Condensed Consolidating Financial Statements | 6 Months Ended |
Jun. 29, 2014 |
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) |
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Three Months Ended June 30, 2013 | Parent | Guarantors | Other | Consolidating | Total |
on a | Subsidiaries | Adjustments | Consolidated |
Combined | on a | | |
Basis | Combined | | |
| Basis | | |
Revenues | $ | — | | $ | 6,932 | | $ | 902 | | $ | — | | $ | 7,834 | |
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Cost of sales | 3 | | 5,604 | | 752 | | — | | 6,359 | |
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G&A | 19 | | 411 | | 84 | | — | | 514 | |
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Operating earnings | (22 | ) | 917 | | 66 | | — | | 961 | |
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Interest, net | (23 | ) | 5 | | — | | — | | (18 | ) |
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Other, net | (1 | ) | — | | 1 | | — | | — | |
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Earnings before income taxes | (46 | ) | 922 | | 67 | | — | | 943 | |
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Provision for income taxes | (11 | ) | 283 | | 31 | | — | | 303 | |
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Equity in net earnings of subsidiaries | 675 | | — | | — | | (675 | ) | — | |
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Net earnings | $ | 640 | | $ | 639 | | $ | 36 | | $ | (675 | ) | $ | 640 | |
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Comprehensive income | $ | 645 | | $ | 637 | | $ | (20 | ) | $ | (617 | ) | $ | 645 | |
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Three Months Ended June 29, 2014 | | | | | |
Revenues | $ | — | | $ | 6,437 | | $ | 1,037 | | $ | — | | $ | 7,474 | |
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Cost of sales | 3 | | 5,231 | | 805 | | — | | 6,039 | |
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G&A | 14 | | 401 | | 71 | | — | | 486 | |
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Operating earnings | (17 | ) | 805 | | 161 | | — | | 949 | |
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Interest, net | (25 | ) | — | | 1 | | — | | (24 | ) |
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Other, net | (2 | ) | 4 | | (2 | ) | — | | — | |
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Earnings before income taxes | (44 | ) | 809 | | 160 | | — | | 925 | |
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Provision for income taxes | (14 | ) | 270 | | 23 | | — | | 279 | |
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Discontinued operations, net of taxes | (105 | ) | — | | — | | — | | (105 | ) |
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Equity in net earnings of subsidiaries | 676 | | — | | — | | (676 | ) | — | |
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Net earnings | $ | 541 | | $ | 539 | | $ | 137 | | $ | (676 | ) | $ | 541 | |
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Comprehensive income | $ | 640 | | $ | 540 | | $ | 200 | | $ | (740 | ) | $ | 640 | |
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CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS (UNAUDITED) |
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Six Months Ended June 30, 2013 | Parent | Guarantors | Other | Consolidating | Total |
on a | Subsidiaries | Adjustments | Consolidated |
Combined | on a | | |
Basis | Combined | | |
| Basis | | |
Revenues | $ | — | | $ | 13,320 | | $ | 1,828 | | $ | — | | $ | 15,148 | |
|
Cost of sales | 6 | | 10,830 | | 1,499 | | — | | 12,335 | |
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G&A | 39 | | 816 | | 154 | | — | | 1,009 | |
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Operating earnings | (45 | ) | 1,674 | | 175 | | — | | 1,804 | |
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Interest, net | (46 | ) | 4 | | 1 | | — | | (41 | ) |
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Other, net | (1 | ) | 1 | | — | | — | | — | |
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Earnings before income taxes | (92 | ) | 1,679 | | 176 | | — | | 1,763 | |
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Provision for income taxes | (20 | ) | 513 | | 60 | | — | | 553 | |
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Discontinued operations, net of tax | 1 | | — | | — | | | 1 | |
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Equity in net earnings of subsidiaries | 1,282 | | — | | — | | (1,282 | ) | — | |
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Net earnings | $ | 1,211 | | $ | 1,166 | | $ | 116 | | $ | (1,282 | ) | $ | 1,211 | |
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Comprehensive income | $ | 1,097 | | $ | 1,185 | | $ | (143 | ) | $ | (1,042 | ) | $ | 1,097 | |
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Six Months Ended June 29, 2014 | | | | | |
Revenues | $ | — | | $ | 12,830 | | $ | 1,909 | | $ | — | | $ | 14,739 | |
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Cost of sales | 9 | | 10,429 | | 1,501 | | — | | 11,939 | |
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G&A | 28 | | 769 | | 180 | | — | | 977 | |
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Operating earnings | (37 | ) | 1,632 | | 228 | | — | | 1,823 | |
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Interest, net | (47 | ) | — | | 1 | | — | | (46 | ) |
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Other, net | (2 | ) | 4 | | (1 | ) | — | | 1 | |
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Earnings before income taxes | (86 | ) | 1,636 | | 228 | | — | | 1,778 | |
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Provision for income taxes | (23 | ) | 520 | | 39 | | — | | 536 | |
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Discontinued operations, net of taxes | (106 | ) | — | | — | | — | | (106 | ) |
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Equity in net earnings of subsidiaries | 1,305 | | — | | — | | (1,305 | ) | — | |
