lmt-20220626
000093646812/312022Q2FALSE00009364682022-01-012022-06-2600009364682022-07-15xbrli:shares0000936468us-gaap:ProductMember2022-03-282022-06-26iso4217:USD0000936468us-gaap:ProductMember2021-03-292021-06-270000936468us-gaap:ProductMember2022-01-012022-06-260000936468us-gaap:ProductMember2021-01-012021-06-270000936468us-gaap:ServiceMember2022-03-282022-06-260000936468us-gaap:ServiceMember2021-03-292021-06-270000936468us-gaap:ServiceMember2022-01-012022-06-260000936468us-gaap:ServiceMember2021-01-012021-06-2700009364682022-03-282022-06-2600009364682021-03-292021-06-2700009364682021-01-012021-06-270000936468lmt:OtherUnallocatedNetMember2022-03-282022-06-260000936468lmt:OtherUnallocatedNetMember2021-03-292021-06-270000936468lmt:OtherUnallocatedNetMember2022-01-012022-06-260000936468lmt:OtherUnallocatedNetMember2021-01-012021-06-27iso4217:USDxbrli:shares00009364682022-06-2600009364682021-12-3100009364682020-12-3100009364682021-06-270000936468us-gaap:CommonStockMember2022-03-270000936468us-gaap:AdditionalPaidInCapitalMember2022-03-270000936468us-gaap:RetainedEarningsMember2022-03-270000936468us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-270000936468us-gaap:ParentMember2022-03-270000936468us-gaap:NoncontrollingInterestMember2022-03-2700009364682022-03-270000936468us-gaap:RetainedEarningsMember2022-03-282022-06-260000936468us-gaap:ParentMember2022-03-282022-06-260000936468us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-282022-06-260000936468us-gaap:CommonStockMember2022-03-282022-06-260000936468us-gaap:AdditionalPaidInCapitalMember2022-03-282022-06-260000936468us-gaap:CommonStockMember2022-06-260000936468us-gaap:AdditionalPaidInCapitalMember2022-06-260000936468us-gaap:RetainedEarningsMember2022-06-260000936468us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-260000936468us-gaap:ParentMember2022-06-260000936468us-gaap:NoncontrollingInterestMember2022-06-260000936468us-gaap:CommonStockMember2021-03-280000936468us-gaap:AdditionalPaidInCapitalMember2021-03-280000936468us-gaap:RetainedEarningsMember2021-03-280000936468us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-280000936468us-gaap:ParentMember2021-03-280000936468us-gaap:NoncontrollingInterestMember2021-03-2800009364682021-03-280000936468us-gaap:RetainedEarningsMember2021-03-292021-06-270000936468us-gaap:ParentMember2021-03-292021-06-270000936468us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-292021-06-270000936468us-gaap:CommonStockMember2021-03-292021-06-270000936468us-gaap:AdditionalPaidInCapitalMember2021-03-292021-06-270000936468us-gaap:NoncontrollingInterestMember2021-03-292021-06-270000936468us-gaap:CommonStockMember2021-06-270000936468us-gaap:AdditionalPaidInCapitalMember2021-06-270000936468us-gaap:RetainedEarningsMember2021-06-270000936468us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-270000936468us-gaap:ParentMember2021-06-270000936468us-gaap:NoncontrollingInterestMember2021-06-270000936468us-gaap:CommonStockMember2021-12-310000936468us-gaap:AdditionalPaidInCapitalMember2021-12-310000936468us-gaap:RetainedEarningsMember2021-12-310000936468us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000936468us-gaap:ParentMember2021-12-310000936468us-gaap:NoncontrollingInterestMember2021-12-310000936468us-gaap:RetainedEarningsMember2022-01-012022-06-