REG-Boeing Company: Final Results
31/01/2024 12:45
Boeing Reports Fourth Quarter Results
ARLINGTON, Va., Jan. 31, 2024 --
Fourth Quarter 2023
* Delivered 157 commercial airplanes and recorded 611 net orders
* 787 production rate at five per month; 737 production rate at 38 per month
* Generated $3.4 billion of operating cash flow and $3.0 billion of free cash
flow (non-GAAP)
Full Year 2023
* Delivered 528 commercial airplanes and recorded 1,576 net orders
* Total company backlog grew to $520 billion, including over 5,600 commercial
airplanes
* Generated $6.0 billion of operating cash flow and $4.4 billion of free cash
flow (non-GAAP)
Table 1. Summary Financial Results Fourth Quarter Full Year
(Dollars in Millions, except per share data) 2023 2022 Change 2023 2022 Change
Revenues $22,018 $19,980 10 % $77,794 $66,608 17 %
GAAP
Earnings/(loss) from operations $283 ($345) NM ($773) ($3,519) NM
Operating margins 1.3 % (1.7) % NM (1.0) % (5.3) % NM
Net loss ($30) ($663) NM ($2,242) ($5,053) NM
Loss per share ($0.04) ($1.06) NM ($3.67) ($8.30) NM
Operating cash flow $3,381 $3,457 (2) % $5,960 $3,512 70 %
Non-GAAP*
Core operating earnings/(loss) $90 ($642) NM ($1,829) ($4,662) NM
Core operating margins 0.4 % (3.2) % NM (2.4) % (7.0) % NM
Core loss per share ($0.47) ($1.75) NM ($5.81) ($11.06) 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 fourth quarter revenue of
$22.0 billion, GAAP loss per share of ($0.04) and core loss per share
(non-GAAP)* of ($0.47) (Table 1). Boeing reported operating cash flow of
$3.4 billion and free cash flow of $3.0 billion (non-GAAP). Results improved
on higher commercial volume and performance.
"While we report our financial results today, our full focus is on taking
comprehensive actions to strengthen quality at Boeing, including listening to
input from our 737 employees that do this work every day," said Dave Calhoun,
Boeing president and chief executive officer. "As we move forward, we will
support our customers, work transparently with our regulator and ensure we
complete all actions to earn the confidence of our stakeholders."
Table 2. Cash Flow Fourth Quarter Full Year
(Millions) 2023 2022 2023 2022
Operating cash flow $3,381 $3,457 $5,960 $3,512
Less additions to property, plant & equipment ($431) ($326) ($1,527) ($1,222)
Free cash flow* $2,950 $3,131 $4,433 $2,290
*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures."
Operating cash flow was $3.4 billion in the quarter reflecting higher volume
and favorable receipt timing (Table 2).
Table 3. Cash, Marketable Securities and Debt Balances Quarter End
(Billions) Q4 23 Q3 23
Cash $12.7 $6.8
Marketable securities(1) $3.3 $6.6
Total $16.0 $13.4
Consolidated debt $52.3 $52.3
(1) Marketable securities consist primarily of time deposits due within one year classified as "short-term investments."
Cash and investments in marketable securities totaled $16.0 billion, compared
to $13.4 billion at the beginning of the quarter (Table 3). The company has
access to credit facilities of $10.0 billion, which remain undrawn.
Total company backlog at quarter end was $520 billion.
Segment Results
Commercial Airplanes
Table 4. Commercial Airplanes Fourth Quarter Full Year
(Dollars in Millions) 2023 2022 Change 2023 2022 Change
Deliveries 157 152 3 % 528 480 10 %
Revenues $10,481 $9,271 13 % $33,901 $26,026 30 %
Earnings/(loss) from operations $41 ($603) NM ($1,635) ($2,341) NM
Operating margins 0.4 % (6.5) % NM (4.8) % (9.0) % NM
Commercial Airplanes fourth quarter revenue increased to $10.5 billion driven
by higher deliveries and favorable mix (Table 4). Operating margin of 0.4
percent also reflects improved performance and lower abnormal costs.
