Lockheed Martin 2015 Annual Report Download - page 96
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Selected Financial Data by Business Segment (continued)
Total assets and customer advances and amounts in excess of costs incurred for each of our business segments were as
follows (in millions):
2015 2014
Assets (a)
Aeronautics $ 6,618 $ 6,042
Information Systems & Global Solutions 4,206 4,268
Missiles and Fire Control 4,027 3,977
Mission Systems and Training 19,187 7,465
Space Systems 4,861 4,732
Total business segment assets 38,899 26,484
Corporate assets (b) 10,229 10,562
Total assets $49,128 $37,046
Customer advances and amounts in excess of costs incurred
Aeronautics $ 2,045 $ 2,191
Information Systems & Global Solutions 285 227
Missiles and Fire Control 1,766 1,803
Mission Systems and Training 2,415 1,148
Space Systems 477 406
Total customer advances and amounts in excess of costs incurred $ 6,988 $ 5,775
(a) We have no significant long-lived assets located in foreign countries.
(b) Corporate assets primarily include cash and cash equivalents, deferred income taxes, environmental receivables and investments held
in a separate trust.
Note 6 – Receivables, net
Receivables, net consisted of the following (in millions):
2015 2014
U.S. Government
Amounts billed $ 1,492 $ 1,434
Unbilled costs and accrued profits 5,734 4,577
Less: customer advances and progress payments (1,311) (1,012)
Total U.S. Government receivables, net 5,915 4,999
Other governments and commercial
Amounts billed 772 460
Unbilled costs and accrued profits 1,995 671
Less: customer advances (621) (253)
Total other governments and commercial receivables, net 2,146 878
Total receivables, net $ 8,061 $ 5,877
We expect to bill substantially all of the December 31, 2015 unbilled costs and accrued profits during 2016.
Note 7 – Inventories, net
Inventories, net consisted of the following (in millions):
2015 2014
Work-in-process, primarily related to long-term contracts and programs in progress $ 8,199 $ 6,731
Less: customer advances and progress payments (5,035) (4,701)
3,164 2,030
Other inventories 1,798 774
Total inventories, net $ 4,962 $ 2,804
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