Condensed Consolidating Financial Statements (Tables)

9 Months Ended

Oct. 04, 2015

Consolidating Financial Statements [Abstract]

Condensed Consolidating Statements of Earnings (Unaudited)

CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS (UNAUDITED)

Three Months Ended October 4, 2015	Parent			Guarantors on a Combined Basis			Other Subsidiaries on a Combined Basis			Consolidating Adjustments			Total Consolidated
Revenue	$	—		$	7,037		$	957		$	—		$	7,994
Cost of sales	1			5,729			754			—			6,484
G&A	9			399			68			—			476
Operating earnings	(10		)	909			135			—			1,034
Interest, net	(23		)	(1		)	1			—			(23		)
Other, net	2			—			—			—			2
Earnings before income tax	(31		)	908			136			—			1,013
Provision for income tax, net	(47		)	296			31			—			280
Equity in net earnings of subsidiaries	717			—			—			(717		)	—
Net earnings	$	733		$	612		$	105		$	(717	)	$	733
Comprehensive income	$	640		$	613		$	(33	)	$	(580	)	$	640
Three Months Ended September 28, 2014
Revenue	$	—		$	6,761		$	990		$	—		$	7,751
Cost of sales	(1		)	5,512			763			—			6,274
G&A	16			397			65			—			478
Operating earnings	(15		)	852			162			—			999
Interest, net	(21		)	(4		)	4			—			(21		)
Other, net	(2		)	2			1			—			1
Earnings before income tax	(38		)	850			167			—			979
Provision for income tax, net	(8		)	268			25			—			285
Discontinued operations, net of tax	2			—			—			—			2
Equity in net earnings of subsidiaries	724			—			—			(724		)	—
Net earnings	$	696		$	582		$	142		$	(724	)	$	696
Comprehensive income	$	463		$	570		$	(120	)	$	(450	)	$	463

CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS (UNAUDITED)

Nine Months Ended October 4, 2015	Parent			Guarantors on a Combined Basis			Other Subsidiaries on a Combined Basis			Consolidating Adjustments			Total Consolidated
Revenue	$	—		$	20,688		$	2,972		$	—		$	23,660
Cost of sales	(2		)	16,765			2,309			—			19,072
G&A	33			1,196			217			—			1,446
Operating earnings	(31		)	2,727			446			—			3,142
Interest, net	(66		)	(2		)	4			—			(64		)
Other, net	3			2			—			—			5
Earnings before income tax	(94		)	2,727			450			—			3,083
Provision for income tax, net	(88		)	884			86			—			882
Equity in net earnings of subsidiaries	2,207			—			—			(2,207		)	—
Net earnings	$	2,201		$	1,843		$	364		$	(2,207	)	$	2,201
Comprehensive income	$	1,948		$	1,850		$	(59	)	$	(1,791	)	$	1,948
Nine Months Ended September 28, 2014
Revenue	$	—		$	19,592		$	2,898		$	—		$	22,490
Cost of sales	8			15,943			2,262			—			18,213
G&A	44			1,165			246			—			1,455
Operating earnings	(52		)	2,484			390			—			2,822
Interest, net	(68		)	(4		)	5			—			(67		)
Other, net	(4		)	5			1			—			2
Earnings before income tax	(124		)	2,485			396			—			2,757
Provision for income tax, net	(31		)	788			64			—			821
Discontinued operations, net of tax	(104		)	—			—			—			(104		)
Equity in net earnings of subsidiaries	2,029			—			—			(2,029		)	—
Net earnings	$	1,832		$	1,697		$	332		$	(2,029	)	$	1,832
Comprehensive income	$	1,680		$	1,680		$	86		$	(1,766	)	$	1,680

