Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA

The following selected consolidated financial data should be read in conjunction with the information contained in Item 7 of this Form 10-K and the Consolidated Financial Statements and notes thereto included in Item 8 of this Form 10-K, which are incorporated herein by reference, in order to understand the factors that may affect the comparability of the financial data presented below.

Five-Year Summary


(in millions, except per share amounts and number of employees)	2020			2019			2018			2017			2016
For The Year
Net sales (1), (3), (4)	$	56,587		$	45,349		$	34,701		$	29,713		$	28,528
Research and development (3), (4)	2,582			2,452			1,878			1,876			1,857
Operating profit (loss) (1), (3), (4)	(1,889)			4,914			2,877			2,989			3,252
Restructuring costs(3), (4)	777			245			158			92			166
Net income (loss) from continuing operations (1), (3), (4)	(2,928)			3,731			1,406			1,468			2,133
Net income (loss) from continuing operations attributable to common shareowners (1), (3), (4)	(3,109)			3,510			1,216			1,313			2,009
Income (loss) from discontinued operations attributable to common shareowners	(410)			2,027			4,053			3,239			3,046
Diluted earnings (loss) per share—Net income (loss) from continuing operations attributable to common shareowners (1), (3), (4)	(2.29)			4.06			1.50			1.64			2.43
Cash dividends per common share	2.16			2.94			2.84			2.72			2.62
Average diluted shares of Common Stock outstanding	1,358			864			810			799			826
Cash flows provided by operating activities of continuing operations (3), (4)	4,334			5,821			2,670			2,282			3,003
Capital expenditures (3), (4)	1,795			1,868			1,467			1,556			1,265
Acquisitions, including net cash payments, debt assumed & equity issued	35,077			9			30,783			25			24
Repurchases of Common Stock	47			151			325			1,453			2,254
Dividends paid on Common Stock (excluding ESOP)	2,732			2,442			2,170			2,074			2,069
At Year End
Working capital (3), (4), (5)	$	7,580		$	(2,397)		$	(2,284)		$	2,975		$	1,370
Total assets (1), (2), (5)	162,089			107,792			103,471			65,994			60,252
Long-term debt, including current portion (3), (4), (5)	31,576			40,959			43,763			26,917			23,131
Total debt (3), (4), (5)	31,823			43,252			45,191			27,279			23,696
Total debt to total capitalization	30		%	49		%	53		%	46		%	45		%
Total equity	$	73,852		$	44,231		$	40,610		$	31,421		$	29,169
Total backlog (1), (3), (4)	150,119			111,665			93,844			75,636			72,328
Number of employees (3), (4)	181,000			121,600			117,300			81,600			77,700

(1) Amounts prior to 2018 do not reflect the adoption of Accounting Standards Update (ASU) 2014-09, Revenue Recognition from Contracts with Customers (Topic 606), in the first quarter of 2018 using the modified retrospective approach.

(2) Amounts prior to 2019 do not reflect the adoption of ASU 2016-02, Leases (Topic 842), in the first quarter of 2019 using the modified retrospective approach.

(3) Amounts prior to 2020 do not reflect the impact of the Raytheon Merger. See “Note 2: Business Acquisitions, Dispositions, Goodwill and Intangible Assets” within Item 8 of this Form 10-K for additional information.

(4) Amounts prior to 2018 do not reflect the acquisition of Rockwell Collins, Inc. (Rockwell Acquisition). See “Note 2: Business Acquisitions, Dispositions, Goodwill and Intangible Assets” within Item 8 of this Form 10-K for additional information.

(5) Excludes assets and liabilities related to discontinued operations, for all periods presented.

Table of C ontents

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