10-Q Filing

LOCKHEED MARTIN CORP CIK: 936468 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0000936468-23-000051`
Period End Date	20230331
Filing Date	20230418
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	lmt-20230326_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 30 Cash Flow Statement 50 Stockholders Equity 18 Comprehensive Income 14

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`	$2.44B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.55B	USD	Point-in-time
Receivables, net	`ReceivablesNetCurrent`	$2.58B	USD	Point-in-time
Receivables, net	`ReceivablesNetCurrent`	$2.50B	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$12.32B	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$13.19B	USD	Point-in-time
Inventories	`InventoryNetOfAllowancesCustomerAdvancesAndProgressBillings`	$3.09B	USD	Point-in-time
Inventories	`InventoryNetOfAllowancesCustomerAdvancesAndProgressBillings`	$3.47B	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$461.00M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$533.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$20.99B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$22.14B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$7.97B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$7.94B	USD	Point-in-time
Goodwill	`Goodwill`	$10.78B	USD	Point-in-time
Goodwill	`Goodwill`	$10.78B	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$2.40B	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$2.46B	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$4.17B	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$3.74B	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$6.93B	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$7.19B	USD	Point-in-time
Total assets	`Assets`	$54.62B	USD	Point-in-time
Total assets	`Assets`	$52.88B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.12B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.27B	USD	Point-in-time
Salaries, benefits and payroll taxes	`EmployeeRelatedLiabilitiesCurrent`	$3.08B	USD	Point-in-time
Salaries, benefits and payroll taxes	`EmployeeRelatedLiabilitiesCurrent`	$2.63B	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$8.34B	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$8.49B	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$118.00M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$115.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$2.63B	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$2.09B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$15.89B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$16.98B	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$15.43B	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$15.48B	USD	Point-in-time
Accrued pension liabilities	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$5.47B	USD	Point-in-time
Accrued pension liabilities	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$5.42B	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$7.09B	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$6.83B	USD	Point-in-time
Total liabilities	`Liabilities`	$44.98B	USD	Point-in-time
Total liabilities	`Liabilities`	$43.61B	USD	Point-in-time
Common stock, $1 par value per share	`CommonStockValue`	$254.00M	USD	Point-in-time
Common stock, $1 par value per share	`CommonStockValue`	$254.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$92.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	-	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$17.48B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$16.94B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-8.02B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-8.09B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$9.27B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$9.65B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$54.62B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$52.88B	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Total net sales	`Revenues`	$15.13B	USD	1 Quarter
Total net sales	`Revenues`	$14.96B	USD	1 Quarter
Other unallocated, net	`OtherUnallocatedIncomeExpense`	$-219.00M	USD	1 Quarter
Other unallocated, net	`OtherUnallocatedIncomeExpense`	$-355.00M	USD	1 Quarter
Total cost of sales	`CostOfRevenue`	$13.05B	USD	1 Quarter
Total cost of sales	`CostOfRevenue`	$13.08B	USD	1 Quarter
Gross profit	`GrossProfit`	$1.91B	USD	1 Quarter
Gross profit	`GrossProfit`	$2.05B	USD	1 Quarter
Other (expense) income, net	`OtherOperatingIncomeExpenseNet`	$24.00M	USD	1 Quarter
Other (expense) income, net	`OtherOperatingIncomeExpenseNet`	$-9.00M	USD	1 Quarter
Operating profit	`OperatingIncomeLoss`	$1.93B	USD	1 Quarter
Operating profit	`OperatingIncomeLoss`	$2.04B	USD	1 Quarter
Interest expense	`InterestExpense`	$135.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$202.00M	USD	1 Quarter
Non-service FAS pension income	`NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent`	$-140.00M	USD	1 Quarter
Non-service FAS pension income	`NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent`	$-110.00M	USD	1 Quarter
Other non-operating income, net	`OtherNonoperatingIncomeExpense`	$49.00M	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`	$1.99B	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$328.00M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$305.00M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$1.73B	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$1.69B	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$6.46	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$6.63	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$6.44	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$6.61	USD	1 Quarter
Cash dividends paid per common share (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$3.00	USD	1 Quarter
Cash dividends paid per common share (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$2.80	USD	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$1.73B	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$1.69B	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortizationIncludingDiscontinuedOperations`	$329.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortizationIncludingDiscontinuedOperations`	$325.00M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$57.00M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$54.00M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-31.00M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-117.00M	USD	1 Quarter
Receivables, net	`IncreaseDecreaseInReceivables`	$564.00M	USD	1 Quarter
Receivables, net	`IncreaseDecreaseInReceivables`	$78.00M	USD	1 Quarter
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$1.55B	USD	1 Quarter
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$871.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$163.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$383.00M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.22B	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.83B	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$-205.00M	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$-152.00M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$414.00M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$317.00M	USD	1 Quarter
Qualified defined benefit pension plans	`IncreaseDecreaseInPensionAndPostretirementObligations`	$-94.00M	USD	1 Quarter
Qualified defined benefit pension plans	`IncreaseDecreaseInPensionAndPostretirementObligations`	$-116.00M	USD	1 Quarter
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$222.00M	USD	1 Quarter
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$443.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.56B	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.41B	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$294.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$268.00M	USD	1 Quarter
Other, net	`PaymentsForProceedsFromOtherInvestingActivities`	$-35.00M	USD	1 Quarter
Other, net	`PaymentsForProceedsFromOtherInvestingActivities`	$-17.00M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-259.00M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-251.00M	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$500.00M	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$2.00B	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$784.00M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$767.00M	USD	1 Quarter
Other, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-113.00M	USD	1 Quarter
Other, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-128.00M	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.88B	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.41B	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.72B	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-107.00M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.60B	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`	$2.44B	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.55B	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`	$1.88B	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.44B	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.55B	USD	Point-in-time

