Lockheed Martin 2007 Annual Report Download - page 38

ITEM 6. SELECTED FINANCIAL DATA
Consolidated Financial Data—Five Year Summary
(In millions, except per share data and ratios) 2007(b) 2006(c) 2005(d) 2004(e) 2003(f)
OPERATING RESULTS (a)
Net sales $41,862 $39,620 $37,213 $35,526 $ 31,824
Cost of sales 37,628 36,186 34,676 33,558 29,848
4,234 3,434 2,537 1,968 1,976
Other income (expense), net 293 336 316 171 114
Operating profit 4,527 3,770 2,853 2,139 2,090
Interest expense 352 361 370 425 487
Other non-operating income (expense), net 193 183 133 (50) (71)
Earnings before income taxes 4,368 3,592 2,616 1,664 1,532
Income tax expense 1,335 1,063 791 398 479
Net earnings $ 3,033 $ 2,529 $ 1,825 $ 1,266 $ 1,053
EARNINGS PER COMMON SHARE
Basic $ 7.29 $ 5.91 $ 4.15 $ 2.86 $ 2.36
Diluted $ 7.10 $ 5.80 $ 4.10 $ 2.83 $ 2.34
CASH DIVIDENDS $ 1.47 $ 1.25 $ 1.05 $ 0.91 $ 0.58
CONDENSED BALANCE SHEET DATA
Cash and cash equivalents $ 2,648 $ 1,912 $ 2,244 $ 1,060 $ 1,010
Short-term investments 333 381 429 396 240
Other current assets 7,959 7,871 7,856 7,497 8,151
Property, plant and equipment, net 4,320 4,056 3,924 3,599 3,489
Goodwill 9,387 9,250 8,447 7,892 7,879
Purchased intangibles, net 463 605 560 672 807
Prepaid pension asset 313 235 1,360 1,030 1,213
Other assets 3,503 3,921 2,924 3,408 3,386
Total $28,926 $28,231 $27,744 $25,554 $ 26,175
Current maturities of long-term debt $ 104 $ 34 $ 202 $ 15 $ 136
Other current liabilities 9,767 9,519 9,226 8,551 8,757
Long-term debt, net 4,303 4,405 4,784 5,104 6,072
Accrued pension liabilities 1,192 3,025 2,097 1,660 1,100
Other postretirement benefit liabilities 928 1,496 1,277 1,236 1,440
Other liabilities 2,827 2,868 2,291 1,967 1,914
Stockholders’ equity 9,805 6,884 7,867 7,021 6,756
Total $28,926 $28,231 $27,744 $25,554 $ 26,175
COMMON SHARES AT YEAR-END 409 421 432 438 446
CASH FLOW DATA
Cash provided by operating activities $ 4,241 $ 3,783 $ 3,194 $ 2,924 $ 1,809
Cash used for investing activities (1,205) (1,655) (499) (708) (1,461)
Cash used for financing activities (2,300) (2,460) (1,511) (2,166) (2,076)
RETURN ON INVESTED CAPITAL(g) 21.4% 19.2% 14.5% 10.8% 9.6%
NEGOTIATED BACKLOG $76,660 $75,905 $74,825 $73,986 $ 76,899
Notes to Five Year Summary
(a) In 2007, we reclassified interest income and certain other debt-related expenses from Other income (expense), net to Other
non-operating income (expense), net on our Statement of Earnings. All amounts for prior periods in the table above have been
reclassified to conform to the 2007 presentation.
(b) Includes the effects of items not considered in the assessment of the operating performance of our business segments (see the section,
“Results of Operations – Unallocated Corporate Income (Expense), Net” in Management’s Discussion and Analysis of Financial
Condition and Results of Operations (MD&A)) which increased Operating profit by $71 million, $46 million after tax ($0.11 per
share). Also includes a reduction in Income tax expense of $59 million ($0.14 per share) resulting from the closure of Internal
Revenue Service examinations for the 2003 and 2004 tax years and claims we filed for additional extraterritorial income tax benefits
for years prior to 2005. On a combined basis, these items increased earnings by $105 million after tax ($0.25 per share).
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