Condensed Consolidating Financial Statements | 9 Months Ended |
Sep. 28, 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 September 29, 2013 | Parent | Guarantors | Other | Consolidating | Total |
on a | Subsidiaries | Adjustments | Consolidated |
Combined | on a | | |
Basis | Combined | | |
| Basis | | |
Revenues | $ | — | | $ | 6,925 | | $ | 810 | | $ | — | | $ | 7,735 | |
|
Cost of sales | 2 | | 5,629 | | 646 | | — | | 6,277 | |
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G&A | 19 | | 410 | | 68 | | — | | 497 | |
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Operating earnings | (21 | ) | 886 | | 96 | | — | | 961 | |
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Interest, net | (23 | ) | 1 | | — | | — | | (22 | ) |
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Other, net | 1 | | — | | 3 | | — | | 4 | |
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Earnings before income tax | (43 | ) | 887 | | 99 | | — | | 943 | |
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Provision for income tax, net | (15 | ) | 290 | | 16 | | — | | 291 | |
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Discontinued operations, net of tax | (1 | ) | — | | — | | — | | (1 | ) |
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Equity in net earnings of subsidiaries | 680 | | — | | — | | (680 | ) | — | |
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Net earnings | $ | 651 | | $ | 597 | | $ | 83 | | $ | (680 | ) | $ | 651 | |
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Comprehensive income | $ | 871 | | $ | 611 | | $ | 236 | | $ | (847 | ) | $ | 871 | |
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Three Months Ended September 28, 2014 | | | | | |
Revenues | $ | — | | $ | 6,761 | | $ | 990 | | $ | — | | $ | 7,751 | |
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Cost of sales | (1 | ) | 5,512 | | 763 | | — | | 6,274 | |
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G&A | 16 | | 397 | | 65 | | — | | 478 | |
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Operating earnings | (15 | ) | 852 | | 162 | | — | | 999 | |
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Interest, net | (21 | ) | (4 | ) | 4 | | — | | (21 | ) |
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Other, net | (2 | ) | 2 | | 1 | | — | | 1 | |
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Earnings before income tax | (38 | ) | 850 | | 167 | | — | | 979 | |
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Provision for income tax, net | (8 | ) | 268 | | 25 | | — | | 285 | |
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Discontinued operations, net of tax | 2 | | — | | — | | — | | 2 | |
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Equity in net earnings of subsidiaries | 724 | | — | | — | | (724 | ) | — | |
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Net earnings | $ | 696 | | $ | 582 | | $ | 142 | | $ | (724 | ) | $ | 696 | |
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Comprehensive income | $ | 463 | | $ | 570 | | $ | (120 | ) | $ | (450 | ) | $ | 463 | |
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CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS (UNAUDITED) |
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| | | | | | | | | | | | | | | |
Nine Months Ended September 29, 2013 | Parent | Guarantors | Other | Consolidating | Total |
on a | Subsidiaries | Adjustments | Consolidated |
Combined | on a | | |
Basis | Combined | | |
| Basis | | |
Revenues | $ | — | | $ | 20,244 | | $ | 2,639 | | $ | — | | $ | 22,883 | |
|
Cost of sales | 10 | | 16,454 | | 2,148 | | — | | 18,612 | |
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G&A | 56 | | 1,229 | | 221 | | — | | 1,506 | |
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Operating earnings | (66 | ) | 2,561 | | 270 | | — | | 2,765 | |
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Interest, net | (69 | ) | 4 | | 2 | | — | | (63 | ) |
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Other, net | — | | — | | 4 | | — | | 4 | |
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Earnings before income tax | (135 | ) | 2,565 | | 276 | | — | | 2,706 | |
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Provision for income tax, net | (35 | ) | 804 | | 75 | | — | | 844 | |
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Discontinued operations, net of tax | — | | — | | — | | — | | — | |
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Equity in net earnings of subsidiaries | 1,962 | | — | | — | | (1,962 | ) | — | |
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Net earnings | $ | 1,862 | | $ | 1,761 | | $ | 201 | | $ | (1,962 | ) | $ | 1,862 | |
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Comprehensive income | $ | 1,968 | | $ | 1,794 | | $ | 95 | | $ | (1,889 | ) | $ | 1,968 | |
