0000936468-22-000008 | 10-K | XBRL Viewer

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Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2021	Jan. 19, 2022	Jun. 25, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-11437
Entity Registrant Name	LOCKHEED MARTIN CORPORATION
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	52-1893632
Entity Address, Address Line One	6801 Rockledge Drive,
Entity Address, City or Town	Bethesda,
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20817
City Area Code	301
Local Phone Number	897-6000
Title of 12(b) Security	Common Stock, $1 par value
Trading Symbol	LMT
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth	false
Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 105.3
Entity Common Stock, Shares Outstanding		272,326,925
Documents Incorporated by Reference	Portions of Lockheed Martin Corporation’s 2022 Definitive Proxy Statement are incorporated by reference into Part III of this Form 10‑K. The 2022 Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
Amendment Flag	false
Document Fiscal Period Focus	FY
Entity Central Index Key	0000936468
Document Fiscal Year Focus	2021

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Tysons, Virginia
Auditor Firm ID	42

Consolidated Statements of Earnings - USD ($) $ in Millions	12 Months Ended
Consolidated Statements of Earnings - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net sales
Total net sales	$ 67,044	$ 65,398	$ 59,812
Cost of sales
Total cost of sales	(57,983)	(56,744)	(51,445)
Severance and restructuring charges	(36)	(27)	0
Gross profit	9,061	8,654	8,367
Other income (expense), net	62	(10)	178
Operating profit	9,123	8,644	8,545
Interest expense	(569)	(591)	(653)
Non-service FAS pension (expense) income	(1,292)	219	(577)
Other non-operating income (expense), net	288	(37)	(74)
Earnings from continuing operations before income taxes	7,550	8,235	7,241
Income tax expense	(1,235)	(1,347)	(1,011)
Net earnings from continuing operations	6,315	6,888	6,230
Net loss from discontinued operations	0	(55)	0
Net earnings	$ 6,315	$ 6,833	$ 6,230
Basic
Continuing operations (in dollars per share)	$ 22.85	$ 24.60	$ 22.09
Discontinued operations (in dollars per share)	0	(0.20)	0
Basic earnings per common share (in dollars per share)	22.85	24.40	22.09
Diluted
Continuing operations (in dollars per share)	22.76	24.50	21.95
Discontinued operations (in dollars per share)	0	(0.20)	0
Diluted earnings per common share (in dollars per share)	$ 22.76	$ 24.30	$ 21.95
Products
Net sales
Total net sales	$ 56,435	$ 54,928	$ 50,053
Cost of sales
Total cost of sales	(50,273)	(48,996)	(44,589)
Services
Net sales
Total net sales	10,609	10,470	9,759
Cost of sales
Total cost of sales	(9,463)	(9,371)	(8,731)
Other unallocated, net
Cost of sales
Total cost of sales	$ 1,789	$ 1,650	$ 1,875

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net earnings	$ 6,315	$ 6,833	$ 6,230
Postretirement benefit plans
Net other comprehensive income (loss) recognized during the period, net of tax of $925 million in 2021, $292 million in 2020 and $586 million in 2019	3,404	(1,067)	(2,182)
Amounts reclassified from accumulated other comprehensive loss, net of tax of $130 million in 2021, $119 million in 2020 and $247 million in 2019	477	440	908
Pension settlement charge, net of tax of $355 million in 2021	1,310	0	0
Other, net	(76)	60	41
Other comprehensive income (loss), net of tax	5,115	(567)	(1,233)
Comprehensive income	$ 11,430	$ 6,266	$ 4,997

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net other comprehensive income (loss) recognized during the period, net of tax	$ 925	$ 292	$ 586
Amounts reclassified from accumulated other comprehensive loss, net of tax expense	130	$ 119	$ 247
Pension settlement charge, net of tax expense	$ 355

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 3,604	$ 3,160
Receivables, net	1,963	1,978
Contract assets	10,579	9,545
Inventories	2,981	3,545
Other current assets	688	1,150
Total current assets	19,815	19,378
Property, plant and equipment, net	7,597	7,213
Goodwill	10,813	10,806
Intangible assets, net	2,706	3,012
Deferred income taxes	2,290	3,475
Other noncurrent assets	7,652	6,826
Total assets	50,873	50,710
Current liabilities
Accounts payable	780	880
Salaries, benefits and payroll taxes	3,108	3,163
Contract liabilities	8,107	7,545
Current maturities of long-term debt	6	500
Other current liabilities	1,996	1,845
Total current liabilities	13,997	13,933
Long-term debt, net	11,670	11,669
Accrued pension liabilities	8,319	12,874
Other noncurrent liabilities	5,928	6,196
Total liabilities	39,914	44,672
Stockholders’ equity
Common stock, $1 par value per share	271	279
Additional paid-in capital	94	221
Retained earnings	21,600	21,636
Accumulated other comprehensive loss	(11,006)	(16,121)
Total stockholders’ equity	10,959	6,015
Noncontrolling interests in subsidiary	0	23
Total equity	10,959	6,038
Total liabilities and equity	$ 50,873	$ 50,710

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 1	$ 1

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating activities
Net earnings	$ 6,315	$ 6,833	$ 6,230
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization	1,364	1,290	1,189
Stock-based compensation	227	221	189
Equity method investment impairment	0	128	0
Tax resolution related to former IS&GS business	0	55	0
Deferred income taxes	(183)	5	222
Pension settlement charge	1,665	0	0
Severance and restructuring charges	36	27	0
Gain on property sale	0	0	(51)
Changes in assets and liabilities
Receivables, net	15	359	107
Contract assets	(1,034)	(451)	378
Inventories	564	74	(622)
Accounts payable	(98)	(372)	(1,098)
Contract liabilities	562	491	563
Income taxes	45	(19)	(151)
Postretirement benefit plans	(267)	(1,197)	81
Other, net	10	739	274
Net cash provided by operating activities	9,221	8,183	7,311
Investing activities
Capital expenditures	(1,522)	(1,766)	(1,484)
Acquisitions of businesses	0	(282)	0
Other, net	361	38	243
Net cash used for investing activities	(1,161)	(2,010)	(1,241)
Financing activities
Repayment of commercial paper, net	0	0	(600)
Issuance of long-term debt, net of related costs	0	1,131	0
Repayments of long-term debt	(500)	(1,650)	(900)
Repurchases of common stock	(4,087)	(1,100)	(1,200)
Dividends paid	(2,940)	(2,764)	(2,556)
Other, net	(89)	(144)	(72)
Net cash used for financing activities	(7,616)	(4,527)	(5,328)
Net change in cash and cash equivalents	444	1,646	742
Cash and cash equivalents at beginning of year	3,160	1,514	772
Cash and cash equivalents at end of year	$ 3,604	$ 3,160	$ 1,514

Consolidated Statements of Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Total Stockholders’ Equity	Noncontrolling Interests in Subsidiary
Beginning balance at Dec. 31, 2018	$ 1,449	$ 281	$ 0	$ 15,434	$ (14,321)	$ 1,394	$ 55
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	6,230			6,230		6,230
Other comprehensive loss, net of tax	(1,233)				(1,233)	(1,233)
Repurchases of common stock	(1,200)	(4)	(483)	(713)		(1,200)
Dividends declared	(2,550)			(2,550)		(2,550)
Stock-based awards, ESOP activity and other	486	3	483			486
Net decrease in noncontrolling interests in subsidiary	(11)						(11)
Ending balance at Dec. 31, 2019	3,171	280	0	18,401	(15,554)	3,127	44
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	6,833			6,833		6,833
Other comprehensive loss, net of tax	(567)				(567)	(567)
Repurchases of common stock	(1,100)	(3)	(256)	(841)		(1,100)
Dividends declared	(2,757)			(2,757)		(2,757)
Stock-based awards, ESOP activity and other	479	2	477			479
Net decrease in noncontrolling interests in subsidiary	(21)						(21)
Ending balance at Dec. 31, 2020	6,038	279	221	21,636	(16,121)	6,015	23
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	6,315			6,315		6,315
Other comprehensive loss, net of tax	5,115				5,115	5,115
Repurchases of common stock	(4,087)	(9)	(671)	(3,407)		(4,087)
Dividends declared	(2,944)			(2,944)		(2,944)
Stock-based awards, ESOP activity and other	545	1	544			545
Net decrease in noncontrolling interests in subsidiary	(23)						(23)
Ending balance at Dec. 31, 2021	$ 10,959	$ 271	$ 94	$ 21,600	$ (11,006)	$ 10,959	$ 0

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References

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+ Details

Consolidated Statements of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared, per share (in dollars per share)	$ 10.60	$ 9.80	$ 9.00

Organization and Significant Accounting Policies	12 Months Ended
Organization and Significant Accounting Policies	Dec. 31, 2021
Accounting Policies [Abstract]
Significant Accounting Policies	Organization and Significant Accounting Policies Organization – We are a global security and aerospace company principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. We also provide a broad range of management, engineering, technical, scientific, logistics, system integration and cybersecurity services. We serve both U.S. and international customers with products and services that have defense, civil and commercial applications, with our principal customers being agencies of the U.S. Government. As described in “Note 4 – Information on Business Segments”, we operate in four business segments: Aeronautics, MFC, RMS and Space. On June 30, 2021, the UK Ministry of Defence terminated the contract to operate the UK’s nuclear deterrent program and assumed control of the entity that manages the program (referred to as the renationalization of the Atomic Weapons Establishment (AWE program)). Accordingly, the AWE program’s ongoing operations, including the entity that manages the program, are no longer included in our financial results as of that date, however, during 2021, AWE generated sales of $885 million and operating profit of $18 million, which are included in Space’s financial results for the year ended December 31, 2021. During the year ended December 31, 2020, AWE generated sales of $1.4 billion and operating profit of $35 million, which are included in Space’s financial results for 2020. Basis of presentation – These 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 classify certain assets and liabilities as current utilizing the duration of the related contract or program as our operating cycle, which is generally longer than one year. This primarily impacts receivables, contract assets, inventories, and contract liabilities. We classify all other assets and liabilities based on whether the asset will be realized or the liability will be paid within one year. Use of estimates – We prepare our consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP). In doing so, we are required 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 liabilities 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 income taxes; fair value measurements; and contingencies. Revenue Recognition – The majority of our net sales are generated from long-term contracts with the U.S. Government and international customers (including foreign military sales (FMS) contracted through the U.S. Government) for the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. For certain contracts that meet the foregoing requirements, primarily international direct commercial sale contracts, we are required to obtain certain regulatory approvals. In these cases, we recognize revenue when it is probable that we will receive regulatory approvals based upon all known facts and circumstances. We provide our products and services under fixed-price and cost-reimbursable contracts. Under fixed-price contracts, we agree to perform the specified work for a pre-determined price. To the extent our actual costs vary from the estimates upon which the price was negotiated, we will generate more or less profit or could incur a loss. Some fixed-price contracts have a performance-based component under which we may earn incentive payments or incur financial penalties based on our performance. Cost-reimbursable contracts provide for the payment of allowable costs incurred during performance of the contract plus a fee up to a ceiling based on the amount that has been funded. Typically, we enter into three types of cost-reimbursable contracts: cost-plus-award-fee, cost-plus-incentive-fee, and cost-plus-fixed-fee. Cost-plus-award-fee contracts provide for an award fee that varies within specified limits based on the customer’s assessment of our performance against a predetermined set of criteria, such as targets based on cost, quality, technical and schedule criteria. Cost-plus-incentive-fee contracts provide for reimbursement of costs plus a fee, which is adjusted by a formula based on the relationship of total allowable costs to total target costs (i.e., incentive based on cost) or reimbursement of costs plus an incentive to exceed stated performance targets (i.e., incentive based on performance). Cost-plus-fixed-fee contracts provide a fixed fee that is negotiated at the inception of the contract and does not vary with actual costs. We assess each contract at its inception to determine whether it should be combined with other contracts. When making this determination, we consider factors such as whether two or more contracts were negotiated and executed at or near the same time or were negotiated with an overall profit objective. If combined, we treat the combined contracts as a single contract for revenue recognition purposes. We evaluate the products or services promised in each contract at inception to determine whether the contract should be accounted for as having one or more performance obligations. The products and services in our contracts are typically not distinct from one another due to their complex relationships and the significant contract management functions required to perform under the contract. Accordingly, our contracts are typically accounted for as one performance obligation. In limited cases, our contracts have more than one distinct performance obligation, which occurs when we perform activities that are not highly complex or interrelated or involve different product lifecycles. Significant judgment is required in determining performance obligations, and these decisions could change the amount of revenue and profit recorded in a given period. We classify net sales as products or services on our consolidated statements of earnings based on the predominant attributes of the performance obligations. We determine the transaction price for each contract based on the consideration we expect to receive for the products or services being provided under the contract. For contracts where a portion of the price may vary, we estimate variable consideration at the most likely amount, which is included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur. We analyze the risk of a significant revenue reversal and if necessary constrain the amount of variable consideration recognized in order to mitigate this risk. At the inception of a contract we estimate the transaction price based on our current rights and do not contemplate future modifications (including unexercised options) or follow-on contracts until they become legally enforceable. Contracts are often subsequently modified to include changes in specifications, requirements or price, which may create new or change existing enforceable rights and obligations. Depending on the nature of the modification, we consider whether to account for the modification as an adjustment to the existing contract or as a separate contract. Generally, modifications to our contracts are not distinct from the existing contract due to the significant integration and interrelated tasks provided in the context of the contract. Therefore, such modifications are accounted for as if they were part of the existing contract and recognized as a cumulative adjustment to revenue. For contracts with multiple performance obligations, we allocate the transaction price to each performance obligation based on the estimated standalone selling price of the product or service underlying each performance obligation. The standalone selling price represents the amount we would sell the product or service to a customer on a standalone basis (i.e., not bundled with any other products or services). Our contracts with the U.S. Government, including FMS contracts, are subject to the Federal Acquisition Regulations (FAR) and the price is typically based on estimated or actual costs plus a reasonable profit margin. As a result of these regulations, the standalone selling price of products or services in our contracts with the U.S. Government and FMS contracts are typically equal to the selling price stated in the contract. For non-U.S. Government contracts with multiple performance obligations, we evaluate whether the stated selling prices for the products or services represent their standalone selling prices. We primarily sell customized solutions unique to a customer’s specifications. When it is necessary to allocate the transaction price to multiple performance obligations, we typically use the expected cost plus a reasonable profit margin to estimate the standalone selling price of each product or service. We occasionally sell standard products or services with observable standalone sales transactions. In these situations, the observable standalone sales transactions are used to determine the standalone selling price. We recognize revenue as performance obligations are satisfied and the customer obtains control of the products and services. In determining when performance obligations are satisfied, we consider factors such as contract terms, payment terms and whether there is an alternative future use of the product or service. Substantially all of our revenue is recognized over time as we perform under the contract because control of the work in process transfers continuously to the customer. For most contracts with the U.S. Government and FMS contracts, this continuous transfer of control of the work in process to the customer is supported by clauses in the contract that give the customer ownership of work in process and allow the customer to unilaterally terminate the contract for convenience and pay us for costs incurred plus a reasonable profit. For most non-U.S. Government contracts, primarily international direct commercial contracts, continuous transfer of control to our customer is supported because we deliver products that do not have an alternative use to us and if our customer were to terminate the contract for reasons other than our non-performance we would have the right to recover damages which would include, among other potential damages, the right to payment for our work performed to date plus a reasonable profit. For performance obligations to deliver products with continuous transfer of control to the customer, revenue is recognized based on the extent of progress towards completion of the performance obligation, generally using the percentage-of-completion cost-to-cost measure of progress for our contracts because it best depicts the transfer of control to the customer as we incur costs on our contracts. Under the percentage-of-completion cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs to complete the performance obligation(s). For performance obligations to provide services to the customer, revenue is recognized over time based on costs incurred or the right to invoice method (in situations where the value transferred matches our billing rights) as our customer receives and consumes the benefits. For performance obligations in which control does not continuously transfer to the customer, we recognize revenue at the point in time in which each performance obligation is fully satisfied. This coincides with the point in time the customer obtains control of the product or service, which typically occurs upon customer acceptance or receipt of the product or service, given that we maintain control of the product or service until that point. Backlog (i.e., unfulfilled or remaining performance obligations) represents the sales we expect to recognize for our products and services for which control has not yet transferred to the customer. It is converted into sales in future periods as work is performed or deliveries are made. For our cost-reimbursable and fixed-priced-incentive contracts, the estimated consideration we expect to receive pursuant to the terms of the contract may exceed the contractual award amount. The estimated consideration is determined at the outset of the contract and is continuously reviewed throughout the contract period. In determining the estimated consideration, we consider the risks related to the technical, schedule and cost impacts to complete the contract and an estimate of any variable consideration. Periodically, we review these risks and may increase or decrease backlog accordingly. As the risks on such contracts are successfully retired, the estimated consideration from customers may be reduced, resulting in a reduction of backlog without a corresponding recognition of sales. As of December 31, 2021, our ending backlog was $135.4 billion. We expect to recognize approximately 38% of our backlog over the next 12 months and approximately 60% over the next 24 months as revenue, with the remainder recognized thereafter. For arrangements with the U.S. Government and FMS contracts, we generally do not begin work on contracts until funding is appropriated by the customer. Billing timetables and payment terms on our contracts vary based on a number of factors, including the contract type. Typical payment terms under fixed-price contracts with the U.S. Government provide that the customer pays either performance-based payments (PBPs) based on the achievement of contract milestones or progress payments based on a percentage of costs we incur. For the majority of our international direct commercial contracts to deliver complex systems, we typically receive advance payments prior to commencement of work, as well as milestone payments that are paid in accordance with the terms of our contract as we perform. We recognize a liability for payments in excess of revenue recognized, which is presented as a contract liability on the balance sheet. The portion of payments retained by the customer until final contract settlement is not considered a significant financing component because the intent is to protect the customer from our failure to adequately complete some or all of the obligations under the contract. Payments received from customers in advance of revenue recognition are not considered to be significant financing components because they are used to meet working capital demands that can be higher in the early stages of a contract. For fixed-price and cost-reimbursable contracts, we present revenues recognized in excess of billings as contract assets on the balance sheet. Amounts billed and due from our customers under both contract types are classified as receivables on the balance sheet. Significant estimates and assumptions are made in estimating contract sales and costs, including the profit booking rate. At the outset of a long-term contract, we identify and monitor risks to the achievement of the technical, schedule and cost aspects of the contract, as well as variable consideration, and assess the effects of those risks on our estimates of sales and total costs to complete the contract. The estimates consider the technical requirements (e.g., a newly-developed product versus a mature product), the schedule and associated tasks (e.g., the number and type of milestone events) and costs (e.g., material, labor, subcontractor, overhead, general and administrative and the estimated costs to fulfill our industrial cooperation agreements, sometimes referred to as offset or localization agreements, required under certain contracts with international customers). The initial profit booking rate of each contract considers risks surrounding the ability to achieve the technical requirements, schedule and costs in the initial estimated total costs to complete the contract. Profit booking rates may increase during the performance of the contract if we successfully retire risks surrounding the technical, schedule and cost aspects of the contract, which decreases the estimated total costs to complete the contract or may increase the variable consideration we expect to receive on the contract. Conversely, our profit booking rates may decrease if the estimated total costs to complete the contract increase or our estimates of variable consideration we expect to receive decrease. All of the estimates are subject to change during the performance of the contract and may affect the profit booking rate. When estimates of total costs to be incurred on a contract exceed total estimates of the transaction price, a provision for the entire loss is determined at the contract level and is recorded in the period in which the loss is determined. Comparability of our segment sales, operating profit and operating margin may be impacted favorably or unfavorably by changes in profit booking rates on our contracts for which we recognize revenue over time using the percentage-of-completion cost-to-cost method to measure progress towards completion. Increases in the profit booking rates, typically referred to as risk retirements, usually relate to revisions in the estimated total costs to fulfill the performance obligations that reflect improved conditions on a particular contract. 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. Increases or decreases in profit booking rates are recognized in the period they are determined and reflect the inception-to-date effect of such changes. Segment operating profit and margin may also be impacted favorably or unfavorably by other items, which may or may not impact sales. Favorable items may include the positive resolution of contractual matters, cost recoveries on severance and restructuring charges, insurance recoveries and gains on sales of assets. Unfavorable items may include the adverse resolution of contractual matters; restructuring charges, except for significant severance actions, which are excluded from segment operating results; reserves for disputes; certain asset impairments; and losses on sales of certain assets. Our consolidated net adjustments not related to volume, including net profit booking rate adjustments and other items, increased segment operating profit by approximately $2.0 billion in 2021, $1.8 billion in 2020 and $1.9 billion in 2019. These adjustments increased net earnings by approximately $1.6 billion ($5.81 per share) in 2021 and $1.5 billion ($5.33 and $5.29 per share) in 2020 and 2019. We recognized net sales from performance obligations satisfied in prior periods of approximately $2.2 billion, $2.0 billion and $2.2 billion in 2021, 2020 and 2019, which primarily relate to changes in profit booking rates that impacted revenue. We have experienced performance issues on a classified fixed-price incentive fee contract that involves highly complex design and systems integration at our Aeronautics business segment. During the second quarter of 2021, we completed a comprehensive review and negotiation of scope of the program with our customer, including the technical requirements, performance to date, remaining work, schedule, and estimated costs to complete the program. At the conclusion of the review, we determined that the total costs to complete the current phase of the program would exceed the contract price. Accordingly, during the second quarter of 2021, we recognized a loss of $225 million ($169 million, or $0.61 per share, after tax) on the program at our Aeronautics business segment, which represented our estimated total losses on the current phase of the program. During the fourth quarter of 2021, we amended the contract with our customer to modify the contract scope and price. The terms of the amendment are consistent with the assumptions used to estimate the loss recognized in the second quarter of 2021. Therefore, our current estimated loss remains at $225 million. We will continue to monitor our performance, any future changes in scope, and estimated costs to complete the program and may have to record additional losses in future periods if we experience further performance issues, increases in scope, or cost growth, which could be material to our operating results. In addition, we and our industry team will incur advanced procurement costs (also referred to as precontract costs) in order to enhance our ability to achieve the revised schedule and certain milestones. We will monitor the recoverability of precontract costs, which could be impacted by the customer’s decision regarding future phases of the program. We are responsible for a program to design, develop and construct a ground-based radar at our RMS business segment. The program has experienced performance issues for which we have periodically accrued reserves. Cumulative losses on this program were approximately $280 million as of December 31, 2021. We will continue to monitor our performance, any future changes in scope, and estimated costs to complete the program and may have to record additional losses in future periods if we experience further performance issues, increases in scope, or cost growth. However, based on the losses previously recorded and our current estimate of the sales and costs to complete the program, at this time we do not anticipate that additional losses, if any, would be material to our operating results or financial condition. We have a program, EADGE-T, to design, integrate and install an air missile defense command, control, communications, computers - intelligence (C4I) system for an international customer that has experienced performance issues and for which we have periodically accrued reserves at our RMS business segment. We last recorded a charge and accrued reserves for this program in 2017. As of December 31, 2021, cumulative losses remained at approximately $260 million. We continue to monitor program requirements and our performance. At this time, we do not anticipate additional charges that would be material to our operating results or financial condition. Research and development and similar costs – We conduct research and development (R&D) activities using our own funds (referred to as company-funded R&D or independent research and development (IR&D)) and under contractual arrangements with our customers (referred to as customer-funded R&D) to enhance existing products and services and to develop future technologies. R&D costs include basic research, applied research, concept formulation studies, design, development, and related test activities. Company-funded R&D costs are allocated to customer contracts as part of the general and administrative overhead costs and generally recoverable on our customer contracts with the U.S. Government. Customer-funded R&D costs are charged directly to the related customer contract. Substantially all R&D costs are charged to cost of sales as incurred. Company-funded R&D costs charged to cost of sales totaled $1.5 billion in 2021, and $1.3 billion in both 2020 and 2019. Stock-based compensation – We issue stock-based compensation awards in the form of restricted stock units (RSUs) and performance stock units (PSUs) that generally vest three years from the grant date and are settled in shares. Compensation cost related to all stock-based awards is measured at the grant date based on the estimated fair value of the award. The grant date fair value of RSUs is equal to the closing market price of our common stock on the grant date less a discount to reflect the delay in payment of dividend-equivalent cash payments that are made only upon vesting. The grant date fair value of PSUs is measured in a manner similar to RSUs or using a Monte Carlo model, depending on the vesting conditions. For all RSUs, we recognize the grant date fair value, less estimated forfeitures, as compensation expense ratably over the requisite service period, which is shorter than the vesting period if the employee is retirement eligible on the date of grant or will become retirement eligible before the end of the vesting period. For PSUs that vest based on service and performance conditions, we recognize the grant date fair value, less estimated forfeitures, as compensation expense ratably over the vesting period based on the number of awards expected to ultimately vest. For PSUs that vest based on service and market conditions, we recognize the grant date fair value, less estimated forfeitures, as compensation expense ratably over the vesting period. At each reporting date, estimated forfeitures for all stock-based compensation awards and the number of PSUs expected to vest based on service and performance conditions is adjusted. Income taxes – We calculate our provision for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences that exist between the financial statement carrying amount of assets and liabilities and their respective tax bases, as well as from operating loss and tax credit carry-forwards. The provision for income taxes differs from the amounts currently receivable or payable because certain items of income and expense are recognized in different periods for financial reporting purposes than for income tax purposes. We measure deferred tax assets and liabilities using enacted tax rates that will apply in the years in which we expect the temporary differences to be recovered or paid. We periodically assess our tax exposures related to periods that are open to examination. Based on the latest available information, we evaluate our tax positions to determine whether the position will more likely than not be sustained upon examination by the Internal Revenue Service (IRS) or other taxing authorities. If we cannot reach a more-likely-than-not determination, no benefit is recorded. If we determine that the tax position is more likely than not to be sustained, we record the largest amount of benefit that is more likely than not to be realized when the tax position is settled. We record interest and penalties related to income taxes as a component of income tax expense on our consolidated statements of earnings. Interest and penalties were not material. In accordance with the regulations that govern cost accounting requirements for government contracts, current state and local income and franchise taxes are generally considered allowable and allocable costs and, consistent with industry practice, are recorded in operating costs and expenses. We generally recognize changes in deferred state taxes and unrecognized state tax benefits in unallocated corporate expenses. Cash and cash equivalents – Cash equivalents include highly liquid instruments with original maturities of 90 days or less. Receivables – Receivables, net represent our unconditional right to consideration under the contract and include amounts billed and currently due from customers. Receivables, net are recorded at the net amount expected to be collected. There were no significant impairment losses related to our receivables in 2021, 2020 or 2019. Contract assets – Contract assets include unbilled amounts typically resulting from sales under contracts when the percentage-of-completion cost-to-cost method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer. Contract assets are recorded at the net amount expected to be billed and collected. Contract assets are classified as current based on our contract operating cycle, and include amounts that may be billed and collected beyond one year due to the long-cycle nature of our contracts. Inventories – We record inventories at the lower of cost or estimated net realizable value. The majority of our inventory represents work-in-process for contracts where control has not yet passed to the customer. Work-in-process primarily consists of labor, material, subcontractor, and overhead costs. In addition, costs incurred to fulfill a contract in advance of the contract being awarded are recorded in inventories as work-in-process if we determine that those costs relate directly to a contract or to an anticipated contract that we can specifically identify and contract award is probable, the costs generate or enhance resources that will be used in satisfying performance obligations, and the costs are recoverable (referred to as pre-contract costs). Pre-contract costs that are initially capitalized in inventory are generally recognized as cost of sales consistent with the transfer of products and services to the customer upon the receipt of the anticipated contract. All other pre-contract costs, including start-up costs, are expensed as incurred. We determine the costs of other inventories such as materials, spares and supplies by using the first-in first-out or average cost methods. If events or changes in circumstances indicate that precontract costs are no longer recoverable or the utility of our inventories have diminished through damage, deterioration, obsolescence, changes in price or other causes, a loss is recognized in the period in which it occurs. Contract liabilities – Contract liabilities include advance payments and billings in excess of revenue recognized. Contract liabilities are classified as current based on our contract operating cycle and reported on a contract-by-contract basis, net of revenue recognized, at the end of each reporting period. Property, plant and equipment – Property, plant and equipment are initially recorded at cost. The cost of plant and equipment are depreciated generally using accelerated methods during the first half of the estimated useful lives of the assets and the straight-line method thereafter. The estimated useful lives of our plant and equipment generally range from 10 to 40 years for buildings and five to 15 years for machinery and equipment. No depreciation expense is recorded on construction in progress until such assets are placed into operation. Depreciation expense related to plant and equipment was $904 million in 2021, $853 million in 2020 and $794 million in 2019. We review the carrying amounts of long-lived assets for impairment if events or changes in the facts and circumstances indicate that their carrying amounts may not be recoverable. We assess impairment by comparing the estimated undiscounted future cash flows of the related asset grouping to its carrying amount. If an asset is determined to be impaired, we recognize an impairment charge in the current period for the difference between the fair value of the asset and its carrying amount. Capitalized software – We capitalize certain costs associated with the development or purchase of internal-use software. The amounts capitalized are included in other noncurrent assets on our consolidated balance sheets and are amortized on a straight-line basis over the estimated useful life of the resulting software, which ranges from two to six years. As of December 31, 2021 and 2020, capitalized software totaled $777 million and $686 million, net of accumulated amortization of $2.3 billion and $2.2 billion. No amortization expense is recorded until the software is ready for its intended use. Amortization expense related to capitalized software was $175 million in 2021, $166 million in 2020 and $111 million in 2019. Fair value of financial instruments – We measure the fair value of our financial instruments using observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect internal market assumptions. The following hierarchy classifies the inputs used to determine fair value into three levels: Level 1 – quoted prices in active markets for identical assets or liabilities. Level 2 – inputs, other than quoted prices, observable by a marketplace participant either directly or indirectly. Level 3 – unobservable inputs significant to the fair value measurement. Investments – Substantially all assets measured at fair value represent investments held in a separate trust to fund certain of our non-qualified deferred compensation plan liabilities. As of December 31, 2021 and 2020, the fair value of our investments held in trust totaled $2.1 billion and $2.0 billion and was included in other noncurrent assets on our consolidated balance sheets. Net gains on these securities were $205 million, $231 million and $233 million in 2021, 2020 and 2019. Gains and losses on these investments are included in other unallocated, net within cost of sales on our consolidated statements of earnings in order to align the classification of changes in the market value of investments held for the plan with changes in the value of the corresponding plan liabilities. Additionally, through our Lockheed Martin Ventures Fund, we make strategic investments in certain early stage companies that we believe are advancing or developing new technologies applicable to our business. These investments may be in the form of common or preferred stock, warrants, convertible debt securities or investments in funds. Most of the investments are in equity securities without readily determinable fair values, which are measured initially at cost and are then adjusted to fair value only if there is an observable price change or reduced for impairment, if applicable. Investments with quoted market prices in active markets (Level 1) are recorded at fair value at the end of each reporting period. The carrying amounts of investments held in our Lockheed Martin Ventures Fund were $465 million and $173 million at December 31, 2021 and December 31, 2020 and are included on our consolidated balance sheets within other assets, both current and noncurrent. During 2021, we recorded $265 million ($199 million, or $0.72 per share, after-tax) of net gains, compared to recording no net gains during 2020, due to changes in fair value and/or sales of investments which are reflected in the other non-operating income, net account on our consolidated statements of earnings. Equity method investments – Investments where we have the ability to exercise significant influence, but do not control, are accounted for under the equity method of accounting and are included in other noncurrent assets on our consolidated balance sheets. Significant influence typically exists if we have a 20% to 50% ownership interest in the investee. Under this method of accounting, our share of the net earnings or losses of the investee is included in operating profit in other income, net on our consolidated statements of earnings since the activities of the investee are closely aligned with the operations of the business segment holding the investment. We evaluate our equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may be impaired. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in earnings in the current period. As of December 31, 2021 and December 31, 2020, our equity method investments totaled $689 million and $784 million, which was primarily composed of our investment in the United Launch Alliance (ULA) joint venture. Our share of net earnings related to our equity method investees was $97 million in 2021, $163 million in 2020 and $154 million in 2019, of which approximately $67 million, $135 million and $145 million was included in our Space business segment operating profit. In July 2020, we entered into an agreement to sell our ownership interest in Advanced Military Maintenance, Repair and Overhaul Center (AMMROC) to our joint venture partner for $307 million. As a result, we adjusted the carrying value of our investment to the selling price of $307 million, which resulted in the recognition of a noncash impairment charge of $128 million ($96 million, or $0.34 per share, after-tax) in our results of operations disclosed in 2020. The sale was completed on November 25, 2020 and all the proceeds have been received in cash. Goodwill and Intangible Assets – The assets and liabilities of acquired businesses are recorded under the acquisition method of accounting at their estimated fair values at the date of acquisition. Goodwill represents costs in excess of fair values assigned to the underlying identifiable net assets of acquired businesses. Intangible assets from acquired businesses are recognized at fair value on the acquisition date and consist of customer programs, trademarks, customer relationships, technology and other intangible assets. Customer programs include values assigned to major programs of acquired businesses and represent the aggregate value associated with the customer relationships, contracts, technology and trademarks underlying the associated program. Intangible assets are amortized over a period of expected cash flows used to measure fair value, which ranges from five to 20 years. Our goodwill balance was $10.8 billion at both December 31, 2021 and 2020. We perform an impairment test of our goodwill at least annually in the fourth quarter or more frequently whenever events or changes in circumstances indicate the carrying value of goodwill may be impaired. Such events or changes in circumstances may include a significant deterioration in overall economic conditions, changes in the business climate of our industry, a decline in our market capitalization, operating performance indicators, competition, reorganizations of our business, U.S. Government budget restrictions or the disposal of all or a portion of a reporting unit. Our goodwill has been allocated to and is tested for impairment at a level referred to as the reporting unit, which is our business segment level or a level below the business segment. The level at which we test goodwill for impairment requires us to determine whether the operations below the business segment constitute a self-sustaining business for which discrete financial information is available and segment management regularly reviews the operating results. We may use either a qualitative or quantitative approach when testing a reporting unit’s goodwill for impairment. For selected reporting units where we use the qualitative approach, we perform a qualitative evaluation of events and circumstances impacting the reporting unit to determine the likelihood of goodwill impairment. Based on that qualitative evaluation, if we determine it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, no further evaluation is necessary. Otherwise we perform a quantitative impairment test. We perform quantitative tests for most reporting units at least once every three years. However, for certain reporting units we may perform a quantitative impairment test every year. For the quantitative impairment test we compare the fair value of a reporting unit to its carrying value, including goodwill. If the fair value of a reporting unit exceeds its carrying value, goodwill of the reporting unit is not impaired. If the carrying value of the reporting unit, including goodwill, exceeds its fair value, a goodwill impairment loss is recognized in an amount equal to that excess. We generally estimate the fair value of each reporting unit using a combination of a discounted cash flow (DCF) analysis and market-based valuation methodologies such as comparable public company trading values and values observed in recent business acquisitions. Determining fair value requires the exercise of significant judgments, including the amount and timing of expected future cash flows, long-term growth rates, discount rates and relevant comparable public company earnings multiples and relevant transaction multiples. The cash flows employed in the DCF analysis are based on our best estimate of future sales, earnings and cash flows after considering factors such as general market conditions, U.S. Government budgets, existing firm orders, expected future orders, contracts with suppliers, labor agreements, changes in working capital, long term business plans and recent operating performance. The discount rates utilized in the DCF analysis are based on the respective reporting unit’s weighted average cost of capital, which takes into account the relative weights of each component of capital structure (equity and debt) and represents the expected cost of new capital, adjusted as appropriate to consider the risk inherent in future cash flows of the respective reporting unit. The carrying value of each reporting unit includes the assets and liabilities employed in its operations, goodwill and allocations of certain assets and liabilities held at the business segment and corporate levels. During the fourth quarters of 2021, 2020 and 2019, we performed our annual goodwill impairment test for each of our reporting units. The results of our annual impairment tests of goodwill indicated that no impairment existed. Acquired intangible assets deemed to have indefinite lives are not amortized, but are subject to annual impairment testing. This testing compares carrying value to fair value and, when appropriate, the carrying value of these assets is reduced to fair value. Finite-lived intangibles are amortized to expense over the applicable useful lives, ranging from five to 20 years, based on the nature of the asset and the underlying pattern of economic benefit as reflected by future net cash inflows. We perform an impairment test of finite-lived intangibles whenever events or changes in circumstances indicate their carrying value may be impaired. Leases – We evaluate whether our contractual arrangements contain leases at the inception of such arrangements. Specifically, we consider whether we can control the underlying asset and have the right to obtain substantially all of the economic benefits or outputs from the asset. Substantially all of our leases are long-term operating leases with fixed payment terms. We do not have significant financing leases. Our right-of-use (ROU) operating lease assets represent our right to use an underlying asset for the lease term, and our operating lease liabilities represent our obligation to make lease payments. ROU operating lease assets are recorded in other noncurrent assets in our consolidated balance sheet. Operating lease liabilities are recorded in other current liabilities or other noncurrent liabilities in our consolidated balance sheet based on their contractual due dates. Both the ROU operating lease asset and liability are recognized as of the lease commencement date at the present value of the lease payments over the lease term. Most of our leases do not provide an implicit rate that can readily be determined. Therefore, we use a discount rate based on our incremental borrowing rate, which is determined using our credit rating and information available as of the commencement date. ROU operating lease assets include lease payments made at or before the lease commencement date, net of any lease incentives. Our operating lease agreements may include options to extend the lease term or terminate it early. We include options to extend or terminate leases in the ROU operating lease asset and liability when it is reasonably certain we will exercise these options. Operating lease expense is recognized on a straight-line basis over the lease term and is included in cost of sales on our consolidated statement of earnings. We have operating lease arrangements with lease and non-lease components. The non-lease components in our arrangements are not significant when compared to the lease components. For all operating leases, we account for the lease and non-lease components as a single component. Additionally, for certain equipment leases, we apply a portfolio approach to recognize operating lease ROU assets and liabilities. We evaluate ROU assets for impairment consistent with our property, plant and equipment policy. Postretirement benefit plans – Many of our employees and retirees participate in defined benefit pension plans, retiree medical and life insurance plans, and other postemployment plans (collectively, postretirement benefit plans). GAAP requires that the amounts we record related to our postretirement benefit plans be computed, based on service to date, using actuarial valuations that are based in part on certain key economic assumptions we make, including the discount rate, the expected long-term rate of return on plan assets and other actuarial assumptions including participant longevity (also known as mortality), health care cost trend rates and employee turnover, each as appropriate based on the nature of the plans. A market-related value of our plan assets, determined using actual asset gains or losses over the prior three year period, is used to calculate the amount of deferred asset gains or losses to be amortized. These asset gains or losses, along with those resulting from adjustments to our benefit obligation, will be amortized to expense using the corridor method, where gains and losses are recognized over a period of years to the extent they exceed 10% of the greater of plan assets or benefit obligations. We recognize on a plan-by-plan basis the funded status of our postretirement benefit plans as either an asset recorded within other noncurrent assets or a liability recorded within noncurrent liabilities on our consolidated balance sheets. The GAAP funded status is measured as the difference between the fair value of the plan’s assets and the benefit obligation of the plan. The funded status under the Employee Retirement Income Security Act of 1974 (ERISA), as amended, is calculated on a different basis than under GAAP. Postemployment Plans – We record a liability for postemployment benefits, such as severance or job training, typically when payment is probable, the amount is reasonably estimable, and the obligation relates to rights that have vested or accumulated. During 2021, we recognized severance and restructuring charges totaling $36 million ($28 million, or $0.10 per share, after-tax) related to workforce reductions and facility exit costs within our RMS business segment. These actions were taken to consolidate certain operations in order to improve the efficiency of RMS’ manufacturing operations and the affordability of its products and services. Employees terminated as part of these actions will receive lump-sum severance payments upon separation primarily based on years of service. During 2020, we recognized severance charges totaling $27 million ($21 million, or $0.08 per share, after-tax) related to workforce reductions primarily within our corporate functions. These actions were taken to keep our cost structure aligned with our customers’ need to improve efficiency and deliver cost savings. Employees terminated as part of these actions received lump-sum severance payments upon separation primarily based on years of service. Environmental matters – We record a liability for environmental matters when it is probable that a liability has been incurred and the amount can be reasonably estimated. The amount of liability recorded is based on our estimate of the costs to be incurred for remediation at a particular site. We do not discount the recorded liabilities, as the amount and timing of future cash payments are not fixed or cannot be reliably determined. Our environmental liabilities are recorded on our consolidated balance sheets within other liabilities, both current and noncurrent. We expect to include a substantial portion of environmental costs in our net sales and cost of sales in future periods pursuant to U.S. Government agreement or regulation. At the time a liability is recorded for future environmental costs, we record a receivable for estimated future recovery considered probable through the pricing of products and services to agencies of the U.S. Government, regardless of the contract form (e.g., cost-reimbursable, fixed-price). We continuously evaluate the recoverability of our assets for the portion of environmental costs that are probable of future recovery by assessing, among other factors, U.S. Government regulations, our U.S. Government business base and contract mix, our history of receiving reimbursement of such costs, and efforts by some U.S. Government representatives to limit such reimbursement. We include the portion of those environmental costs expected to be allocated to our non-U.S. Government contracts, or determined not to be recoverable under U.S. Government contracts, in our cost of sales at the time the liability is established or adjusted. Our assets for the portion of environmental costs that are probable of future recovery are recorded on our consolidated balance sheets within other assets, both current and noncurrent. We project costs and recovery of costs over approximately 20 years. Derivative financial instruments – We record derivatives at their fair value. The classification of gains and losses resulting from changes in the fair values of derivatives is dependent on our intended use of the derivative and its resulting designation. Adjustments to reflect changes in fair values of derivatives attributable to highly effective hedges are either reflected in earnings and largely offset by corresponding adjustments to the hedged items or reflected net of income taxes in accumulated other comprehensive loss until the hedged transaction is recognized in earnings. Changes in the fair value of the derivatives that are not highly effective, if any, are immediately recognized in earnings. Recent Accounting Pronouncements Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting In 2017, the United Kingdom’s Financial Conduct Authority (FCA) announced that after 2021 it would no longer compel banks to submit the rates required to calculate the London Interbank Offered Rate (LIBOR), which have been widely used as reference rates for various securities and financial contracts, including loans, debt and derivatives. This announcement indicates that the continuation of LIBOR on the current basis is not guaranteed after 2021. Subsequently in March 2021, the FCA announced some USD LIBOR tenors (overnight, 1 month, 3 month, 6 month and 12 month) will continue to be published until June 30, 2023. Regulators in the U.S. and other jurisdictions have been working to replace these rates with alternative reference interest rates that are supported by transactions in liquid and observable markets, such as the Secured Overnight Financing Rate (SOFR) for USD LIBOR. Currently, our credit facility and certain of our derivative instruments reference LIBOR-based rates. Our credit facility contains provisions specifying alternative interest rate calculations to be employed when LIBOR ceases to be available as a benchmark and we have adhered to the ISDA 2020 IBOR Fallbacks Protocol, which will govern our derivatives upon the final cessation of USD LIBOR. ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, as amended, helps limit the accounting impact from contract modifications, including hedging relationships, due to the transition from LIBOR to alternative reference rates that are completed by December 31, 2022. We do not expect a significant impact to our operating results, financial position or cash flows from the transition from LIBOR to alternative reference interest rates, but we will continue to monitor the impact of this transition until it is completed. Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires entities to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 2014-09, Revenue from Contracts with Customers (Topic 606). The update will generally result in an entity recognizing contract assets and contract liabilities at amounts consistent with those recorded by the acquiree immediately before the acquisition date rather than at fair value. The new standard is effective on a prospective basis for fiscal years beginning after December 15, 2022, with early adoption permitted. We adopted the new standard effective January 1, 2022. The adoption of the new standard did not have an impact to our operating results, financial position, or cash flows. Government Assistance (Topic 832): Disclosures by Business Entities About Government Assistance In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities About Government Assistance, which requires entities to provide disclosures on material government assistance transactions for annual reporting periods. The disclosures include information around the nature of the assistance, the related accounting policies used to account for government assistance, the effect of government assistance on the entity’s financial statements, and any significant terms and conditions of the agreements, including commitments and contingencies. The new standard is effective for the Corporation on January 1, 2022 and only impacts annual financial statement footnote disclosures. Therefore, the adoption will not have a material effect on our consolidated financial statements.

