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)) |
THE BOEING COMPANY | ||||
(Registrant) | ||||
/s/ Robert E. Verbeck | ||||
Robert E. Verbeck | ||||
Senior Vice President, Finance and Corporate Controller | ||||
October 25, 2017 |
Exhibit 99.1 | ||
![]() | News Release | |
Boeing Corporate Offices 100 North Riverside Plaza Chicago, IL 60606-1596 www.boeing.com |
▪ | Revenue of $24.3 billion, including a record 202 commercial aircraft deliveries |
▪ | GAAP EPS of $3.06 and core EPS (non-GAAP)* of $2.72 on solid execution |
▪ | Strong operating cash flow of $3.4 billion; repurchased 11 million shares for $2.5 billion |
▪ | Backlog remains robust at $474 billion, including nearly 5,700 aircraft in commercial airplane orders |
▪ | Cash flow and EPS guidance raised; segment guidance updated |
Table 1. Summary Financial Results | Third Quarter | Nine Months | ||||||||||||||||||||
(Dollars in Millions, except per share data) | 2017 | 2016 | Change | 2017 | 2016 | Change | ||||||||||||||||
Revenues | $24,309 | $23,898 | 2 | % | $68,024 | $71,285 | (5 | )% | ||||||||||||||
GAAP | ||||||||||||||||||||||
Earnings From Operations | $2,689 | $2,282 | 18 | % | $7,248 | $3,651 | 99 | % | ||||||||||||||
Operating Margin | 11.1 | % | 9.5 | % | 1.6 | Pts | 10.7 | % | 5.1 | % | 5.6 | Pts | ||||||||||
Net Earnings | $1,853 | $2,279 | (19 | )% | $5,065 | $3,264 | 55 | % | ||||||||||||||
Earnings Per Share | $3.06 | $3.60 | (15 | )% | $8.27 | $5.04 | 64 | % | ||||||||||||||
Operating Cash Flow | $3,396 | $3,202 | 6 | % | $10,440 | $7,667 | 36 | % | ||||||||||||||
Non-GAAP* | ||||||||||||||||||||||
Core Operating Earnings | $2,373 | $2,194 | 8 | % | $6,294 | $3,400 | 85 | % | ||||||||||||||
Core Operating Margin | 9.8 | % | 9.2 | % | 0.6 | Pts | 9.3 | % | 4.8 | % | 4.5 | Pts | ||||||||||
Core Earnings Per Share | $2.72 | $3.51 | (23 | )% | $7.26 | $4.79 | 52 | % |
Table 2. Cash Flow | Third Quarter | Nine Months | ||||||||||||||
(Millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Operating Cash Flow | $3,396 | $3,202 | $10,440 | $7,667 | ||||||||||||
Less Additions to Property, Plant & Equipment | ($399 | ) | ($595 | ) | ($1,304 | ) | ($2,014 | ) | ||||||||
Free Cash Flow* | $2,997 | $2,607 | $9,136 | $5,653 |
Table 3. Cash, Marketable Securities and Debt Balances | Quarter-End | |||||||
(Billions) | Q3 17 | Q2 17 | ||||||
Cash | $8.6 | $8.7 | ||||||
Marketable Securities1 | $1.4 | $1.6 | ||||||
Total | $10.0 | $10.3 | ||||||
Debt Balances: | ||||||||
The Boeing Company, net of intercompany loans to BCC | $7.8 | $7.8 | ||||||
Boeing Capital, including intercompany loans | $3.0 | $3.0 | ||||||
Total Consolidated Debt | $10.8 | $10.8 |
Table 4. Commercial Airplanes | Third Quarter | Nine Months | ||||||||||||||||||||
(Dollars in Millions) | 2017 | 2016 | Change | 2017 | 2016 | Change | ||||||||||||||||
Commercial Airplanes Deliveries | 202 | 188 | 7 | % | 554 | 563 | (2 | )% | ||||||||||||||
Revenues1 | $14,982 | $15,200 | (1 | )% | $41,263 | $43,630 | (5 | )% | ||||||||||||||
Earnings from Operations1 | $1,483 | $1,293 | 15 | % | $3,648 | $804 | 354 | % | ||||||||||||||
Operating Margin1 | 9.9 | % | 8.5 | % | 1.4 | Pts | 8.8 | % | 1.8 | % | 7.0 | Pts |
Table 5. Defense, Space & Security | Third Quarter | Nine Months | ||||||||||||||||||||
(Dollars in Millions) | 2017 | 2016 | Change | 2017 | 2016 | Change | ||||||||||||||||