260000936468us-gaap:ParentMember2022-01-012022-06-260000936468us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-260000936468us-gaap:CommonStockMember2022-01-012022-06-260000936468us-gaap:AdditionalPaidInCapitalMember2022-01-012022-06-260000936468us-gaap:CommonStockMember2020-12-310000936468us-gaap:AdditionalPaidInCapitalMember2020-12-310000936468us-gaap:RetainedEarningsMember2020-12-310000936468us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000936468us-gaap:ParentMember2020-12-310000936468us-gaap:NoncontrollingInterestMember2020-12-310000936468us-gaap:RetainedEarningsMember2021-01-012021-06-270000936468us-gaap:ParentMember2021-01-012021-06-270000936468us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-270000936468us-gaap:CommonStockMember2021-01-012021-06-270000936468us-gaap:AdditionalPaidInCapitalMember2021-01-012021-06-270000936468us-gaap:NoncontrollingInterestMember2021-01-012021-06-27lmt:segment0000936468lmt:AeronauticsMemberus-gaap:OperatingSegmentsMember2022-03-282022-06-260000936468lmt:AeronauticsMemberus-gaap:OperatingSegmentsMember2021-03-292021-06-270000936468lmt:AeronauticsMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-260000936468lmt:AeronauticsMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-270000936468lmt:MissilesAndFireControlMemberus-gaap:OperatingSegmentsMember2022-03-282022-06-260000936468lmt:MissilesAndFireControlMemberus-gaap:OperatingSegmentsMember2021-03-292021-06-270000936468lmt:MissilesAndFireControlMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-260000936468lmt:MissilesAndFireControlMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-270000936468lmt:RotaryAndMissionSystemsMemberus-gaap:OperatingSegmentsMember2022-03-282022-06-260000936468lmt:RotaryAndMissionSystemsMemberus-gaap:OperatingSegmentsMember2021-03-292021-06-270000936468lmt:RotaryAndMissionSystemsMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-260000936468lmt:RotaryAndMissionSystemsMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-270000936468lmt:SpaceMemberus-gaap:OperatingSegmentsMember2022-03-282022-06-260000936468lmt:SpaceMemberus-gaap:OperatingSegmentsMember2021-03-292021-06-270000936468lmt:SpaceMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-260000936468lmt:SpaceMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-270000936468us-gaap:OperatingSegmentsMember2022-03-282022-06-260000936468us-gaap:OperatingSegmentsMember2021-03-292021-06-270000936468us-gaap:OperatingSegmentsMember2022-01-012022-06-260000936468us-gaap:OperatingSegmentsMember2021-01-012021-06-270000936468us-gaap:MaterialReconcilingItemsMember2022-03-282022-06-260000936468us-gaap:MaterialReconcilingItemsMember2021-03-292021-06-270000936468us-gaap:MaterialReconcilingItemsMember2022-01-012022-06-260000936468us-gaap:MaterialReconcilingItemsMember2021-01-012021-06-270000936468us-gaap:IntersegmentEliminationMemberlmt:AeronauticsMember2022-03-282022-06-260000936468us-gaap:IntersegmentEliminationMemberlmt:AeronauticsMember2021-03-292021-06-270000936468us-gaap:IntersegmentEliminationMemberlmt:AeronauticsMember2022-01-012022-06-260000936468us-gaap:IntersegmentEliminationMemberlmt:AeronauticsMember2021-01-012021-06-270000936468us-gaap:IntersegmentEliminationMemberlmt:MissilesAndFireControlMember2022-03-282022-06-260000936468us-gaap:IntersegmentEliminationMemberlmt:MissilesAndFireControlMember2021-03-292021-06-270000936468us-gaap:IntersegmentEliminationMemberlmt:MissilesAndFireControlMember2022-01-012022-06-260000936468us-gaap:IntersegmentEliminationMemberlmt:MissilesAndFireControlMember2021-01-012021-06-270000936468us-gaap:IntersegmentEliminationMemberlmt:RotaryAndMissionSystemsMember2022-03-282022-06-260000936468us-gaap:IntersegmentEliminationMemberlmt:RotaryAndMissionSystemsMember2021-03-292021-06-270000936468us-gaap:IntersegmentEliminationMemberlmt:RotaryAndMissionSystemsMember2022-01-012022-06-260000936468us-gaap:IntersegmentEliminationMemberlmt:RotaryAndMissionSystemsMember2021-01-012021-06-270000936468us-gaap:IntersegmentEliminationMemberlmt:SpaceMember2022-03-282022-06-260000936468us-gaap:IntersegmentEliminationMemberlmt:SpaceMember2021-03-292021-06-270000936468us-gaap:IntersegmentEliminationMemberlmt:SpaceMember2022-01-012022-06-260000936468us-gaap:IntersegmentEliminationMemberlmt:SpaceMember2021-01-012021-06-270000936468us-gaap:IntersegmentEliminationMember2022-03-282022-06-260000936468us-gaap:IntersegmentEliminationMember2021-03-292021-06-270000936468us-gaap:IntersegmentEliminationMember2022-01-012022-06-260000936468us-gaap:IntersegmentEliminationMember2021-01-012021-06-270000936468us-gaap:PensionPlansDefinedBenefitMemberus-gaap:QualifiedPlanMember2022-03-282022-06-260000936468us-gaap:PensionPlansDefinedBenefitMemberus-gaap:QualifiedPlanMember2021-03-292021-06-270000936468us-gaap:PensionPlansDefinedBenefitMemberus-gaap:QualifiedPlanMember2022-01-012022-06-260000936468us-gaap:PensionPlansDefinedBenefitMemberus-gaap:QualifiedPlanMember2021-01-012021-06-2700009364682022-06-240000936468lmt:AeronauticsMemberus-gaap:ProductMember2022-03-282022-06-260000936468lmt:MissilesAndFireControlMemberus-gaap:ProductMember2022-03-282022-06-260000936468lmt:RotaryAndMissionSystemsMemberus-gaap:ProductMember2022-03-282022-06-260000936468lmt:SpaceMemberus-gaap:ProductMember2022-03-282022-06-260000936468us-gaap:ServiceMemberlmt:AeronauticsMember2022-03-282022-06-260000936468lmt:MissilesAndFireControlMemberus-gaap:ServiceMember2022-03-282022-06-260000936468us-gaap:ServiceMemberlmt:RotaryAndMissionSystemsMember2022-03-282022-06-260000936468lmt:SpaceMemberus-gaap:ServiceMember2022-03-282022-06-260000936468lmt:AeronauticsMember2022-03-282022-06-260000936468lmt:MissilesAndFireControlMember2022-03-282022-06-260000936468lmt:RotaryAndMissionSystemsMember2022-03-282022-06-260000936468lmt:SpaceMember2022-03-282022-06-260000936468us-gaap:FixedPriceContractMemberlmt:AeronauticsMember2022-03-282022-06-260000936468lmt:MissilesAndFireControlMemberus-gaap:FixedPriceContractMember2022-03-282022-06-260000936468us-gaap:FixedPriceContractMemberlmt:RotaryAndMissionSystemsMember2022-03-282022-06-260000936468lmt:SpaceMemberus-gaap:FixedPriceContractMember2022-03-282022-06-260000936468us-gaap:FixedPriceContractMember2022-03-282022-06-260000936468lmt:CostReimbursableContractMemberlmt:AeronauticsMember2022-03-282022-06-260000936468lmt:MissilesAndFireControlMemberlmt:CostReimbursableContractMember2022-03-282022-06-260000936468lmt:CostReimbursableContractMemberlmt:RotaryAndMissionSystemsMember2022-03-282022-06-260000936468lmt:SpaceMemberlmt:CostReimbursableContractMember2022-03-282022-06-260000936468lmt:CostReimbursableContractMember