Pending Acquisition of Aerojet Rocketdyne Holdings, Inc	12 Months Ended
Pending Acquisition of Aerojet Rocketdyne Holdings, Inc	Dec. 31, 2021
Business Combinations [Abstract]
Pending Acquisition of Aerojet Rocketdyne	Pending Acquisition of Aerojet Rocketdyne Holdings, Inc.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. At the time of announcement, this represented 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 then-projected net cash. If the transaction is completed, we expect to finance the acquisition primarily through new debt issuances. The transaction was approved by Aerojet Rocketdyne’s stockholders on March 9, 2021. As part of the regulatory review process of the transaction, on September 24, 2021, we and Aerojet Rocketdyne each certified substantial compliance with the Federal Trade Commission’s (FTC) requests for additional information, known as a “second request.” On January 11, 2022, the parties provided an updated notice of their intended closing date under their timing agreement with the FTC, whereby the parties agreed that they would not close the transaction before January 27, 2022, to enable the parties to discuss the scope and nature of the merchant supply and firewall commitments previously offered to the FTC by Lockheed Martin. We have been advised by the FTC that its concerns regarding the transaction cannot be addressed adequately by the terms of a consent order. We believe it is highly likely that the FTC will vote to sue to block the transaction and expect they will make a decision before January 27, 2022. If the FTC sues to block the transaction, we could elect to defend the lawsuit within 30 days or terminate the merger agreement. If the FTC does not file a lawsuit to block the transaction before January 27, 2022, the parties could proceed to close the transaction, but there is no assurance that the FTC would not file a lawsuit challenging the transaction after the closing since the parties have not reached agreement on the terms of a consent order. Under the terms of the merger agreement, either party may terminate the transaction if it has not closed on or before March 21, 2022.

Earnings Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share

The weighted average number of shares outstanding used to compute earnings per common share were as follows (in millions):


	2021	2020	2019
Weighted average common shares outstanding for basic computations	276.4	280.0	282.0
Weighted average dilutive effect of equity awards	1.0	1.2	1.8
Weighted average common shares outstanding for diluted computations	277.4	281.2	283.8

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) based on the treasury stock method. Basic and diluted earnings per common share for 2021 reflects share repurchases. There were no significant anti-dilutive equity awards for the years ended December 31, 2021, 2020 and 2019.

Goodwill and Acquired Intangibles

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Acquired Intangibles

Changes in the carrying amount of goodwill by business segment were as follows (in millions):


	Aeronautics		MFC		RMS		Space		Total
Balance at December 31, 2019	$	171	$	2,089	$	6,758	$	1,586	$	10,604

Acquisitions	16		—		—		173		189
Other	—		2		10		1		13
Balance at December 31, 2020	187		2,091		6,768		1,760		10,806
Acquisitions	—		—		—		17		17
Other	—		(1)		(9)		—		(10)
Balance at December 31, 2021	$	187	$	2,090	$	6,759	$	1,777	$	10,813

The gross carrying amounts and accumulated amortization of our acquired intangible assets consisted of the following (in millions):


	2021						2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-Lived:
Customer programs	$	3,184	$	(1,431)	$	1,753	$	3,184	$	(1,199)	$	1,985
Customer relationships	120		(96)		24		366		(287)		79
Other	76		(34)		42		85		(24)		61
Total finite-lived intangibles	3,380		(1,561)		1,819		3,635		(1,510)		2,125
Indefinite-Lived:
Trademark	887		—		887		887		—		887
Total acquired intangibles	$	4,267	$	(1,561)	$	2,706	$	4,522	$	(1,510)	$	3,012

Acquired finite-lived intangible assets are amortized to expense primarily on a straight-line basis over the following estimated useful lives: customer programs from nine to 20 years; customer relationships from four to 10 years; and other intangibles assets from three to 10 years.

Amortization expense for acquired finite-lived intangible assets was $285 million, $271 million and $284 million in 2021, 2020 and 2019. Estimated future amortization expense is as follows: $248 million in 2022; $246 million in 2023; $243 million in 2024; $221 million in 2025; and $154 million in 2026.

Information on Business Segments

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Information on Business Segments

Overview

We operate in four business segments: Aeronautics, MFC, RMS and Space. We organize our business segments based on the nature of products and services offered. Following is a brief description of the activities of our business segments:

•Aeronautics – Engaged in the research, design, development, manufacture, integration, sustainment, support and upgrade of advanced military aircraft, including combat and air mobility aircraft, unmanned air vehicles and related technologies.

•Missiles and Fire Control – Provides air and missile defense systems; tactical missiles and air-to-ground precision strike weapon systems; logistics; fire control systems; mission operations support, readiness, engineering support and integration services; manned and unmanned ground vehicles; and energy management solutions.

•Rotary and Mission Systems – Designs, manufactures, services and supports various military and commercial helicopters, surface ships, sea and land-based missile defense systems, radar systems, sea and air-based mission and combat systems, command and control mission solutions, cyber solutions, and simulation and training solutions.

•Space – Engaged in the research and development, design, engineering and production of satellites, space transportation systems, and strategic, advanced strike, and defensive systems. Space provides network-enabled situational awareness and integrates complex space and ground global systems to help our customers gather, analyze and securely distribute critical intelligence data. Space is also responsible for various classified systems and services in support of vital national security systems. Operating profit for our Space business segment also includes our share of earnings for our 50% ownership interest in ULA, which provides expendable launch services to the U.S. Government. Our investment in ULA totaled $585 million and $691 million at December 31, 2021 and 2020.

Selected Financial Data by Business Segment

Net sales of our business segments in the following tables exclude intersegment sales as these activities are eliminated in consolidation and thus are not included in management’s evaluation of performance of each segment.

Summary Operating Results

Sales and operating profit for each of our business segments were as follows (in millions):


	2021		2020		2019
Net sales
Aeronautics	$	26,748	$	26,266	$	23,693
Missiles and Fire Control	11,693		11,257		10,131
Rotary and Mission Systems	16,789		15,995		15,128
Space	11,814		11,880		10,860
Total net sales	$	67,044	$	65,398	$	59,812
Operating profit
Aeronautics	$	2,799	$	2,843	$	2,521
Missiles and Fire Control	1,648		1,545		1,441
Rotary and Mission Systems	1,798		1,615		1,421
Space	1,134		1,149		1,191
Total business segment operating profit	7,379		7,152		6,574
Unallocated items
FAS/CAS operating adjustment	1,960		1,876		2,049
Stock-based compensation	(227)		(221)		(189)
Severance and restructuring charges (a)	(36)		(27)		—
Other, net (b)	47		(136)		111
Total unallocated, net	1,744		1,492		1,971
Total consolidated operating profit	$	9,123	$	8,644	$	8,545

(a)Severance and restructuring includes a $36 million ($28 million, or $0.10 per share, after-tax) charge during 2021 associated with plans to close and consolidate certain facilities and reduce total workforce within our RMS business segment; and a $27 million ($21 million, or $0.08 per share, after-tax) charge during 2020 related to the planned elimination of certain positions primarily at our corporate functions.

(b)Other, net in 2020 includes a noncash impairment charge of $128 million recognized in the second quarter of 2020 on our investment in the international equity method investee, AMMROC, which decreased net earnings from continuing operations by $96 million. Other, net in 2019 includes a previously deferred non-cash gain of $51 million related to properties sold in 2015 as a result of completing our remaining obligations and a gain of $34 million for the sale of our Distributed Energy Solutions business. (See “Note 1 – Organization and Significant Accounting Policies”).

Unallocated Items

Business segment operating profit also excludes the FAS/CAS 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. However, 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. See “Note 1 – Organization and Significant Accounting Policies” (under the caption “Use of Estimates”) for a discussion related to certain factors that may impact the comparability of net sales and operating profit of our business segments.

FAS/CAS Operating Adjustment

Our business segments’ results of operations include pension expense only as calculated under U.S. Government Cost Accounting Standards (CAS), which we refer to as CAS pension cost. 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 (expense) income and total CAS pension cost. The non-service FAS pension (expense) income components are included in non-service FAS pension (expense) income in our consolidated statements of earnings. As a result, to the extent that CAS pension cost exceeds the service cost component of FAS pension (expense) income, we have a favorable FAS/CAS operating adjustment.

Our total net FAS/CAS pension adjustments, including the service and non-service cost components of FAS pension (expense) income for our qualified defined benefit pension plans, were as follows (in millions):


	2021		2020		2019
Total FAS (expense) income and CAS costs
FAS pension (expense) income	$	(1,398)	$	118	$	(1,093)
Less: CAS pension cost	2,066		1,977		2,565
Net FAS/CAS pension adjustment	$	668	$	2,095	$	1,472

Service and non-service cost reconciliation
FAS pension service cost	$	(106)	$	(101)	$	(516)
Less: CAS pension cost	2,066		1,977		2,565
FAS/CAS operating adjustment	1,960		1,876		2,049
Non-service FAS pension (expense) income	(1,292)		219		(577)
Net FAS/CAS pension adjustment	$	668	$	2,095	$	1,472

The decrease in the net FAS/CAS pension adjustment in 2021 was principally driven by a noncash, non-operating pension settlement charge of $1.7 billion ($1.3 billion, or $4.72 per share, after-tax) in connection with the transfer of $4.9 billion of our gross defined benefit pension obligations and related plan assets to an insurance company on August 3, 2021. See “Note 12 – Postretirement Benefit Plans” included in our Notes to Consolidated Financial Statements.

Intersegment Sales

Sales between our business segments are excluded from our consolidated and segment operating results as these activities are eliminated in consolidation. Intersegment sales for each of our business segments were as follows (in millions):


	2021		2020		2019
Intersegment sales
Aeronautics	$	219	$	243	$	217
Missiles and Fire Control	618		562		515
Rotary and Mission Systems	1,895		1,903		1,872
Space	360		377		352
Total intersegment sales	$	3,092	$	3,085	$	2,956

Dissaggregation of Net Sales

Net sales by total products and services, contract type, customer category and geographic region for each of our business segments were as follows (in millions):


	2021
	Aeronautics		MFC		RMS		Space		Total
Net sales
Products	$	22,631	$	10,269	$	13,483	$	10,052	$	56,435
Services	4,117		1,424		3,306		1,762		10,609
Total net sales	$	26,748	$	11,693	$	16,789	$	11,814	$	67,044
Net sales by contract type
Fixed-price	$	19,734	$	8,079	$	11,125	$	2,671	$	41,609
Cost-reimbursable	7,014		3,614		5,664		9,143		25,435
Total net sales	$	26,748	$	11,693	$	16,789	$	11,814	$	67,044
Net sales by customer
U.S. Government	$	17,262	$	8,341	$	11,736	$	10,811	$	48,150
International (a)	9,403		3,346		4,719		971		18,439
U.S. commercial and other	83		6		334		32		455
Total net sales	$	26,748	$	11,693	$	16,789	$	11,814	$	67,044
Net sales by geographic region
United States	$	17,345	$	8,347	$	12,070	$	10,843	$	48,605
Europe	3,973		910		909		968		6,760
Asia Pacific	3,644		292		2,178		(6)		6,108
Middle East	1,351		2,066		827		9		4,253
Other	435		78		805		—		1,318
Total net sales	$	26,748	$	11,693	$	16,789	$	11,814	$	67,044


	2020
	Aeronautics		MFC		RMS		Space		Total
Net sales
Products	$	22,327	$	9,804	$	12,748	$	10,049	$	54,928
Services	3,939		1,453		3,247		1,831		10,470
Total net sales	$	26,266	$	11,257	$	15,995	$	11,880	$	65,398
Net sales by contract type
Fixed-price	$	18,477	$	7,587	$	10,795	$	2,247	$	39,106
Cost-reimbursable	7,789		3,670		5,200		9,633		26,292
Total net sales	$	26,266	$	11,257	$	15,995	$	11,880	$	65,398
Net sales by customer
U.S. Government	$	18,175	$	8,404	$	11,596	$	10,293	$	48,468
International (a)	8,012		2,842		3,986		1,546		16,386
U.S. commercial and other	79		11		413		41		544
Total net sales	$	26,266	$	11,257	$	15,995	$	11,880	$	65,398
Net sales by geographic region
United States	$	18,254	$	8,415	$	12,009	$	10,334	$	49,012
Europe	3,283		767		806		1,478		6,334
Asia Pacific	3,162		280		1,666		68		5,176
Middle East	1,344		1,749		847		—		3,940
Other	223		46		667		—		936
Total net sales	$	26,266	$	11,257	$	15,995	$	11,880	$	65,398

(a)International sales include FMS contracted through the U.S. Government, direct commercial sales with international governments and commercial and other sales to international customers.


