrangements | (97 | ) | (47 | ) | |||
Changes in assets and liabilities – | |||||||
Accounts receivable | (1,286 | ) | (550 | ) | |||
Inventories, net of advances and progress billings | (3,402 | ) | (2,614 | ) | |||
Accounts payable | 1,783 | 848 | |||||
Accrued liabilities | (913 | ) | (682 | ) | |||
Advances and billings in excess of related costs | 1,217 | 1,472 | |||||
Income taxes receivable, payable and deferred | 394 | 608 | |||||
Other long-term liabilities | (88 | ) | (60 | ) | |||
Pension and other postretirement plans | 1,118 | 1,638 | |||||
Customer financing, net | 466 | 188 | |||||
Other | 15 | (5 | ) | ||||
Net cash provided by operating activities | 2,921 | 3,991 | |||||
Cash flows – investing activities: | |||||||
Property, plant and equipment additions | (946 | ) | (976 | ) | |||
Property, plant and equipment reductions | 17 | 44 | |||||
Acquisitions, net of cash acquired | (163 | ) | (26 | ) | |||
Contributions to investments | (5,657 | ) | (7,045 | ) | |||
Proceeds from investments | 8,030 | 4,632 | |||||
Net cash provided/(used) by investing activities | 1,281 | (3,371 | ) | ||||
Cash flows – financing activities: | |||||||
New borrowings | 85 | 531 | |||||
Debt repayments | (854 | ) | (1,361 | ) | |||
Payments to noncontrolling interests | (12 | ) | |||||
Repayments of distribution rights and other asset financing | (184 | ) | (139 | ) | |||
Stock options exercised, other | 261 | 484 | |||||
Excess tax benefits from share-based payment arrangements | 97 | 47 | |||||
Employee taxes on certain share-based payment arrangements | (88 | ) | (57 | ) | |||
Common shares repurchased | (3,998 | ) | (1,000 | ) | |||
Dividends paid | (1,071 | ) | (735 | ) | |||
Net cash used by financing activities | (5,764 | ) | (2,230 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | 7 | (37 | ) | ||||
Net decrease in cash and cash equivalents | (1,555 | ) | (1,647 | ) | |||
Cash and cash equivalents at beginning of year | 9,088 | 10,341 | |||||
Cash and cash equivalents at end of period | $7,533 | $8,694 |
Six months ended June 30 | Three months ended June 30 | ||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||
Revenues: | |||||||||||||||
Commercial Airplanes | $27,041 | $24,314 | $14,304 | $13,624 | |||||||||||
Defense, Space & Security: | |||||||||||||||
Boeing Military Aircraft | 6,981 | 7,621 | 3,523 | 3,641 | |||||||||||
Network & Space Systems | 3,796 | 4,009 | 1,920 | 2,049 | |||||||||||
Global Services & Support | 4,603 | 4,666 | 2,304 | 2,496 | |||||||||||
Total Defense, Space & Security | 15,380 | 16,296 | 7,747 | 8,186 | |||||||||||
Boeing Capital | 172 | 209 | 90 | 104 | |||||||||||
Other segment | 42 | 54 | 22 | 27 | |||||||||||
Unallocated items and eliminations | (125 | ) | (165 | ) | (118 | ) | (126 | ) | |||||||
Total revenues | $42,510 | $40,708 | $22,045 | $21,815 | |||||||||||
Earnings from operations: | |||||||||||||||
Commercial Airplanes | $3,052 | $2,672 | $1,550 | $1,453 | |||||||||||
Defense, Space & Security: | |||||||||||||||
Boeing Military Aircraft | 497 | 813 | 165 | 386 | |||||||||||
Network & Space Systems | 318 | 293 | 150 | 137 | |||||||||||
Global Services & Support | 545 | 502 | 267 | 253 | |||||||||||
Total Defense, Space & Security | 1,360 | 1,608 | 582 | 776 | |||||||||||
Boeing Capital | 77 | 63 | 33 | 19 | |||||||||||
Other segment | (110 | ) | (101 | ) | (48 | ) | (43 | ) | |||||||
Unallocated items and eliminations | (1,050 | ) | (998 | ) | (330 | ) | (489 | ) | |||||||
Earnings from operations | 3,329 | 3,244 | 1,787 | 1,716 | |||||||||||
Other income, net | 20 | 22 | 11 | 13 | |||||||||||
Interest and debt expense | (173 | ) | (195 | ) | (81 | ) | (96 | ) | |||||||
Earnings before income taxes | 3,176 | 3,071 | 1,717 | 1,633 | |||||||||||
Income tax expense | (558 | ) | (878 | ) | (64 | ) | (546 | ) | |||||||
Net earnings from continuing operations | 2,618 | 2,193 | 1,653 | 1,087 | |||||||||||
