10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||||||||||||||
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10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
LOCKHEED MARTIN CORP | |||
Ticker: LMT Fiscal Year: 2012 | |||
Consolidated Statements of Earnings | |||
Period Ending Dec 31, 2012 10-K (Filed: Feb 28, 2013) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2012 | Dec 31, 2011 | Dec 31, 2010 | |
| Net sales | |||
| Products | $ 37,817 | 36,925 | 36,380 |
| Services | 9,365 | 9,574 | 9,291 |
| Total net sales | 47,182 | 46,499 | 45,671 |
| Cost of sales | |||
| Products | (33,495) | (32,968) | (32,539) |
| Services | (8,383) | (8,514) | (8,382) |
| Severance and other charges | (48) [1] | (136) | (220) |
| Other unallocated costs | (1,060) | (1,137) | (686) |
| Total cost of sales | (42,986) | (42,755) | (41,827) |
| Gross profit | 4,196 | 3,744 | 3,844 |
| Other income, net | 238 | 276 | 261 |
| Operating profit | 4,434 | 4,020 | 4,105 |
| Interest expense | (383) | (354) | (345) |
| Other non-operating income (expense), net | 21 | (35) | 18 |
| Earnings from continuing operations before income taxes | 4,072 | 3,631 | 3,778 |
| Income tax expense | (1,327) | (964) | (1,164) |
| Net earnings from continuing operations | 2,745 | 2,667 | 2,614 |
| Net (loss) earnings from discontinued operations | (12) | 264 | |
| Net earnings | 2,745 | 2,655 | 2,878 |
| Earnings (loss) per common share | |||
| Basic | |||
| Continuing operations, in USD per common share | 8.48 | 7.94 | 7.18 |
| Discontinued operations, in USD per common share | (0.04) | 0.72 | |
| Basic earnings per common share in USD | 8.48 | 7.90 | 7.90 |
| Diluted | |||
| Continuing operations, in USD per common share | 8.36 | 7.85 | 7.10 |
| Discontinued operations, in USD per common share | (0.04) | 0.71 | |
| Diluted earnings per common share in USD | 8.36 | 7.81 | 7.81 |
| [1] Severance and other charges include the severance charges recorded in 2012 associated with our Aeronautics business segment and the reorganization of our former Electronic Systems business segment; for 2011, include the severance charges associated with our Aeronautics, IS&GS, and Space Systems business segments, and Corporate Headquarters; and for 2010, include the charges related to the VESP and the facilities consolidation within our MST business segment (Note 13). Severance charges for initiatives that | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
LOCKHEED MARTIN CORP | |||
Ticker: LMT Fiscal Year: 2012 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2012 10-K (Filed: Feb 28, 2013) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2012 | Dec 31, 2011 | Dec 31, 2010 | |
| Net earnings | $ 2,745 | 2,655 | 2,878 |
| Other comprehensive (loss) income, net of tax | |||
| Postretirement benefit plans: | |||
| Unrecognized amounts in 2012, 2011, and 2010, net of tax benefit of $1.8 billion, $1.6 billion, and $531 million | (3,204) | (2,858) | (983) |
| Recognition of previously deferred amounts in 2012, 2011, and 2010, net of tax expense of $469 million, $364 million, and $304 million | 858 | 666 | 553 |
| Other, net | 110 | (55) | 15 |
| Other comprehensive loss, net of tax | (2,236) | (2,247) | (415) |
| Comprehensive income | 509 | 408 | 2,463 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
LOCKHEED MARTIN CORP | |||
Ticker: LMT Fiscal Year: 2012 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2012 10-K (Filed: Feb 28, 2013) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2012 | Dec 31, 2011 | Dec 31, 2010 | |
| Operating activities | |||
| Net earnings | $ 2,745 | 2,655 | 2,878 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
| Depreciation and amortization | 988 | 1,008 | 1,052 |
| Stock-based compensation | 167 | 157 | 168 |
| Deferred income taxes | 930 | (2) | 452 |
| Severance and other charges | 48 [1] | 136 | 220 |
| Reduction in tax expense from resolution of certain tax matters | (89) | (10) | |
| Tax expense related to Medicare Part D reimbursement | 96 | ||
| Net adjustments related to discontinued operations | (16) | (257) | |
| Changes in operating assets and liabilities: | |||
| Receivables, net | (460) | (363) | 3 |
| Inventories, net | (422) | (74) | (207) |
| Accounts payable | (236) | 609 | (364) |
