10-Q Filing

LOCKHEED MARTIN CORP CIK: 936468 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0000936468-22-000048`
Period End Date	20220331
Filing Date	20220420
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	lmt-20220327_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 30 Cash Flow Statement 52 Stockholders Equity 20 Comprehensive Income 10

Balance Sheet 58 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$1.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$1.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.88B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.60B	USD	Point-in-time
Receivables, net	`ReceivablesNetCurrent`	$2.53B	USD	Point-in-time
Receivables, net	`ReceivablesNetCurrent`	$1.96B	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$12.13B	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$10.58B	USD	Point-in-time
Inventories	`InventoryNetOfAllowancesCustomerAdvancesAndProgressBillings`	$2.98B	USD	Point-in-time
Inventories	`InventoryNetOfAllowancesCustomerAdvancesAndProgressBillings`	$3.14B	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$706.00M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$688.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$20.39B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$19.82B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$7.56B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$7.60B	USD	Point-in-time
Goodwill	`Goodwill`	$10.81B	USD	Point-in-time
Goodwill	`Goodwill`	$10.81B	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$2.64B	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$2.71B	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$2.29B	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$2.69B	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$7.65B	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$7.42B	USD	Point-in-time
Total assets	`Assets`	$50.87B	USD	Point-in-time
Total assets	`Assets`	$51.51B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$780.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.60B	USD	Point-in-time
Salaries, benefits and payroll taxes	`EmployeeRelatedLiabilitiesCurrent`	$2.67B	USD	Point-in-time
Salaries, benefits and payroll taxes	`EmployeeRelatedLiabilitiesCurrent`	$3.11B	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$7.90B	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$8.11B	USD	Point-in-time
Current maturities of long-term debt	`DebtCurrent`	$6.00M	USD	Point-in-time
Current maturities of long-term debt	`DebtCurrent`	$500.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$2.38B	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$2.00B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$14.00B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$16.05B	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$11.67B	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$11.14B	USD	Point-in-time
Accrued pension liabilities	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$8.32B	USD	Point-in-time
Accrued pension liabilities	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$8.14B	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$5.93B	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$6.17B	USD	Point-in-time
Total liabilities	`Liabilities`	$39.91B	USD	Point-in-time
Total liabilities	`Liabilities`	$41.51B	USD	Point-in-time
Common stock, $1 par value per share	`CommonStockValue`	$271.00M	USD	Point-in-time
Common stock, $1 par value per share	`CommonStockValue`	$265.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$94.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	-	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$20.72B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$21.60B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-10.98B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-11.01B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$10.96B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$10.00B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$50.87B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$51.51B	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Total net sales	`Revenues`	$14.96B	USD	1 Quarter
Total net sales	`Revenues`	$16.26B	USD	1 Quarter
Total cost of sales	`CostOfGoodsAndServicesSold`	$14.07B	USD	1 Quarter
Total cost of sales	`CostOfGoodsAndServicesSold`	$13.05B	USD	1 Quarter
Severance and restructuring charges	`SeveranceAndRestructuringCosts`	$36.00M	USD	1 Quarter
Severance and restructuring charges	`SeveranceAndRestructuringCosts`	-	USD	1 Quarter
Gross profit	`GrossProfit`	$2.19B	USD	1 Quarter
Gross profit	`GrossProfit`	$1.91B	USD	1 Quarter
Other income (expense), net	`OtherOperatingIncomeExpenseNet`	$24.00M	USD	1 Quarter
Other income (expense), net	`OtherOperatingIncomeExpenseNet`	$-4.00M	USD	1 Quarter
Operating profit	`OperatingIncomeLoss`	$2.18B	USD	1 Quarter
Operating profit	`OperatingIncomeLoss`	$1.93B	USD	1 Quarter
Interest expense	`InterestExpense`	$135.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$140.00M	USD	1 Quarter
Non-service FAS pension income	`NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent`	$-140.00M	USD	1 Quarter
Non-service FAS pension income	`NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent`	$-93.00M	USD	1 Quarter
Other non-operating income, net	`OtherNonoperatingIncomeExpense`	$76.00M	USD	1 Quarter
Other non-operating income, net	`OtherNonoperatingIncomeExpense`	$123.00M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.06B	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.21B	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$374.00M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$328.00M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$1.73B	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$1.84B	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$6.46	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$6.58	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$6.44	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$6.56	USD	1 Quarter
Cash dividends paid per common share (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$2.80	USD	1 Quarter
Cash dividends paid per common share (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$2.60	USD	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$1.73B	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$1.84B	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortizationIncludingDiscontinuedOperations`	$336.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortizationIncludingDiscontinuedOperations`	$329.00M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$47.00M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$54.00M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-411.00M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$63.00M	USD	1 Quarter
Severance and restructuring charges	`SeveranceAndRestructuringCosts`	$36.00M	USD	1 Quarter
Severance and restructuring charges	`SeveranceAndRestructuringCosts`	-	USD	1 Quarter
Receivables, net	`IncreaseDecreaseInReceivables`	$236.00M	USD	1 Quarter
Receivables, net	`IncreaseDecreaseInReceivables`	$564.00M	USD	1 Quarter
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$1.55B	USD	1 Quarter
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$1.36B	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$163.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-289.00M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.02B	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.83B	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$-290.00M	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$-205.00M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$697.00M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$301.00M	USD	1 Quarter
Qualified defined benefit pension plans	`IncreaseDecreaseInPensionAndPostretirementObligations`	$-116.00M	USD	1 Quarter
Qualified defined benefit pension plans	`IncreaseDecreaseInPensionAndPostretirementObligations`	$-66.00M	USD	1 Quarter
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$222.00M	USD	1 Quarter
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$229.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.75B	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.41B	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$281.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$268.00M	USD	1 Quarter
Other, net	`PaymentsForProceedsFromOtherInvestingActivities`	$-17.00M	USD	1 Quarter
Other, net	`PaymentsForProceedsFromOtherInvestingActivities`	$-112.00M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-169.00M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-251.00M	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$1.00B	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$2.00B	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$767.00M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$739.00M	USD	1 Quarter
Other, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-67.00M	USD	1 Quarter
Other, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-113.00M	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.81B	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.88B	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-227.00M	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.72B	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.93B	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.88B	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.60B	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.16B	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.93B	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.88B	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.60B	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.16B	USD	Point-in-time

