Condensed Consolidating Financial Statements

3 Months Ended

Apr. 05, 2015

Consolidating Financial Statements [Abstract]

Condensed Consolidating Financial Statements

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS

The fixed-rate notes described in Note H 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 April 5, 2015	Parent			Guarantors on a Combined Basis		Other Subsidiaries on a Combined Basis			Consolidating Adjustments			Total Consolidated
Revenues	$	—		$	6,768	$	1,016		$	—		$	7,784
Cost of sales	1			5,462		791			—			6,254
G&A	12			416		75			—			503
Operating earnings	(13		)	890		150			—			1,027
Interest, net	(23		)	1		1			—			(21		)
Other, net	1			2		—			—			3
Earnings before income tax	(35		)	893		151			—			1,009
Provision for income tax, net	(25		)	290		28			—			293
Equity in net earnings of subsidiaries	726			—		—			(726		)	—
Net earnings	$	716		$	603	$	123		$	(726	)	$	716
Comprehensive income	$	432		$	606	$	(224	)	$	(382	)	$	432
Three Months Ended March 30, 2014	Parent			Guarantors on a Combined Basis		Other Subsidiaries on a Combined Basis			Consolidating Adjustments			Total Consolidated
Revenues	$	—		$	6,393	$	872		$	—		$	7,265
Cost of sales	6			5,198		696			—			5,900
G&A	14			368		109			—			491
Operating earnings	(20		)	827		67			—			874
Interest, net	(22		)	—		—			—			(22		)
Other, net	—			—		1			—			1
Earnings before income tax	(42		)	827		68			—			853
Provision for income tax, net	(9		)	249		17			—			257
Discontinued operations, net of tax	(1		)	—		—			—			(1		)
Equity in net earnings of subsidiaries	629			—		—			(629		)	—
Net earnings	$	595		$	578	$	51		$	(629	)	$	595
Comprehensive income	$	577		$	572	$	4		$	(576	)	$	577

CONDENSED CONSOLIDATING BALANCE SHEETS (UNAUDITED)

April 5, 2015	Parent			Guarantors on a Combined Basis			Other Subsidiaries on a Combined Basis			Consolidating Adjustments			Total Consolidated
ASSETS
Current assets:
Cash and equivalents	$	2,599		$	—		$	1,813		$	—		$	4,412
Accounts receivable	—			1,310			2,351			—			3,661
Contracts in process	546			2,787			1,111			—			4,444
Inventories
Work in process	—			1,969			11			—			1,980
Raw materials	—			1,293			34			—			1,327
Finished goods	—			18			5			—			23
Pre-owned aircraft	—			67			—			—			67
Other current assets	81			207			150			—			438
Total current assets	3,226			7,651			5,475			—			16,352
Noncurrent assets:
Property, plant and equipment	150			6,119			1,095			—			7,364
Accumulated depreciation of PP&E	(54		)	(3,312		)	(675		)	—			(4,041		)
Intangible assets	—			1,482			926			—			2,408
Accumulated amortization of intangible assets	—			(1,065		)	(450		)	—			(1,515		)
Goodwill	—			8,122			3,577			—			11,699
Other assets	1,611			249			258			—			2,118
Investment in subsidiaries	38,078			—			—			(38,078		)	—
Total noncurrent assets	39,785			11,595			4,731			(38,078		)	18,033
Total assets	$	43,011		$	19,246		$	10,206		$	(38,078	)	$	34,385
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term debt	$	—		$	1		$	—		$	—		$	1
Customer advances and deposits	—			3,373			3,114			—			6,487
Other current liabilities	1,444			3,424			1,756			—			6,624
Total current liabilities	1,444			6,798			4,870			—			13,112
Noncurrent liabilities:
Long-term debt	3,387			23			—			—			3,410
Other liabilities	3,487			2,369			487			—			6,343
Total noncurrent liabilities	6,874			2,392			487			—			9,753
Intercompany	23,173			(22,580		)	(593		)	—			—
Shareholders' equity:
Common stock	482			6			2,043			(2,049		)	482
Other shareholders' equity	11,038			32,630			3,399			(36,029		)	11,038
Total shareholders' equity	11,520			32,636			5,442			(38,078		)	11,520
Total liabilities and shareholders' equity	$	43,011		$	19,246		$	10,206		$	(38,078	)	$	34,385