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Net earnings | $ | 1,136 | | $ | 1,116 | | $ | 189 | | $ | (1,305 | ) | $ | 1,136 | |
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Comprehensive income | $ | 1,217 | | $ | 1,111 | | $ | 205 | | $ | (1,316 | ) | $ | 1,217 | |
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CONDENSED CONSOLIDATING BALANCE SHEETS (UNAUDITED) |
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December 31, 2013 | Parent | Guarantors | Other | Consolidating | Total |
on a | Subsidiaries | Adjustments | Consolidated |
Combined | on a | | |
Basis | Combined | | |
| Basis | | |
ASSETS | | | | | |
Current assets: | | | | | |
Cash and equivalents | $ | 4,179 | | $ | — | | $ | 1,122 | | $ | — | | $ | 5,301 | |
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Accounts receivable | — | | 1,451 | | 2,919 | | — | | 4,370 | |
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Contracts in process | 571 | | 3,124 | | 1,085 | | — | | 4,780 | |
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Inventories | | | | | |
Work in process | — | | 1,623 | | 10 | | — | | 1,633 | |
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Raw materials | — | | 1,172 | | 38 | | — | | 1,210 | |
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Finished goods | — | | 24 | | 5 | | — | | 29 | |
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Pre-owned aircraft | — | | 18 | | — | | — | | 18 | |
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Other current assets | 424 | | 203 | | 194 | | — | | 821 | |
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Total current assets | 5,174 | | 7,615 | | 5,373 | | — | | 18,162 | |
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Noncurrent assets: | | | | | |
Property, plant and equipment | 156 | | 5,827 | | 1,169 | | — | | 7,152 | |
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Accumulated depreciation of PP&E | (64 | ) | (3,062 | ) | (667 | ) | — | | (3,793 | ) |
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Intangible assets | — | | 1,614 | | 968 | | — | | 2,582 | |
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Accumulated amortization of intangible assets | — | | (1,111 | ) | (427 | ) | — | | (1,538 | ) |
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Goodwill | — | | 8,041 | | 3,891 | | — | | 11,932 | |
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Other assets | 600 | | 483 | | 398 | | (484 | ) | 997 | |
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Investment in subsidiaries | 35,071 | | — | | — | | (35,071 | ) | — | |
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Total noncurrent assets | 35,763 | | 11,792 | | 5,332 | | (35,555 | ) | 17,332 | |
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Total assets | $ | 40,937 | | $ | 19,407 | | $ | 10,705 | | $ | (35,555 | ) | $ | 35,494 | |
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LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | |
Current liabilities: | | | | | |
Customer advances and deposits | $ | — | | $ | 3,493 | | $ | 3,091 | | $ | — | | $ | 6,584 | |
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Other current liabilities | 868 | | 3,644 | | 1,163 | | — | | 5,675 | |
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Total current liabilities | 868 | | 7,137 | | 4,254 | | — | | 12,259 | |
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Noncurrent liabilities: | | | | | |
Long-term debt | 3,883 | | 25 | | — | | — | | 3,908 | |
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Other liabilities | 2,333 | | 2,007 | | 486 | | — | | 4,826 | |
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Total noncurrent liabilities | 6,216 | | 2,032 | | 486 | | — | | 8,734 | |
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Intercompany | 19,352 | | (19,697 | ) | 345 | | — | | — | |
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Shareholders' equity: | | | | | |
Common stock | 482 | | 6 | | 3,570 | | (3,576 | ) | 482 | |
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Other shareholders' equity | 14,019 | | 29,929 | | 2,050 | | (31,979 | ) | 14,019 | |
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Total shareholders' equity | 14,501 | | 29,935 | | 5,620 | | (35,555 | ) | 14,501 | |
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Total liabilities and shareholders' equity | $ | 40,937 | | $ | 19,407 | | $ | 10,705 | | $ | (35,555 | ) | $ | 35,494 | |
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CONDENSED CONSOLIDATING BALANCE SHEETS (UNAUDITED) |
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June 29, 2014 | Parent | Guarantors | Other | Consolidating | Total |
on a | Subsidiaries | Adjustments | Consolidated |
Combined | on a | | |
Basis | Combined | | |
| Basis | | |
ASSETS | | | | | |
Current assets: | | | | | |
Cash and equivalents | $ | 2,882 | | $ | — | | $ | 959 | | $ | — | | $ | 3,841 | |
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Accounts receivable | — | | 1,340 | | 3,134 | | — | | 4,474 | |
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Contracts in process | 524 | | 2,974 | | 1,436 | | — | | 4,934 | |
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Inventories | | | | | |
Work in process | — | | 1,895 | | 11 | | — | | 1,906 | |
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Raw materials | — | | 1,148 | | 33 | | — | | 1,181 | |
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Finished goods | — | | 17 | | 9 | | — | | 26 | |
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Pre-owned aircraft | — | | 45 | | — | | — | | 45 | |
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Other current assets | 262 | | 304 | | 210 | | — | | 776 | |
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Total current assets | 3,668 | | 7,723 | | 5,792 | | — | | 17,183 | |
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Noncurrent assets: | | | | | |
Property, plant and equipment | 155 | | 5,944 | | 1,184 | | — | | 7,283 | |
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Accumulated depreciation of PP&E | (67 | ) | (3,196 | ) | (693 | ) | — | | (3,956 | ) |
