Boeing Reports Second-Quarter Results and Raises 2011 EPS Guidance

Jul 27, 2011

CHICAGO, July 27, 2011 /PRNewswire/ --

  • Earnings per share of $1.25 reported on revenue of $16.5 billion
  • Operating cash flow of $1.6 billion reflects strong operating performance
  • Cash and marketable securities of $8.8 billion provide strong liquidity
  • Backlog of $323 billion is over four times current annual revenue projection
  • 2011 earnings per share guidance increased to between $3.90 and $4.10 per share on strong core performance across businesses

Table 1.  Summary Financial Results


Second Quarter


First Half


(Dollars in Millions, except per share data)

2011

2010

Change

2011

2010

Change








Revenues

$16,543

$15,573

6%

$31,453

$30,789

2%

Earnings From Operations

$1,534

$1,307

17%

$2,534

$2,481

2%

Operating Margin

9.3%

8.4%

  0.9 Pts

8.1%

8.1%

    -    Pts

Net Income

$941

$787

20%

$1,527

$1,306

17%

Earnings per Share

$1.25

$1.06

18%

$2.04

$1.76

16%

Operating Cash Flow

$1,596

$266

NM  

$643

($19)

NM  



The Boeing Company (NYSE: BA) reported second-quarter net income of $0.9 billion, or $1.25 per share, on revenue of $16.5 billion.  Operating margin of 9.3 percent reflects higher Commercial Airplanes volume and strong core performance across the company's businesses, partially offset by higher pension expense.  The company increased its 2011 earnings per share guidance to between $3.90 and $4.10 per share reflecting the strong core performance.  Total company 2011 revenue and cash flow guidance is unchanged.

"Strong operational performance drove double-digit margins at both of our major businesses and produced outstanding results in the quarter," said Jim McNerney, Boeing chairman, president and chief executive officer.  "We also made major progress toward certification and delivery of the 787 Dreamliner and 747-8 and continued our disciplined increases in commercial airplane production rates.  Our outlook for the year has strengthened as our team continues its relentless focus on productivity improvement, cash management and program execution."

Table 2.  Cash Flow


Second Quarter

First Half

(Millions)

2011

2010

2011

2010






Operating Cash Flow

$1,596

$266

$643

($19)

  Less Additions to Property, Plant & Equipment

($345)

($257)

($762)

($443)

Free Cash Flow*

$1,251

$9

($119)

($462)

* Non-GAAP measure.  A complete definition and reconciliation of Boeing's use of non-GAAP measures, identified by an asterisk (*), is found on page 7, "Non-GAAP Measure Disclosure."



Boeing's quarterly operating cash flow was $1.6 billion, reflecting strong operating performance and continued investment in development programs.  Free cash flow* was $1.3 billion in the quarter (Table 2).

Table 3.  Cash, Marketable Securities and Debt Balances


Quarter-End

(Billions)

2Q11

1Q11




Cash

$5.0

$5.7

Marketable Securities(1)

$3.8

$2.1

  Total

$8.8

$7.8




Debt Balances:



The Boeing Company

$8.9

$9.0

Boeing Capital Corporation

$2.7

$2.7

  Total Consolidated Debt

$11.6

$11.7

(1) Marketable securities consists primarily of time deposits due within one year classified as "short-term investments."



Cash and investments in marketable securities totaled $8.8 billion at quarter-end (Table 3), up from $7.8 billion at the beginning of the quarter.  Debt was essentially unchanged in the quarter.

Total company backlog at quarter-end was $323 billion, down from $329 billion at the beginning of the quarter.  Net orders for the quarter were $12 billion and included a significant mix of wide-body commercial airplanes.  Backlog is up $2.7 billion from year-end, reflecting $35 billion of net orders in the first half of 2011.

