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10-K.Info (Beta Test)
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LOCKHEED MARTIN CORP

Ticker: LMT   Fiscal Year: 2020

Consolidated Statements of Earnings

Period Ending Dec 31, 2020 10-K (Filed: Jan 28, 2021)

(In Millions, except shares in actual)
 12 Months Ended12 Months Ended12 Months Ended
 Dec 31, 2020Dec 31, 2019Dec 31, 2018
Net sales
Total net sales
$
65,398
59,81253,762
Cost of sales
Total cost of sales(56,744)(51,445)(46,488)
Severance charges(27)0(96)
Gross profit8,6548,3677,274
 
Other (expense) income, net(10)17860
Operating profit8,6448,5457,334
 
Interest expense(591)(653)(668)
Other non-operating income (expense), net182(651)(828)
Earnings from continuing operations before income taxes8,2357,2415,838
 
Income tax expense(1,347)(1,011)(792)
Net earnings from continuing operations6,8886,2305,046
 
Net loss from discontinued operations(55)00
Net earnings6,8336,2305,046
 
Earnings (loss) per common share
Basic
Continuing operations (in dollars per share)24.6022.0917.74
Discontinued operations (in dollars per share)(0.20)0.000.00
Basic earnings per common share (in dollars per share)24.4022.0917.74
 
Diluted
Continuing operations (in dollars per share)24.5021.9517.59
Discontinued operations (in dollars per share)(0.20)0.000.00
Diluted earnings per common share (in dollars per share)24.3021.9517.59
 
Product and Service
Products
Total net sales54,92850,05345,005
Total cost of sales(48,996)(44,589)(40,293)
Services
Total net sales10,4709,7598,757
Total cost of sales(9,371)(8,731)(7,738)
Other unallocated, net
Total cost of sales1,6501,8751,639
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LOCKHEED MARTIN CORP

Ticker: LMT   Fiscal Year: 2020

Consolidated Statements of Comprehensive Income

Period Ending Dec 31, 2020 10-K (Filed: Jan 28, 2021)

(In Millions, except shares in actual)
 12 Months Ended12 Months Ended12 Months Ended
 Dec 31, 2020Dec 31, 2019Dec 31, 2018
Net earnings
$
6,833
6,2305,046
Other comprehensive income (loss), net of tax
Postretirement benefit plans
Net other comprehensive loss recognized during the period, net of tax benefit of $292 million in 2020, $586 million in 2019 and $136 million in 2018(1,067)(2,182)(501)
Amounts reclassified from accumulated other comprehensive loss, net of tax expense of $119 million in 2020, $247 million in 2019 and $327 million in 20184409081,202
Other, net6041(75)
Other comprehensive income (loss), net of tax(567)(1,233)626
 
Comprehensive income6,2664,9975,672
 
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LOCKHEED MARTIN CORP

Ticker: LMT   Fiscal Year: 2020

Consolidated Statements of Cash Flows

Period Ending Dec 31, 2020 10-K (Filed: Jan 28, 2021)

(In Millions, except shares in actual)
 12 Months Ended12 Months Ended12 Months Ended
 Dec 31, 2020Dec 31, 2019Dec 31, 2018
Operating activities
Net earnings
$
6,833
6,2305,046
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization1,2901,1891,161
Stock-based compensation221189173
Equity method investment impairment12800
Tax resolution related to former IS&GS business5500
Deferred income taxes5222(244)
Severance charges27096
Gain on property sale0(51)0
Changes in assets and liabilities
Receivables, net359107(179)
Contract assets(451)378(1,480)
Inventories74(622)(119)
Accounts payable(372)(1,098)914
Contract liabilities491563(537)
Postretirement benefit plans(1,197)81(3,574)
Income taxes(19)(151)1,077
Other, net739274804
Net cash provided by operating activities8,1837,3113,138
 
Investing activities
Capital expenditures(1,766)(1,484)(1,278)
Acquisitions of businesses(282)00
Other, net38243203
Net cash used for investing activities(2,010)(1,241)(1,075)
 
Financing activities
Repurchases of common stock(1,100)(1,200)(1,492)
Dividends paid(2,764)(2,556)(2,347)
Proceeds from issuance of commercial paper, net00600
Repayment of commercial paper, net0(600)0
Repayments of current and long-term debt(1,650)(900)(750)
Issuance of long-term debt, net of related costs1,13100
Other, net(144)(72)(163)
Net cash used for financing activities(4,527)(5,328)(4,152)
 
Net change in cash and cash equivalents1,646742(2,089)
 
Cash and cash equivalents at beginning of year1,514772
Cash and cash equivalents at end of year3,1601,514772
 
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LOCKHEED MARTIN CORP

Ticker: LMT   Fiscal Year: 2020

Consolidated Balance Sheets

Period Ending Dec 31, 2020 10-K (Filed: Jan 28, 2021)

(In Millions, except shares in actual)
 As ofAs of
 Dec 31, 2020Dec 31, 2019
Assets
Current assets
Cash and cash equivalents
$
3,160
1,514
Receivables, net1,9782,337
Contract assets9,5459,094
Inventories3,5453,619
Other current assets1,150531
Total current assets19,37817,095
 
Property, plant and equipment, net7,2136,591
Goodwill10,80610,604
Intangible assets, net3,0123,213
Deferred income taxes3,4753,319
Other noncurrent assets6,8266,706
Total assets50,71047,528
 
Liabilities and equity
Current liabilities
Accounts payable8801,281
Contract liabilities7,5457,054
Salaries, benefits and payroll taxes3,1632,466
Current maturities of long-term debt5001,250
Other current liabilities1,8451,921
Total current liabilities13,93313,972
 
Long-term debt, net11,66911,404
Accrued pension liabilities12,87413,234
Other noncurrent liabilities6,1965,747
Total liabilities44,67244,357
 
Stockholders equity
Common stock, $1 par value per share279280
Additional paid-in capital2210
Retained earnings21,63618,401
Accumulated other comprehensive loss(16,121)(15,554)
Total stockholders equity6,0153,127
 
Noncontrolling interests in subsidiary2344
Total equity6,0383,171
 
Total liabilities and equity50,71047,528
 
External Links 
LOCKHEED MARTIN CORP (LMT) Fiscal Year 2020
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