$LMT
LOCKHEED MARTIN CORP

2024 Q1 Form 10-K Financial Statement

#000093646824000010 Filed on January 23, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $17.20B $18.87B $67.57B
YoY Change 13.68% -0.62% 2.41%
Cost Of Revenue $15.20B $16.49B $59.09B
YoY Change 16.22% -0.61% 2.42%
Gross Profit $1.993B $2.387B $8.479B
YoY Change -2.59% -0.62% 2.32%
Gross Profit Margin 11.59% 12.65% 12.55%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $1.500B
YoY Change -11.76%
% of Gross Profit 17.69%
Depreciation & Amortization $351.0M $421.0M $920.0M
YoY Change 8.0% -4.1% 1.88%
% of Gross Profit 17.61% 17.64% 10.85%
Operating Expenses -$36.00M $2.000M $1.500B
YoY Change -500.0% -77.78% -11.76%
Operating Profit $2.029B $2.385B $8.507B
YoY Change -0.39% -0.33% 1.9%
Interest Expense -$250.0M -$294.0M $916.0M
YoY Change -223.76% 17.6% 47.03%
% of Operating Profit -12.32% -12.33% 10.77%
Other Income/Expense, Net $56.00M $146.0M $64.00M
YoY Change 14.29% -0.68% -186.49%
Pretax Income $1.835B $2.145B $8.098B
YoY Change -7.97% -2.05% 21.23%
Income Tax $290.0M $279.0M $1.178B
% Of Pretax Income 15.8% 13.01% 14.55%
Net Earnings $1.545B $1.866B $6.920B
YoY Change -8.53% -2.41% 20.73%
Net Earnings / Revenue 8.99% 9.89% 10.24%
Basic Earnings Per Share $6.42 $27.65
Diluted Earnings Per Share $6.40 $7.60 $27.55
COMMON SHARES
Basic Shares Outstanding 241.6M shares 248.1M shares 250.3M shares
Diluted Shares Outstanding 241.6M shares 251.2M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.790B $1.442B $1.442B
YoY Change 14.34% -43.38% -43.38%
Cash & Equivalents $2.790B $1.442B $1.442B
Short-Term Investments
Other Short-Term Assets $583.0M $632.0M $632.0M
YoY Change 26.46% 18.57% 18.57%
Inventory $3.278B $3.132B $3.132B
Prepaid Expenses
Receivables $16.31B $15.32B $15.32B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $22.96B $20.52B $20.52B
YoY Change 3.68% -2.24% -2.24%
LONG-TERM ASSETS
Property, Plant & Equipment $8.354B $8.370B $9.470B
YoY Change 5.24% 4.95% 4.35%
Goodwill $10.79B $10.80B
YoY Change 0.12% 0.18%
Intangibles $2.151B $2.212B
YoY Change -10.26% -10.04%
Long-Term Investments $701.0M $2.501B
YoY Change 2.34% 9.45%
Other Assets $10.71B $7.601B $5.553B
YoY Change 48.93% 9.67% -12.84%
Total Long-Term Assets $32.01B $31.94B $31.94B
YoY Change -1.46% 0.14% 0.14%
TOTAL ASSETS
Total Short-Term Assets $22.96B $20.52B $20.52B
Total Long-Term Assets $32.01B $31.94B $31.94B
Total Assets $54.96B $52.46B $52.46B
YoY Change 0.62% -0.8% -0.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.523B $2.312B $2.312B
YoY Change 7.7% 9.21% 9.21%
Accrued Expenses $2.679B $3.133B $3.471B
YoY Change 1.71% 1.89% 3.33%
Deferred Revenue $8.745B $9.190B
YoY Change 4.91% 8.27%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $168.0M $168.0M $168.0M
YoY Change 46.09% 42.37%
Total Short-Term Liabilities $17.70B $16.94B $16.94B
YoY Change 4.22% 6.61% 6.61%
LONG-TERM LIABILITIES
Long-Term Debt $19.25B $17.29B $17.29B
YoY Change 24.31% 12.07% 12.07%
Other Long-Term Liabilities $11.36B $5.231B $11.39B
YoY Change 60.35% -23.37% -7.36%
Total Long-Term Liabilities $30.61B $22.52B $28.68B
YoY Change 35.63% 1.2% 3.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.70B $16.94B $16.94B
Total Long-Term Liabilities $30.61B $22.52B $28.68B
Total Liabilities $48.31B $45.62B $45.62B
YoY Change 7.42% 4.6% 4.6%
SHAREHOLDERS EQUITY
Retained Earnings $15.22B $15.40B
YoY Change -12.91% -9.12%
Common Stock $239.0M $240.0M
YoY Change -5.91% -30.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.650B $6.835B $6.835B
YoY Change
Total Liabilities & Shareholders Equity $54.96B $52.46B $52.46B
YoY Change 0.62% -0.8% -0.8%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $1.545B $1.866B $6.920B
YoY Change -8.53% -2.41% 20.73%
Depreciation, Depletion And Amortization $351.0M $421.0M $920.0M
YoY Change 8.0% -4.1% 1.88%
Cash From Operating Activities $1.635B $2.365B $7.920B
YoY Change 4.54% 22.67% 1.51%
INVESTING ACTIVITIES
Capital Expenditures $378.0M $704.0M $1.691B
YoY Change 28.57% -201.59% -201.26%
Acquisitions
YoY Change
Other Investing Activities $6.000M $1.000M $3.000M
YoY Change -117.14% -100.87% -97.48%
Cash From Investing Activities -$372.0M -$703.0M -$1.694B
YoY Change 43.63% -13.0% -5.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $6.000B
YoY Change -24.05%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 85.00M -3.771B -$7.331B
YoY Change -106.02% 275.97% 3.69%
NET CHANGE
Cash From Operating Activities 1.635B 2.365B $7.920B
Cash From Investing Activities -372.0M -703.0M -$1.694B
Cash From Financing Activities 85.00M -3.771B -$7.331B
Net Change In Cash 1.348B -2.109B -$1.105B
YoY Change -1359.81% -1902.56% 4.54%
FREE CASH FLOW
Cash From Operating Activities $1.635B $2.365B $7.920B
Capital Expenditures $378.0M $704.0M $1.691B
Free Cash Flow $1.257B $1.661B $6.229B
YoY Change -1.02% -36.63% -34.24%

