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Table of Contents


 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 10-Q 
 
 
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 29, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______
Commission file number: 1-11437 
 
LOCKHEED MARTIN CORPORATION
(Exact name of registrant as specified in its charter) 
Maryland
 
52-1893632
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
 
 
 
6801 Rockledge Drive,
Bethesda,
Maryland
 
20817
(Address of principal executive offices)
 
(Zip Code)
(301) 897-6000
(Registrant’s telephone number, including area code) 
 
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, $1 par value
LMT
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non–accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b–2 of the Exchange Act.
Large accelerated filer Accelerated filer Non–accelerated filer Smaller reporting company Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
There were 282,071,418 shares of our common stock, $1 par value per share, outstanding as of October 18, 2019.
 


Table of Contents


Lockheed Martin Corporation
Form 10-Q
For the Quarterly Period Ended September 29, 2019
Table of Contents 
 
 
 
Page
 
 
 
 
 
 
 
 
ITEM 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ITEM 2.
 
 
 
 
 
ITEM 3.
 
 
 
 
 
ITEM 4.
 
 
 
 
 
 
 
 
ITEM 1.
 
 
 
 
 
ITEM 1A.
 
 
 
 
 
ITEM 2.
 
 
 
 
 
ITEM 6.
 
 
 



Table of Contents


PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
Lockheed Martin Corporation
Consolidated Statements of Earnings
(unaudited; in millions, except per share data)
 
 
Quarters Ended
 
Nine Months Ended
 
 
September 29,
2019
 
September 30,
2018
 
September 29,
2019
 
September 30,
2018
Net sales
 
 
 
 
 
 
 
 
 
 
 
 
Products
 
$
12,728

 
 
$
11,918

 
 
$
36,701

 
 
$
32,830

 
Services
 
2,443

 
 
2,400

 
 
7,233

 
 
6,521

 
Total net sales
 
15,171

 
 
14,318

 
 
43,934

 
 
39,351

 
Cost of sales
 
 
 
 

 
 
 
 
 
 
 
Products
 
(11,339
)
 
 
(10,701
)
 
 
(32,638
)
 
 
(29,391
)
 
Services
 
(2,211
)
 
 
(2,070
)
 
 
(6,452
)
 
 
(5,726
)
 
Severance and restructuring charges
 

 
 

 
 

 
 
(96
)
 
Other unallocated, net
 
442

 
 
374

 
 
1,400

 
 
1,194

 
Total cost of sales
 
(13,108
)
 
 
(12,397
)
 
 
(37,690
)
 
 
(34,019
)
 
Gross profit
 
2,063

 
 
1,921

 
 
6,244

 
 
5,332

 
Other income, net
 
42

 
 
42

 
 
152

 
 
151

 
Operating profit
 
2,105

 
 
1,963

 
 
6,396

 
 
5,483

 
Interest expense
 
(162
)
 
 
(177
)
 
 
(496
)
 
 
(497
)
 
Other non-operating expense, net
 
(162
)
 
 
(211
)
 
 
(491
)
 
 
(631
)
 
Earnings before income taxes
 
1,781

 
 
1,575

 
 
5,409

 
 
4,355

 
Income tax expense
 
(173
)
 
 
(102
)
 
 
(677
)
 
 
(562
)
 
Net earnings
 
$
1,608

 
 
$
1,473

 
 
$
4,732

 
 
$
3,793

 
 
 
 
 
 

 
 
 
 
 
 
 
Earnings per common share
 
 
 
 

 
 
 
 
 
 
 
Basic
 
$
5.70

 
 
$
5.18

 
 
$
16.77

 
 
$
13.31

 
Diluted
 
$
5.66

 
 
$
5.14

 
 
$
16.66

 
 
$
13.21

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash dividends paid per common share
 
$
2.20

 
 
$
2.00

 
 
$
6.60

 
 
$
6.00

 
The accompanying notes are an integral part of these unaudited consolidated financial statements.


3


Table of Contents


Lockheed Martin Corporation
Consolidated Statements of Comprehensive Income
(unaudited; in millions)
 
 
Quarters Ended
 
Nine Months Ended
 
 
September 29,
2019
 
September 30,
2018
 
September 29,
2019
 
September 30,
2018
Net earnings
 
$
1,608

 
 
$
1,473

 
 
$
4,732

 
 
$
3,793

 
Other comprehensive income, net of tax
 
 
 
 

 
 
 
 
 
 
 
Recognition of previously deferred postretirement benefit plan amounts
 
227

 
 
300

 
 
681

 
 
900

 
Other, net
 
(41
)
 
 
18

 
 
(13
)
 
 
(30
)
 
Other comprehensive income, net of tax
 
186

 
 
318

 
 
668

 
 
870

 
Comprehensive income
 
$
1,794

 
 
$
1,791

 
 
$
5,400

 
 
$
4,663

 
The accompanying notes are an integral part of these unaudited consolidated financial statements.