The company continues to cooperate transparently with the FAA following the
Alaska Airlines Flight 1282 accident involving a 737-9. Commercial Airplanes
is taking immediate actions to strengthen quality on the 737 program,
including requiring additional inspections within its factory and at key
suppliers, supporting expanded oversight from airline customers and pausing
737 production for one day to refocus its employees on quality. The company
has also appointed an outside expert to lead an in-depth independent
assessment of Commercial Airplanes' quality management system, with
recommendations provided directly to Calhoun and the Aerospace Safety
Committee of Boeing's Board of Directors.
The 737 program continues to deliver airplanes and its production rate is now
at 38 per month. The 787 program production rate is now at five per month.
During the quarter, Commercial Airplanes booked 611 net orders, including 411
737, 98 777X, and 83 787 airplanes, began certification flight testing on the
737-10, and resumed production on the 777X program. Commercial Airplanes
delivered 157 airplanes during the quarter and backlog included over 5,600
airplanes valued at $441 billion.
Defense, Space & Security
Table 5. Defense, Space & Security Fourth Quarter Full Year
(Dollars in Millions) 2023 2022 Change 2023 2022 Change
Revenues $6,746 $6,181 9 % $24,933 $23,162 8 %
(Loss)/earnings from operations ($101) $112 NM ($1,764) ($3,544) NM
Operating margins (1.5) % 1.8 % NM (7.1) % (15.3) % NM
Defense, Space & Security fourth quarter revenue was $6.7 billion. Fourth
quarter operating margin was (1.5) percent, primarily driven by $139 million
of losses on certain fixed-price development programs. Results were also
impacted by unfavorable performance and mix on other programs.
During the quarter, Defense, Space & Security captured an award from the U.S.
Air Force for 15 KC-46A Tankers, began the U.S. Air Force developmental flight
test program for the T-7A Red Hawk, and Canada selected the P-8A Poseidon as
its multi-mission aircraft. Backlog at Defense, Space & Security was $59
billion, of which 29 percent represents orders from customers outside the U.S.
Global Services
Table 6. Global Services Fourth Quarter Full Year
(Dollars in Millions) 2023 2022 Change 2023 2022 Change
Revenues $4,849 $4,567 6 % $19,127 $17,611 9 %
Earnings from operations $842 $634 33 % $3,329 $2,727 22 %
Operating margins 17.4 % 13.9 % 3.5 pts 17.4 % 15.5 % 1.9 pts
Global Services fourth quarter revenue of $4.8 billion and operating margin of
17.4 percent reflect higher commercial volume and mix.
During the quarter, Global Services opened its first parts distribution center
in India and received a follow-on contract option to provide sustainment for
the C-17 Globemaster III.
Additional Financial Information
Table 7. Additional Financial Information Fourth Quarter Full Year
(Dollars in Millions) 2023 2022 2023 2022
Revenues
Unallocated items, eliminations and other ($58) ($39) ($167) ($191)
Earnings/(loss) from operations
FAS/CAS service cost adjustment $193 $297 $1,056 $1,143
Other unallocated items and eliminations ($692) ($785) ($1,759) ($1,504)
Other income, net $308 $336 $1,227 $1,058
Interest and debt expense ($600) ($640) ($2,459) ($2,561)
Effective tax rate (233.3) % (2.2) % (11.8) % (0.6) %
Other unallocated items and eliminations primarily reflects timing of
allocations. The fourth quarter effective tax rate primarily reflects tax
expense on pre-tax losses driven by an increase in the valuation allowance.
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 page 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 similar expressions generally 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) changing budget and appropriation levels and acquisition
priorities of the U.S. government, as well as significant delays in U.S.
government appropriations; (5) our dependence on our subcontractors and
suppliers, as well as the availability of highly skilled labor and raw
materials; (6) work stoppages or other labor disruptions; (7) competition
within our markets; (8) our non-U.S. operations and sales to non-U.S.
