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ACQUISITIONS AND DIVESTITURES (Tables) | 9 Months Ended
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Sep. 25, 2016
Summary of Preliminary Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the acquisition date, including the refinements described in the previous paragraph (in millions):
Cash and cash equivalents |  | $ | 75 |
Receivables, net |  |  | 1,948 |
Inventories, net |  |  | 1,605 |
Other current assets |  |  | 25 |
Property, plant and equipment |  |  | 649 |
Goodwill |  |  | 2,853 |
Intangible assets: |  |  |  |
Customer programs |  |  | 3,204 |
Trademarks |  |  | 887 |
Other noncurrent assets |  |  | 507 |
Deferred income tax assets |  |  | 265 |
Total identifiable assets and goodwill |  | $ | 12,018 |
Accounts payable |  | $ | (565 | )
Customer advances and amounts in excess of costs incurred |  |  | (1,197 | )
Salaries, benefits and payroll taxes |  |  | (105 | )
Other current liabilities |  |  | (382 | )
Customer contractual obligations(a) |  |  | (507 | )
Other noncurrent liabilities |  |  | (156 | )
Deferred income tax liabilities(a) |  |  | (28 | )
Total liabilities assumed |  | $ | (2,940 | )
Total purchase price |  | $ | 9,078 |
(a) | Recorded in other noncurrent liabilities on the consolidated balance sheets. The refinements made during the quarter and nine months ended September 25, 2016 did not have a material effect on the acquired assets and liabilities assumed or on net earnings.
Summary of Pro Forma Financial Information | The following table presents summarized unaudited pro forma financial information as if Sikorsky had been included in our financial results for the quarter and nine months ended September 27, 2015 (in millions):
|  | Quarter Ended September 27, 2015 |  |  | Nine Months Ended September 27, 2015 |
Net sales |  | $ | 11,434 |  |  | $ | 33,289 |
Net earnings |  |  | 858 |  |  |  | 2,631 |
Basic earnings per common share |  |  | 2.78 |  |  |  | 8.44 |
Diluted earnings per common share |  |  | 2.74 |  |  |  | 8.32 |
Carrying Amounts of Major Classes of Business Segment Assets and Liabilities, Operating Results of Discontinued Operations and Information of IS and GS Included in Consolidated Statements of Cash Flows | The carrying amounts of major classes of the IS&GS business segment assets and liabilities that were classified as assets and liabilities of discontinued operations as of December 31, 2015 are as follows (in millions):
Receivables, net |  | $ | 807 |  |  |  |  |
Inventories, net |  |  | 143 |  |  |  |  |
Other current assets |  |  | 19 |  |  |  |  |
Property, plant and equipment, net |  |  | 101 |  |  |  |  |
Goodwill |  |  | 2,881 |  |  |  |  |
Intangible assets |  |  | 125 |  |  |  |  |
Other noncurrent assets |  |  | 54 |  |  |  |  |
Total assets of the disposal group |  | $ | 4,130 |  |  |  |  |
Accounts payable |  | $ | (229 | ) |  |  |  |
Customer advances and amounts in excess of costs incurred |  |  | (285 | ) |  |  |  |
Salaries, benefits and payroll taxes |  |  | (209 | ) |  |  |  |
Other current liabilities |  |  | (225 | ) |  |  |  |
Deferred income taxes |  |  | (145 | ) |  |  |  |
Other noncurrent liabilities |  |  | (60 | ) |  |  |  |
Total liabilities of the disposal group |  | $ | (1,153 | ) |  |  |  |
The operating results of IS&GS that have been reflected within net earnings from discontinued operations are as follows (in millions):
|  | Quarters Ended |  |  | Nine Months Ended |
|  | September 25, 2016(a) |  |  | September 27, 2015 |  |  | September 25, 2016(a) |  |  | September 27, 2015 |
Net sales |  | $ | 739 |  |  | $ | 1,401 |  |  | $ | 3,410 |  |  | $ | 4,199 |
Cost of sales |  |  | (635) |  |  |  | (1,222) |  |  |  | (2,953) |  |  |  | (3,644) |
Severance charges |  |  | — |  |  |  | (20) |  |  |  | (19) |  |  |  | (20) |
Gross profit |  |  | 104 |  |  |  | 159 |  |  |  | 438 |  |  |  | 535 |
Other income, net |  |  | 19 |  |  |  | 3 |  |  |  | 16 |  |  |  | 8 |
Operating profit |  |  | 123 |  |  |  | 162 |  |  |  | 454 |  |  |  | 543 |
Earnings from discontinued operations before income taxes |  |  | 123 |  |  |  | 162 |  |  |  | 454 |  |  |  | 543 |
Income tax expense |  |  | (51) |  |  |  | (53) |  |  |  | (168) |  |  |  | (180) |
Net gain on divestiture of discontinued operations |  |  | 1,234 |  |  |  | — |  |  |  | 1,234 |  |  |  | — |
Net earnings from discontinued operations |  | $ | 1,306 |  |  | $ | 109 |  |  | $ | 1,520 |  |  | $ | 363 |
(a) | Operating results for the quarter and nine months ended September 25, 2016 reflect operating results prior to the transaction date of August 16, 2016, not the full quarter or nine month period as shown for the prior period.

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