	2019
	Aeronautics		MFC		RMS		Space		Total
Net sales
Products	$	20,319	$	8,424	$	12,206	$	9,104	$	50,053
Services	3,374		1,707		2,922		1,756		9,759
Total net sales	$	23,693	$	10,131	$	15,128	$	10,860	$	59,812
Net sales by contract type
Fixed-price	$	17,239	$	6,449	$	10,382	$	2,135	$	36,205
Cost-reimbursable	6,454		3,682		4,746		8,725		23,607
Total net sales	$	23,693	$	10,131	$	15,128	$	10,860	$	59,812
Net sales by customer
U.S. Government	$	14,776	$	7,524	$	10,803	$	9,322	$	42,425
International (a)	8,733		2,465		3,822		1,511		16,531
U.S. commercial and other	184		142		503		27		856
Total net sales	$	23,693	$	10,131	$	15,128	$	10,860	$	59,812
Net sales by geographic region
United States	$	14,960	$	7,666	$	11,306	$	9,349	$	43,281
Europe	3,224		516		769		1,419		5,928
Asia Pacific	3,882		420		1,451		73		5,826
Middle East	1,465		1,481		979		19		3,944
Other	162		48		623		—		833
Total net sales	$	23,693	$	10,131	$	15,128	$	10,860	$	59,812

(a)International sales include FMS contracted through the U.S. Government, direct commercial sales with international governments and commercial and other sales to international customers.

Our Aeronautics business segment includes our largest program, the F-35 Lightning II Joint Strike Fighter, an international multi-role, multi-variant, stealth fighter aircraft. Net sales for the F-35 program represented approximately 27% of our consolidated net sales during 2021, 28% during 2020 and 27% during 2019.

Capital Expenditures, PP&E Depreciation and Software Amortization, and Amortization of Purchased Intangibles


	2021		2020		2019
Capital expenditures
Aeronautics	$	477	$	534	$	526
Missiles and Fire Control	304		391		300
Rotary and Mission Systems	279		311		272
Space	305		403		258
Total business segment capital expenditures	1,365		1,639		1,356
Corporate activities	157		127		128
Total capital expenditures	$	1,522	$	1,766	$	1,484
PP&E depreciation and software amortization (a)
Aeronautics	$	348	$	348	$	318
Missiles and Fire Control	153		136		122
Rotary and Mission Systems	250		244		232
Space	205		182		164
Total business segment depreciation and amortization	956		910		836
Corporate activities	123		109		70
Total depreciation and amortization	$	1,079	$	1,019	$	906
Amortization of purchased intangibles
Aeronautics	$	1	$	—	$	—
Missiles and Fire Control	2		2		2
Rotary and Mission Systems	232		232		232
Space	50		37		50
Total amortization of purchased intangibles	$	285	$	271	$	284

(a)Excludes amortization of purchased intangibles.

Assets

Total assets for each of our business segments were as follows (in millions):


	2021		2020
Assets
Aeronautics	$	10,756	$	9,903
Missiles and Fire Control	5,243		4,966
Rotary and Mission Systems	17,664		18,035
Space	6,199		6,451
Total business segment assets	39,862		39,355
Corporate assets (a)	11,011		11,355
Total assets	$	50,873	$	50,710

(a)Corporate assets primarily include cash and cash equivalents, deferred income taxes, assets for the portion of certain environmental costs that are probable of future recovery, and investments. Substantially all of our operating assets are located in the U.S.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Receivables, net, Contract Assets and Contract Liabilities

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Receivables, net, Contract Assets and Contract Liabilities

Receivables, net, contract assets and contract liabilities were as follows (in millions):


	2021		2020
Receivables, net	$	1,963	$	1,978
Contract assets	10,579		9,545
Contract liabilities	8,107		7,545

Receivables, net consist of approximately $1.3 billion from the U.S. Government and $708 million from other governments and commercial customers as of December 31, 2021. Substantially all accounts receivable at December 31, 2021 are expected to be collected in 2022. We do not believe we have significant exposure to credit risk as the majority of our accounts receivable are due from the U.S. Government either as the ultimate customer or in connection with foreign military sales.

Contract assets are net of progress payments and performance based payments from our customers as well as advance payments from non-U.S. Government customers totaling approximately $43.9 billion and $39.7 billion as of December 31, 2021 and 2020. Contract assets increased $1.0 billion during 2021, primarily due to the recognition of revenue related to the satisfaction or partial satisfaction of performance obligations during 2021 for which we have not yet billed our customers. There were no significant impairment losses related to our contract assets during 2021 and 2020. We expect to bill our customers for the majority of the December 31, 2021 contract assets during 2022.

Contract liabilities increased $562 million during 2021, primarily due to payments received in excess of revenue recognized on these performance obligations. During 2021, we recognized $4.5 billion of our contract liabilities at December 31, 2020 as revenue. During 2020, we recognized $4.0 billion of our contract liabilities at December 31, 2019 as revenue. During 2019, we recognized $3.9 billion of our contract liabilities at December 31, 2018 as revenue.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Inventories

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following (in millions):


	2021		2020
Materials, spares and supplies	$	624	$	612
Work-in-process	2,163		2,693
Finished goods	194		240
Total inventories	$	2,981	$	3,545

Costs incurred to fulfill a contract in advance of the contract being awarded are included in inventories as work-in-process if we determine that those costs relate directly to a contract or to an anticipated contract that we can specifically identify and contract award is probable, the costs generate or enhance resources that will be used in satisfying performance obligations, and the costs are recoverable (referred to as pre-contract costs). Pre-contract costs that are initially capitalized in inventory are generally recognized as cost of sales consistent with the transfer of products and services to the customer upon the receipt of the anticipated contract. All other pre-contract costs, including start-up costs, are expensed as incurred. As of December 31, 2021 and 2020, $634 million and $583 million of pre-contract costs were included in inventories.

Property, Plant and Equipment, net

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, net

Property, Plant and Equipment, netProperty, plant and equipment, net consisted of the following (in millions):


	2021		2020
Land	$	144	$	142
Buildings	8,003		7,425
Machinery and equipment	9,053		8,661
Construction in progress	1,900		1,921
Total property, plant and equipment	19,100		18,149
Less: accumulated depreciation	(11,503)		(10,936)
Total property, plant and equipment, net	$	7,597	$	7,213

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

We generally enter into operating lease agreements for facilities, land and equipment. Our ROU operating lease assets were $1.3 billion at December 31, 2021. Operating lease liabilities were $1.4 billion, of which $1.1 billion were classified as noncurrent, at December 31, 2021. New ROU operating lease assets and liabilities entered into during 2021 were $473 million. The weighted average remaining lease term and discount rate for our operating leases were approximately 8.9 years and 2% at December 31, 2021.

We recognized operating lease expense of $275 million, $223 million and $239 million in 2021, 2020 and 2019. In addition, we made cash payments of $299 million for operating leases during 2021, which are included in cash flows from operating activities in our consolidated statement of cash flows.

Future minimum lease commitments at December 31, 2021 were as follows (in millions):


	Total		2022		2023		2024		2025		2026		Thereafter
Operating leases	$	1,566	$	325	$	225	$	196	$	151	$	108	$	561
Less: imputed interest	140
Total	$	1,426

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Income Tax Provisions

Our provision for federal and foreign income tax expense for continuing operations consisted of the following (in millions):


	2021		2020		2019
Federal income tax expense (benefit):
Current	$	1,325	$	1,292	$	698

Deferred	(194)		21		235
Total federal income tax expense	1,131		1,313		933
Foreign income tax expense (benefit):
Current	93		50		91
Deferred	11		(16)		(13)
Total foreign income tax expense	104		34		78
Total federal and foreign income tax expense	$	1,235	$	1,347	$	1,011

State income taxes are included in our operations as general and administrative costs and, under U.S. Government regulations, are allowable costs in establishing prices for the products and services we sell to the U.S. Government. Therefore, a substantial portion of state income taxes is included in our net sales and cost of sales. As a result, the impact of certain transactions on our operating profit and of other matters presented in these consolidated financial statements is disclosed net of state income taxes. Our total net state income tax expense was $195 million for 2021, $197 million for 2020, and $96 million for 2019.

A reconciliation of the U.S. federal statutory income tax expense to actual income tax expense for continuing operations is as follows (dollars in millions):


	2021				2020				2019
	Amount		Rate		Amount		Rate		Amount		Rate
Income tax expense at the U.S. federal statutory tax rate	$	1,585	21.0	%	$	1,729	21.0	%	$	1,521	21.0	%
Foreign derived intangible income deduction	(170)		(2.3)		(170)		(2.1)		(122)		(1.7)
Research and development tax credit	(118)		(1.6)		(97)		(1.2)		(148)		(2.0)
Tax deductible dividends	(65)		(0.9)		(64)		(0.8)		(62)		(0.9)
Excess tax benefits for stock-based payment awards	(28)		(0.4)		(52)		(0.6)		(63)		(0.9)
Other, net (a)	31		0.6		1		0.1		(115)		(1.5)
Income tax expense	$	1,235	16.4	%	$	1,347	16.4	%	$	1,011	14.0	%

(a)Includes additional $98 million deduction for foreign derived intangible income related to 2018 recognized in 2019 reflecting proposed tax regulations released on March 4, 2019.

We recognized a tax benefit of $170 million in 2021 and $191 million in 2020 from the deduction for foreign derived intangible income enacted by the Tax Cuts and Jobs Act of 2017 (the “Tax Act”).

We recognized $118 million of research and development tax credits in 2021 due to increased qualifying activity.

We receive a tax deduction for dividends paid on shares of our common stock held by certain of our defined contribution plans with an employee stock ownership plan feature. The amount of the tax deduction has increased as we increased our dividend over the last three years, partially offset by a decline in the number of shares in these plans.

Uncertain Tax Positions

As of December 31, 2021 and 2020, our liabilities associated with unrecognized tax benefits were not material.

Deferred Income Taxes

The primary components of our federal and foreign deferred income tax assets and liabilities at December 31 were as follows (in millions):


	2021		2020
Deferred tax assets related to:
Pensions	$	1,985	$	2,994
Accrued compensation and benefits	957		926
Contract accounting methods	470		392
Foreign company operating losses and credits	40		51
Other (a)	473		509
Valuation allowance	(15)		(13)
Deferred tax assets, net	3,910		4,859
Deferred tax liabilities related to:
Goodwill and intangible assets	401		363
Property, plant and equipment	518		481
Exchanged debt securities and other (a)	709		547
Deferred tax liabilities	1,628		1,391
Net deferred tax assets	$	2,282	$	3,468

(a)Includes deferred tax assets and liabilities related to lease liability and ROU asset.

We and our subsidiaries file federal income tax returns in the U.S. and income tax returns in various foreign jurisdictions. With few exceptions, the statute of limitations for these jurisdictions is no longer open for audit or examination for the years before 2015, other than with respect to refunds.

We participate in the IRS Compliance Assurance Process program. Examinations of the years 2018 to 2021 remain under IRS review. We are also subject to taxation in various states and foreign jurisdictions including Australia, Canada, India, Italy,

Japan, Poland, and the United Kingdom. We are under, or may be subject to, audit or examination and additional assessments by the relevant authorities.Our federal and foreign income tax payments, net of refunds, were $1.4 billion in both 2021 and 2020, and $940 million in 2019.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt

Our total debt consisted of the following (in millions):


	2021		2020
Notes
3.35% due 2021	$	—	$	500
3.10% due 2023	500		500
2.90% due 2025	750		750
3.55% due 2026	2,000		2,000
1.85% due 2030	400		400
3.60% due 2035	500		500
4.50% and 6.15% due 2036	1,054		1,054
4.07% due 2042	1,336		1,336
3.80% due 2045	1,000		1,000
4.70% due 2046	1,326		1,326
2.80% due 2050	750		750
4.09% due 2052	1,578		1,578
Other notes with rates from 4.85% to 9.13%, due 2022 to 2041	1,605		1,605
Total debt	12,799		13,299
Less: unamortized discounts and issuance costs	(1,123)		(1,130)
Total debt, net	11,676		12,169
Less: current portion	(6)		(500)
Long-term debt, net	$	11,670	$	11,669

Revolving Credit Facility

On December 31, 2021, we had a $3.0 billion revolving credit facility (the Revolving Credit Facility) with various banks with an expiration date of August 24, 2026 that is available for general corporate purposes including supporting commercial paper borrowings. We entered into this Revolving Credit Facility effective August 24, 2021 and concurrently terminated our prior $2.5 billion revolving credit facility. We may request and the banks may grant, at their discretion, an increase in the borrowing capacity under the Revolving Credit Facility of up to an additional $500 million. There were no borrowings outstanding under the credit facility as of December 31, 2021 and 2020.

Borrowings under the credit facility are unsecured and bear interest at rates based, at our option, on a Eurodollar Rate or a Base Rate, as defined in the credit facility’s agreement. 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 agreement. As of December 31, 2021 and 2020, we were in compliance with all covenants contained in the credit facility agreement, as well as in our debt agreements.

Commercial Paper

We have agreements in place with financial institutions to provide for the issuance of commercial paper. The outstanding balance of commercial paper can fluctuate daily and the amount outstanding during the period may be greater or less than the amount reported at the end of the period. There were no commercial paper borrowings outstanding as of December 31, 2021 and we did not issue or repay any during 2021. We may, as conditions warrant, continue to issue commercial paper backed by our revolving credit facility to manage the timing of cash flows.

Long-Term Debt

In September 2021, we repaid $500 million of long-term notes with a fixed interest rate of 3.35% according to their scheduled maturities.

We made interest payments of approximately $543 million, $567 million and $625 million during the years ended December 31, 2021, 2020 and 2019, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Postretirement Benefit Plans

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Postretirement Benefit Plans

Plan Descriptions

Many of our employees and retirees participate in various postretirement benefit plans including defined benefit pension plans, retiree medical and life insurance plans, defined contribution retirement savings plans, and other postemployment plans. Substantially all of our postretirement benefit obligations relate to U.S. based defined benefit pension plans and retiree medical and life insurance plans. The majority of our U.S. defined benefit pension plans provide for benefits within limits imposed by federal tax law (referred to as qualified plans). However, certain of our U.S. defined benefit pension plans provide for benefits in excess of qualified plan limits imposed by federal tax law (referred to as nonqualified plans).

Salaried employees hired after December 31, 2005 are not eligible to participate in our qualified defined benefit pension plans, but are eligible to participate in a qualified defined contribution plan in addition to our other retirement savings plans. They also have the ability to participate in our retiree medical plans, but we do not subsidize the cost of their participation in those plans as we do with employees hired before January 1, 2006. Over the last few years, we have negotiated similar changes with various labor organizations such that new union represented employees do not participate in our defined benefit pension plans. Our qualified defined benefit pension plans for salaried employees were fully frozen effective January 1, 2020, at which time such employees no longer earn additional benefits under the defined benefit pension plans and were transitioned to an enhanced defined contribution retirement savings plan.

On August 3, 2021, we purchased group annuity contracts to transfer $4.9 billion of gross defined benefit pension obligations and related plan assets from certain of our qualified defined benefit pension plans to an insurance company for approximately 18,000 U.S. retirees and beneficiaries. The group annuity contracts were purchased using assets from Lockheed Martin’s master retirement trust and no additional funding contribution was required by us. As a result of this transaction, we were relieved of all responsibility for these pension obligations and the insurance company is now required to pay and administer the retirement benefits beginning on January 1, 2022. This transaction had no impact on the amount, timing, or form of the monthly retirement benefit payments to the affected retirees and beneficiaries. In connection with this transaction, we recognized a noncash pension settlement charge of $1.7 billion ($1.3 billion, or $4.72 per share, after tax) for the affected plans in 2021, which represents the accelerated recognition of actuarial losses that were included in the AOCL account within stockholders’ equity.

On December 3, 2020, we purchased a group annuity contract to transfer $1.4 billion of gross defined benefit pension obligations and related plan assets to an insurance company for approximately 13,500 U.S. retirees and beneficiaries. As a result of this transaction, we were relieved of all responsibility for these pension obligations and the insurance company is now required to pay and administer the retirement benefits. Although this transaction was treated as a settlement for accounting purposes, we were not required to recognize a settlement charge because the aggregate value of settlements for the affected plans in 2020 were less than each plan’s service and interest cost.

Also on December 3, 2020, we purchased a group annuity contract pursuant to which an insurance company will reimburse the affected qualified defined benefit pension plan for $793 million of gross defined benefit pension obligations for approximately 2,500 U.S. retirees and beneficiaries. Under the terms of the arrangement, the plan retains the obligation for paying the pension benefits to the covered retirees and beneficiaries and the insurance company will reimburse the plan as those benefits are paid. The group annuity contract provides us the option to transfer the defined benefit pension obligations to the insurance company at our discretion. Because the plan retains the obligation for paying the pension benefits to the covered retirees and beneficiaries this transaction was not treated as a settlement for accounting purpose and we were not required to recognize a settlement charge.

Qualified Defined Benefit Pension Plans and Retiree Medical and Life Insurance Plans

FAS Expense (Income)

The pretax FAS expense (income) related to our qualified defined benefit pension plans and retiree medical and life insurance plans each year included the following (in millions):



	Qualified Defined Benefit Pension Plans						Retiree Medical and Life Insurance Plans
	2021		2020		2019		2021		2020		2019
Operating:
Service cost	$	106	$	101	$	516	$	13	$	13	$	14
Non-operating:
Interest cost	1,220		1,538		1,806		53		70		97
Expected return on plan assets	(2,146)		(2,264)		(2,300)		(141)		(127)		(110)
Recognized net actuarial losses (gains)	902		849		1,404		—		(4)		2
Amortization of net prior service (credits) costs	(349)		(342)		(333)		37		39		42
Settlement charge	1,665		—		—		—		—		—
Non-service FAS pension expense (income)	1,292		(219)		577		(51)		(22)		31
Net periodic benefit expense (income)	$	1,398	$	(118)	$	1,093	$	(38)	$	(9)	$	45

We record the service cost component of FAS expense for our qualified defined benefit plans and retiree medical and life insurance plans in the cost of sales accounts on our consolidated statement of earnings; the non-service components of our FAS expense (income) for our qualified defined benefit pension plans in the non-service FAS pension (expense) income account on our consolidated statement of earnings; and the non-service components of our FAS expense (income) for our retiree medical and life insurance plans as part of the other non-operating income (expense), net account on our consolidated statement of earnings.

Funded Status

The following table provides a reconciliation of benefit obligations, plan assets and net (unfunded) funded status related to our qualified defined benefit pension plans and our retiree medical and life insurance plans (in millions):



	Qualified Defined Benefit Pension Plans				Retiree Medical and Life Insurance Plans
	2021		2020		2021		2020
Change in benefit obligation
Beginning balance (a)	$	51,352	$	48,674	$	2,271	$	2,226
Service cost	106		101		13		13
Interest cost	1,220		1,538		53		70
Actuarial (gains) losses (b)	(2,045)		4,610		(352)		117
Settlements (c)	(4,885)		(1,392)		—		—
Plan amendments and curtailments	2		9		—		(8)
Benefits paid	(2,303)		(2,188)		(217)		(220)
Medicare Part D subsidy	—		—		4		3

Participants’ contributions	—		—		67		70
Ending balance (a)	$	43,447	$	51,352	$	1,839	$	2,271
Change in plan assets
Beginning balance at fair value	$	38,481	$	35,442	$	2,085	$	1,889
Actual return on plan assets (d)	3,899		5,594		224		298
Settlements (c)	(4,885)		(1,392)		—		—
Benefits paid	(2,303)		(2,188)		(217)		(220)
Company contributions	—		1,025		6		45
Medicare Part D subsidy	—		—		4		3
Participants’ contributions	—		—		67		70
Ending balance at fair value	$	35,192	$	38,481	$	2,169	$	2,085
Unfunded status of the plans	$	(8,255)	$	(12,871)	$	330	$	(186)

(a)Benefit obligation balances represent the projected benefit obligation for our qualified defined benefit pension plans and the accumulated benefit obligation for our retiree medical and life insurance plans.

(b)Actuarial gains for our qualified defined benefit pension plans in 2021 primarily reflect an increase in the discount rate from 2.50% at December 31, 2020 to 2.875% at December 31, 2021, which decreased benefit obligations by $2.3 billion, partially offset by an increase of approximately $250 million due to changes in longevity assumptions and participant data. Actuarial gains for our retiree medical and life insurance plans in 2021 reflect an increase in the discount rate from 2.375% at December 31, 2020 to 2.75% at December 31, 2021, which decreased benefit obligations by $70 million, and $282 million due to changes in plan participation assumptions and claims data.

(c)Qualified defined benefit pension plan settlements in 2021 and 2020 represent the transfer of gross defined benefit pension obligations and related plan assets to insurance companies pursuant to the group annuity contracts purchased on August 3, 2021 and December 3, 2020, respectively, as described above.

(d)Actual return on plan assets for our qualified defined benefit pension plans and retiree medical and life insurance plans was approximately 10.5% in 2021 and 16.5% in 2020.

We are required to recognize the net funded status of each postretirement benefit plan on a standalone basis as either an asset or a liability on our consolidated balance sheet. The funded status is measured as the difference between the fair value of each plan’s assets and the benefit obligation. Each year we measure the fair value of each plan’s assets and benefit obligation on December 31, consistent with our fiscal year end. The fair value of each plan’s benefit obligation reflects assumptions in effect as of the measurement date as described below. For certain of our qualified defined benefit pension plans and retiree medical and life insurance plans the plan assets may exceed the benefit obligation, which we recognize the net amount as an asset on our consolidated balance sheet. Conversely, for most of our qualified defined benefit pension plans the benefit obligation exceeds plan assets, which we recognize the net amount as a liability on our consolidated balance sheet.

The following table provides amounts recognized on our consolidated balance sheets related to our qualified defined benefit pension plans and our retiree medical and life insurance plans (in millions):


	Qualified Defined Benefit Pension Plans				Retiree Medical and Life Insurance Plans
	2021		2020		2021		2020
Other noncurrent assets	$	64	$	3	$	330	$	—
Accrued pension liabilities	(8,319)		(12,874)		—		—
Other noncurrent liabilities	—		—		—		(186)
Net (unfunded) funded status of the plans	$	(8,255)	$	(12,871)	$	330	$	(186)

Differences between the actual return and expected return on plan assets during the year and changes in the benefit obligation for our qualified defined benefit pension plans and retiree medical and life insurance plans due to changes in the annual valuation assumptions generate actuarial gains or losses. Additionally, the benefit obligation for our qualified defined benefit pension plans and retiree medical and life insurance plans may increase or decrease as a result of plan amendments that affect the benefits to plan participants related to service for periods prior to the effective date of the amendment, which generates prior service costs or credits. Actuarial gains or losses, and prior service costs or credits, are initially deferred in accumulated other comprehensive loss and subsequently amortized for each plan into expense or (income) on a straight-line basis either over the average remaining life expectancy of plan participants or over the average remaining service period of plan participants, subject to certain thresholds.

The following table provides the amount of actuarial gains or losses and prior service costs or credits recognized in accumulated other comprehensive loss related to qualified defined benefit pension plans and retiree medical and life insurance plans at December 31 (in millions):


	Qualified Defined Benefit Pension Plans				Retiree Medical and Life Insurance Plans
	2021		2020		2021		2020
Accumulated other comprehensive loss (pre-tax) related to:
Net actuarial losses	$	14,675	$	21,040	$	(554)	$	(119)
Prior service (credit) cost	(884)		(1,235)		36		73
Total	$	13,791	$	19,805	$	(518)	$	(46)
Estimated tax	(2,947)		(4,230)		110		9
Net amount recognized in accumulated other comprehensive loss	$	10,844	$	15,575	$	(408)	$	(37)

The following table provides the changes recognized in accumulated other comprehensive loss, net of tax, for actuarial gains or losses and prior service costs or credits due to differences between the actual return and expected return on plan assets and changes in the fair value of the benefit obligation recognized in connection with our annual remeasurement and the amortization during the year for our qualified defined benefit pension plans, retiree medical and life insurance plans, and certain other plans (in millions):


	Incurred but Not Yet Recognized in FAS Expense						Recognition of Previously Deferred Amounts
	2021		2020		2019		2021		2020		2019
	gains (losses)						(gains) losses
Actuarial gains and losses
Qualified defined benefit pension plans	$	2,987	$	(1,005)	$	(2,283)	$	2,019	$	668	$	1,104
Retiree medical and life insurance plans	342		43		238		—		(3)		2
Other plans	76		(104)		(133)		24		24		42
	3,405		(1,066)		(2,178)		2,043		689		1,148
	credit (cost)						(credit) cost
Net prior service credit and cost
Qualified defined benefit pension plans	(1)		(7)		(8)		(274)		(269)		(263)
Retiree medical and life insurance plans	—		6		4		29		30		33
Other plans	—		—		—		(11)		(10)		(10)
	(1)		(1)		(4)		(256)		(249)		(240)
	$	3,404	$	(1,067)	$	(2,182)	$	1,787	$	440	$	908

The accumulated benefit obligation (ABO) for all qualified defined benefit pension plans was $43.4 billion and $51.3 billion at December 31, 2021 and 2020. The ABO represents benefits accrued without assuming future compensation increases to plan participants and is approximately equal to our projected benefit obligation. Plans where ABO was less than plan assets represent prepaid pension assets, which are included on our consolidated balance sheets in other noncurrent assets. Plans where ABO was in excess of plan assets represent accrued pension liabilities, which are included on our consolidated balance sheets.

Assumptions Used to Determine Benefit Obligations and FAS Expense (Income)

We measure the fair value of each plan’s assets and benefit obligation on December 31, consistent with our fiscal year end. Benefit obligations as of the end of each year reflect assumptions in effect as of those dates. Expense is based on assumptions in effect at the end of the preceding year. The assumptions used to determine the benefit obligations at December 31 of each year and FAS expense for each subsequent year were as follows:



	Qualified Defined Benefit Pension Plans						Retiree Medical and Life Insurance Plans
	2021		2020		2019		2021		2020		2019
Weighted average discount rate	2.875	%	2.500	%	3.250	%	2.750	%	2.375	%	3.250	%
Expected long-term rate of return on assets	6.50	%	7.00	%	7.00	%	6.50	%	7.00	%	7.00	%
Health care trend rate assumed for next year							7.50	%	7.75	%	8.00	%
Ultimate health care trend rate							4.50	%	4.50	%	4.50	%
Year ultimate health care trend rate is reached							2034		2034		2034

The long-term rate of return assumption represents the expected long-term rate of earnings on the funds invested, or to be invested, to provide for the benefits included in the benefit obligations. That assumption is based on several factors including historical market index returns, the anticipated long-term allocation of plan assets, the historical return data for the trust funds, plan expenses and the potential to outperform market index returns. The actual investment return for our qualified defined benefit plans during 2021 of $3.9 billion based on an actual rate of approximately 10.5% improved plan assets more than the $2.1 billion expected return based on our long-term rate of return assumption. In connection with the August 3, 2021 plan remeasurements, we lowered our expected long-term rate of return on plan assets from 7.00% to 6.50%, which reflects recent changes in our asset allocation targets applicable to all qualified defined benefit pension and retiree medical and life insurance plans as of the December 31, 2021 remeasurement.

Plan Assets

Our wholly-owned subsidiary, Lockheed Martin Investment Management Company (LMIMCo), has the fiduciary responsibility for making investment decisions related to the assets of our postretirement benefit plans. LMIMCo’s investment objectives for the assets of these plans are (1) to minimize the net present value of expected funding contributions; (2) to ensure there is a high probability that each plan meets or exceeds our actuarial long-term rate of return assumptions; and (3) to diversify assets to minimize the risk of large losses. The nature and duration of benefit obligations, along with assumptions concerning asset class returns and return correlations, are considered when determining an appropriate asset allocation to achieve the investment objectives. Investment policies and strategies governing the assets of the plans are designed to achieve investment objectives within prudent risk parameters. Risk management practices include the use of external investment managers; the maintenance of a portfolio diversified by asset class, investment approach and security holdings; and the maintenance of sufficient liquidity to meet benefit obligations as they come due.

LMIMCo’s investment policies require that asset allocations of postretirement benefit plans be maintained within the following approximate ranges:


Asset Class			Asset Allocation Ranges
Cash and cash equivalents			0-20%
Equity			15-65%
Fixed income			10-60%
Alternative investments:
Private equity funds			0-15%
Real estate funds			0-10%
Hedge funds			0-20%
Commodities			0-15%

The following table presents the fair value of the assets (in millions) of our qualified defined benefit pension plans and retiree medical and life insurance plans by asset category and their level within the fair value hierarchy (see “Note 1 – Organization and Significant Accounting Policies - Investments” for definition of these levels), which we are required to disclose even though these assets are not separately recorded on our consolidated balance sheet. Certain investments are measured at their Net Asset Value (NAV) per share because such investments do not have readily determinable fair values and, therefore, are not required to be categorized in the fair value hierarchy. Assets measured at NAV have been included in the table below to permit reconciliation of the fair value hierarchy to amounts presented in the funded status table above.


