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
|
|
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).
Adjustments to Total Assets
Lockheed Martin Corp., adjusted total assets
US$ in millions
|
|
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).
Adjustments to Total Liabilities
Lockheed Martin Corp., adjusted total liabilities
US$ in millions
|
|
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 |
8 |
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
|
|
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).
Adjustments to Capitalization Table
Lockheed Martin Corp., adjusted capitalization table
US$ in millions
|
|
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
|
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).
