Net earnings from continuing operations (b)(c)(d)(e)
5,046
1,890
3,661
3,126
3,253
Net earnings from discontinued operations (f)
—
73
1,512
479
361
Net earnings (c)(d)(e)
5,046
1,963
5,173
3,605
3,614
Earnings from continuing operations per common share
Basic (b)(c)(d)(e)
17.74
6.56
12.23
10.07
10.27
Diluted (b)(c)(d)(e)
17.59
6.50
12.08
9.93
10.09
Earnings from discontinued operations per common share
Basic
—
0.26
5.05
1.55
1.14
Diluted
—
0.25
4.99
1.53
1.12
Earnings per common share
Basic (c)(d)(e)
17.74
6.82
17.28
11.62
11.41
Diluted (c)(d)(e)
17.59
6.75
17.07
11.46
11.21
Cash dividends declared per common share
$
8.20
$
7.46
$
6.77
$
6.15
$
5.49
Balance sheet (a)(g)
Cash, cash equivalents and short-term investments (c)
$
772
$
2,861
$
1,837
$
1,090
$
1,446
Total current assets (h)
16,103
17,505
14,780
14,573
10,684
Goodwill (i)
10,769
10,807
10,764
10,695
7,964
Total assets (c)(h)(i)
44,876
46,620
47,560
49,304
37,190
Total current liabilities (h)
14,398
12,913
12,456
13,918
10,954
Total debt, net (j)
14,104
14,263
14,282
15,261
6,142
Total liabilities (c)(h)(j)
43,427
47,396
46,083
46,207
33,790
Total equity (deficit) (c)(e)
1,449
(776
)
1,477
3,097
3,400
Common shares in stockholders’ equity at year-end
281
284
289
303
314
Cash flow information
Net cash provided by operating activities (c)(k)
$
3,138
$
6,476
$
5,189
$
5,101
$
3,866
Net cash used for investing activities (l)
(1,075
)
(1,147
)
(985
)
(9,734
)
(1,723
)
Net cash (used for) provided by financing activities (m)
(4,152
)
(4,305
)
(3,457
)
4,277
(3,314
)
Backlog (a)(n)
$
130,468
$
105,493
$
103,458
$
94,756
$
74,500
(a)
Amounts for 2015 and 2014 do not reflect the impact of the adoption of Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), as amended, in the first quarter of 2018 (see “Note 1 – Significant Accounting Policies” included in our Notes to Consolidated Financial Statements).
(b)
Our operating profit and net earnings from continuing operations and earnings per share from continuing operations were affected by severance and restructuring charges of $96 million ($76 million, or $0.26 per share, after tax) in 2018, severance charges of $80 million ($52 million or $0.17 per share, after tax) in 2016; severance charges of $82 million ($53 million or $0.17 per share, after tax) in 2015. See “Note 15 – Severance and Restructuring Charges” included in our Notes to Consolidated Financial Statements for a discussion of 2018 and 2016 severance and restructuring charges.
(c)
The impact of our postretirement benefit plans can cause our operating profit, net earnings, cash flows and certain amounts recorded on our consolidated balance sheets to fluctuate. Accordingly, our net earnings were affected by a net FAS/CAS pension adjustment of $1.0 billion in 2018, $876 million in 2017, $902 million in 2016, $400 million in 2015, and $317 million in 2014. We made pension contributions of $5.0 billion in 2018, $46 million in 2017, $23 million in 2016, $5 million in 2015 (for our Sikorsky plan) and $2.0 billion in 2014 (for our legacy plans), and these contributions caused fluctuations in our operating cash flows and cash balance between each of those years. See “Critical Accounting Policies - Postretirement Benefit Plans” in Management’s Discussion and Analysis of Financial Condition and Results of Operations for more information.
(d)
In 2017, we recorded a previously deferred non-cash gain of $198 million related to properties sold in 2015 as a result of completing our remaining obligations, which increased net earnings from continuing operations by $122 million ($0.42 per share).
(e)
In 2017, we recorded a net one-time tax charge of $2.0 billion ($6.77 per share), substantially all of which was non-cash, primarily related to the estimated impact of the Tax Cuts and Jobs Act (see “Note 9 – Income Taxes” included in our Notes to Consolidated Financial Statements). This charge along with our annual re-measurement adjustment related to our postretirement benefit plans of $1.4 billion resulted in a deficit in our total equity as of December 31, 2017.
(f)
Our net earnings from discontinued operations includes a $1.2 billion net gain in 2016 related to the divestiture of our IS&GS business.
(g)
Certain prior period amounts have been reclassified to conform to current year presentation.
(h)
Included in total current assets are assets of discontinued operations of $1.0 billion in 2015 and $900 million in 2014. Included in total current liabilities are liabilities of discontinued operations of $900 million in both 2015 and 2014. Included in total assets are assets of discontinued operations of $4.1 billion in 2015 and $4.2 billion in 2014. Included in total liabilities are liabilities of discontinued operations of $1.2 billion in both 2015 and 2014.
(i)
The increase in our goodwill and total assets from 2014 to 2015 was primarily attributable to the Sikorsky acquisition, which resulted in an increase in goodwill and total assets as of December 31, 2015 of $2.8 billion and $11.7 billion, respectively.
(j)
The increase in our total debt and total liabilities from 2014 to 2015 was primarily a result of the debt incurred to fund the Sikorsky acquisition, as well as the issuance of debt in February of 2015 for general corporate purposes.
(k)
The fluctuations in our net cash provided by operating activities between years 2014 to 2018 were due to changes in pension contributions, working capital and tax payments made. See “Liquidity and Cash Flows” in Management’s Discussion and Analysis of Financial Condition and Results of Operations for more information.
(l)
The increase in our cash used for investing activities in 2015 was attributable to acquisitions of businesses, including the $9.0 billion acquisition of Sikorsky in 2015, net of cash acquired.
(m)
The increase in our cash provided by financing activities in 2015 was primarily a result of the debt incurred to fund the Sikorsky acquisition.
(n)
Backlog at December 31, 2015 includes approximately $15.6 billion related to Sikorsky and excludes backlog at December 31, 2015 and 2014 of $4.8 billion and $6.0 billion related to our IS&GS business, which we divested in 2016.
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