Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Lockheed Martin Corp. (NYSE:LMT)

Adjustments to Financial Statements

Advanced level

Adjustments to Current Assets

Lockheed Martin Corp., adjusted current assets

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Current assets 17,095  16,103  17,461  15,108  16,198 
Adjustments
Less: Current deferred tax assets1 —  —  —  —  1,463 
After Adjustment
Adjusted current assets 17,095  16,103  17,461  15,108  14,735 

Based on: 10-K (filing date: 2020-02-07), 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).

1 Current deferred tax assets. See details »


Adjustments to Total Assets

Lockheed Martin Corp., adjusted total assets

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Total assets 47,528  44,876  46,521  47,806  49,128 
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1 —  1,084  557  667  679 
Less: Current deferred tax assets2 —  —  —  —  1,463 
Less: Noncurrent deferred tax assets3 3,319  3,208  3,111  6,625  4,470 
After Adjustment
Adjusted total assets 44,209  42,752  43,967  41,848  43,874 

Based on: 10-K (filing date: 2020-02-07), 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).

1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

2 Current deferred tax assets. See details »

3 Noncurrent deferred tax assets. See details »


Adjustments to Total Liabilities

Lockheed Martin Corp., adjusted total liabilities

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Total liabilities 44,357  43,427  47,130  46,200  46,031 
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1 —  1,084  557  667  679 
Less: Noncurrent deferred tax liabilities (included in Other noncurrent liabilities)2 12  22  28  36 
After Adjustment
Adjusted total liabilities 44,345  44,489  47,659  46,831  46,702 

Based on: 10-K (filing date: 2020-02-07), 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).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Noncurrent deferred tax liabilities (included in Other noncurrent liabilities). See details »


Adjustments to Stockholders’ Equity

Lockheed Martin Corp., adjusted stockholders’ equity (deficit)

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Stockholders’ equity (deficit) 3,127  1,394  (683) 1,511  3,097 
Adjustments
Less: Net deferred tax assets (liabilities)1 3,307  3,186  3,083  6,589  5,925 
Add: Noncontrolling interests in subsidiary 44  55  74  95  — 
After Adjustment
Adjusted total equity (deficit) (136) (1,737) (3,692) (4,983) (2,828)

Based on: 10-K (filing date: 2020-02-07), 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).

1 Net deferred tax assets (liabilities). See details »


Adjustments to Capitalization Table

Lockheed Martin Corp., adjusted capitalization table

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Current maturities of long-term debt and commercial paper 1,250  1,500  750  —  956 
Long-term debt, net, excluding current maturities 11,404  12,604  13,513  14,282  14,305 
Total reported debt 12,654  14,104  14,263  14,282  15,261 
Stockholders’ equity (deficit) 3,127  1,394  (683) 1,511  3,097 
Total reported capital 15,781  15,498  13,580  15,793  18,358 
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1 —  1,084  557  667  679 
Add: Current operating lease liabilities2 245  —  —  —  — 
Add: Noncurrent operating lease liabilities3 855  —  —  —  — 
Adjusted total debt 13,754  15,188  14,820  14,949  15,940 
Adjustments to Equity
Less: Net deferred tax assets (liabilities)4 3,307  3,186  3,083  6,589  5,925 
Add: Noncontrolling interests in subsidiary 44  55  74  95  — 
Adjusted total equity (deficit) (136) (1,737) (3,692) (4,983) (2,828)
After Adjustment
Adjusted total capital 13,618  13,451  11,128  9,966  13,112 

Based on: 10-K (filing date: 2020-02-07), 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).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Current operating lease liabilities. See details »

3 Noncurrent operating lease liabilities. See details »

4 Net deferred tax assets (liabilities). See details »


Adjustments to Reported Income

Lockheed Martin Corp., adjusted net earnings

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended: Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Net earnings 6,230  5,046  2,002  5,302  3,605 
Adjustments
Add: Deferred income tax expense (benefit)1 222  (244) 3,433  (250) (445)
Less: Net earnings from discontinued operations —  —  73  1,549  — 
Add: Other comprehensive income (loss), net of tax (1,233) 626  (438) (658) 426 
After Adjustment
Adjusted net earnings 5,219  5,428  4,924  2,845  3,586 

Based on: 10-K (filing date: 2020-02-07), 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).

1 Deferred income tax expense (benefit). See details »