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Analysis of Inventory
Inventory Accounting Policy
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|
|Less: Customer advances and progress payments|
|Inventories, net||Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer.||Lockheed Martin Corp.’s inventories, net declined from 2016 to 2017 and from 2017 to 2018.|