Condensed Consolidating Financial Statements (Tables)

9 Months Ended

Oct. 01, 2017

Consolidating Financial Statements [Abstract]

Condensed Consolidating Statements of Earnings (Unaudited)

CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS (UNAUDITED)

Three Months Ended October 1, 2017	Parent			Guarantors on a Combined Basis			Other Subsidiaries on a Combined Basis			Consolidating Adjustments			Total Consolidated
Revenue	$	—		$	6,556		$	1,024		$	—		$	7,580
Cost of sales	(3		)	5,217			804			—			6,018
G&A	15			420			75			—			510
Operating earnings	(12		)	919			145			—			1,052
Interest, net	(24		)	—			(3		)	—			(27		)
Other, net	2			—			—			—			2
Earnings before income tax	(34		)	919			142			—			1,027
Provision for income tax, net	(26		)	283			6			—			263
Equity in net earnings of subsidiaries	772			—			—			(772		)	—
Net earnings	$	764		$	636		$	136		$	(772	)	$	764
Comprehensive income	$	1,035		$	648		$	371		$	(1,019	)	$	1,035
Three Months Ended October 2, 2016
Revenue	$	—		$	6,716		$	941		$	—		$	7,657
Cost of sales	(1		)	5,455			717			—			6,171
G&A	10			381			80			—			471
Operating earnings	(9		)	880			144			—			1,015
Interest, net	(23		)	(1		)	1			—			(23		)
Other, net	1			(4		)	5			—			2
Earnings before income tax	(31		)	875			150			—			994
Provision for income tax, net	(42		)	290			15			—			263
Discontinued operations, net of tax	(84		)	—			—			—			(84		)
Equity in net earnings of subsidiaries	720			—			—			(720		)	—
Net earnings	$	647		$	585		$	135		$	(720	)	$	647
Comprehensive income	$	722		$	578		$	168		$	(746	)	$	722

CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS (UNAUDITED)

Nine Months Ended October 1, 2017	Parent			Guarantors on a Combined Basis			Other Subsidiaries on a Combined Basis			Consolidating Adjustments			Total Consolidated
Revenue	$	—		$	19,832		$	2,864		$	—		$	22,696
Cost of sales	(6		)	15,858			2,205			—			18,057
G&A	39			1,230			227			—			1,496
Operating earnings	(33		)	2,744			432			—			3,143
Interest, net	(71		)	—			(5		)	—			(76		)
Other, net	2			—			—			—			2
Earnings before income tax	(102		)	2,744			427			—			3,069
Provision for income tax, net	(119		)	877			35			—			793
Equity in net earnings of subsidiaries	2,259			—			—			(2,259		)	—
Net earnings	$	2,276		$	1,867		$	392		$	(2,259	)	$	2,276
Comprehensive income	$	3,012		$	1,907		$	1,005		$	(2,912	)	$	3,012
Nine Months Ended October 2, 2016
Revenue	$	—		$	20,123		$	2,784		$	—		$	22,907
Cost of sales	1			16,360			2,163			—			18,524
G&A	30			1,162			225			—			1,417
Operating earnings	(31		)	2,601			396			—			2,966
Interest, net	(69		)	(1		)	2			—			(68		)
Other, net	11			(3		)	5			—			13
Earnings before income tax	(89		)	2,597			403			—			2,911
Provision for income tax, net	(93		)	839			66			—			812
Discontinued operations, net of tax	(97		)	—			—			—			(97		)
Equity in net earnings of subsidiaries	2,095			—			—			(2,095		)	—
Net earnings	$	2,002		$	1,758		$	337		$	(2,095	)	$	2,002
Comprehensive income	$	2,400		$	1,746		$	637		$	(2,383	)	$	2,400

Condensed Consolidating Balance Sheet (Unaudited)

October 1, 2017	Parent			Guarantors on a Combined Basis			Other Subsidiaries on a Combined Basis			Consolidating Adjustments			Total Consolidated
ASSETS
Current assets:
Cash and equivalents	$	1,571		$	—		$	1,151		$	—		$	2,722
Accounts receivable	—			1,027			2,364			—			3,391
Unbilled receivables	—			2,677			2,932			—			5,609
Inventories	198			5,494			89			—			5,781
Other current assets	133			182			262			—			577
Total current assets	1,902			9,380			6,798			—			18,080
Noncurrent assets:
Property, plant and equipment (PP&E)	220			6,659			1,232			—			8,111
Accumulated depreciation of PP&E	(73		)	(3,796		)	(781		)	—			(4,650		)
Intangible assets, net	—			292			423			—			715
Goodwill	—			8,293			3,625			—			11,918
Other assets	371			226			143			—			740
Investment in subsidiaries	44,207			—			—			(44,207		)	—
Total noncurrent assets	44,725			11,674			4,642			(44,207		)	16,834
Total assets	$	46,627		$	21,054		$	11,440		$	(44,207	)	$	34,914
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt	$	900		$	2		$	1		$	—		$	903
Customer advances and deposits	—			3,730			2,880			—			6,610
Other current liabilities	563			3,509			1,624			—			5,696
Total current liabilities	1,463			7,241			4,505			—			13,209
Noncurrent liabilities:
Long-term debt	3,949			21			9			—			3,979
Other liabilities	2,279			3,254			629			—			6,162
Total noncurrent liabilities	6,228			3,275			638			—			10,141
Intercompany	27,372			(27,238		)	(134		)	—			—
Shareholders’ equity:
Common stock	482			6			2,126			(2,132		)	482
Other shareholders’ equity	11,082			37,770			4,305			(42,075		)	11,082
Total shareholders’ equity	11,564			37,776			6,431			(44,207		)	11,564
Total liabilities and shareholders’ equity	$	46,627		$	21,054		$	11,440		$	(44,207	)	$	34,914

