Condensed Consolidating Financial Statements

6 Months Ended

Jun. 30, 2013

Consolidating Financial Statements [Abstract]

Condensed Consolidating Financial Statements

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS

The fixed-rate notes described in Note G are fully and unconditionally guaranteed on an unsecured, joint and several basis by certain of our 100-percent-owned subsidiaries (the guarantors). The following condensed consolidating financial statements illustrate the composition of the parent, the guarantors on a combined basis (each guarantor together with its majority owned subsidiaries) and all other subsidiaries on a combined basis.

CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS (UNAUDITED)

Three Months Ended July 1, 2012	Parent			Guarantors on a Combined Basis			Other Subsidiaries on a Combined Basis			Consolidating Adjustments			Total Consolidated
Revenues	$	—		$	6,504		$	1,418		$	—		$	7,922
Cost of sales	(4		)	5,273			1,158			—			6,427
G&A	22			397			106			—			525
Operating earnings	(18		)	834			154			—			970
Interest, net	(40		)	2			1			—			(37		)
Other, net	(1		)	(3		)	(1		)	—			(5		)
Earnings before income taxes	(59		)	833			154			—			928
Provision for income taxes	(44		)	308			30			—			294
Equity in net earnings of subsidiaries	649			—			—			(649		)	—
Net earnings	$	634		$	525		$	124		$	(649	)	$	634
Comprehensive income	$	444		$	520		$	(98	)	$	(422	)	$	444
Three Months Ended June 30, 2013
Revenues	$	—		$	6,932		$	979		$	—		$	7,911
Cost of sales	3			5,604			820			—			6,427
G&A	19			411			94			—			524
Operating earnings	(22		)	917			65			—			960
Interest, net	(23		)	5			—			—			(18		)
Other, net	(1		)	—			2			—			1
Earnings before income taxes	(46		)	922			67			—			943
Provision for income taxes	(11		)	283			31			—			303
Equity in net earnings of subsidiaries	675			—			—			(675		)	—
Net earnings	$	640		$	639		$	36		$	(675	)	$	640
Comprehensive income	$	645		$	637		$	(20	)	$	(617	)	$	645

CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS (UNAUDITED)

Six Months Ended July 1, 2012	Parent			Guarantors on a Combined Basis			Other Subsidiaries on a Combined Basis			Consolidating Adjustments			Total Consolidated
Revenues	$	—		$	12,801		$	2,700		$	—		$	15,501
Cost of sales	(9		)	10,358			2,262			—			12,611
G&A	44			808			208			—			1,060
Operating earnings	(35		)	1,635			230			—			1,830
Interest, net	(80		)	3			1			—			(76		)
Other, net	(2		)	(2		)	(1		)	—			(5		)
Earnings before income taxes	(117		)	1,636			230			—			1,749
Provision for income taxes	(62		)	546			67			—			551
Equity in net earnings of subsidiaries	1,253			—			—			(1,253		)	—
Net earnings	$	1,198		$	1,090		$	163		$	(1,253	)	$	1,198
Comprehensive income	$	1,208		$	1,086		$	103		$	(1,189	)	$	1,208
Six Months Ended June 30, 2013
Revenues	$	—		$	13,320		$	1,995		$	—		$	15,315
Cost of sales	6			10,830			1,641			—			12,477
G&A	39			816			176			—			1,031
Operating earnings	(45		)	1,674			178			—			1,807
Interest, net	(46		)	4			1			—			(41		)
Other, net	(1		)	1			1			—			1
Earnings before income taxes	(92		)	1,679			180			—			1,767
Provision for income taxes	(20		)	513			63			—			556
Equity in net earnings of subsidiaries	1,283			—			—			(1,283		)	—
Net earnings	$	1,211		$	1,166		$	117		$	(1,283	)	$	1,211
Comprehensive income	$	1,097		$	1,185		$	(142	)	$	(1,043	)	$	1,097

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2012	Parent			Guarantors on a Combined Basis			Other Subsidiaries on a Combined Basis			Consolidating Adjustments			Total Consolidated
ASSETS
Current assets:
Cash and equivalents	$	2,248		$	—		$	1,048		$	—		$	3,296
Accounts receivable	—			1,254			2,950			—			4,204
Contracts in process	439			3,199			1,326			—			4,964
Inventories
Work in process	—			1,507			11			—			1,518
Raw materials	—			1,020			89			—			1,109
Finished goods	—			32			37			—			69
Pre-owned aircraft	—			80			—			—			80
Other current assets	45			249			210			—			504
Total current assets	2,732			7,341			5,671			—			15,744
Noncurrent assets:
Property, plant and equipment	155			5,556			1,292			—			7,003
Accumulated depreciation of PP&E	(56		)	(2,850		)	(694		)	—			(3,600		)
Intangible assets	—			1,693			1,222			—			2,915
Accumulated amortization of intangible assets	—			(1,068		)	(464		)	—			(1,532		)
Goodwill	—			7,661			4,387			—			12,048
Other assets	700			738			328			(35		)	1,731
Investment in subsidiaries	33,324			—			—			(33,324		)	—
Total noncurrent assets	34,123			11,730			6,071			(33,359		)	18,565
Total assets	$	36,855		$	19,071		$	11,742		$	(33,359	)	$	34,309
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Customer advances and deposits	$	—		$	3,052		$	2,990		$	—		$	6,042
Other current liabilities	394			3,743			1,441			—			5,578
Total current liabilities	394			6,795			4,431			—			11,620
Noncurrent liabilities:
Long-term debt	3,881			27			—			—			3,908
Other liabilities	4,121			2,704			566			—			7,391
Total noncurrent liabilities	8,002			2,731			566			—			11,299
Intercompany	17,069			(17,388		)	319			—			—
Shareholders' equity:
Common stock	482			6			44			(50		)	482
Other shareholders' equity	10,908			26,927			6,382			(33,309		)	10,908
Total shareholders' equity	11,390			26,933			6,426			(33,359		)	11,390
Total liabilities and shareholders' equity	$	36,855		$	19,071		$	11,742		$	(33,359	)	$	34,309

CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED)

June 30, 2013	Parent			Guarantors on a Combined Basis			Other Subsidiaries on a Combined Basis			Consolidating Adjustments			Total Consolidated
ASSETS
Current assets:
Cash and equivalents	$	2,729		$	—		$	1,028		$	—		$	3,757
Accounts receivable	—			1,468			2,821			—			4,289
Contracts in process	534			3,190			1,386			—			5,110
Inventories
Work in process	—			1,644			13			—			1,657
Raw materials	—			1,077			83			—			1,160
Finished goods	—			15			41			—			56
Pre-owned aircraft	—			62			—			—			62
Other current assets	64			192			191			—			447
Total current assets	3,327			7,648			5,563			—			16,538
Noncurrent assets:
Property, plant and equipment	155			5,668			1,284			—			7,107
Accumulated depreciation of PP&E	(60		)	(2,959		)	(737		)	—			(3,756		)
Intangible assets	—			1,674			1,207			—			2,881
Accumulated amortization of intangible assets	—			(1,117		)	(494		)	—			(1,611		)
Goodwill	—			7,660			4,249			—			11,909
Other assets	426			735			303			199			1,663
Investment in subsidiaries	34,573			—			—			(34,573		)	—
Total noncurrent assets	35,094			11,661			5,812			(34,374		)	18,193
Total assets	$	38,421		$	19,309		$	11,375		$	(34,374	)	$	34,731
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Customer advances and deposits	$	—		$	3,187		$	2,926		$	—		$	6,113
Other current liabilities	739			3,782			1,207			—			5,728
Total current liabilities	739			6,969			4,133			—			11,841
Noncurrent liabilities:
Long-term debt	3,882			25			—			—			3,907
Other liabilities	4,051			2,599			577			—			7,227
Total noncurrent liabilities	7,933			2,624			577			—			11,134
Intercompany	17,993			(18,392		)	399			—			—
Shareholders' equity:
Common stock	482			6			44			(50		)	482
Other shareholders' equity	11,274			28,102			6,222			(34,324		)	11,274
Total shareholders' equity	11,756			28,108			6,266			(34,374		)	11,756
Total liabilities and shareholders' equity	$	38,421		$	19,309		$	11,375		$	(34,374	)	$	34,731

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)

Six Months Ended July 1, 2012	Parent			Guarantors on a Combined Basis			Other Subsidiaries on a Combined Basis			Consolidating Adjustments		Total Consolidated
Net cash provided by operating activities	$	(34	)	$	1,254		$	(17	)	$	—	$	1,203
Cash flows from investing activities:
Capital expenditures	(1		)	(155		)	(20		)	—		(176		)
Business acquisitions, net of cash acquired	—			(139		)	(26		)	—		(165		)
Purchases of held-to-maturity securities	(160		)	—			—			—		(160		)
Purchases of available-for-sale securities	(64		)	(36		)	—			—		(100		)
Other, net	60			35			—			—		95
Net cash used by investing activities	(165		)	(295		)	(46		)	—		(506		)
Cash flows from financing activities:
Purchases of common stock	(592		)	—			—			—		(592		)
Dividends paid	(353		)	—			—			—		(353		)
Proceeds from option exercises	111			—			—			—		111
Other, net	22			(20		)	26			—		28
Net cash used by financing activities	(812		)	(20		)	26			—		(806		)
Cash sweep/funding by parent	1,136			(939		)	(197		)	—		—
Net decrease in cash and equivalents	125			—			(234		)	—		(109		)
Cash and equivalents at beginning of period	1,530			—			1,119			—		2,649
Cash and equivalents at end of period	$	1,655		$	—		$	885		$	—	$	2,540
Six Months Ended June 30, 2013
Net cash provided by operating activities	$	(36	)	$	1,182		$	(63	)	$	—	$	1,083
Net cash used by investing activities	2			(147		)	(19		)	—		(164		)
Cash flows from financing activities:
Purchases of common stock	(485		)	—			—			—		(485		)
Other, net	30			—			—			—		30
Net cash used by financing activities	(455		)	—			—			—		(455		)
Net cash used by discontinued operations	(3		)	—			—			—		(3		)
Cash sweep/funding by parent	973			(1,035		)	62			—		—
Net decrease in cash and equivalents	481			—			(20		)	—		461
Cash and equivalents at beginning of period	2,248			—			1,048			—		3,296
Cash and equivalents at end of period	$	2,729		$	—		$	1,028		$	—	$	3,757