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: 2014 | |||
Consolidated Statements of Earnings | |||
Period Ending Dec 31, 2014 10-K (Filed: Feb 9, 2015) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Net sales | |||
| Products | $ 36,093 | 35,691 | 37,817 |
| Services | 9,507 | 9,667 | 9,365 |
| Total net sales | 45,600 | 45,358 | 47,182 |
| Cost of sales | |||
| Products | (31,965) | (31,346) | (33,495) |
| Services | (8,393) | (8,588) | (8,383) |
| Goodwill impairment charges | (119) [1] | (195) | |
| Severance charges | (201) [2] | (48) | |
| Other unallocated, net | 132 | (841) | (1,060) |
| Total cost of sales | (40,345) | (41,171) | (42,986) |
| Gross profit | 5,255 | 4,187 | 4,196 |
| Other income, net | 337 | 318 | 238 |
| Operating profit | 5,592 | 4,505 | 4,434 |
| Interest expense | (340) | (350) | (383) |
| Other non-operating income, net | 6 | 21 | |
| Earnings from continuing operations before income taxes | 5,258 | 4,155 | 4,072 |
| Income tax expense | (1,644) | (1,205) | (1,327) |
| Net earnings from continuing operations | 3,614 | 2,950 | 2,745 |
| Net earnings from discontinued operations | 31 | ||
| Net earnings | 3,614 | 2,981 | 2,745 |
| Earnings per common share | |||
| Basic | |||
| Continuing operations per common share in USD | 11.41 | 9.19 | 8.48 |
| Discontinued operations per common share in USD | 0.10 | ||
| Basic earnings per common share in USD | 11.41 | 9.29 | 8.48 |
| Diluted | |||
| Continuing operations per common share in USD | 11.21 | 9.04 | 8.36 |
| Discontinued operations per common share in USD | 0.09 | ||
| Diluted earnings per common share in USD | 11.21 | 9.13 | 8.36 |
| [1] We recognized non-cash goodwill impairment charges related to the Technical Services reporting unit within our MFC business segment in 2014 and 2013. See Note 1 for more information. | |||
| [2] See Note 14 for information on charges related to certain severance actions at our business segments. Severance charges for initiatives that are not significant are included in business segment operating profit. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
LOCKHEED MARTIN CORP | |||
Ticker: LMT Fiscal Year: 2014 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2014 10-K (Filed: Feb 9, 2015) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Net earnings | $ 3,614 | 2,981 | 2,745 |
| Other comprehensive (loss) income, net of tax | |||
| Postretirement benefit plans | |||
| Net other comprehensive (loss) income recognized during the period, net of tax benefit (expense) of $1.5 billion in 2014, $(1.6) billion in 2013 and $1.8 billion in 2012 | (2,870) | 2,868 | (3,204) |
| Amounts reclassified from accumulated other comprehensive loss, net of tax expense of $386 million in 2014, $555 million in 2013 and $469 million in 2012 | 706 | 1,015 | 858 |
| Other, net | (105) | 9 | 110 |
| Other comprehensive (loss) income, net of tax | (2,269) | 3,892 | (2,236) |
| Comprehensive income | 1,345 | 6,873 | 509 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
LOCKHEED MARTIN CORP | |||
Ticker: LMT Fiscal Year: 2014 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2014 10-K (Filed: Feb 9, 2015) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Operating activities | |||
| Net earnings | $ 3,614 | 2,981 | 2,745 |
| Adjustments to reconcile net earnings to net cash provided by operating activities | |||
| Depreciation and amortization | 994 | 990 | 988 |
| Stock-based compensation | 164 | 189 | 167 |
| Deferred income taxes | (401) | (5) | 930 |
| Goodwill impairment charges | 119 [1] | 195 | |
| Severance charges | 201 [2] | 48 | |
| Changes in assets and liabilities | |||
| Receivables, net | 28 | 767 | (460) |
| Inventories, net | 77 | (60) | (422) |
| Accounts payable | 95 | (647) | (236) |
| Customer advances and amounts in excess of costs incurred | (572) | (158) | 57 |
| Postretirement benefit plans | (880) | (375) | (1,883) |
| Income taxes | 351 | 364 | (535) |
| Other, net | 277 | 104 | 162 |
| Net cash provided by operating activities | 3,866 | 4,546 | 1,561 |
