Lockheed Martin Reports First Quarter 2021 Results
"
First quarter 2021 net earnings included unrealized gains from investments held in the
Summary Financial Results
The following table presents the corporation's summary financial results.
(in millions, except per share data) |
Quarters Ended1 |
|||||||||
2021 |
2020 |
|||||||||
Net sales |
$ |
16,258 |
$ |
15,651 |
||||||
Business segment operating profit2 |
$ |
1,749 |
$ |
1,725 |
||||||
Unallocated items |
||||||||||
FAS/CAS operating adjustment |
489 |
469 |
||||||||
Severance and restructuring charges3 |
(36) |
— |
||||||||
Other, net4 |
(20) |
(72) |
||||||||
Total unallocated items |
433 |
397 |
||||||||
Consolidated operating profit |
$ |
2,182 |
$ |
2,122 |
||||||
Net earnings5 |
$ |
1,837 |
$ |
1,717 |
||||||
Diluted earnings per share |
$ |
6.56 |
$ |
6.08 |
||||||
Cash from operations6 |
$ |
1,748 |
$ |
2,314 |
||||||
1 |
The corporation closes its books and records on the last Sunday of the calendar quarter to align its financial closing with its business processes, which was on |
|||||||||
2 |
Business segment operating profit is a non-GAAP measure. See the "Non-GAAP Financial Measures" section of this news release for more information. |
|||||||||
3 |
In the first quarter of 2021, the corporation recognized severance and restructuring charges of |
|||||||||
4 |
In the first quarter of 2021 and 2020, the corporation recognized |
|||||||||
5 |
In the first quarter of 2021, the corporation recognized unrealized gains from investments held in the |
|||||||||
6 |
Cash from operations in the first quarter of 2021 reflects the receipt of approximately $50 million of net accelerated progress payments due to the |
2021 Financial Outlook
The following table and other sections of this news release contain forward-looking statements, which are based on the corporation's current expectations. Actual results may differ materially from those projected. It is the corporation's practice not to incorporate adjustments into its financial outlook for proposed acquisitions, divestitures, ventures, changes in law, or new accounting standards until such items have been consummated, enacted or adopted. For additional factors that may impact the corporation's actual results, refer to the "Forward-Looking Statements" section in this news release.
(in millions, except per share data) |
Current Guidance1,3 |
|
||||
Net sales |
|
|
||||
Business segment operating profit |
|
|
||||
Net FAS/CAS pension adjustment2 |
|
|
||||
Diluted earnings per share |
|
|
||||
Cash from operations |
≥$8,900 |
≥$8,300 |
||||
1 |
The corporation's 2021 financial outlook reflects the anticipated impacts from the COVID-19 pandemic based on the corporation's understanding at the time of this news release. However, the ultimate impacts of COVID-19 on the corporation's financial outlook for 2021 and beyond remains uncertain and there can be no assurance that the corporation's underlying assumptions are correct. Additionally, the 2021 financial outlook reflects the |
|||||
2 |
The net FAS/CAS pension adjustment is presented as a single amount and includes total expected |
|||||
3 |
On |
|||||
Cash Activities
The corporation's cash activities in the first quarter of 2021, included the following:
- making capital expenditures of
$281 million , compared to$293 million in the first quarter of 2020; - paying cash dividends of
$739 million , compared to$693 million in the first quarter of 2020; and - repurchasing 1.9 million shares for
$1.0 billion pursuant to an accelerated share repurchase agreement (ASR), which settled in the second quarter of 2021; compared to repurchasing 1.7 million shares for$756 million in the first quarter of 2020, which included$500 million paid pursuant to an ASR, which settled in second quarter of 2020. The total number of shares delivered under the ASRs is based on an average volume-weighted average price (VWAP) over the plan period. Based on the average VWAP, the corporation received an additional 1.0 million shares upon final settlement of the 2021 ASR in the second quarter of 2021 for no additional consideration and an additional 0.4 million shares upon final settlement of the 2020 ASR in the second quarter of 2020 for no additional consideration.
