(State or other jurisdiction | (Commission file number) | (I.R.S. Employer | |
of incorporation) | Identification No.) | ||
(Address of principal executive offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol | Name of each exchange on which registered |
Exhibit No. | Description | |
99.1 | ||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
Lockheed Martin Corporation | |||
(Registrant) | |||
Date: April 21, 2020 | By: | /s/ Brian P. Colan | |
Brian P. Colan | |||
Vice President and Controller |
• | Net sales of $15.7 billion |
• | Net earnings of $1.7 billion, or $6.08 per share |
• | Generated cash from operations of $2.3 billion |
• | Maintained backlog of approximately $144 billion |
• | Updates 2020 outlook for sales; maintains 2020 outlook for operating profit, earnings per share and cash from operations |
• | Ultimate impact of COVID-19 on 2020 outlook uncertain |
(in millions, except per share data) | Quarters Ended1 | |||||||||
March 29, 2020 | March 31, 2019 | |||||||||
Net sales | $ | 15,651 | $ | 14,336 | ||||||
Business segment operating profit2 | $ | 1,725 | $ | 1,715 | ||||||
Unallocated items | ||||||||||
FAS/CAS operating adjustment | 469 | 512 | ||||||||
Other, net3 | (72 | ) | 56 | |||||||
Total unallocated items | 397 | 568 | ||||||||
Consolidated operating profit | $ | 2,122 | $ | 2,283 | ||||||
Net earnings4 | $ | 1,717 | $ | 1,704 | ||||||
Diluted earnings per share | $ | 6.08 | $ | 5.99 | ||||||
Cash generated from operations | $ | 2,314 | $ | 1,663 | ||||||
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 March 29 for the first quarter of 2020 and March 31 for the first quarter of 2019. The consolidated financial statements and tables of financial information included herein are labeled based on that convention. This practice only affects interim periods, as the corporation's fiscal year ends on Dec. 31. | |||||||||
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 2019, the corporation recognized a previously deferred non-cash gain of $51 million ($38 million, or $0.13 per share, after tax) related to properties sold in 2015 as a result of completing its remaining obligations. | |||||||||
4 | Net earnings in the first quarter of 2019 include benefits of $75 million, or $0.26 per share, from additional tax deductions, based on proposed tax regulations released on March 4, 2019, which clarified that foreign military sales qualify as foreign derived intangible income. Approximately $65 million, or $0.23 per share, of the total benefit was recorded discretely because it relates to 2018. | |||||||||
(in millions, except per share data) | Current Guidance1 | January 2020 | ||||
Net sales | $62,250 - $64,000 | $62,750 - $64,250 | ||||
Business segment operating profit | $6,800 - $6,950 | $6,800 - $6,950 | ||||
Net FAS/CAS pension adjustment2 | ~$2,090 | ~$2,090 | ||||
Diluted earnings per share3 | $23.65 - $23.95 | $23.65 - $23.95 | ||||
Cash from operations | ≥$7,600 | ≥$7,600 | ||||
1 | The corporation’s 2020 financial outlook includes updated guidance for net sales reflecting the currently expected impacts related to COVID-19. The ultimate impact of COVID-19 on the corporation’s financial outlook for 2020 remains uncertain. Additionally, the corporation’s financial outlook for 2020 does not include any non-cash impairment charge related to its equity method investment in AMMROC as discussed below or potential impacts to the corporation’s programs, including the F-35 program, resulting from U.S. Government actions related to Turkey. Currently, the corporation does not expect U.S. Government actions related to Turkey will have a material impact on its 2020 financial results. | |||||