Revenues1 | $5,470 | $5,751 | (5 | )% | $15,520 | $17,281 | (10 | )% | ||||||||||||||
Earnings from Operations1 | $559 | $564 | (1 | )% | $1,670 | $1,443 | 16 | % | ||||||||||||||
Operating Margin1 | 10.2 | % | 9.8 | % | 0.4 | Pts | 10.8 | % | 8.4 | % | 2.4 | Pts |
Table 6. Global Services | Third Quarter | Nine Months | ||||||||||||||||||||
(Dollars in Millions) | 2017 | 2016 | Change | 2017 | 2016 | Change | ||||||||||||||||
Revenues | $3,568 | $3,506 | 2 | % | $10,638 | $10,508 | 1 | % | ||||||||||||||
Earnings from Operations | $506 | $524 | (3 | )% | $1,639 | $1,609 | 2 | % | ||||||||||||||
Operating Margin | 14.2 | % | 14.9 | % | (0.7) Pts | 15.4 | % | 15.3 | % | 0.1 | Pts |
Table 7. Additional Financial Information | Third Quarter | Nine Months | ||||||||||||||
(Dollars in Millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues | ||||||||||||||||
Boeing Capital | $70 | $63 | $234 | $211 | ||||||||||||
Unallocated items, eliminations and other | $219 | ($622 | ) | $369 | ($345 | ) | ||||||||||
Earnings from Operations | ||||||||||||||||
Boeing Capital | $23 | $13 | $87 | $36 | ||||||||||||
Unallocated pension/postretirement | $316 | $88 | $954 | $251 | ||||||||||||
Other unallocated items and eliminations | ($198 | ) | ($200 | ) | ($750 | ) | ($492 | ) | ||||||||
Other income, net | $45 | $2 | $94 | $41 | ||||||||||||
Interest and debt expense | ($87 | ) | ($81 | ) | ($267 | ) | ($227 | ) | ||||||||
Effective tax rate | 30.0 | % | (3.4 | )% | 28.4 | % | 5.8 | % |
Table 8. 2017 Financial Outlook | Current | Prior | |
(Dollars in Billions, except per share data) | Guidance | Guidance | |
The Boeing Company | |||
Revenue | $90.5 - 92.5 | $90.5 - 92.5 | |
GAAP Earnings Per Share | $11.20 - 11.40 | $11.10 - 11.30 | |
Core Earnings Per Share* | $9.90 - 10.10 | $9.80 - 10.00 | |
Operating Cash Flow | ~$12.5 | ~$12.25 | |
Commercial Airplanes | |||
Deliveries | 760 - 765 | 760 - 765 | |
Revenue | $55.5 - 56.5 | N/A | |
Operating Margin | 9.0% - 9.5 | N/A | |
Defense, Space & Security | |||
Revenue | $20.5 - 21.5 | N/A | |
Operating Margin | >10.5% | N/A | |
Global Services | |||
Revenue | $14.0 - 14.5 | N/A | |
Operating Margin | 15.0% - 15.5 | N/A | |
Boeing Capital | |||
Portfolio Size | Stable | Stable | |
Revenue | ~$0.3 | ~$0.3 | |
Pre-Tax Earnings | ~$0.08 | ~$0.08 | |
Research & Development | ~ $3.4 | ~ $3.6 | |
Capital Expenditures | ~ $2.0 | ~ $2.0 | |
Pension Expense 1 | ~ $0.6 | ~ $0.6 | |
Effective Tax Rate | ~ 28.5% | ~ 29.0% |
Investor Relations: | Maurita Sutedja or Ben Hackman (312) 544-2140 | |
Communications: | Allison Bone (312) 544-2002 |
Nine months ended September 30 | Three months ended September 30 | ||||||||||||||
(Dollars in millions, except per share data) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Sales of products | $60,484 | $63,563 | $21,825 | $21,494 | |||||||||||
Sales of services | 7,540 | 7,722 | 2,484 | 2,404 | |||||||||||
Total revenues | 68,024 | 71,285 | 24,309 | 23,898 | |||||||||||
Cost of products | (49,856 | ) | (55,117 | ) | (18,050 | ) | (17,907 | ) | |||||||
Cost of services | (5,730 | ) | (6,163 | ) | (1,910 | ) | (1,983 | ) | |||||||
Boeing Capital interest expense | (53 | ) | (46 | ) | (27 | ) | (14 | ) | |||||||
Total costs and expenses | (55,639 | ) | (61,326 | ) | (19,987 | ) | (19,904 | ) | |||||||