Segment Results
The corporation operates in four business segments organized based on the nature of products and services offered: Aeronautics, Missiles and Fire Control (MFC),
(in millions) |
Quarters Ended |
|||||||||
|
|
|||||||||
Net sales |
||||||||||
Aeronautics |
$ |
6,387 |
$ |
6,369 |
||||||
Missiles and Fire Control |
2,749 |
2,619 |
||||||||
|
4,107 |
3,746 |
||||||||
Space |
3,015 |
2,917 |
||||||||
Total net sales |
$ |
16,258 |
$ |
15,651 |
||||||
Operating profit |
||||||||||
Aeronautics |
$ |
693 |
$ |
672 |
||||||
Missiles and Fire Control |
396 |
396 |
||||||||
|
433 |
376 |
||||||||
Space |
227 |
281 |
||||||||
Total business segment operating profit |
1,749 |
1,725 |
||||||||
Unallocated items |
||||||||||
FAS/CAS operating adjustment |
489 |
469 |
||||||||
Severance and restructuring charges |
(36) |
— |
||||||||
Other, net |
(20) |
(72) |
||||||||
Total unallocated items |
433 |
397 |
||||||||
Total consolidated operating profit |
$ |
2,182 |
$ |
2,122 |
||||||
Net sales and operating profit of the corporation's business segments exclude intersegment sales, cost of sales, and profit as these activities are eliminated in consolidation. Operating profit of the corporation's business segments includes the corporation's share of earnings or losses from equity method investees as the operating activities of the investees are closely aligned with the operations of its business segments.
Operating profit of the corporation's business segments also excludes the FAS/CAS pension operating adjustment described below, a portion of corporate costs not considered allowable or allocable to contracts with the
The corporation recovers CAS pension cost through the pricing of its products and services on
Changes in net sales and operating profit generally are expressed in terms of volume. Changes in volume refer to increases or decreases in sales or operating profit resulting from varying production activity levels, deliveries or service levels on individual contracts. Volume changes in segment operating profit are typically based on the current profit booking rate for a particular contract. In addition, comparability of the corporation's segment sales, operating profit and operating margin may be impacted favorably or unfavorably by changes in profit booking rates on the corporation's contracts for which it recognizes revenue over time using the percentage-of-completion cost-to-cost method to measure progress towards completion. Increases in profit booking rates, typically referred to as risk retirements, usually relate to revisions in the estimated total costs to fulfill the performance obligations that reflect improved conditions on a particular contract. Conversely, conditions on a particular contract may deteriorate, resulting in an increase in the estimated total costs to fulfill the performance obligations and a reduction in the profit booking rate. Increases or decreases in profit booking rates are recognized in the current period and reflect the inception-to-date effect of such changes.
Segment operating profit and margin may also be impacted favorably or unfavorably by other items, which may or may not impact sales. Favorable items may include the positive resolution of contractual matters, insurance recoveries and gains on sales of assets. Unfavorable items may include the adverse resolution of contractual matters; restructuring charges, except for significant severance actions which are excluded from segment operating results; reserves for disputes; certain asset impairments; and losses on sales of certain assets.
The corporation's consolidated net adjustments not related to volume, including net profit booking rate adjustments, represented approximately 28% of total segment operating profit in the first quarter of 2021, as compared to 27% in the first quarter of 2020.
