Condensed Consolidating Financial Statements

12 Months Ended

Dec. 31, 2012

Consolidating Financial Statements [Abstract]

Condensed Consolidating Financial Statements

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS

The fixed-rate notes described in Note J are fully and unconditionally guaranteed on an unsecured, joint and several basis by certain of our 100-percent-owned subsidiaries (the guarantors). The following condensed consolidating financial statements illustrate the composition of the parent, the guarantors on a combined basis (each guarantor together with its majority owned subsidiaries) and all other subsidiaries on a combined basis.

CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS (LOSS)

Year Ended December 31, 2010	Parent			Guarantors on a Combined Basis			Other Subsidiaries on a Combined Basis			Consolidating Adjustments			Total Consolidated
Revenues	$	—		$	26,376		$	6,090		$	—		$	32,466
Cost of sales	1			21,558			4,998			—			26,557
G&A	82			1,497			385			—			1,964
Operating earnings	(83		)	3,321			707			—			3,945
Interest, net	(161		)	1			3			—			(157		)
Other, net	1			1			—			—			2
Earnings before income taxes	(243		)	3,323			710			—			3,790
Provision for income taxes	(78		)	1,067			173			—			1,162
Discontinued operations, net of tax	—			—			(4		)	—			(4		)
Equity in net earnings of subsidiaries	2,789			—			—			(2,789		)	—
Net earnings	$	2,624		$	2,256		$	533		$	(2,789	)	$	2,624
Comprehensive income	$	2,395		$	2,101		$	857		$	(2,958	)	$	2,395
Year Ended December 31, 2011	Parent			Guarantors on a Combined Basis			Other Subsidiaries on a Combined Basis			Consolidating Adjustments			Total Consolidated
Revenues	$	—		$	26,253		$	6,424		$	—		$	32,677
Cost of sales	(13		)	21,336			5,498			—			26,821
G&A	90			1,499			441			—			2,030
Operating earnings	(77		)	3,418			485			—			3,826
Interest, net	(143		)	—			2			—			(141		)
Other, net	5			27			1			—			33
Earnings before income taxes	(215		)	3,445			488			—			3,718
Provision for income taxes	(43		)	1,097			112			—			1,166
Discontinued operations, net of tax	—			—			(26		)	—			(26		)
Equity in net earnings of subsidiaries	2,698			—			—			(2,698		)	—
Net earnings	$	2,526		$	2,348		$	350		$	(2,698	)	$	2,526
Comprehensive income	$	1,650		$	2,228		$	157		$	(2,385	)	$	1,650
Year Ended December 31, 2012	Parent			Guarantors on a Combined Basis			Other Subsidiaries on a Combined Basis			Consolidating Adjustments			Total Consolidated
Revenues	$	—		$	26,349		$	5,164		$	—		$	31,513
Cost of sales	(20		)	23,614			4,810			—			28,404
G&A	89			1,618			569			—			2,276
Operating earnings	(69		)	1,117			(215		)	—			833
Interest, net	(158		)	(3		)	5			—			(156		)
Other, net	(126		)	(4		)	(6		)	—			(136		)
Earnings before income taxes	(353		)	1,110			(216		)	—			541
Provision for income taxes	(137		)	854			156			—			873
Equity in net earnings of subsidiaries	(116		)	—			—			116			—
Net loss	$	(332	)	$	256		$	(372	)	$	116		$	(332	)
Comprehensive loss	$	(795	)	$	21		$	(90	)	$	69		$	(795	)