	December 31, 2021								December 31, 2020
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Investments measured at fair value
Cash and cash equivalents (a)	$	991	$	991	$	—	$	—	$	1,109	$	1,109	$	—	$	—
Equity (a):
U.S. equity securities	6,479		6,444		5		30		7,535		7,467		8		60
International equity securities	4,882		4,880		—		2		6,844		6,836		—		8
Commingled equity funds	869		36		833		—		1,671		442		1,228		1
Fixed income (a):
Corporate debt securities	6,397		—		6,295		102		5,732		—		5,730		2
U.S. Government securities	2,864		—		2,864		—		2,506		—		2,506		—
U.S. Government-sponsored enterprise securities	228		—		228		—		230		—		230		—
Other fixed income investments (b)	4,736		49		3,071		1,616		5,873		37		4,063		1,773
Total	$	27,446	$	12,400	$	13,296	$	1,750	$	31,500	$	15,891	$	13,765	$	1,844
Investments measured at NAV
Commingled equity funds	130								92
Other fixed income investments	701								541
Private equity funds	5,386								4,672
Real estate funds	3,059								2,650
Hedge funds	556								1,111
Total investments measured at NAV	9,832								9,066
Receivables, net	83								—
Total	$	37,361							$	40,566

(a)Cash and cash equivalents, equity securities and fixed income securities included derivative assets and liabilities whose fair values were not material as of December 31, 2021 and 2020. LMIMCo’s investment policies restrict the use of derivatives to either establish long or short exposures for purposes consistent with applicable investment mandate guidelines or to hedge risks to the extent of a plan’s current exposure to such risks. Most derivative transactions are settled on a daily basis.

(b)Level 3 investments include $1.5 billion at December 31, 2021 and $1.7 billion at December 31, 2020 related to the buy-in contracts discussed above.

As of December 31, 2021 and 2020, the assets associated with our foreign defined benefit pension plans were not material and have not been included in the table above. Changes in the fair value of plan assets categorized as Level 3 during 2021 and 2020 were not significant.

Cash equivalents are mostly comprised of short-term money-market instruments and are valued at cost, which approximates fair value.

U.S. equity securities and international equity securities categorized as Level 1 are traded on active national and international exchanges and are valued at their closing prices on the last trading day of the year. For U.S. equity securities and international equity securities not traded on an active exchange, or if the closing price is not available, the trustee obtains indicative quotes from a pricing vendor, broker or investment manager. These securities are categorized as Level 2 if the custodian obtains corroborated quotes from a pricing vendor or categorized as Level 3 if the custodian obtains uncorroborated quotes from a broker or investment manager.

Commingled equity funds categorized as Level 1 are traded on active national and international exchanges and are valued at their closing prices on the last trading day of the year. For commingled equity funds not traded on an active exchange, or if

the closing price is not available, the trustee obtains indicative quotes from a pricing vendor, broker or investment manager. These securities are categorized as Level 2 if the custodian obtains corroborated quotes from a pricing vendor.

Fixed income investments categorized as Level 1 are publicly exchange-traded. Fixed income investments categorized as Level 2 are valued by the trustee using pricing models that use verifiable observable market data (e.g., interest rates and yield curves observable at commonly quoted intervals and credit spreads), bids provided by brokers or dealers or quoted prices of securities with similar characteristics. Fixed income investments are categorized as Level 3 when valuations using observable inputs are unavailable. The trustee typically obtains pricing based on indicative quotes or bid evaluations from vendors, brokers or the investment manager. In addition, certain other fixed income investments categorized as Level 3 are valued using a discounted cash flow approach. Significant inputs include projected annuity payments and the discount rate applied to those payments.

Certain commingled equity and fixed income funds, consisting of underlying equity and fixed income securities, respectively, are valued using the NAV practical expedient. The NAV valuations are based on the underlying investments and typically redeemable within 90 days. The NAV is the total value of the fund divided by the number of the fund’s shares outstanding.

Private equity funds consist of partnership and co-investment funds. The NAV is based on valuation models of the underlying securities, which includes unobservable inputs that cannot be corroborated using verifiable observable market data. These funds typically have redemption periods between eight and 12 years.

Real estate funds consist of partnerships, most of which are closed-end funds, for which the NAV is based on valuation models and periodic appraisals. These funds typically have redemption periods between eight and 10 years.

Hedge funds consist of direct hedge funds for which the NAV is generally based on the valuation of the underlying investments. Redemptions in hedge funds are based on the specific terms of each fund, and generally range from a minimum of one month to several months.

Contributions and Expected Benefit Payments

The required funding of our qualified defined benefit pension plans is determined in accordance with ERISA, as amended, and in a manner consistent with CAS and Internal Revenue Code rules. We made no contributions to our qualified defined benefit pension plans in 2021 and do not plan to make contributions to our qualified defined benefit pension plans in 2022.

The following table presents estimated future benefit payments as of December 31, 2021 (in millions):


	2022		2023		2024		2025		2026		2027 – 2031
Qualified defined benefit pension plans	$	1,980	$	2,080	$	2,160	$	2,230	$	2,290	$	11,700
Retiree medical and life insurance plans	140		140		140		130		130		570

We maintain various trusts to fund the obligations of our qualified defined benefit pension plans and retiree medical and life insurance plans. We expect the estimated future benefit payments will be paid using assets in the trusts established for the plans.

Nonqualified Defined Benefit Pension Plans and Other Postemployment Plans

We sponsor nonqualified defined benefit pension plans to provide benefits in excess of qualified plan limits imposed by federal tax law. The gross benefit obligation for these plans was $1.3 billion and $1.4 billion as of December 31, 2021 and 2020, most of which was recorded in the other noncurrent liabilities account on our consolidated balance sheet. We have set aside certain assets totaling $872 million and $877 million as of December 31, 2021 and 2020 in a separate trust that we expect to use to pay the benefit obligations under our nonqualified defined benefit pension plans, most of which were recorded in the other noncurrent assets account on our consolidated balance sheet. We record the gross assets on our consolidated balance sheet, rather than netting such assets with the benefit obligation for our nonqualified defined benefit pension plans, because the assets held are diversified and legally the assets may be used to settle other obligations or claims (although that is not our intent). Actuarial losses and unrecognized prior service credits related to our nonqualified defined benefit pension plans that were recorded in accumulated other comprehensive loss, pretax, totaled $625 million and $697 million at December 31, 2021 and 2020. We recognized pretax pension expense of $56 million in 2021, $59 million in 2020 and $108 million in 2019 related to our nonqualified defined benefit pension plans. The assumptions used to determine the benefit obligations and FAS expense for our nonqualified defined benefit pension plans are similar to the assumptions used to determine the benefit obligations and FAS expense for our qualified defined benefit pension plans described above.

We also sponsor other postemployment plans and foreign benefit plans, which are accounted for similar to defined benefit pension plans. The benefit obligations, assets, expense, and amounts recorded in accumulated other comprehensive loss for other postemployment plans and foreign benefit plans were not material to our results of operations, financial position or cash flows.

Defined Contribution Retirement Savings Plans

We maintain a number of defined contribution retirement savings plans, most with 401(k) features, that cover substantially all of our employees. Under the provisions of these plans, employees can make contributions on a before-tax and after-tax basis to investment funds to save for retirement. For most plans, we make employer contributions to the employee accounts that comprise of a company non-elective contribution and a matching contribution. Company contributions are automatically invested in an Employee Stock Ownership Plan (ESOP) fund, which primarily invests in shares of our common stock. Plan participants can transfer from the ESOP fund into any investment option provided by the respective plan. Our contributions to defined contribution retirement savings plans were $1.1 billion in 2021, $984 million in 2020 and $741 million in 2019. Our defined contribution retirement savings plans held 28.9 million and 30.5 million shares of our common stock as of December 31, 2021 and 2020.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

At December 31, 2021 and 2020, our authorized capital was composed of 1.5 billion shares of common stock and 50 million shares of series preferred stock. Of the 272 million and 280 million shares of common stock issued and outstanding as of December 31, 2021 and December 31, 2020, 271 million and 279 million shares were considered outstanding for consolidated balance sheet presentation purposes; the remaining shares were held in a separate trust. No shares of preferred stock were issued and outstanding at December 31, 2021 or 2020.

Repurchases of Common Stock

During 2021, we repurchased 9.4 million shares of our common stock for $4.1 billion, which included 9.2 million shares of our common stock repurchased for $4.0 billion under accelerated share repurchase (ASR) agreements. The 9.2 million shares of our common stock repurchased under ASR agreements during 2021 included the ASR agreement we entered into in October 2021 to repurchase $2.0 billion of our common stock through January 21, 2022. Under the terms of the October 2021 ASR agreement, we paid $2.0 billion and received an initial delivery of 3.6 million shares of our common stock. Subsequent to our fourth quarter 2021, upon final settlement of the ASR agreement on January 21, 2022, we received an additional 2.2 million shares of our common stock for no additional consideration. During 2020, we paid $1.1 billion to repurchase 3.0 million shares of our common stock, including 1.4 million shares of our common stock repurchased for $500 million under an ASR agreement. During 2019, we paid $1.2 billion to repurchase 3.5 million shares of our common stock.

The total remaining authorization for future common share repurchases under our share repurchase program was $3.9 billion as of December 31, 2021, including a $5.0 billion increase to the program authorized by our Board of Directors on September 23, 2021. As we repurchase our common shares, we reduce common stock for the $1 of par value of the shares repurchased, with the excess purchase price over par value recorded as a reduction of additional paid-in capital. If additional paid-in capital is reduced to zero, we record the remainder of the excess purchase price over par value as a reduction of retained earnings.

Dividends

We paid dividends totaling $2.9 billion ($10.60 per share) in 2021, $2.8 billion ($9.80 per share) in 2020 and $2.6 billion ($9.00 per share) in 2019. We paid quarterly dividends of $2.60 per share during each of the first three quarters of 2021 and $2.80 per share during the fourth quarter of 2021; $2.40 per share during each of the first three quarters of 2020 and $2.60 per share during the fourth quarter of 2020; and $2.20 per share during each of the first three quarters of 2019 and $2.40 per share during the fourth quarter of 2019.

Accumulated Other Comprehensive Loss

Changes in the balance of AOCL, net of taxes, consisted of the following (in millions):


	Postretirement Benefit Plans (a)		Other, net		AOCL
Balance at December 31, 2018	$	(14,254)	$	(67)	$	(14,321)
Other comprehensive (loss) income before reclassifications	(2,182)		18		(2,164)
Amounts reclassified from AOCL
Recognition of net actuarial losses	1,148		—		1,148
Amortization of net prior service credits	(240)		—		(240)
Other	—		23		23
Total reclassified from AOCL	908		23		931
Total other comprehensive (loss) income	(1,274)		41		(1,233)

Balance at December 31, 2019	(15,528)		(26)		(15,554)
Other comprehensive (loss) income before reclassifications	(1,067)		56		(1,011)
Amounts reclassified from AOCL
Recognition of net actuarial losses	689		—		689
Amortization of net prior service credits	(249)		—		(249)
Other	—		4		4
Total reclassified from AOCL	440		4		444
Total other comprehensive (loss) income	(627)		60		(567)
Balance at December 31, 2020	(16,155)		34		(16,121)
Other comprehensive income before reclassifications	3,404		(85)		3,319
Amounts reclassified from AOCL
Pension settlement charge (b)	1,310				1,310
Recognition of net actuarial losses	733		—		733
Amortization of net prior service credits	(256)		—		(256)
Other	—		9		9
Total reclassified from AOCL	1,787		9		1,796
Total other comprehensive income (loss)	5,191		(76)		5,115
Balance at December 31, 2021	$	(10,964)	$	(42)	$	(11,006)

(a)AOCL related to postretirement benefit plans is shown net of tax benefits of $3.0 billion at December 31, 2021, $4.4 billion at December 31, 2020 and $4.2 billion at December 31, 2019. These tax benefits include amounts recognized on our income tax returns as current deductions and deferred income taxes, which will be recognized on our tax returns in future years. See “Note 10 – Income Taxes” and “Note 12 – Postretirement Benefit Plans” for more information on our income taxes and postretirement benefit plans.

(b)During 2021, we recognized a noncash pension settlement charge of $1.7 billion ($1.3 billion after-tax) related to the accelerated recognition of actuarial losses included in AOCL for certain defined benefit pension plans that purchased a group annuity contract from an insurance company (see “Note 12 – Postretirement Benefit Plans”).

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-Based Compensation Plans

Under plans approved by our stockholders, we are authorized to grant key employees stock-based incentive awards, including options to purchase common stock, stock appreciation rights, RSUs, PSUs or other stock units.

At December 31, 2021, inclusive of the shares reserved for outstanding stock options, RSUs and PSUs, we had approximately 9.9 million shares reserved for issuance under the plans. At December 31, 2021, approximately 7.5 million of the shares reserved for issuance remained available for grant under our stock-based compensation plans. We issue new shares upon the exercise of stock options or when restrictions on RSUs and PSUs have been satisfied. The exercise price of options to purchase common stock may not be less than the fair market value of our stock on the date of grant. The minimum vesting period for restricted stock or stock units payable in stock is generally three years. Award agreements may provide for shorter or pro-rated vesting periods or vesting following termination of employment in the case of death, disability, divestiture, retirement, change of control or layoff. The maximum term of a stock option or any other award is 10 years.

During 2021, 2020 and 2019, we recorded noncash stock-based compensation expense totaling $227 million, $221 million and $189 million, which is included as a component of other unallocated, net on our consolidated statements of earnings. The net impact to earnings for the respective years was $179 million, $175 million and $149 million.

As of December 31, 2021, we had $177 million of unrecognized compensation cost related to nonvested awards, which is expected to be recognized over a weighted average period of 1.7 years. We received cash from the exercise of stock options totaling $28 million, $41 million and $66 million during 2021, 2020 and 2019. In addition, our income tax liabilities for 2021, 2020 and 2019 were reduced by $67 million, $63 million and $103 million due to recognized tax benefits on stock-based compensation arrangements.

RSUs

The following table summarizes activity related to nonvested RSUs:


	Number of RSUs (In thousands)	Weighted Average Grant-Date Fair Value Per Share








Nonvested at December 31, 2020	733	$	348.60
Granted	612	341.76
Vested	(500)	345.73
Forfeited	(35)	344.81
Nonvested at December 31, 2021	810	$	345.37

In 2021, we granted certain employees approximately 0.6 million RSUs with a weighted average grant-date fair value of $341.76 per RSU. The grant-date fair value of these RSUs is equal to the closing market price of our common stock on the grant date less a discount to reflect the delay in payment of dividend-equivalent cash payments that are made only upon vesting, which occurs at least one year from the grant date and most often occurs three years from the grant date.

PSUs

In 2021, we granted certain employees PSUs with an aggregate target award of approximately 0.1 million shares of our common stock. The PSUs generally vest three years from the grant date based on continuous service, with the number of shares earned (0% to 200% of the target award) depending upon the extent to which we achieve certain financial and market performance targets measured over the period from January 1, 2021 through December 31, 2023. About half of the PSUs were valued at a weighted average grant-date fair value of $341.53 per PSU in a manner similar to RSUs mentioned above as the financial targets are based on our operating results. The remaining PSUs were valued at a weighted-average grant-date fair value of $301.38 per PSU using a Monte Carlo model as the performance target is related to our total shareholder return relative to our peer group. We recognize the grant-date fair value of these awards, less estimated forfeitures, as compensation expense ratably over the vesting period.

Legal Proceedings, Commitments and Contingencies	12 Months Ended
Legal Proceedings, Commitments and Contingencies	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings, Commitments and Contingencies	Legal Proceedings, Commitments and ContingenciesWe are a party to litigation and other proceedings that arise in the ordinary course of our business, including matters arising under provisions relating to the protection of the environment, and are subject to contingencies related to certain businesses we previously owned. These types of matters could result in fines, penalties, cost reimbursements or contributions, compensatory or treble damages or non-monetary sanctions or relief. We believe the probability is remote that the outcome of each of these matters, including the legal proceedings described below, will have a material adverse effect on the corporation as a whole, notwithstanding that the unfavorable resolution of any matter may have a material effect on our net earnings and cash flows in any particular interim reporting period. Among the factors that we consider in this assessment are the nature of existing legal proceedings and claims, the asserted or possible damages or loss contingency (if estimable), the progress of the case, existing law and precedent, the opinions or views of legal counsel and other advisers, our experience in similar cases and the experience of other companies, the facts available to us at the time of assessment and how we intend to respond to the proceeding or claim. Our assessment of these factors may change over time as individual proceedings or claims progress. As a U.S. Government contractor, we are subject to various audits and investigations by the U.S. Government to determine whether our operations are being conducted in accordance with applicable regulatory requirements. U.S. Government investigations of us, whether relating to government contracts or conducted for other reasons, could result in administrative, civil, or criminal liabilities, including repayments, fines or penalties being imposed upon us, suspension, proposed debarment, debarment from eligibility for future U.S. Government contracting, or suspension of export privileges. Suspension or debarment could have a material adverse effect on us because of our dependence on contracts with the U.S. Government. U.S. Government investigations often take years to complete and many result in no adverse action against us. We also provide products and services to customers outside of the U.S., which are subject to U.S. and foreign laws and regulations and foreign procurement policies and practices. Our compliance with local regulations or applicable U.S. Government regulations also may be audited or investigated. In the normal course of business, we provide warranties to our customers associated with certain product sales. We record estimated warranty costs in the period in which the related products are delivered. The warranty liability recorded at each balance sheet date is based generally on the number of months of warranty coverage remaining for the products delivered and the average historical monthly warranty payments. Warranty obligations incurred in connection with long-term production contracts are accounted for within the contract estimates at completion. Although we cannot predict the outcome of legal or other proceedings with certainty, where there is at least a reasonable possibility that a loss may have been incurred, GAAP requires us to disclose an estimate of the reasonably possible loss or range of loss or make a statement that such an estimate cannot be made. We follow a thorough process in which we seek to estimate the reasonably possible loss or range of loss, and only if we are unable to make such an estimate do we conclude and disclose that an estimate cannot be made. Accordingly, unless otherwise indicated below in our discussion of legal proceedings, a reasonably possible loss or range of loss associated with any individual legal proceeding cannot be estimated. Legal Proceedings United States of America, ex rel. Patzer; Cimma v. Sikorsky Aircraft Corp., et al As a result of our acquisition of Sikorsky Aircraft Corporation (Sikorsky), we assumed the defense of and any potential liability for two civil False Claims Act lawsuits pending in the U.S. District Court for the Eastern District of Wisconsin. In October 2014, the U.S. Government filed a complaint in intervention in the first suit, which was brought by qui tam relator Mary Patzer, a former Derco Aerospace (Derco) employee. In May 2017, the U.S. Government filed a complaint in intervention in a second suit, which was brought by qui tam relator Peter Cimma, a former Sikorsky Support Services, Inc. (SSSI) employee. In November 2017, the Court consolidated the cases into a single action for discovery and trial. The U.S. Government alleges that Sikorsky and two of its wholly-owned subsidiaries, Derco and SSSI, violated the civil False Claims Act and the Truth in Negotiations Act in connection with a contract the U.S. Navy awarded to SSSI in June 2006 to support the Navy’s T-34 and T-44 fixed-wing turboprop training aircraft. SSSI subcontracted with Derco, primarily to procure and manage spare parts for the training aircraft. The U.S. Government contends that SSSI overbilled the Navy on the contract as the result of Derco’s use of prohibited cost-plus-percentage-of-cost (CPPC) pricing to add profit and overhead costs as a percentage of the price of the spare parts that Derco procured and then sold to SSSI. The U.S. Government also alleges that Derco’s claims to SSSI, SSSI’s claims to the Navy, and SSSI’s yearly Certificates of Final Indirect Costs from 2006 through 2012 were false and that SSSI submitted inaccurate cost or pricing data in violation of the Truth in Negotiations Act for a sole-sourced, follow-on “bridge” contract. The U.S. Government’s complaints assert common law claims for breach of contract and unjust enrichment. On November 29, 2021, the District Court granted the U.S. Government’s motion for partial summary judgment, finding that the Derco-SSSI agreement was a CPPC contract. We believe that we have legal and factual defenses to the U.S. Government’s remaining claims. The U.S. Government seeks damages of approximately $52 million, subject to trebling, plus statutory penalties. Although we continue to evaluate our liability and exposure, we do not currently believe that it is probable that we will incur a material loss. If, contrary to our expectations, the U.S. Government prevails on the remaining issues in this matter and proves damages at or near $52 million and is successful in having such damages trebled, the outcome could have an adverse effect on our results of operations in the period in which a liability is recognized and on our cash flows for the period in which any damages are paid. Lockheed Martin v. Metropolitan Transportation Authority On April 24, 2009, we filed a declaratory judgment action against the New York Metropolitan Transportation Authority and its Capital Construction Company (collectively, the MTA) asking the U.S. District Court for the Southern District of New York to find that the MTA is in material breach of our agreement based on the MTA’s failure to provide access to sites where work must be performed and the customer-furnished equipment necessary to complete the contract. The MTA filed an answer and counterclaim alleging that we breached the contract and subsequently terminated the contract for alleged default. The primary damages sought by the MTA are the costs to complete the contract and potential re-procurement costs. While we are unable to estimate the cost of another contractor to complete the contract and the costs of re-procurement, we note that our contract with the MTA had a total value of $323 million, of which $241 million was paid to us, and that the MTA is seeking damages of approximately $190 million. We dispute the MTA’s allegations and are defending against them. Additionally, following an investigation, our sureties on a performance bond related to this matter, who were represented by independent counsel, concluded that the MTA’s termination of the contract was improper. Finally, our declaratory judgment action was later amended to include claims for monetary damages against the MTA of approximately $95 million. This matter was taken under submission by the District Court in December 2014, after a five-week bench trial and the filing of post-trial pleadings by the parties. We continue to await a decision from the District Court. Although this matter relates to our former Information Systems & Global Solutions (IS&GS) business, we retained responsibility for the litigation when we divested IS&GS in 2016. Environmental Matters We are involved in proceedings and potential proceedings relating to soil, sediment, surface water, and groundwater contamination, disposal of hazardous substances, and other environmental matters at several of our current or former facilities, facilities for which we may have contractual responsibility, and at third-party sites where we have been designated as a potentially responsible party (PRP). At December 31, 2021 and 2020, the aggregate amount of liabilities recorded relative to environmental matters was $742 million and $789 million, most of which are recorded in other noncurrent liabilities on our consolidated balance sheets. We have recorded assets for the portion of environmental costs that are probable of future recovery totaling $645 million and $685 million at December 31, 2021 and 2020, most of which are recorded in other noncurrent assets on our consolidated balance sheets. See “Note 1 – Organization and Significant Accounting Policies” for more information. Environmental remediation activities usually span many years, which makes estimating liabilities a matter of judgment because of uncertainties with respect to assessing the extent of the contamination as well as such factors as changing remediation technologies and changing regulatory environmental standards. We are monitoring or investigating a number of former and present operating facilities for potential future remediation. We perform quarterly reviews of the status of our environmental remediation sites and the related liabilities and receivables. Additionally, in our quarterly reviews, we consider these and other factors in estimating the timing and amount of any future costs that may be required for remediation activities, and we record a liability when it is probable that a loss has occurred or will occur for a particular site and the loss can be reasonably estimated. The amount of liability recorded is based on our estimate of the costs to be incurred for remediation for that site. We do not discount the recorded liabilities, as the amount and timing of future cash payments are not fixed or cannot be reliably determined. We cannot reasonably determine the extent of our financial exposure in all cases as, although a loss may be probable or reasonably possible, in some cases it is not possible at this time to estimate the reasonably possible loss or range of loss. We project costs and recovery of costs over approximately 20 years. We also pursue claims for recovery of costs incurred or for contribution to site remediation costs against other PRPs, including the U.S. Government, and are conducting remediation activities under various consent decrees, orders, and agreements relating to soil, groundwater, sediment, or surface water contamination at certain sites of former or current operations. Under agreements related to certain sites in California, New York, United States Virgin Islands and Washington, the U.S. Government and/or a private party reimburses us an amount equal to a percentage, specific to each site, of expenditures for certain remediation activities in their capacity as PRPs under the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA). In addition to the proceedings and potential proceedings discussed above, the California State Water Resources Control Board, a branch of the California Environmental Protection Agency, has indicated it will work to re-establish a maximum level of the contaminant hexavalent chromium in drinking water after a prior standard of 10 parts per billion (ppb) was challenged and withdrawn, and is also reevaluating its existing drinking water standard of 6 ppb for perchlorate. The U.S. Environmental Protection Agency decided in June 2020 not to regulate perchlorate in drinking water at the federal level, although this decision has been challenged, and is considering whether to regulate hexavalent chromium. If substantially lower standards are adopted for perchlorate (in California) or for hexavalent chromium (in California or at the federal level), we expect a material increase in our estimates for environmental liabilities and the related assets for the portion of the increased costs that are probable of future recovery in the pricing of our products and services for the U.S. Government. The amount that would be allocable to our non-U.S. Government contracts or that is determined not to be recoverable under U.S. Government contracts would be expensed, which may have a material effect on our earnings in any particular interim reporting period. We also are evaluating the potential impact of existing and contemplated legal requirements addressing a class of chemicals known generally as per- and polyfluoroalkyl substances (PFAS). PFAS have been used ubiquitously, such as in fire-fighting foams, manufacturing processes, and stain- and stick-resistant products (e.g., Teflon, stain-resistant fabrics). Because we have used products and processes over the years containing some of those compounds, they likely exist as contaminants at many of our environmental remediation sites. Governmental authorities have announced plans, and in some instances have begun, to regulate certain of these compounds at extremely low concentrations in drinking water, which could lead to increased cleanup costs at many of our environmental remediation sites. Letters of Credit, Surety Bonds and Third-Party Guarantees We have entered into standby letters of credit and surety bonds issued on our behalf by financial institutions, and we have directly issued guarantees to third parties primarily relating to advances received from customers and the guarantee of future performance on certain contracts. Letters of credit and surety bonds generally are available for draw down in the event we do not perform. In some cases, we may guarantee the contractual performance of third parties such as joint venture partners. We had total outstanding letters of credit, surety bonds and third-party guarantees aggregating $3.6 billion and $3.4 billion at December 31, 2021 and December 31, 2020. Third-party guarantees do not include guarantees issued on behalf of subsidiaries and other consolidated entities. At December 31, 2021 and 2020, third-party guarantees totaled $838 million and $871 million, of which approximately 69% and 71% related to guarantees of contractual performance of joint ventures to which we currently are or previously were a party. These amounts represent our estimate of the maximum amounts we would expect to incur upon the contractual non-performance of the joint venture, joint venture partners or divested businesses. Generally, we also have cross-indemnities in place that may enable us to recover amounts that may be paid on behalf of a joint venture partner. In determining our exposures, we evaluate the reputation, performance on contractual obligations, technical capabilities and credit quality of our current and former joint venture partners and the transferee under novation agreements all of which include a guarantee as required by the FAR. At December 31, 2021 and 2020, there were no material amounts recorded in our financial statements related to third-party guarantees or novation agreements.

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 16 – Fair Value Measurements

Assets and liabilities measured and recorded at fair value on a recurring basis consisted of the following (in millions):


	December 31, 2021						December 31, 2020
	Total		Level 1		Level 2		Total		Level 1		Level 2
Assets
Mutual funds	$	1,434	$	1,434	$	—	$	1,335	$	1,335	$	—
U.S. Government securities	121		—		121		92		—		92
Other securities	684		492		192		555		341		214
Derivatives	15		—		15		52		—		52
Liabilities
Derivatives	60		—		60		22		—		22
Assets measured at NAV
Other commingled funds	20						20

Substantially all assets measured at fair value, other than derivatives, represent investments held in a separate trust to fund certain of our non-qualified deferred compensation plans and are recorded in other noncurrent assets on our consolidated balance sheets. The fair values of mutual funds and certain other securities are determined by reference to the quoted market price per unit in active markets multiplied by the number of units held without consideration of transaction costs. The fair values of U.S. Government and certain other securities are determined using pricing models that use observable inputs (e.g., interest rates and yield curves observable at commonly quoted intervals), bids provided by brokers or dealers or quoted prices of securities with similar characteristics. The fair values of derivative instruments, which consist of foreign currency forward contracts, including embedded derivatives, and interest rate swap contracts, are primarily determined based on the present value of future cash flows using model-derived valuations that use observable inputs such as interest rates, credit spreads and foreign currency exchange rates.

