Lockheed Martin 1998 Annual Report Download - page 32

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30
Lockheed Martin Corporation
December 31,
(In millions) 1998 1997
Assets
Current assets:
Cash and cash equivalents $ 285 $ —
Receivables 4,178 5,009
Inventories 4,293 3,144
Deferred income taxes 1,109 1,256
Other current assets 746 696
Total current assets 10,611 10,105
Property, plant and equipment 3,513 3,669
Intangible assets related to contracts and programs acquired 1,418 1,566
Cost in excess of net assets acquired 9,521 9,856
Other assets 3,681 3,165
$28,744 $28,361
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 1,382 $ 1,234
Customer advances and amounts in excess of costs incurred 4,012 3,644
Salaries, benefits and payroll taxes 842 924
Income taxes 553 364
Short-term borrowings 1,043 494
Current maturities of long-term debt 886 876
Other current liabilities 1,549 1,653
Total current liabilities 10,267 9,189
Long-term debt 8,957 10,528
Post-retirement benefit liabilities 1,903 1,993
Other liabilities 1,480 1,475
Stockholders’ equity:
Common stock, $1 par value per share 393 194
Additional paid-in capital 70 25
Retained earnings 5,856 5,173
Unearned ESOP shares (182) (216)
Total stockholders’ equity 6,137 5,176
$28,744 $28,361
See accompanying Notes to Consolidated Financial Statements.
CONSOLIDATED BALANCE SHEET