Segment Results  

Commercial Airplanes

Table 4. Commercial Airplanes Operating Results


Second Quarter


First Half


(Dollars in Millions)

2011

2010

Change

2011

2010

Change








Commercial Airplanes Deliveries

118

114

4%

222

222

0%








Revenues

$8,843

$7,433

19%

$15,961

$14,901

7%

Earnings from Operations

$920

$683

35%

$1,429

$1,362

5%








Operating Margins

10.4%

9.2%

1.2 Pts

9.0%

9.1%

(0.1)Pts



Boeing Commercial Airplanes second-quarter revenue increased by 19 percent to $8.8 billion on higher deliveries, improved model mix and higher services volume.  Operating margin was 10.4 percent, reflecting the higher revenue and strong operating performance, partially offset by higher R&D (Table 4).  

Flight testing activities on the 787 and 747-8 Freighter programs are nearing completion.  During the quarter, both programs entered into Function and Reliability testing, while the 787 program also began Extended Operations testing.  First deliveries of the 787 and 747-8 Freighter are expected later in the third quarter.

Total firm orders for the 787 at quarter-end were 827 airplanes from 57 customers.  Commercial Airplanes booked 65 net orders during the quarter and 171 during the first half of 2011.  Backlog remains strong with more than 3,300 airplanes valued at $262 billion.

Boeing Defense, Space & Security

Table 5.  Defense, Space & Security Operating Results






Second Quarter


First Half


(Dollars in Millions)

2011

2010

Change

2011

2010

Change








Revenues







  Boeing Military Aircraft

$3,642

$3,580

2%

$7,034

$6,821

3%

  Network & Space Systems

$2,081

$2,354

(12%)

$4,430

$4,677

(5%)

  Global Services & Support

$1,965

$2,049

(4%)

$3,841

$4,098

(6%)

Total BDS Revenues

$7,688

$7,983

(4%)

$15,305

$15,596

(2%)








Earnings from Operations







  Boeing Military Aircraft

$386

$353

9%

$755

$623

21%

  Network & Space Systems

$198

$167

19%

$341

$341

0%

  Global Services & Support

$214

$191

12%

$373

$411

(9%)

Total BDS Earnings from Operations

$798

$711

12%

$1,469

$1,375

7%








Operating Margins

10.4%

8.9%

  1.5 Pts

9.6%

8.8%

  0.8 Pts



Boeing Defense, Space & Security's second-quarter revenue was $7.7 billion, while operating margin was 10.4 percent (Table 5).

Boeing Military Aircraft (BMA) second-quarter revenue was $3.6 billion.  Operating margin was 10.6 percent, reflecting strong operating performance.  Last year's results were impacted by a charge on the Airborne Early Warning & Control program.  During the quarter, India signed an agreement for ten C-17s, which are expected to be on contract later this year, and BMA was awarded the U.S. Navy's study contract for the Unmanned Carrier-Launched Airborne Surveillance and Strike Program.

Network & Space Systems (N&SS) second-quarter revenue decreased to $2.1 billion, due to funding reductions in Brigade Combat Team Modernization and lower SBInet volume.  Operating margin was 9.5 percent, reflecting United Launch Alliance performance and a gain on the sale of property.  During the quarter, the GPS Operational Control Segment entered service with the U.S. Air Force and the High Energy Laser program completed system integration.

Global Services & Support (GS&S) second-quarter revenue was $2.0 billion.  Operating margin was 10.9 percent, reflecting strong performance in integrated logistics.  During the quarter, GS&S was awarded modernization and upgrade contracts from the U.S. Air Force.

Backlog at Defense, Space & Security decreased to $61 billion on run-off of multi-year contracts, and remains nearly two times the unit's expected 2011 revenue.  

Additional Financial Information

Table 6.  Additional Financial Information







Second Quarter


First Half


(Dollars in Millions)

2011

2010

Change

2011

2010

Change








Revenues







   Boeing Capital Corporation

$147

$162

(9%)

$290

$324

(10%)

   Other segment

$38

$44


$74

$80


   Unallocated items and eliminations

($173)

($49)


($177)

($112)









Earnings from Operations







   Boeing Capital Corporation

$62

$55

13%

$114

$101

13%

   Other segment

($58)

($72)


($80)

($122)


   Unallocated items and eliminations

($188)

($70)


($398)

($235)









Other income, net

$14

$35


$27

$33


Interest and debt expense

($123)

($132)


($253)

($254)


Effective tax rate

33.9%

34.8%


33.7%

42.1%




During the quarter, Boeing Capital Corporation's (BCC) portfolio balance declined to $4.4 billion, down from $4.5 billion at the beginning of the quarter on run-off and asset sales.  BCC's debt-to-equity ratio was unchanged at 5.0-to-1.

