Northrop Grumman 2011 Annual Report Download - page 68

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NORTHROP GRUMMAN CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
Year Ended December 31
$ in millions, except per share amounts 2011 2010 2009
Sales and Service Revenues
Product sales $15,073 $16,091 $16,004
Service revenues 11,339 12,052 11,646
Total sales and service revenues 26,412 28,143 27,650
Cost of Sales and Service Revenues
Cost of product sales 11,491 12,558 12,648
Cost of service revenues 9,295 10,291 10,157
General and administrative expenses 2,350 2,467 2,571
Operating income 3,276 2,827 2,274
Other (expense) income
Interest expense (221) (269) (269)
Charge on debt redemption (229)
Other, net 28 37 65
Earnings from continuing operations before income taxes 3,083 2,366 2,070
Federal and foreign income tax expense 997 462 636
Earnings from continuing operations 2,086 1,904 1,434
Earnings from discontinued operations, net of tax 32 149 252
Net earnings $ 2,118 $ 2,053 $ 1,686
Basic Earnings Per Share
Continuing operations $ 7.54 $ 6.41 $ 4.49
Discontinued operations .11 .50 .79
Basic earnings per share $ 7.65 $ 6.91 $ 5.28
Weighted-average common shares outstanding, in millions 276.8 296.9 319.2
Diluted Earnings Per Share
Continuing operations $ 7.41 $ 6.32 $ 4.44
Discontinued operations .11 .50 .77
Diluted earnings per share $ 7.52 $ 6.82 $ 5.21
Weighted-average diluted shares outstanding, in millions 281.6 301.1 323.3
Net earnings (from above) $ 2,118 $ 2,053 $ 1,686
Other comprehensive (loss) income
Change in cumulative translation adjustment (4) (41) 31
Change in unrealized (loss) gain on marketable securities and cash flow
hedges, net of tax benefit (expense) of $2 in 2011, $0 in 2010, and $(23)
in 2009 (4) 1 36
Change in unamortized benefit plan costs, net of tax benefit (expense) of
$823 in 2011, $(183) in 2010, and $(374) in 2009 (1,249) 297 561
Other comprehensive (loss) income, net of tax (1,257) 257 628
Comprehensive income $ 861 $ 2,310 $ 2,314
The accompanying notes are an integral part of these consolidated financial statements.
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