1996 Annual Report
s Highlight (In millions, except per share data) 1996(a) 1995 l Net sales $26,875 $22,853 Net earnings 1,347(b) 682(c) Earnings per common share, assuming full dilution 6.04(b) 3.05(c) Cash dividends per common share 1.60 1.34 Total assets 29,257 17,558 Short-term borrowings 1,110 — Current maturities of long-term debt 180 722 Financia Long-term debt 10,188 3,010 Shareholders' equity 6,856 6,433 Negotiated backlog 50,406 41,125 To Our Shareholders See Notes 1, 2, 4, 8, 10 and 14 to the Consolidated Financial Statements. s 2 10 Operating Companies (a) Amounts include the effects of the April 1996 business combination with Loral Corporation. Operating Highlights (b) Earnings for 1996 include the effects of a nonrecurring pretax gain of $365 Content 16 Space & Strategic Missiles million resulting from divestitures which increased net earnings by $351 million, or $1.58 per common share assuming full dilution. The gain was substantially 22 Electronics offset by nonrecurring pretax charges, net of state income tax benefits, of 30 Information & Services $307 million, approximately one-half of which related to the Corporation's 40 Aeronautics conservative strategy toward its environmental remediation business, with the remainder related to a number of other corporate actions to improve efficiency, 46 Energy & Environment increase competitiveness and focus on core businesses. These charges decreased net earnings by $209 million, or $.94 per common share assuming full dilution. 50 Financial Section (c) Earnings for 1995 include the effects of pretax charges totaling $690 million 86 Corporate Directory for merger related and consolidation expenses.
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