2 | The net FAS/CAS pension adjustment above is presented as a single amount and includes total expected 2020 U.S. Government cost accounting standards (CAS) pension cost of approximately $1,975 million and total expected financial accounting standards (FAS) pension income of approximately $115 million. CAS pension cost and the service cost component of FAS pension expense are included in operating profit. The non-service cost components of FAS pension expense are included in non-operating income (expense). For additional detail on the corporation’s FAS/CAS pension adjustment, see the supplemental table included at the end of this news release. | |||||
3 | Although the corporation typically does not update its outlook for proposed changes in law, the above includes the effect of proposed tax regulations confirming that foreign military sales (FMS) qualify for tax deductions for foreign derived intangible income. The corporation believes incorporating the effect of the proposed regulations yields more accurate disclosure of the company’s expectations because the proposed regulations describe the tax treatment of FMS sales in accordance with the corporation’s analysis of the Internal Revenue Code. |
• | paying cash dividends of $693 million, compared to $638 million in the first quarter of 2019; |
• | repurchasing 1.7 million shares for $756 million, which includes $500 million paid pursuant to an accelerated share repurchase agreement (ASR), which will settle in the second quarter; compared to 1.0 million shares for $281 million in the first quarter of 2019. The actual number of shares delivered under the ASR is based on an average volume-weighted average price (VWAP) over the plan period and, based on the average VWAP as of April 20, 2020, the corporation expects to receive approximately 0.5 million additional shares upon final settlement; |
• | making capital expenditures of $293 million, compared to $284 million in the first quarter of 2019; and |
• | no net proceeds from or repayments of commercial paper, compared to making net repayments of $200 million in the first quarter of 2019. |
(in millions) | Quarters Ended | |||||||||
March 29, 2020 | March 31, 2019 | |||||||||
Net sales | ||||||||||
Aeronautics | $ | 6,369 | $ | 5,584 | ||||||
Missiles and Fire Control | 2,619 | 2,350 | ||||||||
Rotary and Mission Systems | 3,746 | 3,762 | ||||||||
Space | 2,917 | 2,640 | ||||||||
Total net sales | $ | 15,651 | $ | 14,336 | ||||||
Operating profit | ||||||||||
Aeronautics | $ | 672 | $ | 585 | ||||||
Missiles and Fire Control | 396 | 417 | ||||||||
Rotary and Mission Systems | 376 | 379 | ||||||||
Space | 281 | 334 | ||||||||
Total business segment operating profit | 1,725 | 1,715 | ||||||||
Unallocated items | ||||||||||
FAS/CAS operating adjustment | 469 | 512 | ||||||||
Other, net | (72 | ) | 56 | |||||||
Total unallocated items | 397 | 568 | ||||||||
Total consolidated operating profit | $ | 2,122 | $ | 2,283 | ||||||
(in millions) | Quarters Ended | |||||||||
March 29, 2020 | March 31, 2019 | |||||||||
Net sales | $ | 6,369 | $ | 5,584 | ||||||
Operating profit | $ | 672 | $ | 585 | ||||||
Operating margin | 10.6 | % | 10.5 | % |
(in millions) | Quarters Ended | |||||||||
March 29, 2020 | March 31, 2019 | |||||||||
Net sales | $ | 2,619 | $ | 2,350 | ||||||
Operating profit | $ | 396 | $ | 417 | ||||||
Operating margin | 15.1 | % | 17.7 | % |
(in millions) | Quarters Ended | |||||||||
March 29, 2020 | March 31, 2019 | |||||||||
Net sales | $ | 3,746 | $ | 3,762 | ||||||
Operating profit | $ | 376 | $ | 379 | ||||||
Operating margin | 10.0 | % | 10.1 | % |
(in millions) | Quarters Ended | |||||||||
March 29, 2020 | March 31, 2019 | |||||||||
Net sales | $ | 2,917 | $ | 2,640 | ||||||
Operating profit | $ | 281 | $ | 334 | ||||||
Operating margin | 9.6 | % | 12.7 | % |
(in millions) | 2020 Financial Outlook1 | |||
Business segment operating profit (non-GAAP) | $6,800 - $6,950 | |||
