Lockheed Martin 2011 Annual Report Download - page 72

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Selected Financial Data by Business Segment (continued)
(In millions) 2011 2010
Assets (a)
Aeronautics $ 5,752 $ 5,231
Electronic Systems 10,480 9,925
Information Systems & Global Solutions 5,838 5,463
Space Systems 3,121 3,041
Total business segments 25,191 23,660
Corporate assets (b) 12,717 11,057
Assets of discontinued operation held for sale —396
Total $37,908 $35,113
Goodwill
Aeronautics $ 146 $ 148
Electronic Systems 5,760 5,601
Information Systems & Global Solutions 3,749 3,363
Space Systems 493 493
Total (c) $10,148 $ 9,605
Customer advances and amounts in excess of costs incurred
Aeronautics $ 2,443 $ 2,774
Electronic Systems 3,214 2,491
Information Systems & Global Solutions 350 284
Space Systems 392 341
Total $ 6,399 $ 5,890
(a) We have no significant long-lived assets located in foreign countries.
(b) Corporate assets primarily include cash and cash equivalents, short-term investments, deferred income taxes, environmental
receivables, and investments held in a Rabbi Trust.
(c) During 2011, the increase in goodwill primarily was due to the acquisition of QTC and Sim-Industries B.V. In 2010, goodwill
decreased primarily due to the sale of Enterprise Integration Group (EIG) and the reclassification of Pacific Architects and Engineers,
Inc.’s (PAE) assets and liabilities to discontinued operations in 2010 (Note 14).
Note 5 – Receivables, net
Receivables consisted of the following components:
(In millions) 2011 2010
U.S. Government
Amounts billed $ 1,273 $1,360
Unbilled costs and accrued profits 4,961 3,176
Less: customer advances and progress payments (1,086) (705)
Total U.S. Government receivables, net 5,148 3,831
Foreign governments and commercial
Amounts billed 396 461
Unbilled costs and accrued profits 774 1,649
Less: customer advances (254) (249)
Total foreign governments and commercial receivables, net 916 1,861
Total receivables, net $ 6,064 $5,692
We expect to bill substantially all of the December 31, 2011 unbilled costs and accrued profits during 2012.
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