$LMT
LOCKHEED MARTIN CORP

2017 Q3 Form 10-Q Financial Statement

#000093646817000014 Filed on October 26, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $12.34B $11.55B
YoY Change 6.84% 14.82%
Cost Of Revenue $10.74B $10.17B
YoY Change 5.65% 13.43%
Gross Profit $1.600B $1.384B
YoY Change 15.61% 26.16%
Gross Profit Margin 12.96% 11.98%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $299.0M $295.0M
YoY Change 1.36% 25.0%
% of Gross Profit 18.69% 21.32%
Operating Expenses -$77.00M -$204.0M
YoY Change -62.25% 114.74%
Operating Profit $1.677B $1.588B
YoY Change 5.6% 33.22%
Interest Expense $162.0M $162.0M
YoY Change 0.0% 55.77%
% of Operating Profit 9.66% 10.2%
Other Income/Expense, Net -$218.0M $1.000M
YoY Change -21900.0% 0.0%
Pretax Income $1.297B $1.427B
YoY Change -9.11% 31.04%
Income Tax $334.0M $338.0M
% Of Pretax Income 25.75% 23.69%
Net Earnings $963.0M $2.395B
YoY Change -59.79% 176.88%
Net Earnings / Revenue 7.8% 20.73%
Basic Earnings Per Share $3.35 $8.02
Diluted Earnings Per Share $3.32 $7.93
COMMON SHARES
Basic Shares Outstanding 287.1M shares 298.5M shares
Diluted Shares Outstanding 290.0M shares 302.1M shares

