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: 2016 | |||
Consolidated Statements of Earnings | |||
Period Ending Dec 31, 2016 10-K (Filed: Feb 9, 2017) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | |
| Net sales | |||
| Products | $ 40,365 | 34,868 | 34,984 |
| Services | 6,883 | 5,668 | 4,962 |
| Total net sales | 47,248 | 40,536 | 39,946 |
| Cost of sales | |||
| Products | (36,616) | (31,091) | (30,983) |
| Services | (6,040) | (4,824) | (4,184) |
| Severance charges | (80) [1] | (82) | |
| Other unallocated, net | 550 | (47) | (96) |
| Total cost of sales | (42,186) | (36,044) | (35,263) |
| Gross profit | 5,062 | 4,492 | 4,683 |
| Other income, net | 487 | 220 | 329 |
| Operating profit | 5,549 | 4,712 | 5,012 |
| Interest expense | (663) | (443) | (340) |
| Other non-operating income, net | 30 | 5 | |
| Earnings from continuing operations before income taxes | 4,886 | 4,299 | 4,677 |
| Income tax expense | (1,133) | (1,173) | (1,424) |
| Net earnings from continuing operations | 3,753 | 3,126 | 3,253 |
| Net earnings from discontinued operations | 1,549 | 479 | 361 |
| Net earnings | 5,302 | 3,605 | 3,614 |
| Earnings per common share | |||
| Basic | |||
| Continuing operations | 12.54 | 10.07 | 10.27 |
| Discontinued operations | 5.17 | 1.55 | 1.14 |
| Basic earnings per common share | 17.71 | 11.62 | 11.41 |
| Diluted | |||
| Continuing operations | 12.38 | 9.93 | 10.09 |
| Discontinued operations | 5.11 | 1.53 | 1.12 |
| Diluted earnings per common share | 17.49 | 11.46 | 11.21 |
| [1] FAS pension expense, CAS pension costs and severance charges reflect the reclassification for discontinued operations presentation of benefits related to former IS&GS salaried employees (see "Note 11 - Postretirement Plans"). | See "Note 15 - Restructuring Charges" 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: 2016 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2016 10-K (Filed: Feb 9, 2017) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | |
| Net earnings | $ 5,302 | 3,605 | 3,614 |
| Other comprehensive (loss) income, net of tax | |||
| Postretirement benefit plans | |||
| Net other comprehensive loss recognized during the period, net of tax benefit of $668 million in 2016, $192 million in 2015 and $1.5 billion in 2014 | (1,232) | (351) | (2,870) |
| Amounts reclassified from accumulated other comprehensive loss, net of tax expense of $382 million in 2016, $464 million in 2015 and $386 million in 2014 | 699 | 850 | 706 |
| Reclassifications from divestiture of IS&GS business | (134) | ||
| Other, net | 9 | (73) | (105) |
| Other comprehensive (loss) income, net of tax | (658) | 426 | (2,269) |
| Comprehensive income | 4,644 | 4,031 | 1,345 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
LOCKHEED MARTIN CORP | |||
Ticker: LMT Fiscal Year: 2016 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2016 10-K (Filed: Feb 9, 2017) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | |
| Operating activities | |||
| Net earnings | $ 5,302 | 3,605 | 3,614 |
| Adjustments to reconcile net earnings to net cash provided by operating activities | |||
| Depreciation and amortization | 1,215 | 1,026 | 994 |
| Stock-based compensation | 149 | 138 | 164 |
| Deferred income taxes | (152) | (445) | (401) |
| Goodwill impairment charges | 119 | ||
| Severance charges | 99 | 102 | |
| Gain on divestiture of IS&GS business | (1,242) | ||
| Gain on step acquisition of AWE | (104) | ||
| Changes in assets and liabilities | |||
| Receivables, net | (811) | (256) | 28 |
