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: 2011 | |||
Consolidated Statements Of Earnings | |||
Period Ending Dec 31, 2011 10-K (Filed: Feb 23, 2012) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | |
| Net Sales | |||
| Products | $ 36,925 | 36,380 | 35,689 |
| Services | 9,574 | 9,291 | 8,178 |
| Total net sales | 46,499 | 45,671 | 43,867 |
| Cost of Sales | |||
| Products | (32,968) | (32,539) | (31,643) |
| Services | (8,514) | (8,382) | (7,406) |
| Severance and other charges | (136) | (220) | |
| Other unallocated corporate costs | (1,177) | (742) | (671) |
| Total cost of sales | (42,795) | (41,883) | (39,720) |
| Gross profit | 3,704 | 3,788 | 4,147 |
| Other income, net | 276 | 261 | 220 |
| Operating Profit | 3,980 | 4,049 | 4,367 [1] |
| Interest expense | (354) | (345) | (308) |
| Other non-operating income, net | 5 | 74 | 123 |
| Earnings from continuing operations before income taxes | 3,631 | 3,778 | 4,182 |
| Income tax expense | (964) | (1,164) | (1,215) |
| Net earnings from continuing operations | 2,667 | 2,614 | 2,967 |
| Net earnings (loss) from discontinued operations | (12) | 264 | 6 |
| Net Earnings | 2,655 | 2,878 | 2,973 |
| Basic | |||
| Continuing operations | 7.94 | 7.18 | 7.71 |
| Discontinued operations | (0.04) | 0.72 | 0.02 |
| Basic earnings per common share | 7.90 | 7.90 | 7.73 |
| Diluted | |||
| Continuing operations | 7.85 | 7.10 | 7.63 |
| Discontinued operations | (0.04) | 0.71 | 0.01 |
| Diluted earnings per common share | 7.81 | 7.81 | 7.64 |
| [1] (a) Operating profit included equity in net earnings (losses) of equity investees as follows: (In millions) 2011 2010 2009 Aeronautics $ 7 $ 7 $ 9 Electronic Systems 64 50 53 Space Systems 227 259 218 Total business segments 298 316 280 Corporate activities 34 (4 ) (2 ) Total $ 332 $ 312 $ 278 | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
LOCKHEED MARTIN CORP | |||
Ticker: LMT Fiscal Year: 2011 | |||
Consolidated Statements Of Cash Flows | |||
Period Ending Dec 31, 2011 10-K (Filed: Feb 23, 2012) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | |
| Operating Activities | |||
| Net earnings | $ 2,655 | 2,878 | 2,973 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
| Depreciation and amortization | 1,008 | 1,052 | 1,014 |
| Stock-based compensation | 157 | 168 | 154 |
| Deferred income taxes | (2) | 452 | 567 |
| Severance and other charges | 136 | 220 [1] | |
| Reduction in tax expense from resolution of certain tax matters | (89) | (10) | (69) |
| Tax expense related to Medicare Part D reimbursement | 96 | ||
| Net adjustments related to discontinued operations | (16) | (257) | |
| Changes in assets and liabilities: | |||
| Receivables, net | (363) | 3 | (685) |
| Inventories, net | (74) | (207) | (237) |
| Accounts payable | 609 | (364) | (21) |
| Customer advances and amounts in excess of costs incurred | 502 | 706 | 496 |
| Postretirement benefit plans | (393) | (1,027) | (394) |
| Income taxes | 304 | 70 | (272) |
| Other, net | (181) | 21 | (39) |
| Net cash provided by operating activities | 4,253 | 3,801 | 3,487 |
| Investing Activities | |||
| Expenditures for property, plant and equipment | (814) | (820) | (852) |
| Expenditures for capitalized internal-use software | (173) | (254) | (314) |
| Net cash provided by (used for) short-term investment transactions | 510 | (171) | (279) |
| Net proceeds from sale of EIG | 798 | ||
| Acquisitions of businesses / investments in affiliates | (649) | (148) | (435) |
| Other, net | 313 | 22 | 48 |
| Net cash used for investing activities | (813) | (573) | (1,832) |
| Financing Activities | |||
| Repurchases of common stock | (2,465) | (2,420) | (1,851) |
| Common stock dividends | (1,095) | (969) | (908) |
| Issuance of long-term debt, net of related costs | 1,980 | 1,464 | |
| Repayments of long-term debt | (632) | (242) | |
| Other, net | 93 | 31 | 105 |
| Net cash used for financing activities | (2,119) | (3,358) | (1,432) |
| Net increase (decrease) in cash and cash equivalents | 1,321 | (130) | 223 |
| Cash and cash equivalents at beginning of year | 2,261 | 2,391 | |
| Cash and cash equivalents at end of year | 3,582 | 2,261 | 2,391 |
| [1] Severance and other charges include the severance charges recorded in 2011 associated with Aeronautics, IS&GS, and Space Systems business segments, and Corporate Headquarters, and for 2010, included the charges related to the VESP and facilities consolidation within Electronic Systems (Note 2). | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
LOCKHEED MARTIN CORP | ||
Ticker: LMT Fiscal Year: 2011 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2011 10-K (Filed: Feb 23, 2012) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2011 | Dec 31, 2010 | |
| Assets | ||
| Cash and cash equivalents | $ 3,582 | 2,261 |
| Short-term investments | 3 | 516 |
| Receivables, net | 6,064 | 5,692 |
| Inventories, net | 2,481 | 2,363 |
| Deferred income taxes | 1,339 | 1,147 |
| Other current assets | 625 | 518 |
| Assets of discontinued operation held for sale | 396 | |
| Total current assets | 14,094 | 12,893 |
| Property, plant and equipment, net | 4,611 | 4,554 |
| Goodwill | 10,148 | 9,605 [1] |
| Deferred income taxes | 4,388 | 3,485 |
| Other assets | 4,667 | 4,576 |
| Total assets | 37,908 | 35,113 [2] |
| Liabilities and Stockholders' Equity | ||
| Accounts payable | 2,269 | 1,627 |
| Customer advances and amounts in excess of costs incurred | 6,399 | 5,890 |
| Salaries, benefits and payroll taxes | 1,664 | 1,870 |
| Other current liabilities | 1,798 | 1,810 |
| Liabilities of discontinued operation held for sale | 204 | |
| Total current liabilities | 12,130 | 11,401 |
| Long-term debt, net | 6,460 | 5,019 |
| Accrued pension liabilities | 13,502 | 10,607 |
| Other postretirement benefit liabilities | 1,274 | 1,213 |
| Other liabilities | 3,541 | 3,376 |
| Total liabilities | 36,907 | 31,616 |
| Stockholders' equity | ||
| Common stock, $1 par value per share | 321 | 346 |
| Additional paid-in capital | ||
| Retained earnings | 11,937 | 12,161 |
| Accumulated other comprehensive loss | (11,257) | (9,010) |
| Total stockholders' equity | 1,001 | 3,497 |
| Total liabilities and stockholders' equity | 37,908 | 35,113 |
| [1] During 2011, the increase in goodwill primarily was due to the acquisition of QTC and Sim-Industries B.V. In 2010, goodwill decreased primarily due to the sale of Enterprise Integration Group (EIG) and the reclassification of Pacific Architects and Engineers, Inc.'s (PAE) assets and liabilities to discontinued operations in 2010 (Note 14). | ||
| [2] We have no significant long-lived assets located in foreign countries. | ||
| External Links | |
| LOCKHEED MARTIN CORP (LMT) Fiscal Year 2011 | |
| 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 |