Condensed Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 31, 2015

Consolidating Financial Statements [Abstract]

Condensed Consolidating Statements of Earnings

CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS

Year Ended December 31, 2015	Parent			Guarantors on a Combined Basis			Other Subsidiaries on a Combined Basis			Consolidating Adjustments			Total Consolidated
Revenue	$	—		$	27,398		$	4,071		$	—		$	31,469
Cost of sales	(6		)	22,191			3,154			—			25,339
G&A	46			1,609			297			—			1,952
Operating earnings	(40		)	3,598			620			—			4,178
Interest, net	(89		)	(1		)	7			—			(83		)
Other, net	4			2			1			—			7
Earnings before income tax	(125		)	3,599			628			—			4,102
Provision for income tax, net	(151		)	1,154			134			—			1,137
Equity in net earnings of subsidiaries	2,939			—			—			(2,939		)	—
Net earnings	$	2,965		$	2,445		$	494		$	(2,939	)	$	2,965
Comprehensive income	$	2,611		$	2,653		$	(178	)	$	(2,475	)	$	2,611
Year Ended December 31, 2014
Revenue	$	—		$	26,819		$	4,033		$	—		$	30,852
Cost of sales	9			21,792			3,178			—			24,979
G&A	62			1,633			289			—			1,984
Operating earnings	(71		)	3,394			566			—			3,889
Interest, net	(93		)	—			7			—			(86		)
Other, net	—			(2		)	1			—			(1		)
Earnings before income tax	(164		)	3,392			574			—			3,802
Provision for income tax, net	(54		)	1,099			84			—			1,129
Discontinued operations, net of tax	(140		)	—			—			—			(140		)
Equity in net earnings of subsidiaries	2,783			—			—			(2,783		)	—
Net earnings	$	2,533		$	2,293		$	490		$	(2,783	)	$	2,533
Comprehensive income	$	786		$	2,147		$	(125	)	$	(2,022	)	$	786
Year Ended December 31, 2013
Revenue	$	—		$	27,272		$	3,658		$	—		$	30,930
Cost of sales	20			22,175			3,007			—			25,202
G&A	74			1,664			301			—			2,039
Operating earnings	(94		)	3,433			350			—			3,689
Interest, net	(93		)	1			6			—			(86		)
Other, net	1			6			1			—			8
Earnings before income tax	(186		)	3,440			357			—			3,611
Provision for income tax, net	(51		)	1,058			118			—			1,125
Discontinued operations, net of tax	(129		)	—			—			—			(129		)
Equity in net earnings of subsidiaries	2,621			—			—			(2,621		)	—
Net earnings	$	2,357		$	2,382		$	239		$	(2,621	)	$	2,357
Comprehensive income	$	3,947		$	2,820		$	196		$	(3,016	)	$	3,947

Condensed Consolidating Balance Sheet

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2015	Parent			Guarantors on a Combined Basis			Other Subsidiaries on a Combined Basis			Consolidating Adjustments			Total Consolidated
ASSETS
Current assets:
Cash and equivalents	$	1,732		$	—		$	1,053		$	—		$	2,785
Accounts receivable	—			1,181			2,265			—			3,446
Contracts in process	514			2,795			1,048			—			4,357
Inventories
Work in process	—			1,882			7			—			1,889
Raw materials	—			1,344			32			—			1,376
Finished goods	—			23			5			—			28
Pre-owned aircraft	—			73			—			—			73
Other current assets	140			213			264			—			617
Total current assets	2,386			7,511			4,674			—			14,571
Noncurrent assets:
Property, plant and equipment	189			6,386			1,101			—			7,676
Accumulated depreciation of PP&E	(59		)	(3,462		)	(689		)	—			(4,210		)
Intangible assets	—			1,445			909			—			2,354
Accumulated amortization of intangible assets	—			(1,122		)	(469		)	—			(1,591		)
Goodwill	—			8,040			3,403			—			11,443
Other assets	1,379			207			168			—			1,754
Investment in subsidiaries	40,062			—			—			(40,062		)	—
Total noncurrent assets	41,571			11,494			4,423			(40,062		)	17,426
Total assets	$	43,957		$	19,005		$	9,097		$	(40,062	)	$	31,997
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt	$	500		$	1		$	—		$	—		$	501
Customer advances and deposits	—			3,038			2,636			—			5,674
Other current liabilities	1,331			3,309			1,630			—			6,270
Total current liabilities	1,831			6,348			4,266			—			12,445
Noncurrent liabilities:
Long-term debt	2,874			24			—			—			2,898
Other liabilities	3,417			2,021			478			—			5,916
Total noncurrent liabilities	6,291			2,045			478			—			8,814
Intercompany	25,097			(23,816		)	(1,281		)	—			—
Shareholders’ equity:
Common stock	482			6			2,354			(2,360		)	482
Other shareholders’ equity	10,256			34,422			3,280			(37,702		)	10,256
Total shareholders’ equity	10,738			34,428			5,634			(40,062		)	10,738
Total liabilities and shareholders’ equity	$	43,957		$	19,005		$	9,097		$	(40,062	)	$	31,997

