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: 2021 | |||
Consolidated Statements of Earnings | |||
Period Ending Dec 31, 2021 10-K (Filed: Jan 25, 2022) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
| Net sales | |||
| Total net sales | $ 67,044 | 65,398 | 59,812 |
| Cost of sales | |||
| Total cost of sales | (57,983) | (56,744) | (51,445) |
| Severance and restructuring charges | (36) | (27) | 0 |
| Gross profit | 9,061 | 8,654 | 8,367 |
| Other income (expense), net | 62 | (10) | 178 |
| Operating profit | 9,123 | 8,644 | 8,545 |
| Interest expense | (569) | (591) | (653) |
| Non-service FAS pension (expense) income | (1,292) | 219 | (577) |
| Other non-operating income (expense), net | 288 | (37) | (74) |
| Earnings from continuing operations before income taxes | 7,550 | 8,235 | 7,241 |
| Income tax expense | (1,235) | (1,347) | (1,011) |
| Net earnings from continuing operations | 6,315 | 6,888 | 6,230 |
| Net loss from discontinued operations | 0 | (55) | 0 |
| Net earnings | 6,315 | 6,833 | 6,230 |
| Earnings (loss) per common share | |||
| Basic | |||
| Continuing operations (in dollars per share) | 22.85 | 24.60 | 22.09 |
| Discontinued operations (in dollars per share) | 0.00 | (0.20) | 0.00 |
| Basic earnings per common share (in dollars per share) | 22.85 | 24.40 | 22.09 |
| Diluted | |||
| Continuing operations (in dollars per share) | 22.76 | 24.50 | 21.95 |
| Discontinued operations (in dollars per share) | 0.00 | (0.20) | 0.00 |
| Diluted earnings per common share (in dollars per share) | 22.76 | 24.30 | 21.95 |
| Product and Service | |||
| Products | |||
| Total net sales | 56,435 | 54,928 | 50,053 |
| Total cost of sales | (50,273) | (48,996) | (44,589) |
| Services | |||
| Total net sales | 10,609 | 10,470 | 9,759 |
| Total cost of sales | (9,463) | (9,371) | (8,731) |
| Other unallocated, net | |||
| Total cost of sales | 1,789 | 1,650 | 1,875 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
LOCKHEED MARTIN CORP | |||
Ticker: LMT Fiscal Year: 2021 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2021 10-K (Filed: Jan 25, 2022) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
| Net earnings | $ 6,315 | 6,833 | 6,230 |
| Other comprehensive income (loss), net of tax | |||
| Postretirement benefit plans | |||
| Net other comprehensive income (loss) recognized during the period, net of tax of $925 million in 2021, $292 million in 2020 and $586 million in 2019 | 3,404 | (1,067) | (2,182) |
| Amounts reclassified from accumulated other comprehensive loss, net of tax of $130 million in 2021, $119 million in 2020 and $247 million in 2019 | 477 | 440 | 908 |
| Pension settlement charge, net of tax of $355 million in 2021 | 1,310 | 0 | 0 |
| Other, net | (76) | 60 | 41 |
| Other comprehensive income (loss), net of tax | 5,115 | (567) | (1,233) |
| Comprehensive income | 11,430 | 6,266 | 4,997 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
LOCKHEED MARTIN CORP | |||
Ticker: LMT Fiscal Year: 2021 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2021 10-K (Filed: Jan 25, 2022) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
| Operating activities | |||
| Net earnings | $ 6,315 | 6,833 | 6,230 |
| Adjustments to reconcile net earnings to net cash provided by operating activities | |||
| Depreciation and amortization | 1,364 | 1,290 | 1,189 |
| Stock-based compensation | 227 | 221 | 189 |