CONDENSED CONSOLIDATING BALANCE SHEETS

December 31, 2011	Parent			Guarantors on a Combined Basis			Other Subsidiaries on a Combined Basis			Consolidating Adjustments			Total Consolidated
ASSETS
Current assets:
Cash and equivalents	$	1,530		$	—		$	1,119		$	—		$	2,649
Accounts receivable	—			1,659			2,770			—			4,429
Contracts in process	292			3,182			1,694			—			5,168
Inventories
Work in process	—			1,168			34			—			1,202
Raw materials	—			898			133			—			1,031
Finished goods	—			36			41			—			77
Other current assets	320			247			245			—			812
Total current assets	2,142			7,190			6,036			—			15,368
Noncurrent assets:
Property, plant and equipment	153			5,181			1,184			—			6,518
Accumulated depreciation of PP&E	(49		)	(2,604		)	(581		)	—			(3,234		)
Intangible assets	—			1,767			1,452			—			3,219
Accumulated amortization of intangible assets	—			(976		)	(430		)	—			(1,406		)
Goodwill	—			9,287			4,289			—			13,576
Other assets	10			629			203			—			842
Investment in subsidiaries	33,450			—			—			(33,450		)	—
Total noncurrent assets	33,564			13,284			6,117			(33,450		)	19,515
Total assets	$	35,706		$	20,474		$	12,153		$	(33,450	)	$	34,883
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Customer advances and deposits	$	—		$	2,483		$	2,528		$	—		$	5,011
Other current liabilities	537			3,750			1,847			—			6,134
Total current liabilities	537			6,233			4,375			—			11,145
Noncurrent liabilities:
Long-term debt	3,895			9			3			—			3,907
Other liabilities	3,443			2,541			615			—			6,599
Total noncurrent liabilities	7,338			2,550			618			—			10,506
Intercompany	14,599			(15,240		)	641			—			—
Shareholders’ equity:
Common stock	482			6			44			(50		)	482
Other shareholders’ equity	12,750			26,925			6,475			(33,400		)	12,750
Total shareholders’ equity	13,232			26,931			6,519			(33,450		)	13,232
Total liabilities and shareholders’ equity	$	35,706		$	20,474		$	12,153		$	(33,450	)	$	34,883

December 31, 2012	Parent			Guarantors on a Combined Basis			Other Subsidiaries on a Combined Basis			Consolidating Adjustments			Total Consolidated
ASSETS
Current assets:
Cash and equivalents	$	2,248		$	—		$	1,048		$	—		$	3,296
Accounts receivable	—			1,254			2,950			—			4,204
Contracts in process	439			3,199			1,326			—			4,964
Inventories
Work in process	—			1,507			11			—			1,518
Raw materials	—			1,020			89			—			1,109
Finished goods	—			32			37			—			69
Pre-owned aircraft	—			80			—			—			80
Other current assets	45			249			210			—			504
Total current assets	2,732			7,341			5,671			—			15,744
Noncurrent assets:
Property, plant and equipment	155			5,556			1,292			—			7,003
Accumulated depreciation of PP&E	(56		)	(2,850		)	(694		)	—			(3,600		)
Intangible assets	—			1,693			1,222			—			2,915
Accumulated amortization of intangible assets	—			(1,068		)	(464		)	—			(1,532		)
Goodwill	—			7,661			4,387			—			12,048
Other assets	700			738			328			(35		)	1,731
Investment in subsidiaries	33,324			—			—			(33,324		)	—
Total noncurrent assets	34,123			11,730			6,071			(33,359		)	18,565
Total assets	$	36,855		$	19,071		$	11,742		$	(33,359	)	$	34,309
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Customer advances and deposits	$	—		$	3,052		$	2,990		$	—		$	6,042
Other current liabilities	394			3,743			1,441			—			5,578
Total current liabilities	394			6,795			4,431			—			11,620
Noncurrent liabilities:
Long-term debt	3,881			27			—			—			3,908
Other liabilities	4,121			2,704			566			—			7,391
Total noncurrent liabilities	8,002			2,731			566			—			11,299
Intercompany	17,069			(17,388		)	319			—			—
Shareholders’ equity:
Common stock	482			6			44			(50		)	482
Other shareholders’ equity	10,908			26,927			6,382			(33,309		)	10,908
Total shareholders’ equity	11,390			26,933			6,426			(33,359		)	11,390
Total liabilities and shareholders’ equity	$	36,855		$	19,071		$	11,742		$	(33,359	)	$	34,309

