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: 2013 | |||
Consolidated Statements of Earnings | |||
Period Ending Dec 31, 2013 10-K (Filed: Feb 14, 2014) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
| Net sales | |||
| Products | $ 35,691 | 37,817 | 36,925 |
| Services | 9,667 | 9,365 | 9,574 |
| Total net sales | 45,358 | 47,182 | 46,499 |
| Cost of sales | |||
| Products | (31,346) | (33,495) | (32,968) |
| Services | (8,588) | (8,383) | (8,514) |
| Goodwill impairment charge | (195) [1] | ||
| Severance charges | (201) [2] | (48) | (136) |
| Other unallocated costs | (841) | (1,060) | (1,137) |
| Total cost of sales | (41,171) | (42,986) | (42,755) |
| Gross profit | 4,187 | 4,196 | 3,744 |
| Other income, net | 318 | 238 | 276 |
| Operating profit | 4,505 | 4,434 | 4,020 |
| Interest expense | (350) | (383) | (354) |
| Other non-operating income (expense), net | 21 | (35) | |
| Earnings from continuing operations before income taxes | 4,155 | 4,072 | 3,631 |
| Income tax expense | (1,205) | (1,327) | (964) |
| Net earnings from continuing operations | 2,950 | 2,745 | 2,667 |
| Net earnings (loss) from discontinued operations | 31 | (12) | |
| Net earnings | 2,981 | 2,745 | 2,655 |
| Earnings (loss) per common share | |||
| Basic | |||
| Continuing operations, in USD per common share | 9.19 | 8.48 | 7.94 |
| Discontinued operations, in USD per common share | 0.10 | (0.04) | |
| Basic earnings per common share in USD | 9.29 | 8.48 | 7.90 |
| Diluted | |||
| Continuing operations, in USD per common share | 9.04 | 8.36 | 7.85 |
| Discontinued operations, in USD per common share | 0.09 | (0.04) | |
| Diluted earnings per common share in USD | 9.13 | 8.36 | 7.81 |
| [1] We recognized a non-cash goodwill impairment charge related to the Technical Services reporting unit within our MFC business segment. See Note 1 for more information. | |||
| [2] See Note 2 for information on charges related to certain severance actions at our business segments and Corporate Headquarters. 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: 2013 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2013 10-K (Filed: Feb 14, 2014) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
| Net earnings | $ 2,981 | 2,745 | 2,655 |
| Other comprehensive income (loss), net of tax | |||
| Postretirement benefit plans: | |||
| Unrecognized amounts, net of tax (expense) benefit of $(1.6) billion in 2013, $1.8 billion in 2012, and $1.6 billion in 2011 | 2,868 | (3,204) | (2,858) |
| Recognition of previously deferred amounts, net of tax expense of $555 million in 2013, $469 million in 2012, and $364 million in 2011 | 1,015 | 858 | 666 |
| Other, net | 9 | 110 | (55) |
| Other comprehensive income (loss), net of tax | 3,892 | (2,236) | (2,247) |
| Comprehensive income | 6,873 | 509 | 408 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
LOCKHEED MARTIN CORP | |||
Ticker: LMT Fiscal Year: 2013 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2013 10-K (Filed: Feb 14, 2014) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
| Operating activities | |||
| Net earnings | $ 2,981 | 2,745 | 2,655 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
| Depreciation and amortization | 990 | 988 | 1,008 |
| Stock-based compensation | 189 | 167 | 157 |
| Deferred income taxes | (5) | 930 | (2) |
| Goodwill impairment charge | 195 [1] | ||
| Severance charges | 201 [2] | 48 | 136 |
| Reduction in tax expense from resolution of certain tax matters | (89) | ||
| Changes in operating assets and liabilities: | |||
| Receivables, net | 767 | (460) | (363) |
| Inventories, net | (60) | (422) | (74) |
| Accounts payable | (647) | (236) | 609 |
| Customer advances and amounts in excess of costs incurred | (158) | 57 | 502 |
| Postretirement benefit plans | (375) | (1,883) | (393) |
| Income taxes | 364 | (535) | 304 |
| Other, net | 104 | 162 | (197) |
| Net cash provided by operating activities | 4,546 | 1,561 | 4,253 |
| Investing activities | |||
| Capital expenditures | (836) | (942) | (987) |
| Acquisitions of businesses and investments in affiliates | (269) | (259) | (624) |
| Maturities of short-term investments | 510 | ||
| Other, net | (16) | 24 | 313 |
| Net cash used for investing activities | (1,121) | (1,177) | (788) |
| Financing activities | |||
| Repurchases of common stock | (1,762) | (990) | (2,465) |
| Proceeds from stock option exercises | 827 | 440 | 116 |
| Dividends paid | (1,540) | (1,352) | (1,095) |
| Repayments of long-term debt | (150) | (632) | |
| Premium paid on debt exchange | (225) | ||
| Issuance of long-term debt, net of related costs | 1,980 | ||
| Other, net | (81) | 59 | (48) |
| Net cash used for financing activities | (2,706) | (2,068) | (2,144) |
| Net change in cash and cash equivalents | 719 | (1,684) | 1,321 |
| Cash and cash equivalents at beginning of year | 1,898 | 3,582 | |
| Cash and cash equivalents at end of year | 2,617 | 1,898 | 3,582 |
| [1] We recognized a non-cash goodwill impairment charge related to the Technical Services reporting unit within our MFC business segment. See Note 1 for more information. | |||
| [2] See Note 2 for information on charges related to certain severance actions at our business segments and Corporate Headquarters. 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: 2013 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2013 10-K (Filed: Feb 14, 2014) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2013 | Dec 31, 2012 | |
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $ 2,617 | 1,898 |
| Receivables, net | 5,834 | 6,563 |
| Inventories, net | 2,977 | 2,937 |
| Deferred income taxes | 1,088 | 1,269 |
| Other current assets | 813 | 1,188 |
| Total current assets | 13,329 | 13,855 |
| Property, plant, and equipment, net | 4,706 | 4,675 |
| Goodwill | 10,348 | 10,370 |
| Deferred income taxes | 2,850 | 4,809 |
| Other noncurrent assets | 4,955 | 4,948 |
| Total assets | 36,188 | 38,657 |
| Liabilities and stockholders' equity | ||
| Current liabilities | ||
| Accounts payable | 1,397 | 2,038 |
| Customer advances and amounts in excess of costs incurred | 6,349 | 6,503 |
| Salaries, benefits, and payroll taxes | 1,809 | 1,649 |
| Current portion of long-term debt | 150 | |
| Other current liabilities | 1,565 | 1,815 |
| Total current liabilities | 11,120 | 12,155 |
| Accrued pension liabilities | 9,361 | 15,278 |
| Other postretirement benefit liabilities | 902 | 1,220 |
| Long-term debt, net | 6,152 | 6,158 |
| Other noncurrent liabilities | 3,735 | 3,807 |
| Total liabilities | 31,270 | 38,618 |
| Stockholders' equity | ||
| Common stock, $1 par value per share | 319 | 321 |
| Additional paid-in capital | ||
| Retained earnings | 14,200 | 13,211 |
| Accumulated other comprehensive loss | (9,601) | (13,493) |
| Total stockholders' equity | 4,918 | 39 |
| Total liabilities and stockholders' equity | 36,188 | 38,657 |
| External Links | |
| LOCKHEED MARTIN CORP (LMT) Fiscal Year 2013 | |
| 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 |