Aeronautics
(in millions) |
Quarters Ended |
|||||||||
|
|
|||||||||
Net sales |
$ |
6,387 |
$ |
6,369 |
||||||
Operating profit |
$ |
693 |
$ |
672 |
||||||
Operating margin |
10.9 |
% |
10.6 |
% |
Aeronautics' net sales in the first quarter of 2021 were comparable with the same period in 2020. Net sales increased by approximately
Aeronautics' operating profit in the first quarter of 2021 increased $21 million, or 3%, compared to the same period in 2020. Operating profit increased approximately
Missiles and Fire Control
(in millions) |
Quarters Ended |
|||||||||
|
|
|||||||||
Net sales |
$ |
2,749 |
$ |
2,619 |
||||||
Operating profit |
$ |
396 |
$ |
396 |
||||||
Operating margin |
14.4 |
% |
15.1 |
% |
MFC's net sales in the first quarter of 2021 increased $130 million, or 5%, compared to the same period in 2020. The increase was primarily attributable to higher net sales of approximately
MFC's operating profit in the first quarter of 2021 was comparable to the same period in 2020. Operating profit increased approximately
(in millions) |
Quarters Ended |
|||||||||
|
|
|||||||||
Net sales |
$ |
4,107 |
$ |
3,746 |
||||||
Operating profit |
$ |
433 |
$ |
376 |
||||||
Operating margin |
10.5 |
% |
10.0 |
% |
RMS' net sales in the first quarter of 2021 increased $361 million, or 10%, compared to the same period in 2020. The increase was attributable to higher net sales of
RMS' operating profit in the first quarter of 2021 increased $57 million, or 15%, compared to the same period in 2020. Operating profit increased approximately
Space
(in millions) |
Quarters Ended |
|||||||||
|
|
|||||||||
Net sales |
$ |
3,015 |
$ |
2,917 |
||||||
Operating profit |
$ |
227 |
$ |
281 |
||||||
Operating margin |
7.5 |
% |
9.6 |
% |
Space's net sales in the first quarter of 2021 increased $98 million, or 3%, compared to the same period in 2020. The increase was primarily attributable to higher net sales of approximately
Space's operating profit in the first quarter of 2021 decreased $54 million, or 19%, compared to the same period in 2020. Operating profit decreased approximately
Total equity (losses)/earnings (primarily ULA) recognized in Space's operating profit were approximately $(5) million, or (2)%, of Space's operating profit in the first quarter of 2021, compared to approximately
Income Taxes
The corporation's effective income tax rate was 16.9% and 15.4% for the quarters ended March 28, 2021, and
On
Use of Non-GAAP Financial Measures
This news release contains the following non-generally accepted accounting principles (non-GAAP) financial measures (as defined by
Business segment operating profit represents operating profit from the corporation's business segments before unallocated income and expense. This measure is used by the corporation's senior management in evaluating the performance of its business segments and is a performance goal in the corporation's annual incentive plan. Business segment operating margin is calculated by dividing business segment operating profit by sales. The table below reconciles the non-GAAP measure business segment operating profit with the most directly comparable GAAP financial measure, consolidated operating profit.
(in millions)
|
Current Update1 |
|
||||
Business segment operating profit (non-GAAP) |
|
|
||||
FAS/CAS operating adjustment2 |
~1,955 |
~1,955 |
||||
Other, net |
~(355) |
~(270) |
||||
Consolidated operating profit (GAAP) |
|
|
||||
1 |
The corporation's 2021 financial outlook reflects the anticipated impacts from the COVID-19 pandemic based on the corporation's understanding at the time of this news release. However, the ultimate impacts of COVID-19 on the corporation's financial outlook for 2021 and beyond remains uncertain and there can be no assurance that the corporation's underlying assumptions are correct. Additionally, the 2021 financial outlook reflects the |
|||||
2 |
Refer to the supplemental table "Other Financial and Operating Information" included in this news release for a detail of the FAS/CAS operating adjustment, which excludes $375 million of expected non-service FAS income that will be recorded in non-operating income (expense). |
|||||
Conference Call Information
For additional information, visit the corporation's website: www.lockheedmartin.com.
