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Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2018
Accounting Policies [Abstract] |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The following table summarizes the effects of adopting ASC 606 on our consolidated balance sheet as of December 31, 2017 (the adoption of ASU 2017-07 had no impact on our consolidated balance sheet):
|  |  | Adjustments for |
|  | Historical |  | ASC 606 |  | Adjusted
Assets |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 2,861 |  |  |  | $ | — |  |  |  | $ | 2,861 |  |
Receivables, net |  | 8,603 |  |  |  | (6,338 | ) |  |  | 2,265 |  |
Contract assets |  | — |  |  |  | 7,992 |  |  |  | 7,992 |  |
Inventories |  | 4,487 |  |  |  | (1,609 | ) |  |  | 2,878 |  |
Other current assets |  | 1,510 |  |  |  | (1 | ) |  |  | 1,509 |  |
Total current assets |  | 17,461 |  |  |  | 44 |  |  |  | 17,505 |  |
Property, plant and equipment, net |  | 5,775 |  |  |  | — |  |  |  | 5,775 |  |
Goodwill |  | 10,807 |  |  |  | — |  |  |  | 10,807 |  |
Intangible assets, net |  | 3,797 |  |  |  | — |  |  |  | 3,797 |  |
Deferred income taxes |  | 3,111 |  |  |  | 45 |  |  |  | 3,156 |  |
Other noncurrent assets |  | 5,570 |  |  |  | 10 |  |  |  | 5,580 |  |
Total assets |  | $ | 46,521 |  |  |  | $ | 99 |  |  |  | $ | 46,620 |  |
Liabilities and equity |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 1,467 |  |  |  | $ | — |  |  |  | $ | 1,467 |  |
Contract liabilities (a) |  | 6,752 |  |  |  | 276 |  |  |  | 7,028 |  |
Salaries, benefits and payroll taxes |  | 1,785 |  |  |  | — |  |  |  | 1,785 |  |
Current maturities of long-term debt |  | 750 |  |  |  | — |  |  |  | 750 |  |
Other current liabilities |  | 1,883 |  |  |  | — |  |  |  | 1,883 |  |
Total current liabilities |  | 12,637 |  |  |  | 276 |  |  |  | 12,913 |  |
Long-term debt, net |  | 13,513 |  |  |  | — |  |  |  | 13,513 |  |
Accrued pension liabilities |  | 15,703 |  |  |  | — |  |  |  | 15,703 |  |
Other postretirement benefit liabilities |  | 719 |  |  |  | — |  |  |  | 719 |  |
Other noncurrent liabilities |  | 4,558 |  |  |  | (10 | ) |  |  | 4,548 |  |
Total liabilities |  | 47,130 |  |  |  | 266 |  |  |  | 47,396 |  |
Stockholders’ equity |  |  |  |  |  |  |  |  |
Common stock, $1 par value per share |  | 284 |  |  |  | — |  |  |  | 284 |  |
Additional paid-in capital |  | — |  |  |  | — |  |  |  | — |  |
Retained earnings |  | 11,573 |  |  |  | (168 | ) |  |  | 11,405 |  |
Accumulated other comprehensive loss |  | (12,540 | ) |  |  | 1 |  |  |  | (12,539 | ) |
Total stockholders’ deficit |  | (683 | ) |  |  | (167 | ) |  |  | (850 | ) |
Noncontrolling interests in subsidiary |  | 74 |  |  |  | — |  |  |  | 74 |  |
Total deficit |  | (609 | ) |  |  | (167 | ) |  |  | (776 | ) |
Total liabilities and equity |  | $ | 46,521 |  |  |  | $ | 99 |  |  |  | $ | 46,620 |  |
(a) | Formerly referred to as customer advances and amounts in excess of costs incurred.
The following tables summarize the effects of adopting ASC 606 on certain components within our net cash provided by operations for the years ended December 31, 2017 and 2016 (the adoption of ASC 606 had no impact on total operating cash flows or cash flows from investing and financing activities):
|  | 2017 | Adjustments for | 2017
|  | Historical |  | ASC 606 |  | Adjusted
Operating activities |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 2,002 |  |  |  | $ | (39 | ) |  |  | $ | 1,963 |  |
Adjustments to reconcile net earnings to net cash provided by operating activities |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | 1,195 |  |  |  | — |  |  |  | 1,195 |  |
Stock-based compensation |  | 158 |  |  |  | — |  |  |  | 158 |  |
Deferred income taxes |  | 3,432 |  |  |  | 16 |  |  |  | 3,448 |  |
Gain on property sale |  | (198 | ) |  |  | — |  |  |  | (198 | ) |
Gain on divestiture of IS&GS business |  | (73 | ) |  |  | — |  |  |  | (73 | ) |
Changes in assets and liabilities |  |  |  |  |  |  |  |  |
Receivables, net |  | (401 | ) |  |  | (501 | ) |  |  | (902 | ) |
Contract assets |  | — |  |  |  | 390 |  |  |  | 390 |  |
Inventories |  | 183 |  |  |  | (262 | ) |  |  | (79 | ) |
Accounts payable |  | (189 | ) |  |  | — |  |  |  | (189 | ) |
Contract liabilities (a) |  | (24 | ) |  |  | 377 |  |  |  | 353 |  |
Postretirement benefit plans |  | 1,316 |  |  |  | — |  |  |  | 1,316 |  |
Income taxes |  | (1,210 | ) |  |  | — |  |  |  | (1,210 | ) |
Other, net |  | 285 |  |  |  | 19 |  |  |  | 304 |  |
Net cash provided by operating activities |  | $ | 6,476 |  |  |  | $ | — |  |  |  | $ | 6,476 |  |
(a) | Formerly referred to as customer advances and amounts in excess of costs incurred.
