Lockheed Martins Financial Statement
Lockheed Martins is a multi-billion dollar company and its financials are extremely complex. The following is a high-level overview of the corporation’s financial situation. The overview includes the identification of the organization’s primary financial resources (sales, investments, and credit), a review of the management of its financial resources, summary of its financial performance, a description of how to obtain financial information, and a brief analyze and recommendation for future financial growth.
Primarily, the corporation obtains financial resources from the sales of products and services. As outlined in the 2015 Annual Report, over the past few years, Sales have steadily increased from 2013 (with $ 45 billion) to 2015 (with
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In 2015, the corporation earned 30 million due to the sale of an investment. This is a $24 million increase from the prior year. In addition, Lockheed Martin also receives earnings from equity method investees.
Even though the corporation has substantial earnings from sales and investments, Lockheed Martin also obtains additional revenue when needed from revolving credit facilities, notes, and commercial paper. As defined in the International Dictionary of Finance, revolving credit is a loan that is renewed as it is repaid and can be used repeatedly. A note, is a written acknowledgement of a debt that can repaid with paper money or a type of security. Commercial paper is an unsecured note issued by companies for short-term borrowing purposes.
Lockheed Martin management is responsible for establishing and maintaining adequate internal control over the corporation’s financial resources and reporting. Accordingly, management created an internal control system that was designed to provide reasonable assurance to management and the board of directors regarding the reliability of financial reporting and statements. Management conducted an assessment of the effectiveness of the internal control based on the criteria set forth by the Committee of Sponsoring Organization or the Treadway Commission in Internal Control. Based on that assessment, management has determined that the internal controls are effective. In addition, Lockheed Martin’s independent registered public accounting firm has also reviewed the internal controls and also found them to be
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