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Recast 2017 Financial Information (Unaudited)
3 Months Ended
Mar. 31, 2018
Accounting Changes and Error Corrections [Abstract]  
Accounting Changes and Error Corrections [Text Block]
11.    RECAST 2017 FINANCIAL INFORMATION
Our prior period financial statements were recast for the retrospective adoption of ASC Topic 606 and ASU 2017-07 as described in Note 1. The following tables summarize the effects of adopting these accounting standards on our unaudited condensed consolidated statement of earnings and comprehensive income for the three months ended March 31, 2017 and unaudited condensed consolidated statement of financial position as of December 31, 2017. The adoption of ASC Topic 606 did not have a material impact on our unaudited condensed consolidated statements of cash flows and changes in shareholders’ equity for the three months ended March 31, 2017.
CONDENSED CONSOLIDATED STATEMENT OF EARNINGS AND COMPREHENSIVE INCOME
(Unaudited)
 
Three Months Ended March 31, 2017
 
As Reported
Effect of the Adoption of
As Adjusted
$ in millions, except per share amounts
 
ASC
Topic 606
 
ASU 2017-07
 
Sales
 
 
 
 
 
 
 
Product
$
3,834

 
$
163

 
$
—

 
$
3,997

Service
2,433

 
(20
)
 
—

 
2,413

Total sales
6,267

 
143

 
—

 
6,410

Operating costs and expenses
 
 
 
 
 
 
 
Product
2,871

 
121

 
(9
)
 
2,983

Service
1,887

 
(14
)
 
(6
)
 
1,867

General and administrative expenses
677

 
21

 
—

 
698

Operating income
832

 
15

 
15

 
862

Other (expense) income
 
 
 
 
 
 
 
Interest expense
(75
)
 
—

 
—

 
(75
)
Net FAS (non-service) pension benefit (expense)
—

 
—

 
(18
)
 
(18
)
Other, net
16

 
—

 
3

 
19

Earnings before income taxes
773

 
15

 
—

 
788

Federal and foreign income tax expense
133

 
5

 
—

 
138

Net earnings
$
640

 
$
10

 
$
—

 
$
650

 
 
 
 
 
 
 
 
Basic earnings per share
$
3.66

 
$
0.06

 
$
—

 
$
3.72

Weighted-average common shares outstanding, in millions
174.8

 
—

 
—

 
174.8

Diluted earnings per share
$
3.63

 
$
0.06

 
$
—

 
$
3.69

Weighted-average diluted shares outstanding, in millions
176.1

 
—

 
—

 
176.1

 
 
 
 
 
 
 
 
Net earnings (from above)
$
640

 
$
10

 
$
—

 
$
650

Other comprehensive income
 
 
 
 
 
 
 
Change in unamortized benefit plan costs, net of tax
99

 
—

 
—

 
99

Change in cumulative translation adjustment
4

 
—

 
—

 
4

Other, net
2

 
—

 
—

 
2

Other comprehensive income, net of tax
105

 
—

 
—

 
105

Comprehensive income
$
745

 
$
10

 
$
—

 
$
755


CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(Unaudited)
 
December 31, 2017
 
As Reported
Effect of the Adoption of
As Adjusted
$ in millions
 
ASC
Topic 606
 
ASU 2017-07
 
Assets
 
 
 
 
 
 
 
Cash and cash equivalents
$
11,225

 
$
—

 
$
—

 
$
11,225

Accounts receivable, net
829

 
225

 
—

 
1,054

Unbilled receivables, net
3,147

 
318

 
—

 
3,465

Inventoried costs, net
780

 
(382
)
 
—

 
398

Prepaid expenses and other current assets
368

 
77

 
—

 
445

Total current assets
16,349

 
238

 
—

 
16,587

Property, plant and equipment, net of accumulated depreciation of $5,066 for 2017
4,225

 
—

 
—

 
4,225

Goodwill
12,455

 
—

 
—

 
12,455

Deferred tax assets
475

 
(28
)
 
—

 
447

Other non-current assets
1,413

 
1

 
—

 
1,414

Total assets
$
34,917

 
$
211

 
$
—

 
$
35,128

 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
Trade accounts payable
$
1,661

 
$
—

 
$
—

 
$
1,661

Accrued employee compensation
1,382

 
—

 
—

 
1,382

Advance payments and amounts in excess of costs incurred
1,617

 
144

 
—

 
1,761

Other current liabilities
2,305

 
(17
)
 
—

 
2,288

Total current liabilities
6,965

 
127

 
—

 
7,092

Long-term debt, net of current portion of $867 for 2017
14,399

 
—

 
—

 
14,399

Pension and other post-retirement benefit plan liabilities
5,511

 
—

 
—

 
5,511

Other non-current liabilities
994

 
—

 
—

 
994

Total liabilities
27,869

 
127

 
—

 
27,996

 
 
 
 
 
 
 
 
Commitments and contingencies (Note 7)
 
 
 
 
 
 

 
 
 
 
 
 
 
 
Shareholders’ equity
 
 
 
 
 
 
 
Preferred stock, $1 par value; 10,000,000 shares authorized; no shares issued and outstanding
—

 
—

 
—

 
—

Common stock, $1 par value; 800,000,000 shares authorized; issued and outstanding: 2017—174,085,619
174

 
—

 
—

 
174

Paid-in capital
44

 
—

 
—

 
44

Retained earnings
11,548

 
84

 
—

 
11,632

Accumulated other comprehensive loss
(4,718
)
 
—

 
—

 
(4,718
)
Total shareholders’ equity
7,048

 
84

 
—

 
7,132

Total liabilities and shareholders’ equity
$
34,917

 
$
211

 
$
—

 
$
35,128