Segment Reporting
TRW, Inc., is a global company that specializes in producing automotive, spacecraft, and information system products. The following (partial) segment data was reported (dollars in millions):
| December 31 | ||
| 1994 | 1993 | |
| Sales: | ||
| Automotive | $5,679 | $4,538 |
| Space and defense | 2,812 | 2,792 |
| Information systems | 596 | 618 |
| Operating profit: | ||
| Automotive | $476 | $309 |
| Space and defense | 175 | 199 |
| Information systems | 96 | 74 |
| Identifiable assets: | ||
| Automotive | $3,481 | $3,004 |
| Space and defense | 1,111 | 1,253 |
| Information systems | 622 | 752 |
Required
a. Calculate the return on assets of 1994 for each segment (use operating profit and ignore interest expense).
b. Calculate each segment’s operating income as a percentage of sales.
c. Why is the segment-by-segment information important for an investor to have? Which ratio results will be most important to investor
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