Microsoft Excel LibreOffice Calc

Lockheed Martin Corp. (LMT)


Adjustments to Financial Statements

High level of difficulty


Adjustments to Current Assets

Lockheed Martin Corp., adjusted current assets

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
As Reported
Current assets 16,103  17,461  15,108  16,198  12,329 
Adjustments
Less: Current deferred tax assets1 —  —  —  1,463  1,451 
After Adjustment
Adjusted current assets 16,103  17,461  15,108  14,735  10,878 

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).

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, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
As Reported
Total assets 44,876  46,521  47,806  49,128  37,073 
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1 1,084  557  667  679  709 
Less: Current deferred tax assets2 —  —  —  1,463  1,451 
Less: Noncurrent deferred tax assets3 3,208  3,111  6,625  4,470  4,013 
After Adjustment
Adjusted total assets 42,752  43,967  41,848  43,874  32,318 

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).

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, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
As Reported
Total liabilities 43,427  47,130  46,200  46,031  33,673 
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1 1,084  557  667  679  709 
Less: Noncurrent deferred tax liabilities (included in Other noncurrent liabilities)2 22  28  36  12 
After Adjustment
Adjusted total liabilities 44,489  47,659  46,831  46,702  34,370 

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).

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, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
As Reported
Stockholders’ equity (deficit) 1,394  (683) 1,511  3,097  3,400 
Adjustments
Less: Net deferred tax assets (liabilities)1 3,186  3,083  6,589  5,925  5,452 
Add: Noncontrolling interests in subsidiary 55  74  95  —  — 
After Adjustment
Adjusted stockholders’ equity (deficit) (1,737) (3,692) (4,983) (2,828) (2,052)

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).

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, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
As Reported
Current maturities of long-term debt and commercial paper 1,500  750  —  956  — 
Long-term debt, net, excluding current maturities 12,604  13,513  14,282  14,305  6,169 
Total reported debt 14,104  14,263  14,282  15,261  6,169 
Stockholders’ equity (deficit) 1,394  (683) 1,511  3,097  3,400 
Total reported capital 15,498  13,580  15,793  18,358  9,569 
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1 1,084  557  667  679  709 
Adjusted total debt 15,188  14,820  14,949  15,940  6,878 
Adjustments to Equity
Less: Net deferred tax assets (liabilities)2 3,186  3,083  6,589  5,925  5,452 
Add: Noncontrolling interests in subsidiary 55  74  95  —  — 
Adjusted stockholders’ equity (deficit) (1,737) (3,692) (4,983) (2,828) (2,052)
After Adjustment
Adjusted total capital 13,451  11,128  9,966  13,112  4,826 

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).

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

2 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, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
As Reported
Net earnings 5,046  2,002  5,302  3,605  3,614 
Adjustments
Add: Deferred income tax expense (benefit)1 (244) 3,433  (250) (445) (400)
Less: Net earnings from discontinued operations —  73  1,549  —  — 
Add: Other comprehensive income (loss), net of tax 626  (438) (658) 426  (2,269)
After Adjustment
Adjusted net earnings 5,428  4,924  2,845  3,586  945 

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).

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