REG-Boeing Company: 2nd Quarter Financial Results
31/07/2024 12:45
Boeing Reports Second Quarter Results
ARLINGTON, Va., July 31, 2024 --
Second Quarter 2024
* Submitted comprehensive safety and quality plan to the Federal Aviation
Administration
* Announced agreement to acquire Spirit AeroSystems in July; transaction
expected to close mid-2025
* Revenue of $16.9 billion, GAAP loss per share of ($2.33) and core
(non-GAAP)* loss per share of ($2.90)
* Operating cash flow of ($3.9) billion and free cash flow of ($4.3) billion
(non-GAAP)*
* Total company backlog of $516 billion, including over 5,400 commercial
airplanes
Table 1. Summary Financial Results Second Quarter First Half
(Dollars in Millions, except per share data) 2024 2023 Change 2024 2023 Change
Revenues $16,866 $19,751 (15) % $33,435 $37,672 (11) %
GAAP
Loss from operations ($1,090) ($99) NM ($1,176) ($248) NM
Operating margins (6.5) % (0.5) % NM (3.5) % (0.7) % NM
Net loss ($1,439) ($149) NM ($1,794) ($574) NM
Loss per share ($2.33) ($0.25) NM ($2.90) ($0.93) NM
Operating cash flow ($3,923) $2,875 NM ($7,285) $2,557 NM
Non-GAAP*
Core operating loss ($1,392) ($390) NM ($1,780) ($830) NM
Core operating margins (8.3) % (2.0) % NM (5.3) % (2.2) % NM
Core loss per share ($2.90) ($0.82) NM ($4.04) ($2.08) NM
*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures."
The Boeing Company [NYSE: BA] recorded second quarter revenue of
$16.9 billion, GAAP loss per share of ($2.33) and core loss per share
(non-GAAP)* of ($2.90) (Table 1). Boeing reported operating cash flow of
($3.9) billion and free cash flow of ($4.3) billion (non-GAAP)*. Results
primarily reflect lower commercial delivery volume and losses on fixed-price
defense development programs.
"Despite a challenging quarter, we are making substantial progress
strengthening our quality management system and positioning our company for
the future," said Dave Calhoun, Boeing president and chief executive officer.
"We are executing on our comprehensive safety and quality plan and have
reached an agreement to acquire Spirit AeroSystems. While we have more work
ahead, the steps we're taking will help stabilize our operations and ensure
Boeing is the company the world needs it to be. We are making important
progress in our recovery and will continue to build trust through action and
transparency."
Table 2. Cash Flow Second Quarter First Half
(Millions) 2024 2023 2024 2023
Operating cash flow ($3,923) $2,875 ($7,285) $2,557
Less additions to property, plant & equipment ($404) ($296) ($971) ($764)
Free cash flow* ($4,327) $2,579 ($8,256) $1,793
*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures."
Operating cash flow was ($3.9) billion in the quarter reflecting lower
commercial deliveries, as well as unfavorable working capital timing (Table
2).
Table 3. Cash, Marketable Securities and Debt Balances Quarter End
(Billions) Q2 24 Q1 24
Cash $10.9 $6.9
Marketable securities 1 $1.7 $0.6
Total $12.6 $7.5
Consolidated debt $57.9 $47.9
1 Marketable securities consist primarily of time deposits due within one year classified as "short-term investments."
Cash and investments in marketable securities totaled $12.6 billion, compared
to $7.5 billion at the beginning of the quarter driven by the $10.0 billion
issuance of new debt partially offset by the usage of free cash flow in the
quarter (Table 3). Debt was $57.9 billion, up from $47.9 billion at the
beginning of the quarter due to the issuance of new debt. The company has
access to credit facilities of $10.0 billion, which remain undrawn.
Total company backlog at quarter end was $516 billion.
Segment Results
Commercial Airplanes
Table 4. Commercial Airplanes Second Quarter First Half
(Dollars in Millions) 2024 2023 Change 2024 2023 Change
Deliveries 92 136 (32) % 175 266 (34) %
Revenues $6,003 $8,840 (32) % $10,656 $15,544 (31) %
Loss from operations ($715) ($383) NM ($1,858) ($998) NM
Operating margins (11.9) % (4.3) % NM (17.4) % (6.4) % NM
Commercial Airplanes second quarter revenue of $6.0 billion and operating
margin of (11.9) percent primarily reflect lower deliveries and planned higher
period costs, including research and development (Table 4).