CONDENSED CONSOLIDATING BALANCE SHEET

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	1,461			213			284			—			1,958
Investment in subsidiaries	37,449			—			—			(37,449		)	—
Total noncurrent assets	39,006			11,539			4,834			(37,449		)	17,930
Total assets	$	42,865		$	19,272		$	10,649		$	(37,449	)	$	35,337
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	3,368			24			—			—			3,392
Other liabilities	3,514			2,369			482			—			6,365
Total noncurrent liabilities	6,882			2,393			482			—			9,757
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	$	42,865		$	19,272		$	10,649		$	(37,449	)	$	35,337

Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Year Ended December 31, 2013	Parent			Guarantors on a Combined Basis			Other Subsidiaries on a Combined Basis			Consolidating Adjustments		Total Consolidated
Net cash provided by operating activities*	$	(454	)	$	2,810		$	755		$	—	$	3,111
Cash flows from investing activities:
Capital expenditures	(1		)	(381		)	(54		)	—		(436		)
Other, net	3			59			11			—		73
Net cash used by investing activities	2			(322		)	(43		)	—		(363		)
Cash flows from financing activities:
Purchases of common stock	(740		)	—			—			—		(740		)
Dividends paid	(591		)	—			—			—		(591		)
Proceeds from stock option exercises	583			—			—			—		583
Other, net	23			—			—			—		23
Net cash used by financing activities	(725		)	—			—			—		(725		)
Net cash used by discontinued operations	(18		)	—			—			—		(18		)
Cash sweep/funding by parent	3,074			(2,488		)	(586		)	—		—
Net increase in cash and equivalents	1,879			—			126			—		2,005
Cash and equivalents at beginning of year	2,300			—			996			—		3,296
Cash and equivalents at end of year	$	4,179		$	—		$	1,122		$	—	$	5,301

* Continuing operations only.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

Year Ended December 31, 2015	Parent			Guarantors on a Combined Basis			Other Subsidiaries on a Combined Basis			Consolidating Adjustments		Total Consolidated
Net cash provided by operating activities*	$	(58	)	$	2,202		$	355		$	—	$	2,499
Cash flows from investing activities:
Capital expenditures	(42		)	(475		)	(52		)	—		(569		)
Maturities of held-to-maturity securities	500			—			—			—		500
Proceeds from sales of assets	162			129			—			—		291
Other, net	4			(26		)	—			—		(22		)
Net cash provided by investing activities	624			(372		)	(52		)	—		200
Cash flows from financing activities:
Purchases of common stock	(3,233		)	—			—			—		(3,233		)
Dividends paid	(873		)	—			—			—		(873		)
Repayment of fixed-rate notes	(500		)	—			—			—		(500		)
Proceeds from stock option exercises	268			—			—			—		268
Other, net	77			2			—			—		79
Net cash used by financing activities	(4,261		)	2			—			—		(4,259		)
Net cash used by discontinued operations	(43		)	—			—			—		(43		)
Cash sweep/funding by parent	2,934			(1,832		)	(1,102		)	—		—
Net decrease in cash and equivalents	(804		)	—			(799		)	—		(1,603		)
Cash and equivalents at beginning of year	2,536			—			1,852			—		4,388
Cash and equivalents at end of year	$	1,732		$	—		$	1,053		$	—	$	2,785
Year Ended December 31, 2014
Net cash provided by operating activities*	$	(296	)	$	2,798		$	1,226		$	—	$	3,728
Cash flows from investing activities:
Capital expenditures	(71		)	(409		)	(41		)	—		(521		)
Purchases of held-to-maturity securities	(500		)	—			—			—		(500		)
Other, net	3			(74		)	(10		)	—		(81		)
Net cash used by investing activities	(568		)	(483		)	(51		)	—		(1,102		)
Cash flows from financing activities:
Purchases of common stock	(3,382		)	—			—			—		(3,382		)
Dividends paid	(822		)	—			—			—		(822		)
Proceeds from stock option exercises	547			—			—			—		547
Other, net	83			(1		)	—			—		82
Net cash used by financing activities	(3,574		)	(1		)	—			—		(3,575		)
Net cash provided by discontinued operations	36			—			—			—		36
Cash sweep/funding by parent	2,759			(2,314		)	(445		)	—		—
Net decrease in cash and equivalents	(1,643		)	—			730			—		(913		)
Cash and equivalents at beginning of year	4,179			—			1,122			—		5,301
Cash and equivalents at end of year	$	2,536		$	—		$	1,852		$	—	$	4,388

* Continuing operations only.