12,385 | 9,959 | 4,322 | 3,994 | ||||||||||||
Income from operating investments, net | 169 | 220 | 49 | 69 | |||||||||||
General and administrative expense | (2,888 | ) | (2,617 | ) | (915 | ) | (923 | ) | |||||||
Research and development expense, net | (2,418 | ) | (3,901 | ) | (767 | ) | (857 | ) | |||||||
Loss on dispositions, net | (10 | ) | (1 | ) | |||||||||||
Earnings from operations | 7,248 | 3,651 | 2,689 | 2,282 | |||||||||||
Other income, net | 94 | 41 | 45 | 2 | |||||||||||
Interest and debt expense | (267 | ) | (227 | ) | (87 | ) | (81 | ) | |||||||
Earnings before income taxes | 7,075 | 3,465 | 2,647 | 2,203 | |||||||||||
Income tax (expense)/benefit | (2,010 | ) | (201 | ) | (794 | ) | 76 | ||||||||
Net earnings | $5,065 | $3,264 | $1,853 | $2,279 | |||||||||||
Basic earnings per share | $8.37 | $5.09 | $3.10 | $3.64 | |||||||||||
Diluted earnings per share | $8.27 | $5.04 | $3.06 | $3.60 | |||||||||||
Cash dividends paid per share | $4.26 | $3.27 | $1.42 | $1.09 | |||||||||||
Weighted average diluted shares (millions) | 612.8 | 647.9 | 606.3 | 632.7 |
(Dollars in millions, except per share data) | September 30 2017 | December 31 2016 | |||||
Assets | |||||||
Cash and cash equivalents | $8,569 | $8,801 | |||||
Short-term and other investments | 1,463 | 1,228 | |||||
Accounts receivable, net | 10,644 | 8,832 | |||||
Current portion of customer financing, net | 435 | 428 | |||||
Inventories, net of advances and progress billings | 43,031 | 43,199 | |||||
Total current assets | 64,142 | 62,488 | |||||
Customer financing, net | 3,039 | 3,773 | |||||
Property, plant and equipment, net of accumulated depreciation of $17,401 and $16,883 | 12,712 | 12,807 | |||||
Goodwill | 5,344 | 5,324 | |||||
Acquired intangible assets, net | 2,523 | 2,540 | |||||
Deferred income taxes | 298 | 332 | |||||
Investments | 1,270 | 1,317 | |||||
Other assets, net of accumulated amortization of $509 and $497 | 1,679 | 1,416 | |||||
Total assets | $91,007 | $89,997 | |||||
Liabilities and equity | |||||||
Accounts payable | $12,718 | $11,190 | |||||
Accrued liabilities | 14,008 | 14,691 | |||||
Advances and billings in excess of related costs | 26,695 | 23,869 | |||||
Short-term debt and current portion of long-term debt | 988 | 384 | |||||
Total current liabilities | 54,409 | 50,134 | |||||
Deferred income taxes | 2,884 | 1,338 | |||||
Accrued retiree health care | 5,826 | 5,916 | |||||
Accrued pension plan liability, net | 15,514 | 19,943 | |||||
Other long-term liabilities | 1,449 | 2,221 | |||||
Long-term debt | 9,780 | 9,568 | |||||
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 | 6,754 | 4,762 | |||||
Treasury stock, at cost - 414,910,219 and 395,109,568 shares | (41,745 | ) | (36,097 | ) | |||
Retained earnings | 44,052 | 40,714 | |||||
Accumulated other comprehensive loss | (13,036 | ) | (13,623 | ) | |||
Total shareholders’ equity | 1,086 | 817 | |||||
Noncontrolling interests | 59 | 60 | |||||
Total equity | 1,145 | 877 | |||||
Total liabilities and equity | $91,007 | $89,997 |
Nine months ended September 30 | |||||||
(Dollars in millions) | 2017 | 2016 | |||||
Cash flows – operating activities: | |||||||
Net earnings | $5,065 | $3,264 | |||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||
Non-cash items – | |||||||
Share-based plans expense | 151 | 144 | |||||
