Acquisitions, Intangible Assets And Goodwill

6 Months Ended

Jun. 30, 2013

Goodwill and Intangible Assets Disclosure [Abstract]

Acquisitions, Intangible Assets And Goodwill

ACQUISITIONS, INTANGIBLE ASSETS AND GOODWILL

We did not acquire any businesses in the first six months of 2013. In 2012, we acquired seven businesses for an aggregate of $444, funded by cash on hand, including two in the first half of 2012.

The changes in the carrying amount of goodwill by reporting unit for the six months ended

June 30, 2013, were as follows:



	Aerospace			Combat Systems			Marine Systems		Information Systems and Technology			Total Goodwill
December 31, 2012 (a)	$	2,697		$	2,961		$	290	$	6,100		$	12,048
Acquisitions (b)	—			2			—		2			4
Other (c)	(56		)	(66		)	—		(21		)	(143		)
June 30, 2013	$	2,641		$	2,897		$	290	$	6,081		$	11,909


(a)	Goodwill on December 31, 2012, in the Information Systems and Technology reporting unit is net of $1,994 of accumulated impairment losses.

(b)Includes adjustments during the purchase price allocation period.

(c)Consists primarily of adjustments for foreign currency translation.

Intangible assets consisted of the following:



	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	December 31, 2012							June 30, 2013
Contract and program intangible assets*	$	2,066	$	(1,165	)	$	901	$	2,067	$	(1,239	)	$	828
Trade names and trademarks	494		(87		)	407		487		(96		)	391
Technology and software	180		(108		)	72		161		(113		)	48
Other intangible assets	175		(172		)	3		166		(163		)	3
Total intangible assets	$	2,915	$	(1,532	)	$	1,383	$	2,881	$	(1,611	)	$	1,270

* Consists of acquired backlog and probable follow-on work and related customer relationships.

Amortization expense was $58 and $115 for the three- and six-month periods ended July 1, 2012, and $42 and $89 for the three- and six-month periods ended June 30, 2013, respectively. We expect to record amortization expense of $165 in 2013.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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