$LMT
LOCKHEED MARTIN CORP

2012 Form 10-K Financial Statement

#000119312513082873 Filed on February 28, 2013

View on sec.gov

Income Statement

Concept 2012 2011 Q4 2011 Q3
Revenue $47.18B $12.21B $12.12B
YoY Change 1.47% -4.56% 6.54%
Cost Of Revenue $42.99B $11.18B $11.12B
YoY Change 0.54% -3.64% 7.2%
Gross Profit $4.196B $1.028B $996.0M
YoY Change 12.07% -11.0% 3.0%
Gross Profit Margin 8.89% 8.42% 8.22%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $616.0M
YoY Change 5.3%
% of Gross Profit 14.68%
Depreciation & Amortization $715.0M $269.0M $247.0M
YoY Change 0.42% -143.88% 15.96%
% of Gross Profit 17.04% 26.17% 24.8%
Operating Expenses $616.0M -$78.00M -$45.00M
YoY Change 5.3% -138.42% -48.86%
Operating Profit $4.434B $1.106B $1.035B
YoY Change 10.3% -1.95% 16.42%
Interest Expense $383.0M -$96.00M $89.00M
YoY Change 8.19% 10.34% -204.71%
% of Operating Profit 8.64% -8.68% 8.6%
Other Income/Expense, Net $21.00M -$44.00M -$3.000M
YoY Change -160.0% -115.22% -108.11%
Pretax Income $4.072B $966.0M $949.0M
YoY Change 12.15% -8.52% 14.48%
Income Tax $1.327B $268.0M $284.0M
% Of Pretax Income 32.59% 27.74% 29.93%
Net Earnings $2.745B $683.0M $700.0M
YoY Change 3.39% -30.52% 22.59%
Net Earnings / Revenue 5.82% 5.59% 5.78%
Basic Earnings Per Share $8.48 $2.12
Diluted Earnings Per Share $8.36 $2.161M $2.10
COMMON SHARES
Basic Shares Outstanding 323.7M shares 329.8M shares
Diluted Shares Outstanding 328.4M shares 333.6M shares

Balance Sheet

Concept 2012 2011 Q4 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.898B $3.582B $4.567B
YoY Change -47.01% 28.99% 33.42%
Cash & Equivalents $1.898B $3.582B $4.564B
Short-Term Investments $3.000M
Other Short-Term Assets $2.457B $628.0M $1.790B
YoY Change 24.91% -69.53% -16.67%
Inventory $2.937B $2.481B $1.789B
Prepaid Expenses
Receivables $6.563B $6.064B $6.523B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $13.86B $14.09B $14.67B
YoY Change -1.7% 9.32% 5.24%
LONG-TERM ASSETS
Property, Plant & Equipment $4.675B $4.611B $4.428B
YoY Change 1.39% 1.25% 1.86%
Goodwill $10.15B
YoY Change 5.65%
Intangibles
YoY Change
Long-Term Investments $749.0M $697.0M
YoY Change 7.46%
Other Assets $9.008B $4.667B $7.484B
YoY Change 7.78% -42.1% -0.47%
Total Long-Term Assets $24.80B $23.81B $21.52B
YoY Change 4.15% 7.17% -0.43%
TOTAL ASSETS
Total Short-Term Assets $13.86B $14.09B $14.67B
Total Long-Term Assets $24.80B $23.81B $21.52B
Total Assets $38.66B $37.91B $36.19B
YoY Change 1.98% 7.96% 1.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.038B $2.269B $2.328B
YoY Change -10.18% 39.46% -1.02%
Accrued Expenses $1.649B $1.664B $1.800B
YoY Change -0.9% -11.02% -4.76%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $150.0M $0.00 $500.0M
YoY Change
Total Short-Term Liabilities $12.16B $12.13B $12.14B
YoY Change 0.21% 6.39% 4.35%
LONG-TERM LIABILITIES
Long-Term Debt $6.158B $6.460B $6.538B
YoY Change -4.67% 28.71% 30.26%
Other Long-Term Liabilities $20.31B $3.541B $14.56B
YoY Change 10.85% -76.7% -2.76%
Total Long-Term Liabilities $26.46B $10.00B $21.10B
YoY Change 6.8% -50.53% 5.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.16B $12.13B $12.14B
Total Long-Term Liabilities $26.46B $10.00B $21.10B
Total Liabilities $38.62B $36.91B $33.24B
YoY Change 4.64% 16.74% 5.09%
SHAREHOLDERS EQUITY
Retained Earnings $11.94B
YoY Change
Common Stock $321.0M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $39.00M $1.001B $2.943B
YoY Change
Total Liabilities & Shareholders Equity $38.66B $37.91B $36.19B
YoY Change 1.98% 7.96% 1.79%