Depreciation and amortization | 1,487 | 1,364 | |||||
Investment/asset impairment charges, net | 75 | 61 | |||||
Customer financing valuation expense/(benefit) | 4 | (5 | ) | ||||
Loss on dispositions, net | 10 | ||||||
Other charges and credits, net | 190 | 219 | |||||
Changes in assets and liabilities – | |||||||
Accounts receivable | (1,983 | ) | (517 | ) | |||
Inventories, net of advances and progress billings | 254 | 4,334 | |||||
Accounts payable | 778 | 1,366 | |||||
Accrued liabilities | 112 | 82 | |||||
Advances and billings in excess of related costs | 2,828 | (1,717 | ) | ||||
Income taxes receivable, payable and deferred | 1,465 | (725 | ) | ||||
Other long-term liabilities | 25 | (67 | ) | ||||
Pension and other postretirement plans | (550 | ) | 144 | ||||
Customer financing, net | 635 | (195 | ) | ||||
Other | (96 | ) | (95 | ) | |||
Net cash provided by operating activities | 10,440 | 7,667 | |||||
Cash flows – investing activities: | |||||||
Property, plant and equipment additions | (1,304 | ) | (2,014 | ) | |||
Property, plant and equipment reductions | 30 | 14 | |||||
Contributions to investments | (2,847 | ) | (928 | ) | |||
Proceeds from investments | 2,612 | 956 | |||||
Purchase of distribution rights | (131 | ) | |||||
Other | 4 | 8 | |||||
Net cash used by investing activities | (1,636 | ) | (1,964 | ) | |||
Cash flows – financing activities: | |||||||
New borrowings | 876 | 1,323 | |||||
Debt repayments | (83 | ) | (836 | ) | |||
Repayments of distribution rights and other asset financing | (24 | ) | |||||
Stock options exercised | 291 | 192 | |||||
Employee taxes on certain share-based payment arrangements | (118 | ) | (83 | ) | |||
Common shares repurchased | (7,500 | ) | (6,501 | ) | |||
Dividends paid | (2,575 | ) | (2,084 | ) | |||
Net cash used by financing activities | (9,109 | ) | (8,013 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | 73 | (6 | ) | ||||
Net decrease in cash and cash equivalents | (232 | ) | (2,316 | ) | |||
Cash and cash equivalents at beginning of year | 8,801 | 11,302 | |||||
Cash and cash equivalents at end of period | $8,569 | $8,986 |
Nine months ended September 30 | Three months ended September 30 | ||||||||||||||
(Dollars in millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Revenues: | |||||||||||||||
Commercial Airplanes | $41,263 | $43,630 | $14,982 | $15,200 | |||||||||||
Defense, Space & Security | 15,520 | 17,281 | 5,470 | 5,751 | |||||||||||
Global Services | 10,638 | 10,508 | 3,568 | 3,506 | |||||||||||
Boeing Capital | 234 | 211 | 70 | 63 | |||||||||||
Unallocated items, eliminations and other | 369 | (345 | ) | 219 | (622 | ) | |||||||||
Total revenues | $68,024 | $71,285 | $24,309 | $23,898 | |||||||||||
Earnings from operations: | |||||||||||||||
Commercial Airplanes | $3,648 | $804 | $1,483 | $1,293 | |||||||||||
Defense, Space & Security | 1,670 | 1,443 | 559 | 564 | |||||||||||
Global Services | 1,639 | 1,609 | 506 | 524 | |||||||||||
Boeing Capital | 87 | 36 | 23 | 13 | |||||||||||
Segment operating profit | 7,044 | 3,892 | 2,571 | 2,394 | |||||||||||
Unallocated items, eliminations and other | 204 | (241 | ) | 118 | (112 | ) | |||||||||
Earnings from operations | 7,248 | 3,651 | 2,689 | 2,282 | |||||||||||
Other income, net | 94 | 41 | 45 | 2 | |||||||||||