We use derivative instruments principally to reduce our exposure to market risks from changes in foreign currency exchange rates and interest rates. We do not enter into or hold derivative instruments for speculative trading purposes. We transact business globally and are subject to risks associated with changing foreign currency exchange rates. We enter into foreign currency hedges such as forward and option contracts that change in value as foreign currency exchange rates change. Our most significant foreign currency exposures relate to the British pound sterling, the euro, the Canadian dollar, the Australian dollar, the Norwegian Kroner and the Polish Zloty. These contracts hedge forecasted foreign currency transactions in order to mitigate fluctuations in our earnings and cash flows associated with changes in foreign currency exchange rates. We designate foreign currency hedges as cash flow hedges. We also are exposed to the impact of interest rate changes primarily through our borrowing activities. For fixed rate borrowings, we may use variable interest rate swaps, effectively converting fixed rate borrowings to variable rate borrowings in order to hedge changes in the fair value of the debt. These swaps are designated as fair value hedges. For variable rate borrowings, we may use fixed interest rate swaps, effectively converting variable rate borrowings to fixed rate borrowings in order to mitigate the impact of interest rate changes on earnings. These swaps are designated as cash flow hedges. We also may enter into derivative instruments that are not designated as hedges and do not qualify for hedge accounting, which are intended to mitigate certain economic exposures.

The aggregate notional amount of our outstanding interest rate swaps at December 31, 2021 and 2020 was $500 million and $572 million. The aggregate notional amount of our outstanding foreign currency hedges at December 31, 2021 and 2020 was $4.0 billion and $3.4 billion. The fair values of our outstanding interest rate swaps and foreign currency hedges at December 31, 2021 and 2020 were not significant. Derivative instruments did not have a material impact on net earnings and comprehensive income during the years ended December 31, 2021 and 2020. The impact of derivative instruments on our consolidated statements of cash flows is included in net cash provided by operating activities. Substantially all of our derivatives are designated for hedge accounting. See “Note 1 – Organization and Significant Accounting Policies - Derivative financial instruments”.

In addition to the financial instruments listed in the table above, we hold other financial instruments, including cash and cash equivalents, receivables, accounts payable and debt. The carrying amounts for cash and cash equivalents, receivables and accounts payable approximated their fair values. The estimated fair value of our outstanding debt was $15.4 billion and $16.9 billion at December 31, 2021 and 2020. The outstanding principal amount was $12.8 billion and $13.3 billion at December 31, 2021 and 2020, excluding $1.1 billion of unamortized discounts and issuance costs at both December 31, 2021 and 2020. The estimated fair values of our outstanding debt were determined based on the present value of future cash flows

using model-derived valuations that use observable inputs such as interest rates and credit spreads (Level 2). We also hold investments in early stage companies. Most of these investments are in equity securities without readily determinable fair values. Investments with quoted market prices in active markets (Level 1) are recorded at fair value at the end of each reporting period and reflected in other securities in the table above. See “Note 1 – Organization and Significant Accounting Policies - Investments”.

Organization and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Organization	Organization – We are a global security and aerospace company principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. We also provide a broad range of management, engineering, technical, scientific, logistics, system integration and cybersecurity services. We serve both U.S. and international customers with products and services that have defense, civil and commercial applications, with our principal customers being agencies of the U.S. Government. As described in “Note 4 – Information on Business Segments”, we operate in four business segments: Aeronautics, MFC, RMS and Space. On June 30, 2021, the UK Ministry of Defence terminated the contract to operate the UK’s nuclear deterrent program and assumed control of the entity that manages the program (referred to as the renationalization of the Atomic Weapons Establishment (AWE program)). Accordingly, the AWE program’s ongoing operations, including the entity that manages the program, are no longer included in our financial results as of that date, however, during 2021, AWE generated sales of $885 million and operating profit of $18 million, which are included in Space’s financial results for the year ended December 31, 2021. During the year ended December 31, 2020, AWE generated sales of $1.4 billion and operating profit of $35 million, which are included in Space’s financial results for 2020.
Basis of presentation	Basis of presentation – These 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 classify certain assets and liabilities as current utilizing the duration of the related contract or program as our operating cycle, which is generally longer than one year. This primarily impacts receivables, contract assets, inventories, and contract liabilities. We classify all other assets and liabilities based on whether the asset will be realized or the liability will be paid within one year.
Use of estimates	Use of estimates – We prepare our consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP). In doing so, we are required 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 liabilities 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 income taxes; fair value measurements; and contingencies.
Revenue Recognition, Contract assets and Contract liabilities	Revenue Recognition – The majority of our net sales are generated from long-term contracts with the U.S. Government and international customers (including foreign military sales (FMS) contracted through the U.S. Government) for the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. For certain contracts that meet the foregoing requirements, primarily international direct commercial sale contracts, we are required to obtain certain regulatory approvals. In these cases, we recognize revenue when it is probable that we will receive regulatory approvals based upon all known facts and circumstances. We provide our products and services under fixed-price and cost-reimbursable contracts. Under fixed-price contracts, we agree to perform the specified work for a pre-determined price. To the extent our actual costs vary from the estimates upon which the price was negotiated, we will generate more or less profit or could incur a loss. Some fixed-price contracts have a performance-based component under which we may earn incentive payments or incur financial penalties based on our performance. Cost-reimbursable contracts provide for the payment of allowable costs incurred during performance of the contract plus a fee up to a ceiling based on the amount that has been funded. Typically, we enter into three types of cost-reimbursable contracts: cost-plus-award-fee, cost-plus-incentive-fee, and cost-plus-fixed-fee. Cost-plus-award-fee contracts provide for an award fee that varies within specified limits based on the customer’s assessment of our performance against a predetermined set of criteria, such as targets based on cost, quality, technical and schedule criteria. Cost-plus-incentive-fee contracts provide for reimbursement of costs plus a fee, which is adjusted by a formula based on the relationship of total allowable costs to total target costs (i.e., incentive based on cost) or reimbursement of costs plus an incentive to exceed stated performance targets (i.e., incentive based on performance). Cost-plus-fixed-fee contracts provide a fixed fee that is negotiated at the inception of the contract and does not vary with actual costs. We assess each contract at its inception to determine whether it should be combined with other contracts. When making this determination, we consider factors such as whether two or more contracts were negotiated and executed at or near the same time or were negotiated with an overall profit objective. If combined, we treat the combined contracts as a single contract for revenue recognition purposes. We evaluate the products or services promised in each contract at inception to determine whether the contract should be accounted for as having one or more performance obligations. The products and services in our contracts are typically not distinct from one another due to their complex relationships and the significant contract management functions required to perform under the contract. Accordingly, our contracts are typically accounted for as one performance obligation. In limited cases, our contracts have more than one distinct performance obligation, which occurs when we perform activities that are not highly complex or interrelated or involve different product lifecycles. Significant judgment is required in determining performance obligations, and these decisions could change the amount of revenue and profit recorded in a given period. We classify net sales as products or services on our consolidated statements of earnings based on the predominant attributes of the performance obligations. We determine the transaction price for each contract based on the consideration we expect to receive for the products or services being provided under the contract. For contracts where a portion of the price may vary, we estimate variable consideration at the most likely amount, which is included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur. We analyze the risk of a significant revenue reversal and if necessary constrain the amount of variable consideration recognized in order to mitigate this risk. At the inception of a contract we estimate the transaction price based on our current rights and do not contemplate future modifications (including unexercised options) or follow-on contracts until they become legally enforceable. Contracts are often subsequently modified to include changes in specifications, requirements or price, which may create new or change existing enforceable rights and obligations. Depending on the nature of the modification, we consider whether to account for the modification as an adjustment to the existing contract or as a separate contract. Generally, modifications to our contracts are not distinct from the existing contract due to the significant integration and interrelated tasks provided in the context of the contract. Therefore, such modifications are accounted for as if they were part of the existing contract and recognized as a cumulative adjustment to revenue. For contracts with multiple performance obligations, we allocate the transaction price to each performance obligation based on the estimated standalone selling price of the product or service underlying each performance obligation. The standalone selling price represents the amount we would sell the product or service to a customer on a standalone basis (i.e., not bundled with any other products or services). Our contracts with the U.S. Government, including FMS contracts, are subject to the Federal Acquisition Regulations (FAR) and the price is typically based on estimated or actual costs plus a reasonable profit margin. As a result of these regulations, the standalone selling price of products or services in our contracts with the U.S. Government and FMS contracts are typically equal to the selling price stated in the contract. For non-U.S. Government contracts with multiple performance obligations, we evaluate whether the stated selling prices for the products or services represent their standalone selling prices. We primarily sell customized solutions unique to a customer’s specifications. When it is necessary to allocate the transaction price to multiple performance obligations, we typically use the expected cost plus a reasonable profit margin to estimate the standalone selling price of each product or service. We occasionally sell standard products or services with observable standalone sales transactions. In these situations, the observable standalone sales transactions are used to determine the standalone selling price. We recognize revenue as performance obligations are satisfied and the customer obtains control of the products and services. In determining when performance obligations are satisfied, we consider factors such as contract terms, payment terms and whether there is an alternative future use of the product or service. Substantially all of our revenue is recognized over time as we perform under the contract because control of the work in process transfers continuously to the customer. For most contracts with the U.S. Government and FMS contracts, this continuous transfer of control of the work in process to the customer is supported by clauses in the contract that give the customer ownership of work in process and allow the customer to unilaterally terminate the contract for convenience and pay us for costs incurred plus a reasonable profit. For most non-U.S. Government contracts, primarily international direct commercial contracts, continuous transfer of control to our customer is supported because we deliver products that do not have an alternative use to us and if our customer were to terminate the contract for reasons other than our non-performance we would have the right to recover damages which would include, among other potential damages, the right to payment for our work performed to date plus a reasonable profit. For performance obligations to deliver products with continuous transfer of control to the customer, revenue is recognized based on the extent of progress towards completion of the performance obligation, generally using the percentage-of-completion cost-to-cost measure of progress for our contracts because it best depicts the transfer of control to the customer as we incur costs on our contracts. Under the percentage-of-completion cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs to complete the performance obligation(s). For performance obligations to provide services to the customer, revenue is recognized over time based on costs incurred or the right to invoice method (in situations where the value transferred matches our billing rights) as our customer receives and consumes the benefits. For performance obligations in which control does not continuously transfer to the customer, we recognize revenue at the point in time in which each performance obligation is fully satisfied. This coincides with the point in time the customer obtains control of the product or service, which typically occurs upon customer acceptance or receipt of the product or service, given that we maintain control of the product or service until that point. Backlog (i.e., unfulfilled or remaining performance obligations) represents the sales we expect to recognize for our products and services for which control has not yet transferred to the customer. It is converted into sales in future periods as work is performed or deliveries are made. For our cost-reimbursable and fixed-priced-incentive contracts, the estimated consideration we expect to receive pursuant to the terms of the contract may exceed the contractual award amount. The estimated consideration is determined at the outset of the contract and is continuously reviewed throughout the contract period. In determining the estimated consideration, we consider the risks related to the technical, schedule and cost impacts to complete the contract and an estimate of any variable consideration. Periodically, we review these risks and may increase or decrease backlog accordingly. As the risks on such contracts are successfully retired, the estimated consideration from customers may be reduced, resulting in a reduction of backlog without a corresponding recognition of sales. For arrangements with the U.S. Government and FMS contracts, we generally do not begin work on contracts until funding is appropriated by the customer. Billing timetables and payment terms on our contracts vary based on a number of factors, including the contract type. Typical payment terms under fixed-price contracts with the U.S. Government provide that the customer pays either performance-based payments (PBPs) based on the achievement of contract milestones or progress payments based on a percentage of costs we incur. For the majority of our international direct commercial contracts to deliver complex systems, we typically receive advance payments prior to commencement of work, as well as milestone payments that are paid in accordance with the terms of our contract as we perform. We recognize a liability for payments in excess of revenue recognized, which is presented as a contract liability on the balance sheet. The portion of payments retained by the customer until final contract settlement is not considered a significant financing component because the intent is to protect the customer from our failure to adequately complete some or all of the obligations under the contract. Payments received from customers in advance of revenue recognition are not considered to be significant financing components because they are used to meet working capital demands that can be higher in the early stages of a contract. For fixed-price and cost-reimbursable contracts, we present revenues recognized in excess of billings as contract assets on the balance sheet. Amounts billed and due from our customers under both contract types are classified as receivables on the balance sheet. Significant estimates and assumptions are made in estimating contract sales and costs, including the profit booking rate. At the outset of a long-term contract, we identify and monitor risks to the achievement of the technical, schedule and cost aspects of the contract, as well as variable consideration, and assess the effects of those risks on our estimates of sales and total costs to complete the contract. The estimates consider the technical requirements (e.g., a newly-developed product versus a mature product), the schedule and associated tasks (e.g., the number and type of milestone events) and costs (e.g., material, labor, subcontractor, overhead, general and administrative and the estimated costs to fulfill our industrial cooperation agreements, sometimes referred to as offset or localization agreements, required under certain contracts with international customers). The initial profit booking rate of each contract considers risks surrounding the ability to achieve the technical requirements, schedule and costs in the initial estimated total costs to complete the contract. Profit booking rates may increase during the performance of the contract if we successfully retire risks surrounding the technical, schedule and cost aspects of the contract, which decreases the estimated total costs to complete the contract or may increase the variable consideration we expect to receive on the contract. Conversely, our profit booking rates may decrease if the estimated total costs to complete the contract increase or our estimates of variable consideration we expect to receive decrease. All of the estimates are subject to change during the performance of the contract and may affect the profit booking rate. When estimates of total costs to be incurred on a contract exceed total estimates of the transaction price, a provision for the entire loss is determined at the contract level and is recorded in the period in which the loss is determined. Comparability of our segment sales, operating profit and operating margin may be impacted favorably or unfavorably by changes in profit booking rates on our contracts for which we recognize revenue over time using the percentage-of-completion cost-to-cost method to measure progress towards completion. Increases in the profit booking rates, typically referred to as risk retirements, usually relate to revisions in the estimated total costs to fulfill the performance obligations that reflect improved conditions on a particular contract. 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. Increases or decreases in profit booking rates are recognized in the period they are determined and reflect the inception-to-date effect of such changes. Segment operating profit and margin may also be impacted favorably or unfavorably by other items, which may or may not impact sales. Favorable items may include the positive resolution of contractual matters, cost recoveries on severance and restructuring charges, insurance recoveries and gains on sales of assets. Unfavorable items may include the adverse resolution of contractual matters; restructuring charges, except for significant severance actions, which are excluded from segment operating results; reserves for disputes; certain asset impairments; and losses on sales of certain assets. Contract assets – Contract assets include unbilled amounts typically resulting from sales under contracts when the percentage-of-completion cost-to-cost method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer. Contract assets are recorded at the net amount expected to be billed and collected. Contract assets are classified as current based on our contract operating cycle, and include amounts that may be billed and collected beyond one year due to the long-cycle nature of our contracts.Contract liabilities – Contract liabilities include advance payments and billings in excess of revenue recognized. Contract liabilities are classified as current based on our contract operating cycle and reported on a contract-by-contract basis, net of revenue recognized, at the end of each reporting period.
Research and development and similar costs	Research and development and similar costs – We conduct research and development (R&D) activities using our own funds (referred to as company-funded R&D or independent research and development (IR&D)) and under contractual arrangements with our customers (referred to as customer-funded R&D) to enhance existing products and services and to develop future technologies. R&D costs include basic research, applied research, concept formulation studies, design, development, and related test activities. Company-funded R&D costs are allocated to customer contracts as part of the general and administrative overhead costs and generally recoverable on our customer contracts with the U.S. Government. Customer-funded R&D costs are charged directly to the related customer contract. Substantially all R&D costs are charged to cost of sales as incurred.
Stock-based compensation	Stock-based compensation – We issue stock-based compensation awards in the form of restricted stock units (RSUs) and performance stock units (PSUs) that generally vest three years from the grant date and are settled in shares. Compensation cost related to all stock-based awards is measured at the grant date based on the estimated fair value of the award. The grant date fair value of RSUs is equal to the closing market price of our common stock on the grant date less a discount to reflect the delay in payment of dividend-equivalent cash payments that are made only upon vesting. The grant date fair value of PSUs is measured in a manner similar to RSUs or using a Monte Carlo model, depending on the vesting conditions. For all RSUs, we recognize the grant date fair value, less estimated forfeitures, as compensation expense ratably over the requisite service period, which is shorter than the vesting period if the employee is retirement eligible on the date of grant or will become retirement eligible before the end of the vesting period. For PSUs that vest based on service and performance conditions, we recognize the grant date fair value, less estimated forfeitures, as compensation expense ratably over the vesting period based on the number of awards expected to ultimately vest. For PSUs that vest based on service and market conditions, we recognize the grant date fair value, less estimated forfeitures, as compensation expense ratably over the vesting period. At each reporting date, estimated forfeitures for all stock-based compensation awards and the number of PSUs expected to vest based on service and performance conditions is adjusted.
Income taxes	Income taxes – We calculate our provision for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences that exist between the financial statement carrying amount of assets and liabilities and their respective tax bases, as well as from operating loss and tax credit carry-forwards. The provision for income taxes differs from the amounts currently receivable or payable because certain items of income and expense are recognized in different periods for financial reporting purposes than for income tax purposes. We measure deferred tax assets and liabilities using enacted tax rates that will apply in the years in which we expect the temporary differences to be recovered or paid. We periodically assess our tax exposures related to periods that are open to examination. Based on the latest available information, we evaluate our tax positions to determine whether the position will more likely than not be sustained upon examination by the Internal Revenue Service (IRS) or other taxing authorities. If we cannot reach a more-likely-than-not determination, no benefit is recorded. If we determine that the tax position is more likely than not to be sustained, we record the largest amount of benefit that is more likely than not to be realized when the tax position is settled. We record interest and penalties related to income taxes as a component of income tax expense on our consolidated statements of earnings. Interest and penalties were not material. In accordance with the regulations that govern cost accounting requirements for government contracts, current state and local income and franchise taxes are generally considered allowable and allocable costs and, consistent with industry practice, are recorded in operating costs and expenses. We generally recognize changes in deferred state taxes and unrecognized state tax benefits in unallocated corporate expenses.
Cash and cash equivalents	Cash and cash equivalents – Cash equivalents include highly liquid instruments with original maturities of 90 days or less.
Receivables	Receivables – Receivables, net represent our unconditional right to consideration under the contract and include amounts billed and currently due from customers. Receivables, net are recorded at the net amount expected to be collected.
Inventories	Inventories – We record inventories at the lower of cost or estimated net realizable value. The majority of our inventory represents work-in-process for contracts where control has not yet passed to the customer. Work-in-process primarily consists of labor, material, subcontractor, and overhead costs. In addition, costs incurred to fulfill a contract in advance of the contract being awarded are recorded in inventories as work-in-process if we determine that those costs relate directly to a contract or to an anticipated contract that we can specifically identify and contract award is probable, the costs generate or enhance resources that will be used in satisfying performance obligations, and the costs are recoverable (referred to as pre-contract costs). Pre-contract costs that are initially capitalized in inventory are generally recognized as cost of sales consistent with the transfer of products and services to the customer upon the receipt of the anticipated contract. All other pre-contract costs, including start-up costs, are expensed as incurred. We determine the costs of other inventories such as materials, spares and supplies by using the first-in first-out or average cost methods. If events or changes in circumstances indicate that precontract costs are no longer recoverable or the utility of our inventories have diminished through damage, deterioration, obsolescence, changes in price or other causes, a loss is recognized in the period in which it occurs.
Property, plant and equipment	Property, plant and equipment – Property, plant and equipment are initially recorded at cost. The cost of plant and equipment are depreciated generally using accelerated methods during the first half of the estimated useful lives of the assets and the straight-line method thereafter. The estimated useful lives of our plant and equipment generally range from 10 to 40 years for buildings and five to 15 years for machinery and equipment. No depreciation expense is recorded on construction in progress until such assets are placed into operation.We review the carrying amounts of long-lived assets for impairment if events or changes in the facts and circumstances indicate that their carrying amounts may not be recoverable. We assess impairment by comparing the estimated undiscounted future cash flows of the related asset grouping to its carrying amount. If an asset is determined to be impaired, we recognize an impairment charge in the current period for the difference between the fair value of the asset and its carrying amount.
Capitalized software	Capitalized software – We capitalize certain costs associated with the development or purchase of internal-use software. The amounts capitalized are included in other noncurrent assets on our consolidated balance sheets and are amortized on a straight-line basis over the estimated useful life of the resulting software, which ranges from two to six years.
Investments	Investments – Substantially all assets measured at fair value represent investments held in a separate trust to fund certain of our non-qualified deferred compensation plan liabilities.Gains and losses on these investments are included in other unallocated, net within cost of sales on our consolidated statements of earnings in order to align the classification of changes in the market value of investments held for the plan with changes in the value of the corresponding plan liabilities.
Equity method investments	Equity method investments – Investments where we have the ability to exercise significant influence, but do not control, are accounted for under the equity method of accounting and are included in other noncurrent assets on our consolidated balance sheets. Significant influence typically exists if we have a 20% to 50% ownership interest in the investee. Under this method of accounting, our share of the net earnings or losses of the investee is included in operating profit in other income, net on our consolidated statements of earnings since the activities of the investee are closely aligned with the operations of the business segment holding the investment. We evaluate our equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may be impaired. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in earnings in the current period.
Goodwill and Intangible Assets	Goodwill and Intangible Assets – The assets and liabilities of acquired businesses are recorded under the acquisition method of accounting at their estimated fair values at the date of acquisition. Goodwill represents costs in excess of fair values assigned to the underlying identifiable net assets of acquired businesses. Intangible assets from acquired businesses are recognized at fair value on the acquisition date and consist of customer programs, trademarks, customer relationships, technology and other intangible assets. Customer programs include values assigned to major programs of acquired businesses and represent the aggregate value associated with the customer relationships, contracts, technology and trademarks underlying the associated program. Intangible assets are amortized over a period of expected cash flows used to measure fair value, which ranges from five to 20 years. We perform an impairment test of our goodwill at least annually in the fourth quarter or more frequently whenever events or changes in circumstances indicate the carrying value of goodwill may be impaired. Such events or changes in circumstances may include a significant deterioration in overall economic conditions, changes in the business climate of our industry, a decline in our market capitalization, operating performance indicators, competition, reorganizations of our business, U.S. Government budget restrictions or the disposal of all or a portion of a reporting unit. Our goodwill has been allocated to and is tested for impairment at a level referred to as the reporting unit, which is our business segment level or a level below the business segment. The level at which we test goodwill for impairment requires us to determine whether the operations below the business segment constitute a self-sustaining business for which discrete financial information is available and segment management regularly reviews the operating results. We may use either a qualitative or quantitative approach when testing a reporting unit’s goodwill for impairment. For selected reporting units where we use the qualitative approach, we perform a qualitative evaluation of events and circumstances impacting the reporting unit to determine the likelihood of goodwill impairment. Based on that qualitative evaluation, if we determine it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, no further evaluation is necessary. Otherwise we perform a quantitative impairment test. We perform quantitative tests for most reporting units at least once every three years. However, for certain reporting units we may perform a quantitative impairment test every year. For the quantitative impairment test we compare the fair value of a reporting unit to its carrying value, including goodwill. If the fair value of a reporting unit exceeds its carrying value, goodwill of the reporting unit is not impaired. If the carrying value of the reporting unit, including goodwill, exceeds its fair value, a goodwill impairment loss is recognized in an amount equal to that excess. We generally estimate the fair value of each reporting unit using a combination of a discounted cash flow (DCF) analysis and market-based valuation methodologies such as comparable public company trading values and values observed in recent business acquisitions. Determining fair value requires the exercise of significant judgments, including the amount and timing of expected future cash flows, long-term growth rates, discount rates and relevant comparable public company earnings multiples and relevant transaction multiples. The cash flows employed in the DCF analysis are based on our best estimate of future sales, earnings and cash flows after considering factors such as general market conditions, U.S. Government budgets, existing firm orders, expected future orders, contracts with suppliers, labor agreements, changes in working capital, long term business plans and recent operating performance. The discount rates utilized in the DCF analysis are based on the respective reporting unit’s weighted average cost of capital, which takes into account the relative weights of each component of capital structure (equity and debt) and represents the expected cost of new capital, adjusted as appropriate to consider the risk inherent in future cash flows of the respective reporting unit. The carrying value of each reporting unit includes the assets and liabilities employed in its operations, goodwill and allocations of certain assets and liabilities held at the business segment and corporate levels. During the fourth quarters of 2021, 2020 and 2019, we performed our annual goodwill impairment test for each of our reporting units. The results of our annual impairment tests of goodwill indicated that no impairment existed.
Acquired intangible assets	Acquired intangible assets deemed to have indefinite lives are not amortized, but are subject to annual impairment testing. This testing compares carrying value to fair value and, when appropriate, the carrying value of these assets is reduced to fair value. Finite-lived intangibles are amortized to expense over the applicable useful lives, ranging from five to 20 years, based on the nature of the asset and the underlying pattern of economic benefit as reflected by future net cash inflows. We perform an impairment test of finite-lived intangibles whenever events or changes in circumstances indicate their carrying value may be impaired.
Leases	Leases – We evaluate whether our contractual arrangements contain leases at the inception of such arrangements. Specifically, we consider whether we can control the underlying asset and have the right to obtain substantially all of the economic benefits or outputs from the asset. Substantially all of our leases are long-term operating leases with fixed payment terms. We do not have significant financing leases. Our right-of-use (ROU) operating lease assets represent our right to use an underlying asset for the lease term, and our operating lease liabilities represent our obligation to make lease payments. ROU operating lease assets are recorded in other noncurrent assets in our consolidated balance sheet. Operating lease liabilities are recorded in other current liabilities or other noncurrent liabilities in our consolidated balance sheet based on their contractual due dates. Both the ROU operating lease asset and liability are recognized as of the lease commencement date at the present value of the lease payments over the lease term. Most of our leases do not provide an implicit rate that can readily be determined. Therefore, we use a discount rate based on our incremental borrowing rate, which is determined using our credit rating and information available as of the commencement date. ROU operating lease assets include lease payments made at or before the lease commencement date, net of any lease incentives. Our operating lease agreements may include options to extend the lease term or terminate it early. We include options to extend or terminate leases in the ROU operating lease asset and liability when it is reasonably certain we will exercise these options. Operating lease expense is recognized on a straight-line basis over the lease term and is included in cost of sales on our consolidated statement of earnings. We have operating lease arrangements with lease and non-lease components. The non-lease components in our arrangements are not significant when compared to the lease components. For all operating leases, we account for the lease and non-lease components as a single component. Additionally, for certain equipment leases, we apply a portfolio approach to recognize operating lease ROU assets and liabilities. We evaluate ROU assets for impairment consistent with our property, plant and equipment policy.
Postretirement benefit plans	Postretirement benefit plans – Many of our employees and retirees participate in defined benefit pension plans, retiree medical and life insurance plans, and other postemployment plans (collectively, postretirement benefit plans). GAAP requires that the amounts we record related to our postretirement benefit plans be computed, based on service to date, using actuarial valuations that are based in part on certain key economic assumptions we make, including the discount rate, the expected long-term rate of return on plan assets and other actuarial assumptions including participant longevity (also known as mortality), health care cost trend rates and employee turnover, each as appropriate based on the nature of the plans. A market-related value of our plan assets, determined using actual asset gains or losses over the prior three year period, is used to calculate the amount of deferred asset gains or losses to be amortized. These asset gains or losses, along with those resulting from adjustments to our benefit obligation, will be amortized to expense using the corridor method, where gains and losses are recognized over a period of years to the extent they exceed 10% of the greater of plan assets or benefit obligations. We recognize on a plan-by-plan basis the funded status of our postretirement benefit plans as either an asset recorded within other noncurrent assets or a liability recorded within noncurrent liabilities on our consolidated balance sheets. The GAAP funded status is measured as the difference between the fair value of the plan’s assets and the benefit obligation of the plan. The funded status under the Employee Retirement Income Security Act of 1974 (ERISA), as amended, is calculated on a different basis than under GAAP. Postemployment Plans – We record a liability for postemployment benefits, such as severance or job training, typically when payment is probable, the amount is reasonably estimable, and the obligation relates to rights that have vested or accumulated.
Environmental matters	Environmental matters – We record a liability for environmental matters when it is probable that a liability has been incurred and the amount can be reasonably estimated. The amount of liability recorded is based on our estimate of the costs to be incurred for remediation at a particular site. We do not discount the recorded liabilities, as the amount and timing of future cash payments are not fixed or cannot be reliably determined. Our environmental liabilities are recorded on our consolidated balance sheets within other liabilities, both current and noncurrent. We expect to include a substantial portion of environmental costs in our net sales and cost of sales in future periods pursuant to U.S. Government agreement or regulation. At the time a liability is recorded for future environmental costs, we record a receivable for estimated future recovery considered probable through the pricing of products and services to agencies of the U.S. Government, regardless of the contract form (e.g., cost-reimbursable, fixed-price). We continuously evaluate the recoverability of our assets for the portion of environmental costs that are probable of future recovery by assessing, among other factors, U.S. Government regulations, our U.S. Government business base and contract mix, our history of receiving reimbursement of such costs, and efforts by some U.S. Government representatives to limit such reimbursement. We include the portion of those environmental costs expected to be allocated to our non-U.S. Government contracts, or determined not to be recoverable under U.S. Government contracts, in our cost of sales at the time the liability is established or adjusted. Our assets for the portion of environmental costs that are probable of future recovery are recorded on our consolidated balance sheets within other assets, both current and noncurrent. We project costs and recovery of costs over approximately 20 years.
Derivative financial instruments	Derivative financial instruments – We record derivatives at their fair value. The classification of gains and losses resulting from changes in the fair values of derivatives is dependent on our intended use of the derivative and its resulting designation. Adjustments to reflect changes in fair values of derivatives attributable to highly effective hedges are either reflected in earnings and largely offset by corresponding adjustments to the hedged items or reflected net of income taxes in accumulated other comprehensive loss until the hedged transaction is recognized in earnings. Changes in the fair value of the derivatives that are not highly effective, if any, are immediately recognized in earnings.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting In 2017, the United Kingdom’s Financial Conduct Authority (FCA) announced that after 2021 it would no longer compel banks to submit the rates required to calculate the London Interbank Offered Rate (LIBOR), which have been widely used as reference rates for various securities and financial contracts, including loans, debt and derivatives. This announcement indicates that the continuation of LIBOR on the current basis is not guaranteed after 2021. Subsequently in March 2021, the FCA announced some USD LIBOR tenors (overnight, 1 month, 3 month, 6 month and 12 month) will continue to be published until June 30, 2023. Regulators in the U.S. and other jurisdictions have been working to replace these rates with alternative reference interest rates that are supported by transactions in liquid and observable markets, such as the Secured Overnight Financing Rate (SOFR) for USD LIBOR. Currently, our credit facility and certain of our derivative instruments reference LIBOR-based rates. Our credit facility contains provisions specifying alternative interest rate calculations to be employed when LIBOR ceases to be available as a benchmark and we have adhered to the ISDA 2020 IBOR Fallbacks Protocol, which will govern our derivatives upon the final cessation of USD LIBOR. ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, as amended, helps limit the accounting impact from contract modifications, including hedging relationships, due to the transition from LIBOR to alternative reference rates that are completed by December 31, 2022. We do not expect a significant impact to our operating results, financial position or cash flows from the transition from LIBOR to alternative reference interest rates, but we will continue to monitor the impact of this transition until it is completed. Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires entities to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 2014-09, Revenue from Contracts with Customers (Topic 606). The update will generally result in an entity recognizing contract assets and contract liabilities at amounts consistent with those recorded by the acquiree immediately before the acquisition date rather than at fair value. The new standard is effective on a prospective basis for fiscal years beginning after December 15, 2022, with early adoption permitted. We adopted the new standard effective January 1, 2022. The adoption of the new standard did not have an impact to our operating results, financial position, or cash flows. Government Assistance (Topic 832): Disclosures by Business Entities About Government Assistance In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities About Government Assistance, which requires entities to provide disclosures on material government assistance transactions for annual reporting periods. The disclosures include information around the nature of the assistance, the related accounting policies used to account for government assistance, the effect of government assistance on the entity’s financial statements, and any significant terms and conditions of the agreements, including commitments and contingencies. The new standard is effective for the Corporation on January 1, 2022 and only impacts annual financial statement footnote disclosures. Therefore, the adoption will not have a material effect on our consolidated financial statements.
Acquired finite lived intangible assets	Acquired finite-lived intangible assets are amortized to expense primarily on a straight-line basis over the following estimated useful lives: customer programs from nine to 20 years; customer relationships from four to 10 years; and other intangibles assets from three to 10 years.
Earnings per share computation	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) based on the treasury stock method.
Inventories, costs to fulfill a contract	Costs incurred to fulfill a contract in advance of the contract being awarded are included in inventories as work-in-process if we determine that those costs relate directly to a contract or to an anticipated contract that we can specifically identify and contract award is probable, the costs generate or enhance resources that will be used in satisfying performance obligations, and the costs are recoverable (referred to as pre-contract costs). Pre-contract costs that are initially capitalized in inventory are generally recognized as cost of sales consistent with the transfer of products and services to the customer upon the receipt of the anticipated contract. All other pre-contract costs, including start-up costs, are expensed as incurred.