Cashflow Statement

Concept 2012 2011 Q4 2011 Q3
OPERATING ACTIVITIES
Net Income $2.745B $683.0M $700.0M
YoY Change 3.39% -30.52% 22.59%
Depreciation, Depletion And Amortization $715.0M $269.0M $247.0M
YoY Change 0.42% -143.88% 15.96%
Cash From Operating Activities $1.561B $1.089B $551.0M
YoY Change -63.3% -132.15% 7.41%
INVESTING ACTIVITIES
Capital Expenditures $942.0M -$418.0M -$241.0M
YoY Change -4.56% -206.09% 40.94%
Acquisitions
YoY Change
Other Investing Activities -$24.00M -$606.0M $284.0M
YoY Change -92.33% -228.12% 162.96%
Cash From Investing Activities -$1.177B -$1.024B $43.00M
YoY Change 49.37% -218.11% -168.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $990.0M
YoY Change -59.84%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.068B -1.047B 702.0M
YoY Change -3.54% -146.41% -230.97%
NET CHANGE
Cash From Operating Activities 1.561B 1.089B 551.0M
Cash From Investing Activities -1.177B -1.024B 43.00M
Cash From Financing Activities -2.068B -1.047B 702.0M
Net Change In Cash -1.684B -982.0M 1.296B
YoY Change -227.48% 271.97% -1606.98%
FREE CASH FLOW
Cash From Operating Activities $1.561B $1.089B $551.0M
Capital Expenditures $942.0M -$418.0M -$241.0M
Free Cash Flow $619.0M $1.507B $792.0M
YoY Change -81.05% -139.86% 15.79%

