Northrop Grumman 2012 Annual Report Download - page 53

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NORTHROP GRUMMAN CORPORATION
-43-
CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME
Year Ended December 31
$ in millions, except per share amounts 2012 2011 2010
Sales
Product $13,838 $15,073 $16,091
Service 11,380 11,339 12,052
Total sales 25,218 26,412 28,143
Operating costs and expenses
Product 10,415 11,491 12,558
Service 9,223 9,295 10,291
General and administrative expenses 2,450 2,350 2,467
Operating income 3,130 3,276 2,827
Other (expense) income
Interest expense (212)(221)(269)
Charge on debt redemption ——(229)
Other, net 47 28 37
Earnings from continuing operations before income taxes 2,965 3,083 2,366
Federal and foreign income tax expense 987 997 462
Earnings from continuing operations 1,978 2,086 1,904
Earnings from discontinued operations, net of tax —32 149
Net earnings $ 1,978 $ 2,118 $ 2,053
Basic earnings per share
Continuing operations $ 7.96 $ 7.54 $ 6.41
Discontinued operations —0.11 0.50
Basic earnings per share $ 7.96 $ 7.65 $ 6.91
Weighted-average common shares outstanding, in millions 248.6 276.8 296.9
Diluted earnings per share
Continuing operations $ 7.81 $ 7.41 $ 6.32
Discontinued operations —0.11 0.50
Diluted earnings per share $ 7.81 $ 7.52 $ 6.82
Weighted-average diluted shares outstanding, in millions 253.4 281.6 301.1
Net earnings (from above) $ 1,978 $ 2,118 $ 2,053
Other comprehensive income
Change in cumulative translation adjustment 8(4)(41)
Change in unrealized (loss) gain on marketable securities and cash flow
hedges, net of tax benefit of $0 in 2012, $2 in 2011, and $0 in 2010 (2)(4) 1
Change in unamortized benefit plan costs, net of tax benefit (expense)
of $860 in 2012, $823 in 2011, and $(183) in 2010 (1,303)(1,249) 297
Other comprehensive (loss) income, net of tax (1,297)(1,257) 257
Comprehensive income $ 681 $ 861 $ 2,310
The accompanying notes are an integral part of these consolidated financial statements.