The "Other" segment includes unallocated activities of Engineering, Operations and Technology, Shared Services Group as well as certain intercompany guarantees provided to BCC.  

The loss in unallocated items and eliminations increased primarily due to higher pension expense.  Total pension expense for the second quarter was $389 million, as compared to $283 million in the same period last year.  A total of $326 million was allocated to the operating segments in the quarter, up from $305 million in the same period last year, and $63 million was recognized in unallocated items, compared to a benefit of $22 million in the same period last year.

Outlook

The company's 2011 financial guidance (Table 7) has been updated to reflect the strong core performance in both businesses.  

Table 7.  Financial Outlook
(Dollars in Billions, except per-share data)

2011



The Boeing Company


 Revenue

$68 - 71

 Earnings Per Share (GAAP)

$3.90 - 4.10

 Operating Cash Flow (1)

> $2.5



Boeing Commercial Airplanes


 Deliveries (2)

485 - 495

 Revenue

$36 - 38

 Operating Margin

8.0% - 8.5%



Boeing Defense, Space & Security


 Revenue


   Boeing Military Aircraft

$14.7 - 15.0

   Network & Space Systems

$8.7 - 9.1

   Global Services & Support

$8.1 - 8.4

 Total BDS Revenue

$31.5 - 32.5



 Operating Margin


   Boeing Military Aircraft

~ 9.5%

   Network & Space Systems

~ 7%

   Global Services & Support

~ 10.5%

 Total BDS Operating Margin

~ 9%



Boeing Capital Corporation


 Portfolio Size

Lower

 Revenue

~ $0.5

 Return on Assets

> 1%



Research & Development

$3.7 - 3.9

Capital Expenditures

~ $2.0

Pension Expense

$1.8

(1) After cash pension contributions of $0.5 billion and assuming new aircraft financings under $0.5 billion.

(2) 2011 is sold out and includes the initial 787 and 747-8 deliveries (combined 25 to 30 units).



Boeing's 2011 earnings per share guidance is increased to between $3.90 and $4.10 per share, up from between $3.80 and $4.00 per share.

Commercial Airplanes' deliveries guidance is now between 485 and 495, down from between 485 and 500, on lower planned deliveries on development programs (now a combined 25 to 30 787 and 747-8 units, from 25 to 40 units).  Operating margin is improved to between 8.0 and 8.5 percent, from between 7.5 and 8.5 percent, reflecting strong core performance and the lower planned development program deliveries.

Defense, Space & Security's revenue guidance for 2011 is now between $31.5 and $32.5, from between $31.5 to $33 billion, on the current business environment.  Defense, Space & Security's operating margin is improved to approximately 9 percent, from between 8.5 and 9 percent, reflecting the strong performance to date.

Capital expenditures for 2011 have been reduced to approximately $2.0 billion, down from approximately $2.3 billion.

Non-GAAP Measure Disclosure

Management believes that the non-GAAP (Generally Accepted Accounting Principles) measures (indicated by an asterisk *) used in this report provide investors with important perspectives into the company's ongoing business performance.  The company does not intend for the information to be considered in isolation or as a substitute for the related GAAP measures.  Other companies may define the measures differently.  The following definitions are provided:

Free Cash Flow

Free cash flow is defined as GAAP operating cash flow less capital expenditures for property, plant and equipment additions.  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 internally to assess both business performance and overall liquidity.  Table 2 provides a reconciliation between GAAP operating cash flow and free cash flow.