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CY2012 dei Trading Symbol
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LMT
CY2012 dei Entity Registrant Name
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LOCKHEED MARTIN CORP
CY2012 dei Entity Current Reporting Status
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CY2012 dei Amendment Flag
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CY2012 dei Entity Filer Category
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CY2012 dei Document Fiscal Period Focus
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CY2012 dei Entity Voluntary Filers
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CY2012 dei Document Fiscal Year Focus
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2012
CY2012 dei Document Type
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CY2012 dei Document Period End Date
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CY2012 dei Entity Central Index Key
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CY2012 dei Entity Well Known Seasoned Issuer
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<div> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 3%; MARGIN-BOTTOM: 0px" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Use of estimates</b> &#x2013; 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 reported amounts in the financial statements and accompanying notes. We base these estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Our actual results may differ from these estimates. Significant estimates inherent in the preparation of our consolidated financial statements include, but are not limited to, sales and cost recognition, postretirement benefit plans, environmental receivables and liabilities, evaluation of goodwill and other assets for impairment, income taxes including deferred tax assets, fair value measurements, and contingencies.</font></p> </div>
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CY2012 lmt Income Tax Expense On Undistributed Earnings Of Foreign Companies If Remitted
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45000000
CY2012 lmt Line Of Credit Optional Request For Additional Borrowings
LineOfCreditOptionalRequestForAdditionalBorrowings
500000000
CY2012 lmt Non Cash Fas Cas Pension Adjustment
NonCashFasCasPensionAdjustment
830000000
CY2012 lmt Other Comprehensive Income Postretirement Benefit Plans Unrecognized Amounts Net Of Tax
OtherComprehensiveIncomePostretirementBenefitPlansUnrecognizedAmountsNetOfTax
-3204000000
CY2012 lmt Share Based Compensation Arrangement By Share Based Payment Award Fair Value Of Options Vested
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueOfOptionsVested
47000000
CY2012 lmt State And Local Income Tax Expense Benefit
StateAndLocalIncomeTaxExpenseBenefit
183000000
CY2012 lmt Excess Of Purchase Price Over Par Value And Additional Paid In Capital For Stock Repurchase Program
ExcessOfPurchasePriceOverParValueAndAdditionalPaidInCapitalForStockRepurchaseProgram
108000000
CY2012 lmt Share Based Compensation Arrangement By Share Based Payment Award Termination Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardTerminationPeriod
P10Y
CY2012 lmt Qualified Defined Benefit Plan Net Periodic Benefit Cost Expected In Fiscal Year
QualifiedDefinedBenefitPlanNetPeriodicBenefitCostExpectedInFiscalYear
1900000000
CY2012Q4 us-gaap Net Income Loss
NetIncomeLoss
569000000
CY2012Q4 us-gaap Pension Contributions
PensionContributions
2500000000
CY2012Q4 lmt Increase In Income Tax Expense Due To Reduction Of Income Tax Benefit Of Us Manufacturing Deduction
IncreaseInIncomeTaxExpenseDueToReductionOfIncomeTaxBenefitOfUsManufacturingDeduction
59000000
CY2012Q4 lmt Decrease In Diluted Earnings Per Share Due To Reduction Of Income Tax Benefit Of Us Manufacturing Deduction
DecreaseInDilutedEarningsPerShareDueToReductionOfIncomeTaxBenefitOfUsManufacturingDeduction
0.18
CY2012 lmt Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-819000000
CY2012 lmt Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax
39000000
CY2012Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
1044000000
CY2012Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.03
CY2012Q1 us-gaap Sales Revenue Net
SalesRevenueNet
11293000000
CY2012Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.06
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
668000000
CY2011Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
880000000
CY2011Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
556000000
CY2011Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.50
CY2011Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-26000000
CY2011Q1 us-gaap Sales Revenue Net
SalesRevenueNet
10626000000
CY2011Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.52
CY2011Q1 us-gaap Net Income Loss
NetIncomeLoss
530000000
CY2011Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
999000000
CY2011Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
748000000
CY2011Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.14
CY2011Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-6000000
CY2011Q2 us-gaap Sales Revenue Net
SalesRevenueNet
11543000000
CY2011Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.16
CY2011Q2 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
-89000000
CY2011Q2 us-gaap Net Income Loss
NetIncomeLoss
742000000
CY2011Q2 lmt Severance Charges
SeveranceCharges
97000000
CY2011Q2 lmt Reduction In Net Earnings Due To Severance And Other Charges
ReductionInNetEarningsDueToSeveranceAndOtherCharges
63000000
CY2011Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
1035000000
CY2011Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
665000000
CY2011Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.10
CY2011Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
35000000
CY2011Q3 us-gaap Sales Revenue Net
SalesRevenueNet
12119000000
CY2011Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.12
CY2011Q3 us-gaap Net Income Loss
NetIncomeLoss
700000000
CY2011Q3 lmt Severance Charges
SeveranceCharges
39000000
CY2011Q3 lmt Reduction In Net Earnings Due To Severance And Other Charges
ReductionInNetEarningsDueToSeveranceAndOtherCharges
25000000
CY2012Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
1192000000
CY2012Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.38
CY2012Q2 us-gaap Sales Revenue Net
SalesRevenueNet
11921000000
CY2012Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.41
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
781000000
CY2012Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
1061000000
CY2012Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.73
CY2012Q4 us-gaap Sales Revenue Net
SalesRevenueNet
12099000000
CY2012Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.76
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
698000000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.09
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-15000000
us-gaap Operating Income Loss
OperatingIncomeLoss
1106000000
us-gaap Sales Revenue Net
SalesRevenueNet
12211000000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.12
us-gaap Net Income Loss
NetIncomeLoss
683000000
us-gaap Operating Income Loss
OperatingIncomeLoss
1137000000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.21
us-gaap Sales Revenue Net
SalesRevenueNet
11869000000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.25
us-gaap Net Income Loss
NetIncomeLoss
727000000

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