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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Net sales:      
Products $ 6,442 $ 6,589 $ 6,839
Services 4,069 3,877 4,147
Total net sales 10,511 10,466 10,986
Cost of sales:      
Products (5,785) (6,007) (6,161)
Services (3,718) (3,569) (3,813)
Total cost of sales (9,503) (9,576) (9,974)
Loss related to business divestitures [1] 0 (31) 0
Goodwill impairment charges [2] 0 (384) 0
Operating income 1,008 475 1,012
Interest expense (169) (169) (158)
Interest and other income, net 18 17 18
Debt retirement charges (7) (1) 0
Income from continuing operations before income taxes 850 322 872
Provision for income taxes (189) (25) (227)
Income from continuing operations 661 297 645
Income (loss) from discontinued operations, net of income taxes 63 (522) 32
Net income (loss) 724 (225) 677
Net income from continuing operations attributable to noncontrolling interests (14) (15) (13)
Net income (loss) attributable to L3 $ 710 $ (240) $ 664
Basic earnings (loss) per share attributable to common shareholders:      
Continuing operations (in dollars per share) $ 8.36 $ 3.49 $ 7.40
Discontinued operations (in dollars per share) 0.81 (6.46) 0.38
Basic earnings (loss) per share (in dollars per share) 9.17 (2.97) 7.78
Diluted earnings (loss) per share attributable to common shareholders:      
Continuing operations (in dollars per share) 8.21 3.44 7.20
Discontinued operations (in dollars per share) 0.80 (6.37) 0.36
Diluted earnings (loss) per share (in dollars per share) 9.01 (2.93) 7.56
Cash dividends declared per common share (in dollars per share) $ 2.80 $ 2.60 $ 2.40
Weighted average common shares outstanding:      
Basic (in shares) 77.4 80.7 85.4
Diluted (in shares) 78.8 81.9 87.8
[1] See Note 3 for information regarding the Company's business divestitures.
[2] Represents non-cash goodwill impairment charges recorded during 2015, including (i) $338 million related to a decline in the estimated fair value of the Vertex Aerospace reporting unit, and (ii) $46 million related to a business retained by L3 in connection with the sale of the NSS business, comprised of (i) $37 million related to the re-allocation of impairment charges recorded for the NSS reporting unit in 2015, and (ii) $9 million related to the re-allocation of goodwill. See Note 6 for additional information.