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

Year Ended December 31, 2010	Parent			Guarantors on a Combined Basis			Other Subsidiaries on a Combined Basis			Consolidating Adjustments		Total Consolidated
Net cash provided by operating activities	$	(391	)	$	2,884		$	493		$	—	$	2,986
Cash flows from investing activities:
Maturities of held-to-maturity securities	273			—			332			—		605
Purchases of held-to-maturity securities	(237		)	—			(231		)	—		(468		)
Capital expenditures	(10		)	(301		)	(59		)	—		(370		)
Other, net	(12		)	(93		)	(70		)	—		(175		)
Net cash used by investing activities	14			(394		)	(28		)	—		(408		)
Cash flows from financing activities:
Purchases of common stock	(1,185		)	—			—			—		(1,185		)
Repayment of fixed-rate notes	(700		)	—			—			—		(700		)
Dividends paid	(631		)	—			—			—		(631		)
Other, net	295			(1		)	(4		)	—		290
Net cash used by financing activities	(2,221		)	(1		)	(4		)	—		(2,226		)
Net cash used by discontinued operations	—			—			(2		)	—		(2		)
Cash sweep/funding by parent	2,800			(2,489		)	(311		)	—		—
Net increase in cash and equivalents	202			—			148			—		350
Cash and equivalents at beginning of year	1,406			—			857			—		2,263
Cash and equivalents at end of year	$	1,608		$	—		$	1,005		$	—	$	2,613
Year Ended December 31, 2011	Parent			Guarantors on a Combined Basis			Other Subsidiaries on a Combined Basis			Consolidating Adjustments		Total Consolidated
Net cash provided by operating activities	$	(359	)	$	3,524		$	73		$	—	$	3,238
Cash flows from investing activities:
Business acquisitions, net of cash acquired	(233		)	(1,327		)	—			—		(1,560		)
Purchases of held-to-maturity securities	(459		)	—			—			—		(459		)
Maturities of held-to-maturity securities	334			—			107			—		441
Capital expenditures	(6		)	(381		)	(71		)	—		(458		)
Purchases of available-for-sale securities	(274		)	(99		)	—			—		(373		)
Other, net	246			192			(3		)	—		435
Net cash used by investing activities	(392		)	(1,615		)	33			—		(1,974		)
Cash flows from financing activities:
Proceeds from fixed-rate notes	1,497			—			—			—		1,497
Purchases of common stock	(1,468		)	—			—			—		(1,468		)
Repayment of fixed-rate notes	(750		)	—			—			—		(750		)
Dividends paid	(673		)	—			—			—		(673		)
Other, net	216			(20		)	(3		)	—		193
Net cash used by financing activities	(1,178		)	(20		)	(3		)	—		(1,201		)
Net cash used by discontinued operations	—			—			(27		)	—		(27		)
Cash sweep/funding by parent	1,851			(1,889		)	38			—		—
Net increase in cash and equivalents	(78		)	—			114			—		36
Cash and equivalents at beginning of year	1,608			—			1,005			—		2,613
Cash and equivalents at end of year	$	1,530		$	—		$	1,119		$	—	$	2,649

R. CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

Year Ended December 31, 2012	Parent			Guarantors on a Combined Basis			Other Subsidiaries on a Combined Basis			Consolidating Adjustments		Total Consolidated
Net cash provided by operating activities	$	(541	)	$	2,850		$	378		$	—	$	2,687
Cash flows from investing activities:
Capital expenditures	(2		)	(390		)	(58		)	—		(450		)
Business acquisitions, net of cash acquired	(121		)	(297		)	(26		)	—		(444		)
Other, net	221			(1		)	18			—		238
Net cash used by investing activities	98			(688		)	(66		)	—		(656		)
Cash flows from financing activities:
Repayment of fixed-rate notes	(2,400		)	—			—			—		(2,400		)
Proceeds from fixed-rate notes	2,382			—			—			—		2,382
Dividends paid	(893		)	—			—			—		(893		)
Purchases of common stock	(602		)	—			—			—		(602		)
Other, net	154			(21		)	(2		)	—		131
Net cash used by financing activities	(1,359		)	(21		)	(2		)	—		(1,382		)
Net cash used by discontinued operations	(2		)	—			—			—		(2		)
Cash sweep/funding by parent	2,522			(2,141		)	(381		)	—		—
Net increase in cash and equivalents	718			—			(71		)	—		647
Cash and equivalents at beginning of year	1,530			—			1,119			—		2,649
Cash and equivalents at end of year	$	2,248		$	—		$	1,048		$	—	$	3,296