customers; (9) changes in accounting estimates; (10) realizing the anticipated
benefits of mergers, acquisitions, joint ventures/strategic alliances or
divestitures; (11) our dependence on U.S. government contracts; (12) our
reliance on fixed-price contracts; (13) our reliance on cost-type contracts;
(14) contracts that include in-orbit incentive payments; (15) unauthorized
access to our, our customers' and/or our suppliers' information and systems;
(16) 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; (17) potential adverse developments in new or pending litigation
and/or government inquiries or investigations; (18) potential environmental
liabilities; (19) effects of climate change and legal, regulatory or market
responses to such change; (20) changes in our ability to obtain debt financing
on commercially reasonable terms, at competitive rates and in sufficient
amounts; (21) substantial pension and other postretirement benefit
obligations; (22) the adequacy of our insurance coverage; and (23) 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 SubsidiariesConsolidated Statements of Operations(Unaudited)
Twelve months ended Three months ended
December 31 December 31
(Dollars in millions, except per share data) 2023 2022 2023 2022
Sales of products $65,581 $55,893 $18,920 $17,126
Sales of services 12,213 10,715 3,098 2,854
Total revenues 77,794 66,608 22,018 19,980
Cost of products (59,864) (53,969) (16,724) (15,732)
Cost of services (10,206) (9,109) (2,597) (2,384)
Total costs and expenses (70,070) (63,078) (19,321) (18,116)
7,724 3,530 2,697 1,864
Income/(loss) from operating investments, net 46 (16) 1 11
General and administrative expense (5,168) (4,187) (1,535) (1,430)
Research and development expense, net (3,377) (2,852) (881) (794)
Gain on dispositions, net 2 6 1 4
Loss/(earnings) from operations (773) (3,519) 283 (345)
Other income, net 1,227 1,058 308 336
Interest and debt expense (2,459) (2,561) (600) (640)
Loss before income taxes (2,005) (5,022) (9) (649)
Income tax (expense)/benefit (237) (31) (21) (14)
Net loss (2,242) (5,053) (30) (663)
Less: net loss attributable to noncontrolling interest (20) (118) (7) (29)
Net loss attributable to Boeing Shareholders ($2,222) ($4,935) ($23) ($634)
Basic loss per share ($3.67) ($8.30) ($0.04) ($1.06)
Diluted loss per share ($3.67) ($8.30) ($0.04) ($1.06)
Weighted average diluted shares (millions) 606.1 595.2 609.5 598.9
The Boeing Company and SubsidiariesConsolidated Statements of Financial Position(Unaudited)
(Dollars in millions, except per share data) December 31 December 31
2023 2022
Assets
Cash and cash equivalents $12,691 $14,614
Short-term and other investments 3,274 2,606
Accounts receivable, net 2,649 2,517
Unbilled receivables, net 8,317 8,634
Current portion of financing receivables, net 99 154
Inventories 79,741 78,151
Other current assets, net 2,504 2,847
Total current assets 109,275 109,523
Financing receivables and operating lease equipment, net 860 1,450
Property, plant and equipment, net of accumulated depreciation of $22,245 and $21,442 10,661 10,550
Goodwill 8,093 8,057
Acquired intangible assets, net 2,094 2,311
Deferred income taxes 59 63
Investments 1,035 983
Other assets, net of accumulated amortization of of $1,046 and $949 4,935 4,163
Total assets $137,012 $137,100
Liabilities and equity
Accounts payable $11,964 $10,200
Accrued liabilities 22,331 21,581
Advances and progress billings 56,328 53,081
Short-term debt and current portion of long-term debt 5,204 5,190
Total current liabilities 95,827 90,052
Deferred income taxes 229 230
Accrued retiree health care 2,233 2,503
Accrued pension plan liability, net 6,516 6,141
Other long-term liabilities 2,332 2,211
Long-term debt 47,103 51,811
Total liabilities 154,240 152,948
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 10,309 9,947
Treasury stock, at cost - 402,746,136 and 414,671,383 shares (49,549) (50,814)
Retained earnings 27,251 29,473
Accumulated other comprehensive loss (10,305) (9,550)
Total shareholders' deficit (17,233) (15,883)
Noncontrolling interests 5 35
Total equity (17,228) (15,848)