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.941B $2.895B
YoY Change 1.59% -12.27%
Cash & Equivalents $2.941B $2.895B
Short-Term Investments
Other Short-Term Assets $443.0M $408.0M
YoY Change 8.58% -20.78%
Inventory $4.803B $4.852B
Prepaid Expenses
Receivables $9.021B $8.955B
Other Receivables $0.00 $0.00
Total Short-Term Assets $17.21B $17.11B
YoY Change 0.57% 13.65%
LONG-TERM ASSETS
Property, Plant & Equipment $5.511B $5.369B
YoY Change 2.64% 14.8%
Goodwill $10.81B $10.79B
YoY Change 0.19% -0.38%
Intangibles $3.877B $4.205B
YoY Change -7.8%
Long-Term Investments
YoY Change
Other Assets $5.568B $5.414B
YoY Change 2.84% 9.22%
Total Long-Term Assets $31.74B $31.63B
YoY Change 0.34% 28.77%
TOTAL ASSETS
Total Short-Term Assets $17.21B $17.11B
Total Long-Term Assets $31.74B $31.63B
Total Assets $48.95B $48.74B
YoY Change 0.42% 23.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.848B $2.840B
YoY Change 0.28% 28.22%
Accrued Expenses $1.895B $1.856B
YoY Change 2.1% -4.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $13.08B $14.43B
YoY Change -9.3% 11.13%
LONG-TERM LIABILITIES
Long-Term Debt $14.27B $14.30B
YoY Change -0.25% 91.74%
Other Long-Term Liabilities $4.563B $4.638B
YoY Change -1.62% 18.68%
Total Long-Term Liabilities $18.83B $18.94B
YoY Change -0.59% 66.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.08B $14.43B
Total Long-Term Liabilities $18.83B $18.94B
Total Liabilities $46.77B $46.31B
YoY Change 1.0% 25.83%
SHAREHOLDERS EQUITY
Retained Earnings $13.17B $13.02B
YoY Change 1.15% -5.82%
Common Stock $285.0M $291.0M
YoY Change -2.06% -4.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.098B $2.323B
YoY Change
Total Liabilities & Shareholders Equity $48.95B $48.74B
YoY Change 0.42% 23.03%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $963.0M $2.395B
YoY Change -59.79% 176.88%
Depreciation, Depletion And Amortization $299.0M $295.0M
YoY Change 1.36% 25.0%
Cash From Operating Activities $1.754B $1.320B
YoY Change 32.88% -12.99%
INVESTING ACTIVITIES
Capital Expenditures -$222.0M -$241.0M
YoY Change -7.88% 26.18%
Acquisitions
YoY Change
Other Investing Activities $6.000M $17.00M
YoY Change -64.71% -950.0%
Cash From Investing Activities -$216.0M -$224.0M
YoY Change -3.57% 16.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.049B 530.0M
YoY Change -297.92% -143.23%
NET CHANGE
Cash From Operating Activities 1.754B 1.320B
Cash From Investing Activities -216.0M -224.0M
Cash From Financing Activities -1.049B 530.0M
Net Change In Cash 489.0M 1.626B
YoY Change -69.93% 1559.18%
FREE CASH FLOW
Cash From Operating Activities $1.754B $1.320B
Capital Expenditures -$222.0M -$241.0M
Free Cash Flow $1.976B $1.561B
YoY Change 26.59% -8.61%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:13px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Changes in Estimates</font></div><div style="line-height:120%;padding-top:13px;text-indent:32px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Accounting for contracts using the percentage-of-completion method requires judgment relative to assessing risks, estimating contract sales and costs (including estimating award and incentive fees and penalties related to performance) and making assumptions for schedule and technical issues.&#160;Due to the number of years it may take to complete many of our contracts and the scope and nature of the work required to be performed on those contracts, the estimation of total sales and costs at completion is complicated and subject to many variables and, accordingly, is subject to change. When adjustments in estimated total contract sales or estimated total costs are required, any changes from prior estimates are recognized in the current period for the inception-to-date effect of such changes.&#160;When estimates of total costs to be incurred on a contract exceed estimates of total sales to be earned, a provision for the entire loss on the contract is recorded in the period in which the loss is determined.</font></div><div style="line-height:120%;padding-top:13px;text-indent:32px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Many of our contracts span several years and include highly complex technical requirements. At the outset of a contract, we identify and monitor risks to the achievement of the technical, schedule and cost aspects of the contract and assess the effects of those risks on our estimates of total costs to complete the contract. The estimates consider the technical requirements (e.g., a newly-developed product versus a mature product), the schedule and associated tasks (e.g., the number and type of milestone events) and costs (e.g., material, labor, subcontractor, overhead and the estimated costs to fulfill our industrial cooperation agreements, sometimes referred to as offset agreements, required under certain contracts with international customers). The initial profit booking rate of each contract considers risks surrounding the ability to achieve the technical requirements, schedule and costs in the initial estimated total costs to complete the contract. Profit booking rates may increase during the performance of the contract if we successfully retire risks surrounding the technical, schedule and cost aspects of the contract, which decreases the estimated total costs to complete the contract. Conversely, our profit booking rates may decrease if the estimated total costs to complete the contract increase. All of the estimates are subject to change during the performance of the contract and may affect the profit booking rate.</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div><div style="line-height:120%;text-indent:32px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Comparability of our segment sales, operating profit and operating margin may be impacted favorably or unfavorably by changes in profit booking rates on our contracts accounted for using the percentage-of-completion method of accounting. Increases in the profit booking rates, typically referred to as risk retirements, usually relate to revisions in the estimated total costs that reflect improved conditions on a particular contract. Conversely, conditions on a particular contract may deteriorate, resulting in an increase in the estimated total costs to complete and a reduction in the profit booking rate. Increases or decreases in profit booking rates are recognized in the current period and reflect the inception-to-date effect of such changes. Segment operating profit and margin may also be impacted favorably or unfavorably by other items. Favorable items may include the positive resolution of contractual matters, cost recoveries on restructuring charges, insurance recoveries and gains on sales of assets. Unfavorable items may include the adverse resolution of contractual matters; restructuring charges, except for significant severance actions, which are excluded from segment operating results; reserves for disputes; certain asset impairments; and losses on sales of certain assets. Segment operating profit and items such as risk retirements, reductions of profit booking rates or other matters are presented net of state income taxes.</font><font style="font-family:Arial;font-size:10pt;"> </font></div></div>

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