| Equity method investment impairment | 0 | 128 | 0 |
| Tax resolution related to former IS&GS business | 0 | 55 | 0 |
| Deferred income taxes | (183) | 5 | 222 |
| Pension settlement charge | 1,665 | 0 | 0 |
| Severance and restructuring charges | 36 | 27 | 0 |
| Gain on property sale | 0 | 0 | (51) |
| Changes in assets and liabilities | |||
| Receivables, net | 15 | 359 | 107 |
| Contract assets | (1,034) | (451) | 378 |
| Inventories | 564 | 74 | (622) |
| Accounts payable | (98) | (372) | (1,098) |
| Contract liabilities | 562 | 491 | 563 |
| Income taxes | 45 | (19) | (151) |
| Postretirement benefit plans | (267) | (1,197) | 81 |
| Other, net | 10 | 739 | 274 |
| Net cash provided by operating activities | 9,221 | 8,183 | 7,311 |
| Investing activities | |||
| Capital expenditures | (1,522) | (1,766) | (1,484) |
| Acquisitions of businesses | 0 | (282) | 0 |
| Other, net | 361 | 38 | 243 |
| Net cash used for investing activities | (1,161) | (2,010) | (1,241) |
| Financing activities | |||
| Repayment of commercial paper, net | 0 | 0 | (600) |
| Issuance of long-term debt, net of related costs | 0 | 1,131 | 0 |
| Repayments of long-term debt | (500) | (1,650) | (900) |
| Repurchases of common stock | (4,087) | (1,100) | (1,200) |
| Dividends paid | (2,940) | (2,764) | (2,556) |
| Other, net | (89) | (144) | (72) |
| Net cash used for financing activities | (7,616) | (4,527) | (5,328) |
| Net change in cash and cash equivalents | 444 | 1,646 | 742 |
| Cash and cash equivalents at beginning of year | 3,160 | 1,514 | |
| Cash and cash equivalents at end of year | 3,604 | 3,160 | 1,514 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
LOCKHEED MARTIN CORP | ||
Ticker: LMT Fiscal Year: 2021 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2021 10-K (Filed: Jan 25, 2022) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2021 | Dec 31, 2020 | |
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $ 3,604 | 3,160 |
| Receivables, net | 1,963 | 1,978 |
| Contract assets | 10,579 | 9,545 |
| Inventories | 2,981 | 3,545 |
| Other current assets | 688 | 1,150 |
| Total current assets | 19,815 | 19,378 |
| Property, plant and equipment, net | 7,597 | 7,213 |
| Goodwill | 10,813 | 10,806 |
| Intangible assets, net | 2,706 | 3,012 |
| Deferred income taxes | 2,290 | 3,475 |
| Other noncurrent assets | 7,652 | 6,826 |
| Total assets | 50,873 | 50,710 |
| Liabilities and equity | ||
| Current liabilities | ||
| Accounts payable | 780 | 880 |
| Salaries, benefits and payroll taxes | 3,108 | 3,163 |
| Contract liabilities | 8,107 | 7,545 |
| Current maturities of long-term debt | 6 | 500 |
| Other current liabilities | 1,996 | 1,845 |
| Total current liabilities | 13,997 | 13,933 |
| Long-term debt, net | 11,670 | 11,669 |
| Accrued pension liabilities | 8,319 | 12,874 |
| Other noncurrent liabilities | 5,928 | 6,196 |
| Total liabilities | 39,914 | 44,672 |
| Stockholders equity | ||
| Common stock, $1 par value per share | 271 | 279 |
| Additional paid-in capital | 94 | 221 |
| Retained earnings | 21,600 | 21,636 |
| Accumulated other comprehensive loss | (11,006) | (16,121) |
| Total stockholders equity | 10,959 | 6,015 |
| Noncontrolling interests in subsidiary | 0 | 23 |
| Total equity | 10,959 | 6,038 |
| Total liabilities and equity | 50,873 | 50,710 |
| External Links | |
| LOCKHEED MARTIN CORP (LMT) Fiscal Year 2021 | |
| 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 |