| Investing activities | |||
| Capital expenditures | (845) | (836) | (942) |
| Acquisitions of businesses and investments in affiliates | (898) | (269) | (259) |
| Other, net | 20 | (16) | 24 |
| Net cash used for investing activities | (1,723) | (1,121) | (1,177) |
| Financing activities | |||
| Repurchases of common stock | (1,900) | (1,762) | (990) |
| Proceeds from stock option exercises | 308 | 827 | 440 |
| Dividends paid | (1,760) | (1,540) | (1,352) |
| Repayments of long-term debt | (150) | ||
| Premium paid on debt exchange | (225) | ||
| Other, net | 38 | (81) | 59 |
| Net cash used for financing activities | (3,314) | (2,706) | (2,068) |
| Net change in cash and cash equivalents | (1,171) | 719 | (1,684) |
| Cash and cash equivalents at beginning of year | 2,617 | 1,898 | |
| Cash and cash equivalents at end of year | 1,446 | 2,617 | 1,898 |
| [1] We recognized non-cash goodwill impairment charges related to the Technical Services reporting unit within our MFC business segment in 2014 and 2013. See Note 1 for more information. | |||
| [2] See Note 14 for information on charges related to certain severance actions at our business segments. Severance charges for initiatives that are not significant are included in business segment operating profit. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
LOCKHEED MARTIN CORP | ||
Ticker: LMT Fiscal Year: 2014 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2014 10-K (Filed: Feb 9, 2015) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2014 | Dec 31, 2013 | |
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $ 1,446 | 2,617 |
| Receivables, net | 5,884 | 5,834 |
| Inventories, net | 2,882 | 2,977 |
| Deferred income taxes | 1,451 | 1,088 |
| Other current assets | 666 | 813 |
| Total current assets | 12,329 | 13,329 |
| Property, plant and equipment, net | 4,755 | 4,706 |
| Goodwill | 10,862 [1] | 10,348 |
| Deferred income taxes | 4,013 | 2,850 |
| Other noncurrent assets | 5,114 | 4,955 |
| Total assets | 37,073 | 36,188 |
| Liabilities and stockholders' equity | ||
| Current liabilities | ||
| Accounts payable | 1,570 | 1,397 |
| Customer advances and amounts in excess of costs incurred | 5,790 | 6,349 |
| Salaries, benefits and payroll taxes | 1,826 | 1,809 |
| Other current liabilities | 1,926 | 1,565 |
| Total current liabilities | 11,112 | 11,120 |
| Accrued pension liabilities | 11,413 | 9,361 |
| Other postretirement benefit liabilities | 1,102 | 902 |
| Long-term debt, net | 6,169 | 6,152 |
| Other noncurrent liabilities | 3,877 | 3,735 |
| Total liabilities | 33,673 | 31,270 |
| Stockholders' equity | ||
| Common stock, $1 par value per share | 314 | 319 |
| Additional paid-in capital | ||
| Retained earnings | 14,956 | 14,200 |
| Accumulated other comprehensive loss | (11,870) [2] | (9,601) |
| Total stockholders' equity | 3,400 | 4,918 |
| Total liabilities and stockholders' equity | 37,073 | 36,188 |
| [2] AOCL related to postretirement benefit plans is shown net of tax benefits at December 31, 2014, 2013 and 2012 of $6.4 billion, $5.3 billion and $7.4 billion. These tax benefits include amounts recognized on our income tax returns as current deductions and deferred income taxes, which will be recognized on our tax returns in future years. See Note 7 and Note 9 for more information on our income taxes and postretirement benefit plans. | ||
| [1] During 2014, goodwill increased $681 million due to acquisitions primarily consisting of Zeta Associates, Inc. (Zeta) at our Space Systems business segment and Systems Made Simple and Industrial Defender, Inc. (Industrial Defender) at our IS&GS business segment (Note 13) and also decreased by $119 million due to a non-cash impairment charge related to our MFC business segment (Note 1). During 2013, the decrease in goodwill was primarily due to a non-cash impairment charge of $195 million related to our MFC | ||
| External Links | |
| LOCKHEED MARTIN CORP (LMT) Fiscal Year 2014 | |
| 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 |