| Inventories, net | (46) | (398) | 77 |
| Accounts payable | (188) | (160) | 95 |
| Customer advances and amounts in excess of costs incurred | 3 | (32) | (572) |
| Postretirement benefit plans | 1,028 | 1,068 | (880) |
| Income taxes | 146 | (48) | 351 |
| Other, net | (210) | 501 | 277 |
| Net cash provided by operating activities | 5,189 | 5,101 | 3,866 |
| Investing activities | |||
| Capital expenditures | (1,063) | (939) | (845) |
| Acquisitions of businesses and investments in affiliates | (9,003) | (898) | |
| Other, net | 78 | 208 | 20 |
| Net cash used for investing activities | (985) | (9,734) | (1,723) |
| Financing activities | |||
| Special cash payment from divestiture of IS&GS business | 1,800 | ||
| Repurchases of common stock | (2,096) | (3,071) | (1,900) |
| Proceeds from stock option exercises | 106 | 174 | 308 |
| Dividends paid | (2,048) | (1,932) | (1,760) |
| Proceeds from the issuance of long-term debt | 9,101 | ||
| Repayments of long-term debt | (952) | ||
| Proceeds from borrowings under revolving credit facilities | 6,000 | ||
| Repayments of borrowings under revolving credit facilities | (6,000) | ||
| Other, net | (267) | 5 | 38 |
| Net cash (used for) provided by financing activities | (3,457) | 4,277 | (3,314) |
| Net change in cash and cash equivalents | 747 | (356) | (1,171) |
| Cash and cash equivalents at beginning of year | 1,090 | 1,446 | |
| Cash and cash equivalents at end of year | 1,837 | 1,090 | 1,446 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
LOCKHEED MARTIN CORP | ||
Ticker: LMT Fiscal Year: 2016 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2016 10-K (Filed: Feb 9, 2017) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2016 | Dec 31, 2015 | |
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $ 1,837 | 1,090 |
| Receivables, net | 8,202 | 7,254 |
| Inventories, net | 4,670 | 4,819 |
| Other current assets | 399 | 441 |
| Assets of discontinued operations | 969 | |
| Total current assets | 15,108 | 14,573 |
| Property, plant and equipment, net | 5,549 | 5,389 |
| Goodwill | 10,764 | 10,695 |
| Intangible assets, net | 4,093 | 4,022 |
| Deferred income taxes | 6,625 | 6,068 |
| Other noncurrent assets | 5,667 | 5,396 |
| Assets of discontinued operations | 3,161 | |
| Total assets | 47,806 | 49,304 |
| Liabilities and equity | ||
| Current liabilities | ||
| Accounts payable | 1,653 | 1,745 |
| Customer advances and amounts in excess of costs incurred | 6,776 | 6,703 |
| Salaries, benefits and payroll taxes | 1,764 | 1,707 |
| Current maturities of long-term debt | 956 | |
| Other current liabilities | 2,349 | 1,859 |
| Liabilities of discontinued operations | 948 | |
| Total current liabilities | 12,542 | 13,918 |
| Long-term debt, net | 14,282 | 14,305 |
| Accrued pension liabilities | 13,855 | 11,807 |
| Other postretirement benefit liabilities | 862 | 1,070 |
| Other noncurrent liabilities | 4,659 | 4,902 |
| Liabilities of discontinued operations | 205 | |
| Total liabilities | 46,200 | 46,207 |
| Stockholders' equity | ||
| Common stock, $1 par value per share | 289 | 303 |
| Additional paid-in capital | 0 | 0 |
| Retained earnings | 13,324 | 14,238 |
| Accumulated other comprehensive loss | (12,102) | (11,444) |
| Total stockholders' equity | 1,511 | 3,097 |
| Noncontrolling interests in subsidiary | 95 | |
| Total equity | 1,606 | 3,097 |
| Total liabilities and equity | 47,806 | 49,304 |
| External Links | |
| LOCKHEED MARTIN CORP (LMT) Fiscal Year 2016 | |
| 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 |