Lockheed Martin 2003 Annual Report Download - page 72

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Lockheed Martin Corporation
CONSOLIDATED FINANCIAL DATA — FIVE YEAR SUMMARY
70
NOTES TO FIVE YEAR SUMMARY
(a) Includes the effects of items not considered in senior management’s assessment of the operating performance of the Corporation’s business segments (see the
section “Results of Operations” in Management’s Discussion and Analysis of Financial Condition and Results of Operations) which, on a combined basis,
decreased earnings from continuing operations before income taxes by $153 million, $102 million after tax ($0.22 per diluted share).
(b) Includes the effects of items not considered in senior management’s assessment of the operating performance of the Corporation’s business segments (see the
section “Results of Operations” in Management’s Discussion and Analysis of Financial Condition and Results of Operations) which, on a combined basis,
decreased earnings from continuing operations before income taxes by $1,112 million, $632 million after tax ($1.40 per diluted share). In 2002, the
Corporation adopted FAS 142 which prohibits the amortization of goodwill.
(c) Includes the effects of items not considered in senior management’s assessment of the operating performance of the Corporation’s business segments (see the
section “Results of Operations” in Management’s Discussion and Analysis of Financial Condition and Results of Operations) which, on a combined basis,
decreased earnings from continuing operations before income taxes by $973 million, $651 million after tax ($1.50 per diluted share). Also includes a gain
from the disposal of a business and charges for the Corporation’s exit from its global telecommunications services business which is included in discontinued
operations and which, on a combined basis, increased the net loss by $1 billion ($2.38 per diluted share).
(d) Reflects the business combination with COMSAT Corporation effective August 2000. Includes the effects of items not considered in senior management’s
assessment of the operating performance of the Corporation’s business segments which, on a combined basis, decreased earnings from continuing operations
before income taxes by $685 million, $951 million after tax ($2.36 per diluted share).
(e) Includes the effects of items not considered in senior management’s assessment of the operating performance of the Corporation’s business segments which,
on a combined basis, increased earnings from continuing operations before income taxes by $249 million, $162 million after tax ($0.42 per diluted share).
Also includes a cumulative effect adjustment relating to the adoption of SOP No. 98-5 regarding costs for start-up activities which resulted in a charge that
reduced net earnings by $355 million ($0.93 per diluted share).