Lockheed Martin 2008 Annual Report Download - page 10

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LOCKHEED MARTIN CORPORATION
FORM 10-K
For the Fiscal Year Ended December 31, 2008
CONTENTS
Part I Page
Item 1 Business ........................................................................... 4
Item 1A Risk Factors ........................................................................ 18
Item 1B Unresolved Staff Comments ............................................................ 24
Item 2 Properties .......................................................................... 25
Item 3 Legal Proceedings .................................................................... 25
Item 4 Submission of Matters to a Vote of Security Holders ........................................ 26
Item 4(a) Executive Officers of the Registrant ..................................................... 26
Part II
Item 5 Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities ................................................................... 28
Item 6 Selected Financial Data ............................................................... 31
Item 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations .......... 33
Financial Section Roadmap ........................................................ 33
Industry Considerations ........................................................... 34
Critical Accounting Policies ........................................................ 38
Results of Operations ............................................................. 44
Discussion of Business Segments .................................................... 45
Liquidity and Cash Flows .......................................................... 51
Capital Structure and Resources ..................................................... 53
Contractual Commitments and Off-Balance Sheet Arrangements ........................... 55
Acquisition and Divestiture Activities ................................................ 57
Quantitative and Qualitative Disclosure of Market Risk .................................. 58
Recent Accounting Pronouncements ................................................. 59
Controls and Procedures ........................................................... 59
Item 7A Quantitative and Qualitative Disclosures About Market Risk .................................. 59
Item 8 Financial Statements and Supplementary Data ............................................. 60
Management’s Report on the Financial Statements and Internal Control Over Financial
Reporting .................................................................... 60
Report of Ernst & Young LLP, Independent Registered Public Accounting Firm, Regarding
Internal Control Over Financial Reporting .......................................... 61
Report of Ernst & Young LLP, Independent Registered Public Accounting Firm, on the Audited
Consolidated Financial Statements ................................................. 62
Consolidated Statement of Earnings ................................................. 63
Consolidated Balance Sheet ........................................................ 64
Consolidated Statement of Cash Flows ............................................... 65
Consolidated Statement of Stockholders’ Equity ........................................ 66
Notes to Consolidated Financial Statements ........................................... 67
1. Significant Accounting Policies ............................................... 67
2. Earnings Per Share ......................................................... 72
3. Other Income (Expense), Net ................................................. 73
4. Information on Business Segments ............................................ 73
2