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INFORMATION ON BUSINESS SEGMENTS (Tables) | 9 Months Ended
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Sep. 27, 2020
Segment Reporting [Abstract] |
Summary of Operating Results and Total Assets for Each Business Segment | Summary operating results for each of our business segments were as follows (in millions):
|  | Quarters Ended |  |  |  |  | Nine Months Ended |  |  |  |
|  | September 27, 2020 |  |  | September 29, 2019 |  | September 27, 2020 |  |  | September 29, 2019 |
Net sales |  |  |  |  |  |  |  |  |  |  |
Aeronautics |  | $ | 6,680 |  |  |  | $ | 6,178 |  |  | $ | 19,552 |  |  |  | $ | 17,312 |  |
Missiles and Fire Control |  | 2,971 |  |  |  | 2,601 |  |  | 8,391 |  |  |  | 7,362 |  |
Rotary and Mission Systems |  | 3,998 |  |  |  | 3,709 |  |  | 11,783 |  |  |  | 11,239 |  |
Space |  | 2,846 |  |  |  | 2,683 |  |  | 8,640 |  |  |  | 8,021 |  |
Total net sales |  | $ | 16,495 |  |  |  | $ | 15,171 |  |  | $ | 48,366 |  |  |  | $ | 43,934 |  |
Operating profit |  |  |  |  |  |  |  |  |  |  |
Aeronautics |  | $ | 705 |  |  |  | $ | 665 |  |  | $ | 2,116 |  |  |  | $ | 1,842 |  |
Missiles and Fire Control |  | 405 |  |  |  | 349 |  |  | 1,171 |  |  |  | 1,093 |  |
Rotary and Mission Systems |  | 404 |  |  |  | 342 |  |  | 1,209 |  |  |  | 1,068 |  |
Space |  | 248 |  |  |  | 309 |  |  | 781 |  |  |  | 931 |  |
Total business segment operating profit |  | 1,762 |  |  |  | 1,665 |  |  | 5,277 |  |  |  | 4,934 |  |
Unallocated items |  |  |  |  |  |  |  |  |  |  |
FAS/CAS operating adjustment (a) |  | 469 |  |  |  | 513 |  |  | 1,407 |  |  |  | 1,537 |  |
Stock-based compensation |  | (67) |  |  |  | (54) |  |  | (182) |  |  |  | (158) |  |
Other, net (b) |  | (17) |  |  |  | (19) |  |  | (147) |  |  |  | 83 |  |
Total unallocated items |  | 385 |  |  |  | 440 |  |  | 1,078 |  |  |  | 1,462 |  |
Total consolidated operating profit |  | $ | 2,147 |  |  |  | $ | 2,105 |  |  | $ | 6,355 |  |  |  | $ | 6,396 |  |
Intersegment sales |  |  |  |  |  |  |  |  |  |  |
Aeronautics |  | $ | 59 |  |  |  | $ | 58 |  |  | $ | 179 |  |  |  | $ | 147 |  |
Missiles and Fire Control |  | 129 |  |  |  | 107 |  |  | 405 |  |  |  | 372 |  |
Rotary and Mission Systems |  | 438 |  |  |  | 473 |  |  | 1,438 |  |  |  | 1,433 |  |
Space |  | 83 |  |  |  | 91 |  |  | 296 |  |  |  | 244 |  |
Total intersegment sales |  | $ | 709 |  |  |  | $ | 729 |  |  | $ | 2,318 |  |  |  | $ | 2,196 |  |
(a)The FAS/CAS operating adjustment represents the difference between the service cost component of financial accounting standards (FAS) pension income (expense) and total pension costs recoverable on U.S. Government contracts as determined in accordance with CAS. (b)Other, net for nine months ended September 27, 2020 includes a non-cash impairment charge of $128 million recognized in the second quarter of 2020 on our investment in the international equity method investee, Advanced Military Maintenance, Repair and Overhaul Center (AMMROC), which decreased net earnings from continuing operations by $96 million ($0.34 per share). Our total net FAS/CAS pension adjustment for the quarters and nine months ended September 27, 2020 and September 29, 2019, including the service and non-service cost components of FAS pension income (expense) for our qualified defined benefit pension plans, were as follows (in millions):