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Table of Contents


Lockheed Martin Corporation
Consolidated Balance Sheets
(in millions, except par value)
 
 
September 29,
2019
 
December 31,
2018
 
 
(unaudited)
 
 
 
Assets
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
Cash and cash equivalents
 
$
2,539

 
 
$
772

 
Receivables, net
 
2,384

 
 
2,444

 
Contract assets
 
11,004

 
 
9,472

 
Inventories
 
3,474

 
 
2,997

 
Other current assets
 
402

 
 
418

 
Total current assets
 
19,803

 
 
16,103

 
Property, plant and equipment, net
 
6,240

 
 
6,124

 
Goodwill
 
10,762

 
 
10,769

 
Intangible assets, net
 
3,278

 
 
3,494

 
Deferred income taxes
 
2,912

 
 
3,208

 
Other noncurrent assets
 
6,280

 
 
5,178

 
Total assets
 
$
49,275

 
 
$
44,876

 
Liabilities and equity
 
 
 
 

 
Current liabilities
 
 
 
 

 
Accounts payable
 
$
2,904

 
 
$
2,402

 
Contract liabilities
 
6,777

 
 
6,491

 
Salaries, benefits and payroll taxes
 
2,308

 
 
2,122

 
Current maturities of long-term debt and commercial paper
 
900

 
 
1,500

 
Other current liabilities
 
2,626

 
 
1,883

 
Total current liabilities
 
15,515

 
 
14,398

 
Long-term debt, net
 
12,652

 
 
12,604

 
Accrued pension liabilities
 
11,436

 
 
11,410

 
Other postretirement benefit liabilities
 
677

 
 
704

 
Other noncurrent liabilities
 
5,058

 
 
4,311

 
Total liabilities
 
45,338

 
 
43,427

 
Stockholders’ equity
 
 
 
 

 
Common stock, $1 par value per share
 
281

 
 
281

 
Additional paid-in capital
 

 
 

 
Retained earnings
 
17,265

 
 
15,434

 
Accumulated other comprehensive loss
 
(13,653
)
 
 
(14,321
)
 
Total stockholders’ equity
 
3,893

 
 
1,394

 
Noncontrolling interests in subsidiary
 
44

 
 
55

 
Total equity
 
3,937

 
 
1,449

 
Total liabilities and equity
 
$
49,275

 
 
$
44,876

 
The accompanying notes are an integral part of these unaudited consolidated financial statements.


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Table of Contents


Lockheed Martin Corporation
Consolidated Statements of Cash Flows
(unaudited; in millions)
 
 
Nine Months Ended
 
 
September 29,
2019
 
September 30,
2018
Operating activities
 
 
 
 
 
 
Net earnings
 
$
4,732

 
 
$
3,793

 
Adjustments to reconcile net earnings to net cash provided by operating activities
 
 
 
 
 
 
Depreciation and amortization
 
867

 
 
857

 
Stock-based compensation
 
158

 
 
148

 
Gain on property sale
 
(51
)
 
 

 
Severance and restructuring charges
 

 
 
96

 
Changes in assets and liabilities
 
 
 
 

 
Receivables, net
 
60

 
 
(151
)
 
Contract assets
 
(1,532
)
 
 
(1,777
)
 
Inventories
 
(477
)
 
 
(172
)
 
Accounts payable
 
524

 
 
1,237

 
Contract liabilities
 
286

 
 
(539
)
 
Postretirement benefit plans
 
828

 
 
(3,935
)
 
Income taxes
 
(117
)
 
 
729

 
Other, net
 
543

 
 
635

 
Net cash provided by operating activities
 
5,821

 
 
921

 
Investing activities
 
 
 
 

 
Capital expenditures
 
(841
)
 
 
(819
)
 
Other, net
 
38

 
 
146

 
Net cash used for investing activities
 
(803
)
 
 
(673
)
 
Financing activities
 
 
 
 

 
Dividends paid
 
(1,881
)
 
 
(1,725
)
 
Repurchases of common stock
 
(710
)
 
 
(826
)
 
(Repayments of) proceeds from commercial paper, net
 
(600
)
 
 
490

 
Other, net
 
(60
)
 
 
(151
)
 
Net cash used for financing activities
 
(3,251
)
 
 
(2,212
)
 
Net change in cash and cash equivalents
 
1,767

 
 
(1,964
)
 
Cash and cash equivalents at beginning of period
 
772

 
 
2,861

 
Cash and cash equivalents at end of period
 
$
2,539

 
 
$
897

 
The accompanying notes are an integral part of these unaudited consolidated financial statements.


