| Summary Of Financial Information For Each Business Segment |
Summary operating results for each of our business segments were as
follows (in millions):
|
|
|
|
|
|
|
|
|
| |
|
Quarters
Ended |
|
|
|
|
|
|
| |
|
March 26,
2017 |
|
|
March 27,
2016 |
|
|
|
|
|
Net sales
|
|
|
|
|
|
|
|
|
|
Aeronautics
|
|
$ |
4,106 |
|
|
$ |
3,799 |
|
|
Missiles and Fire Control
|
|
|
1,489 |
|
|
|
1,434 |
|
|
Rotary and Mission Systems
|
|
|
3,101 |
|
|
|
3,004 |
|
|
Space Systems
|
|
|
2,361 |
|
|
|
2,131 |
|
|
|
|
|
Total net sales
|
|
$ |
11,057 |
|
|
$ |
10,368 |
|
|
|
|
|
|
|
|
Operating profit
|
|
|
|
|
|
|
|
|
|
Aeronautics
|
|
$ |
436 |
|
|
$ |
420 |
|
|
Missiles and Fire Control
|
|
|
219 |
|
|
|
221 |
|
|
Rotary and Mission Systems
|
|
|
108 |
|
|
|
229 |
|
|
Space Systems
|
|
|
288 |
|
|
|
244 |
|
|
|
|
|
Total business segment operating profit
|
|
|
1,051 |
|
|
|
1,114 |
|
|
|
|
|
Unallocated items
|
|
|
|
|
|
|
|
|
|
FAS/CAS pension adjustment
|
|
|
|
|
|
|
|
|
|
FAS pension expense
|
|
|
(345) |
|
|
|
(251) |
|
|
Less: CAS pension cost
|
|
|
562 |
|
|
|
475 |
|
|
|
|
|
FAS/CAS pension adjustment
|
|
|
217 |
|
|
|
224 |
|
|
Stock-based compensation
|
|
|
(44) |
|
|
|
(44) |
|
|
Severance charges
|
|
|
— |
|
|
|
(80) |
|
|
Other, net (a)
(b)
|
|
|
(75) |
|
|
|
(56) |
|
|
|
|
|
Total unallocated items
|
|
|
98 |
|
|
|
44 |
|
|
|
|
|
Total consolidated operating profit
|
|
$ |
1,149 |
|
|
$ |
1,158 |
|
|
|
|
|
|
|
|
Intersegment sales
|
|
|
|
|
|
|
|
|
|
Aeronautics
|
|
$ |
32 |
|
|
$ |
36 |
|
|
Missiles and Fire Control
|
|
|
64 |
|
|
|
75 |
|
|
Rotary and Mission Systems
|
|
|
439 |
|
|
|
447 |
|
|
Space Systems
|
|
|
26 |
|
|
|
33 |
|
|
|
|
|
Total intersegment sales
|
|
$ |
561 |
|
|
$ |
591 |
|
|
|
|
| (a) |
In the first quarter of 2017, we
recognized a $64 million charge, which represents our portion
of a noncash asset impairment charge recorded by an international
equity method investee. See “Note 9 – Other”
(under the caption “Equity Method Investee Impairment”)
for more information. |
| (b) |
As a result of the IS&GS
divestiture in August 2016, we reclassified $35 million of
general corporate overhead costs incurred in the first quarter of
2016 and previously allocated to the IS&GS business segment.
These costs were not reported as discontinued operations because
they were not directly attributable to the IS&GS business and
will continue to be incurred by us. See “Note 3 –
Divestitures” for more information. |
Total assets for each of our business segments were as follows (in
millions):
|
|
|
|
|
|
|
|
|
| |
|
March 26,
2017
|
|
|
December 31,
2016 |
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Aeronautics
|
|
$ |
7,900 |
|
|
$ |
7,896 |
|
|
Missiles and Fire Control
|
|
|
4,322 |
|
|
|
4,000 |
|
|
Rotary and Mission Systems
|
|
|
18,435 |
|
|
|
18,367 |
|
|
Space Systems
|
|
|
5,545 |
|
|
|
5,250 |
|
|
|
|
|
Total business segment assets
|
|
|
36,202 |
|
|
|
35,513 |
|
|
Corporate assets (a)
|
|
|
12,634 |
|
|
|
12,293 |
|
|
|
|
|
Total assets
|
|
$ |
48,836 |
|
|
$ |
47,806 |
|
|
|
|
| (a) |
Corporate assets primarily include
cash and cash equivalents, deferred income taxes, environmental
receivables and investments held in a separate trust to fund
certain of our non-qualified deferred compensation
plans. |
|