| Summary Of Financial Information For Each Business Segment |
Summary operating results for each of our business segments were as
follows (in millions):
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Quarters Ended |
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Six Months Ended |
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June 25,
2017
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June 26,
2016
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June 25,
2017
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June 26,
2016
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Net sales
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Aeronautics
|
|
$ |
5,225 |
|
|
$ |
4,375 |
|
|
$ |
9,331 |
|
|
$ |
8,174 |
|
|
Missiles and Fire Control
|
|
|
1,637 |
|
|
|
1,680 |
|
|
|
3,126 |
|
|
|
3,114 |
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|
Rotary and Mission Systems
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|
|
3,410 |
|
|
|
3,303 |
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|
|
6,511 |
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|
|
6,307 |
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Space Systems
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|
|
2,413 |
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|
|
2,219 |
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|
|
4,774 |
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|
|
4,350 |
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Total net sales
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|
$ |
12,685 |
|
|
$ |
11,577 |
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|
$ |
23,742 |
|
|
$ |
21,945 |
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Operating profit
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|
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Aeronautics
|
|
$ |
550 |
|
|
$ |
478 |
|
|
$ |
986 |
|
|
$ |
898 |
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|
Missiles and Fire Control
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|
|
268 |
|
|
|
253 |
|
|
|
487 |
|
|
|
474 |
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|
Rotary and Mission Systems
|
|
|
254 |
|
|
|
202 |
|
|
|
362 |
|
|
|
431 |
|
|
Space Systems
|
|
|
256 |
|
|
|
340 |
|
|
|
544 |
|
|
|
584 |
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|
Total business segment operating profit
|
|
|
1,328 |
|
|
|
1,273 |
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|
|
2,379 |
|
|
|
2,387 |
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Unallocated items
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|
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FAS/CAS pension adjustment
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FAS pension expense
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(343) |
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|
|
(251) |
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|
(688) |
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(502) |
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Less: CAS pension cost
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|
|
562 |
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|
473 |
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|
1,124 |
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|
|
948 |
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FAS/CAS pension adjustment
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|
|
219 |
|
|
|
222 |
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|
|
436 |
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|
446 |
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Stock-based compensation
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|
(57) |
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(52) |
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|
(101) |
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|
|
(96) |
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Severance charges
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|
|
— |
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|
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— |
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|
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— |
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|
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(80) |
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Other, net (a) (b)
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(5) |
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|
(68) |
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|
(80) |
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(124) |
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Total unallocated items
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|
|
157 |
|
|
|
102 |
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|
|
255 |
|
|
|
146 |
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Total consolidated operating profit
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|
$ |
1,485 |
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|
$ |
1,375 |
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|
$ |
2,634 |
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|
$ |
2,533 |
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|
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Intersegment sales
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|
|
|
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|
|
|
|
|
|
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Aeronautics
|
|
$ |
33 |
|
|
$ |
39 |
|
|
$ |
65 |
|
|
$ |
75 |
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|
Missiles and Fire Control
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|
|
85 |
|
|
|
69 |
|
|
|
149 |
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|
|
144 |
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Rotary and Mission Systems
|
|
|
547 |
|
|
|
466 |
|
|
|
986 |
|
|
|
913 |
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Space Systems
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|
|
19 |
|
|
|
36 |
|
|
|
45 |
|
|
|
69 |
|
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Total intersegment sales
|
|
$ |
684 |
|
|
$ |
610 |
|
|
$ |
1,245 |
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$ |
1,201 |
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| (a) |
During the six months ended
June 25, 2017, we recognized a $64 million charge, which
represents our portion of a noncash asset impairment charge
recorded by our equity method investee, Advanced Military
Maintenance, Repair and Overhaul Center LLC. See “Note 10
– Other” (under the caption “Equity Method
Investee Impairment”) for more information. |
| (b) |
Includes $30 million and
$65 million of corporate overhead costs incurred during the
quarter and six months ended June 26, 2016 that were
previously allocated to our former IS&GS business. See
“Note 3 – Divestiture” for more information. |
Total assets for each of our business segments were as follows (in
millions):
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|
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June 25,
2017
|
|
|
December 31,
2016 |
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Assets
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Aeronautics
|
|
$ |
7,631 |
|
|
$ |
7,896 |
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Missiles and Fire Control
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|
|
4,463 |
|
|
|
4,000 |
|
|
Rotary and Mission Systems
|
|
|
18,496 |
|
|
|
18,367 |
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|
Space Systems
|
|
|
5,529 |
|
|
|
5,250 |
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|
Total business segment assets
|
|
|
36,119 |
|
|
|
35,513 |
|
|
Corporate assets (a)
|
|
|
12,592 |
|
|
|
12,293 |
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|
Total assets
|
|
$ |
48,711 |
|
|
$ |
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. |
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