Interest and debt expense | (267 | ) | (227 | ) | (87 | ) | (81 | ) | |||||||
Earnings before income taxes | 7,075 | 3,465 | 2,647 | 2,203 | |||||||||||
Income tax (expense)/benefit | (2,010 | ) | (201 | ) | (794 | ) | 76 | ||||||||
Net earnings | $5,065 | $3,264 | $1,853 | $2,279 | |||||||||||
Research and development expense, net: | |||||||||||||||
Commercial Airplanes | $1,755 | $3,152 | $538 | $633 | |||||||||||
Defense, Space & Security | 599 | 666 | 207 | 201 | |||||||||||
Global Services | 101 | 126 | 38 | 41 | |||||||||||
Other | (37 | ) | (43 | ) | (16 | ) | (18 | ) | |||||||
Total research and development expense, net | $2,418 | $3,901 | $767 | $857 | |||||||||||
Unallocated items, eliminations and other | |||||||||||||||
Share-based plans | ($67 | ) | ($50 | ) | ($21 | ) | ($9 | ) | |||||||
Deferred compensation | (174 | ) | (38 | ) | (78 | ) | (33 | ) | |||||||
Amortization of previously capitalized interest | (72 | ) | (71 | ) | (21 | ) | (23 | ) | |||||||
Eliminations and other unallocated items | (437 | ) | (333 | ) | (78 | ) | (135 | ) | |||||||
Sub-total (included in core operating earnings) | (750 | ) | (492 | ) | (198 | ) | (200 | ) | |||||||
Pension | 808 | 129 | 275 | 50 | |||||||||||
Postretirement | 146 | 122 | 41 | 38 | |||||||||||
Total unallocated items, eliminations and other | $204 | ($241 | ) | $118 | ($112 | ) |
Three months ended | |||||||||||||||||||||||
(Dollars in millions) | 06/30/17 | 03/31/17 | 12/31/16 | 09/30/16 | 06/30/16 | 03/31/16 | |||||||||||||||||
Revenues: | |||||||||||||||||||||||
Commercial Airplanes | $13,817 | $12,464 | $14,382 | $15,200 | $15,643 | $12,787 | |||||||||||||||||
Defense, Space & Security | 5,198 | 4,852 | 5,282 | 5,751 | 5,394 | 6,136 | |||||||||||||||||
Global Services | 3,564 | 3,506 | 3,417 | 3,506 | 3,581 | 3,421 | |||||||||||||||||
Boeing Capital | 72 | 92 | 87 | 63 | 84 | 64 | |||||||||||||||||
Unallocated items, eliminations and other | 88 | 62 | 118 | (622 | ) | 53 | 224 | ||||||||||||||||
Total revenues | $22,739 | $20,976 | $23,286 | $23,898 | $24,755 | $22,632 | |||||||||||||||||
Earnings from operations: | |||||||||||||||||||||||
Commercial Airplanes | $1,274 | $891 | $1,191 | $1,293 | ($1,281 | ) | $792 | ||||||||||||||||
Defense, Space & Security | 619 | 492 | 523 | 564 | 362 | 517 | |||||||||||||||||
Global Services | 564 | 569 | 568 | 524 | 539 | 546 | |||||||||||||||||
Boeing Capital | 25 | 39 | 23 | 13 | 18 | 5 | |||||||||||||||||
Segment operating profit/(loss) | 2,482 | 1,991 | 2,305 | 2,394 | (362 | ) | 1,860 | ||||||||||||||||
Unallocated items, eliminations and other | 53 | 33 | (122 | ) | (112 | ) | (57 | ) | (72 | ) | |||||||||||||
Earnings/(loss) from operations | 2,535 | 2,024 | 2,183 | 2,282 | (419 | ) | 1,788 | ||||||||||||||||
Other income/(loss), net | 27 | 22 | (1 | ) | 2 | 13 | 26 | ||||||||||||||||
Interest and debt expense | (93 | ) | (87 | ) | (79 | ) | (81 | ) | (73 | ) | (73 | ) | |||||||||||
Earnings/(loss) before income taxes | 2,469 | 1,959 | 2,103 | 2,203 | (479 | ) | 1,741 | ||||||||||||||||
Income tax (expense)/benefit | (708 | ) | (508 | ) | (472 | ) | 76 | 245 | (522 | ) | |||||||||||||
Net earnings/(loss) | $1,761 | $1,451 | $1,631 | $2,279 | ($234 | ) | $1,219 | ||||||||||||||||
Research and development expense, net: | |||||||||||||||||||||||
Commercial Airplanes | $592 | $625 | $554 | $633 | $1,860 | $659 | |||||||||||||||||
