|
Third Quarter |
|
Year to Date |
||||||||||||
(In millions) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
||||||||
Revenue (A) |
$ |
5,292 |
|
|
$ |
4,915 |
|
|
$ |
15,802 |
|
|
$ |
14,079 |
|
|
|
|
|
|
|
|
|
||||||||
Operating income (B) |
$ |
495 |
|
|
$ |
479 |
|
|
$ |
1,349 |
|
|
$ |
1,272 |
|
Corporate items add back1 |
|
33 |
|
|
|
(41 |
) |
|
|
86 |
|
|
|
(45 |
) |
Significant and/or non-recurring items: |
|
|
|
|
|
|
|
||||||||
| Amortization of acquisition-related intangibles and additional cost of revenue related to the fair value step-up in inventory sold 2 |
|
210 |
|
|
|
208 |
|
|
|
642 |
|
|
|
576 |
|
| Merger, acquisition, and divestiture-related expenses 2 |
|
25 |
|
|
|
56 |
|
|
|
86 |
|
|
|
144 |
|
| Business divestiture-related losses, net and impairment of goodwill and other assets 2 |
|
29 |
|
|
|
— |
|
|
|
67 |
|
|
|
52 |
|
| LHX NeXt implementation costs 2 |
|
41 |
|
|
|
33 |
|
|
|
216 |
|
|
|
68 |
|
| Total significant and/or non-recurring items |
|
305 |
|
|
|
297 |
|
|
|
1,011 |
|
|
|
840 |
|
| Unallocated items |
|
338 |
|
|
|
256 |
|
|
|
1,097 |
|
|
|
795 |
|
| Adjusted segment operating income (C) |
$ |
833 |
|
|
$ |
735 |
|
|
$ |
2,446 |
|
|
$ |
2,067 |
|
| Margins |
|
|
|
|
|
|
|
||||||||
| Operating margin (B)/(A) |
|
9.4 |
% |
|
|
9.7 |
% |
|
|
8.5 |
% |
|
|
9.0 |
% |
| Adjusted segment operating margin (C)/(A) |
|
15.7 |
% |
|
|
15.0 |
% |
|
|
15.5 |
% |
|
|
14.7 |
% |
|
|
|
|
|
|
|
|
|
||||||||
| 1 Corporate items add back includes unallocated corporate department expense of $40M and $106M for the third quarter and year to date 2024, respectively, and unallocated corporate department income of $14M for the third quarter 2023 and unallocated corporate department expense of $27M for year to date 2023. Additionally, includes the FAS/CAS operating adjustment of $7M and $20M for the third quarter and year to date 2024, respectively, and $27M and $72M for the third quarter and year to date 2023, respectively. The FAS/CAS operating adjustment represents the difference between the service cost component of Financial Accounting Standards (“FAS”) pension and Other Postretirement Benefits (“OPEB”) income or expense and total U.S. Government Cost Accounting Standards (“CAS”) pension and OPEB cost. |
| 2 Refer to Key Terms and Non-GAAP Definitions on page 17. |