About
Headquartered in
Forward-Looking Statements
This news release contains statements that, to the extent they are not recitations of historical fact, constitute forward-looking statements within the meaning of the federal securities laws, and are based on
- the impact of COVID-19 or future epidemics on our business, including potential supply chain disruptions, facility closures, work stoppages, program delays, payment policies and regulations and our ability to recover our costs under contracts;
- budget uncertainty, the risk of future budget cuts, and changing funding and acquisition priorities;
- our reliance on contracts with the
U.S. Government , which are dependent onU.S. Government funding and can be terminated for convenience, and our ability to negotiate favorable contract terms; - risks related to the development, production, sustainment, performance, schedule, cost and requirements of complex and technologically advanced programs including our largest, the F-35 program;
- planned production rates and orders for significant programs; compliance with stringent performance and reliability standards; materials availability;
- performance and financial viability of key suppliers, teammates, joint ventures and partners, subcontractors and customers;
- economic, industry, business and political conditions including their effects on governmental policy and government actions that disrupt our supply chain or prevent the sale or delivery of our products (such as delays in approvals for exports requiring Congressional notification);
- trade policies or sanctions (including potential Chinese sanctions on us or our suppliers, teammates or partners;
U.S. Government sanctions onTurkey and its removal from the F-35 program and potentialU.S. Government actions to restrict sales to theKingdom of Saudi Arabia and theUnited Arab Emirates ); - our success expanding into and doing business in adjacent markets and internationally and the differing risks posed by international sales;
- changes in foreign national priorities and foreign government budgets and planned orders;
- the competitive environment for our products and services, including increased pricing pressures, aggressive pricing in the absence of cost realism evaluation criteria, competition from outside the aerospace and defense industry, and bid protests;
- the timing and customer acceptance of product deliveries;
- our ability to develop new technologies and products, including emerging digital and network technologies and capabilities;
- our ability to attract and retain a highly skilled workforce; the impact of work stoppages or other labor disruptions;
- cyber or other security threats or other disruptions faced by us or our suppliers;
- our ability to implement and continue, and the timing and impact of, capitalization changes such as share repurchases and dividend payments;
- our ability to recover costs under
U.S. Government contracts and changes in contract mix; - the accuracy of our estimates and projections;
- timing and estimates regarding pension funding and movements in interest rates and other changes that may affect pension plan assumptions, stockholders' equity, the level of the FAS/CAS adjustment and actual returns on pension plan assets and the impact of the American Rescue Plan Act of 2021;
- the successful operation of joint ventures that we do not control;
- realizing the anticipated benefits of acquisitions or divestitures, investments, joint ventures, teaming arrangements or internal reorganizations, and market volatility in the fair value of investments in our
Lockheed Martin Ventures Fund that are marked to market; - risks related to our proposed acquisition of Aerojet Rocketdyne, including the failure to obtain, delays in obtaining or adverse conditions contained in any required regulatory approvals and our ability to successfully and timely integrate the business and realize synergies and other expected benefits of the transaction;
- our efforts to increase the efficiency of our operations and improve the affordability of our products and services;
- the risk of an impairment of our assets, including the potential impairment of goodwill recorded as a result of the acquisition of the Sikorsky business;
- the availability and adequacy of our insurance and indemnities;
- our ability to benefit fully from or adequately protect our intellectual property rights;
- procurement and other regulations and policies affecting our industry, export of our products, cost allowability or recovery, preferred contract type, and performance and progress payments policy, including a reversal or modification to the
DoD's increase to the progress payment rate in response to COVID-19; - changes in accounting, taxation, export or other laws, regulations, and policies and their interpretation or application; and
- the outcome of legal proceedings, bid protests, environmental remediation efforts, audits, government investigations or government allegations that we have failed to comply with law, other contingencies and
U.S. Government identification of deficiencies in our business systems.
These are only some of the factors that may affect the forward-looking statements contained in this news release. For a discussion identifying additional important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, see the corporation's filings with the
The corporation's actual financial results likely will be different from those projected due to the inherent nature of projections. Given these uncertainties, forward-looking statements should not be relied on in making investment decisions. The forward-looking statements contained in this news release speak only as of the date of its filing. Except where required by applicable law, the corporation expressly disclaims a duty to provide updates to forward-looking statements after the date of this news release to reflect subsequent events, changed circumstances, changes in expectations, or the estimates and assumptions associated with them. The forward-looking statements in this news release are intended to be subject to the safe harbor protection provided by the federal securities laws.