CONDENSED CONSOLIDATING BALANCE SHEETS

December 31, 2014	Parent			Guarantors on a Combined Basis			Other Subsidiaries on a Combined Basis			Consolidating Adjustments			Total Consolidated
ASSETS
Current assets:
Cash and equivalents	$	2,536		$	—		$	1,852		$	—		$	4,388
Accounts receivable	—			1,379			2,671			—			4,050
Contracts in process	542			2,966			1,083			—			4,591
Inventories
Work in process	—			1,818			10			—			1,828
Raw materials	—			1,260			30			—			1,290
Finished goods	—			20			8			—			28
Pre-owned aircraft	—			75			—			—			75
Other current assets	781			215			161			—			1,157
Total current assets	3,859			7,733			5,815			—			17,407
Noncurrent assets:
Property, plant and equipment	148			6,035			1,109			—			7,292
Accumulated depreciation of PP&E	(52		)	(3,246		)	(665		)	—			(3,963		)
Intangible assets	—			1,484			914			—			2,398
Accumulated amortization of intangible assets	—			(1,042		)	(444		)	—			(1,486		)
Goodwill	—			8,095			3,636			—			11,731
Other assets	1,479			213			284			—			1,976
Investment in subsidiaries	37,449			—			—			(37,449		)	—
Total noncurrent assets	39,024			11,539			4,834			(37,449		)	17,948
Total assets	$	42,883		$	19,272		$	10,649		$	(37,449	)	$	35,355
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term debt	$	500		$	1		$	—		$	—		$	501
Customer advances and deposits	—			3,529			3,806			—			7,335
Other current liabilities	1,298			3,511			1,106			—			5,915
Total current liabilities	1,798			7,041			4,912			—			13,751
Noncurrent liabilities:
Long-term debt	3,386			24			—			—			3,410
Other liabilities	3,514			2,369			482			—			6,365
Total noncurrent liabilities	6,900			2,393			482			—			9,775
Intercompany	22,356			(22,557		)	201			—			—
Shareholders' equity:
Common stock	482			6			2,043			(2,049		)	482
Other shareholders' equity	11,347			32,389			3,011			(35,400		)	11,347
Total shareholders' equity	11,829			32,395			5,054			(37,449		)	11,829
Total liabilities and shareholders' equity	$	42,883		$	19,272		$	10,649		$	(37,449	)	$	35,355

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED)

Three Months Ended April 5, 2015	Parent			Guarantors on a Combined Basis			Other Subsidiaries on a Combined Basis			Consolidating Adjustments		Total Consolidated
Net cash provided by operating activities *	$	(101	)	$	760		$	86		$	—	$	745
Cash flows from investing activities:
Maturities of held-to-maturity securities	500			—			—			—		500
Capital expenditures	(2		)	(89		)	(7		)	—		(98		)
Other, net	1			93			—			—		94
Net cash provided by investing activities	499			4			(7		)	—		496
Cash flows from financing activities:
Purchases of common stock	(620		)	—			—			—		(620		)
Repayment of fixed-rate notes	(500		)	—			—			—		(500		)
Dividends paid	(206		)	—			—			—		(206		)
Proceeds from option exercises	87			—			—			—		87
Other, net	30			—			—			—		30
Net cash used by financing activities	(1,209		)	—			—			—		(1,209		)
Net cash used by discontinued operations	(8		)	—			—			—		(8		)
Cash sweep/funding by parent	882			(764		)	(118		)	—		—
Net increase in cash and equivalents	63			—			(39		)	—		24
Cash and equivalents at beginning of period	2,536			—			1,852			—		4,388
Cash and equivalents at end of period	$	2,599		$	—		$	1,813		$	—	$	4,412
Three Months Ended March 30, 2014
Net cash provided by operating activities *	$	(65	)	$	669		$	(182	)	$	—	$	422
Net cash used by investing activities	—			(68		)	(9		)	—		(77		)
Cash flows from financing activities:
Purchases of common stock	(1,430		)	—			—			—		(1,430		)
Other, net	83			—			—			—		83
Net cash used by financing activities	(1,347		)	—			—			—		(1,347		)
Net cash used by discontinued operations	(3		)	—			—			—		(3		)
Cash sweep/funding by parent	609			(601		)	(8		)	—		—
Net increase in cash and equivalents	(806		)	—			(199		)	—		(1,005		)
Cash and equivalents at beginning of period	4,180			—			1,121			—		5,301
Cash and equivalents at end of period	$	3,374		$	—		$	922		$	—	$	4,296

* Continuing operations only