FAS/CAS operating adjustment2 | ~1,875 | |||
Other, net | ~(230) | |||
Consolidated operating profit (GAAP) | $8,445 - $8,595 | |||
1 | The corporation’s 2020 financial outlook includes updated guidance for net sales reflecting the currently expected impacts related to COVID-19. The ultimate impact of COVID-19 on the corporation’s financial outlook for 2020 remains uncertain. Additionally, the corporation’s financial outlook for 2020 does not include any non-cash impairment charge related to its equity method investment in AMMROC or potential impacts to the corporation’s programs, including the F-35 program, resulting from U.S. Government actions related to Turkey. Currently, the corporation does not expect U.S. Government actions related to Turkey will have a material impact on its 2020 financial results. | |||
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 $215 million of expected non-service FAS income that will be recorded in non-operating income (expense). |
• | the impact of the COVID-19 outbreak or future epidemics on our business, including the potential for facility closures or work stoppages, supply chain disruptions, program delays, our ability to recover our costs under contracts, changing government funding and acquisition priorities and payment policies and regulations; and potential impacts to the fair value of our assets; |
• | our reliance on contracts with the U.S. Government, which are conditioned upon the availability of funding and can be terminated by the U.S. Government for convenience, and our ability to negotiate favorable contract terms; |
• | budget uncertainty, affordability initiatives or the risk of future budget cuts; |
• | 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 for significant programs; compliance with stringent performance and reliability standards; materials availability; |
• | the performance and financial viability of key suppliers, teammates, joint ventures, joint venture 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 obtaining Congressional approvals for exports requiring Congressional notification and export license delays due to COVID-19); |
• | trade policies or sanctions (including Turkey’s removal from the F-35 program, the impact of U.S. Government sanctions on Turkey and potential sanctions on the Kingdom of Saudi Arabia); |
• | 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; |
• | 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 continue to innovate and develop new products and to attract and retain key personnel and transfer knowledge to new personnel; the impact of work stoppages or other labor disruptions; |
• | the impact of cyber or other security threats or other disruptions to our businesses; |
• | 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; |
• | the successful operation of joint ventures that we do not control and our ability to recover our investments; |
• | realizing the anticipated benefits of acquisitions or divestitures, joint ventures, teaming arrangements or internal reorganizations; |
• | our efforts to increase the efficiency of our operations and improve the affordability of our products and services; |
• | risk of an impairment of our assets, including a potential non-cash impairment charge as early as the second quarter for our equity investment in Advanced Military Maintenance, Repair and Overhaul Center LLC (AMMROC) and the potential impairment of goodwill, intangible assets and inventory 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; |
• | the effect of changes in (or in the interpretation of) procurement and other regulations and policies affecting our industry, including export of our products, cost allowability or recovery and potential changes to the U.S. Department of Defense’s (DoD) acquisition regulations relating to progress payments and performance-based payments and a preference for fixed-price contracts; including the potential for DoD to temporarily modify these in response to COVID-19; |