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$10.96B	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$10.00B	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$6.33B	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$6.04B	USD	Point-in-time
Net earnings	`NetIncomeLoss`	$1.73B	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$1.84B	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$113.00M	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$27.00M	USD	1 Quarter
Dividends declared	`DividendsCash`	$749.00M	USD	1 Quarter
Dividends declared	`DividendsCash`	$725.00M	USD	1 Quarter
Repurchases of common stock	`StockRepurchasedDuringPeriodValue`	$1.00B	USD	1 Quarter
Repurchases of common stock	`StockRepurchasedDuringPeriodValue`	$2.00B	USD	1 Quarter
Stock-based awards, ESOP activity and other	`StockBasedAwardsAndESOPActivity`	$32.00M	USD	1 Quarter
Stock-based awards, ESOP activity and other	`StockBasedAwardsAndESOPActivity`	$72.00M	USD	1 Quarter
Net decrease in noncontrolling interests in subsidiary	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	-	USD	1 Quarter
Net decrease in noncontrolling interests in subsidiary	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$2.00M	USD	1 Quarter
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$10.96B	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$10.00B	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$6.33B	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$6.04B	USD	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$1.73B	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$1.84B	USD	1 Quarter
Amortization of previously deferred postretirement benefit plan costs	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax`	$-48.00M	USD	1 Quarter
Amortization of previously deferred postretirement benefit plan costs	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax`	$-140.00M	USD	1 Quarter
Other, net	`OtherComprehensiveIncomeOtherNetOfTax`	$-21.00M	USD	1 Quarter
Other, net	`OtherComprehensiveIncomeOtherNetOfTax`	$-27.00M	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$113.00M	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$27.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$1.76B	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$1.95B	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.