Statement of Comprehensive Income
Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
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- Income Statement
- Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
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Lockheed Martin Corp., consolidated statement of comprehensive income
US$ in millions
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).
- Net Earnings
- The net earnings demonstrate a fluctuating trend over the five-year period. Starting at 6,833 million US dollars in 2020, earnings declined in the subsequent years to 6,315 million in 2021 and further to 5,732 million in 2022. A recovery occurred in 2023, with net earnings rising to 6,920 million, followed by a notable drop to 5,336 million in 2024. Overall, the data reflects volatility with declines in the early and final years flanking a temporary recovery.
- Net Actuarial Gain (Loss) from Plan Remeasurements, Net of Tax
- Significant variability is observed in net actuarial gains and losses. The company experienced a substantial loss of 1,067 million in 2020, which reversed sharply in 2021 to a gain of 3,404 million. Gains moderated in 2022 to 1,873 million but swung back to a loss of 689 million in 2023, before returning to a gain of 340 million in 2024. This volatility indicates fluctuating actuarial assumptions or changes in pension obligations.
- Amortization of Actuarial Losses and Prior Service Credits, Net of Tax
- This item remained relatively stable in the initial two years, with 440 million and 477 million in 2020 and 2021 respectively, before sharply declining to 69 million in 2022 and turning negative at -149 million in 2023. In 2024, it rebounded modestly to 76 million. The shift to a negative value in 2023 may indicate a charge or reversal related to pension cost amortization.
- Pension Settlement Charge, Net of Tax
- The pension settlement charge appeared only in 2021 and 2022 with significant amounts of 1,310 million and 1,156 million respectively, while absent in other years. These substantial charges suggest settlement events occurring in those years, impacting pension liabilities and resulting in material one-time costs.
- Postretirement Benefit Plans
- Postretirement benefit plan values show a similar pattern to actuarial gains and losses, with a loss of 627 million in 2020, a sharp swing to a gain of 5,191 million in 2021, followed by a reduced gain of 3,098 million in 2022. In 2023, the line again turned negative at -838 million before recovering to 416 million in 2024. This variability reflects changes in postretirement plan valuations and assumptions.
- Other, Net, Net of Tax
- Other comprehensive income components are relatively minor in magnitude but fluctuate between positive and negative values. Starting with a gain of 60 million in 2020, shifting to negative figures in 2021 and 2022 (-76 million and -115 million), recovering to 58 million in 2023, and turning negative again at -65 million in 2024, indicating inconsistent minor adjustments unrelated to pension or actuarial items.
- Other Comprehensive Income (Loss), Net of Tax
- Reflecting the pension-related and other components, comprehensive income (loss) exhibits strong volatility. The item moved from a loss of 567 million in 2020 to a significant gain of 5,115 million in 2021, then reduced gains of 2,983 million in 2022, a loss of 780 million in 2023, and a gain of 351 million in 2024. This pattern closely follows fluctuations seen in pension-related items, substantially impacting overall comprehensive income.
- Comprehensive Income
- Comprehensive income broadly mirrors net earnings but with more pronounced fluctuations, particularly in 2021 where it more than doubled to 11,430 million, driven largely by favorable actuarial and postretirement plan remeasurements. It decreased in 2022 to 8,715 million and then declined notably in 2023 to 6,140 million, falling further to 5,687 million in 2024. The variations highlight the significant influence of pension and actuarial factors on the company's total comprehensive financial performance.