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Lockheed Martin Corp. (LMT)


Balance Sheet: Liabilities and Stockholders’ Equity

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

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Lockheed Martin Corp., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

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Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Accounts payable 2,402  1,467  1,653  1,974  1,570 
Contract liabilities 6,491  6,752  6,776  6,988  5,790 
Salaries, benefits, and payroll taxes 2,122  1,785  1,764  1,916  1,826 
Current maturities of long-term debt and commercial paper 1,500  750  —  956  — 
Other current liabilities 1,883  1,883  2,349  2,223  1,926 
Current liabilities 14,398  12,637  12,542  14,057  11,112 
Long-term debt, net, excluding current maturities 12,604  13,513  14,282  14,305  6,169 
Accrued pension liabilities 11,410  15,703  13,855  11,807  11,413 
Other postretirement benefit liabilities 704  719  862  1,070  1,102 
Other noncurrent liabilities 4,311  4,558  4,659  4,792  3,877 
Noncurrent liabilities 29,029  34,493  33,658  31,974  22,561 
Total liabilities 43,427  47,130  46,200  46,031  33,673 
Common stock, $1 par value per share 281  284  289  303  314 
Additional paid-in capital —  —  —  —  — 
Retained earnings 15,434  11,573  13,324  14,238  14,956 
Accumulated other comprehensive loss (14,321) (12,540) (12,102) (11,444) (11,870)
Stockholders’ equity (deficit) 1,394  (683) 1,511  3,097  3,400 
Noncontrolling interests in subsidiary 55  74  95  —  — 
Total equity (deficit) 1,449  (609) 1,606  3,097  3,400 
Total liabilities and equity (deficit) 44,876  46,521  47,806  49,128  37,073 

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).

Balance sheet item Description The company
Current liabilities Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Lockheed Martin Corp.’s current liabilities increased from 2016 to 2017 and from 2017 to 2018.
Noncurrent liabilities Amount of obligation due after one year or beyond the normal operating cycle, if longer. Lockheed Martin Corp.’s noncurrent liabilities increased from 2016 to 2017 but then declined significantly from 2017 to 2018.
Total liabilities Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Lockheed Martin Corp.’s total liabilities increased from 2016 to 2017 but then declined significantly from 2017 to 2018.
Stockholders’ equity (deficit) Total of all stockholders’ equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity’s stockholders’ equity attributable to the parent excludes the amount of stockholders’ equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Lockheed Martin Corp.’s stockholders’ equity (deficit) declined from 2016 to 2017 but then increased from 2017 to 2018 not reaching 2016 level.