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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 27, 2021
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 276,916,491 shares of our common stock, $1 par value per share, outstanding as of July 20, 2021.



Table of Contents


Lockheed Martin Corporation
Form 10-Q
For the Quarterly Period Ended June 27, 2021
Table of Contents  
  Page
ITEM 1.
 7
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 6.



Table of Contents


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 27,
2021
June 28,
2020
June 27,
2021
June 28,
2020
Net sales
Products$14,258 $13,572 $28,011 $26,738 
Services2,771 2,648 5,276 5,133 
Total net sales17,029 16,220 33,287 31,871 
Cost of sales
Products(12,866)(12,092)(25,147)(23,834)
Services(2,438)(2,339)(4,668)(4,552)
Severance and restructuring charges   (36) 
Other unallocated, net426 424 901 819 
Total cost of sales(14,878)(14,007)(28,950)(27,567)
Gross profit2,151 2,213 4,337 4,304 
Other income (expense), net41 (127)37 (96)
Operating profit2,192 2,086 4,374 4,208 
Interest expense(142)(149)(282)(297)
Other non-operating income, net120 25 289 81 
Earnings before income taxes2,170 1,962 4,381 3,992 
Income tax expense(355)(336)(729)(649)
Net earnings$1,815 $1,626 $3,652 $3,343 
Earnings per common share  
Basic$6.54 $5.81 $13.13 $11.92 
Diluted$6.52 $5.79 $13.08 $11.87 
Cash dividends paid per common share$2.60 $2.40 $5.20 $4.80 
The accompanying notes are an integral part of these unaudited consolidated financial statements.

3

Table of Contents


Lockheed Martin Corporation
Consolidated Statements of Comprehensive Income
(unaudited; in millions)
 Quarters EndedSix Months Ended
 June 27,
2021
June 28,
2020
June 27,
2021
June 28,
2020
Net earnings$1,815 $1,626 $3,652 $3,343 
Other comprehensive income, net of tax
Recognition of previously deferred postretirement
   benefit plan amounts
140 110 280 220 
Other, net31 28 4 (69)
Other comprehensive income, net of tax171 138 284 151 
Comprehensive income$1,986 $1,764 $3,936 $3,494 
The accompanying notes are an integral part of these unaudited consolidated financial statements.

4

Table of Contents


Lockheed Martin Corporation
Consolidated Balance Sheets
(in millions, except par value)
June 27,
2021
December 31,
2020
(unaudited)
Assets
Current assets
Cash and cash equivalents$2,745 $3,160 
Receivables, net2,611 1,978 
Contract assets11,425 9,545 
Inventories3,119 3,545 
Other current assets774 1,150 
Total current assets20,674 19,378 
Property, plant and equipment, net7,290 7,213 
Goodwill10,810 10,806 
Intangible assets, net2,849 3,012 
Deferred income taxes3,377 3,475 
Other noncurrent assets7,099 6,826 
Total assets$52,099 $50,710 
Liabilities and equity
Current liabilities
Accounts payable$1,608 $880 
Contract liabilities7,379 7,545 
Salaries, benefits and payroll taxes3,029 3,163 
Current maturities of long-term debt506 500 
Other current liabilities2,720 1,845 
Total current liabilities15,242 13,933 
Long-term debt, net11,665 11,669 
Accrued pension liabilities12,412 12,874 
Other noncurrent liabilities6,250 6,196 
Total liabilities45,569 44,672 
Stockholders’ equity
Common stock, $1 par value per share
276 279 
Additional paid-in capital122 221 
Retained earnings21,961 21,636 
Accumulated other comprehensive loss(15,837)(16,121)
Total stockholders’ equity 6,522 6,015 
Noncontrolling interests in subsidiary8 23 
Total equity 6,530 6,038 
Total liabilities and equity$52,099 $50,710 
The accompanying notes are an integral part of these unaudited consolidated financial statements.