Forward-Looking Statements

This document contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  Words such as "may," "will," "should," "expects," "intends," "projects," "plans," "believes," "estimates," "targets," "anticipates," and similar expressions are used to 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 our current expectations and assumptions, which 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 customers, our suppliers and the worldwide market; (3) our commercial development programs, including the 787 and 747-8 commercial aircraft programs; (4) changing acquisition priorities of the U.S. government; (5) our dependence on U.S. government contracts; (6) our reliance on fixed-price contracts; (7) our reliance on cost-type contracts; (8) uncertainties concerning contracts that include in-orbit incentive payments; (9) changes in accounting estimates; (10) changes in the competitive landscape in our markets; (11) our non-U.S. operations, including sales to non-U.S. customers; (12) potential adverse developments in new or pending litigation and/or government investigations; (13) customer and aircraft concentration in Boeing Capital Corporation's customer financing portfolio; (14) changes in our ability to obtain debt on commercially reasonable terms and at competitive rates in order to fund our operations and contractual commitments; (15) realizing the anticipated benefits of mergers, acquisitions, joint ventures, strategic alliances or divestitures; (16) the adequacy of our insurance coverage to cover significant risk exposures; (17) potential business disruptions related to physical security threats, information technology attacks or natural disasters; (18) work stoppages or other labor disruptions; (19) significant changes in discount rates and actual investment return on pension assets; and (20) potential environmental liabilities.

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:  Scott Fitterer or Jennifer Mack (312) 544-2140
Communications:    Chaz Bickers (312) 544-2002

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)

2011

2010

2011

2010

Sales of products

$25,534

$24,940

$13,640

$12,624

Sales of services

5,919

5,849

2,903

2,949

Total revenues

31,453

30,789

16,543

15,573






Cost of products  

(20,329)

(19,937)

(10,823)

(10,115)

Cost of services

(4,858)

(4,665)

(2,348)

(2,384)

Boeing Capital Corporation interest expense

(62)

(82)

(29)

(41)

Total costs and expenses

(25,249)

(24,684)

(13,200)

(12,540)


6,204

6,105

3,343

3,033

Income from operating investments, net

150

113

88

54

General and administrative expense

(1,736)

(1,731)

(870)

(778)

Research and development expense, net

(2,104)

(2,001)

(1,047)

(1,001)

Gain/(loss) on dispositions, net

20

(5)

20

(1)

Earnings from operations

2,534

2,481

1,534

1,307

Other income, net

27

33

14

35

Interest and debt expense

(253)

(254)

(123)

(132)

Earnings before income taxes

2,308

2,260

1,425

1,210

Income tax expense

(778)

(952)

(483)

(421)

Net earnings from continuing operations

1,530

1,308

942

789

Net loss on disposal of discontinued operations, net of taxes of $1, $1, $0 and $1

(3)

(2)

(1)

(2)

Net earnings

$1,527

$1,306

$941

$787






Basic earnings per share from continuing operations

$2.06

$1.78

$1.27

$1.07

Net loss on disposal of discontinued operations, net of taxes





Basic earnings per share

$2.06

$1.78

$1.27

$1.07






Diluted earnings per share from continuing operations

$2.04

$1.76

$1.25

$1.06

Net loss on disposal of discontinued operations, net of taxes





Diluted earnings per share

$2.04

$1.76

$1.25

$1.06

Cash dividends paid per share

$0.84

$0.84

$0.42

$0.42

Weighted average diluted shares (millions)

750.8

741.9

752.6

742.9



The Boeing Company and Subsidiaries

Consolidated Statements of Financial Position

(Unaudited)





June 30

December 31

(Dollars in millions, except per share data)