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Intangible assets | — | | 1,451 | | 968 | | — | | 2,419 | |
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Accumulated amortization of intangible assets | — | | (995 | ) | (441 | ) | — | | (1,436 | ) |
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Goodwill | — | | 7,992 | | 3,935 | | — | | 11,927 | |
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Other assets | 533 | | 400 | | 330 | | (351 | ) | 912 | |
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Investment in subsidiaries | 36,489 | | — | | — | | (36,489 | ) | — | |
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Total noncurrent assets | 37,110 | | 11,596 | | 5,283 | | (36,840 | ) | 17,149 | |
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Total assets | $ | 40,778 | | $ | 19,319 | | $ | 11,075 | | $ | (36,840 | ) | $ | 34,332 | |
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LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | |
Current liabilities: | | | | | |
Short-term debt | $ | 500 | | $ | 1 | | $ | — | | $ | — | | $ | 501 | |
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Customer advances and deposits | — | | 3,503 | | 3,191 | | — | | 6,694 | |
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Other current liabilities | 1,090 | | 3,559 | | 1,378 | | — | | 6,027 | |
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Total current liabilities | 1,590 | | 7,063 | | 4,569 | | — | | 13,222 | |
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Noncurrent liabilities: | | | | | |
Long-term debt | 3,385 | | 24 | | — | | — | | 3,409 | |
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Other liabilities | 2,122 | | 2,027 | | 433 | | — | | 4,582 | |
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Total noncurrent liabilities | 5,507 | | 2,051 | | 433 | | — | | 7,991 | |
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Intercompany | 20,562 | | (20,761 | ) | 199 | | — | | — | |
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Shareholders' equity: | | | | | |
Common stock | 482 | | 6 | | 2,043 | | (2,049 | ) | 482 | |
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Other shareholders' equity | 12,637 | | 30,960 | | 3,831 | | (34,791 | ) | 12,637 | |
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Total shareholders' equity | 13,119 | | 30,966 | | 5,874 | | (36,840 | ) | 13,119 | |
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Total liabilities and shareholders' equity | $ | 40,778 | | $ | 19,319 | | $ | 11,075 | | $ | (36,840 | ) | $ | 34,332 | |
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CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED) |
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Six Months Ended June 30, 2013 | Parent | Guarantors | Other | Consolidating | Total |
on a | Subsidiaries | Adjustments | Consolidated |
Combined | on a | | |
Basis | Combined | | |
| Basis | | |
Net cash provided by operating activities * | $ | (36 | ) | $ | 1,182 | | $ | (59 | ) | $ | — | | $ | 1,087 | |
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Net cash used by investing activities * | 2 | | (147 | ) | (16 | ) | — | | (161 | ) |
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Cash flows from financing activities: | | | | | |
Purchases of common stock | (485 | ) | — | | — | | — | | (485 | ) |
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Other, net | 30 | | — | | — | | — | | 30 | |
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Net cash used by financing activities * | (455 | ) | — | | — | | — | | (455 | ) |
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Net cash used by discontinued operations | (10 | ) | — | | — | | — | | (10 | ) |
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Cash sweep/funding by parent | 943 | | (1,035 | ) | 92 | | — | | — | |
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Net increase in cash and equivalents | 444 | | — | | 17 | | — | | 461 | |
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Cash and equivalents at beginning of period | 2,300 | | — | | 996 | | — | | 3,296 | |
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Cash and equivalents at end of period | $ | 2,744 | | $ | — | | $ | 1,013 | | $ | — | | $ | 3,757 | |
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Six Months Ended June 29, 2014 | | | | | |
Net cash provided by operating activities * | $ | 187 | | $ | 1,197 | | $ | (90 | ) | $ | — | | $ | 1,294 | |
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Net cash used by investing activities * | 1 | | (132 | ) | (14 | ) | — | | (145 | ) |
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Cash flows from financing activities: | | | | | |
Purchases of common stock | (2,691 | ) | — | | — | | — | | (2,691 | ) |
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Proceeds from option exercises | 415 | | — | | — | | — | | 415 | |
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Dividends paid | (411 | ) | — | | — | | — | | (411 | ) |
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Other, net | 54 | | — | | — | | — | | 54 | |
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Net cash used by financing activities * | (2,633 | ) | — | | — | | — | | (2,633 | ) |
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Net cash provided by discontinued operations | 24 | | — | | — | | — | | 24 | |
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Cash sweep/funding by parent | 1,124 | | (1,065 | ) | (59 | ) | — | | — | |
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Net decrease in cash and equivalents | (1,297 | ) | — | | (163 | ) | — | | (1,460 | ) |
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Cash and equivalents at beginning of period | 4,179 | | — | | 1,122 | | — | | 5,301 | |
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Cash and equivalents at end of period | $ | 2,882 | | $ | — | | $ | 959 | | $ | — | | $ | 3,841 | |
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* Continuing operations only |