|  | Quarters Ended |  |  |  |  | Nine Months Ended |  |  |  |  |
|  | September 27, 2020 |  |  | September 29, 2019 |  | September 27, 2020 |  |  |  | September 29, 2019 |
Total FAS income (expense) and CAS costs |  |  |  |  |  |  |  |  |  |  |  |
FAS pension income (expense) |  | $ | 29 |  |  |  | $ | (274) |  |  |  | $ | 88 |  |  |  | $ | (820) |  |
Less: CAS pension cost |  | 494 |  |  |  | 642 |  |  |  | 1,483 |  |  |  | 1,924 |  |
Net FAS/CAS pension adjustment |  | $ | 523 |  |  |  | $ | 368 |  |  |  | $ | 1,571 |  |  |  | $ | 1,104 |  |
Service and non-service cost reconciliation |  |  |  |  |  |  |  |  |  |  |  |
FAS pension service cost |  | $ | (25) |  |  |  | $ | (129) |  |  |  | $ | (76) |  |  |  | $ | (387) |  |
Less: CAS pension cost |  | 494 |  |  |  | 642 |  |  |  | 1,483 |  |  |  | 1,924 |  |
FAS/CAS operating adjustment |  | 469 |  |  |  | 513 |  |  |  | 1,407 |  |  |  | 1,537 |  |
Non-operating FAS pension income (expense) |  | 54 |  |  |  | (145) |  |  |  | 164 |  |  |  | (433) |  |
Net FAS/CAS pension adjustment |  | $ | 523 |  |  |  | $ | 368 |  |  |  | $ | 1,571 |  |  |  | $ | 1,104 |  |
Net sales by products and services, contract type, customer, and geographic region were as follows (in millions):
|  | Quarter Ended September 27, 2020 |  |  |  |  |  |  |  |
|  | Aeronautics |  | MFC |  | RMS |  | Space |  | Total
Net sales |  |  |  |  |  |  |  |  |  |
Products |  | $ | 5,742 |  |  | $ | 2,614 |  |  | $ | 3,120 |  |  | $ | 2,393 |  |  | $ | 13,869 |
Services |  | 938 |  |  | 357 |  |  | 878 |  |  | 453 |  |  | 2,626 |
Total net sales |  | $ | 6,680 |  |  | $ | 2,971 |  |  | $ | 3,998 |  |  | $ | 2,846 |  |  | $ | 16,495 |
Net sales by contract type |  |  |  |  |  |  |  |  |  |
Fixed-price |  | $ | 4,718 |  |  | $ | 2,034 |  |  | $ | 2,666 |  |  | $ | 516 |  |  | $ | 9,934 |
Cost-reimbursable |  | 1,962 |  |  | 937 |  |  | 1,332 |  |  | 2,330 |  |  | 6,561 |
Total net sales |  | $ | 6,680 |  |  | $ | 2,971 |  |  | $ | 3,998 |  |  | $ | 2,846 |  |  | $ | 16,495 |
Net sales by customer |  |  |  |  |  |  |  |  |  |
U.S. Government |  | $ | 3,930 |  |  | $ | 2,206 |  |  | $ | 2,971 |  |  | $ | 2,463 |  |  | $ | 11,570 |
International (a) |  | 2,729 |  |  | 764 |  |  | 914 |  |  | 381 |  |  | 4,788 |
U.S. commercial and other |  | 21 |  |  | 1 |  |  | 113 |  |  | 2 |  |  | 137 |
Total net sales |  | $ | 6,680 |  |  | $ | 2,971 |  |  | $ | 3,998 |  |  | $ | 2,846 |  |  | $ | 16,495 |
Net sales by geographic region |  |  |  |  |  |  |  |  |  |
United States |  | $ | 3,951 |  |  | $ | 2,207 |  |  | $ | 3,084 |  |  | $ | 2,465 |  |  | $ | 11,707 |
Asia Pacific |  | 1,099 |  |  | 70 |  |  | 383 |  |  | 21 |  |  | 1,573 |
Europe |  | 1,141 |  |  | 208 |  |  | 191 |  |  | 360 |  |  | 1,900 |
Middle East |  | 440 |  |  | 475 |  |  | 206 |  |  | — |  |  | 1,121 |
Other |  | 49 |  |  | 11 |  |  | 134 |  |  | — |  |  | 194 |
Total net sales |  | $ | 6,680 |  |  | $ | 2,971 |  |  | $ | 3,998 |  |  | $ | 2,846 |  |  | $ | 16,495 |
|  | Nine Months Ended September 27, 2020 |  |  |  |  |  |  |  |
|  | Aeronautics |  | MFC |  | RMS |  | Space |  | Total