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Table of Contents


Lockheed Martin Corporation
Consolidated Statements 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 June 30, 2019
$
281

$

 
$
16,408

$
(13,839
)
 
$
2,850

 
$
46

 
$
2,896

Net earnings


 
1,608


 
1,608

 

 
1,608

Other comprehensive income, net of tax


 

186

 
186

 

 
186

Repurchases of common stock

(146
)
 
(72
)

 
(218
)
 

 
(218
)
Dividends declared


 
(679
)

 
(679
)
 

 
(679
)
Stock-based awards, ESOP activity and other

146

 


 
146

 

 
146

Net decrease in noncontrolling interests in subsidiary


 


 

 
(2
)
 
(2
)
Balance at September 29, 2019
$
281

$

 
$
17,265

$
(13,653
)
 
$
3,893

 
$
44

 
$
3,937

 
 
 
 
 
 
 
 
 
 
 
 
Balance at June 24, 2018
$
283

$

 
$
14,528

$
(14,395
)
 
$
416

 
$
63

 
$
479

Net earnings


 
1,473


 
1,473

 

 
1,473

Other comprehensive income, net of tax


 

318

 
318

 

 
318

Repurchases of common stock
(1
)
(139
)
 
(63
)

 
(203
)
 

 
(203
)
Dividends declared


 
(1,201
)

 
(1,201
)
 

 
(1,201
)
Stock-based awards, ESOP activity and other
1

139

 


 
140

 

 
140

Net decrease in noncontrolling interests in subsidiary


 


 

 
(4
)
 
(4
)
Balance at September 30, 2018
$
283

$

 
$
14,737

$
(14,077
)
 
$
943

 
$
59

 
$
1,002

The accompanying notes are an integral part of these unaudited consolidated financial statements.


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Table of Contents


Lockheed Martin Corporation
Consolidated Statements 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 December 31, 2018
$
281

$

 
$
15,434

$
(14,321
)
 
$
1,394

 
$
55

 
$
1,449

Net earnings


 
4,732


 
4,732

 

 
4,732

Other comprehensive income, net of tax


 

668

 
668

 

 
668

Repurchases of common stock
(2
)
(366
)
 
(350
)

 
(718
)
 

 
(718
)
Dividends declared


 
(2,551
)

 
(2,551
)
 

 
(2,551
)
Stock-based awards, ESOP activity and other
2

366

 


 
368

 

 
368

Net decrease in noncontrolling interests in subsidiary


 


 

 
(11
)
 
(11
)
Balance at September 29, 2019
$
281

$

 
$
17,265

$
(13,653
)
 
$
3,893

 
$
44

 
$
3,937

 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2017
$
284

$

 
$
11,405

$
(12,539
)
 
$
(850
)
 
$
74

 
$
(776
)
Net earnings


 
3,793


 
3,793

 

 
3,793

Other comprehensive income, net of tax


 

870

 
870

 

 
870

Repurchases of common stock
(3
)
(300
)
 
(523
)

 
(826
)
 

 
(826
)
Dividends declared


 
(2,346
)

 
(2,346
)
 

 
(2,346
)
Stock-based awards, ESOP activity and other
2

300

 


 
302

 

 
302

Reclassification of income tax effects from tax reform


 
2,408

(2,408
)
 

 

 

Net decrease in noncontrolling interests in subsidiary


 


 

 
(15
)
 
(15
)
Balance at September 30, 2018
$
283

$

 
$
14,737

$
(14,077
)
 
$
943

 
$
59

 
$
1,002

The accompanying notes are an integral part of these unaudited consolidated financial statements.


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Table of Contents
Lockheed Martin Corporation
Notes to Consolidated Financial Statements (unaudited)



