Recast 2017 Financial Information (Tables)

9 Months Ended

Sep. 30, 2018

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

CONDENSED CONSOLIDATED STATEMENT OF EARNINGS AND COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended September 30, 2017
	As Reported			Effect of the Adoption of							As Adjusted
$ in millions, except per share amounts					ASC Topic 606			ASU 2017-07
Sales
Product	$	4,135			$	48		$	—		$	4,183
Service	2,392				(6		)	—			2,386
Total sales	6,527				42			—			6,569
Operating costs and expenses
Product	3,153				33			3			3,189
Service	1,863				(1		)	2			1,864
General and administrative expenses	666				13			—			679
Operating income	845				(3		)	(5		)	837
Other (expense) income
Interest expense	(73		)		—			—			(73		)
Net FAS (non-service) pension benefit (expense)	—				—			2			2
Other, net	13				—			3			16
Earnings before income taxes	785				(3		)	—			782
Federal and foreign income tax expense	140				(1		)	—			139
Net earnings	$	645			$	(2	)	$	—		$	643
Basic earnings per share	$	3.70			$	(0.01	)	$	—		$	3.69
Weighted-average common shares outstanding, in millions	174.2				—			—			174.2
Diluted earnings per share	$	3.68			$	(0.01	)	$	—		$	3.67
Weighted-average diluted shares outstanding, in millions	175.3				—			—			175.3
Net earnings (from above)	$	645			$	(2	)	$	—		$	643
Other comprehensive income
Change in unamortized benefit plan costs, net of tax	99				—			—			99
Change in cumulative translation adjustment	—				—			—			—
Other, net	—				—			—			—
Other comprehensive income, net of tax	99				—			—			99
Comprehensive income	$	744			$	(2	)	$	—		$	742

CONDENSED CONSOLIDATED STATEMENT OF EARNINGS AND COMPREHENSIVE INCOME

(Unaudited)

	Nine Months Ended September 30, 2017
	As Reported			Effect of the Adoption of							As Adjusted
$ in millions, except per share amounts					ASC Topic 606			ASU 2017-07
Sales
Product	$	11,885			$	332		$	—		$	12,217
Service	7,284				(49		)	—			7,235
Total sales	19,169				283			—			19,452
Operating costs and expenses
Product	8,982				241			(14		)	9,209
Service	5,646				(29		)	(9		)	5,608
General and administrative expenses	2,009				54			—			2,063
Operating income	2,532				17			23			2,572
Other (expense) income
Interest expense	(224		)		—			—			(224		)
Net FAS (non-service) pension benefit (expense)	—				—			(33		)	(33		)
Other, net	57				—			10			67
Earnings before income taxes	2,365				17			—			2,382
Federal and foreign income tax expense	528				6			—			534
Net earnings	$	1,837			$	11		$	—		$	1,848
Basic earnings per share	$	10.53			$	0.06		$	—		$	10.59
Weighted-average common shares outstanding, in millions	174.5				—			—			174.5
Diluted earnings per share	$	10.46			$	0.06		$	—		$	10.52
Weighted-average diluted shares outstanding, in millions	175.6				—			—			175.6
Net earnings (from above)	$	1,837			$	11		$	—		$	1,848
Other comprehensive income
Change in unamortized benefit plan costs, net of tax	300				—			—			300
Change in cumulative translation adjustment	—				—			—			—
Other, net	3				—			—			3
Other comprehensive income, net of tax	303				—			—			303
Comprehensive income	$	2,140			$	11		$	—		$	2,151

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
Intangible assets, net	52				—			—		52
Other non-current assets	1,361				1			—		1,362
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 8)
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