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$9.27B	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$10.96B	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$10.00B	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$9.65B	USD	Point-in-time
Net earnings	`NetIncomeLoss`	$1.73B	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$1.69B	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$27.00M	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-63.00M	USD	1 Quarter
Dividends declared	`DividendsCash`	$749.00M	USD	1 Quarter
Dividends declared	`DividendsCash`	$768.00M	USD	1 Quarter
Repurchases of common stock	`StockRepurchasedDuringPeriodValue`	$500.00M	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`	$22.00M	USD	1 Quarter
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$9.27B	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$10.96B	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$10.00B	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$9.65B	USD	Point-in-time

Comprehensive Income 14 line items

Line Item	Tag	Value	Unit	Period
Amounts reclassified from accumulated other comprehensive loss, net of tax expense	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansTax`	$10.00M	USD	1 Quarter
Amounts reclassified from accumulated other comprehensive loss, net of tax expense	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansTax`	$13.00M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$1.73B	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$1.69B	USD	1 Quarter
Other, net, tax	`OtherComprehensiveIncomeLossTax`	$4.00M	USD	1 Quarter
Other, net, tax	`OtherComprehensiveIncomeLossTax`	$1.00M	USD	1 Quarter
Amortization of actuarial losses and prior service credits, net of tax of $10 million in 2023 and $13 million in 2022	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax`	$48.00M	USD	1 Quarter
Amortization of actuarial losses and prior service credits, net of tax of $10 million in 2023 and $13 million in 2022	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax`	$-37.00M	USD	1 Quarter
Other, net, net of tax of $4 million in 2023 and $1 million in 2022	`OtherComprehensiveIncomeOtherNetOfTax`	$-26.00M	USD	1 Quarter
Other, net, net of tax of $4 million in 2023 and $1 million in 2022	`OtherComprehensiveIncomeOtherNetOfTax`	$-21.00M	USD	1 Quarter
Other comprehensive (loss) income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$27.00M	USD	1 Quarter
Other comprehensive (loss) income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-63.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$1.76B	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$1.63B	USD	1 Quarter

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