Total liabilities and equity $137,012 $137,100
The Boeing Company and SubsidiariesConsolidated Statements of Cash Flows
(Unaudited)
Twelve months ended
December 31
(Dollars in millions) 2023 2022
Cash flows – operating activities:
Net loss ($2,242) ($5,053)
Adjustments to reconcile net loss to net cash provided by operating activities:
Non-cash items –
Share-based plans expense 690 725
Treasury shares issued for 401(k) contribution 1,515 1,215
Depreciation and amortization 1,861 1,979
Investment/asset impairment charges, net 46 112
Gain on dispositions, net (2) (6)
Other charges and credits, net 3 401
Changes in assets and liabilities –
Accounts receivable (128) 142
Unbilled receivables 321 6
Advances and progress billings 3,365 108
Inventories (1,681) 420
Other current assets 389 (591)
Accounts payable 1,672 838
Accrued liabilities 779 2,956
Income taxes receivable, payable and deferred 44 1,347
Other long-term liabilities (313) (158)
Pension and other postretirement plans (1,049) (1,378)
Financing receivables and operating lease equipment, net 571 142
Other 119 307
Net cash provided by operating activities 5,960 3,512
Cash flows – investing activities:
Payments to acquire property, plant and equipment (1,527) (1,222)
Proceeds from disposals of property, plant and equipment 27 35
Acquisitions, net of cash acquired (70)
Contributions to investments (16,448) (5,051)
Proceeds from investments 15,739 10,619
Other (158) (11)
Net cash (used)/provided by investing activities (2,437) 4,370
Cash flows – financing activities:
New borrowings 75 34
Debt repayments (5,216) (1,310)
Stock options exercised 45 50
Employee taxes on certain share-based payment arrangements (408) (40)
Other 17
Net cash used by financing activities (5,487) (1,266)
Effect of exchange rate changes on cash and cash equivalents 30 (73)
Net (decrease)/increase in cash & cash equivalents, including restricted (1,934) 6,543
Cash & cash equivalents, including restricted, at beginning of year 14,647 8,104
Cash & cash equivalents, including restricted, at end of period 12,713 14,647
Less restricted cash & cash equivalents, included in Investments 22 33
Cash & cash equivalents at end of year $12,691 $14,614
The Boeing Company and SubsidiariesSummary of Business Segment Data(Unaudited)
Twelve months ended Three months ended
December 31 December 31
(Dollars in millions) 2023 2022 2023 2022
Revenues:
Commercial Airplanes $33,901 $26,026 $10,481 $9,271
Defense, Space & Security 24,933 23,162 6,746 6,181
Global Services 19,127 17,611 4,849 4,567
Unallocated items, eliminations and other (167) (191) (58) (39)
Total revenues $77,794 $66,608 $22,018 $19,980
Loss from operations:
Commercial Airplanes ($1,635) ($2,341) $41 ($603)
Defense, Space & Security (1,764) (3,544) (101) 112
Global Services 3,329 2,727 842 634
Segment operating (loss)/earnings (70) (3,158) 782 143
Unallocated items, eliminations and other (1,759) (1,504) (692) (785)
FAS/CAS service cost adjustment 1,056 1,143 193 297
(Loss)/earnings from operations (773) (3,519) 283 (345)
Other income, net 1,227 1,058 308 336
Interest and debt expense (2,459) (2,561) (600) (640)
Loss before income taxes (2,005) (5,022) (9) (649)
Income tax expense (237) (31) (21) (14)
Net loss (2,242) (5,053) (30) (663)
Less: net loss attributable to noncontrolling interest (20) (118) (7) (29)
Net loss attributable to Boeing Shareholders ($2,222) ($4,935) ($23) ($634)
Research and development expense, net:
Commercial Airplanes $2,036 $1,510 $498 $408
Defense, Space & Security 919 945 267 239
Global Services 107 119 23 30
Other 315 278 93 117
Total research and development expense, net $3,377 $2,852 $881 $794
Unallocated items, eliminations and other:
Share-based plans $62 ($114) $95 ($50)
Deferred compensation (188) 117 (117) (87)
Amortization of previously capitalized interest (95) (95) (24) (24)
Research and development expense, net (315) (278) (93) (117)
Eliminations and other unallocated items (1,223) (1,134) (553) (507)
Sub-total (included in Core operating loss) (1,759) (1,504) (692) (785)
Pension FAS/CAS service cost adjustment 799 849 136 228