NOTE 1 – BASIS OF PRESENTATION
We prepared these consolidated financial statements in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information, the instructions to Form 10-Q and Article 10 of U.S. Securities and Exchange Commission (SEC) Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements.
In the opinion of management, these consolidated financial statements reflect all adjustments that are of a normal recurring nature necessary for a fair presentation of our results of operations, financial condition, and cash flows for the interim periods presented. The preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We base these estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Our actual results may differ materially from these estimates. Significant estimates inherent in the preparation of our consolidated financial statements include, but are not limited to, accounting for sales and cost recognition, postretirement benefit plans, environmental receivables and liabilities, evaluation of goodwill and other assets for impairment, income taxes including deferred tax assets, fair value measurements and contingencies. The consolidated financial statements include the accounts of subsidiaries we control and variable interest entities if we are the primary beneficiary. We eliminate intercompany balances and transactions in consolidation.
We close our books and records on the last Sunday of the calendar quarter, which was on September 29 for the third quarter of 2019 and September 30 for the third quarter of 2018, to align our financial closing with our business processes. The consolidated financial statements and tables of financial information included herein are labeled based on that convention. This practice only affects interim periods as our fiscal year ends on December 31.
We adopted Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), effective January 1, 2019, using the optional transition method whereby we applied the new lease requirements under ASU 2016-02 through a cumulative-effect adjustment, which after completing our implementation analysis, resulted in no adjustment to our January 1, 2019 beginning retained earnings balance. Consequently, periods prior to January 1, 2019 are not restated for the adoption of ASU 2016-02. See “Note 6 – Leases” and “Note 12 – Recent Accounting Pronouncements” for more information regarding our adoption of this standard. Other than the changes in our accounting policies related to adoption of ASU 2016-02, we followed the accounting policies disclosed in the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2018 (2018 Form 10-K) filed with the SEC.
The results of operations for the interim periods presented are not necessarily indicative of results to be expected for the full year or future periods. Unless otherwise noted, we present all per share amounts cited in these consolidated financial statements on a “per diluted share” basis. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our 2018 Form 10-K.
NOTE 2 – EARNINGS PER COMMON SHARE
The weighted average number of shares outstanding used to compute earnings per common share were as follows (in millions):
 
 
Quarters Ended
 
Nine Months Ended
 
 
September 29,
2019
 
September 30,
2018
 
September 29,
2019
 
September 30,
2018
Weighted average common shares outstanding for basic computations
 
282.0

 
 
284.3

 
 
282.2

 
 
284.9

 
Weighted average dilutive effect of equity awards
 
1.9

 
 
2.4

 
 
1.8

 
 
2.3

 
Weighted average common shares outstanding for diluted computations
 
283.9

 
 
286.7

 
 
284.0

 
 
287.2

 

We compute basic and diluted earnings per common share by dividing net earnings by the respective weighted average number of common shares outstanding for the periods presented. Our calculation of diluted earnings per

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Table of Contents
Lockheed Martin Corporation
Notes to Consolidated Financial Statements (unaudited) (continued)

common share also includes the dilutive effects for the assumed vesting of outstanding restricted stock units (RSUs) and performance stock units (PSUs) and exercise of outstanding stock options based on the treasury stock method. There were no significant anti-dilutive equity awards during the quarters and nine months ended September 29, 2019 or September 30, 2018.
NOTE 3 – INFORMATION ON BUSINESS SEGMENTS
We operate in four business segments: Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS) and Space. We organize our business segments based on the nature of products and services offered.
Net sales and operating profit of our business segments exclude intersegment sales, cost of sales, and profit as these activities are eliminated in consolidation. Business segment operating profit includes our share of earnings or losses from equity method investees as the operating activities of the equity method investees are closely aligned with the operations of our business segments.
Business segment operating profit also excludes the FAS/CAS operating adjustment described below, a portion of corporate costs not considered allowable or allocable to contracts with the U.S. Government under the applicable U.S. government cost accounting standards (CAS) or federal acquisition regulations (FAR), and other items not considered part of management’s evaluation of segment operating performance such as a portion of management and administration costs, legal fees and settlements, environmental costs, stock-based compensation expense, retiree benefits, significant severance actions, significant asset impairments, gains or losses from significant divestitures, and other miscellaneous corporate activities.
Excluded items are included in the reconciling item “Unallocated items” between operating profit from our business segments and our consolidated operating profit. See “Note 11 – Otherfor a discussion related to certain factors that may impact the comparability of net sales and operating profit of our business segments.

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Table of Contents
Lockheed Martin Corporation
Notes to Consolidated Financial Statements (unaudited) (continued)

Summary operating results for each of our business segments were as follows (in millions):
 
 
Quarters Ended
 
Nine Months Ended
 
 
September 29,
2019
 
September 30,
2018
 
September 29,
2019
 
September 30,
2018
Net sales
 
 
 
 
 
 
 
 
 
Aeronautics
 
$
6,178

 
 
$
5,642

 
 
$
17,312

 
 
$
15,361

 
Missiles and Fire Control
 
2,601

 
 
2,273

 
 
7,362

 
 
6,035

 
Rotary and Mission Systems
 
3,709

 
 
3,848

 
 
11,239

 
 
10,637

 
Space
 
2,683

 
 
2,555

 
 
8,021

 
 
7,318

 
Total net sales
 
$
15,171

 
 
$
14,318

 
 
$
43,934

 
 
$
39,351

 
Operating profit
 
 
 
 
 
 
 
 
 
Aeronautics
 
$
665

 
 
$
600

 
 
$
1,842

 
 
$
1,646

 
Missiles and Fire Control
 
349

 
 
332

 
 
1,093

 
 
872

 
Rotary and Mission Systems
 
342

 
 
361

 
 
1,068

 
 
1,013

 
Space
 
309

 
 
293

 
 
931

 
 
831