The following table presents selected historical financial data derived from the Consolidated Financial Statements and other company information for each of the five years presented. This information should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 7 and the Consolidated Financial Statements and the Notes thereto in Item 8.
(Dollars and shares in millions, except per-share and employee amounts)
2019
2018
2017
2016
2015
Summary of Operations
Revenue
$
39,350
$
36,193
$
30,973
$
30,561
$
31,781
Operating earnings
4,648
4,457
4,236
3,744
4,494
Operating margin
11.8
%
12.3
%
13.7
%
12.3
%
14.1
%
Interest, net
(460
)
(356
)
(103
)
(91
)
(83
)
Provision for income tax, net
(718
)
(727
)
(1,165
)
(977
)
(1,183
)
Earnings from continuing operations
3,484
3,358
2,912
2,679
3,036
Return on sales (a)
8.9
%
9.3
%
9.4
%
8.8
%
9.6
%
Discontinued operations, net of tax
—
(13
)
—
(107
)
—
Net earnings
3,484
3,345
2,912
2,572
3,036
Diluted earnings per share:
Continuing operations
11.98
11.22
9.56
8.64
9.29
Net earnings
11.98
11.18
9.56
8.29
9.29
Cash Flows
Net cash provided by operating activities
$
2,981
$
3,148
$
3,876
$
2,163
$
2,607
Net cash (used) provided by investing activities
(994
)
(10,234
)
(788
)
(391
)
200
Net cash (used) provided by financing activities
(1,997
)
5,086
(2,399
)
(2,169
)
(4,367
)
Net cash used by discontinued operations
(51
)
(20
)
(40
)
(54
)
(43
)
Cash dividends declared per common share
4.08
3.72
3.36
3.04
2.76
Financial Position
Cash and equivalents
$
902
$
963
$
2,983
$
2,334
$
2,785
Total assets
48,841
45,408
35,046
33,172
32,538
Short- and long-term debt
11,930
12,417
3,982
3,888
3,399
Shareholders’ equity
13,577
11,732
11,435
10,301
10,440
Debt-to-equity (b)
87.9
%
105.8
%
34.8
%
37.7
%
32.6
%
Debt-to-capital (c)
46.8
%
51.4
%
25.8
%
27.4
%
24.6
%
Book value per share (d)
46.88
40.64
38.52
34.06
33.36
Other Information
Free cash flow from operations (e)
$
1,994
$
2,458
$
3,448
$
1,771
$
2,038
Return on equity (f)
27.2
%
28.1
%
26.6
%
25.6
%
27.7
%
Return on invested capital (e)
14.0
%
15.4
%
16.8
%
16.3
%
18.1
%
Funded backlog
57,530
55,826
52,031
51,783
53,449
Total backlog
86,945
67,871
63,175
62,206
67,786
Shares outstanding
289.6
288.7
296.9
302.4
313.0
Weighted average shares outstanding:
Basic
288.3
295.3
299.2
304.7
321.3
Diluted
290.8
299.2
304.6
310.4
326.7
Employees
102,900
105,600
98,600
98,800
99,900
(a)
Return on sales is calculated as earnings from continuing operations divided by revenue.
(b)
Debt-to-equity ratio is calculated as total debt divided by total equity as of year end.
(c)
Debt-to-capital ratio is calculated as total debt divided by the sum of total debt plus total equity as of year end.
(d)
Book value per share is calculated as total equity divided by total outstanding shares as of year end.
(e)
See Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, for a reconciliation of net cash provided by operating activities to free cash flow from operations and the calculation of return on invested capital (ROIC), both of which are non-GAAP management metrics.
(f)
Return on equity is calculated by dividing earnings from continuing operations by our average equity during the year.
filings.tools