|
|||||||||
Consolidated Statements of Earnings1 |
|||||||||
(unaudited; in millions, except per share data) |
|||||||||
Quarters Ended |
|||||||||
|
|
||||||||
Net sales |
$ |
16,258 |
$ |
15,651 |
|||||
Cost of sales2 |
(14,072) |
(13,560) |
|||||||
Gross profit |
2,186 |
2,091 |
|||||||
Other (expense) income, net |
(4) |
31 |
|||||||
Operating profit |
2,182 |
2,122 |
|||||||
Interest expense |
(140) |
(148) |
|||||||
Other non-operating income, net3 |
169 |
56 |
|||||||
Earnings before income taxes |
2,211 |
2,030 |
|||||||
Income tax expense |
(374) |
(313) |
|||||||
Net earnings |
$ |
1,837 |
$ |
1,717 |
|||||
Effective tax rate |
16.9 |
% |
15.4 |
% |
|||||
Earnings per common share |
|||||||||
Basic |
$ |
6.58 |
$ |
6.10 |
|||||
Diluted |
$ |
6.56 |
$ |
6.08 |
|||||
Weighted average shares outstanding |
|||||||||
Basic |
279.0 |
281.3 |
|||||||
Diluted |
280.0 |
282.6 |
|||||||
Common shares reported in stockholders' equity at end of period |
278 |
279 |
|||||||
1 |
The corporation closes its books and records on the last Sunday of the calendar quarter to align its financial closing with its business processes, which was on |
||||||||
2 |
In the first quarter 2021, the corporation recognized severance and restructuring charges of |
||||||||
3 |
In the first quarter 2021, the corporation recognized unrealized gains from investments held in the |
|
|||||||||||
Business Segment Summary Operating Results |
|||||||||||
(unaudited; in millions) |
|||||||||||
Quarters Ended |
|||||||||||
|
|
% |
|||||||||
Net sales |
|||||||||||
Aeronautics |
$ |
6,387 |
$ |
6,369 |
—% |
||||||
Missiles and Fire Control |
2,749 |
2,619 |
5% |
||||||||
|
4,107 |
3,746 |
10% |
||||||||
Space |
3,015 |
2,917 |
3% |
||||||||
Total net sales |
$ |
16,258 |
$ |
15,651 |
4% |
||||||
Operating profit |
|||||||||||
Aeronautics |
$ |
693 |
$ |
672 |
3% |
||||||
Missiles and Fire Control |
396 |
396 |
—% |
||||||||
|
433 |
376 |
15% |
||||||||
Space |
227 |
281 |
(19%) |
||||||||
Total business segment operating profit |
1,749 |
1,725 |
1% |
||||||||
Unallocated items |
|||||||||||
FAS/CAS operating adjustment |
489 |
469 |
|||||||||
Severance and restructuring charges1 |
(36) |
— |
|||||||||
Other, net |
(20) |
(72) |
|||||||||
Total unallocated items |
433 |
397 |
9% |
||||||||
Total consolidated operating profit |
$ |
2,182 |
$ |
2,122 |
3% |
||||||
Operating margin |
|||||||||||
Aeronautics |
10.9% |
10.6% |
|||||||||
Missiles and Fire Control |
14.4% |
15.1% |
|||||||||
|
10.5% |
10.0% |
|||||||||
Space |
7.5% |
9.6% |
|||||||||
Total business segment operating margin |
10.8% |
11.0% |
|||||||||
Total consolidated operating margin |
13.4% |
13.6% |
|||||||||
1 |
In the first quarter of 2021, the corporation recognized severance and restructuring charges of |
|
||||||||
Consolidated Balance Sheets |
||||||||
(in millions, except par value) |
||||||||
|
2020 |
|||||||
(unaudited) |
||||||||
Assets |
||||||||
Current assets |
||||||||
Cash and cash equivalents |
$ |
2,933 |
$ |
3,160 |
||||
Receivables, net |
2,214 |
1,978 |
||||||
Contract assets |
10,908 |
9,545 |
||||||
Inventories |
3,256 |
3,545 |
||||||
Other current assets |
941 |
1,150 |
||||||
Total current assets |
20,252 |
19,378 |
||||||
