Northrop Grumman 2014 Annual Report Download - page 50

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NORTHROP GRUMMAN CORPORATION
-41-
CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE (LOSS) INCOME
Year Ended December 31
$ in millions, except per share amounts 2014 2013 2012
Sales
Product $ 14,015 $ 14,033 $ 13,838
Service 9,964 10,628 11,380
Total sales 23,979 24,661 25,218
Operating costs and expenses
Product 10,431 10,623 10,415
Service 7,947 8,659 9,223
General and administrative expenses 2,405 2,256 2,450
Operating income 3,196 3,123 3,130
Other (expense) income
Interest expense (282)(257)(212)
Other, net 23 (3) 47
Earnings before income taxes 2,937 2,863 2,965
Federal and foreign income tax expense 868 911 987
Net earnings $ 2,069 $ 1,952 $ 1,978
Basic earnings per share $ 9.91 $ 8.50 $ 7.96
Weighted-average common shares outstanding, in millions 208.8 229.6 248.6
Diluted earnings per share $ 9.75 $ 8.35 $ 7.81
Weighted-average diluted shares outstanding, in millions 212.1 233.9 253.4
Net earnings (from above) $ 2,069 $ 1,952 $ 1,978
Other comprehensive (loss) income
Change in unamortized benefit plan costs, net of tax benefit (expense)
of $1,423 in 2014, ($1,177) in 2013 and $860 in 2012 (2,316)1,790 (1,303)
Change in cumulative translation adjustment (59)14 8
Other, net 3(1)(2)
Other comprehensive (loss) income, net of tax (2,372)1,803 (1,297)
Comprehensive (loss) income $(303)$ 3,755 $ 681
The accompanying notes are an integral part of these consolidated financial statements.