Defense, Space & Security | 196 | 196 | 149 | 201 | 233 | 232 | |||||||||||||||||
Global Services | 35 | 28 | 27 | 41 | 47 | 38 | |||||||||||||||||
Other | (10 | ) | (11 | ) | (4 | ) | (18 | ) | (13 | ) | (12 | ) | |||||||||||
Total research and development expense, net | $813 | $838 | $726 | $857 | $2,127 | $917 |
Deliveries | Nine months ended September 30 | Three months ended September 30 | ||||||||||||||
Commercial Airplanes | 2017 | 2016 | 2017 | 2016 | ||||||||||||
737 | 381 | 368 | 145 | 120 | ||||||||||||
747 | 8 | (1 | ) | 8 | (3 | ) | 4 | 5 | (3 | ) | ||||||
767 | 7 | 10 | 2 | 5 | ||||||||||||
777 | 58 | 73 | 16 | 22 | ||||||||||||
787 | 100 | 104 | 35 | 36 | ||||||||||||
Total | 554 | 563 | 202 | 188 | ||||||||||||
Note: Deliveries under operating lease are identified by parentheses. | ||||||||||||||||
Defense, Space & Security | ||||||||||||||||
AH-64 Apache (New) | 8 | 25 | 3 | 10 | ||||||||||||
AH-64 Apache (Remanufactured) | 43 | 27 | 15 | 9 | ||||||||||||
C-17 Globemaster III | 4 | |||||||||||||||
CH-47 Chinook (New) | 6 | 17 | 2 | 7 | ||||||||||||
CH-47 Chinook (Renewed) | 28 | 23 | 9 | 7 | ||||||||||||
F-15 Models | 11 | 11 | 4 | 4 | ||||||||||||
F/A-18 Models | 18 | 20 | 6 | 6 | ||||||||||||
P-8 Models | 14 | 13 | 5 | 4 | ||||||||||||
Commercial and Civil Satellites | 3 | 3 | 2 | |||||||||||||
Military Satellites | 2 | 1 |
Total backlog (Dollars in millions) | September 30 2017 | December 31 2016 | |||||||
Commercial Airplanes | $412,185 | $413,036 | |||||||
Defense, Space & Security | 45,852 | 44,825 | |||||||
Global Services | 16,251 | 15,631 | |||||||
Total backlog | $474,288 | $473,492 | |||||||
Contractual backlog | $459,871 | $458,277 | |||||||
Unobligated backlog | $14,417 | $15,215 | |||||||
Total backlog | $474,288 | $473,492 | |||||||
Workforce | 142,300 | 150,500 |
(Dollars in millions, except per share data) | Third Quarter | Nine Months | Guidance | ||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | |||||||||||||
Revenues | $24,309 | $23,898 | $68,024 | $71,285 | |||||||||||||
GAAP Earnings From Operations | $2,689 | $2,282 | $7,248 | $3,651 | |||||||||||||
Unallocated Pension Income | ($275 | ) | ($50 | ) | ($808 | ) | ($129 | ) | |||||||||
Unallocated Other Postretirement Benefit Income | ($41 | ) | ($38 | ) | ($146 | ) | ($122 | ) | |||||||||
Unallocated Pension and Other Postretirement Benefit Income | ($316 | ) | ($88 | ) | ($954 | ) | ($251 | ) | ~($1,220) | ||||||||
Core Operating Earnings (non-GAAP) | $2,373 | $2,194 | $6,294 | $3,400 | |||||||||||||
GAAP Diluted Earnings Per Share | $3.06 | $3.60 | $8.27 | $5.04 | $11.20 - 11.40 | ||||||||||||
Unallocated Pension Income | ($0.45 | ) | ($0.08 | ) | ($1.31 | ) | ($0.20 | ) | |||||||||
Unallocated Postretirement Benefit Income | ($0.07 | ) | ($0.06 | ) | ($0.24 | ) | ($0.19 | ) | ($1.30) | ||||||||
Provision for deferred income taxes on adjustments (1) | $0.18 | $0.05 | $0.54 | $0.14 | |||||||||||||
Core Earnings Per Share (non-GAAP) | $2.72 | $3.51 | $7.26 | $4.79 | $9.90 - 10.10 | ||||||||||||
Weighted Average Diluted Shares (millions) | 606.3 | 632.7 | 612.8 | 647.9 | ~ 610 | ||||||||||||
(1) The income tax impact is calculated using the tax rate in effect for the non-GAAP adjustments. |
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