Analysis: Deferred Assets and Liabilities, Net

Entity Registrant Name LOCKHEED MARTIN CORP
CIK 0000936468
Accession number 0001193125-14-055034
Link to XBRL instance http://www.sec.gov/Archives/edgar/data/936468/000119312514055034/lmt-20131231.xml
Fiscal year end --12-31
Fiscal year focus 2013
Fiscal period focus FY
Current balance sheet date 2013-12-31
Current year-to-date income statement start date 2013-01-01
Commentary Conforms with all rules.
Level 3 Text Block concept us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock

The primary components of our federal and foreign deferred income tax assets and liabilities at December 31 were as follows (in millions):

 

      2013        2012         

Deferred tax assets related to:

        

Accrued compensation and benefits

    $ 918         $ 909          

Pensions (a)

      3,198           5,117          

Other postretirement benefit obligations

      316           433          

Contract accounting methods

      721           853          

Foreign company operating losses and credits

      52           34          

Other

      223           284          

Valuation allowance (b)

      (8 )         (8)         

Deferred tax assets, net

      5,420           7,622          

Deferred tax liabilities related to:

        

Goodwill and purchased intangibles

      410           402          

Property, plant, and equipment

      575           604          

Exchanged debt securities and other (c)

      502           544          

Deferred tax liabilities

      1,487           1,550          

Net deferred tax assets (d)

    $     3,933         $     6,072          

 

(a) 

The decrease in 2013 was primarily due to using a higher discount rate for the annual measurement adjustment related to our postretirement benefit plans (Note 10).
(b) 

A valuation allowance has been provided against certain foreign company deferred tax assets arising from carryforwards of unused tax benefits.
(c) 

Includes deferred taxes associated with the exchange of debt securities in 2012 (Note 9) and prior years.
(d) 

Includes net foreign current deferred tax liabilities, which are included on the Balance Sheets in other current liabilities.

Level 4 Details Key Concepts: Deferred tax assets (liabilities)

Description Fact value US GAAP XBRL Concept
Deferred tax assets, gross 0
Valuation allowance -8,000,000 us-gaap:DeferredTaxAssetsValuationAllowance
Deferred tax assets, net 5,420,000,000 us-gaap:DeferredTaxAssetsNet
Deferred tax liabilities -1,487,000,000 us-gaap:DeferredTaxLiabilities
Deferred tax assets (liabilities), net 3,933,000,000 us-gaap:DeferredTaxAssetsLiabilitiesNet
CHECK 0

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(Classified balance sheet) Deferred tax assets (liabilities), net components current/noncurrent asset/liability

Description Fact value US GAAP XBRL Concept
Deferred tax assets, net, current 1,088,000,000 us-gaap:DeferredTaxAssetsNetCurrent
Deferred tax assets, net, noncurrent 2,850,000,000 us-gaap:DeferredTaxAssetsNetNoncurrent
Deferred tax liabilities, net, current 0
Deferred tax liabilities, net, noncurrent 0 us-gaap:DeferredTaxLiabilities
Deferred tax assets (liabilities), net 3,933,000,000 us-gaap:DeferredTaxAssetsLiabilitiesNet
CHECK 0

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(Unclassified balance sheet) Deferred tax assets (liabilities), net components asset/liability

Description Fact value US GAAP XBRL Concept
Deferred tax assets 5,420,000,000 us-gaap:DeferredTaxAssetsNetCurrent
Deferred tax liabilities, net -1,487,000,000 us-gaap:DeferredTaxLiabilities
Deferred tax assets (liabilities), net 3,933,000,000 us-gaap:DeferredTaxAssetsLiabilitiesNet
CHECK 0

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