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of Weighted Average Shares Outstanding Used to Compute Earnings Per Common Share

The weighted average number of shares outstanding used to compute earnings per common share were as follows (in millions):


	2021	2020	2019
Weighted average common shares outstanding for basic computations	276.4	280.0	282.0
Weighted average dilutive effect of equity awards	1.0	1.2	1.8
Weighted average common shares outstanding for diluted computations	277.4	281.2	283.8

Goodwill and Acquired Intangibles (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in the Carrying Amount of Goodwill by Segment

Changes in the carrying amount of goodwill by business segment were as follows (in millions):


	Aeronautics		MFC		RMS		Space		Total
Balance at December 31, 2019	$	171	$	2,089	$	6,758	$	1,586	$	10,604

Acquisitions	16		—		—		173		189
Other	—		2		10		1		13
Balance at December 31, 2020	187		2,091		6,768		1,760		10,806
Acquisitions	—		—		—		17		17
Other	—		(1)		(9)		—		(10)
Balance at December 31, 2021	$	187	$	2,090	$	6,759	$	1,777	$	10,813

The Gross Carrying Amounts and Accumulated Amortization of Acquired Intangible Assets

The gross carrying amounts and accumulated amortization of our acquired intangible assets consisted of the following (in millions):


	2021						2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-Lived:
Customer programs	$	3,184	$	(1,431)	$	1,753	$	3,184	$	(1,199)	$	1,985
Customer relationships	120		(96)		24		366		(287)		79
Other	76		(34)		42		85		(24)		61
Total finite-lived intangibles	3,380		(1,561)		1,819		3,635		(1,510)		2,125
Indefinite-Lived:
Trademark	887		—		887		887		—		887
Total acquired intangibles	$	4,267	$	(1,561)	$	2,706	$	4,522	$	(1,510)	$	3,012

Information on Business Segments (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Summary Of Financial Information For Each Business Segment

Sales and operating profit for each of our business segments were as follows (in millions):


	2021		2020		2019
Net sales
Aeronautics	$	26,748	$	26,266	$	23,693
Missiles and Fire Control	11,693		11,257		10,131
Rotary and Mission Systems	16,789		15,995		15,128
Space	11,814		11,880		10,860
Total net sales	$	67,044	$	65,398	$	59,812
Operating profit
Aeronautics	$	2,799	$	2,843	$	2,521
Missiles and Fire Control	1,648		1,545		1,441
Rotary and Mission Systems	1,798		1,615		1,421
Space	1,134		1,149		1,191
Total business segment operating profit	7,379		7,152		6,574
Unallocated items
FAS/CAS operating adjustment	1,960		1,876		2,049
Stock-based compensation	(227)		(221)		(189)
Severance and restructuring charges (a)	(36)		(27)		—
Other, net (b)	47		(136)		111
Total unallocated, net	1,744		1,492		1,971
Total consolidated operating profit	$	9,123	$	8,644	$	8,545


	2021		2020		2019
Total FAS (expense) income and CAS costs
FAS pension (expense) income	$	(1,398)	$	118	$	(1,093)
Less: CAS pension cost	2,066		1,977		2,565
Net FAS/CAS pension adjustment	$	668	$	2,095	$	1,472

Service and non-service cost reconciliation
FAS pension service cost	$	(106)	$	(101)	$	(516)
Less: CAS pension cost	2,066		1,977		2,565
FAS/CAS operating adjustment	1,960		1,876		2,049
Non-service FAS pension (expense) income	(1,292)		219		(577)
Net FAS/CAS pension adjustment	$	668	$	2,095	$	1,472


	2021		2020		2019
Intersegment sales
Aeronautics	$	219	$	243	$	217
Missiles and Fire Control	618		562		515
Rotary and Mission Systems	1,895		1,903		1,872
Space	360		377		352
Total intersegment sales	$	3,092	$	3,085	$	2,956

Net sales by total products and services, contract type, customer category and geographic region for each of our business segments were as follows (in millions):


	2021
	Aeronautics		MFC		RMS		Space		Total
Net sales
Products	$	22,631	$	10,269	$	13,483	$	10,052	$	56,435
Services	4,117		1,424		3,306		1,762		10,609
Total net sales	$	26,748	$	11,693	$	16,789	$	11,814	$	67,044
Net sales by contract type
Fixed-price	$	19,734	$	8,079	$	11,125	$	2,671	$	41,609
Cost-reimbursable	7,014		3,614		5,664		9,143		25,435
Total net sales	$	26,748	$	11,693	$	16,789	$	11,814	$	67,044
Net sales by customer
U.S. Government	$	17,262	$	8,341	$	11,736	$	10,811	$	48,150
International (a)	9,403		3,346		4,719		971		18,439
U.S. commercial and other	83		6		334		32		455
Total net sales	$	26,748	$	11,693	$	16,789	$	11,814	$	67,044
Net sales by geographic region
United States	$	17,345	$	8,347	$	12,070	$	10,843	$	48,605
Europe	3,973		910		909		968		6,760
Asia Pacific	3,644		292		2,178		(6)		6,108
Middle East	1,351		2,066		827		9		4,253
Other	435		78		805		—		1,318
Total net sales	$	26,748	$	11,693	$	16,789	$	11,814	$	67,044


	2020
	Aeronautics		MFC		RMS		Space		Total
Net sales
Products	$	22,327	$	9,804	$	12,748	$	10,049	$	54,928
Services	3,939		1,453		3,247		1,831		10,470
Total net sales	$	26,266	$	11,257	$	15,995	$	11,880	$	65,398
Net sales by contract type
Fixed-price	$	18,477	$	7,587	$	10,795	$	2,247	$	39,106
Cost-reimbursable	7,789		3,670		5,200		9,633		26,292
Total net sales	$	26,266	$	11,257	$	15,995	$	11,880	$	65,398
Net sales by customer
U.S. Government	$	18,175	$	8,404	$	11,596	$	10,293	$	48,468
International (a)	8,012		2,842		3,986		1,546		16,386
U.S. commercial and other	79		11		413		41		544
Total net sales	$	26,266	$	11,257	$	15,995	$	11,880	$	65,398
Net sales by geographic region
United States	$	18,254	$	8,415	$	12,009	$	10,334	$	49,012
Europe	3,283		767		806		1,478		6,334
Asia Pacific	3,162		280		1,666		68		5,176
Middle East	1,344		1,749		847		—		3,940
Other	223		46		667		—		936
Total net sales	$	26,266	$	11,257	$	15,995	$	11,880	$	65,398

(a)International sales include FMS contracted through the U.S. Government, direct commercial sales with international governments and commercial and other sales to international customers.


	2019
	Aeronautics		MFC		RMS		Space		Total
Net sales
Products	$	20,319	$	8,424	$	12,206	$	9,104	$	50,053
Services	3,374		1,707		2,922		1,756		9,759
Total net sales	$	23,693	$	10,131	$	15,128	$	10,860	$	59,812
Net sales by contract type
Fixed-price	$	17,239	$	6,449	$	10,382	$	2,135	$	36,205
Cost-reimbursable	6,454		3,682		4,746		8,725		23,607
Total net sales	$	23,693	$	10,131	$	15,128	$	10,860	$	59,812
Net sales by customer
U.S. Government	$	14,776	$	7,524	$	10,803	$	9,322	$	42,425
International (a)	8,733		2,465		3,822		1,511		16,531
U.S. commercial and other	184		142		503		27		856
Total net sales	$	23,693	$	10,131	$	15,128	$	10,860	$	59,812
Net sales by geographic region
United States	$	14,960	$	7,666	$	11,306	$	9,349	$	43,281
Europe	3,224		516		769		1,419		5,928
Asia Pacific	3,882		420		1,451		73		5,826
Middle East	1,465		1,481		979		19		3,944
Other	162		48		623		—		833
Total net sales	$	23,693	$	10,131	$	15,128	$	10,860	$	59,812

(a)International sales include FMS contracted through the U.S. Government, direct commercial sales with international governments and commercial and other sales to international customers.

Capital Expenditures, PP&E Depreciation and Software Amortization, and Amortization of Purchased Intangibles


	2021		2020		2019
Capital expenditures
Aeronautics	$	477	$	534	$	526
Missiles and Fire Control	304		391		300
Rotary and Mission Systems	279		311		272
Space	305		403		258
Total business segment capital expenditures	1,365		1,639		1,356
Corporate activities	157		127		128
Total capital expenditures	$	1,522	$	1,766	$	1,484
PP&E depreciation and software amortization (a)
Aeronautics	$	348	$	348	$	318
Missiles and Fire Control	153		136		122
Rotary and Mission Systems	250		244		232
Space	205		182		164
Total business segment depreciation and amortization	956		910		836
Corporate activities	123		109		70
Total depreciation and amortization	$	1,079	$	1,019	$	906
Amortization of purchased intangibles
Aeronautics	$	1	$	—	$	—
Missiles and Fire Control	2		2		2
Rotary and Mission Systems	232		232		232
Space	50		37		50
Total amortization of purchased intangibles	$	285	$	271	$	284

(a)Excludes amortization of purchased intangibles.

Total assets for each of our business segments were as follows (in millions):


	2021		2020
Assets
Aeronautics	$	10,756	$	9,903
Missiles and Fire Control	5,243		4,966
Rotary and Mission Systems	17,664		18,035
Space	6,199		6,451
Total business segment assets	39,862		39,355
Corporate assets (a)	11,011		11,355
Total assets	$	50,873	$	50,710

Receivables, net, Contract Assets and Contract Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Schedule of Receivables, Net, Contract Assets and Contract Liabilities

Receivables, net, contract assets and contract liabilities were as follows (in millions):


	2021		2020
Receivables, net	$	1,963	$	1,978
Contract assets	10,579		9,545
Contract liabilities	8,107		7,545

Inventories (Tables)

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following (in millions):


	2021		2020
Materials, spares and supplies	$	624	$	612
Work-in-process	2,163		2,693
Finished goods	194		240
Total inventories	$	2,981	$	3,545

Property, Plant and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment, net consisted of the following (in millions):


	2021		2020
Land	$	144	$	142
Buildings	8,003		7,425
Machinery and equipment	9,053		8,661
Construction in progress	1,900		1,921
Total property, plant and equipment	19,100		18,149
Less: accumulated depreciation	(11,503)		(10,936)
Total property, plant and equipment, net	$	7,597	$	7,213

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Future Minimum Lease Commitments

Future minimum lease commitments at December 31, 2021 were as follows (in millions):


	Total		2022		2023		2024		2025		2026		Thereafter
Operating leases	$	1,566	$	325	$	225	$	196	$	151	$	108	$	561
Less: imputed interest	140
Total	$	1,426

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Provision for Federal & Foreign Income Tax Expense

Our provision for federal and foreign income tax expense for continuing operations consisted of the following (in millions):


	2021		2020		2019
Federal income tax expense (benefit):
Current	$	1,325	$	1,292	$	698

Deferred	(194)		21		235
Total federal income tax expense	1,131		1,313		933
Foreign income tax expense (benefit):
Current	93		50		91
Deferred	11		(16)		(13)
Total foreign income tax expense	104		34		78
Total federal and foreign income tax expense	$	1,235	$	1,347	$	1,011

Reconciliation of Income Tax Expense Computed Using U.S. Statutory Federal Tax Rate to Actual Income Tax Expense

A reconciliation of the U.S. federal statutory income tax expense to actual income tax expense for continuing operations is as follows (dollars in millions):


	2021				2020				2019
	Amount		Rate		Amount		Rate		Amount		Rate
Income tax expense at the U.S. federal statutory tax rate	$	1,585	21.0	%	$	1,729	21.0	%	$	1,521	21.0	%
Foreign derived intangible income deduction	(170)		(2.3)		(170)		(2.1)		(122)		(1.7)
Research and development tax credit	(118)		(1.6)		(97)		(1.2)		(148)		(2.0)
Tax deductible dividends	(65)		(0.9)		(64)		(0.8)		(62)		(0.9)
Excess tax benefits for stock-based payment awards	(28)		(0.4)		(52)		(0.6)		(63)		(0.9)
Other, net (a)	31		0.6		1		0.1		(115)		(1.5)
Income tax expense	$	1,235	16.4	%	$	1,347	16.4	%	$	1,011	14.0	%

(a)Includes additional $98 million deduction for foreign derived intangible income related to 2018 recognized in 2019 reflecting proposed tax regulations released on March 4, 2019.

Components of Federal and Foreign Deferred Tax Assets and Liabilities

The primary components of our federal and foreign deferred income tax assets and liabilities at December 31 were as follows (in millions):


	2021		2020
Deferred tax assets related to:
Pensions	$	1,985	$	2,994
Accrued compensation and benefits	957		926
Contract accounting methods	470		392
Foreign company operating losses and credits	40		51
Other (a)	473		509
Valuation allowance	(15)		(13)
Deferred tax assets, net	3,910		4,859
Deferred tax liabilities related to:
Goodwill and intangible assets	401		363
Property, plant and equipment	518		481
Exchanged debt securities and other (a)	709		547
Deferred tax liabilities	1,628		1,391
Net deferred tax assets	$	2,282	$	3,468

(a)Includes deferred tax assets and liabilities related to lease liability and ROU asset.

Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Long-term Debt

Our total debt consisted of the following (in millions):


	2021		2020
Notes
3.35% due 2021	$	—	$	500
3.10% due 2023	500		500
2.90% due 2025	750		750
3.55% due 2026	2,000		2,000
1.85% due 2030	400		400
3.60% due 2035	500		500
4.50% and 6.15% due 2036	1,054		1,054
4.07% due 2042	1,336		1,336
3.80% due 2045	1,000		1,000
4.70% due 2046	1,326		1,326
2.80% due 2050	750		750
4.09% due 2052	1,578		1,578
Other notes with rates from 4.85% to 9.13%, due 2022 to 2041	1,605		1,605
Total debt	12,799		13,299
Less: unamortized discounts and issuance costs	(1,123)		(1,130)
Total debt, net	11,676		12,169
Less: current portion	(6)		(500)
Long-term debt, net	$	11,670	$	11,669

Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Schedule of Net Periodic Benefit Costs

The pretax FAS expense (income) related to our qualified defined benefit pension plans and retiree medical and life insurance plans each year included the following (in millions):



	Qualified Defined Benefit Pension Plans						Retiree Medical and Life Insurance Plans
	2021		2020		2019		2021		2020		2019
Operating:
Service cost	$	106	$	101	$	516	$	13	$	13	$	14
Non-operating:
Interest cost	1,220		1,538		1,806		53		70		97
Expected return on plan assets	(2,146)		(2,264)		(2,300)		(141)		(127)		(110)
Recognized net actuarial losses (gains)	902		849		1,404		—		(4)		2
Amortization of net prior service (credits) costs	(349)		(342)		(333)		37		39		42
Settlement charge	1,665		—		—		—		—		—
Non-service FAS pension expense (income)	1,292		(219)		577		(51)		(22)		31
Net periodic benefit expense (income)	$	1,398	$	(118)	$	1,093	$	(38)	$	(9)	$	45

Reconciliation of Benefit Obligations, Plan Assets, and Unfunded or Funded Status



	Qualified Defined Benefit Pension Plans				Retiree Medical and Life Insurance Plans
	2021		2020		2021		2020
Change in benefit obligation
Beginning balance (a)	$	51,352	$	48,674	$	2,271	$	2,226
Service cost	106		101		13		13
Interest cost	1,220		1,538		53		70
Actuarial (gains) losses (b)	(2,045)		4,610		(352)		117
Settlements (c)	(4,885)		(1,392)		—		—
Plan amendments and curtailments	2		9		—		(8)
Benefits paid	(2,303)		(2,188)		(217)		(220)
Medicare Part D subsidy	—		—		4		3

Participants’ contributions	—		—		67		70
Ending balance (a)	$	43,447	$	51,352	$	1,839	$	2,271
Change in plan assets
Beginning balance at fair value	$	38,481	$	35,442	$	2,085	$	1,889
Actual return on plan assets (d)	3,899		5,594		224		298
Settlements (c)	(4,885)		(1,392)		—		—
Benefits paid	(2,303)		(2,188)		(217)		(220)
Company contributions	—		1,025		6		45
Medicare Part D subsidy	—		—		4		3
Participants’ contributions	—		—		67		70
Ending balance at fair value	$	35,192	$	38,481	$	2,169	$	2,085
Unfunded status of the plans	$	(8,255)	$	(12,871)	$	330	$	(186)

(d)Actual return on plan assets for our qualified defined benefit pension plans and retiree medical and life insurance plans was approximately 10.5% in 2021 and 16.5% in 2020.

Amounts Recognized on Balance Sheets Related to Qualified Defined Benefit Pension Plans and Retiree Medical and Life Insurance Plans


	Qualified Defined Benefit Pension Plans				Retiree Medical and Life Insurance Plans
	2021		2020		2021		2020
Other noncurrent assets	$	64	$	3	$	330	$	—
Accrued pension liabilities	(8,319)		(12,874)		—		—
Other noncurrent liabilities	—		—		—		(186)
Net (unfunded) funded status of the plans	$	(8,255)	$	(12,871)	$	330	$	(186)

Amounts Recognized in Other Comprehensive Income (Loss) Related to Postretirement Benefit Plans, Net of Tax


	Qualified Defined Benefit Pension Plans				Retiree Medical and Life Insurance Plans
	2021		2020		2021		2020
Accumulated other comprehensive loss (pre-tax) related to:
Net actuarial losses	$	14,675	$	21,040	$	(554)	$	(119)
Prior service (credit) cost	(884)		(1,235)		36		73
Total	$	13,791	$	19,805	$	(518)	$	(46)
Estimated tax	(2,947)		(4,230)		110		9
Net amount recognized in accumulated other comprehensive loss	$	10,844	$	15,575	$	(408)	$	(37)


	Incurred but Not Yet Recognized in FAS Expense						Recognition of Previously Deferred Amounts
	2021		2020		2019		2021		2020		2019
	gains (losses)						(gains) losses
Actuarial gains and losses
Qualified defined benefit pension plans	$	2,987	$	(1,005)	$	(2,283)	$	2,019	$	668	$	1,104
Retiree medical and life insurance plans	342		43		238		—		(3)		2
Other plans	76		(104)		(133)		24		24		42
	3,405		(1,066)		(2,178)		2,043		689		1,148
	credit (cost)						(credit) cost
Net prior service credit and cost
Qualified defined benefit pension plans	(1)		(7)		(8)		(274)		(269)		(263)
Retiree medical and life insurance plans	—		6		4		29		30		33
Other plans	—		—		—		(11)		(10)		(10)
	(1)		(1)		(4)		(256)		(249)		(240)
	$	3,404	$	(1,067)	$	(2,182)	$	1,787	$	440	$	908

Actuarial Assumptions Used to Determine Net Periodic Benefit Cost



	Qualified Defined Benefit Pension Plans						Retiree Medical and Life Insurance Plans
	2021		2020		2019		2021		2020		2019
Weighted average discount rate	2.875	%	2.500	%	3.250	%	2.750	%	2.375	%	3.250	%
Expected long-term rate of return on assets	6.50	%	7.00	%	7.00	%	6.50	%	7.00	%	7.00	%
Health care trend rate assumed for next year							7.50	%	7.75	%	8.00	%
Ultimate health care trend rate							4.50	%	4.50	%	4.50	%
Year ultimate health care trend rate is reached							2034		2034		2034

Schedule of Allocation of Plan Assets

LMIMCo’s investment policies require that asset allocations of postretirement benefit plans be maintained within the following approximate ranges:


Asset Class			Asset Allocation Ranges
Cash and cash equivalents			0-20%
Equity			15-65%
Fixed income			10-60%
Alternative investments:
Private equity funds			0-15%
Real estate funds			0-10%
Hedge funds			0-20%
Commodities			0-15%


	December 31, 2021								December 31, 2020
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Investments measured at fair value
Cash and cash equivalents (a)	$	991	$	991	$	—	$	—	$	1,109	$	1,109	$	—	$	—
Equity (a):
U.S. equity securities	6,479		6,444		5		30		7,535		7,467		8		60
International equity securities	4,882		4,880		—		2		6,844		6,836		—		8
Commingled equity funds	869		36		833		—		1,671		442		1,228		1
Fixed income (a):
Corporate debt securities	6,397		—		6,295		102		5,732		—		5,730		2
U.S. Government securities	2,864		—		2,864		—		2,506		—		2,506		—
U.S. Government-sponsored enterprise securities	228		—		228		—		230		—		230		—
Other fixed income investments (b)	4,736		49		3,071		1,616		5,873		37		4,063		1,773
Total	$	27,446	$	12,400	$	13,296	$	1,750	$	31,500	$	15,891	$	13,765	$	1,844
Investments measured at NAV
Commingled equity funds	130								92
Other fixed income investments	701								541
Private equity funds	5,386								4,672
Real estate funds	3,059								2,650
Hedge funds	556								1,111
Total investments measured at NAV	9,832								9,066
Receivables, net	83								—
Total	$	37,361							$	40,566

(b)Level 3 investments include $1.5 billion at December 31, 2021 and $1.7 billion at December 31, 2020 related to the buy-in contracts discussed above.

