Balance Sheet: Liabilities and Stockholders’ Equity

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.

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

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Accounts payable	2,222)	2,312)	2,117)	780)	880)
Salaries, benefits and payroll taxes	3,125)	3,133)	3,075)	3,108)	3,163)
Contract liabilities	9,795)	9,190)	8,488)	8,107)	7,545)
Current maturities of long-term debt	643)	168)	118)	6)	500)
Other current liabilities	3,635)	2,134)	2,089)	1,996)	1,845)
Current liabilities	19,420)	16,937)	15,887)	13,997)	13,933)
Long-term debt, net, excluding current portion	19,627)	17,291)	15,429)	11,670)	11,669)
Accrued pension liabilities	4,791)	6,162)	5,472)	8,319)	12,874)
Other noncurrent liabilities	5,446)	5,231)	6,826)	5,928)	6,196)
Noncurrent liabilities	29,864)	28,684)	27,727)	25,917)	30,739)
Total liabilities	49,284)	45,621)	43,614)	39,914)	44,672)
Common stock, $1 par value per share	234)	240)	254)	271)	279)
Additional paid-in capital	—)	—)	92)	94)	221)
Retained earnings	14,551)	15,398)	16,943)	21,600)	21,636)
Accumulated other comprehensive loss	(8,452)	(8,803)	(8,023)	(11,006)	(16,121)
Stockholders’ equity	6,333)	6,835)	9,266)	10,959)	6,015)
Noncontrolling interests in subsidiary	—)	—)	—)	—)	23)
Total equity	6,333)	6,835)	9,266)	10,959)	6,038)
Total liabilities and equity	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).

Accounts Payable: Accounts payable decreased from 880 million USD in 2020 to 780 million USD in 2021, followed by a sharp increase to 2,117 million USD in 2022. It continued rising to 2,312 million USD in 2023 before slightly declining to 2,222 million USD in 2024, indicating increased short-term obligations in recent years.
Salaries, Benefits, and Payroll Taxes: This expense category remained relatively stable over the five-year period, fluctuating slightly around the 3,100 million USD mark, with a minor decline to 3,075 million USD in 2022 and a recovery thereafter. This suggests stable employee-related costs throughout.
Contract Liabilities: Contract liabilities showed a consistent upward trend, increasing steadily from 7,545 million USD in 2020 to 9,795 million USD in 2024. This reflects growth in obligations related to unfulfilled contract terms, possibly due to increased contract volume or length.
Current Maturities of Long-Term Debt: There was a significant reduction from 500 million USD in 2020 to 6 million USD in 2021, followed by a gradual increase to 643 million USD by 2024. The initial drop may indicate refinancing or repayment efforts, with subsequent increases reflecting debt scheduled for short-term repayment.
Other Current Liabilities: Other current liabilities increased moderately from 1,845 million USD in 2020 to 2,134 million USD in 2023 before sharply rising to 3,635 million USD in 2024, suggesting increased miscellaneous short-term obligations or accruals in the latest year.
Current Liabilities: Current liabilities remained fairly stable from 13,933 million USD in 2020 to 13,997 million USD in 2021, then increased consistently, reaching 19,420 million USD in 2024. This indicates growing short-term financial commitments.
Long-Term Debt, Net (Excluding Current Portion): This liability was stable at approximately 11,670 million USD in 2020 and 2021, then rose notably to 15,429 million USD in 2022, continuing upward to 19,627 million USD in 2024. The trend points to increased long-term borrowing over recent years.
Accrued Pension Liabilities: Pension liabilities decreased significantly from 12,874 million USD in 2020 to 8,319 million USD in 2021, declining further to 5,472 million USD in 2022. A slight increase occurred in 2023 to 6,162 million USD but then decreased again to 4,791 million USD in 2024, suggesting active management or changes in pension plan valuations.
Other Noncurrent Liabilities: Other noncurrent liabilities fluctuated moderately, declining from 6,196 million USD in 2020 to 5,928 million USD in 2021, then rising to 6,826 million USD in 2022, followed by a decline to 5,231 million USD in 2023 and a modest increase to 5,446 million USD in 2024, indicating variable long-term obligations.
Noncurrent Liabilities: Noncurrent liabilities decreased from 30,739 million USD in 2020 to 25,917 million USD in 2021, then increased steadily to 29,864 million USD by 2024, reflecting a recovery in longer-term obligations after an initial reduction.
Total Liabilities: Total liabilities declined from 44,672 million USD in 2020 to 39,914 million USD in 2021, then increased consistently to 49,284 million USD in 2024. This reveals an overall growth in total obligations following a temporary reduction.
Common Stock, $1 Par Value per Share: Common stock value decreased gradually from 279 million USD in 2020 to 234 million USD in 2024, indicating possible share repurchases or changes in capitalization structure.
Additional Paid-in Capital: Additional paid-in capital declined sharply from 221 million USD in 2020 to 94 million USD in 2021 and 92 million USD in 2022, with no data available for subsequent years, suggesting a decrease or restructuring related to equity financing.
Retained Earnings: Retained earnings remained stable near 21,600 million USD during 2020 and 2021, then decreased substantially to 16,943 million USD in 2022, followed by further declines to 14,551 million USD by 2024, indicating reduced cumulative profits or increased distributions.
Accumulated Other Comprehensive Loss: This comprehensive loss improved steadily from -16,121 million USD in 2020 to -8,452 million USD in 2024, signaling a reduction in other comprehensive losses, potentially from improved asset valuations or currency translation effects.
Stockholders’ Equity: Stockholders’ equity increased sharply from 6,015 million USD in 2020 to 10,959 million USD in 2021, then declined in following years to 6,333 million USD in 2024. This pattern suggests a significant equity event or gain in 2021, followed by declines possibly due to losses or dividends.
Noncontrolling Interests in Subsidiary: Data for noncontrolling interests was only present in 2020 at 23 million USD, with no subsequent data available, indicating either divestiture of interests or reclassification.
Total Equity: Total equity mirrored stockholders' equity trends, rising to 10,959 million USD in 2021 and declining to 6,333 million USD in 2024, reflecting changes in owner’s claims on assets.
Total Liabilities and Equity: The combined total of liabilities and equity increased slightly from 50,710 million USD in 2020 to a peak of 52,880 million USD in 2022, slightly declined to 52,456 million USD in 2023, and rose again to 55,617 million USD in 2024, indicating growth in the overall balance sheet size.

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Lockheed Martin Corp. (NYSE:LMT)

Balance Sheet: Liabilities and Stockholders’ Equity