• | the effect of changes in accounting, taxation, or export 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. |
Quarters Ended | ||||||||||
March 29, 2020 | March 31, 2019 | |||||||||
Net sales | $ | 15,651 | $ | 14,336 | ||||||
Cost of sales | (13,560 | ) | (12,148 | ) | ||||||
Gross profit | 2,091 | 2,188 | ||||||||
Other income, net2 | 31 | 95 | ||||||||
Operating profit | 2,122 | 2,283 | ||||||||
Interest expense | (148 | ) | (171 | ) | ||||||
Other non-operating income (expense), net | 56 | (167 | ) | |||||||
Earnings before income taxes | 2,030 | 1,945 | ||||||||
Income tax expense3 | (313 | ) | (241 | ) | ||||||
Net earnings | $ | 1,717 | $ | 1,704 | ||||||
Effective tax rate | 15.4 | % | 12.4 | % | ||||||
Earnings per common share | ||||||||||
Basic | $ | 6.10 | $ | 6.03 | ||||||
Diluted | $ | 6.08 | $ | 5.99 | ||||||
Weighted average shares outstanding | ||||||||||
Basic | 281.3 | 282.5 | ||||||||
Diluted | 282.6 | 284.3 | ||||||||
Common shares reported in stockholders’ equity at end of period | 279 | 281 | ||||||||
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 March 29 for the first quarter of 2020 and March 31 for the first quarter of 2019. The consolidated financial statements and tables of financial information included herein are labeled based on that convention. This practice only affects interim periods, as the corporation's fiscal year ends on Dec. 31. | |||||||||
2 | In the first quarter of 2019, the corporation recognized a previously deferred non-cash gain of $51 million ($38 million, or $0.13 per share, after tax) related to properties sold in 2015 as a result of completing its remaining obligations. | |||||||||
3 | Net earnings in the first quarter of 2019 include benefits of $75 million, or $0.26 per share, from additional tax deductions, based on proposed tax regulations released on March 4, 2019, which clarified that foreign military sales qualify as foreign derived intangible income. Approximately $65 million, or $0.23 per share, of the total benefit was recorded discretely because it relates to 2018. |
Quarters Ended | |||||||||||||
March 29, 2020 | March 31, 2019 | % Change | |||||||||||
Net sales | |||||||||||||
Aeronautics | $ | 6,369 | $ | 5,584 | 14 | % | |||||||
Missiles and Fire Control | 2,619 | 2,350 | 11 | % | |||||||||
Rotary and Mission Systems | 3,746 | 3,762 | — | % | |||||||||
Space | 2,917 | 2,640 | 10 | % | |||||||||
Total net sales | $ | 15,651 | $ | 14,336 | 9 | % | |||||||
Operating profit | |||||||||||||
Aeronautics | $ | 672 | $ | 585 | 15 | % | |||||||
Missiles and Fire Control | 396 | 417 | (5 | )% | |||||||||
Rotary and Mission Systems | 376 | 379 | (1 | )% | |||||||||
Space | 281 | 334 | (16 | )% | |||||||||
Total business segment operating profit | 1,725 | 1,715 | 1 | % | |||||||||
Unallocated items | |||||||||||||
FAS/CAS operating adjustment | 469 | 512 | |||||||||||
Other, net1 | (72 | ) | 56 | ||||||||||
Total unallocated items | 397 | 568 | (30 | )% | |||||||||
Total consolidated operating profit | $ | 2,122 | $ | 2,283 | (7 | )% | |||||||
Operating margin | |||||||||||||
Aeronautics | 10.6 | % | 10.5 | % | |||||||||
Missiles and Fire Control | 15.1 | % | 17.7 | % | |||||||||
Rotary and Mission Systems | 10.0 | % | 10.1 | % | |||||||||
Space | 9.6 | % | 12.7 | % | |||||||||
Total business segment operating margin | 11.0 | % | 12.0 | % | |||||||||
Total consolidated operating margin | 13.6 | % | 15.9 | % | |||||||||
1 | In the first quarter of 2019, the corporation recognized a previously deferred non-cash gain of $51 million ($38 million, or $0.13 per share, after tax) related to properties sold in 2015 as a result of completing its remaining obligations. |