Net gain on disposal of discontinued operations, net of taxes of $0, $0, $0 and $0 | 1 | 1 | |||||||||||||
Net earnings | $2,618 | $2,194 | $1,653 | $1,088 | |||||||||||
Research and development expense, net: | |||||||||||||||
Commercial Airplanes | $970 | $865 | $441 | $446 | |||||||||||
Defense, Space & Security | 577 | 579 | 297 | 307 | |||||||||||
Other | (5 | ) | 24 | (5 | ) | 10 | |||||||||
Total research and development expense, net | $1,542 | $1,468 | $733 | $763 | |||||||||||
Unallocated items and eliminations: | |||||||||||||||
Share-based plans | ($44 | ) | ($53 | ) | ($20 | ) | ($22 | ) | |||||||
Deferred compensation | (19 | ) | (102 | ) | (26 | ) | (46 | ) | |||||||
Amortization of previously capitalized interest | (36 | ) | (34 | ) | (18 | ) | (17 | ) | |||||||
Eliminations and other | (194 | ) | (158 | ) | (62 | ) | (92 | ) | |||||||
Sub-total (included in core operating earnings) | (293 | ) | (347 | ) | (126 | ) | (177 | ) | |||||||
Pension | (804 | ) | (689 | ) | (228 | ) | (331 | ) | |||||||
Postretirement | 47 | 38 | 24 | 19 | |||||||||||
Total unallocated items and eliminations | ($1,050 | ) | ($998 | ) | ($330 | ) | ($489 | ) |
Deliveries | Six months ended June 30 | Three months ended June 30 | |||||||||||
Commercial Airplanes | 2014 | 2013 | 2014 | 2013 | |||||||||
737 | 239 | 218 | 124 | 116 | |||||||||
747 | 6 | 12 | 2 | 6 | |||||||||
767 | 1 | 12 | 1 | 8 | |||||||||
777 | 48 | 47 | 24 | 23 | |||||||||
787 | 48 | 17 | (1) | 30 | 16 | (1) | |||||||
Total | 342 | 306 | 181 | 169 | |||||||||
Note: Deliveries under operating lease are identified by parentheses. | |||||||||||||
Defense, Space & Security | |||||||||||||
Boeing Military Aircraft | |||||||||||||
F/A-18 Models | 23 | 24 | 12 | 12 | |||||||||
F-15E Eagle | 8 | 3 | 4 | ||||||||||
C-17 Globemaster III | 5 | 6 | 2 | 3 | |||||||||
CH-47 Chinook | 32 | 17 | 15 | 8 | |||||||||
AH-64 Apache | 19 | 20 | 9 | 5 | |||||||||
P-8 Models | 2 | 5 | 2 | 3 | |||||||||
Global Services & Support | |||||||||||||
AEW&C | 2 | 1 | |||||||||||
Network & Space Systems | |||||||||||||
Commercial and Civil Satellites | 2 | 1 | 2 | ||||||||||
Contractual backlog (Dollars in billions) | June 30 2014 | March 31 2014 | December 31 2013 | |||||||||
Commercial Airplanes | $376.3 | $374.0 | $373.0 | |||||||||
Defense, Space & Security: | ||||||||||||
Boeing Military Aircraft | 23.8 | 23.2 | 23.6 | |||||||||
Network & Space Systems | 9.6 | 9.4 | 9.8 | |||||||||
Global Services & Support | 16.3 | 16.1 | 16.2 | |||||||||
Total Defense, Space & Security | 49.7 | 48.7 | 49.6 | |||||||||
Total contractual backlog | $426.0 | $422.7 | $422.6 | |||||||||
Unobligated backlog | $14.3 | $17.1 | $18.3 | |||||||||
Total backlog | $440.3 | $439.8 | $440.9 | |||||||||
Workforce | 169,300 | 169,000 | 168,400 |
Second Quarter | First Half | Guidance | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | |||||||||||||||
Revenues | $22,045 | $21,815 | $42,510 | $40,708 | |||||||||||||||
GAAP Earnings From Operations | $1,787 | $1,716 | $3,329 | $3,244 | |||||||||||||||
GAAP Operating Margin | 8.1 | % | 7.9 | % | 7.8 | % | 8.0 | % | |||||||||||
Unallocated Pension/Postretirement Expense | $204 | $312 | $757 | $651 | ~ $1,200 | ||||||||||||||
Core Operating Earnings (non-GAAP) | $1,991 | $2,028 | $4,086 | $3,895 | |||||||||||||||
Core Operating Margin (non-GAAP) | 9.0 | % | 9.3 | % | 9.6 | % | 9.6 | % | |||||||||||
Increase/(Decrease) in GAAP Earnings From Operations | 4 | % | 3 | % | |||||||||||||||
GAAP Diluted Earnings Per Share | $2.24 | $1.41 | $3.50 | $2.85 | $6.85 - $7.05 | ||||||||||||||
Unallocated Pension/Postretirement Expense1 | $0.18 | $0.26 | $0.66 | $0.55 | $1.05 | ||||||||||||||
Core Earnings Per Share (non-GAAP) | $2.42 | $1.67 | $4.16 | $3.40 | $7.90 - $8.10 | ||||||||||||||
Weighted Average Diluted Shares (millions) | 740.1 | 771.8 | 747.4 | 770.1 | ~ 740 | ||||||||||||||
Increase in GAAP Earnings Per Share | 59 | % | 23 | % | |||||||||||||||
Increase in Core Earnings Per Share | 45 | % | 22 | % |