Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Lockheed Martin Corp., consolidated balance sheet: assets

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Cash and cash equivalents	2,483)	1,442)	2,547)	3,604)	3,160)
Receivables, net	2,351)	2,132)	2,505)	1,963)	1,978)
Contract assets	12,957)	13,183)	12,318)	10,579)	9,545)
Inventories	3,474)	3,132)	3,088)	2,981)	3,545)
Other current assets	584)	632)	533)	688)	1,150)
Current assets	21,849)	20,521)	20,991)	19,815)	19,378)
Property, plant and equipment, net	8,726)	8,370)	7,975)	7,597)	7,213)
Goodwill	11,067)	10,799)	10,780)	10,813)	10,806)
Intangible assets, net	2,015)	2,212)	2,459)	2,706)	3,012)
Deferred income taxes	3,557)	2,953)	3,744)	2,290)	3,475)
Other noncurrent assets	8,403)	7,601)	6,931)	7,652)	6,826)
Noncurrent assets	33,768)	31,935)	31,889)	31,058)	31,332)
Total assets	55,617)	52,456)	52,880)	50,873)	50,710)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Cash and cash equivalents: The cash balance showed a fluctuating trend over the observed period. It increased from 3,160 million in 2020 to a peak of 3,604 million in 2021, then significantly declined to 1,442 million in 2023 before partially recovering to 2,483 million in 2024. This pattern suggests variability in liquidity management or cash generation capacity.
Receivables, net: Receivables remained relatively stable between 2020 and 2021, then increased notably to 2,505 million in 2022. A dip to 2,132 million occurred in 2023, followed by an increase to 2,351 million in 2024, indicating fluctuating customer credit or billing cycles.
Contract assets: Contract assets exhibited consistent growth from 9,545 million in 2020 to a high of 13,183 million in 2023, slightly decreasing to 12,957 million in 2024. This upward trend reflects increasing work-in-progress or unbilled receivables, suggesting expanding contract activity or revenues under long-term agreements.
Inventories: Inventories declined from 3,545 million in 2020 to 2,981 million in 2021, then gradually increased each subsequent year, reaching 3,474 million in 2024. This trend points toward initial inventory reduction followed by restocking or growth in inventory consistent with operational demands.
Other current assets: Other current assets decreased sharply from 1,150 million in 2020 to 533 million in 2022, followed by a slight recovery to 584 million in 2024. This reduction suggests a possible decline or utilization of miscellaneous current resources.
Current assets: Total current assets showed a general upward trend from 19,378 million in 2020 to 21,849 million in 2024, despite minor dips in interim years. This increase indicates overall strengthening of short-term asset base.
Property, plant and equipment, net: Net property, plant and equipment increased steadily year-over-year from 7,213 million in 2020 to 8,726 million in 2024, reflecting ongoing capital investments and asset growth.
Goodwill: Goodwill values were relatively stable, fluctuating slightly around 10,800 million, with a modest increase to 11,067 million by 2024, indicating minimal changes in acquisition-related intangible assets.
Intangible assets, net: Net intangible assets decreased consistently from 3,012 million in 2020 to 2,015 million in 2024, suggesting amortization or write-downs exceeding new additions.
Deferred income taxes: Deferred income taxes showed volatility, initially decreasing from 3,475 million in 2020 to 2,290 million in 2021, rising sharply to 3,744 million in 2022, followed by fluctuations in subsequent years. This variability may reflect changes in tax positions or timing differences.
Other noncurrent assets: Other noncurrent assets increased from 6,826 million in 2020 to 8,403 million in 2024, indicating accumulation of long-term miscellaneous assets over the period.
Noncurrent assets: Total noncurrent assets remained relatively stable around the 31,000 million mark until 2023, before increasing to 33,768 million in 2024. This growth correlates with increases in property, plant and equipment and other noncurrent assets.
Total assets: Total assets showed a gradual increase overall, moving from 50,710 million in 2020 to 55,617 million in 2024, despite minor fluctuations. This growth indicates an expanding asset base, supported by increases in both current and noncurrent assets.

Assets: Selected Items

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Current Assets: Selected Items

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Lockheed Martin Corp. (NYSE:LMT)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items