Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 2017

Business Combinations [Abstract]

Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date, including the refinements described in the previous paragraph (in millions):

Cash and cash equivalents	$	75
Receivables, net	1,924
Inventories, net	1,632
Other current assets	46
Property, plant and equipment	649
Goodwill	2,842
Intangible assets:
Customer programs	3,184
Trademarks	887
Other noncurrent assets	572
Deferred income taxes, noncurrent	256
Total identifiable assets and goodwill	12,067
Accounts payable	(565		)
Customer advances and amounts in excess of costs incurred	(1,197		)
Salaries, benefits, and payroll taxes	(105		)
Other current liabilities	(430		)
Customer contractual obligations (a)	(507		)
Other noncurrent liabilities	(185		)
Total liabilities assumed	(2,989		)
Total consideration	$	9,078

^(a)  Recorded in other noncurrent liabilities on our consolidated balance sheets.

Summary of Pro Forma Financial Information

The following table presents summarized unaudited pro forma financial information as if Sikorsky had been included in our financial results for the entire year in 2015 (in millions):

Net sales	$	45,366
Net earnings	3,534
Basic earnings per common share	11.39
Diluted earnings per common share	11.23

Carrying Amounts of Major Classes of Business Assets and Liabilities, Operating Results of Discontinued Operations and Information of IS and GS Included in Consolidated Statements of Cash Flows

The operating results of the IS&GS business that have been reflected within net earnings from discontinued operations for the years ended December 31, 2016 and 2015 are as follows (in millions):

	2016			(a)	2015
Net sales	$	3,410			$	5,596
Cost of sales	(2,953		)		(4,868		)
Severance charges	(19		)		(20		)
Gross profit	438				708
Other income, net	16				16
Operating profit	454				724
Earnings from discontinued operations before income taxes	454				724
Income tax expense	(147		)		(245		)
Net gain on divestiture of discontinued operations	1,242				—
Net earnings from discontinued operations	$	1,549			$	479

^(a)  Operating results for the year ended December 31, 2016 reflect operating results prior to the August 16, 2016 divestiture date.