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<div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of estimates</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> – We prepare our consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP). In doing so, we are required to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We base these estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Our actual results may differ materially from these estimates. Significant estimates inherent in the preparation of our consolidated financial statements include, but are not limited to, accounting for sales and cost recognition; postretirement benefit plans; environmental liabilities and assets for the portion of environmental costs that are probable of future recovery; evaluation of goodwill, intangible assets, investments and other assets for impairment; income taxes including deferred income taxes; fair value measurements; and contingencies.</span></div>
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CY2023 lmt Time Period Environmental Costs And Recovery Of Environmental Costs Are Projected Over
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CY2022Q4 us-gaap Goodwill
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CY2021 us-gaap Defined Contribution Plan Cost Recognized
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CY2023Q4 lmt Shares Of Our Stock Held In Defined Contribution Plans We Sponsor
SharesOfOurStockHeldInDefinedContributionPlansWeSponsor
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CY2022Q4 lmt Shares Of Our Stock Held In Defined Contribution Plans We Sponsor
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CY2022Q4 us-gaap Common Stock Shares Authorized
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CY2023Q4 us-gaap Preferred Stock Shares Authorized
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CY2023Q4 us-gaap Common Stock Shares Issued
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CY2023Q4 lmt Stock Repurchase Program Authorized Amount Increase Amount
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CY2021 lmt Non Cash Non Operating Pension Settlement Charge
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CY2021 lmt Non Cash Non Operating Pension Settlement Charge Per Share After Tax
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
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CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
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CY2023 us-gaap Allocated Share Based Compensation Expense Net Of Tax
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CY2022 us-gaap Allocated Share Based Compensation Expense Net Of Tax
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CY2021 us-gaap Allocated Share Based Compensation Expense Net Of Tax
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CY2023Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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CY2023 lmt Employee Service Sharebased Compensation Nonvested Awards Compensation Cost Not Yet Recognized Remaining Period For Recognition
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CY2023 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
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CY2022 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
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CY2021 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
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CY2023 us-gaap Loss Contingency Damages Sought Value
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CY2023 us-gaap Loss Contingency Damages Sought Value
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CY2023Q4 us-gaap Accrual For Environmental Loss Contingencies
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CY2022Q4 us-gaap Accrual For Environmental Loss Contingencies
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CY2023 lmt Time Period Environmental Costs And Recovery Of Environmental Costs Are Projected Over
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CY2023Q4 lmt Letters Of Credit Surety Bonds And Third Party Guarantees
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CY2022Q4 lmt Letters Of Credit Surety Bonds And Third Party Guarantees
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CY2023Q4 us-gaap Guarantee Obligations Maximum Exposure
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CY2022Q4 us-gaap Guarantee Obligations Maximum Exposure
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CY2023 lmt Percentage Of Guarantees That Relate To Guarantees Of Contractual Performance Of Joint Ventures
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CY2022 lmt Percentage Of Guarantees That Relate To Guarantees Of Contractual Performance Of Joint Ventures
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0.71
CY2023Q4 us-gaap Trading Securities
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CY2022Q4 us-gaap Trading Securities
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CY2023 us-gaap Debt And Equity Securities Realized Gain Loss
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CY2021 us-gaap Debt And Equity Securities Realized Gain Loss
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CY2022 us-gaap Debt And Equity Securities Realized Gain Loss
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CY2023Q4 us-gaap Debt Instrument Carrying Amount
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CY2022Q4 us-gaap Debt Instrument Carrying Amount
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CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
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CY2023Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
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us-gaap Severance Costs1
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lmt Severance And Restructuring Costs After Tax
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lmt Severance Costs After Tax
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lmt Severance Costs Per Share After Tax
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CY2021 us-gaap Severance Costs1
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36000000 usd
CY2021 lmt Severance Costs After Tax
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28000000 usd
CY2021 lmt Severance Costs Per Share After Tax
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ecd Rule10b51 Arr Adopted Flag
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false
ecd Rule10b51 Arr Trmntd Flag
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false
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false
ecd Non Rule10b51 Arr Trmntd Flag
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false
CY2023 dei Auditor Firm
AuditorFirmId
42

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