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Nine Months Ended September 28, 2014 | | | | | |
Revenues | $ | — | | $ | 19,592 | | $ | 2,898 | | $ | — | | $ | 22,490 | |
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Cost of sales | 8 | | 15,943 | | 2,262 | | — | | 18,213 | |
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G&A | 44 | | 1,165 | | 246 | | — | | 1,455 | |
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Operating earnings | (52 | ) | 2,484 | | 390 | | — | | 2,822 | |
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Interest, net | (68 | ) | (4 | ) | 5 | | — | | (67 | ) |
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Other, net | (4 | ) | 5 | | 1 | | — | | 2 | |
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Earnings before income tax | (124 | ) | 2,485 | | 396 | | — | | 2,757 | |
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Provision for income tax, net | (31 | ) | 788 | | 64 | | — | | 821 | |
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Discontinued operations, net of tax | (104 | ) | — | | — | | — | | (104 | ) |
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Equity in net earnings of subsidiaries | 2,029 | | — | | — | | (2,029 | ) | — | |
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Net earnings | $ | 1,832 | | $ | 1,697 | | $ | 332 | | $ | (2,029 | ) | $ | 1,832 | |
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Comprehensive income | $ | 1,680 | | $ | 1,680 | | $ | 86 | | $ | (1,766 | ) | $ | 1,680 | |
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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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September 28, 2014 | Parent | Guarantors | Other | Consolidating | Total |
on a | Subsidiaries | Adjustments | Consolidated |
Combined | on a | | |
Basis | Combined | | |
| Basis | | |
ASSETS | | | | | |
Current assets: | | | | | |
Cash and equivalents | $ | 2,257 | | $ | — | | $ | 2,848 | | $ | — | | $ | 5,105 | |
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Accounts receivable | — | | 1,404 | | 2,777 | | — | | 4,181 | |
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Contracts in process | 516 | | 2,911 | | 1,009 | | — | | 4,436 | |
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Inventories | | | | | |
Work in process | — | | 1,832 | | 11 | | — | | 1,843 | |
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Raw materials | — | | 1,212 | | 32 | | — | | 1,244 | |
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Finished goods | — | | 15 | | 8 | | — | | 23 | |
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Pre-owned aircraft | — | | 29 | | — | | — | | 29 | |
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Other current assets | 753 | | 394 | | 161 | | — | | 1,308 | |
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Total current assets | 3,526 | | 7,797 | | 6,846 | | — | | 18,169 | |
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Noncurrent assets: | | | | | |
Property, plant and equipment | 209 | | 5,947 | | 1,151 | | — | | 7,307 | |
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Accumulated depreciation of PP&E | (69 | ) | (3,228 | ) | (688 | ) | — | | (3,985 | ) |
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Intangible assets | — | | 1,452 | | 945 | | — | | 2,397 | |
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Accumulated amortization of intangible assets | — | | (1,019 | ) | (449 | ) | — | | (1,468 | ) |
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Goodwill | — | | 7,991 | | 3,765 | | — | | 11,756 | |
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Other assets | 474 | | 400 | | 337 | | (76 | ) | 1,135 | |
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Investment in subsidiaries | 37,270 | | — | | — | | (37,270 | ) | — | |
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Total noncurrent assets | 37,884 | | 11,543 | | 5,061 | | (37,346 | ) | 17,142 | |
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Total assets | $ | 41,410 | | $ | 19,340 | | $ | 11,907 | | $ | (37,346 | ) | $ | 35,311 | |
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LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | |
Current liabilities: | | | | | |
Short-term debt | $ | 500 | | $ | 1 | | $ | — | | $ | — | | $ | 501 | |
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Customer advances and deposits | — | | 3,614 | | 4,376 | | — | | 7,990 | |
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Other current liabilities | 1,268 | | 3,664 | | 1,247 | | — | | 6,179 | |
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Total current liabilities | 1,768 | | 7,279 | | 5,623 | | — | | 14,670 | |
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Noncurrent liabilities: | | | | | |
Long-term debt | 3,386 | | 24 | | — | | — | | 3,410 | |
