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Acquisitions and Divestitures (Tables) | 12 Months Ended
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Dec. 31, 2016
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the 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 |  |  | 1,924 |
Inventories, net |  |  | 1,632 |
Other current assets |  |  | 46 |
Property, plant and equipment |  |  | 649 |
Goodwill |  |  | 2,842 |
Intangible assets: |  |  |  |
Customer programs |  |  | 3,184 |
Trademarks |  |  | 887 |
Other noncurrent assets |  |  | 572 |
Deferred income taxes, noncurrent |  |  | 256 |
Total identifiable assets and goodwill |  |  | 12,067 |
Accounts payable |  |  | (565) |
Customer advances and amounts in excess of costs incurred |  |  | (1,197) |
Salaries, benefits, and payroll taxes |  |  | (105) |
Other current liabilities |  |  | (430) |
Customer contractual obligations (a) |  |  | (507) |
Other noncurrent liabilities |  |  | (185) |
Total liabilities assumed |  |  | (2,989) |
Total consideration |  |  | $ 9,078 |
(a) | Recorded in other noncurrent liabilities on our consolidated balance sheets.
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 entire years in 2015 and 2014 (in millions):
|  | 2015 |  |  | 2014 |
Net sales |  | $ | 45,366 |  |  | $ | 47,369 |
Net earnings |  |  | 3,534 |  |  |  | 3,475 |
Basic earnings per common share |  |  | 11.39 |  |  |  | 10.97 |
Diluted earnings per common share |  |  | 11.23 |  |  |  | 10.78 |
Carrying Amounts of Major Classes of Business 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 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):
|  | Year Ended December 31, |
|  | 2016 (a) |  |  | 2015 |  |  | 2014 |
Net sales |  | $ | 3,410 |  |  | $ | 5,596 |  |  | $ | 5,654 |
Cost of sales |  |  | (2,953) |  |  |  | (4,868) |  |  |  | (4,963) |
Goodwill impairment charges |  |  | — |  |  |  | — |  |  |  | (119) |
Severance charges |  |  | (19) |  |  |  | (20) |  |  |  | — |
Gross profit |  |  | 438 |  |  |  | 708 |  |  |  | 572 |
Other income, net |  |  | 16 |  |  |  | 16 |  |  |  | 8 |
Operating profit |  |  | 454 |  |  |  | 724 |  |  |  | 580 |
Other non-operating income, net |  |  | — |  |  |  | — |  |  |  | 1 |
Earnings from discontinued operations before income taxes |  |  | 454 |  |  |  | 724 |  |  |  | 581 |
Income tax expense |  |  | (147) |  |  |  | (245) |  |  |  | (220) |
Net gain on divestiture of discontinued operations |  |  | 1,242 |  |  |  | — |  |  |  | — |
Net earnings from discontinued operations |  | $ | 1,549 |  |  | $ | 479 |  |  | $ | 361 |
(a) | Operating results for the year ended December 31, 2016 reflect operating results prior to the August 16, 2016 divestiture date, not the full year as shown for the prior years.

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