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 | Did not manually investigate. |
Level 1 (Note level) Text Block concept | us-gaap:DebtDisclosureTextBlock |
Note 9 – Debt Our long-term debt consisted of the following (in millions):
In December 2012, we issued notes totaling $1.3 billion with a fixed interest rate of 4.07% maturing in December 2042 (the New Notes) in exchange for outstanding notes totaling $1.2 billion with interest rates ranging from 5.50% to 8.50% maturing in 2023 to 2040 (the Old Notes). In connection with the exchange, we paid a premium of $393 million, of which $225 million was paid in cash and $168 million was in the form of New Notes. This premium, in addition to $194 million in remaining unamortized discounts related to the Old Notes, will be amortized as additional interest expense over the term of the New Notes using the effective interest method. We may, at our option, redeem some or all of the New Notes at any time by paying the principal amount of notes being redeemed plus a make-whole premium and accrued and unpaid interest. Interest on the New Notes is payable on June 15 and December 15 of each year, beginning on June 15, 2013. The New Notes are unsecured senior obligations and rank equally in right of payment with all of our existing and future unsecured and unsubordinated indebtedness. In September 2011, we issued $2.0 billion of long-term notes in a registered public offering and in October 2011, we used a portion of the proceeds to redeem all of our $500 million long-term notes maturing in 2013. In 2011, we repurchased $84 million of our long-term notes through open-market purchases. We paid premiums of $48 million in connection with the early extinguishments of debt, which were recognized in other non-operating income (expense), net. At December 31, 2013 and 2012, we had in place with a group of banks a $1.5 billion revolving credit facility that expires in August 2016. We may request and the banks may grant, at their discretion, an increase to the credit facility by an additional amount up to $500 million. There were no borrowings outstanding under the credit facility through December 31, 2013. Borrowings under the credit facility would be unsecured and bear interest at rates based, at our option, on a Eurodollar rate or a Base Rate, as defined in the credit facility. Each bank’s obligation to make loans under the credit facility is subject to, among other things, our compliance with various representations, warranties and covenants, including covenants limiting our ability and certain of our subsidiaries’ ability to encumber assets and a covenant not to exceed a maximum leverage ratio, as defined in the credit facility. The leverage ratio covenant excludes the adjustments recognized in stockholders’ equity related to postretirement benefit plans. As of December 31, 2013, we were in compliance with all covenants contained in the credit facility, as well as in our debt agreements. We have agreements in place with financial institutions to provide for the issuance of commercial paper. There were no commercial paper borrowings outstanding during 2013 or 2012. If we were to issue commercial paper, the borrowings would be supported by the credit facility. In April 2013, we repaid $150 million of long-term notes with a fixed interest rate of 7.38% due to their scheduled maturities. During the next five years, we have scheduled long-term debt maturities of $952 million due in 2016. Interest payments were $340 million in 2013, $378 million in 2012, and $326 million in 2011. |
Level 4 (Note level) Text Block concept - Maturities of Long Term Debt | NOT FOUND |
NOT FOUND |
Level 4 (Note level) Text Block concept - Debt Instruments | us-gaap:ScheduleOfDebtTableTextBlock |
Our long-term debt consisted of the following (in millions):
|
Level 4 Details Key Concepts: Long-term Debt Maturities
Description | Fact value | US GAAP XBRL Concept |
---|---|---|
Year 1 (Current portion) | 0 | |
Year 2 | 0 | |
Year 3 | 952,000,000 | us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree |
Year 4 | 0 | |
Year 5 | 0 | |
Thereafter | 0 | |
Total Long-term Debt | 6,152,000,000 | us-gaap:LongTermDebt |
CHECK | 5,200,000,000 |
(Classified balance sheet) Deferred tax assets (liabilities), net components current/noncurrent asset/liability
Description | Fact value | US GAAP XBRL Concept |
---|---|---|
Current portion | 0 | |
Noncurrent portion | 6,152,000,000 | us-gaap:LongTermDebtNoncurrent |
Total Long-Term Debt | 6,152,000,000 | us-gaap:LongTermDebt |
CHECK | 0 |
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