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Other liabilities | 1,797 | | 1,988 | | 436 | | — | | 4,221 | |
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Total noncurrent liabilities | 5,183 | | 2,012 | | 436 | | — | | 7,631 | |
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Intercompany | 21,449 | | (21,573 | ) | 124 | | — | | — | |
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Shareholders' equity: | | | | | |
Common stock | 482 | | 6 | | 2,043 | | (2,049 | ) | 482 | |
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Other shareholders' equity | 12,528 | | 31,616 | | 3,681 | | (35,297 | ) | 12,528 | |
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Total shareholders' equity | 13,010 | | 31,622 | | 5,724 | | (37,346 | ) | 13,010 | |
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Total liabilities and shareholders' equity | $ | 41,410 | | $ | 19,340 | | $ | 11,907 | | $ | (37,346 | ) | $ | 35,311 | |
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CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED) |
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Nine Months Ended September 29, 2013 | Parent | Guarantors | Other | Consolidating | Total |
on a | Subsidiaries | Adjustments | Consolidated |
Combined | on a | | |
Basis | Combined | | |
| Basis | | |
Net cash provided by operating activities * | $ | (445 | ) | $ | 1,983 | | $ | 15 | | $ | — | | $ | 1,553 | |
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Net cash used by investing activities * | 1 | | (188 | ) | (25 | ) | — | | (212 | ) |
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Cash flows from financing activities: | | | | | |
Purchases of common stock | (696 | ) | — | | — | | — | | (696 | ) |
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Proceeds from option exercises | 484 | | — | | — | | — | | 484 | |
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Dividends paid | (394 | ) | — | | — | | — | | (394 | ) |
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Other, net | 19 | | — | | 27 | | — | | 46 | |
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Net cash used by financing activities * | (587 | ) | — | | 27 | | — | | (560 | ) |
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Net cash used by discontinued operations | (12 | ) | — | | — | | — | | (12 | ) |
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Cash sweep/funding by parent | 1,801 | | (1,795 | ) | (6 | ) | — | | — | |
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Net increase in cash and equivalents | 758 | | — | | 11 | | — | | 769 | |
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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 | $ | 3,058 | | $ | — | | $ | 1,007 | | $ | — | | $ | 4,065 | |
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Nine Months Ended September 28, 2014 | | | | | |
Net cash provided by operating activities * | $ | (237 | ) | $ | 2,140 | | $ | 1,895 | | $ | — | | $ | 3,798 | |
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Cash flows from investing activities: | | | | | |
Purchases of held-to-maturity securities | (500 | ) | — | | — | | — | | (500 | ) |
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Capital expenditures | (54 | ) | (257 | ) | (26 | ) | — | | (337 | ) |
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Other, net | 2 | | 19 | | (10 | ) | — | | 11 | |
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Net cash used by investing activities * | (552 | ) | (238 | ) | (36 | ) | — | | (826 | ) |
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Cash flows from financing activities: | | | | | |
Purchases of common stock | (3,117 | ) | — | | — | | — | | (3,117 | ) |
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Dividends paid | (618 | ) | — | | — | | — | | (618 | ) |
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Proceeds from option exercises | 475 | | — | | — | | — | | 475 | |
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Other, net | 66 | | — | | — | | — | | 66 | |
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Net cash used by financing activities * | (3,194 | ) | — | | — | | — | | (3,194 | ) |
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Net cash provided by discontinued operations | 26 | | — | | — | | — | | 26 | |
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Cash sweep/funding by parent | 2,035 | | (1,902 | ) | (133 | ) | — | | — | |
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Net decrease in cash and equivalents | (1,922 | ) | — | | 1,726 | | — | | (196 | ) |
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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 | $ | 2,257 | | $ | — | | $ | 2,848 | | $ | — | | $ | 5,105 | |
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* Continuing operations only |