During the quarter, the company submitted its comprehensive safety and quality
plan to the Federal Aviation Administration (FAA). The 737 program gradually
increased production during the quarter and still plans to increase production
to 38 per month by year end. The 787 program maintains plans to return to 5
per month by year end. In July, the company announced an agreement to acquire
Spirit AeroSystems, and the 777X program began FAA certification flight
testing after obtaining type inspection authorization.
Commercial Airplanes delivered 92 airplanes during the quarter and backlog
included over 5,400 airplanes valued at $437 billion.
Defense, Space & Security
Table 5. Defense, Space & Security Second Quarter First Half
(Dollars in Millions) 2024 2023 Change 2024 2023 Change
Revenues $6,021 $6,167 (2) % $12,971 $12,706 2 %
Loss from operations ($913) ($527) NM ($762) ($739) NM
Operating margins (15.2) % (8.5) % NM (5.9) % (5.8) % NM
Defense, Space & Security second quarter revenue was $6.0 billion. Second
quarter operating margin of (15.2) percent primarily reflects $1.0 billion of
losses on certain fixed-price development programs, including a $391 million
loss on the KC-46A program largely driven by a slowdown of commercial
production and supply chain constraints. Losses recorded on the T-7A, VC-25B,
and Commercial Crew programs reflect higher estimated engineering and
manufacturing costs, as well as technical challenges.
During the quarter, Defense, Space & Security captured an award for seven
MH-139A helicopters from the U.S. Air Force and delivered the first CH-47F
Block II Chinook to the U.S. Army. Backlog at Defense, Space & Security was
$59 billion, of which 31 percent represents orders from customers outside the
U.S.
Global Services
Table 6. Global Services Second Quarter First Half
(Dollars in Millions) 2024 2023 Change 2024 2023 Change
Revenues $4,889 $4,746 3 % $9,934 $9,466 5 %
Earnings from operations $870 $856 2 % $1,786 $1,703 5 %
Operating margins 17.8 % 18.0 % -0.2 pts 18.0 % 18.0 % 0.0 pts
Global Services second quarter revenue of $4.9 billion and operating margin of
17.8 percent reflect higher commercial volume and mix.
During the quarter, Global Services secured an Apache performance-based
logistics contract from the U.S. Army and captured FliteDeck Pro service
contracts with Hainan Airlines and Ryanair.
Additional Financial Information
Table 7. Additional Financial Information Second Quarter First Half
(Dollars in Millions) 2024 2023 2024 2023
Revenues
Unallocated items, eliminations and other ($47) ($2) ($126) ($44)
(Loss)/earnings from operations
Other unallocated items and eliminations ($634) ($336) ($946) ($796)
FAS/CAS service cost adjustment $302 $291 $604 $582
Other income, net $248 $320 $525 $622
Interest and debt expense ($673) ($621) ($1,242) ($1,270)
Effective tax rate 5.0 % 62.8 % 5.2 % 35.9 %
Other unallocated items and eliminations include an earnings charge of $244
million that reflects a fine that would be paid to the U.S. Department of
Justice pursuant to an agreement that was recently filed in federal district
court, if the agreement is approved.
Non-GAAP Measures Disclosures
We supplement the reporting of our financial information determined under
Generally Accepted Accounting Principles in the United States of America
(GAAP) with certain non-GAAP financial information. The non-GAAP financial
information presented excludes certain significant items that may not be
indicative of, or are unrelated to, results from our ongoing business
operations. We believe that these non-GAAP measures provide investors with
additional insight into the company's ongoing business performance. These
non-GAAP measures should not be considered in isolation or as a substitute for
the related GAAP measures, and other companies may define such measures
differently. We encourage investors to review our financial statements and
publicly-filed reports in their entirety and not to rely on any single
financial measure. The following definitions are provided:
Core Operating Earnings/(loss), Core Operating Margin and Core Earnings/(loss)
Per Share
Core operating earnings/(loss) is defined as GAAP Earnings/(loss) from
operations excluding the FAS/CAS service cost adjustment. The FAS/CAS service
cost adjustment represents the difference between the Financial Accounting
Standards (FAS) pension and postretirement service costs calculated under GAAP
and costs allocated to the business segments. Core operating margin is defined
as Core operating earnings/(loss) expressed as a percentage of revenue. Core
earnings/(loss) per share is defined as GAAP Diluted earnings/(loss) per share
excluding the net earnings/(loss) per share impact of the FAS/CAS service cost
adjustment and Non-operating pension and postretirement expenses.
