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Analysis of Revenues
Difficulty: Advanced
Revenue Recognition Accounting Policy
The majority of Lockheed Martin’s net sales are generated from long-term contracts with the U.S. Government and international customers (including foreign military sales (FMS) contracted through the U.S. Government) for the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. Lockheed Martin provides the products and services under fixed-price and cost-reimbursable contracts.
Source: 10-K (filing date: 2019-02-08).
Revenues as Reported
Lockheed Martin Corp., Income Statement, Revenues
USD $ in millions
| 12 months ended | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||||||
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| Aeronautics | |
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| Information Systems & Global Solutions (IS&GS) | |
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| Missiles and Fire Control (MFC) | |
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| Rotary and Mission Systems (RMS) | |
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| Space | |
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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).
| Item | Description | The company |
|---|---|---|
| Net sales | Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). | Lockheed Martin Corp.’s net sales increased from 2016 to 2017 and from 2017 to 2018. |