Lockheed Martin Corp. (LMT)

Lockheed Martin records inventories at the lower of cost or estimated net realizable value. If events or changes in circumstances indicate that the utility of Lockheed Martin’s inventories have diminished through damage, deterioration, obsolescence, changes in price or other causes, a loss is recognized in the period in which it occurs. Lockheed Martin capitalizes labor, material, subcontractor and overhead costs as work-in-process for contracts where control has not yet passed to the customer. In addition, Lockheed Martin capitalizes costs incurred to fulfill a contract in advance of contract award in inventories as work-in-process if Lockheed Martin determines that contract award is probable. Lockheed Martin determines the costs of other product and supply inventories by using the first-in first-out or average cost methods.

Source: 10-K (filing date: 2019-02-08).

Lockheed Martin Corp., Statement of Financial Position, Inventory

USD $ in millions

		Dec 31, 2018		Dec 31, 2017		Dec 31, 2016		Dec 31, 2015		Dec 31, 2014
	Materials, spares and supplies
	Work-in-process
	Finished goods
	Other inventories
	Inventories
	Less: Customer advances and progress payments
	Inventories, net

Based on: 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-06), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-24), 10-K (filing date: 2015-02-09).