Condensed Consolidating Financial Statements (Tables)

6 Months Ended

Jul. 05, 2015

Consolidating Financial Statements [Abstract]

Condensed Consolidating Statements of Earnings (Unaudited)

CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS (UNAUDITED)

Three Months Ended July 5, 2015	Parent			Guarantors on a Combined Basis			Other Subsidiaries on a Combined Basis			Consolidating Adjustments			Total Consolidated
Revenues	$	—		$	6,883		$	999		$	—		$	7,882
Cost of sales	(4		)	5,574			764			—			6,334
G&A	12			381			74			—			467
Operating earnings	(8		)	928			161			—			1,081
Interest, net	(20		)	(2		)	2			—			(20		)
Earnings before income tax	(28		)	926			163			—			1,061
Provision for income tax, net	(16		)	298			27			—			309
Equity in net earnings of subsidiaries	764			—			—			(764		)	—
Net earnings	$	752		$	628		$	136		$	(764	)	$	752
Comprehensive income	$	876		$	631		$	198		$	(829	)	$	876
Three Months Ended June 29, 2014
Revenues	$	—		$	6,437		$	1,037		$	—		$	7,474
Cost of sales	3			5,231			805			—			6,039
G&A	14			401			71			—			486
Operating earnings	(17		)	805			161			—			949
Interest, net	(25		)	—			1			—			(24		)
Other, net	(2		)	4			(2		)	—			—
Earnings before income tax	(44		)	809			160			—			925
Provision for income tax, net	(14		)	270			23			—			279
Discontinued operations, net of tax	(105		)	—			—			—			(105		)
Equity in net earnings of subsidiaries	676			—			—			(676		)	—
Net earnings	$	541		$	539		$	137		$	(676	)	$	541
Comprehensive income	$	640		$	540		$	200		$	(740	)	$	640

CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS (UNAUDITED)

Six Months Ended July 5, 2015	Parent			Guarantors on a Combined Basis			Other Subsidiaries on a Combined Basis			Consolidating Adjustments			Total Consolidated
Revenues	$	—		$	13,651		$	2,015		$	—		$	15,666
Cost of sales	(3		)	11,036			1,555			—			12,588
G&A	24			797			149			—			970
Operating earnings	(21		)	1,818			311			—			2,108
Interest, net	(43		)	(1		)	3			—			(41		)
Other, net	1			2			—			—			3
Earnings before income tax	(63		)	1,819			314			—			2,070
Provision for income tax, net	(41		)	588			55			—			602
Equity in net earnings of subsidiaries	1,490			—			—			(1,490		)	—
Net earnings	$	1,468		$	1,231		$	259		$	(1,490	)	$	1,468
Comprehensive income	$	1,308		$	1,237		$	(26	)	$	(1,211	)	$	1,308
Six Months Ended June 29, 2014	Parent			Guarantors on a Combined Basis			Other Subsidiaries on a Combined Basis			Consolidating Adjustments			Total Consolidated
Revenues	$	—		$	12,830		$	1,909		$	—		$	14,739
Cost of sales	9			10,429			1,501			—			11,939
G&A	28			769			180			—			977
Operating earnings	(37		)	1,632			228			—			1,823
Interest, net	(47		)	—			1			—			(46		)
Other, net	(2		)	4			(1		)	—			1
Earnings before income tax	(86		)	1,636			228			—			1,778
Provision for income tax, net	(23		)	520			39			—			536
Discontinued operations, net of tax	(106		)	—			—			—			(106		)
Equity in net earnings of subsidiaries	1,305			—			—			(1,305		)	—
Net earnings	$	1,136		$	1,116		$	189		$	(1,305	)	$	1,136
Comprehensive income	$	1,217		$	1,111		$	205		$	(1,316	)	$	1,217