March 29, 2020 | Dec. 31, 2019 | ||||||||
(unaudited) | |||||||||
Assets | |||||||||
Current assets | |||||||||
Cash and cash equivalents | $ | 1,988 | $ | 1,514 | |||||
Receivables, net | 2,892 | 2,337 | |||||||
Contract assets | 10,189 | 9,094 | |||||||
Inventories | 3,539 | 3,619 | |||||||
Other current assets | 614 | 531 | |||||||
Total current assets | 19,222 | 17,095 | |||||||
Property, plant and equipment, net | 6,605 | 6,591 | |||||||
Goodwill | 10,565 | 10,604 | |||||||
Intangible assets, net | 3,142 | 3,213 | |||||||
Deferred income taxes | 3,164 | 3,319 | |||||||
Other noncurrent assets | 6,550 | 6,706 | |||||||
Total assets | $ | 49,248 | $ | 47,528 | |||||
Liabilities and equity | |||||||||
Current liabilities | |||||||||
Accounts payable | $ | 3,166 | $ | 1,281 | |||||
Contract liabilities | 7,205 | 7,054 | |||||||
Salaries, benefits and payroll taxes | 2,022 | 2,466 | |||||||
Current maturities of long-term debt and commercial paper | 1,250 | 1,250 | |||||||
Other current liabilities | 2,009 | 1,921 | |||||||
Total current liabilities | 15,652 | 13,972 | |||||||
Long-term debt, net | 11,439 | 11,404 | |||||||
Accrued pension liabilities | 13,078 | 13,234 | |||||||
Other noncurrent liabilities | 5,592 | 5,747 | |||||||
Total liabilities | 45,761 | 44,357 | |||||||
Stockholders’ equity | |||||||||
Common stock, $1 par value per share | 279 | 280 | |||||||
Additional paid-in capital | — | — | |||||||
Retained earnings | 18,708 | 18,401 | |||||||
Accumulated other comprehensive loss | (15,541 | ) | (15,554 | ) | |||||
Total stockholders’ equity | 3,446 | 3,127 | |||||||
Noncontrolling interests in subsidiary | 41 | 44 | |||||||
Total equity | 3,487 | 3,171 | |||||||
Total liabilities and equity | $ | 49,248 | $ | 47,528 | |||||
Quarters Ended | ||||||||
March 29, 2020 | March 31, 2019 | |||||||
Operating activities | ||||||||
Net earnings | $ | 1,717 | $ | 1,704 | ||||
Adjustments to reconcile net earnings to net cash provided by operating activities | ||||||||
Depreciation and amortization | 301 | 277 | ||||||
Stock-based compensation | 42 | 37 | ||||||
Gain on property sale | — | (51 | ) | |||||
Changes in assets and liabilities | ||||||||
Receivables, net | (555 | ) | (389 | ) | ||||
Contract assets | (1,095 | ) | (1,025 | ) | ||||
Inventories | 80 | (288 | ) | |||||
Accounts payable | 1,894 | 744 | ||||||
Contract liabilities | 151 | 305 | ||||||
Postretirement benefit plans | (39 | ) | 278 | |||||
Income taxes | 167 | 243 | ||||||
Other, net | (349 | ) | (172 | ) | ||||
Net cash provided by operating activities | 2,314 | 1,663 | ||||||
Investing activities | ||||||||
Capital expenditures | (293 | ) | (284 | ) | ||||
Other, net | (2 | ) | 27 | |||||
Net cash used for investing activities | (295 | ) | (257 | ) | ||||
Financing activities | ||||||||
Dividends paid | (693 | ) | (638 | ) | ||||
Repurchases of common stock | (756 | ) | (281 | ) | ||||
Repayments of commercial paper, net | — | (200 | ) | |||||
Other, net | (96 | ) | (68 | ) | ||||
Net cash used for financing activities | (1,545 | ) | (1,187 | ) | ||||
Net change in cash and cash equivalents | 474 | 219 | ||||||
Cash and cash equivalents at beginning of period | 1,514 | 772 | ||||||
Cash and cash equivalents at end of period | $ | 1,988 | $ | 991 |
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Stockholders’ Equity | Noncontrolling Interests in Subsidiary | Total Equity | |||||||||||||||||||||||
Balance at Dec. 31, 2019 | $ | 280 | $ | — | $ | 18,401 | $ | (15,554 | ) | $ | 3,127 | $ | 44 | $ | 3,171 | ||||||||||||||
Net earnings | — | — | 1,717 | — | 1,717 | — | 1,717 | ||||||||||||||||||||||
Other comprehensive income, net of tax1 | — | — | — | 13 | 13 | — | 13 | ||||||||||||||||||||||