Non-operating pension and postretirement expenses represent the components of
net periodic benefit costs other than service cost. Pension costs allocated to
BDS and BGS businesses supporting government customers are computed in
accordance with U.S. Government Cost Accounting Standards (CAS), which employ
different actuarial assumptions and accounting conventions than GAAP. CAS
costs are allocable to government contracts. Other postretirement benefit
costs are allocated to all business segments based on CAS, which is generally
based on benefits paid. Management uses core operating earnings/(loss), core
operating margin and core earnings/(loss) per share for purposes of evaluating
and forecasting underlying business performance. Management believes these
core measures provide investors additional insights into operational
performance as they exclude non-service pension and post-retirement costs,
which primarily represent costs driven by market factors and costs not
allocable to government contracts. A reconciliation of these non-GAAP measures
to the most directly comparable GAAP measure is provided on page 12 and 13.
Free Cash Flow
Free cash flow is GAAP operating cash flow reduced by capital expenditures
for property, plant and equipment. Management believes free cash flow provides
investors with an important perspective on the cash available for
shareholders, debt repayment, and acquisitions after making the capital
investments required to support ongoing business operations and long term
value creation. Free cash flow does not represent the residual cash flow
available for discretionary expenditures as it excludes certain mandatory
expenditures such as repayment of maturing debt. Management uses free cash
flow as a measure to assess both business performance and overall liquidity.
See Table 2 on page 2 for reconciliation of free cash flow to GAAP operating
cash flow.
Caution Concerning Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Words such as "may,"
"should," "expects," "intends," "projects," "plans," "believes," "estimates,"
"targets," "anticipates," and other similar words or expressions, or the
negative thereof, generally can be used to help identify these forward-looking
statements. Examples of forward-looking statements include statements relating
to our future financial condition and operating results, as well as any other
statement that does not directly relate to any historical or current fact.
Forward-looking statements are based on expectations and assumptions that we
believe to be reasonable when made, but that may not prove to be accurate.
These statements are not guarantees and are subject to risks, uncertainties,
and changes in circumstances that are difficult to predict. Many factors could
cause actual results to differ materially and adversely from these
forward-looking statements. Among these factors are risks related to: (1)
general conditions in the economy and our industry, including those due to
regulatory changes; (2) our reliance on our commercial airline customers; (3)
the overall health of our aircraft production system, production quality
issues, commercial airplane production rates, our ability to successfully
develop and certify new aircraft or new derivative aircraft, and the ability
of our aircraft to meet stringent performance and reliability standards; (4)
our pending acquisition of Spirit AeroSystems Holdings, Inc. (Spirit),
including the satisfaction of closing conditions in the expected timeframe or
at all, (5) changing budget and appropriation levels and acquisition
priorities of the U.S. government, as well as significant delays in U.S.
government appropriations; (6) our dependence on our subcontractors and
suppliers, as well as the availability of highly skilled labor and raw
materials; (7) work stoppages or other labor disruptions; (8) competition
within our markets; (9) our non-U.S. operations and sales to non-U.S.
customers; (10) changes in accounting estimates; (11) realizing the
anticipated benefits of mergers, acquisitions, joint ventures/strategic
alliances or divestitures, including anticipated synergies and quality
improvements related to our pending acquisition of Spirit; (12) our dependence
on U.S. government contracts; (13) our reliance on fixed-price contracts; (14)
our reliance on cost-type contracts; (15) contracts that include in-orbit
incentive payments; (16) unauthorized access to our, our customers' and/or our
suppliers' information and systems; (17) potential business disruptions,
including threats to physical security or our information technology systems,
extreme weather (including effects of climate change) or other acts of nature,
and pandemics or other public health crises; (18) potential adverse
developments in new or pending litigation and/or government inquiries or
investigations; (19) potential environmental liabilities; (20) effects of
climate change and legal, regulatory or market responses to such change; (21)
credit rating agency actions and changes in our ability to obtain debt
financing on commercially reasonable terms, at competitive rates and in
sufficient amounts; (22) substantial pension and other postretirement benefit
obligations; (23) the adequacy of our insurance coverage; and (24) customer
and aircraft concentration in our customer financing portfolio.