5

Table of Contents


Lockheed Martin Corporation
Consolidated Statements of Cash Flows
(unaudited; in millions)
 Six Months Ended
June 27,
2021
June 28,
2020
Operating activities
Net earnings$3,652 $3,343 
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization670 608 
Stock-based compensation127 115 
Equity method investment impairment 128 
Severance and restructuring charges 36  
Changes in assets and liabilities
Receivables, net(633)(498)
Contract assets(1,880)(727)
Inventories426 98 
Accounts payable743 191 
Contract liabilities(166)427 
Postretirement benefit plans(133)(77)
Income taxes33 473 
Other, net141 415 
Net cash provided by operating activities3,016 4,496 
Investing activities
Capital expenditures(599)(636)
Other, net210 4 
Net cash used for investing activities(389)(632)
Financing activities
Dividends paid(1,460)(1,364)
Repurchases of common stock(1,500)(1,015)
Issuance of long-term debt, net of related costs 1,131 
Repayments of current and long-term debt (1,150)
Other, net(82)(125)
Net cash used for financing activities(3,042)(2,523)
Net change in cash and cash equivalents(415)1,341 
Cash and cash equivalents at beginning of period3,160 1,514 
Cash and cash equivalents at end of period$2,745 $2,855 
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 27, 2021 and June 28, 2020
(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 28, 2021$278 $65 $21,977 $(16,008)$6,312 $21 $6,333 
Net earnings  1,815  1,815  1,815 
Other comprehensive income, net of tax
   171 171  171 
Dividends declared  (1,454) (1,454) (1,454)
Repurchases of common stock(2)(121)(377) (500) (500)
Stock-based awards, ESOP activity and other
 178   178  178 
Net decrease in noncontrolling interests in subsidiary     (13)(13)
Balance at June 27, 2021$276 $122 $21,961 $(15,837)$6,522 $8 $6,530 
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 
Dividends declared— — (1,350)— (1,350)— (1,350)
Repurchases of common stock(1)(168)(108)— (277)— (277)
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 
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 27, 2021 and June 28, 2020
(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, 2020$279 $221 $21,636 $(16,121)$6,015 $23 $6,038 
Net earnings  3,652  3,652  3,652 
Other comprehensive income, net of tax
   284 284  284 
Dividends declared  (2,179) (2,179) (2,179)
Repurchases of common stock(4)(348)(1,148) (1,500) (1,500)
Stock-based awards, ESOP activity and other
1 249   250  250 
Net decrease in noncontrolling interests in subsidiary     (15)(15)
Balance at June 27, 2021$276 $122 $21,961 $(15,837)$6,522 $8 $6,530 
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 
Dividends declared— — (2,027)— (2,027)— (2,027)
Repurchases of common stock(3)(197)(841)— (1,041)— (1,041)
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 
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; environmental liability and assets for the portion of environmental costs that are probable of future recovery; evaluation of goodwill, intangible assets, 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 interim calendar quarter 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.
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, 2020 (2020 Form 10-K).
NOTE 2 - PENDING ACQUISITION OF AEROJET ROCKETDYNE
On December 20, 2020, we entered into an agreement to acquire Aerojet Rocketdyne Holdings, Inc. (“Aerojet Rocketdyne”) for $51.00 per share, which is net of a $5.00 per share special cash dividend Aerojet Rocketdyne paid to its stockholders on March 24, 2021. This represents a post-dividend equity value of approximately $4.6 billion, on a fully diluted as-converted basis, and a transaction value of approximately $4.4 billion after the assumption of Aerojet Rocketdyne’s projected net cash. We expect to finance the acquisition through a combination of cash on hand and new debt issuances. The transaction was approved by Aerojet Rocketdyne’s stockholders on March 9, 2021, which was a closing condition. We are in the process of responding to a request for additional information, known as a “second request”, from the Federal Trade Commission as part of the regulatory review process for the transaction. The transaction is currently expected to close in the fourth quarter of 2021, subject to receipt of regulatory approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and satisfaction of other closing conditions specified in the acquisition agreement. Our financial results will not include Aerojet Rocketdyne’s results until the acquisition is closed.
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Lockheed Martin Corporation
Notes to Consolidated Financial Statements (unaudited) (continued)
NOTE 3 - 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 27,
2021
June 28,
2020
June 27,
2021
June 28,
2020
Weighted average common shares outstanding for basic computations277.4 279.8 278.1 280.5 
Weighted average dilutive effect of equity awards
1.0 1.0 1.0 1.2 
Weighted average common shares outstanding for diluted computations
278.4 280.8 279.1 281.7 