Net sales |  |  |  |  |  |  |  |  |  |
Products |  | $ | 16,671 |  |  | $ | 7,311 |  |  | $ | 9,365 |  |  | $ | 7,260 |  |  | $ | 40,607 |
Services |  | 2,881 |  |  | 1,080 |  |  | 2,418 |  |  | 1,380 |  |  | 7,759 |
Total net sales |  | $ | 19,552 |  |  | $ | 8,391 |  |  | $ | 11,783 |  |  | $ | 8,640 |  |  | $ | 48,366 |
Net sales by contract type |  |  |  |  |  |  |  |  |  |
Fixed-price |  | $ | 13,769 |  |  | $ | 5,629 |  |  | $ | 7,787 |  |  | $ | 1,518 |  |  | $ | 28,703 |
Cost-reimbursable |  | 5,783 |  |  | 2,762 |  |  | 3,996 |  |  | 7,122 |  |  | 19,663 |
Total net sales |  | $ | 19,552 |  |  | $ | 8,391 |  |  | $ | 11,783 |  |  | $ | 8,640 |  |  | $ | 48,366 |
Net sales by customer |  |  |  |  |  |  |  |  |  |
U.S. Government |  | $ | 13,315 |  |  | $ | 6,259 |  |  | $ | 8,685 |  |  | $ | 7,479 |  |  | $ | 35,738 |
International (a) |  | 6,182 |  |  | 2,123 |  |  | 2,780 |  |  | 1,131 |  |  | 12,216 |
U.S. commercial and other |  | 55 |  |  | 9 |  |  | 318 |  |  | 30 |  |  | 412 |
Total net sales |  | $ | 19,552 |  |  | $ | 8,391 |  |  | $ | 11,783 |  |  | $ | 8,640 |  |  | $ | 48,366 |
Net sales by geographic region |  |  |  |  |  |  |  |  |  |
United States |  | $ | 13,370 |  |  | $ | 6,268 |  |  | $ | 9,003 |  |  | $ | 7,509 |  |  | $ | 36,150 |
Asia Pacific |  | 2,447 |  |  | 217 |  |  | 1,165 |  |  | 65 |  |  | 3,894 |
Europe |  | 2,595 |  |  | 546 |  |  | 528 |  |  | 1,072 |  |  | 4,741 |
Middle East |  | 981 |  |  | 1,324 |  |  | 626 |  |  | (6) |  |  | 2,925 |
Other |  | 159 |  |  | 36 |  |  | 461 |  |  | — |  |  | 656 |
Total net sales |  | $ | 19,552 |  |  | $ | 8,391 |  |  | $ | 11,783 |  |  | $ | 8,640 |  |  | $ | 48,366 |
(a)International sales include foreign military sales (FMS) contracted through the U.S. Government and direct commercial sales to international governments and other international customers. |  |  |  |  |  |  |  |  |  |
|  | Quarter Ended September 29, 2019 |  |  |  |  |  |  |  |
|  | Aeronautics |  | MFC |  | RMS |  | Space |  | Total
Net sales |  |  |  |  |  |  |  |  |  |
Products |  | $ | 5,340 |  |  | $ | 2,172 |  |  | $ | 2,982 |  |  | $ | 2,234 |  |  | $ | 12,728 |
Services |  | 838 |  |  | 429 |  |  | 727 |  |  | 449 |  |  | 2,443 |
Total net sales |  | $ | 6,178 |  |  | $ | 2,601 |  |  | $ | 3,709 |  |  | $ | 2,683 |  |  | $ | 15,171 |
Net sales by contract type |  |  |  |  |  |  |  |  |  |
Fixed-price |  | $ | 4,567 |  |  | $ | 1,681 |  |  | $ | 2,536 |  |  | $ | 527 |  |  | $ | 9,311 |
Cost-reimbursable |  | 1,611 |  |  | 920 |  |  | 1,173 |  |  | 2,156 |  |  | 5,860 |
Total net sales |  | $ | 6,178 |  |  | $ | 2,601 |  |  | $ | 3,709 |  |  | $ | 2,683 |  |  | $ | 15,171 |
Net sales by customer |  |  |  |  |  |  |  |  |  |
U.S. Government |  | $ | 3,509 |  |  | $ | 1,995 |  |  | $ | 2,763 |  |  | $ | 2,332 |  |  | $ | 10,599 |
International (a) |  | 2,631 |  |  | 572 |  |  | 804 |  |  | 343 |  |  | 4,350 |
U.S. commercial and other |  | 38 |  |  | 34 |  |  | 142 |  |  | 8 |  |  | 222 |
Total net sales |  | $ | 6,178 |  |  | $ | 2,601 |  |  | $ | 3,709 |  |  | $ | 2,683 |  |  | $ | 15,171 |
Net sales by geographic region |  |  |  |  |  |  |  |  |  |
United States |  | $ | 3,547 |  |  | $ | 2,029 |  |  | $ | 2,905 |  |  | $ | 2,340 |  |  | $ | 10,821 |