Additional information concerning these and other factors can be found in our
filings with the Securities and Exchange Commission, including our most recent
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports
on Form 8-K. Any forward-looking statement speaks only as of the date on which
it is made, and we assume no obligation to update or revise any
forward-looking statement, whether as a result of new information, future
events, or otherwise, except as required by law.
Contact:
Investor Relations: Matt Welch or David Dufault BoeingInvestorRelations@boeing.com
Communications: Michael Friedman media@boeing.com
The Boeing Company and Subsidiaries Consolidated Statements of Operations (Unaudited)
Six months ended Three months ended
June 30 June 30
(Dollars in millions, except per share data) 2024 2023 2024 2023
Sales of products $26,792 $31,601 $13,524 $16,687
Sales of services 6,643 6,071 3,342 3,064
Total revenues 33,435 37,672 16,866 19,751
Cost of products (24,971) (28,676) (12,907) (15,123)
Cost of services (5,359) (5,134) (2,730) (2,689)
Total costs and expenses (30,330) (33,810) (15,637) (17,812)
3,105 3,862 1,229 1,939
Income from operating investments, net 74 17 7 44
General and administrative expense (2,538) (2,590) (1,377) (1,286)
Research and development expense, net (1,822) (1,538) (954) (797)
Gain on dispositions, net 5 1 5 1
Loss from operations (1,176) (248) (1,090) (99)
Other income, net 525 622 248 320
Interest and debt expense (1,242) (1,270) (673) (621)
Loss before income taxes (1,893) (896) (1,515) (400)
Income tax benefit 99 322 76 251
Net loss (1,794) (574) (1,439) (149)
Less: net loss attributable to noncontrolling interest (12) (11)
Net loss attributable to Boeing Shareholders ($1,782) ($563) ($1,439) ($149)
Basic loss per share ($2.90) ($0.93) ($2.33) ($0.25)
Diluted loss per share ($2.90) ($0.93) ($2.33) ($0.25)
Weighted average diluted shares (millions) 614.8 603.9 616.6 605.5
The Boeing Company and Subsidiaries Consolidated Statements of Financial Position (Unaudited)
(Dollars in millions, except per share data) June 30 December 31
2024 2023
Assets
Cash and cash equivalents $10,894 $12,691
Short-term and other investments 1,727 3,274
Accounts receivable, net 3,155 2,649
Unbilled receivables, net 9,660 8,317
Current portion of financing receivables, net 60 99
Inventories 85,661 79,741
Other current assets, net 3,282 2,504
Total current assets 114,439 109,275
Financing receivables and operating lease equipment, net 785 860
Property, plant and equipment, net of accumulated depreciation of $22,640 10,976 10,661
and $22,245
Goodwill 8,108 8,093
Acquired intangible assets, net 2,067 2,094
Deferred income taxes 59
Investments 1,026 1,035
Other assets, net of accumulated amortization of $1,001 and $1,046 5,319 4,935
Total assets $142,720 $137,012
Liabilities and equity
Accounts payable $11,864 $11,964
Accrued liabilities 21,850 22,331
Advances and progress billings 58,151 56,328
Short-term debt and current portion of long-term debt 4,765 5,204
Total current liabilities 96,630 95,827
Deferred income taxes 291 229
Accrued retiree health care 2,159 2,233
Accrued pension plan liability, net 6,248 6,516
Other long-term liabilities 2,212 2,332
Long-term debt 53,162 47,103
Total liabilities 160,702 154,240
Shareholders' equity:
Common stock, par value $5.00 – 1,200,000,000 shares authorized; 5,061 5,061
1,012,261,159 shares issued
Additional paid-in capital 10,727 10,309
Treasury stock, at cost - 396,730,470 and 402,746,136 shares (48,841) (49,549)
Retained earnings 25,469 27,251
Accumulated other comprehensive loss (10,392) (10,305)
Total shareholders' deficit (17,976) (17,233)
Noncontrolling interests (6) 5
Total equity (17,982) (17,228)
Total liabilities and equity $142,720 $137,012
The Boeing Company and Subsidiaries Consolidated Statements of Cash Flows
(Unaudited)
Six months ended June 30
(Dollars in millions) 2024 2023
Cash flows – operating activities:
Net loss ($1,794) ($574)
Adjustments to reconcile net loss to net cash (used)/provided by operating activities:
Non-cash items –
Share-based plans expense 208 381
Treasury shares issued for 401(k) contribution 953 862
Depreciation and amortization 883 913
Investment/asset impairment charges, net 34 12
Gain on dispositions, net (5) (1)
Other charges and credits, net (34) 30
Changes in assets and liabilities –
Accounts receivable (522) (433)
Unbilled receivables (1,345) (721)
Advances and progress billings 1,886 2,228
Inventories (5,937) (241)
Other current assets (320) 313
Accounts payable (222) 852
Accrued liabilities (443) (399)
Income taxes receivable, payable and deferred (188) (424)
Other long-term liabilities (148) (180)
Pension and other postretirement plans (491) (520)
Financing receivables and operating lease equipment, net 149 419
Other 51 40
Net cash used/(provided) by operating activities (7,285) 2,557
Cash flows – investing activities:
Payments to acquire property, plant and equipment (971) (764)
Proceeds from disposals of property, plant and equipment 30 13
Acquisitions, net of cash acquired (50)
Contributions to investments (1,617) (9,496)
Proceeds from investments 3,173 5,567
Supplier notes receivable (486) (162)
Purchase of distribution rights (88)
Other (17) 4
Net cash used by investing activities (26) (4,838)
Cash flows – financing activities:
New borrowings 10,089 38
Debt repayments (4,481) (5,123)
Stock options exercised 44
Employee taxes on certain share-based payment arrangements (67) (48)
Other (3) (4)
Net cash provided/(used) by financing activities 5,538 (5,093)
Effect of exchange rate changes on cash and cash equivalents (25) 2
Net decrease in cash & cash equivalents, including restricted (1,798) (7,372)
Cash & cash equivalents, including restricted, at beginning of year 12,713 14,647
Cash & cash equivalents, including restricted, at end of period 10,915 7,275
Less restricted cash & cash equivalents, included in Investments 21 21
Cash & cash equivalents at end of period $10,894 $7,254
The Boeing Company and Subsidiaries Summary of Business Segment Data (Unaudited)
Six months ended Three months ended
June 30 June 30
(Dollars in millions) 2024 2023 2024 2023
Revenues:
Commercial Airplanes $10,656 $15,544 $6,003 $8,840
Defense, Space & Security 12,971 12,706 6,021 6,167
Global Services 9,934 9,466 4,889 4,746
Unallocated items, eliminations and other (126) (44) (47) (2)
Total revenues $33,435 $37,672 $16,866 $19,751
Loss from operations:
Commercial Airplanes ($1,858) ($998) ($715) ($383)
Defense, Space & Security (762) (739) (913) (527)
Global Services 1,786 1,703 870 856
Segment operating (loss)/earnings (834) (34) (758) (54)
Unallocated items, eliminations and other (946) (796) (634) (336)
FAS/CAS service cost adjustment 604 582 302 291
Loss from operations (1,176) (248) (1,090) (99)
Other income, net 525 622 248 320
Interest and debt expense (1,242) (1,270) (673) (621)
Loss before income taxes (1,893) (896) (1,515) (400)
Income tax expense 99 322 76 251
Net loss (1,794) (574) (1,439) (149)
Less: net loss attributable to noncontrolling interest (12) (11)
Net loss attributable to Boeing Shareholders ($1,782) ($563) ($1,439) ($149)
Research and development expense, net:
Commercial Airplanes $1,073 $915 $555 $471
Defense, Space & Security 494 420 259 225
Global Services 67 54 41 28
Other 188 149 99 73
Total research and development expense, net $1,822 $1,538 $954 $797
Unallocated items, eliminations and other:
Share-based plans $53 ($38) $43 $14
Deferred compensation (49) (96) (19) (42)
Amortization of previously capitalized interest (46) (47) (23) (24)
Research and development expense, net (188) (149) (99) (73)
Eliminations and other unallocated items (716) (466) (536) (211)
Sub-total (included in Core operating loss) (946) (796) (634) (336)
Pension FAS/CAS service cost adjustment 460 445 230 222
Postretirement FAS/CAS service cost adjustment 144 137 72 69
FAS/CAS service cost adjustment 604 582 $302 $291
Total ($342) ($214) ($332) ($45)
The Boeing Company and Subsidiaries Operating and Financial Data (Unaudited)
Deliveries Six months ended Three months ended