Repurchases of common stock | (2 | ) | (29 | ) | (733 | ) | — | (764 | ) | — | (764 | ) | |||||||||||||||||
Dividends declared2 | — | — | (677 | ) | — | (677 | ) | — | (677 | ) | |||||||||||||||||||
Stock-based awards, ESOP activity and other | 1 | 29 | — | — | 30 | — | 30 | ||||||||||||||||||||||
Net decrease in noncontrolling interests in subsidiary | — | — | — | — | — | (3 | ) | (3 | ) | ||||||||||||||||||||
Balance at March 29, 2020 | $ | 279 | $ | — | $ | 18,708 | $ | (15,541 | ) | $ | 3,446 | $ | 41 | $ | 3,487 | ||||||||||||||
1 | Primarily represents the reclassification adjustment for the recognition of prior period amounts related to pension and other postretirement benefit plans. | ||||||||||||||||||||||||||||
2 | Represents dividends of $2.40 per share declared for the first quarter of 2020. |
2020 Outlook | 2019 Actual | ||||||||
Total FAS expense and CAS costs | |||||||||
FAS pension income (expense)1 | $ | 115 | $ | (1,093 | ) | ||||
Less: CAS pension cost | 1,975 | 2,565 | |||||||
Net FAS/CAS pension adjustment | $ | 2,090 | $ | 1,472 | |||||
Service and non-service cost reconciliation | |||||||||
FAS pension service cost | $ | (100 | ) | $ | (516 | ) | |||
Less: CAS pension cost | 1,975 | 2,565 | |||||||
FAS/CAS operating adjustment | 1,875 | 2,049 | |||||||
Non-operating FAS pension income (cost)2 | 215 | (577 | ) | ||||||
Net FAS/CAS pension adjustment | $ | 2,090 | $ | 1,472 | |||||
1 | The corporation projects FAS pension income in 2020, compared to FAS pension expense in 2019, as a result of completing the planned freeze of its salaried pension plans effective Jan. 1, 2020 that was previously announced on July 1, 2014. The corporation’s FAS pension expense is comprised of service cost, interest cost, expected return on plan assets, amortization of prior service credit, and amortization of actuarial losses. The service cost and amortization of actuarial losses components of FAS pension expense are significantly lower due to the freeze. As a result, the expected return on plan assets and amortization of prior service credit exceed all other FAS pension expense components in 2020. For additional information regarding the corporation’s FAS pension expense or income and CAS pension cost, see the corporation’s Annual Report on Form 10-K for the year ended Dec. 31, 2019. | ||||||||
2 | The corporation records the non-service cost components of net periodic benefit cost as part of other non-operating income (expense) 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 total non-service income (cost) for its qualified defined benefit pension plans in the table above, along with non-service cost for its other postretirement benefit plans of $30 million, to total non-service credit of $185 million for 2020. The corporation recorded non-service cost for its other postretirement benefit plans of $116 million in 2019, in addition to its total non-service cost for its qualified defined benefit pension plans in the table above, for a total of $693 million in 2019. |
Backlog | March 29, 2020 | Dec. 31, 2019 | ||||||
Aeronautics | $ | 52,886 | $ | 55,636 | ||||
Missiles and Fire Control | 27,070 | 25,796 | ||||||
Rotary and Mission Systems | 37,484 | 34,296 | ||||||
Space | 26,680 | 28,253 | ||||||
Total backlog | $ | 144,120 | $ | 143,981 |
Quarters Ended | |||||||
Aircraft Deliveries | March 29, 2020 | March 31, 2019 | |||||
F-35 | 22 | 26 | |||||
C-130J | 3 | 5 | |||||
C-5 | — | — | |||||
Government helicopter programs | 13 | 15 | |||||
Commercial helicopter programs | — | — | |||||
International military helicopter programs | 2 | 2 |
Number of Weeks in Reporting Period | 2020 | 2019 | ||||
First quarter | 13 | 13 | ||||
Second quarter | 13 | 13 | ||||
Third quarter | 13 | 13 | ||||
Fourth quarter | 13 | 13 |