Asia Pacific |  | 1,046 |  |  | 107 |  |  | 317 |  |  | 17 |  |  | 1,487 |
Europe |  | 1,106 |  |  | 138 |  |  | 168 |  |  | 326 |  |  | 1,738 |
Middle East |  | 455 |  |  | 318 |  |  | 206 |  |  | — |  |  | 979 |
Other |  | 24 |  |  | 9 |  |  | 113 |  |  | — |  |  | 146 |
Total net sales |  | $ | 6,178 |  |  | $ | 2,601 |  |  | $ | 3,709 |  |  | $ | 2,683 |  |  | $ | 15,171 |
|  | Nine Months Ended September 29, 2019 |  |  |  |  |  |  |  |
|  | Aeronautics |  | MFC |  | RMS |  | Space |  | Total
Net sales |  |  |  |  |  |  |  |  |  |
Products |  | $ | 14,876 |  |  | $ | 6,051 |  |  | $ | 9,064 |  |  | $ | 6,710 |  |  | $ | 36,701 |
Services |  | 2,436 |  |  | 1,311 |  |  | 2,175 |  |  | 1,311 |  |  | 7,233 |
Total net sales |  | $ | 17,312 |  |  | $ | 7,362 |  |  | $ | 11,239 |  |  | $ | 8,021 |  |  | $ | 43,934 |
Net sales by contract type |  |  |  |  |  |  |  |  |  |
Fixed-price |  | $ | 12,777 |  |  | $ | 4,660 |  |  | $ | 7,681 |  |  | $ | 1,585 |  |  | $ | 26,703 |
Cost-reimbursable |  | 4,535 |  |  | 2,702 |  |  | 3,558 |  |  | 6,436 |  |  | 17,231 |
Total net sales |  | $ | 17,312 |  |  | $ | 7,362 |  |  | $ | 11,239 |  |  | $ | 8,021 |  |  | $ | 43,934 |
Net sales by customer |  |  |  |  |  |  |  |  |  |
U.S. Government |  | $ | 10,420 |  |  | $ | 5,528 |  |  | $ | 8,113 |  |  | $ | 6,900 |  |  | $ | 30,961 |
International (a) |  | 6,736 |  |  | 1,717 |  |  | 2,773 |  |  | 1,098 |  |  | 12,324 |
U.S. commercial and other |  | 156 |  |  | 117 |  |  | 353 |  |  | 23 |  |  | 649 |
Total net sales |  | $ | 17,312 |  |  | $ | 7,362 |  |  | $ | 11,239 |  |  | $ | 8,021 |  |  | $ | 43,934 |
Net sales by geographic region |  |  |  |  |  |  |  |  |  |
United States |  | $ | 10,576 |  |  | $ | 5,645 |  |  | $ | 8,466 |  |  | $ | 6,923 |  |  | $ | 31,610 |
Asia Pacific |  | 2,736 |  |  | 315 |  |  | 1,065 |  |  | 48 |  |  | 4,164 |
Europe |  | 2,751 |  |  | 363 |  |  | 509 |  |  | 1,035 |  |  | 4,658 |
Middle East |  | 1,127 |  |  | 1,003 |  |  | 738 |  |  | 15 |  |  | 2,883 |
Other |  | 122 |  |  | 36 |  |  | 461 |  |  | — |  |  | 619 |
Total net sales |  | $ | 17,312 |  |  | $ | 7,362 |  |  | $ | 11,239 |  |  | $ | 8,021 |  |  | $ | 43,934 |
(a)International sales include FMS contracted through the U.S. Government and direct commercial sales to international governments and other international customers. Total assets for each of our business segments were as follows (in millions):
|  | September 27, 2020 |  |  | December 31, 2019 |
Assets |  |  |  |  |  |
Aeronautics |  | $ | 10,434 |  |  |  | $ | 9,109 |  |
Missiles and Fire Control |  | 5,112 |  |  |  | 5,030 |  |
Rotary and Mission Systems |  | 18,244 |  |  |  | 18,751 |  |
Space |  | 6,145 |  |  |  | 5,844 |  |
Total business segment assets |  | 39,935 |  |  |  | 38,734 |  |
Corporate assets (a) |  | 10,838 |  |  |  | 8,794 |  |
Total assets |  | $ | 50,773 |  |  |  | $ | 47,528 |  |
(a)Corporate assets primarily include cash and cash equivalents, deferred income taxes, assets for the portion of environmental costs that are probable of future recovery and investments held in a separate trust.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599 + Details
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