December 31, 2016	Parent			Guarantors on a Combined Basis			Other Subsidiaries on a Combined Basis			Consolidating Adjustments			Total Consolidated
ASSETS
Current assets:
Cash and equivalents	$	1,254		$	—		$	1,080		$	—		$	2,334
Accounts receivable	—			1,155			2,244			—			3,399
Unbilled receivables	—			2,235			1,977			—			4,212
Inventories	304			5,417			96			—			5,817
Other current assets	330			204			238			—			772
Total current assets	1,888			9,011			5,635			—			16,534
Noncurrent assets:
PP&E	197			6,586			1,146			—			7,929
Accumulated depreciation of PP&E	(67		)	(3,653		)	(732		)	—			(4,452		)
Intangible assets, net	—			265			413			—			678
Goodwill	—			8,050			3,395			—			11,445
Other assets	640			232			166			—			1,038
Investment in subsidiaries	41,956			—			—			(41,956		)	—
Total noncurrent assets	42,726			11,480			4,388			(41,956		)	16,638
Total assets	$	44,614		$	20,491		$	10,023		$	(41,956	)	$	33,172
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt	$	898		$	2		$	—		$	—		$	900
Customer advances and deposits	—			4,339			2,488			—			6,827
Other current liabilities	564			3,465			1,694			—			5,723
Total current liabilities	1,462			7,806			4,182			—			13,450
Noncurrent liabilities:
Long-term debt	2,966			22			—			—			2,988
Other liabilities	3,520			2,330			583			—			6,433
Total noncurrent liabilities	6,486			2,352			583			—			9,421
Intercompany	26,365			(25,827		)	(538		)	—			—
Shareholders’ equity:
Common stock	482			6			2,354			(2,360		)	482
Other shareholders’ equity	9,819			36,154			3,442			(39,596		)	9,819
Total shareholders’ equity	10,301			36,160			5,796			(41,956		)	10,301
Total liabilities and shareholders’ equity	$	44,614		$	20,491		$	10,023		$	(41,956	)	$	33,172

Condensed Consolidating Statements of Cash Flows (Unaudited)

Nine Months Ended October 1, 2017	Parent			Guarantors on a Combined Basis			Other Subsidiaries on a Combined Basis			Consolidating Adjustments		Total Consolidated
Net cash provided by operating activities*	$	145		$	1,502		$	234		$	—	$	1,881
Cash flows from investing activities:
Business acquisitions, net of cash acquired	—			(315		)	(49		)	—		(364		)
Capital expenditures	(23		)	(205		)	(45		)	—		(273		)
Other, net	5			50			(2		)	—		53
Net cash used by investing activities	(18		)	(470		)	(96		)	—		(584		)
Cash flows from financing activities:
Purchases of common stock	(1,172		)	—			—			—		(1,172		)
Proceeds from fixed-rate notes	985			—			—			—		985
Dividends paid	(735		)	—			—			—		(735		)
Other, net	43			(2		)	—			—		41
Net cash used by financing activities	(879		)	(2		)	—			—		(881		)
Net cash used by discontinued operations	(28		)	—			—			—		(28		)
Cash sweep/funding by parent	1,097			(1,030		)	(67		)	—		—
Net increase in cash and equivalents	317			—			71			—		388
Cash and equivalents at beginning of period	1,254			—			1,080			—		2,334
Cash and equivalents at end of period	$	1,571		$	—		$	1,151		$	—	$	2,722
Nine Months Ended October 2, 2016
Net cash provided by operating activities*	$	98		$	1,161		$	113		$	—	$	1,372
Cash flows from investing activities:
Capital expenditures	(5		)	(208		)	(31		)	—		(244		)
Other, net	3			(3		)	(38		)	—		(38		)
Net cash used by investing activities	(2		)	(211		)	(69		)	—		(282		)
Cash flows from financing activities:
Purchases of common stock	(1,514		)	—			—			—		(1,514		)
Proceeds from fixed-rate notes	992			—			—			—		992
Dividends paid	(678		)	—			—			—		(678		)
Repayment of fixed-rate notes	(500		)	—			—			—		(500		)
Other, net	173			(1		)	—			—		172
Net cash used by financing activities	(1,527		)	(1		)	—			—		(1,528		)
Net cash used by discontinued operations	(44		)	—			—			—		(44		)
Cash sweep/funding by parent	820			(949		)	129			—		—
Net decrease in cash and equivalents	(655		)	—			173			—		(482		)
Cash and equivalents at beginning of period	1,732			—			1,053			—		2,785
Cash and equivalents at end of period	$	1,077		$	—		$	1,226		$	—	$	2,303

* Continuing operations only.