Property, plant and equipment, net |
7,213 |
7,213 |
||||||
|
10,799 |
10,806 |
||||||
Intangible assets, net |
2,930 |
3,012 |
||||||
Deferred income taxes |
3,375 |
3,475 |
||||||
Other noncurrent assets |
6,868 |
6,826 |
||||||
Total assets |
$ |
51,437 |
$ |
50,710 |
||||
Liabilities and equity |
||||||||
Current liabilities |
||||||||
Accounts payable |
$ |
1,889 |
$ |
880 |
||||
Contract liabilities |
7,255 |
7,545 |
||||||
Salaries, benefits and payroll taxes |
2,794 |
3,163 |
||||||
Current maturities of long-term debt |
506 |
500 |
||||||
Other current liabilities |
2,273 |
1,845 |
||||||
Total current liabilities |
14,717 |
13,933 |
||||||
Long-term debt, net |
11,657 |
11,669 |
||||||
Accrued pension liabilities |
12,643 |
12,874 |
||||||
Other noncurrent liabilities |
6,087 |
6,196 |
||||||
Total liabilities |
45,104 |
44,672 |
||||||
Stockholders' equity |
||||||||
Common stock, |
278 |
279 |
||||||
Additional paid-in capital |
65 |
221 |
||||||
Retained earnings |
21,977 |
21,636 |
||||||
Accumulated other comprehensive loss |
(16,008) |
(16,121) |
||||||
Total stockholders' equity |
6,312 |
6,015 |
||||||
Noncontrolling interests in subsidiary |
21 |
23 |
||||||
Total equity |
6,333 |
6,038 |
||||||
Total liabilities and equity |
$ |
51,437 |
$ |
50,710 |
|
||||||||
Consolidated Statements of Cash Flows |
||||||||
(unaudited; in millions) |
||||||||
Quarters Ended |
||||||||
|
|
|||||||
Operating activities |
||||||||
Net earnings |
$ |
1,837 |
$ |
1,717 |
||||
Adjustments to reconcile net earnings to net cash provided by operating activities |
||||||||
Depreciation and amortization |
336 |
301 |
||||||
Stock-based compensation |
47 |
42 |
||||||
Severance and restructuring charges |
36 |
— |
||||||
Changes in assets and liabilities |
||||||||
Receivables, net |
(236) |
(555) |
||||||
Contract assets |
(1,363) |
(1,095) |
||||||
Inventories |
289 |
80 |
||||||
Accounts payable |
1,023 |
1,894 |
||||||
Contract liabilities |
(290) |
151 |
||||||
Postretirement benefit plans |
(66) |
(39) |
||||||
Income taxes |
301 |
167 |
||||||
Other, net |
(166) |
(349) |
||||||
Net cash provided by operating activities |
1,748 |
2,314 |
||||||
Investing activities |
||||||||
Capital expenditures |
(281) |
(293) |
||||||
Other, net |
112 |
(2) |
||||||
Net cash used for investing activities |
(169) |
(295) |
||||||
Financing activities |
||||||||
Dividends paid |
(739) |
(693) |
||||||
Repurchases of common stock |
(1,000) |
(756) |
||||||
Other, net |
(67) |
(96) |
||||||
Net cash used for financing activities |
(1,806) |
(1,545) |
||||||
Net change in cash and cash equivalents |
(227) |
474 |
||||||
Cash and cash equivalents at beginning of period |
3,160 |
1,514 |
||||||
Cash and cash equivalents at end of period |
$ |
2,933 |
$ |
1,988 |
|
|||||||||||||||||||||||||||||
Consolidated Statement of Equity |
|||||||||||||||||||||||||||||
(unaudited; in millions) |
|||||||||||||||||||||||||||||
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Loss |
Total Stockholders' Equity |
Noncontrolling Interests in Subsidiary |
Total Equity |
|||||||||||||||||||||||
Balance at |
$ |
279 |
$ |
221 |
$ |
21,636 |
$ |
(16,121) |
$ |
6,015 |
$ |
23 |
$ |
6,038 |
|||||||||||||||
Net earnings |
— |
— |
1,837 |