Postretirement FAS/CAS service cost adjustment 257 294 57 69
FAS/CAS service cost adjustment 1,056 1,143 $193 $297
Total ($703) ($361) ($499) ($488)
The Boeing Company and SubsidiariesOperating and Financial Data(Unaudited)
Deliveries Twelve months ended Three months ended
December 31 December 31
Commercial Airplanes 2023 2022 2023 2022
737 396 387 110 110
747 1 5 — 2
767 32 33 15 12
777 26 24 9 6
787 73 31 23 22
Total 528 480 157 152
Defense, Space & Security
AH-64 Apache (New) 20 25 3 5
AH-64 Apache (Remanufactured) 57 50 19 14
CH-47 Chinook (New) 11 19 3 9
CH-47 Chinook (Renewed) 9 9 2 3
F-15 Models 9 12 3 3
F/A-18 Models 22 14 6 3
KC-46 Tanker 13 15 9 6
MH-139 2 4 1 —
P-8 Models 11 12 4 2
T-7A Red Hawk 3 — 2 —
Commercial Satellites 5 4 2 2
Military Satellites — 1 — 1
Total(1) 162 165 54 48
(1) Deliveries of new-build production units, including remanufactures and modifications
Total backlog (Dollars in millions) December 31 December 31
2023 2022
Commercial Airplanes $440,507 $329,824
Defense, Space & Security 59,012 54,373
Global Services 19,869 19,338
Unallocated items, eliminations and other 807 846
Total backlog $520,195 $404,381
Contractual backlog $497,094 $381,977
Unobligated backlog 23,101 22,404
Total backlog $520,195 $404,381
The Boeing Company and Subsidiaries
Reconciliation of Non-GAAP Measures
(Unaudited)
The tables provided below reconcile the non-GAAP financial measures core
operating earnings/(loss), core operating margin, and core earnings/(loss) per
share with the most directly comparable GAAP financial measures,
earnings/(loss) from operations, operating margin, and diluted earnings/(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) Fourth Quarter 2023 Fourth Quarter 2022
$ millions Per Share $ millions Per Share
Revenues 22,018 19,980
Earnings/(loss) from operations (GAAP) 283 (345)
Operating margin (GAAP) 1.3 % (1.7) %
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment (136) (228)
Postretirement FAS/CAS service cost adjustment (57) (69)
FAS/CAS service cost adjustment (193) (297)
Core operating earnings/(loss) (non-GAAP) $90 ($642)
Core operating margin (non-GAAP) 0.4 % (3.2) %
Diluted loss per share (GAAP) ($0.04) ($1.06)
Pension FAS/CAS service cost adjustment ($136) (0.23) ($228) (0.38)
Postretirement FAS/CAS service cost adjustment (57) (0.09) (69) (0.12)
Non-operating pension expense (127) (0.21) (215) (0.35)
Non-operating postretirement expense (14) (0.02) (14) (0.02)
Provision for deferred income taxes on adjustments (1) 70 0.12 110 0.18
Subtotal of adjustments ($264) ($0.43) ($416) ($0.69)
Core loss per share (non-GAAP) ($0.47) ($1.75)
Weighted average diluted shares (in millions) 609.5 598.9
(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 earnings/(loss), core operating margin, and core earnings/(loss) per
share with the most directly comparable GAAP financial measures,
earnings/(loss) from operations, operating margin, and diluted earnings/(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) Full Year 2023 Full Year 2022
$ millions Per Share $ millions Per Share
Revenues 77,794 66,608
Loss from operations (GAAP) (773) (3,519)
Operating margin (GAAP) (1.0) % (5.3) %
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment (799) (849)
Postretirement FAS/CAS service cost adjustment (257) (294)
FAS/CAS service cost adjustment (1,056) (1,143)
Core operating loss (non-GAAP) (1,829) (4,662)
Core operating margin (non-GAAP) (2.4) % (7.0) %
Diluted loss per share (GAAP) (3.67) (8.30)
Pension FAS/CAS service cost adjustment (799) (1.32) (849) (1.43)
Postretirement FAS/CAS service cost adjustment (257) (0.42) (294) (0.49)
Non-operating pension expense (529) (0.87) (881) (1.47)
Non-operating postretirement expense (58) (0.10) (58) (0.10)
Provision for deferred income taxes on adjustments (1) 345 0.57 437 0.73
Subtotal of adjustments ($1,298) ($2.14) ($1,645) ($2.76)
Core loss per share (non-GAAP) ($5.81) ($11.06)
Weighted average diluted shares (in millions) 606.1 595.2
(1) The income tax impact is calculated using the U.S. corporate statutory tax rate.
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