Estimated Future Benefit Payments

The following table presents estimated future benefit payments as of December 31, 2021 (in millions):


	2022		2023		2024		2025		2026		2027 – 2031
Qualified defined benefit pension plans	$	1,980	$	2,080	$	2,160	$	2,230	$	2,290	$	11,700
Retiree medical and life insurance plans	140		140		140		130		130		570

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Changes in Balance of Accumulated Other Comprehensive Loss, Net of Income Taxes

Changes in the balance of AOCL, net of taxes, consisted of the following (in millions):


	Postretirement Benefit Plans (a)		Other, net		AOCL
Balance at December 31, 2018	$	(14,254)	$	(67)	$	(14,321)
Other comprehensive (loss) income before reclassifications	(2,182)		18		(2,164)
Amounts reclassified from AOCL
Recognition of net actuarial losses	1,148		—		1,148
Amortization of net prior service credits	(240)		—		(240)
Other	—		23		23
Total reclassified from AOCL	908		23		931
Total other comprehensive (loss) income	(1,274)		41		(1,233)

Balance at December 31, 2019	(15,528)		(26)		(15,554)
Other comprehensive (loss) income before reclassifications	(1,067)		56		(1,011)
Amounts reclassified from AOCL
Recognition of net actuarial losses	689		—		689
Amortization of net prior service credits	(249)		—		(249)
Other	—		4		4
Total reclassified from AOCL	440		4		444
Total other comprehensive (loss) income	(627)		60		(567)
Balance at December 31, 2020	(16,155)		34		(16,121)
Other comprehensive income before reclassifications	3,404		(85)		3,319
Amounts reclassified from AOCL
Pension settlement charge (b)	1,310				1,310
Recognition of net actuarial losses	733		—		733
Amortization of net prior service credits	(256)		—		(256)
Other	—		9		9
Total reclassified from AOCL	1,787		9		1,796
Total other comprehensive income (loss)	5,191		(76)		5,115
Balance at December 31, 2021	$	(10,964)	$	(42)	$	(11,006)

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of Stock Based Compensation Activity Related to Nonvested RSUs

The following table summarizes activity related to nonvested RSUs:


	Number of RSUs (In thousands)	Weighted Average Grant-Date Fair Value Per Share








Nonvested at December 31, 2020	733	$	348.60
Granted	612	341.76
Vested	(500)	345.73
Forfeited	(35)	344.81
Nonvested at December 31, 2021	810	$	345.37

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value, Assets and Liabilities Measured on Recurring Basis

Assets and liabilities measured and recorded at fair value on a recurring basis consisted of the following (in millions):


	December 31, 2021						December 31, 2020
	Total		Level 1		Level 2		Total		Level 1		Level 2
Assets
Mutual funds	$	1,434	$	1,434	$	—	$	1,335	$	1,335	$	—
U.S. Government securities	121		—		121		92		—		92
Other securities	684		492		192		555		341		214
Derivatives	15		—		15		52		—		52
Liabilities
Derivatives	60		—		60		22		—		22
Assets measured at NAV
Other commingled funds	20						20

Organization and Significant Accounting Policies - Additional Information (Detail) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		12 Months Ended
	Jul. 31, 2020 USD ($) $ / shares	Jun. 27, 2021 USD ($) $ / shares	Jun. 28, 2020 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2021 USD ($) segment	Dec. 31, 2021 USD ($) contract	Dec. 31, 2021 USD ($) retiree	Dec. 31, 2020 USD ($) $ / shares	Dec. 31, 2019 USD ($) $ / shares
Accounting Policies [Abstract]
Number of business segments							4		4
Significant Accounting Policies [Line Items]
Number of contract types \| contract								3
Ending backlog				$ 135,400	$ 135,400	$ 135,400	$ 135,400	$ 135,400	$ 135,400
Performance obligation satisfied in previous period					2,200					$ 2,000	$ 2,200
Independent research and development costs charged to cost of sales					1,500					1,300	1,300
Depreciation					904					853	794
Capitalized internal-use software, net				777	777	777	777	777	777	686
Capitalized internal-use software accumulated amortization				2,300	2,300	2,300	2,300	2,300	2,300	2,200
Capitalized internal-use software amortization					175					166	111
Goodwill				$ 10,813	10,813	10,813	10,813	10,813	10,813	10,806	10,604
Time period environmental costs and recovery of environmental costs are projected over				20 years
Fair value of trading securities				$ 2,100	2,100	2,100	2,100	2,100	2,100	2,000
Net gains (losses) on marketable securities					205					231	233
Carrying amount of investments held in Lockheed martin venture fund				465	465	$ 465	465	465	465	173
Realized gain reflected in other non-operating income					265
Realized gain recognized for changes in fair value, net of tax					199
Net of tax, amount per share ( in dollars per share) \| $ / shares						$ 0.72
Total equity method investments				$ 689	689	$ 689	$ 689	$ 689	$ 689	784
Net earnings from equity method investments					97					163	154
Equity method investee impairment					$ 0					128	0
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]				Other noncurrent assets	Other noncurrent assets	Other noncurrent assets	Other noncurrent assets	Other noncurrent assets	Other noncurrent assets
Severance and restructuring charges					$ 36					27	0
Severance and restructuring costs, after-tax					28					$ 21
Severance and restructuring costs, per share, after-tax (in dollars per share) \| $ / shares						$ 0.10				$ 0.08
Severance charges										$ 27
Severance charges, net of tax										$ 21
Severance charges (in dollars per share) \| $ / shares										$ 0.08
Restricted Stock Units and Performance Stock Units
Significant Accounting Policies [Line Items]
Number of years over which equity awards vest				3 years
Atomic Weapons Establishment
Significant Accounting Policies [Line Items]
AWE generated sales					885					$ 1,400
Operating profit					18					35
AMMROC
Significant Accounting Policies [Line Items]
Total equity method investments	$ 307
Proceeds from sale of equity method investments	307
Equity method investee impairment	128
Equity method investee impairment, net of tax	$ 96
Equity method investee impairment (in dollars per share) \| $ / shares	$ 0.34
Interest rate swaps \| Designated as hedges
Significant Accounting Policies [Line Items]
Aggregate notional amount of derivatives				$ 500	500	$ 500	$ 500	$ 500	$ 500	572
Foreign currency contracts \| Designated as hedges
Significant Accounting Policies [Line Items]
Aggregate notional amount of derivatives				4,000	4,000	4,000	4,000	4,000	4,000	3,400
AMMROC
Significant Accounting Policies [Line Items]
Equity method investee impairment			$ 128
Space Systems
Significant Accounting Policies [Line Items]
Goodwill				1,777	1,777	1,777	1,777	1,777	1,777	1,760	1,586
Net earnings from equity method investments					67					135	145
Aeronautics
Significant Accounting Policies [Line Items]
Goodwill				187	187	187	187	187	187	187	171
RMS
Significant Accounting Policies [Line Items]
Goodwill				$ 6,759	6,759	6,759	6,759	6,759	6,759	6,768	6,758
Minimum
Significant Accounting Policies [Line Items]
Acquired finite-lived intangible assets are amortized				5 years
Minimum \| Customer programs
Significant Accounting Policies [Line Items]
Acquired finite-lived intangible assets are amortized				9 years
Minimum \| Buildings
Significant Accounting Policies [Line Items]
Property, plant and equipment, estimated life				10 years
Minimum \| Machinery and equipment
Significant Accounting Policies [Line Items]
Property, plant and equipment, estimated life				5 years
Minimum \| Capitalized Software
Significant Accounting Policies [Line Items]
Property, plant and equipment, estimated life				2 years
Maximum
Significant Accounting Policies [Line Items]
Acquired finite-lived intangible assets are amortized				20 years
Maximum \| Customer programs
Significant Accounting Policies [Line Items]
Acquired finite-lived intangible assets are amortized				20 years
Maximum \| Buildings
Significant Accounting Policies [Line Items]
Property, plant and equipment, estimated life				40 years
Maximum \| Machinery and equipment
Significant Accounting Policies [Line Items]
Property, plant and equipment, estimated life				15 years
Maximum \| Capitalized Software
Significant Accounting Policies [Line Items]
Property, plant and equipment, estimated life				6 years
EADGE-T
Significant Accounting Policies [Line Items]
Cumulative losses on development				$ 260	260	260	260	260	260
Classified Fixed-Price Incentive Fee Contract \| Aeronautics
Significant Accounting Policies [Line Items]
Performance growth costs		$ 225
Performance growth costs after tax		$ 169
Performance growth costs per share, after-tax (in dollars per share) \| $ / shares		$ 0.61
Performance growth costs				225	225	225	225	225	225
Classified Fixed-Price Incentive Fee Contract \| RMS
Significant Accounting Policies [Line Items]
Cumulative losses on development				$ 280	$ 280	$ 280	$ 280	$ 280	$ 280
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 \| Over the next 12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage				38.00%	38.00%	38.00%	38.00%	38.00%	38.00%
Expected time of satisfaction				12 months	12 months	12 months	12 months	12 months	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 \| Over the next 24 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage				60.00%	60.00%	60.00%	60.00%	60.00%	60.00%
Expected time of satisfaction				24 months	24 months	24 months	24 months	24 months	24 months
Contracts Accounted for under Percentage of Completion
Significant Accounting Policies [Line Items]
Increase in operating profit due to profit rate adjustments					$ 2,000					1,800	1,900
Increase in net earnings due to profit rate adjustments					$ 1,600					$ 1,500	$ 1,500
Increase in diluted earnings per common share due to profit rate (in dollars per share) \| $ / shares						$ 5.81				$ 5.33	$ 5.29

Pending Acquisition of Aerojet Rocketdyne Holdings, Inc (Details) - Aerojet Rocketdyne Holdings, Inc. $ / shares in Units, $ in Billions	Dec. 20, 2020 USD ($) $ / shares
Business Acquisition [Line Items]
Reduced price (in dollars per share) \| $ / shares	$ 51.00
Pre-closing special dividends payment (in dollars per share) \| $ / shares	$ 5.00
Post-dividend value \| $	$ 4.6
Total transaction value \| $	$ 4.4

Earnings Per Share (Detail) - shares shares in Millions	12 Months Ended
Earnings Per Share (Detail) - shares shares in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Weighted average common shares outstanding for basic computations (in shares)	276.4	280.0	282.0
Weighted average dilutive effect of equity awards (in shares)	1.0	1.2	1.8
Weighted average common shares outstanding for diluted computations (in shares)	277.4	281.2	283.8
Significant anti-dilutive equity awards (in shares)	0.0	0.0	0.0

Goodwill and Acquired Intangibles - Changes in the Carrying Amount of Goodwill by Segment (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 10,806	$ 10,604
Acquisitions	17	189
Other	(10)	13
Goodwill, ending balance	10,813	10,806
Aeronautics
Goodwill [Roll Forward]
Goodwill, beginning balance	187	171
Acquisitions	0	16
Other	0	0
Goodwill, ending balance	187	187
MFC
Goodwill [Roll Forward]
Goodwill, beginning balance	2,091	2,089
Acquisitions	0	0
Other	(1)	2
Goodwill, ending balance	2,090	2,091
RMS
Goodwill [Roll Forward]
Goodwill, beginning balance	6,768	6,758
Acquisitions	0	0
Other	(9)	10
Goodwill, ending balance	6,759	6,768
Space Systems
Goodwill [Roll Forward]
Goodwill, beginning balance	1,760	1,586
Acquisitions	17	173
Other	0	1
Goodwill, ending balance	$ 1,777	$ 1,760

Goodwill and Acquired Intangibles - Acquired Intangible Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Finite-lived, gross carrying amount	$ 3,380	$ 3,635
Finite-lived, accumulated amortization	(1,561)	(1,510)
Finite-lived, net carrying amount	1,819	2,125
Indefinite-lived, carrying amount	887	887
Intangible assets, gross (excluding goodwill), total	4,267	4,522
Total acquired intangibles, net carrying amount	2,706	3,012
Customer programs
Finite-Lived Intangible Assets [Line Items]
Finite-lived, gross carrying amount	3,184	3,184
Finite-lived, accumulated amortization	(1,431)	(1,199)
Finite-lived, net carrying amount	1,753	1,985
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived, gross carrying amount	120	366
Finite-lived, accumulated amortization	(96)	(287)
Finite-lived, net carrying amount	24	79
Other
Finite-Lived Intangible Assets [Line Items]
Finite-lived, gross carrying amount	76	85
Finite-lived, accumulated amortization	(34)	(24)
Finite-lived, net carrying amount	$ 42	$ 61

Goodwill and Acquired Intangibles - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Amortization of purchased intangibles	$ 285	$ 271	$ 284
Amortization of finite lived intangible assets in 2022	248
Amortization of finite lived intangible assets in 2023	246
Amortization of finite lived intangible assets in 2024	243
Amortization of finite lived intangible assets in 2025	221
Amortization of finite lived intangible assets in 2026	$ 154
Minimum
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets are amortized	5 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets are amortized	20 years
Customer programs \| Minimum
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets are amortized	9 years
Customer programs \| Maximum
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets are amortized	20 years
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets are amortized	4 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets are amortized	10 years
Other \| Minimum
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets are amortized	3 years
Other \| Maximum
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets are amortized	10 years

Information on Business Segments - Additional Information (Details) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2021 USD ($)	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2021 USD ($) segment	Dec. 31, 2021 USD ($) retiree	Aug. 03, 2021 USD ($)	Dec. 31, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of business segments				4	4
Equity method investments	$ 689	$ 689	$ 689	$ 689	$ 689		$ 784
Non-cash, non-operating pension settlement charge	1,700	1,700
Non-cash, non-operating pension settlement charge, after tax	$ 1,300	$ 1,300
Non-cash, non-operating pension settlement charge, per share, after tax (in dollars per share) \| $ / shares	$ 4.72		$ 4.72
Outstanding pension benefit obligations and related plan assets						$ 4,900

Information on Business Segments - Summary of Financial Information for Each Business Segment (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Jun. 28, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net sales
Net sales		$ 67,044	$ 65,398	$ 59,812
Operating profit
Operating profit		9,123	8,644	8,545
Unallocated items
Severance and restructuring charges		36	27	0
Severance and restructuring costs, after-tax		$ 28	$ 21
Severance and restructuring costs, per share, after-tax (in dollars per share)		$ 0.10	$ 0.08
Equity method investee impairment		$ 0	$ 128	0
Gain on property sale		0	0	51
Net gain on divestiture of business segment		0	(55)	0
Land
Unallocated items
Gain on property sale				51
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Distributed Energy Solutions
Unallocated items
Net gain on divestiture of business segment				34
AMMROC
Unallocated items
Equity method investee impairment	$ 128
Equity method investment impairment, after tax	$ 96
Operating Segments
Net sales
Net sales		67,044	65,398	59,812
Operating profit
Operating profit		7,379	7,152	6,574
Segment Reconciling Items
Unallocated items
FAS/CAS operating adjustment		1,960	1,876	2,049
Stock-based compensation		(227)	(221)	(189)
Severance and restructuring Charges		(36)	(27)	0
Other, net		47	(136)	111
Total unallocated, net		1,744	1,492	1,971
Aeronautics
Net sales
Net sales		26,748	26,266	23,693
Aeronautics \| Operating Segments
Net sales
Net sales		26,748	26,266	23,693
Operating profit
Operating profit		2,799	2,843	2,521
Missiles and Fire Control
Net sales
Net sales		11,693	11,257	10,131
Missiles and Fire Control \| Operating Segments
Net sales
Net sales		11,693	11,257	10,131
Operating profit
Operating profit		1,648	1,545	1,441
Rotary and Mission Systems
Net sales
Net sales		16,789	15,995	15,128
Rotary and Mission Systems \| Operating Segments
Net sales
Net sales		16,789	15,995	15,128
Operating profit
Operating profit		1,798	1,615	1,421
Space
Net sales
Net sales		11,814	11,880	10,860
Space \| Operating Segments
Net sales
Net sales		11,814	11,880	10,860
Operating profit
Operating profit		$ 1,134	$ 1,149	$ 1,191

Information on Business Segments - FAS/CAS Pension Adjustment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Non-service FAS pension (expense) income	$ (1,292)	$ 219	$ (577)
Net FAS/CAS pension adjustment	668	2,095	1,472
Segment Reconciling Items
Segment Reporting Information [Line Items]
FAS pension service cost	(106)	(101)	(516)
Less: CAS pension cost	2,066	1,977	2,565
FAS/CAS operating adjustment	1,960	1,876	2,049
Qualified Defined Benefit Pension Plans
Segment Reporting Information [Line Items]
FAS pension (expense) income	1,398	(118)	1,093
FAS pension service cost	(106)	(101)	(516)
Qualified Plan \| Qualified Defined Benefit Pension Plans
Segment Reporting Information [Line Items]
FAS pension (expense) income	$ (1,398)	$ 118	$ (1,093)

Information on Business Segments - Summary of Financial Information for Each Business Segment, Intersegment Sale, Depreciation and Capital Expenditures (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Capital expenditures	$ 1,522	$ 1,766	$ 1,484
PP&E depreciation and software amortization	1,079	1,019	906
Amortization of purchased intangibles	285	271	284
Total net sales	67,044	65,398	59,812
Aeronautics
Segment Reporting Information [Line Items]
Total net sales	26,748	26,266	23,693
Missiles and Fire Control
Segment Reporting Information [Line Items]
Total net sales	11,693	11,257	10,131
Rotary and Mission Systems
Segment Reporting Information [Line Items]
Total net sales	16,789	15,995	15,128
Space
Segment Reporting Information [Line Items]
Total net sales	11,814	11,880	10,860
Intersegment Eliminations
Segment Reporting Information [Line Items]
Total net sales	3,092	3,085	2,956
Intersegment Eliminations \| Aeronautics
Segment Reporting Information [Line Items]
Total net sales	219	243	217
Intersegment Eliminations \| Missiles and Fire Control
Segment Reporting Information [Line Items]
Total net sales	618	562	515
Intersegment Eliminations \| Rotary and Mission Systems
Segment Reporting Information [Line Items]
Total net sales	1,895	1,903	1,872
Intersegment Eliminations \| Space
Segment Reporting Information [Line Items]
Total net sales	360	377	352
Operating Segments
Segment Reporting Information [Line Items]
Capital expenditures	1,365	1,639	1,356
PP&E depreciation and software amortization	956	910	836
Total net sales	67,044	65,398	59,812
Operating Segments \| Aeronautics
Segment Reporting Information [Line Items]
Capital expenditures	477	534	526
PP&E depreciation and software amortization	348	348	318
Amortization of purchased intangibles	1	0	0
Total net sales	26,748	26,266	23,693
Operating Segments \| Missiles and Fire Control
Segment Reporting Information [Line Items]
Capital expenditures	304	391	300
PP&E depreciation and software amortization	153	136	122
Amortization of purchased intangibles	2	2	2
Total net sales	11,693	11,257	10,131
Operating Segments \| Rotary and Mission Systems
Segment Reporting Information [Line Items]
Capital expenditures	279	311	272
PP&E depreciation and software amortization	250	244	232
Amortization of purchased intangibles	232	232	232
Total net sales	16,789	15,995	15,128
Operating Segments \| Space
Segment Reporting Information [Line Items]
Capital expenditures	305	403	258
PP&E depreciation and software amortization	205	182	164
Amortization of purchased intangibles	50	37	50
Total net sales	11,814	11,880	10,860
Corporate assets
Segment Reporting Information [Line Items]
Capital expenditures	157	127	128
PP&E depreciation and software amortization	$ 123	$ 109	$ 70

Information on Business Segments - Income Statement Information For Each Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Net sales	$ 67,044	$ 65,398	$ 59,812
Aeronautics
Segment Reporting Information [Line Items]
Net sales	26,748	26,266	23,693
MFC
Segment Reporting Information [Line Items]
Net sales	11,693	11,257	10,131
RMS
Segment Reporting Information [Line Items]
Net sales	16,789	15,995	15,128
Space
Segment Reporting Information [Line Items]
Net sales	11,814	11,880	10,860
United States
Segment Reporting Information [Line Items]
Net sales	48,605	49,012	43,281
United States \| Aeronautics
Segment Reporting Information [Line Items]
Net sales	17,345	18,254	14,960
United States \| MFC
Segment Reporting Information [Line Items]
Net sales	8,347	8,415	7,666
United States \| RMS
Segment Reporting Information [Line Items]
Net sales	12,070	12,009	11,306
United States \| Space
Segment Reporting Information [Line Items]
Net sales	10,843	10,334	9,349
Europe
Segment Reporting Information [Line Items]
Net sales	6,760	6,334	5,928
Europe \| Aeronautics
Segment Reporting Information [Line Items]
Net sales	3,973	3,283	3,224
Europe \| MFC
Segment Reporting Information [Line Items]
Net sales	910	767	516
Europe \| RMS
Segment Reporting Information [Line Items]
Net sales	909	806	769
Europe \| Space
Segment Reporting Information [Line Items]
Net sales	968	1,478	1,419
Asia Pacific
Segment Reporting Information [Line Items]
Net sales	6,108	5,176	5,826
Asia Pacific \| Aeronautics
Segment Reporting Information [Line Items]
Net sales	3,644	3,162	3,882
Asia Pacific \| MFC
Segment Reporting Information [Line Items]
Net sales	292	280	420
Asia Pacific \| RMS
Segment Reporting Information [Line Items]
Net sales	2,178	1,666	1,451
Asia Pacific \| Space
Segment Reporting Information [Line Items]
Net sales	(6)	68	73
Middle East
Segment Reporting Information [Line Items]
Net sales	4,253	3,940	3,944
Middle East \| Aeronautics
Segment Reporting Information [Line Items]
Net sales	1,351	1,344	1,465
Middle East \| MFC
Segment Reporting Information [Line Items]
Net sales	2,066	1,749	1,481
Middle East \| RMS
Segment Reporting Information [Line Items]
Net sales	827	847	979
Middle East \| Space
Segment Reporting Information [Line Items]
Net sales	9	0	19
Other
Segment Reporting Information [Line Items]
Net sales	1,318	936	833
Other \| Aeronautics
Segment Reporting Information [Line Items]
Net sales	435	223	162
Other \| MFC
Segment Reporting Information [Line Items]
Net sales	78	46	48
Other \| RMS
Segment Reporting Information [Line Items]
Net sales	805	667	623
Other \| Space
Segment Reporting Information [Line Items]
Net sales	0	0	0
U.S. Government
Segment Reporting Information [Line Items]
Net sales	48,150	48,468	42,425
U.S. Government \| Aeronautics
Segment Reporting Information [Line Items]
Net sales	17,262	18,175	14,776
U.S. Government \| MFC
Segment Reporting Information [Line Items]
Net sales	8,341	8,404	7,524
U.S. Government \| RMS
Segment Reporting Information [Line Items]
Net sales	11,736	11,596	10,803
U.S. Government \| Space
Segment Reporting Information [Line Items]
Net sales	10,811	10,293	9,322
International
Segment Reporting Information [Line Items]
Net sales	18,439	16,386	16,531
International \| Aeronautics
Segment Reporting Information [Line Items]
Net sales	9,403	8,012	8,733
International \| MFC
Segment Reporting Information [Line Items]
Net sales	3,346	2,842	2,465
International \| RMS
Segment Reporting Information [Line Items]
Net sales	4,719	3,986	3,822
International \| Space
Segment Reporting Information [Line Items]
Net sales	971	1,546	1,511
U.S. commercial and other
Segment Reporting Information [Line Items]
Net sales	455	544	856
U.S. commercial and other \| Aeronautics
Segment Reporting Information [Line Items]
Net sales	83	79	184
U.S. commercial and other \| MFC
Segment Reporting Information [Line Items]
Net sales	6	11	142
U.S. commercial and other \| RMS
Segment Reporting Information [Line Items]
Net sales	334	413	503
U.S. commercial and other \| Space
Segment Reporting Information [Line Items]
Net sales	32	41	27
Fixed-price
Segment Reporting Information [Line Items]
Net sales	41,609	39,106	36,205
Fixed-price \| Aeronautics
Segment Reporting Information [Line Items]
Net sales	19,734	18,477	17,239
Fixed-price \| MFC
Segment Reporting Information [Line Items]
Net sales	8,079	7,587	6,449
Fixed-price \| RMS
Segment Reporting Information [Line Items]
Net sales	11,125	10,795	10,382
Fixed-price \| Space
Segment Reporting Information [Line Items]
Net sales	2,671	2,247	2,135
Cost-reimbursable
Segment Reporting Information [Line Items]
Net sales	25,435	26,292	23,607
Cost-reimbursable \| Aeronautics
Segment Reporting Information [Line Items]
Net sales	7,014	7,789	6,454
Cost-reimbursable \| MFC
Segment Reporting Information [Line Items]
Net sales	3,614	3,670	3,682
Cost-reimbursable \| RMS
Segment Reporting Information [Line Items]
Net sales	5,664	5,200	4,746
Cost-reimbursable \| Space
Segment Reporting Information [Line Items]
Net sales	9,143	9,633	8,725
Products
Segment Reporting Information [Line Items]
Net sales	56,435	54,928	50,053
Products \| Aeronautics
Segment Reporting Information [Line Items]
Net sales	22,631	22,327	20,319
Products \| MFC
Segment Reporting Information [Line Items]
Net sales	10,269	9,804	8,424
Products \| RMS
Segment Reporting Information [Line Items]
Net sales	13,483	12,748	12,206
Products \| Space
Segment Reporting Information [Line Items]
Net sales	10,052	10,049	9,104
Services
Segment Reporting Information [Line Items]
Net sales	10,609	10,470	9,759
Services \| Aeronautics
Segment Reporting Information [Line Items]
Net sales	4,117	3,939	3,374
Services \| MFC
Segment Reporting Information [Line Items]
Net sales	1,424	1,453	1,707
Services \| RMS
Segment Reporting Information [Line Items]
Net sales	3,306	3,247	2,922
Services \| Space
Segment Reporting Information [Line Items]
Net sales	$ 1,762	$ 1,831	$ 1,756

Information on Business Segments - Total Assets and Customer Advances and Amounts In Excess Of Costs Incurred For Each Business Segment (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Assets	$ 50,873	$ 50,710
Operating Segments
Segment Reporting Information [Line Items]
Assets	39,862	39,355
Operating Segments \| Aeronautics
Segment Reporting Information [Line Items]
Assets	10,756	9,903
Operating Segments \| Missiles and Fire Control
Segment Reporting Information [Line Items]
Assets	5,243	4,966
Operating Segments \| Rotary and Mission Systems
Segment Reporting Information [Line Items]
Assets	17,664	18,035
Operating Segments \| Space
Segment Reporting Information [Line Items]
Assets	6,199	6,451
Corporate assets
Segment Reporting Information [Line Items]
Assets	$ 11,011	$ 11,355

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124433192&loc=SL2890621-112765

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Receivables, net, Contract Assets and Contract Liabilities - Schedule of Receivables and Contract Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Receivables, net	$ 1,963	$ 1,978
Contract assets	10,579	9,545
Contract liabilities	$ 8,107	$ 7,545

Receivables, net, Contract Assets and Contract Liabilities - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
U.S. government receivables	$ 1,300,000,000
Receivables from other governments and commercial customers	1,963,000,000	$ 1,978,000,000
Contract assets, progress payments	43,900,000,000	39,700,000,000
Increase in contract assets	1,034,000,000	451,000,000	$ (378,000,000)
Impairment loss	0	0
Increase in contract liability	562,000,000	491,000,000	563,000,000
Liability, revenue recognized	4,500,000,000	$ 4,000,000,000	$ 3,900,000,000
Other Governments and Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables from other governments and commercial customers	$ 708,000,000

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Materials, spares and supplies	$ 624	$ 612
Work-in-process	2,163	2,693
Finished goods	194	240
Total inventories	$ 2,981	$ 3,545

Inventories - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Capitalized contract cost	$ 634	$ 583

Property, Plant and Equipment, net (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 19,100	$ 18,149
Less: accumulated depreciation	(11,503)	(10,936)
Total property, plant and equipment, net	7,597	7,213
Land
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	144	142
Buildings
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	8,003	7,425
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	9,053	8,661
Construction in progress
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 1,900	$ 1,921

Leases - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease, right-of-use asset	$ 1,300
Operating lease, liability	1,426
Operating lease, liability, noncurrent	1,100
New ROU operating lease assets and liabilities entered into	$ 473
Weighted average remaining lease term	8 years 10 months 24 days
Weighted average discount rate	2.00%
Operating lease cost	$ 275	$ 223	$ 239
Cash payments	$ 299
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other noncurrent liabilities
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other noncurrent assets

Leases - Future Minimum Lease Commitments (Details) $ in Millions	Dec. 31, 2021 USD ($)
Leases [Abstract]
Total	$ 1,566
2022	325
2023	225
2024	196
2025	151
2026	108
Thereafter	561
Less: imputed interest	140
Total	$ 1,426

Income Taxes - Provision for Federal & Foreign Income Tax Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Federal income tax expense (benefit):
Current	$ 1,325	$ 1,292	$ 698
Deferred	(194)	21	235
Total federal income tax expense	1,131	1,313	933
Foreign income tax expense (benefit):
Current	93	50	91
Deferred	11	(16)	(13)
Total foreign income tax expense	104	34	78
Total federal and foreign income tax expense	$ 1,235	$ 1,347	$ 1,011

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Total net state income tax expense	$ 195	$ 197	$ 96
Deduction for foreign derived intangible income enacted by the Tax Act, current and prior year	170	$ 191
Foreign derived intangible income deduction related to prior year			98
Research and development tax credits	118
Federal and foreign income tax payments made, net of refunds received	$ 1,400		$ 940

Income Taxes - Reconciliation of Income Tax Expense Computed Using U.S. Statutory Federal Tax Rate to Actual Income Tax Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Amount
Income tax expense at the U.S. federal statutory tax rate	$ 1,585	$ 1,729	$ 1,521
Foreign derived intangible income deduction	(170)	(170)	(122)
Research and development tax credit	(118)	(97)	(148)
Tax deductible dividends	(65)	(64)	(62)
Excess tax benefits for stock-based payment awards	(28)	(52)	(63)
Other, net	31	1	(115)
Total federal and foreign income tax expense	$ 1,235	$ 1,347	$ 1,011
Rate
Income tax expense at the U.S. federal statutory tax rate	21.00%	21.00%	21.00%
Foreign derived intangible income deduction	(2.30%)	(2.10%)	(1.70%)
Research and development tax credit	(1.60%)	(1.20%)	(2.00%)
Tax deductible dividends	(0.90%)	(0.80%)	(0.90%)
Excess tax benefits for stock-based payment awards	(0.40%)	(0.60%)	(0.90%)
Other, net	0.60%	0.10%	(1.50%)
Income tax expense	16.40%	16.40%	14.00%
Foreign derived intangible income deduction related to prior year			$ 98

Income Taxes - Components of Federal and Foreign Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets related to:
Pensions	$ 1,985	$ 2,994
Accrued compensation and benefits	957	926
Contract accounting methods	470	392
Foreign company operating losses and credits	40	51
Other	473	509
Valuation allowance	(15)	(13)
Deferred tax assets, net	3,910	4,859
Deferred tax liabilities related to:
Goodwill and intangible assets	401	363
Property, plant and equipment	518	481
Exchanged debt securities and other	709	547
Deferred tax liabilities	1,628	1,391
Net deferred tax assets	$ 2,282	$ 3,468