— |
1,837 |
— |
1,837 |
||||||||||||||||||||||
Other comprehensive income, net of tax1 |
— |
— |
— |
113 |
113 |
— |
113 |
||||||||||||||||||||||
Dividends declared |
— |
— |
(725) |
— |
(725) |
— |
(725) |
||||||||||||||||||||||
Repurchases of common stock |
(2) |
(227) |
(771) |
— |
(1,000) |
— |
(1,000) |
||||||||||||||||||||||
Stock-based awards, ESOP activity and other |
1 |
71 |
— |
— |
72 |
— |
72 |
||||||||||||||||||||||
Net decrease in noncontrolling interests in subsidiary |
— |
— |
— |
— |
— |
(2) |
(2) |
||||||||||||||||||||||
Balance at |
$ |
278 |
$ |
65 |
$ |
21,977 |
$ |
(16,008) |
$ |
6,312 |
$ |
21 |
$ |
6,333 |
|||||||||||||||
1 |
Primarily represents the reclassification adjustment for the recognition of prior period amounts related to pension and other postretirement benefit plans. |
|
|||||||||
Other Financial and Operating Information |
|||||||||
(unaudited; in millions, except for aircraft deliveries and weeks) |
|||||||||
2021 Outlook |
2020 Actual |
||||||||
Total FAS income and CAS costs |
|||||||||
FAS pension income |
$ |
265 |
$ |
118 |
|||||
Less: CAS pension cost |
2,065 |
1,977 |
|||||||
Net FAS/CAS pension adjustment |
$ |
2,330 |
$ |
2,095 |
|||||
Service and non-service cost reconciliation |
|||||||||
FAS pension service cost |
$ |
(110) |
$ |
(101) |
|||||
Less: CAS pension cost |
2,065 |
1,977 |
|||||||
FAS/CAS operating adjustment |
1,955 |
1,876 |
|||||||
Non-operating FAS pension income1 |
375 |
219 |
|||||||
Net FAS/CAS pension adjustment |
$ |
2,330 |
$ |
2,095 |
|||||
1 |
The corporation records the non-service cost components of net periodic benefit cost as part of other non-operating income in the consolidated statement of earnings. The non-service cost components in the table above relate only to the corporation's qualified defined benefit pension plans. The corporation expects non-service income for its qualified defined benefit pension plans in the table above, along with non-service income for its other postretirement benefit plans of |
||||||||
Backlog |
|
2020 |
|||||||
Aeronautics |
$ |
53,309 |
$ |
56,551 |
|||||
Missiles and Fire Control |
29,908 |
29,183 |
|||||||
|
35,362 |
36,249 |
|||||||
Space |
28,791 |
25,148 |
|||||||
Total backlog |
$ |
147,370 |
$ |
147,131 |
Quarters Ended |
|||||||
Aircraft Deliveries |
2021 |
2020 |
|||||
F-35 |
17 |
22 |
|||||
C-130J |
2 |
3 |
|||||
Government helicopter programs |
15 |
13 |
|||||
Commercial helicopter programs |
1 |
— |
|||||
International military helicopter programs |
1 |
2 |
|||||
Number of Weeks in Reporting Period1 |
2021 |
2020 |
|||||
First quarter |
12 |
13 |
|||||
Second quarter |
13 |
13 |
|||||
Third quarter |
13 |
13 |
|||||
Fourth quarter |
14 |
13 |
|||||
1 |
We close our books and records on the last Sunday of each month, except for the month of December, as our fiscal year ends on |
View original content to download multimedia:http://www.prnewswire.com/news-releases/
SOURCE
Media, Trent Perrotto, director, Global Media Relations, +1 301-214-3504, trent.j.perrotto@lmco.com; Investor Relations, Greg Gardner, vice president, Investor Relations, +1 301-897-6584, greg.m.gardner@lmco.com or David Weston, director, Investor Relations, +1 301-897-6455, david.weston@lmco.com