Acquisitions and Divestitures (Tables)

3 Months Ended

Mar. 27, 2015

Business Combinations [Abstract]

Schedule of Major Classes of Assets and Liabilities Included as Held for Sale

The major classes of assets and liabilities included as held for sale related to MSI are presented in the table below:

	March 27, 2015			December 31, 2014
	(in millions)
Assets
Cash and cash equivalents	$	60		$	61
Billed receivables, net of allowances of $6 in 2015 and 2014		77			77
Contracts in process		70			70
Inventories		64			70
Other current assets		2			10
Total current assets		273			288
Goodwill		206			231
Other assets		34			28
Carrying value write-down(1)		(17	)		—
Total assets classified as held for sale	$	496		$	547
Liabilities
Accounts payable, trade	$	28		$	31
Accrued employment costs		26			22
Accrued expenses		28			33
Advance payments and billings in excess of costs incurred		56			55
Other current liabilities		14			21
Total current liabilities		152			162
Pension and postretirement benefits		53			56
Other liabilities		20			19
Total liabilities classified as held for sale	$	225		$	237

⁽¹⁾  At March 27, 2015, the carrying value of the MSI disposal group exceeded its fair value and, as a result, a $17 million loss was recorded which was not allocated to the major classes of assets and liabilities of the MSI disposal group in accordance with ASC 205, Presentation of Financial Statements.

Unaudited Pro Forma Statements of Operations Data

The following unaudited pro forma Statements of Operations data present the combined results of the Company and its business acquisitions completed during the quarterly period ended March 27, 2015 and the year ended December 31, 2014, in each case assuming that the business acquisitions completed during these periods had occurred on January 1, 2014.

	First Quarter Ended
	March 27, 2015		March 28, 2014
	(in millions, except per share data)
Pro forma net sales	$	2,715	$	2,977
Pro forma net income attributable to L-3	$	104	$	168
Pro forma diluted earnings per share	$	1.24	$	1.88