Debt - Long Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total debt	$ 12,799	$ 13,299
Less: unamortized discounts and issuance costs	(1,123)	(1,130)
Total debt, net	11,676	12,169
Less: current portion	(6)	(500)
Long-term debt, net	$ 11,670	11,669
3.35% due 2021
Debt Instrument [Line Items]
Interest rate	3.35%
Total debt	$ 0	500
3.10% due 2023
Debt Instrument [Line Items]
Interest rate	3.10%
Total debt	$ 500	500
2.90% due 2025
Debt Instrument [Line Items]
Interest rate	2.90%
Total debt	$ 750	750
3.55% due 2026
Debt Instrument [Line Items]
Interest rate	3.55%
Total debt	$ 2,000	2,000
1.85% due 2030
Debt Instrument [Line Items]
Interest rate	1.85%
Total debt	$ 400	400
3.60% due 2035
Debt Instrument [Line Items]
Interest rate	3.60%
Total debt	$ 500	500
4.50% and 6.15% due 2036
Debt Instrument [Line Items]
Total debt	$ 1,054	1,054
4.50% and 6.15% due 2036 \| Minimum
Debt Instrument [Line Items]
Interest rate	4.50%
4.50% and 6.15% due 2036 \| Maximum
Debt Instrument [Line Items]
Interest rate	615.00%
4.07% due 2042
Debt Instrument [Line Items]
Interest rate	4.07%
Total debt	$ 1,336	1,336
3.80% due 2045
Debt Instrument [Line Items]
Interest rate	3.80%
Total debt	$ 1,000	1,000
4.70% due 2046
Debt Instrument [Line Items]
Interest rate	4.70%
Total debt	$ 1,326	1,326
2.80% due 2050
Debt Instrument [Line Items]
Interest rate	2.80%
Total debt	$ 750	750
4.09% due 2052
Debt Instrument [Line Items]
Interest rate	4.09%
Total debt	$ 1,578	1,578
Other notes with rates from 4.85% to 9.13%, due 2022 to 2041
Debt Instrument [Line Items]
Total debt	$ 1,605	$ 1,605
Other notes with rates from 4.85% to 9.13%, due 2022 to 2041 \| Minimum
Debt Instrument [Line Items]
Interest rate	4.85%
Other notes with rates from 4.85% to 9.13%, due 2022 to 2041 \| Maximum
Debt Instrument [Line Items]
Interest rate	9.13%

Debt - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
Debt - Additional Information (Details) - USD ($)	Sep. 26, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Aug. 24, 2021
Debt Instrument [Line Items]
Commercial paper borrowings		$ 0
Interest payments excluding capitalized interest		543,000,000	$ 567,000,000	$ 625,000,000
Repayments of debt		500,000,000	1,650,000,000	$ 900,000,000
Short term borrowings due within one year		6,000,000	500,000,000
Five Year Revolving Credit Facility \| Unsecured Debt
Debt Instrument [Line Items]
Line of credit facility		3,000,000,000			$ 2,500,000,000
Additional amount to increase credit facility, granted at banks' discretion		500,000,000
Line of credit facility, amount outstanding		$ 0	$ 0
Long-Term Notes, Fixed Rate, 3.35% \| Senior Notes
Debt Instrument [Line Items]
Repayments of Long-term Debt	$ 500,000,000
Interest rate		3.35%

Postretirement Benefit Plans - Additional Information (Detail) $ / shares in Units, satellite in Thousands, $ in Millions		1 Months Ended	3 Months Ended	12 Months Ended
	Aug. 03, 2021 USD ($) satellite	Dec. 31, 2014	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2020 USD ($) retiree	Dec. 31, 2019 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Outstanding pension benefit obligations and related plan assets	$ 4,900
Non-cash, non-operating pension settlement charge			$ 1,700	$ 1,700
Non-cash, non-operating pension settlement charge, after tax			$ 1,300	$ 1,300
Non-cash, non-operating pension settlement charge, per share, after tax (in dollars per share) \| $ / shares			$ 4.72	$ 4.72
Cash payment for contract					$ 1,400
Number of retirees \| retiree					13,500
Assets set aside expected to be used to pay obligations of defined benefit pension plans and retiree medical and life insurance plans			$ 37,361	$ 37,361	$ 40,566
Equity method investments			$ 689	$ 689	$ 784
N.Y. Metropolitan Transportation Authority
Defined Benefit Plan Disclosure [Line Items]
Loss contingency, period of bench trial		35 days
F-35 Program \| Net Sales \| Product Concentration Risk \| Aeronautics
Defined Benefit Plan Disclosure [Line Items]
Program Net Sales as Percent of Total Net Sales				27.00%	28.00%	27.00%
United Launch Alliance
Defined Benefit Plan Disclosure [Line Items]
Percentage of ownership interest in affiliated entity			50.00%	50.00%
Equity method investments			$ 585	$ 585	$ 691
Hedge funds \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Fair value, investments, entities that calculate net asset value per share, investment redemption, notice period				1 month
Commingled equity funds
Defined Benefit Plan Disclosure [Line Items]
Fair value, investments, entities that calculate net asset value per share, investment redemption, notice period				90 days
Private equity funds \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Fair value, investments, entities that calculate net asset value per share, investment redemption, notice period				8 years
Private equity funds \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Fair value, investments, entities that calculate net asset value per share, investment redemption, notice period				12 years
Real estate funds \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Fair value, investments, entities that calculate net asset value per share, investment redemption, notice period				8 years
Real estate funds \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Fair value, investments, entities that calculate net asset value per share, investment redemption, notice period				10 years
Nonqualified Plan
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Benefit Obligation			1,300	$ 1,300	1,400
Assets set aside expected to be used to pay obligations of defined benefit pension plans and retiree medical and life insurance plans			872	872	877
Net actuarial losses			625	625	697
Benefit plan expense				56	59	$ 108
Qualified Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation for defined benefit pension plans					51,300
Defined Benefit Plan, Benefit Obligation			43,447	43,447	51,352	48,674
Assets set aside expected to be used to pay obligations of defined benefit pension plans and retiree medical and life insurance plans			35,192	35,192	38,481	35,442
Net actuarial losses			$ 14,675	14,675	21,040
Actual return on plan assets				$ 3,899	5,594
Actual return on plan assets (percent)			10.50%	10.50%
Expected return on plan assets				$ 2,146	$ 2,264	$ 2,300
Expected long-term rate of return on assets				6.50%	7.00%	7.00%
Qualified Defined Benefit Pension Plans \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Expected long-term rate of return on assets	6.50%
Qualified Defined Benefit Pension Plans \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Expected long-term rate of return on assets	7.00%
Qualified Defined Benefit Pension Plans \| Qualified Plan
Defined Benefit Plan Disclosure [Line Items]
Outstanding pension benefit obligations and related plan assets	$ 4,900
Number of retirees and beneficiaries \| satellite	18
Irrevocable Group Annuity Contract
Defined Benefit Plan Disclosure [Line Items]
Cash payment for contract					$ 793
Irrevocable Group Annuity Contract \| Qualified Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Number of retirees \| retiree					2,500

Postretirement Benefit Plans - Schedule of Net Periodic Benefit Costs (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Pension settlement charge	$ 1,665	$ 0	$ 0
Qualified Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	106	101	516
Interest cost	1,220	1,538	1,806
Expected return on plan assets	(2,146)	(2,264)	(2,300)
Recognized net actuarial losses (gains)	902	849	1,404
Amortization of net prior service (credits) costs	(349)	(342)	(333)
Pension settlement charge	1,665	0	0
Non-service FAS pension expense (income)	1,292	(219)	577
Net periodic benefit expense (income)	1,398	(118)	1,093
Retiree Medical and Life Insurance Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	13	13	14
Interest cost	53	70	97
Expected return on plan assets	(141)	(127)	(110)
Recognized net actuarial losses (gains)	0	(4)	2
Amortization of net prior service (credits) costs	37	39	42
Pension settlement charge	0	0	0
Non-service FAS pension expense (income)	(51)	(22)	31
Net periodic benefit expense (income)	$ (38)	$ (9)	$ 45

Postretirement Benefit Plans - Reconciliation of Benefit Obligations, Plan Assets, and Unfunded or Funded Status (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Change in plan assets
Beginning balance at fair value	$ 40,566
Ending balance at fair value	37,361	$ 40,566
Changes in longevity assumptions	250
Qualified Defined Benefit Pension Plans
Change in benefit obligation
Beginning balance	51,352	48,674
Service cost	106	101	$ 516
Interest cost	1,220	1,538	1,806
Actuarial losses (gains)	(2,045)	4,610
Settlements	(4,885)	(1,392)
Plan amendments and curtailments	2	9
Benefits paid	(2,303)	(2,188)
Medicare Part D subsidy	0	0
Participants’ contributions	0	0
Ending balance	43,447	51,352	48,674
Change in plan assets
Beginning balance at fair value	38,481	35,442
Actual return on plan assets	3,899	5,594
Settlements	(4,885)	(1,392)
Benefits paid	(2,303)	(2,188)
Company contributions	0	1,025
Medicare Part D subsidy	0	0
Participants’ contributions	0	0
Ending balance at fair value	35,192	38,481	$ 35,442
Net (unfunded) funded status of the plans	$ (8,255)	$ (12,871)
Weighted average discount rate	2.875%	2.50%	3.25%
Actual return on plan assets (percent)	10.50%
Qualified Defined Benefit Pension Plans \| Qualified Plan
Change in plan assets
Weighted average discount rate	2.875%	2.50%
Increased (decrease) in benefit obligation		$ 2,300
Retiree Medical and Life Insurance Plans
Change in benefit obligation
Beginning balance	$ 2,271	2,226
Service cost	13	13	$ 14
Interest cost	53	70	97
Actuarial losses (gains)	(352)	117
Settlements	0	0
Plan amendments and curtailments	0	(8)
Benefits paid	(217)	(220)
Medicare Part D subsidy	4	3
Participants’ contributions	67	70
Ending balance	1,839	2,271	2,226
Change in plan assets
Beginning balance at fair value	2,085	1,889
Actual return on plan assets	224	298
Settlements	0	0
Benefits paid	(217)	(220)
Company contributions	6	45
Medicare Part D subsidy	4	3
Participants’ contributions	67	70
Ending balance at fair value	2,169	2,085	$ 1,889
Net (unfunded) funded status of the plans	$ 330	$ (186)
Weighted average discount rate	2.75%	2.375%	3.25%
Retiree Medical and Life Insurance Plans \| Qualified Plan
Change in plan assets
Weighted average discount rate	2.75%	2.375%
Increased (decrease) in benefit obligation	$ 70
Demographic experience gain	$ 282
Actual return on plan assets (percent)	10.50%	16.50%

Postretirement Benefit Plans - Amounts Recognized on Balance Sheets Related to Qualified Defined Benefit Pension Plans and Retiree Medical and Life Insurance Plans (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Accrued pension liabilities	$ (8,319)	$ (12,874)
Qualified Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Other noncurrent assets	64	3
Accrued pension liabilities	(8,319)	(12,874)
Other noncurrent liabilities	0	0
Net (unfunded) funded status of the plans	(8,255)	(12,871)
Retiree Medical and Life Insurance Plans
Defined Benefit Plan Disclosure [Line Items]
Other noncurrent assets	330	0
Accrued pension liabilities	0	0
Other noncurrent liabilities	0	(186)
Net (unfunded) funded status of the plans	$ 330	$ (186)

- Definition

Amount of asset, recognized in statement of financial position, for overfunded defined benefit pension and other postretirement plans.

+ References + Details

Postretirement Benefit Plans - Accumulated Other Comprehensive Income (Loss) Related to Qualified Defined Benefit Pension and Retiree Medical and Life Insurance Plans (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Qualified Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Net actuarial losses	$ 14,675	$ 21,040
Prior service (credit) cost	(884)	(1,235)
Total	13,791	19,805
Estimated tax	(2,947)	(4,230)
Net amount recognized in accumulated other comprehensive loss	10,844	15,575
Retiree Medical and Life Insurance Plans
Defined Benefit Plan Disclosure [Line Items]
Net actuarial losses	(554)	(119)
Prior service (credit) cost	36	73
Total	(518)	(46)
Estimated tax	110	9
Net amount recognized in accumulated other comprehensive loss	$ (408)	$ (37)

Postretirement Benefit Plans - Amounts Recognized in Other Comprehensive Income (Loss) Related to Postretirement Benefit Plans, Net of Tax (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Actuarial gains and losses - Incurred but Not Yet Recognized in Net Periodic Benefit Cost	$ 3,405	$ (1,066)	$ (2,178)
Net prior service credit and cost - Incurred but Not Yet Recognized in Net Periodic Benefit Cost	(1)	(1)	(4)
Incurred but Not Yet Recognized in FAS Expense	3,404	(1,067)	(2,182)
Actuarial gains and losses - Recognition of Previously Deferred Amounts	2,043	689	1,148
Net prior service credit and cost - Recognition of Previously Deferred Amounts	(256)	(249)	(240)
Recognition of Previously Deferred Amounts	1,787	440	908
Qualified defined benefit pension plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Actuarial gains and losses - Incurred but Not Yet Recognized in Net Periodic Benefit Cost	2,987	(1,005)	(2,283)
Net prior service credit and cost - Incurred but Not Yet Recognized in Net Periodic Benefit Cost	(1)	(7)	(8)
Actuarial gains and losses - Recognition of Previously Deferred Amounts	2,019	668	1,104
Net prior service credit and cost - Recognition of Previously Deferred Amounts	(274)	(269)	(263)
Retiree medical and life insurance plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Actuarial gains and losses - Incurred but Not Yet Recognized in Net Periodic Benefit Cost	342	43	238
Net prior service credit and cost - Incurred but Not Yet Recognized in Net Periodic Benefit Cost	0	6	4
Actuarial gains and losses - Recognition of Previously Deferred Amounts	0	(3)	2
Net prior service credit and cost - Recognition of Previously Deferred Amounts	29	30	33
Other plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Actuarial gains and losses - Incurred but Not Yet Recognized in Net Periodic Benefit Cost	76	(104)	(133)
Net prior service credit and cost - Incurred but Not Yet Recognized in Net Periodic Benefit Cost	0	0	0
Actuarial gains and losses - Recognition of Previously Deferred Amounts	24	24	42
Net prior service credit and cost - Recognition of Previously Deferred Amounts	$ (11)	$ (10)	$ (10)

Postretirement Benefit Plans - Actuarial Assumptions Used to Determine Net Periodic Benefit Cost (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Qualified Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Weighted average discount rate	2.875%	2.50%	3.25%
Expected long-term rate of return on assets	6.50%	7.00%	7.00%
Retiree Medical and Life Insurance Plans
Defined Benefit Plan Disclosure [Line Items]
Weighted average discount rate	2.75%	2.375%	3.25%
Expected long-term rate of return on assets	6.50%	7.00%	7.00%
Health care trend rate assumed for next year	7.50%	7.75%	8.00%
Ultimate health care trend rate	4.50%	4.50%	4.50%

Postretirement Benefit Plans - Asset Allocations of Postretirement Benefit Plans (Detail)	Dec. 31, 2021
Minimum \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Ranges	0.00%
Minimum \| Equity
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Ranges	15.00%
Minimum \| Fixed income
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Ranges	10.00%
Minimum \| Private equity funds
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Ranges	0.00%
Minimum \| Real estate funds
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Ranges	0.00%
Minimum \| Hedge funds
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Ranges	0.00%
Minimum \| Commodities
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Ranges	0.00%
Maximum \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Ranges	20.00%
Maximum \| Equity
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Ranges	65.00%
Maximum \| Fixed income
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Ranges	60.00%
Maximum \| Private equity funds
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Ranges	15.00%
Maximum \| Real estate funds
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Ranges	10.00%
Maximum \| Hedge funds
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Ranges	20.00%
Maximum \| Commodities
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Ranges	15.00%

Postretirement Benefit Plans - Qualified Defined Benefit Pension Plans and Retiree Medical and Life Insurance Plans by Asset Category (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	$ 37,361	$ 40,566
Buy-In Contract
Defined Benefit Plan Disclosure [Line Items]
Plan with benefit obligations equal to plan assets	1,500	1,700
Level 1, 2 and 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	27,446	31,500
Level 1, 2 and 3 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	991	1,109
Level 1, 2 and 3 \| U.S. equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	6,479	7,535
Level 1, 2 and 3 \| International equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	4,882	6,844
Level 1, 2 and 3 \| Commingled equity funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	869	1,671
Level 1, 2 and 3 \| Corporate debt securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	6,397	5,732
Level 1, 2 and 3 \| U.S. Government securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	2,864	2,506
Level 1, 2 and 3 \| U.S. Government-sponsored enterprise securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	228	230
Level 1, 2 and 3 \| Other fixed income investments
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	4,736	5,873
Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	12,400	15,891
Level 1 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	991	1,109
Level 1 \| U.S. equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	6,444	7,467
Level 1 \| International equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	4,880	6,836
Level 1 \| Commingled equity funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	36	442
Level 1 \| Corporate debt securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	0	0
Level 1 \| U.S. Government securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	0	0
Level 1 \| U.S. Government-sponsored enterprise securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	0	0
Level 1 \| Other fixed income investments
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	49	37
Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	13,296	13,765
Level 2 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	0	0
Level 2 \| U.S. equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	5	8
Level 2 \| International equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	0	0
Level 2 \| Commingled equity funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	833	1,228
Level 2 \| Corporate debt securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	6,295	5,730
Level 2 \| U.S. Government securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	2,864	2,506
Level 2 \| U.S. Government-sponsored enterprise securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	228	230
Level 2 \| Other fixed income investments
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	3,071	4,063
Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	1,750	1,844
Level 3 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	0	0
Level 3 \| U.S. equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	30	60
Level 3 \| International equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	2	8
Level 3 \| Commingled equity funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	0	1
Level 3 \| Corporate debt securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	102	2
Level 3 \| U.S. Government securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	0	0
Level 3 \| U.S. Government-sponsored enterprise securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	0	0
Level 3 \| Other fixed income investments
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	1,616	1,773
NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	9,832	9,066
NAV \| Other fixed income investments
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	701	541
NAV \| Commingled equity funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	130	92
NAV \| Private equity funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	5,386	4,672
NAV \| Real estate funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	3,059	2,650
NAV \| Hedge funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	556	1,111
NAV \| Receivables, net
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	$ 83	$ 0

Postretirement Benefit Plans - Estimated Future Benefit Payments (Detail) $ in Millions	Dec. 31, 2021 USD ($)
Qualified Defined Benefit Pension Plans
Expected Future Benefit Payment [Abstract]
2022	$ 1,980
2023	2,080
2024	2,160
2025	2,230
2026	2,290
2027 – 2031	11,700
Retiree Medical and Life Insurance Plans
Expected Future Benefit Payment [Abstract]
2022	140
2023	140
2024	140
2025	130
2026	130
2027 – 2031	$ 570

Postretirement Benefit Plans - Defined Contribution Plan (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Retirement Benefits [Abstract]
Contributions made to defined contribution plans	$ 1,100	$ 984	$ 741
Shares of our stock held in defined contribution plans we sponsor (in shares)	28.9	30.5

Stockholders' Equity - Additional Information (Detail) - USD ($)		1 Months Ended	3 Months Ended											12 Months Ended
	Jan. 21, 2022	Oct. 31, 2021	Dec. 31, 2021	Sep. 26, 2021	Jun. 27, 2021	Mar. 28, 2021	Dec. 31, 2020	Sep. 27, 2020	Jun. 28, 2020	Mar. 29, 2020	Sep. 29, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 23, 2021
Shareholders Equity [Line Items]
Common stock, shares authorized (in shares)			1,500,000,000				1,500,000,000							1,500,000,000	1,500,000,000
Preferred stock, shares authorized (in shares)			50,000,000				50,000,000							50,000,000	50,000,000
Common stock, shares issued and outstanding (in shares)			272,000,000				280,000,000							272,000,000	280,000,000
Common stock, shares outstanding (in shares)			271,000,000											271,000,000
Common stock, value			$ 271,000,000				$ 279,000,000							$ 271,000,000	$ 279,000,000
Preferred stock, shares issued (in shares)			0				0							0	0
Preferred stock, shares outstanding (in shares)			0				0							0	0
Stock repurchased (in shares)															3,000,000	3,500,000
Cash paid for repurchases of common stock														$ 4,087,000,000	$ 1,100,000,000	$ 1,200,000,000
Remaining amount authorized (in shares)			$ 3,900,000,000											$ 3,900,000,000
Common stock, par value (in dollars per share)			$ 1				$ 1							$ 1	$ 1
Repurchases of common stock														$ 4,087,000,000	$ 1,100,000,000	1,200,000,000
Common stock dividends per share paid (in dollars per share)			$ 2.80	$ 2.60	$ 2.60	$ 2.60	$ 2.60	$ 2.40	$ 2.40	$ 2.40	$ 2.20	$ 2.20	$ 2.20	$ 10.60
Payments of Ordinary Dividends, Common Stock														$ (2,940,000,000)	$ (2,764,000,000)	$ (2,556,000,000)
Dividends declared, per share (in dollars per share)														$ 10.60	$ 9.80	$ 9.00
Board of Directors
Shareholders Equity [Line Items]
Increase to share repurchase program																	$ 5,000,000,000
Retained Earnings
Shareholders Equity [Line Items]
Stock repurchased (in shares)														9,400,000
Repurchases of common stock														$ 3,407,000,000	$ 841,000,000	$ 713,000,000
Accelerated Share Repurchase Agreement
Shareholders Equity [Line Items]
Stock repurchased (in shares)		3,600,000													1,400,000
Cash paid for repurchases of common stock		$ 2,000,000,000												4,000,000,000	$ 500,000,000
Accelerate share repurchase (ASR) authorized amount		$ 2,000,000,000
Repurchases of common stock														$ 9,200,000
Accelerated Share Repurchase Agreement \| Subsequent Event
Shareholders Equity [Line Items]
Stock repurchased (in shares)	2,200,000

Stockholders' Equity - Changes in Balance of Accumulated Other Comprehensive Loss, Net of Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 6,038	$ 3,171	$ 1,449
Other comprehensive (loss) income before reclassifications	3,319	(1,011)	(2,164)
Amounts reclassified from AOCL
Amounts reclassified from AOCL	1,796	444	931
Other comprehensive income (loss), net of tax	5,115	(567)	(1,233)
Ending balance	10,959	6,038	3,171
Non-cash, non-operating pension settlement charge	1,700
Non-cash, non-operating pension settlement charge, after-tax	1,300
Postretirement Benefit Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(16,155)	(15,528)	(14,254)
Other comprehensive (loss) income before reclassifications	3,404	(1,067)	(2,182)
Amounts reclassified from AOCL
Amounts reclassified from AOCL	1,787	440	908
Other comprehensive income (loss), net of tax	5,191	(627)	(1,274)
Ending balance	(10,964)	(16,155)	(15,528)
AOCI related to postretirement benefit plans, tax benefit	3,000	4,400	4,200
Other, net
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	34	(26)	(67)
Other comprehensive (loss) income before reclassifications	(85)	56	18
Amounts reclassified from AOCL
Amounts reclassified from AOCL	9	4	23
Other comprehensive income (loss), net of tax	(76)	60	41
Ending balance	(42)	34	(26)
AOCL
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(16,121)	(15,554)	(14,321)
Amounts reclassified from AOCL
Other comprehensive income (loss), net of tax	5,115	(567)	(1,233)
Ending balance	(11,006)	(16,121)	(15,554)
Recognition of net actuarial losses
Amounts reclassified from AOCL
Amounts reclassified from AOCL	733	689	1,148
Amortization of net prior service credits
Amounts reclassified from AOCL
Amounts reclassified from AOCL	(256)	(249)	(240)
Other
Amounts reclassified from AOCL
Amounts reclassified from AOCL	9	$ 4	$ 23
Recognition of settlement loss
Amounts reclassified from AOCL
Amounts reclassified from AOCL	$ 1,310

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	9,900
Shares reserved for issuance (in shares)	7,500
Weighted average remaining contractual life, vested	3 years
Number of years over which equity awards expire	10 years
Share-based compensation, net of tax	$ 179	$ 175	$ 149
Unrecognized compensation cost	$ 177
Period over which unrecognized compensation costs are expected to be recognized (years)	1 year 8 months 12 days
Realized tax benefits from stock-based compensation activities	$ 67	63	103
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash received from exercise of stock options	$ 28	41	66
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock, granted (in shares)	612
Average grant date fair value per unit (in dollars per share)	$ 341.76
Number of years over which equity awards vest	3 years
Performance Stock Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock, granted (in shares)	100
Number of years over which equity awards vest	3 years
Performance Stock Units (PSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of shares that can be earned from stock awards, as a percentage of the target award	0.00%
Performance Stock Units (PSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of shares that can be earned from stock awards, as a percentage of the target award	200.00%
Performance Stock Units (PSUs) \| Remaining Half Of PSUs Granted In Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average grant date fair value per unit (in dollars per share)	$ 341.53
Performance Stock Units (PSUs) \| Remaining PSUs Granted In Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average grant date fair value per unit (in dollars per share)	$ 301.38
Segment Reconciling Items
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 227	$ 221	$ 189

Stock-Based Compensation - Summary of Stock Based Compensation Activity Related to Nonvested RSUs (Detail) - Restricted Stock Units (RSUs) shares in Thousands	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Number of RSUs
Nonvested, beginning balance (in shares) \| shares	733
Granted (in shares) \| shares	612
Vested (in shares) \| shares	(500)
Forfeited (in shares) \| shares	(35)
Nonvested, ending balance (in shares) \| shares	810
Weighted Average Grant-Date Fair Value Per Share
Nonvested beginning balance (in dollars per share) \| $ / shares	$ 348.60
Granted (in dollars per share) \| $ / shares	341.76
Vested (in dollars per share) \| $ / shares	345.73
Forfeited (in dollars per share) \| $ / shares	344.81
Nonvested ending balance (in dollars per share) \| $ / shares	$ 345.37

Legal Proceedings, Commitments and Contingencies (Detail) $ in Millions		1 Months Ended	12 Months Ended
	Apr. 24, 2009 USD ($)	Jun. 30, 2006 subsidiary	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	May 31, 2017 lawsuit
Loss Contingencies [Line Items]
Damages sought by plaintiff			$ 52
Liabilities recorded relative to environmental matters			742	$ 789
Environmental costs eligible for future recovery			$ 645	685
Time period environmental costs and recovery of environmental costs are projected over			20 years
Outstanding letters of credit, surety bonds, and third-party guarantees			$ 3,600	3,400
Third-party guarantees outstanding			$ 838	$ 871
Percentage of total guarantees that relate to guarantees of contractual performance of joint ventures			69.00%	71.00%
N.Y. Metropolitan Transportation Authority
Loss Contingencies [Line Items]
Damages sought by plaintiff	$ 190
Contract value	323
Contract payments received to date	241
Claims for monetary damages against the plaintiff	$ 95
Sikorsky Aircraft Corporation
Loss Contingencies [Line Items]
Number of pending lawsuits \| lawsuit					2
Number of entities involved in litigation \| subsidiary		2

Fair Value Measurements - Measured on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Assets
Derivatives	$ 15	$ 52
Liabilities
Derivatives	60	22
Mutual funds
Assets
Fair value of investments measured on recurring basis	1,434	1,335
U.S. Government securities
Assets
Fair value of investments measured on recurring basis	121	92
Other securities
Assets
Fair value of investments measured on recurring basis	684	555
Level 1
Assets
Derivatives	0	0
Liabilities
Derivatives	0	0
Level 1 \| Mutual funds
Assets
Fair value of investments measured on recurring basis	1,434	1,335
Level 1 \| U.S. Government securities
Assets
Fair value of investments measured on recurring basis	0	0
Level 1 \| Other securities
Assets
Fair value of investments measured on recurring basis	492	341
Level 2
Assets
Derivatives	15	52
Liabilities
Derivatives	60	22
Level 2 \| Mutual funds
Assets
Fair value of investments measured on recurring basis	0	0
Level 2 \| U.S. Government securities
Assets
Fair value of investments measured on recurring basis	121	92
Level 2 \| Other securities
Assets
Fair value of investments measured on recurring basis	192	214
NAV \| Other commingled funds
Liabilities
Assets measured at NAV	$ 20	$ 20

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair values of debt instruments	$ 15,400	$ 16,900
Outstanding principal amount of debt instruments	12,799	13,299
Unamortized discounts and issuance costs	(1,123)	(1,130)
Interest rate swaps \| Designated as hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate notional amount of derivatives	500	572
Foreign currency contracts \| Designated as hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate notional amount of derivatives	$ 4,000	$ 3,400