It is the corporation's typical practice not to incorporate adjustments into its financial outlook for proposed acquisitions, divestitures, ventures, changes in law, or new accounting standards until such items have been consummated, enacted or adopted.
The net FAS/CAS pension adjustment increases or decreases CAS pension cost to equal total FAS pension expense (both service and non-service).The corporation's consolidated net adjustments not related to volume, including net profit booking rate adjustments, represented approximately 27 percent of total segment operating profit for both second quarter of 2020 and second quarter of 2019.This news release contains the following non-generally accepted accounting principles (non-GAAP) financial measures (as defined by U.S. Securities and Exchange Commission (SEC) Regulation G). You can count on us. Learn about our national research and development operations centre for our current research portfolio in Australia.
Conversely, conditions on a particular contract may deteriorate, resulting in an increase in the estimated total costs to fulfill the performance obligations and a reduction in the profit booking rate. Actual results may differ materially due to factors such as:The corporation's actual financial results likely will be different from those projected due to the inherent nature of projections.
In addition, comparability of the corporation's segment sales, operating profit and operating margin may be impacted favorably or unfavorably by changes in profit booking rates on the corporation's contracts for which it recognizes revenue over time using the percentage-of-completion cost-to-cost method to measure progress towards completion. Increases or decreases in profit booking rates are recognized in the current period and reflect the inception-to-date effect of such changes.This news release contains statements that, to the extent they are not recitations of historical fact, constitute forward-looking statements within the meaning of the federal securities laws, and are based on Lockheed Martin's current expectations and assumptions. The rates for both periods benefited from the research and development tax credit, tax deductions for foreign derived intangible income, dividends paid to the corporation's defined contribution plans with an employee stock ownership plan feature, and tax deductions for employee equity awards.The corporation's cash activities in the second quarter of 2020 included the following:Total equity earnings recognized by Space from equity method investments (primarily ULA) represented approximately $10 million, or 4 percent of Space's operating profit in the second quarter of 2020, compared to approximately $15 million, or 5 percent in the second quarter of 2019.Business segment operating profit represents operating profit from the corporation's business segments before unallocated income and expense. STELaRLab. Actual results may differ materially from those projected. When millions of people are counting on you.
While management believes that these non-GAAP financial measures may be useful in evaluating the financial performance of the corporation, this information should be considered supplemental and is not a substitute for financial information prepared in accordance with GAAP. Operating profit of the corporation's business segments includes the corporation's share of earnings or losses from equity method investees as the operating activities of the investees are closely aligned with the operations of its business segments.The corporation's effective income tax rate was 17.1 percent in the second quarter of 2020, compared to 15.6 percent in the second quarter of 2019.
Actual results may differ materially due to factors such as:Changes in net sales and operating profit generally are expressed in terms of volume.
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