Condensed Consolidating Balance Sheet

October 4, 2015	Parent			Guarantors on a Combined Basis			Other Subsidiaries on a Combined Basis			Consolidating Adjustments			Total Consolidated
ASSETS
Current assets:
Cash and equivalents	$	1,284		$	—		$	2,088		$	—		$	3,372
Accounts receivable	—			1,506			2,290			—			3,796
Contracts in process	547			2,638			1,030			—			4,215
Inventories
Work in process	—			1,870			12			—			1,882
Raw materials	—			1,285			29			—			1,314
Finished goods	—			17			7			—			24
Pre-owned aircraft	—			19			—			—			19
Other current assets	236			205			225			—			666
Total current assets	2,067			7,540			5,681			—			15,288
Noncurrent assets:
Property, plant and equipment	177			6,263			1,089			—			7,529
Accumulated depreciation of PP&E	(57		)	(3,411		)	(691		)	—			(4,159		)
Intangible assets	—			1,444			919			—			2,363
Accumulated amortization of intangible assets	—			(1,100		)	(463		)	—			(1,563		)
Goodwill	—			8,041			3,492			—			11,533
Other assets	1,590			204			195			—			1,989
Investment in subsidiaries	39,254			—			—			(39,254		)	—
Total noncurrent assets	40,964			11,441			4,541			(39,254		)	17,692
Total assets	$	43,031		$	18,981		$	10,222		$	(39,254	)	$	32,980
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term debt	$	500		$	1		$	—		$	—		$	501
Customer advances and deposits	—			2,807			3,064			—			5,871
Other current liabilities	1,434			3,669			1,703			—			6,806
Total current liabilities	1,934			6,477			4,767			—			13,178
Noncurrent liabilities:
Long-term debt	2,888			24			—			—			2,912
Other liabilities	3,311			2,373			472			—			6,156
Total noncurrent liabilities	6,199			2,397			472			—			9,068
Intercompany	24,164			(23,520		)	(644		)	—			—
Shareholders' equity:
Common stock	482			6			2,354			(2,360		)	482
Other shareholders' equity	10,252			33,621			3,273			(36,894		)	10,252
Total shareholders' equity	10,734			33,627			5,627			(39,254		)	10,734
Total liabilities and shareholders' equity	$	43,031		$	18,981		$	10,222		$	(39,254	)	$	32,980

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)

Nine Months Ended October 4, 2015	Parent			Guarantors on a Combined Basis			Other Subsidiaries on a Combined Basis			Consolidating Adjustments		Total Consolidated
Net cash provided by operating activities*	$	(330	)	$	1,916		$	584		$	—	$	2,170
Cash flows from investing activities:
Maturities of held-to-maturity securities	500			—			—			—		500
Capital expenditures	(29		)	(314		)	(17		)	—		(360		)
Proceeds from sales of assets	162			128			—			—		290
Other, net	2			(14		)	—			—		(12		)
Net cash provided by investing activities	635			(200		)	(17		)	—		418
Cash flows from financing activities:
Purchases of common stock	(2,729		)	—			—			—		(2,729		)
Dividends paid	(655		)	—			—			—		(655		)
Repayment of fixed-rate notes	(500		)	—			—			—		(500		)
Proceeds from stock option exercises	240			—			—			—		240
Other, net	69			2			—			—		71
Net cash used by financing activities	(3,575		)	2			—			—		(3,573		)
Net cash used by discontinued operations	(31		)	—			—			—		(31		)
Cash sweep/funding by parent	2,049			(1,718		)	(331		)	—		—
Net decrease in cash and equivalents	(1,252		)	—			236			—		(1,016		)
Cash and equivalents at beginning of period	2,536			—			1,852			—		4,388
Cash and equivalents at end of period	$	1,284		$	—		$	2,088		$	—	$	3,372
Nine Months Ended September 28, 2014
Net cash provided by operating activities*	$	(237	)	$	2,140		$	1,895		$	—	$	3,798
Cash flows from investing activities:
Purchases of held-to-maturity securities	(500		)	—			—			—		(500		)
Capital expenditures	(54		)	(257		)	(26		)	—		(337		)
Other, net	2			19			(10		)	—		11
Net cash used by investing activities	(552		)	(238		)	(36		)	—		(826		)
Cash flows from financing activities:
Purchases of common stock	(3,117		)	—			—			—		(3,117		)
Dividends paid	(618		)	—			—			—		(618		)
Proceeds from stock option exercises	475			—			—			—		475
Other, net	66			—			—			—		66
Net cash used by financing activities	(3,194		)	—			—			—		(3,194		)
Net cash provided by discontinued operations	26			—			—			—		26
Cash sweep/funding by parent	2,035			(1,902		)	(133		)	—		—
Net decrease in cash and equivalents	(1,922		)	—			1,726			—		(196		)
Cash and equivalents at beginning of period	4,179			—			1,122			—		5,301
Cash and equivalents at end of period	$	2,257		$	—		$	2,848		$	—	$	5,105