| Customer advances and amounts in excess of costs incurred | 57 | 502 | 706 |
| Postretirement benefit plans | (1,883) | (393) | (1,027) |
| Income taxes | (535) | 304 | 70 |
| Other, net | 162 | (181) | 21 |
| Net cash provided by operating activities | 1,561 | 4,253 | 3,801 |
| Investing activities | |||
| Capital expenditures | (942) | (987) | (1,074) |
| Acquisitions of businesses / investments in affiliates | (304) | (649) | (148) |
| Net proceeds from sale of EIG | 798 | ||
| Net cash provided by (used for) short-term investment transactions | 510 | (171) | |
| Other, net | 24 | 313 | 22 |
| Net cash used for investing activities | (1,222) | (813) | (573) |
| Financing activities | |||
| Repurchases of common stock | (990) | (2,465) | (2,420) |
| Proceeds from stock option exercises | 440 | 116 | 59 |
| Dividends paid | (1,352) | (1,095) | (969) |
| Premium paid on debt exchange | (225) | ||
| Issuance of long-term debt, net of related costs | 1,980 | ||
| Repayments of long-term debt | (632) | ||
| Other, net | 104 | (23) | (28) |
| Net cash used for financing activities | (2,023) | (2,119) | (3,358) |
| Net change in cash and cash equivalents | (1,684) | 1,321 | (130) |
| Cash and cash equivalents at beginning of year | 3,582 | 2,261 | |
| Cash and cash equivalents at end of year | 1,898 | 3,582 | 2,261 |
| [1] Severance and other charges include the severance charges recorded in 2012 associated with our Aeronautics business segment and the reorganization of our former Electronic Systems business segment; for 2011, include the severance charges associated with our Aeronautics, IS&GS, and Space Systems business segments, and Corporate Headquarters; and for 2010, include the charges related to the VESP and the facilities consolidation within our MST business segment (Note 13). Severance charges for initiatives that | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
LOCKHEED MARTIN CORP | ||
Ticker: LMT Fiscal Year: 2012 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2012 10-K (Filed: Feb 28, 2013) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2012 | Dec 31, 2011 | |
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $ 1,898 | 3,582 |
| Receivables, net | 6,563 | 6,064 |
| Inventories, net | 2,937 | 2,481 |
| Deferred income taxes | 1,269 | 1,339 |
| Other current assets | 1,188 | 628 |
| Total current assets | 13,855 | 14,094 |
| Property, plant, and equipment, net | 4,675 | 4,611 |
| Goodwill | 10,370 [1] | 10,148 |
| Deferred income taxes | 4,809 | 4,388 |
| Other noncurrent assets | 4,948 | 4,667 |
| Total assets | 38,657 | 37,908 |
| Liabilities and stockholders' equity | ||
| Current liabilities | ||
| Accounts payable | 2,038 | 2,269 |
| Customer advances and amounts in excess of costs incurred | 6,503 | 6,399 |
| Salaries, benefits, and payroll taxes | 1,649 | 1,664 |
| Current portion of long-term debt | 150 | |
| Other current liabilities | 1,815 | 1,798 |
| Total current liabilities | 12,155 | 12,130 |
| Long-term debt, net | 6,158 | 6,460 |
| Accrued pension liabilities | 15,278 | 13,502 |
| Other postretirement benefit liabilities | 1,220 | 1,274 |
| Other noncurrent liabilities | 3,807 | 3,541 |
| Total liabilities | 38,618 | 36,907 |
| Stockholders' equity | ||
| Common stock, $1 par value per share | 321 | 321 |
| Additional paid-in capital | ||
| Retained earnings | 13,211 | 11,937 |
| Accumulated other comprehensive loss | (13,493) | (11,257) |
| Total stockholders' equity | 39 | 1,001 |
| Total liabilities and stockholders' equity | 38,657 | 37,908 |
| [1] During 2012, the increase in goodwill primarily was due to the acquisitions of Chandler/May, CDL, and Procerus at our MST business segment (Note 14). During 2011, goodwill increased $543 million primarily due to the acquisitions of QTC at our IS&GS business segment and Sim-Industries at our MST business segment (Note 14). As a result of the previously discussed reorganization, the goodwill related to the former Electronic Systems business segment was reassigned on a relative fair value basis to the MFC, MST | ||
| External Links | |
| LOCKHEED MARTIN CORP (LMT) Fiscal Year 2012 | |
| Statements of 10-K in Excel | https://www.sec.gov/.../Financial.xlxs |
| Complete 10-K in HTML | https://www.sec.gov/.../10-K.html |
| Complete 10-K in XBRL | https://www.sec.gov/.../10-K-xbrl.zip |