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INFORMATION ON BUSINESS SEGMENTS (Tables)

6 Months Ended

Jun. 27, 2021

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															Six Months Ended
						June 27, 2021									June 28, 2020						June 27, 2021									June 28, 2020
Net sales
Aeronautics						$	6,666								$	6,503					$	13,053								$	12,872
Missiles and Fire Control						2,944									2,801						5,693									5,420
Rotary and Mission Systems						4,242									4,039						8,349									7,785
Space						3,177									2,877						6,192									5,794
Total net sales						$	17,029								$	16,220					$	33,287								$	31,871
Operating profit
Aeronautics						$	572								$	739					$	1,265								$	1,411
Missiles and Fire Control						401									370						797									766
Rotary and Mission Systems						458									429						891									805
Space						335									252						562									533
Total business segment operating profit						1,766									1,790						3,515									3,515
Unallocated items
FAS/CAS operating adjustment						489									469						978									938
Stock-based compensation						(80)									(73)						(127)									(115)
Severance and restructuring charges						—									—						(36)									—
Other, net						17									(100)						44									(130)
Total unallocated items						426									296						859									693
Total consolidated operating profit						$	2,192								$	2,086					$	4,374								$	4,208
Intersegment sales
Aeronautics						$	52								$	61					$	105								$	120
Missiles and Fire Control						167									140						296									276
Rotary and Mission Systems						448									502						926									1,000
Space						92									105						174									213
Total intersegment sales						$	759								$	808					$	1,501								$	1,609
Amortization of purchased intangibles
Aeronautics						$	(1)								$	—					$	(1)								$	—
Missiles and Fire Control						—									—						(1)									(1)
Rotary and Mission Systems						(58)									(58)						(116)									(116)
Space						(22)									(7)						(44)									(14)
Total amortization of purchased intangibles						$	(81)								$	(65)					$	(162)								$	(131)

Our total net FAS/CAS pension adjustment for the quarters and six months ended June 27, 2021 and June 28, 2020, including the service and non-service cost components of FAS pension income for our qualified defined benefit pension plans, were as follows (in millions):

						Quarters Ended															Six Months Ended
						June 27, 2021									June 28, 2020						June 27, 2021												June 28, 2020
Total FAS income and CAS costs
FAS pension income						$	67								$	29								$	133								$	59
Less: CAS pension cost						516									495									1,032									989
Net FAS/CAS pension adjustment						$	583								$	524								$	1,165								$	1,048
Service and non-service cost reconciliation
FAS pension service cost						$	(27)								$	(26)								$	(54)								$	(51)
Less: CAS pension cost						516									495									1,032									989
FAS/CAS operating adjustment						489									469									978									938
Non-operating FAS pension income						94									55									187									110
Net FAS/CAS pension adjustment						$	583								$	524								$	1,165								$	1,048

Net sales by products and services, contract type, customer, and geographic region were as follows (in millions):

						Quarter Ended June 27, 2021
						Aeronautics						MFC						RMS						Space						Total
Net sales
Products						$	5,583					$	2,571					$	3,369					$	2,735					$	14,258
Services						1,083						373						873						442						2,771
Total net sales						$	6,666					$	2,944					$	4,242					$	3,177					$	17,029
Net sales by contract type
Fixed-price						$	4,920					$	1,991					$	2,802					$	645					$	10,358
Cost-reimbursable						1,746						953						1,440						2,532						6,671
Total net sales						$	6,666					$	2,944					$	4,242					$	3,177					$	17,029
Net sales by customer
U.S. Government						$	4,367					$	2,176					$	3,063					$	2,719					$	12,325
International (a)						2,283						766						1,117						447						4,613
U.S. commercial and other						16						2						62						11						91
Total net sales						$	6,666					$	2,944					$	4,242					$	3,177					$	17,029
Net sales by geographic region
United States						$	4,383					$	2,178					$	3,125					$	2,730					$	12,416
Asia Pacific						914						56						534						2						1,506
Europe						944						232						223						444						1,843
Middle East						311						467						177						1						956
Other						114						11						183						—						308
Total net sales						$	6,666					$	2,944					$	4,242					$	3,177					$	17,029