|  | 2016 | Adjustments for | 2016
|  | Historical |  | ASC 606 |  | Adjusted
Operating activities |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 5,302 |  |  |  | $ | (129 | ) |  |  | $ | 5,173 |  |
Adjustments to reconcile net earnings to net cash provided by operating activities |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | 1,215 |  |  |  | — |  |  |  | 1,215 |  |
Stock-based compensation |  | 149 |  |  |  | — |  |  |  | 149 |  |
Deferred income taxes |  | (152 | ) |  |  | (41 | ) |  |  | (193 | ) |
Severance and restructuring charges |  | 99 |  |  |  | — |  |  |  | 99 |  |
Gain on divestiture of IS&GS business |  | (1,242 | ) |  |  | 41 |  |  |  | (1,201 | ) |
Gain on step acquisition of AWE |  | (104 | ) |  |  | — |  |  |  | (104 | ) |
Changes in assets and liabilities |  |  |  |  |  |  |  |  |
Receivables, net |  | (811 | ) |  |  | 1,409 |  |  |  | 598 |  |
Contract assets |  | — |  |  |  | (1,246 | ) |  |  | (1,246 | ) |
Inventories |  | (46 | ) |  |  | 219 |  |  |  | 173 |  |
Accounts payable |  | (188 | ) |  |  | — |  |  |  | (188 | ) |
Contract liabilities (a) |  | 3 |  |  |  | (166 | ) |  |  | (163 | ) |
Postretirement benefit plans |  | 1,028 |  |  |  | — |  |  |  | 1,028 |  |
Income taxes |  | 146 |  |  |  | — |  |  |  | 146 |  |
Other, net |  | (210 | ) |  |  | (87 | ) |  |  | (297 | ) |
Net cash provided by operating activities |  | $ | 5,189 |  |  |  | $ | — |  |  |  | $ | 5,189 |  |
(a) | Formerly referred to as customer advances and amounts in excess of costs incurred.
The following tables summarize the effects of adopting ASC 606 and ASU 2017-07 on our consolidated statement of earnings for the years ended December 31, 2017 and 2016:
|  |  |  | Adjustments for |  |
|  | 2017 Historical |  | ASC 606 |  | ASU 2017-07 |  | 2017 Adjusted
Net sales |  |  |  |  |  |  |  |  |  |  |  |
Products |  | $ | 43,875 |  |  |  | $ | (1,373 | ) |  |  | $ | — |  |  |  | $ | 42,502 |  |
Services |  | 7,173 |  |  |  | 285 |  |  |  | — |  |  |  | 7,458 |  |
Total net sales |  | 51,048 |  |  |  | (1,088 | ) |  |  | — |  |  |  | 49,960 |  |
Cost of sales |  |  |  |  |  |  |  |  |  |  |  |
Products |  | (39,750 | ) |  |  | 1,333 |  |  |  | — |  |  |  | (38,417 | ) |
Services |  | (6,405 | ) |  |  | (268 | ) |  |  | — |  |  |  | (6,673 | ) |
Other unallocated, net |  | 655 |  |  |  | — |  |  |  | 846 |  |  |  | 1,501 |  |
Total cost of sales |  | (45,500 | ) |  |  | 1,065 |  |  |  | 846 |  |  |  | (43,589 | ) |
Gross profit |  | 5,548 |  |  |  | (23 | ) |  |  | 846 |  |  |  | 6,371 |  |
Other income, net |  | 373 |  |  |  | — |  |  |  | — |  |  |  | 373 |  |
Operating profit |  | 5,921 |  |  |  | (23 | ) |  |  | 846 |  |  |  | 6,744 |  |
Interest expense |  | (651 | ) |  |  | — |  |  |  | — |  |  |  | (651 | ) |
Other non-operating expense, net |  | (1 | ) |  |  | — |  |  |  | (846 | ) |  |  | (847 | ) |
Earnings before income taxes |  | 5,269 |  |  |  | (23 | ) |  |  | — |  |  |  | 5,246 |  |
Income tax expense |  | (3,340 | ) |  |  | (16 | ) |  |  | — |  |  |  | (3,356 | ) |
Net earnings from continuing operations |  | 1,929 |  |  |  | (39 | ) |  |  | — |  |  |  | 1,890 |  |
Net earnings from discontinued operations |  | 73 |  |  |  | — |  |  |  | — |  |  |  | 73 |  |