Condensed Consolidating Balance Sheet

July 5, 2015	Parent			Guarantors on a Combined Basis			Other Subsidiaries on a Combined Basis			Consolidating Adjustments			Total Consolidated
ASSETS
Current assets:
Cash and equivalents	$	2,296		$	—		$	1,736		$	—		$	4,032
Accounts receivable	—			1,260			2,335			—			3,595
Contracts in process	534			2,703			1,036			—			4,273
Inventories
Work in process	—			1,980			12			—			1,992
Raw materials	—			1,292			33			—			1,325
Finished goods	—			15			8			—			23
Pre-owned aircraft	—			19			—			—			19
Other current assets	135			206			173			—			514
Total current assets	2,965			7,475			5,333			—			15,773
Noncurrent assets:
Property, plant and equipment	150			6,186			1,105			—			7,441
Accumulated depreciation of PP&E	(56		)	(3,367		)	(689		)	—			(4,112		)
Intangible assets	—			1,444			933			—			2,377
Accumulated amortization of intangible assets	—			(1,079		)	(457		)	—			(1,536		)
Goodwill	—			8,026			3,618			—			11,644
Other assets	1,586			239			242			—			2,067
Investment in subsidiaries	38,516			—			—			(38,516		)	—
Total noncurrent assets	40,196			11,449			4,752			(38,516		)	17,881
Total assets	$	43,161		$	18,924		$	10,085		$	(38,516	)	$	33,654
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term debt	$	—		$	2		$	—		$	—		$	2
Customer advances and deposits	—			3,222			2,882			—			6,104
Other current liabilities	1,407			3,499			1,696			—			6,602
Total current liabilities	1,407			6,723			4,578			—			12,708
Noncurrent liabilities:
Long-term debt	3,387			24			—			—			3,411
Other liabilities	3,414			2,353			492			—			6,259
Total noncurrent liabilities	6,801			2,377			492			—			9,670
Intercompany	23,677			(23,051		)	(626		)	—			—
Shareholders' equity:
Common stock	482			6			2,043			(2,049		)	482
Other shareholders' equity	10,794			32,869			3,598			(36,467		)	10,794
Total shareholders' equity	11,276			32,875			5,641			(38,516		)	11,276
Total liabilities and shareholders' equity	$	43,161		$	18,924		$	10,085		$	(38,516	)	$	33,654

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)

Six Months Ended July 5, 2015	Parent			Guarantors on a Combined Basis			Other Subsidiaries on a Combined Basis			Consolidating Adjustments		Total Consolidated
Net cash provided by operating activities*	$	18		$	1,133		$	197		$	—	$	1,348
Cash flows from investing activities:
Maturities of held-to-maturity securities	500			—			—			—		500
Proceeds from sales of assets	162			97			—			—		259
Capital expenditures	(2		)	(180		)	(8		)	—		(190		)
Other, net	2			(20		)	—			—		(18		)
Net cash provided by investing activities	662			(103		)	(8		)	—		551
Cash flows from financing activities:
Purchases of common stock	(1,565		)	—			—			—		(1,565		)
Repayment of fixed-rate notes	(500		)	—			—			—		(500		)
Dividends paid	(432		)	—			—			—		(432		)
Proceeds from stock option exercises	198			—			—			—		198
Other, net	57			3			—			—		60
Net cash used by financing activities	(2,242		)	3			—			—		(2,239		)
Net cash used by discontinued operations	(16		)	—			—			—		(16		)
Cash sweep/funding by parent	1,338			(1,033		)	(305		)	—		—
Net increase in cash and equivalents	(240		)	—			(116		)	—		(356		)
Cash and equivalents at beginning of period	2,536			—			1,852			—		4,388
Cash and equivalents at end of period	$	2,296		$	—		$	1,736		$	—	$	4,032
Six Months Ended June 29, 2014
Net cash provided by operating activities*	$	187		$	1,197		$	(90	)	$	—	$	1,294
Net cash used by investing activities	1			(132		)	(14		)	—		(145		)
Cash flows from financing activities:
Purchases of common stock	(2,691		)	—			—			—		(2,691		)
Proceeds from stock option exercises	415			—			—			—		415
Dividends paid	(411		)	—			—			—		(411		)
Other, net	54			—			—			—		54
Net cash used by financing activities	(2,633		)	—			—			—		(2,633		)
Net cash provided by discontinued operations	24			—			—			—		24
Cash sweep/funding by parent	1,124			(1,065		)	(59		)	—		—
Net decrease in cash and equivalents	(1,297		)	—			(163		)	—		(1,460		)
Cash and equivalents at beginning of period	4,179			—			1,122			—		5,301
Cash and equivalents at end of period	$	2,882		$	—		$	959		$	—	$	3,841