2011

2010

Assets



Cash and cash equivalents

$  5,050

$  5,359

Short-term and other investments

3,752

5,158

Accounts receivable, net

6,162

5,422

Current portion of customer financing, net

260

285

Deferred income taxes

35

31

Inventories, net of advances and progress billings

29,094

24,317

Total current assets

44,353

40,572

Customer financing, net

4,217

4,395

Property, plant and equipment, net of accumulated



  depreciation of $13,570 and $13,322

9,044

8,931

Goodwill

4,949

4,937

Acquired intangible assets, net

3,141

2,979

Deferred income taxes

3,697

4,031

Investments

1,117

1,111

Pension plan assets, net

5

6

Other assets, net of accumulated amortization of $659 and $630

1,596

1,603

Total assets

$ 72,119

$ 68,565

Liabilities and equity



Accounts payable

$ 8,262

$ 7,715

Accrued liabilities

13,570

13,802

Advances and billings in excess of related costs

12,948

12,323

Deferred income taxes and income taxes payable

1,286

607

Short-term debt and current portion of long-term debt

1,304

948

Total current liabilities

37,370

35,395

Accrued retiree health care

8,036

8,025

Accrued pension plan liability, net

10,155

9,800

Non-current income taxes payable

383

418

Other long-term liabilities

1,027

592

Long-term debt

10,324

11,473

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

3,945

3,866

Treasury stock, at cost – 271,689,849 and 277,002,059 shares

(16,859)

(17,187)

Retained earnings

25,681

24,784

Accumulated other comprehensive loss

(13,095)

(13,758)

Total shareholders’ equity

4,733

2,766

Noncontrolling interest

91

96

Total equity

4,824

2,862

Total liabilities and equity

$ 72,119

$ 68,565



The Boeing Company and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)





Six months ended


June 30

(Dollars in millions)

2011

2010

Cash flows - operating activities:



   Net earnings

$ 1,527

$ 1,306

   Adjustments to reconcile net earnings to net cash provided/(used)



         by operating activities:



     Non-cash items –



          Share-based plans expense

96

130

          Depreciation

710

743

          Amortization of acquired intangible assets

99

111

          Amortization of debt discount/premium and issuance costs

7

10

          Investment/asset impairment charges, net

16

20

          Customer financing valuation provision

(65)

5

          Loss on disposal of discontinued operations

4

3

          (Gain)/loss on dispositions, net

(20)

5

          Other charges and credits, net

223

45

          Excess tax benefits from share-based payment arrangements

(32)

(15)

      Changes in assets and liabilities –



          Accounts receivable

(747)

(827)

          Inventories, net of advances and progress billings

(4,889)

(3,425)

          Accounts payable

1,134

(129)

          Accrued liabilities

(268)

266

          Advances and billings in excess of related costs

626

(66)

          Income taxes receivable, payable and deferred

685

760

          Other long-term liabilities

54

255

          Pension and other postretirement plans

1,199

705

          Customer financing, net

210

279

          Other

74

(200)

Net cash provided/(used) by operating activities

643

(19)

Cash flows - investing activities:



   Property, plant and equipment additions

(762)

(443)

   Property, plant and equipment reductions

19

22

   Acquisitions, net of cash acquired

(16)

(24)

   Contributions to investments

(4,454)

(7,101)

   Proceeds from investments

5,902

3,557

   Reimbursement of Sea Launch guarantee payments


40

   Receipt of economic development program funds

69

57

Net cash provided/(used) by investing activities

758

(3,892)

Cash flows - financing activities:



   New borrowings

36

26

   Debt repayments

(851)

(88)

   Repayments of distribution rights financing

(406)

(137)

   Stock options exercised, other

80

61

   Excess tax benefits from share-based payment arrangements

32

15

   Employee taxes on certain share-based payment arrangements

(18)

(18)

   Dividends paid

(620)

(637)

Net cash used by financing activities

(1,747)

(778)

Effect of exchange rate changes on cash and cash equivalents

37

(58)

Net decrease in cash and cash equivalents

(309)

(4,747)

Cash and cash equivalents at beginning of year

5,359

9,215

Cash and cash equivalents at end of period

$ 5,050

$ 4,468



The Boeing Company and Subsidiaries

Summary of Business Segment Data

(Unaudited)



Six months ended

Three months ended


June 30

June 30

(Dollars in millions)

2011

2010

2011

2010

Revenues:





  Commercial Airplanes

$ 15,961

$ 14,901

$ 8,843

$ 7,433

  Boeing Defense, Space & Security:





     Boeing Military Aircraft

7,034

6,821

3,642

3,580

     Network & Space Systems

4,430

4,677

2,081

2,354

     Global Services & Support

3,841

4,098

1,965

2,049

  Total Boeing Defense, Space & Security

15,305

15,596

7,688

7,983

  Boeing Capital Corporation

290

324

147

162

  Other segment

74

80

38

44

  Unallocated items and eliminations

(177)

(112)

(173)

(49)

Total revenues

$ 31,453

$ 30,789

$ 16,543

$ 15,573






Earnings from operations:





  Commercial Airplanes

$    1,429

$  1,362

$  920

$  683

  Boeing Defense, Space & Security:





     Boeing Military Aircraft

755

623

386

353

     Network & Space Systems

341

341

198

167

     Global Services & Support

373

411

214

191

  Total Boeing Defense, Space & Security

1,469

1,375

798

711

  Boeing Capital Corporation

114

101

62

55

  Other segment

(80)

(122)

(58)

(72)

  Unallocated items and eliminations

(398)

(235)

(188)

(70)

Earnings from operations

2,534

2,481

1,534

1,307

Other income, net

27

33

14

35

Interest and debt expense

(253)

(254)

(123)

(132)

Earnings before income taxes

2,308

2,260

1,425

1,210

Income tax expense

(778)

(952)

(483)

(421)

Net earnings from continuing operations

1,530

1,308

942

789

Net loss on disposal of discontinued operations, net of taxes of $1, $1, $0 and $1

(3)

(2)

(1)

(2)

Net earnings

$    1,527

$  1,306

$    941

$  787






Research and development expense, net:





  Commercial Airplanes

$    1,558

$  1,391

$  771

$  693

  Boeing Defense, Space & Security:





     Boeing Military Aircraft

250

320

125

158

     Network & Space Systems

211

221

107

115

     Global Services & Support

62

69

30

35

  Total Boeing Defense, Space & Security

523

610

262

308

  Other segment

23


14


Total research and development expense, net

$    2,104

$    2,001

$    1,047

$  1,001






Unallocated items and eliminations:





  Share-based plans

$     (44)

$  (90)

$  (22)

$  (43)

  Deferred compensation

(60)

(37)

(10)

44

  Pension

(158)

43

(63)

22

  Post-retirement

(33)

(24)

(14)

(13)

  Capitalized interest

(31)

(28)

(16)

(18)

  Eliminations and other

(72)

(99)

(63)

(62)

Total

$     (398)

$  (235)

$     (188)

$  (70)



The Boeing Company and Subsidiaries

Operating and Financial Data

(Unaudited)










Six months ended


Three months ended

Deliveries

June 30


June 30

Commercial Airplanes

2011


2010


2011


2010

    737

181


181


94


95

    767

9


6


5


3

    777

32


35


19


16

   Total

222


222


118


114









Boeing Defense, Space & Security








Boeing Military Aircraft








    F/A-18 Models

25


24


12


11

    F-15E Eagle

8


7


4


4

    C-17 Globemaster

7


6


4


3

    KC-767 Tanker

1







    CH-47 Chinook

16


8


9


6

    AH-64 Apache



9




5

    AEW&C



3




3









Network & Space Systems








    Delta IV



1





    Commercial and Civil Satellites



2




1

    Military Satellites

1


1


1






June 30


March 31


December 31

Contractual backlog (Dollars in billions)

2011


2011


2010

  Commercial Airplanes

$259.9


$260.9


$255.6

  Boeing Defense, Space & Security:






    Boeing Military Aircraft

25.7


26.5


25.1

    Network & Space Systems

9.4


9.4


9.6

    Global Services & Support

13.0


13.9


13.7

  Total Boeing Defense, Space & Security

48.1


49.8


48.4

Total contractual backlog

   $308.0


   $310.7


   $304.0

Unobligated backlog

$15.6


$18.3


$16.9

Total backlog

$323.6


$329.0


$320.9

Workforce

166,900


163,800


160,500

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