Net earnings |  | $ | 2,002 |  |  |  | $ | (39 | ) |  |  | $ | — |  |  |  | $ | 1,963 |  |
Earnings per common share |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 6.70 |  |  |  | $ | (0.14 | ) |  |  | $ | — |  |  |  | $ | 6.56 |  |
Discontinued operations |  | 0.26 |  |  |  | — |  |  |  | — |  |  |  | 0.26 |  |
Basic earnings per common share |  | $ | 6.96 |  |  |  | $ | (0.14 | ) |  |  | $ | — |  |  |  | $ | 6.82 |  |
Diluted |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 6.64 |  |  |  | $ | (0.14 | ) |  |  | $ | — |  |  |  | $ | 6.50 |  |
Discontinued operations |  | 0.25 |  |  |  | — |  |  |  | — |  |  |  | 0.25 |  |
Diluted earnings per common share |  | $ | 6.89 |  |  |  | $ | (0.14 | ) |  |  | $ | — |  |  |  | $ | 6.75 |  |
|  |  |  | Adjustments for |  |
|  | 2016 Historical |  | ASC 606 |  | ASU 2017-07 |  | 2016 Adjusted
Net sales |  |  |  |  |  |  |  |  |  |  |  |
Products |  | $ | 40,365 |  |  |  | $ | (284 | ) |  |  | $ | — |  |  |  | $ | 40,081 |  |
Services |  | 6,883 |  |  |  | 326 |  |  |  | — |  |  |  | 7,209 |  |
Total net sales |  | 47,248 |  |  |  | 42 |  |  |  | — |  |  |  | 47,290 |  |
Cost of sales |  |  |  |  |  |  |  |  |  |  |  |
Products |  | (36,616 | ) |  |  | 222 |  |  |  | — |  |  |  | (36,394 | ) |
Services |  | (6,040 | ) |  |  | (383 | ) |  |  | — |  |  |  | (6,423 | ) |
Severance charges |  | (80 | ) |  |  | — |  |  |  | — |  |  |  | (80 | ) |
Other unallocated, net |  | 550 |  |  |  | (13 | ) |  |  | 471 |  |  |  | 1,008 |  |
Total cost of sales |  | (42,186 | ) |  |  | (174 | ) |  |  | 471 |  |  |  | (41,889 | ) |
Gross profit |  | 5,062 |  |  |  | (132 | ) |  |  | 471 |  |  |  | 5,401 |  |
Other income, net |  | 487 |  |  |  | — |  |  |  | — |  |  |  | 487 |  |
Operating profit |  | 5,549 |  |  |  | (132 | ) |  |  | 471 |  |  |  | 5,888 |  |
Interest expense |  | (663 | ) |  |  | — |  |  |  | — |  |  |  | (663 | ) |
Other non-operating expense, net |  | — |  |  |  | — |  |  |  | (471 | ) |  |  | (471 | ) |
Earnings before income taxes |  | 4,886 |  |  |  | (132 | ) |  |  | — |  |  |  | 4,754 |  |
Income tax expense |  | (1,133 | ) |  |  | 40 |  |  |  | — |  |  |  | (1,093 | ) |
Net earnings from continuing operations |  | 3,753 |  |  |  | (92 | ) |  |  | — |  |  |  | 3,661 |  |
Net earnings from discontinued operations |  | 1,549 |  |  |  | (37 | ) |  |  | — |  |  |  | 1,512 |  |
Net earnings |  | $ | 5,302 |  |  |  | $ | (129 | ) |  |  | $ | — |  |  |  | $ | 5,173 |  |
Earnings per common share |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 12.54 |  |  |  | $ | (0.31 | ) |  |  | $ | — |  |  |  | $ | 12.23 |  |
Discontinued operations |  | 5.17 |  |  |  | (0.12 | ) |  |  | — |  |  |  | 5.05 |  |
Basic earnings per common share |  | $ | 17.71 |  |  |  | $ | (0.43 | ) |  |  | $ | — |  |  |  | $ | 17.28 |  |
Diluted |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 12.38 |  |  |  | $ | (0.30 | ) |  |  | $ | — |  |  |  | $ | 12.08 |  |
Discontinued operations |  | 5.11 |  |  |  | (0.12 | ) |  |  | — |  |  |  | 4.99 |  |
Diluted earnings per common share |  | $ | 17.49 |  |  |  | $ | (0.42 | ) |  |  | $ | — |  |  |  | $ | 17.07 |  |

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