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Acquisitions and Divestitures (Tables)
 12 Months Ended
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.