						Six Months Ended June 27, 2021
						Aeronautics						MFC						RMS						Space						Total
Net sales
Products						$	11,062					$	4,981					$	6,669					$	5,299					$	28,011
Services						1,991						712						1,680						893						5,276
Total net sales						$	13,053					$	5,693					$	8,349					$	6,192					$	33,287
Net sales by contract type
Fixed-price						$	9,654					$	3,869					$	5,479					$	1,259					$	20,261
Cost-reimbursable						3,399						1,824						2,870						4,933						13,026
Total net sales						$	13,053					$	5,693					$	8,349					$	6,192					$	33,287
Net sales by customer
U.S. Government						$	8,640					$	4,217					$	5,873					$	5,270					$	24,000
International (a)						4,382						1,469						2,337						904						9,092
U.S. commercial and other						31						7						139						18						195
Total net sales						$	13,053					$	5,693					$	8,349					$	6,192					$	33,287
Net sales by geographic region
United States						$	8,671					$	4,224					$	6,012					$	5,288					$	24,195
Asia Pacific						1,807						107						1,184						4						3,102
Europe						1,798						414						424						899						3,535
Middle East						595						925						347						1						1,868
Other						182						23						382						—						587
Total net sales						$	13,053					$	5,693					$	8,349					$	6,192					$	33,287

(a)International sales include FMS contracted through the U.S. Government and direct commercial sales to international governments and other international customers.

						Quarter Ended June 28, 2020
						Aeronautics						MFC						RMS						Space						Total
Net sales
Products						$	5,474					$	2,422					$	3,259					$	2,417					$	13,572
Services						1,029						379						780						460						2,648
Total net sales						$	6,503					$	2,801					$	4,039					$	2,877					$	16,220
Net sales by contract type
Fixed-price						$	4,467					$	1,877					$	2,639					$	483					$	9,466
Cost-reimbursable						2,036						924						1,400						2,394						6,754
Total net sales						$	6,503					$	2,801					$	4,039					$	2,877					$	16,220
Net sales by customer
U.S. Government						$	5,352					$	2,098					$	2,926					$	2,533					$	12,909
International (a)						1,132						699						1,011						330						3,172
U.S. commercial and other						19						4						102						14						139
Total net sales						$	6,503					$	2,801					$	4,039					$	2,877					$	16,220
Net sales by geographic region
United States						$	5,371					$	2,102					$	3,028					$	2,547					$	13,048
Asia Pacific						353						72						464						16						905
Europe						506						170						170						314						1,160
Middle East						213						442						213						—						868
Other						60						15						164						—						239
Total net sales						$	6,503					$	2,801					$	4,039					$	2,877					$	16,220

						Six Months Ended June 28, 2020
						Aeronautics						MFC						RMS						Space						Total
Net sales
Products						$	10,929					$	4,697					$	6,245					$	4,867					$	26,738
Services						1,943						723						1,540						927						5,133
Total net sales						$	12,872					$	5,420					$	7,785					$	5,794					$	31,871
Net sales by contract type
Fixed-price						$	9,051					$	3,595					$	5,121					$	1,002					$	18,769
Cost-reimbursable						3,821						1,825						2,664						4,792						13,102
Total net sales						$	12,872					$	5,420					$	7,785					$	5,794					$	31,871
Net sales by customer
U.S. Government						$	9,385					$	4,053					$	5,714					$	5,016					$	24,168
International (a)						3,453						1,359						1,866						750						7,428
U.S. commercial and other						34						8						205						28						275
Total net sales						$	12,872					$	5,420					$	7,785					$	5,794					$	31,871
Net sales by geographic region
United States						$	9,419					$	4,061					$	5,919					$	5,044					$	24,443
Asia Pacific						1,348						147						782						44						2,321
Europe						1,454						338						337						712						2,841
Middle East						541						849						420						(6)						1,804
Other						110						25						327						—						462
Total net sales						$	12,872					$	5,420					$	7,785					$	5,794					$	31,871

(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):

						June 27, 2021									December 31, 2020
Assets
Aeronautics						$	11,810								$	9,903
Missiles and Fire Control						4,985									4,966
Rotary and Mission Systems						17,828									18,035
Space						6,779									6,451
Total business segment assets						41,402									39,355
Corporate assets (a)						10,697									11,355
Total assets						$	52,099								$	50,710

(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=123359005&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=123359005&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=123359005&loc=d3e8906-108599

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- References

No definition available.

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