We need to calculate a reasonable approximation (or exact number if possible) of a financial metric. Basing your judgment by information plainly provided in the balance sheet and the P&L statement, what is Lockheed Martin's FY2020 asset turnover ratio? Asset turnover ratio is defined as: FY2020 revenue / (average total assets between FY2019 and FY2020). Round your answer to two decimal places.
Table of Contents
Lockheed Martin Corporation
Consolidated Statements of Earnings
(in millions, except per share data)
 
 
Years Ended December 31,
2020
2019
2018
Net sales
Products
$
54,928 
$
50,053 
$
45,005 
Services
10,470 
9,759 
8,757 
Total net sales
65,398 
59,812 
53,762 
Cost of sales
Products
(48,996)
(44,589)
(40,293)
Services
(9,371)
(8,731)
(7,738)
Severance charges
(27)
 
(96)
Other unallocated, net
1,650 
1,875 
1,639 
Total cost of sales
(56,744)
(51,445)
(46,488)
Gross profit
8,654 
8,367 
7,274 
Other (expense) income, net
(10)
178 
60 
Operating profit
8,644 
8,545 
7,334 
Interest expense
(591)
(653)
(668)
Other non-operating income (expense), net
182 
(651)
(828)
Earnings from continuing operations before income taxes
8,235 
7,241 
5,838 
Income tax expense
(1,347)
(1,011)
(792)
Net earnings from continuing operations
6,888 
6,230 
5,046 
Net loss from discontinued operations
(55)
 
 
Net earnings
$
6,833 
$
6,230 
$
5,046 
 
Earnings (loss) per common share
Basic
Continuing operations
$
24.60 
$
22.09 
$
17.74 
Discontinued operations
(0.20)
 
 
Basic earnings per common share
$
24.40 
$
22.09 
$
17.74 
Diluted
Continuing operations
$
24.50 
$
21.95 
$
17.59 
Discontinued operations
(0.20)
 
 
Diluted earnings per common share
$
24.30 
$
21.95 
$
17.59 
The accompanying notes are an integral part of these consolidated financial statements.
67
1.33
The metric in question was calculated using other simpler metrics. The various simpler metrics (from the current and, if relevant, previous fiscal year(s)) used were:

Metric 1: Total revenue. This metric was located in the 10K as a single line item named: Total net sales.

Metric 2: Total assets. This metric was located in the 10K as a single line item named: Total assets.