We compute basic and diluted earnings per common share by dividing net earnings by the respective weighted average number of common shares outstanding for the periods presented. Our calculation of diluted earnings per common share also includes the dilutive effects for the assumed vesting of outstanding restricted stock units (RSUs) and performance stock units (PSUs) and exercise of outstanding stock options based on the treasury stock method. There were no significant anti-dilutive equity awards during the quarters and six months ended June 27, 2021 or June 28, 2020.
NOTE 4 - INFORMATION ON BUSINESS SEGMENTS
We operate in four business segments: Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS) and Space. We organize our business segments based on the nature of products and services offered.
Net sales and operating profit of our business segments exclude intersegment sales, cost of sales, and profit as these activities are eliminated in consolidation. Business segment operating profit includes our share of earnings or losses from equity method investees as the operating activities of the equity method investees are closely aligned with the operations of our business segments.
Business segment operating profit also excludes the FAS/CAS pension operating adjustment, a portion of corporate costs not considered allowable or allocable to contracts with the U.S. Government under the applicable U.S. Government cost accounting standards (CAS) or federal acquisition regulations (FAR), and other items not considered part of management’s evaluation of segment operating performance such as a portion of management and administration costs, legal fees and settlements, environmental costs, stock-based compensation expense, retiree benefits, significant severance actions, significant asset impairments, gains or losses from divestitures, and other miscellaneous corporate activities. Excluded items are included in the reconciling item “Unallocated items” between operating profit from our business segments and our consolidated operating profit. See “Note 11 - Other” for a discussion related to certain factors that may impact the comparability of net sales and operating profit of our business segments.
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Lockheed Martin Corporation
Notes to Consolidated Financial Statements (unaudited) (continued)
Summary operating results for each of our business segments were as follows (in millions):
 Quarters EndedSix Months Ended
June 27,
2021
June 28,
2020
June 27,
2021
June 28,
2020
Net sales
Aeronautics$6,666 $6,503 $13,053 $12,872 
Missiles and Fire Control2,944 2,801 5,693 5,420 
Rotary and Mission Systems4,242 4,039 8,349 7,785 
Space 3,177 2,877 6,192 5,794 
Total net sales$17,029 $16,220 $33,287 $31,871 
Operating profit
Aeronautics$572 $739 $1,265 $1,411 
Missiles and Fire Control401 370 797 766 
Rotary and Mission Systems 458 429 891 805 
Space 335 252 562 533 
Total business segment operating profit1,766 1,790 3,515 3,515 
Unallocated items
FAS/CAS operating adjustment489 469 978 938 
Stock-based compensation(80)(73)(127)(115)
Severance and restructuring charges  (36) 
Other, net 17 (100)44 (130)
Total unallocated items426 296 859 693 
Total consolidated operating profit$2,192 $2,086 $4,374 $4,208 
Intersegment sales
Aeronautics$52 $61 $105 $120 
Missiles and Fire Control167 140 296 276 
Rotary and Mission Systems448 502 926 1,000 
Space 92 105 174 213 
Total intersegment sales$759 $808 $1,501 $1,609 
Amortization of purchased intangibles
Aeronautics$(1)$ $(1)$ 
Missiles and Fire Control  (1)(1)
Rotary and Mission Systems(58)(58)(116)(116)
Space(22)(7)(44)(14)
Total amortization of purchased intangibles$(81)$(65)$(162)$(131)
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Lockheed Martin Corporation
Notes to Consolidated Financial Statements (unaudited) (continued)
We recover CAS pension and other postretirement benefit plan cost through the pricing of our products and services on U.S. Government contracts and, therefore, recognize CAS pension cost in each of our business segment’s net sales and cost of sales. Our consolidated financial statements must present FAS pension and other postretirement benefit plan income calculated in accordance with FAS requirements under U.S. GAAP. The operating portion of the net FAS/CAS pension adjustment represents the difference between the service cost component of FAS pension income and total CAS pension cost. The non-service FAS pension income component is included in other non-operating income, net in our consolidated statements of earnings. As a result, to the extent that CAS pension cost exceeds the service cost component of FAS pension income, we have a favorable FAS/CAS operating adjustment.
Our total net FAS/CAS pension adjustment for the quarters and six months ended June 27, 2021 and June 28, 2020, including the service and non-service cost components of FAS pension income for our qualified defined benefit pension plans, were as follows (in millions):
Quarters EndedSix Months Ended
June 27,
2021
June 28,
2020
June 27,
2021
June 28,
2020
Total FAS income and CAS costs
FAS pension income$67 $29 $133 $59 
Less: CAS pension cost516 495 1,032 989 
Net FAS/CAS pension adjustment$583 $524 $1,165 $1,048 
Service and non-service cost reconciliation
FAS pension service cost$(27)$(26)$(54)