XML 60 R42.htm IDEA: XBRL DOCUMENT v3.6.0.2
Significant Accounting Policies - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
3 Months Ended 12 Months Ended
Aug. 24, 2016
Nov. 06, 2015
Dec. 31, 2016
Sep. 25, 2016
[2],[3]
Jun. 26, 2016
Mar. 27, 2016
[4]
Dec. 31, 2015
Sep. 27, 2015
Jun. 28, 2015
Mar. 29, 2015
Dec. 31, 2014
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Significant Accounting Policies [Line Items]                            
Acquisitions of businesses and investments in affiliates                         $ 9,003 $ 898
Operating profit     $ 1,428 [1],[2] $ 1,588 [1] $ 1,375 [1] $ 1,158 [1] $ 1,100 [5],[6] $ 1,192 [5] $ 1,273 [5] $ 1,147 [5]   $ 5,549 4,712 5,012
Net earnings     $ 988 [2] $ 2,395 $ 1,021 $ 898 $ 933 [6],[7] $ 865 [7] $ 929 [7] $ 878 [7]   $ 5,302 $ 3,605 $ 3,614
Diluted earnings per share     $ 3.35 [2],[8] $ 7.93 [8] $ 3.32 [8] $ 2.91 [8] $ 3.01 [6],[8] $ 2.77 [8] $ 2.94 [8] $ 2.74 [8]   $ 17.49 $ 11.46 $ 11.21
Independent research and development costs charged to cost of sales                       $ 988 $ 817 $ 733
Number of years over which stock awards vest                       3 years    
Depreciation                       $ 747 716 713
Capitalized internal-use software, net     $ 427       $ 473         427 473  
Capitalized internal-use software accumulated amortization     1,900       1,900         $ 1,900 1,900  
Non-cash goodwill impairment charge                     $ 119     119
Percentage of gains and losses recognition to the extent exciding greater of plan assets or obligations                       10.00%    
Average future service period of employees expected to receive benefits under the plans                       9 years    
Time period environmental costs and recovery of environmental costs are projected over, years                       20 years    
Fair value of trading securities     1,200       1,100         $ 1,200 1,100  
Net gains (losses) on marketable securities                       66 (11) 65
Total equity method investments     1,400       1,300         1,400 1,300  
Net earnings from equity method investments                       443 320 327
Deferred income taxes assets, noncurrent     6,625       6,068         6,625 6,068  
Accounting Standards Update 2016-09 | Restatement Adjustment | Adjustments for New Accounting Principle, Early Adoption                            
Significant Accounting Policies [Line Items]                            
Additional income tax benefit                       $ 152    
Additional income tax benefit, per share                       $ 0.50    
Excess income tax benefit from share-based compensation, operating activities                       $ 152    
Accounting Standards Update 2015-17 | Restatement Adjustment                            
Significant Accounting Policies [Line Items]                            
Deferred income taxes assets, noncurrent             1,600           1,600  
Deferred income taxes liabilities, noncurrent             140           140  
Accounting Standards Update 2015-17 | Scenario, Previously Reported                            
Significant Accounting Policies [Line Items]                            
Deferred income taxes assets, current             1,600           1,600  
Deferred income taxes liabilities, current             140           140  
Contracts Accounted for under Percentage of Completion                            
Significant Accounting Policies [Line Items]                            
Operating profit                       1,500 1,700 1,600
Net earnings                       $ 950 $ 1,100 $ 1,100
Diluted earnings per share                       $ 3.13 $ 3.50 $ 3.41
Minimum                            
Significant Accounting Policies [Line Items]                            
Acquired finite-lived intangible assets are amortized                       3 years    
Minimum | Customer relationships                            
Significant Accounting Policies [Line Items]                            
Acquired finite-lived intangible assets are amortized                       4 years    
Minimum | Customer Programs                            
Significant Accounting Policies [Line Items]                            
Acquired finite-lived intangible assets are amortized                       9 years    
Minimum | Technology-Based Intangible Assets                            
Significant Accounting Policies [Line Items]                            
Acquired finite-lived intangible assets are amortized                       5 years    
Minimum | Trademarks                            
Significant Accounting Policies [Line Items]                            
Acquired finite-lived intangible assets are amortized                       2 years    
Maximum                            
Significant Accounting Policies [Line Items]                            
Acquired finite-lived intangible assets are amortized                       20 years    
Maximum | Customer relationships                            
Significant Accounting Policies [Line Items]                            
Acquired finite-lived intangible assets are amortized                       10 years    
Maximum | Customer Programs                            
Significant Accounting Policies [Line Items]                            
Acquired finite-lived intangible assets are amortized                       20 years    
Maximum | Technology-Based Intangible Assets                            
Significant Accounting Policies [Line Items]                            
Acquired finite-lived intangible assets are amortized                       7 years    
Maximum | Trademarks                            
Significant Accounting Policies [Line Items]                            
Acquired finite-lived intangible assets are amortized                       5 years    
Interest rate swaps | Designated as hedges                            
Significant Accounting Policies [Line Items]                            
Aggregate notional amount of derivatives     1,200       1,500         $ 1,200 $ 1,500  
Foreign currency contracts | Designated as hedges                            
Significant Accounting Policies [Line Items]                            
Aggregate notional amount of derivatives     $ 4,000       $ 4,100         4,000 4,100  
Space Systems                            
Significant Accounting Policies [Line Items]                            
Net earnings from equity method investments                       $ 325 245 $ 280
Buildings | Minimum                            
Significant Accounting Policies [Line Items]                            
Property, plant and equipment, estimated life (years)                       10 years    
Buildings | Maximum                            
Significant Accounting Policies [Line Items]                            
Property, plant and equipment, estimated life (years)                       40 years    
Machinery and equipment | Minimum                            
Significant Accounting Policies [Line Items]                            
Property, plant and equipment, estimated life (years)                       5 years    
Machinery and equipment | Maximum                            
Significant Accounting Policies [Line Items]                            
Property, plant and equipment, estimated life (years)                       15 years    
Capitalized Software                            
Significant Accounting Policies [Line Items]                            
Capitalized internal-use software amortization                       $ 136 $ 161 $ 194
Capitalized Software | Minimum                            
Significant Accounting Policies [Line Items]                            
Property, plant and equipment, estimated life (years)                       2 years    
Capitalized Software | Maximum                            
Significant Accounting Policies [Line Items]                            
Property, plant and equipment, estimated life (years)                       6 years    
Sikorsky Aircraft Corporation                            
Significant Accounting Policies [Line Items]                            
Acquisitions of businesses and investments in affiliates   $ 9,000                        
AWE Management Limited                            
Significant Accounting Policies [Line Items]                            
Ownership interest percentage acquired 18.00%                          
Noncontrolling Interest, Ownership Percentage by Parent 51.00%                          
AWE Management Limited | Customer relationships                            
Significant Accounting Policies [Line Items]                            
Acquired finite-lived intangible assets are amortized 8 years                          
[1] Net sales and operating profit vary from the amounts previously reported on Form 10-Q as a result of our former IS&GS business being classified as discontinued operations in the third quarter of 2016, which is reflected for all periods presented.
[2] The third quarter of 2016 includes the results of AWE from August 26, 2016, the date we obtained controlling interest, including approximately $103 million in net sales and $104 million in net earnings. Third quarter net earnings includes a non-cash gain on the step acquisition of AWE (see "Note 3 - Acquisitions and Divestitures"). The fourth quarter of 2016 includes the results of AWE for the entire quarter, including approximately $307 million in net sales and $2.9 million in net earnings.
[3] The third quarter of 2016 includes a net gain of $1.2 billion related to the divestiture of our former IS&GS business.
[4] The first quarter of 2016 varies from the amounts previously reported on Form 10-Q as a result of adopting ASU No. 2016-09 (see "Note 1 - Significant Accounting Policies").
[5] AOCL related to postretirement benefit plans is shown net of tax benefits at December 31, 2016, 2015 and 2014 of $6.5 billion, $6.2 billion and $6.4 billion. These tax benefits include amounts recognized on our income tax returns as current deductions and deferred income taxes, which will be recognized on our tax returns in future years. See "Note 9 - Income Taxes" and "Note 11 -Postretirement Plans" for more information on our income taxes and postretirement benefit plans.
[6] The fourth quarter of 2015 includes the results of Sikorsky since the November 6, 2015 acquisition date through December 31, 2015, including approximately $400 million in net sales and about $45 million in operating loss, inclusive of intangible amortization and adjustments required to account for the acquisition.
[7] The third and fourth quarters of 2015 include charges for workforce reductions of $15 million and $67 million ($10 million and $44 million after tax). The fourth quarter of 2015 includes a tax benefit of about $71 million due to the retroactive reinstatement of the R&D tax credit in 2015.
[8] The sum of the quarterly earnings per share amounts do not equal the earnings per share amounts included on our consolidated statements of earnings, primarily due to the timing of our share repurchases during each respective year.