filings.toolsItem 6. SELECTED FINANCIAL DATA
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Item 6. SELECTED FINANCIAL DATA
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) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
| Summary of Operations | ||||||||||||||||||||||||||||||||
| Revenue | $ | 37,925 | $ | 39,350 | $ | 36,193 | $ | 30,973 | $ | 30,561 | ||||||||||||||||||||||
| Operating earnings | 4,133 | 4,570 | 4,394 | 4,168 | 3,725 | |||||||||||||||||||||||||||
| Operating margin | 10.9 | % | 11.6 | % | 12.1 | % | 13.5 | % | 12.2 | % | ||||||||||||||||||||||
| Interest, net | (477) | (460) | (356) | (103) | (91) | |||||||||||||||||||||||||||
| Provision for income tax, net | (571) | (718) | (727) | (1,100) | (977) | |||||||||||||||||||||||||||
| Earnings from continuing operations | 3,167 | 3,484 | 3,358 | 2,977 | 2,679 | |||||||||||||||||||||||||||
| Return on sales (a) | 8.4 | % | 8.9 | % | 9.3 | % | 9.6 | % | 8.8 | % | ||||||||||||||||||||||
| Discontinued operations, net of tax | — | — | (13) | — | (107) | |||||||||||||||||||||||||||
| Net earnings | 3,167 | 3,484 | 3,345 | 2,977 | 2,572 | |||||||||||||||||||||||||||
| Diluted earnings per share: | ||||||||||||||||||||||||||||||||
| Continuing operations | 11.00 | 11.98 | 11.22 | 9.77 | 8.64 | |||||||||||||||||||||||||||
| Net earnings | 11.00 | 11.98 | 11.18 | 9.77 | 8.29 | |||||||||||||||||||||||||||
| Cash Flows | ||||||||||||||||||||||||||||||||
| Net cash provided by operating activities | $ | 3,858 | $ | 2,981 | $ | 3,148 | $ | 3,876 | $ | 2,163 | ||||||||||||||||||||||
| Net cash used by investing activities | (974) | (994) | (10,234) | (788) | (391) | |||||||||||||||||||||||||||
| Net cash (used) provided by financing activities | (903) | (1,997) | 5,086 | (2,399) | (2,169) | |||||||||||||||||||||||||||
| Net cash used by discontinued operations | (59) | (51) | (20) | (40) | (54) | |||||||||||||||||||||||||||
| Cash dividends declared per common share | 4.40 | 4.08 | 3.72 | 3.36 | 3.04 | |||||||||||||||||||||||||||
| Financial Position | ||||||||||||||||||||||||||||||||
| Cash and equivalents | $ | 2,824 | $ | 902 | $ | 963 | $ | 2,983 | $ | 2,334 | ||||||||||||||||||||||
| Total assets | 51,308 | 49,349 | 45,887 | 35,469 | 33,380 | |||||||||||||||||||||||||||
| Short- and long-term debt | 12,998 | 11,930 | 12,417 | 3,982 | 3,888 | |||||||||||||||||||||||||||
| Shareholders’ equity | 15,661 | 13,978 | 12,110 | 11,801 | 10,509 | |||||||||||||||||||||||||||
| Debt-to-equity (b) | 83.0 | % | 85.3 | % | 102.5 | % | 33.7 | % | 37.0 | % | ||||||||||||||||||||||
| Debt-to-capital (c) | 45.4 | % | 46.0 | % | 50.6 | % | 25.2 | % | 27.0 | % | ||||||||||||||||||||||
| Book value per share (d) | 54.67 | 48.26 | 41.95 | 39.75 | 34.75 | |||||||||||||||||||||||||||
| Other Information | ||||||||||||||||||||||||||||||||
| Free cash flow from operations (e) | $ | 2,891 | $ | 1,994 | $ | 2,458 | $ | 3,448 | $ | 1,771 | ||||||||||||||||||||||
| Return on equity (f) | 21.8 | % | 26.4 | % | 27.3 | % | 26.5 | % | 25.1 | % | ||||||||||||||||||||||
| Return on invested capital (e) | 11.8 | % | 14.0 | % | 15.4 | % | 16.8 | % | 16.3 | % | ||||||||||||||||||||||
| Funded backlog | 58,783 | 57,530 | 55,826 | 52,031 | 51,783 | |||||||||||||||||||||||||||
| Total backlog | 89,489 | 86,945 | 67,871 | 63,175 | 62,206 | |||||||||||||||||||||||||||
| Shares outstanding | 286.5 | 289.6 | 288.7 | 296.9 | 302.4 | |||||||||||||||||||||||||||
| Weighted average shares outstanding: | ||||||||||||||||||||||||||||||||
| Basic | 286.9 | 288.3 | 295.3 | 299.2 | 304.7 | |||||||||||||||||||||||||||
| Diluted | 287.9 | 290.8 | 299.2 | 304.6 | 310.4 | |||||||||||||||||||||||||||
| Employees | 100,700 | 102,900 | 105,600 | 98,600 | 98,800 |
Note: Prior-period information has been restated for the retrospective application of a change in accounting principle related to the amortization of actuarial gains and losses for our qualified U.S. government pension plans, which we adopted in the fourth quarter of 2020. For further discussion of this change in accounting principle, see Note T to the Consolidated Financial Statements in Item 8.
(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.
Previous: Item 5. MARKET FOR THE COMPANY’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES · Next: Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS