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Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q 
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 28, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______
Commission file number: 1-11437 
LOCKHEED MARTIN CORPORATION
(Exact name of registrant as specified in its charter) 
Maryland 52-1893632
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer Identification No.)
6801 Rockledge Drive, Bethesda,Maryland 20817
(Address of principal executive offices) (Zip Code)
(301) 897-6000
(Registrant’s telephone number, including area code) 
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $1 par valueLMTNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non–accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b–2 of the Exchange Act.
Large accelerated filer Accelerated filer Non–accelerated filer Smaller reporting company Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
There were 279,542,050 shares of our common stock, $1 par value per share, outstanding as of July 14, 2020.

1

Table of Contents


Lockheed Martin Corporation
Form 10-Q
For the Quarterly Period Ended June 28, 2020
Table of Contents 
  Page
ITEM 1.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 6.

2

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PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
Lockheed Martin Corporation
Consolidated Statements of Earnings
(unaudited; in millions, except per share data)
 Quarters EndedSix Months Ended
June 28,
2020
June 30,
2019
June 28,
2020
June 30,
2019
Net sales
Products$13,572  $12,003  $26,738  $23,973  
Services2,648  2,424  5,133  4,790  
Total net sales16,220  14,427  31,871  28,763  
Cost of sales
Products(12,092) (10,674) (23,834) (21,299) 
Services(2,339) (2,194) (4,552) (4,241) 
Other unallocated, net424  434  819  958  
Total cost of sales(14,007) (12,434) (27,567) (24,582) 
Gross profit2,213  1,993  4,304  4,181  
Other (expense) income, net(127) 15  (96) 110  
Operating profit2,086  2,008  4,208  4,291  
Interest expense(149) (163) (297) (334) 
Other non-operating income (expense), net25  (162) 81  (329) 
Earnings before income taxes
1,962  1,683  3,992  3,628  
Income tax expense(336) (263) (649) (504) 
Net earnings$1,626  $1,420  $3,343  $3,124  
Earnings per common share 
Basic$5.81  $5.03  $11.92  $11.07  
Diluted$5.79  $5.00  $11.87  $11.00  
Cash dividends paid per common share$2.40  $2.20  $4.80  $4.40  
The accompanying notes are an integral part of these unaudited consolidated financial statements.

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Lockheed Martin Corporation
Consolidated Statements of Comprehensive Income
(unaudited; in millions)
 Quarters EndedSix Months Ended
 June 28,
2020
June 30,
2019
June 28,
2020
June 30,
2019
Net earnings$1,626  $1,420  $3,343  $3,124  
Other comprehensive income, net of tax
Recognition of previously deferred postretirement benefit
plan amounts
110  227  220  454  
Other, net28  28  (69) 28  
Other comprehensive income, net of tax138  255  151  482  
Comprehensive income$1,764  $1,675  $3,494  $3,606  
The accompanying notes are an integral part of these unaudited consolidated financial statements.

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Lockheed Martin Corporation
Consolidated Balance Sheets
(in millions, except par value)
June 28,
2020
December 31,
2019
(unaudited)
Assets
Current assets
Cash and cash equivalents$2,855  $1,514  
Receivables, net2,835  2,337  
Contract assets9,821  9,094  
Inventories3,521  3,619  
Other current assets538  531  
Total current assets19,570  17,095  
Property, plant and equipment, net6,663  6,591  
Goodwill10,579  10,604  
Intangible assets, net3,077  3,213  
Deferred income taxes3,127  3,319  
Other noncurrent assets6,587  6,706  
Total assets$49,603  $47,528  
Liabilities and equity
Current liabilities
Accounts payable$1,453  $1,281  
Contract liabilities7,481  7,054  
Salaries, benefits and payroll taxes2,488  2,466  
Current maturities of long-term debt500  1,250  
Other current liabilities2,966  1,921  
Total current liabilities14,888  13,972  
Long-term debt, net12,174  11,404  
Accrued pension liabilities12,921  13,234  
Other noncurrent liabilities5,834  5,747  
Total liabilities45,817  44,357  
Stockholders’ equity
Common stock, $1 par value per share
278  280  
Additional paid-in capital    
Retained earnings18,876  18,401  
Accumulated other comprehensive loss(15,403) (15,554) 
Total stockholders’ equity 3,751  3,127  
Noncontrolling interests in subsidiary35  44  
Total equity 3,786  3,171  
Total liabilities and equity$49,603  $47,528  
The accompanying notes are an integral part of these unaudited consolidated financial statements.

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Lockheed Martin Corporation
Consolidated Statements of Cash Flows
(unaudited; in millions)
 Six Months Ended
June 28,
2020
June 30,
2019
Operating activities
Net earnings$3,343  $3,124  
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization608  565  
Stock-based compensation115  104  
Equity method investment impairment128    
Gain on property sale   (51) 
Changes in assets and liabilities
Receivables, net(498) (102) 
Contract assets(727) (916) 
Inventories98  (602) 
Accounts payable191  237  
Contract liabilities427  275  
Postretirement benefit plans(77) 552  
Income taxes473  112  
Other, net415  33  
Net cash provided by operating activities4,496  3,331  
Investing activities
Capital expenditures(636) (533) 
Other, net4  25  
Net cash used for investing activities(632) (508) 
Financing activities
Dividends paid(1,364) (1,260) 
Repurchases of common stock(1,015) (500) 
Issuance of long-term debt, net of related costs1,131    
Repayments of current and long-term debt(1,150)   
Repayments of commercial paper, net  (600) 
Other, net(125) (68) 
Net cash used for financing activities(2,523) (2,428) 
Net change in cash and cash equivalents1,341  395  
Cash and cash equivalents at beginning of period1,514  772  
Cash and cash equivalents at end of period$2,855  $1,167  
The accompanying notes are an integral part of these unaudited consolidated financial statements.

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Lockheed Martin Corporation
Consolidated Statements of Equity
For the Quarters Ended June 28, 2020 and June 30, 2019
(unaudited; in millions)
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Stockholders’
Equity
Noncontrolling
Interests in
Subsidiary
Total
Equity
Balance at March 29, 2020$279  $  $18,708  $(15,541) $3,446  $41  $3,487  
Net earnings—  —  1,626  —  1,626  —  1,626  
Other comprehensive income, net of tax
—  —  —  138  138  —  138  
Repurchases of common stock(1) (168) (108) —  (277) —  (277) 
Dividends declared—  —  (1,350) —  (1,350) —  (1,350) 
Stock-based awards, ESOP activity and other
—  168  —  —  168  —  168  
Net decrease in noncontrolling interests in subsidiary
—  —  —  —  —  (6) (6) 
Balance at June 28, 2020$278  $  $18,876  $(15,403) $3,751  $35  $3,786  
Balance at March 31, 2019$281  $  $16,278  $(14,094) $2,465  $57  $2,522  
Net earnings—  —  1,420  —  1,420  —  1,420  
Other comprehensive income, net of tax
—  —  —  255  255  —  255  
Repurchases of common stock(1) (174) (41) —  (216) —  (216) 
Dividends declared—  —  (1,249) —  (1,249) —  (1,249) 
Stock-based awards, ESOP activity and other
1  174  —  —  175  —  175  
Net decrease in noncontrolling interests in subsidiary
—  —  —  —  —  (11) (11) 
Balance at June 30, 2019$281  $  $16,408  $(13,839) $2,850  $46  $2,896  
The accompanying notes are an integral part of these unaudited consolidated financial statements.

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Lockheed Martin Corporation
Consolidated Statements of Equity
For the Six Months Ended June 28, 2020 and June 30, 2019
(unaudited; in millions)
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Stockholders’
Equity
Noncontrolling
Interests in
Subsidiary
Total
Equity
Balance at December 31, 2019$280  $  $18,401  $(15,554) $3,127  $44  $3,171  
Net earnings—  —  3,343  —  3,343  —  3,343  
Other comprehensive income, net of tax
—  —  —  151  151  —  151  
Repurchases of common stock(3) (197) (841) —  (1,041) —  (1,041) 
Dividends declared—  —  (2,027) —  (2,027) —  (2,027) 
Stock-based awards, ESOP activity and other
1  197  —  —  198  —  198  
Net decrease in noncontrolling interests in subsidiary
—  —  —  —  —  (9) (9) 
Balance at June 28, 2020$278  $  $18,876  $(15,403) $3,751  $35  $3,786  
Balance at December 31, 2018$281  $  $15,434  $(14,321) $1,394  $55  $1,449  
Net earnings—  —  3,124  —  3,124  —  3,124  
Other comprehensive income, net of tax
—  —  —  482  482  —  482  
Repurchases of common stock(2) (220) (278) —  (500) —  (500) 
Dividends declared—  —  (1,872) —  (1,872) —  (1,872) 
Stock-based awards, ESOP activity and other
2  220  —  —  222  —  222  
Net decrease in noncontrolling interests in subsidiary
—  —  —  —  —  (9) (9) 
Balance at June 30, 2019$281  $  $16,408  $(13,839) $2,850  $46  $2,896  
The accompanying notes are an integral part of these unaudited consolidated financial statements.

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Lockheed Martin Corporation
Notes to Consolidated Financial Statements (unaudited)


NOTE 1 – BASIS OF PRESENTATION
We prepared these consolidated financial statements in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information, the instructions to Form 10-Q and Article 10 of U.S. Securities and Exchange Commission (SEC) Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements.
In the opinion of management, these consolidated financial statements reflect all adjustments that are of a normal recurring nature necessary for a fair presentation of our results of operations, financial condition, and cash flows for the interim periods presented. The preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We base these estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Our actual results may differ materially from these estimates. Significant estimates inherent in the preparation of our consolidated financial statements include, but are not limited to, accounting for sales and cost recognition, postretirement benefit plans, assets for the portion of environmental costs that are probable of future recovery and liabilities, evaluation of goodwill, investments and other assets for impairment, income taxes including deferred tax assets, fair value measurements and contingencies. The consolidated financial statements include the accounts of subsidiaries we control and variable interest entities if we are the primary beneficiary. We eliminate intercompany balances and transactions in consolidation.
We close our books and records on the last Sunday of the calendar quarter, which was on June 28 for the second quarter of 2020 and June 30 for the second quarter of 2019, to align our financial closing with our business processes. The consolidated financial statements and tables of financial information included herein are labeled based on that convention. This practice only affects interim periods as our fiscal year ends on December 31.
We adopted Accounting Standards Update (ASU) 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, effective January 1, 2020 using the modified retrospective approach. The new standard changes how we account for credit losses for financial assets and certain other instruments, including trade receivables and contract assets, that are not measured at fair value through net income. Under legacy standards, we recognized an impairment of receivables when it was probable that a loss had been incurred. Under the new standard, we are required to recognize estimated credit losses expected to occur over the estimated life or remaining contractual life of an asset (which includes losses that may be incurred in future periods) using a broader range of information including reasonable and supportable forecasts about future economic conditions. The adoption of the standard did not have a significant impact on our results of operations, financial position or cash flows.
We adopted ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Topic 715-20): Disclosure Framework—Changes to the Disclosure Requirements For Defined Benefit Plans, effective January 1, 2020. The new standard modifies the annual disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The guidance requires disclosure changes to be presented on a retrospective basis. As this standard relates only to financial disclosures, its adoption did not have an impact to our results of operations, financial position or cash flows.
The results of operations for the interim periods presented are not necessarily indicative of results to be expected for the full year or future periods. Unless otherwise noted, we present all per share amounts cited in these consolidated financial statements on a “per diluted share” basis. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019 (2019 Form 10-K).
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Lockheed Martin Corporation
Notes to Consolidated Financial Statements (unaudited) (continued)
NOTE 2 – EARNINGS PER COMMON SHARE
The weighted average number of shares outstanding used to compute earnings per common share were as follows (in millions):
 Quarters EndedSix Months Ended
June 28,
2020
June 30,
2019
June 28,
2020
June 30,
2019
Weighted average common shares outstanding for basic
   computations
279.8  282.2  280.5  282.3