June 30 June 30
Commercial Airplanes 2024 2023 2024 2023
737 137 216 70 103
747 — 1 — —
767 9 9 6 8
777 7 9 7 5
787 22 31 9 20
Total 175 266 92 136
Defense, Space & Security
AH-64 Apache (New) 3 12 3 5
AH-64 Apache (Remanufactured) 13 29 7 16
CH-47 Chinook (New) 2 7 1 2
CH-47 Chinook (Renewed) 5 4 4 3
F-15 Models 7 6 6 4
F/A-18 Models 4 13 3 6
KC-46 Tanker 5 1 2 —
P-8 Models 3 5 2 2
Commercial Satellites — 3 — —
Total 1 42 80 28 38
1 Deliveries of new-build production units, including remanufactures and modifications
Total backlog (Dollars in millions) June 30 December 31
2024 2023
Commercial Airplanes $436,574 $440,507
Defense, Space & Security 59,055 59,012
Global Services 19,487 19,869
Unallocated items, eliminations and other 758 807
Total backlog $515,874 $520,195
Contractual backlog $495,358 $497,094
Unobligated backlog 20,516 23,101
Total backlog $515,874 $520,195
The Boeing Company and Subsidiaries
Reconciliation of Non-GAAP Measures
(Unaudited)
The tables provided below reconcile the non-GAAP financial measures Core
operating loss, Core operating margin, and Core loss per share with the most
directly comparable GAAP financial measures of Loss from operations, operating
margin, and Diluted loss per share. See page 5 of this release for additional
information on the use of these non-GAAP financial measures.
(Dollars in millions, except per share data) Second Quarter 2024 Second Quarter 2023
$ millions Per Share $ millions Per Share
Revenues 16,866 19,751
Loss from operations (GAAP) (1,090) (99)
Operating margins (GAAP) (6.5) % (0.5) %
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment (230) (222)
Postretirement FAS/CAS service cost adjustment (72) (69)
FAS/CAS service cost adjustment (302) (291)
Core operating loss (non-GAAP) ($1,392) ($390)
Core operating margins (non-GAAP) (8.3) % (2.0) %
Diluted loss per share (GAAP) ($2.33) ($0.25)
Pension FAS/CAS service cost adjustment ($230) (0.37) ($222) (0.37)
Postretirement FAS/CAS service cost adjustment (72) (0.12) (69) (0.11)
Non-operating pension expense (122) (0.20) (134) (0.22)
Non-operating postretirement expense (19) (0.03) (14) (0.02)
Provision for deferred income taxes on adjustments 1 93 0.15 92 0.15
Subtotal of adjustments ($350) ($0.57) ($347) ($0.57)
Core loss per share (non-GAAP) ($2.90) ($0.82)
Weighted average diluted shares (in millions) 616.6 605.5
1 The income tax impact is calculated using the U.S. corporate statutory tax rate.
The Boeing Company and Subsidiaries
Reconciliation of Non-GAAP Measures
(Unaudited)
The tables provided below reconcile the non-GAAP financial measures core
operating loss, core operating margin, and core loss per share with the most
directly comparable GAAP financial measures, loss from operations, operating
margin, and diluted loss per share. See page 5 of this release for additional
information on the use of these non-GAAP financial measures.
(Dollars in millions, except per share data) First Half 2024 First Half 2023
$ millions Per Share $ millions Per Share
Revenues 33,435 37,672
Loss from operations (GAAP) (1,176) (248)
Operating margin (GAAP) (3.5) % (0.7) %
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment (460) (445)
Postretirement FAS/CAS service cost adjustment (144) (137)
FAS/CAS service cost adjustment (604) (582)
Core operating loss (non-GAAP) (1,780) (830)
Core operating margin (non-GAAP) (5.3) % (2.2) %
Diluted loss per share (GAAP) (2.90) (0.93)
Pension FAS/CAS service cost adjustment (460) (0.75) (445) (0.73)
Postretirement FAS/CAS service cost adjustment (144) (0.23) (137) (0.23)
Non-operating pension expense (245) (0.40) (268) (0.45)
Non-operating postretirement expense (37) (0.06) (29) (0.05)
Provision for deferred income taxes on adjustments 1 186 0.30 185 0.31
Subtotal of adjustments ($700) ($1.14) ($694) ($1.15)
Core loss per share (non-GAAP) ($4.04) ($2.08)
Weighted average diluted shares (in millions) 614.8 603.9
1 The income tax impact is calculated using the U.S. corporate statutory tax rate.
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