2022-03-282022-06-260000936468lmt:AeronauticsMemberlmt:USGovernmentMember2022-03-282022-06-260000936468lmt:MissilesAndFireControlMemberlmt:USGovernmentMember2022-03-282022-06-260000936468lmt:USGovernmentMemberlmt:RotaryAndMissionSystemsMember2022-03-282022-06-260000936468lmt:SpaceMemberlmt:USGovernmentMember2022-03-282022-06-260000936468lmt:USGovernmentMember2022-03-282022-06-260000936468lmt:AeronauticsMemberlmt:InternationalMember2022-03-282022-06-260000936468lmt:MissilesAndFireControlMemberlmt:InternationalMember2022-03-282022-06-260000936468lmt:InternationalMemberlmt:RotaryAndMissionSystemsMember2022-03-282022-06-260000936468lmt:SpaceMemberlmt:InternationalMember2022-03-282022-06-260000936468lmt:InternationalMember2022-03-282022-06-260000936468lmt:AeronauticsMemberlmt:UnitedStatesCommercialAndOtherMember2022-03-282022-06-260000936468lmt:MissilesAndFireControlMemberlmt:UnitedStatesCommercialAndOtherMember2022-03-282022-06-260000936468lmt:RotaryAndMissionSystemsMemberlmt:UnitedStatesCommercialAndOtherMember2022-03-282022-06-260000936468lmt:SpaceMemberlmt:UnitedStatesCommercialAndOtherMember2022-03-282022-06-260000936468lmt:UnitedStatesCommercialAndOtherMember2022-03-282022-06-260000936468country:USlmt:AeronauticsMember2022-03-282022-06-260000936468lmt:MissilesAndFireControlMembercountry:US2022-03-282022-06-260000936468country:USlmt:RotaryAndMissionSystemsMember2022-03-282022-06-260000936468lmt:SpaceMembercountry:US2022-03-282022-06-260000936468country:US2022-03-282022-06-260000936468lmt:AeronauticsMembersrt:EuropeMember2022-03-282022-06-260000936468lmt:MissilesAndFireControlMembersrt:EuropeMember2022-03-282022-06-260000936468lmt:RotaryAndMissionSystemsMembersrt:EuropeMember2022-03-282022-06-260000936468lmt:SpaceMembersrt:EuropeMember2022-03-282022-06-260000936468srt:EuropeMember2022-03-282022-06-260000936468lmt:AeronauticsMembersrt:AsiaPacificMember2022-03-282022-06-260000936468lmt:MissilesAndFireControlMembersrt:AsiaPacificMember2022-03-282022-06-260000936468srt:AsiaPacificMemberlmt:RotaryAndMissionSystemsMember2022-03-282022-06-260000936468lmt:SpaceMembersrt:AsiaPacificMember2022-03-282022-06-260000936468srt:AsiaPacificMember2022-03-282022-06-260000936468us-gaap:MiddleEastMemberlmt:AeronauticsMember2022-03-282022-06-260000936468us-gaap:MiddleEastMemberlmt:MissilesAndFireControlMember2022-03-282022-06-260000936468us-gaap:MiddleEastMemberlmt:RotaryAndMissionSystemsMember2022-03-282022-06-260000936468us-gaap:MiddleEastMemberlmt:SpaceMember2022-03-282022-06-260000936468us-gaap:MiddleEastMember2022-03-282022-06-260000936468lmt:OtherRegionMemberlmt:AeronauticsMember2022-03-282022-06-260000936468lmt:MissilesAndFireControlMemberlmt:OtherRegionMember2022-03-282022-06-260000936468lmt:OtherRegionMemberlmt:RotaryAndMissionSystemsMember2022-03-282022-06-260000936468lmt:SpaceMemberlmt:OtherRegionMember2022-03-282022-06-260000936468lmt:OtherRegionMember2022-03-282022-06-260000936468lmt:AeronauticsMemberus-gaap:ProductMember2022-01-012022-06-260000936468lmt:MissilesAndFireControlMemberus-gaap:ProductMember2022-01-012022-06-260000936468lmt:RotaryAndMissionSystemsMemberus-gaap:ProductMember2022-01-012022-06-260000936468lmt:SpaceMemberus-gaap:ProductMember2022-01-012022-06-260000936468us-gaap:ServiceMemberlmt:AeronauticsMember2022-01-012022-06-260000936468lmt:MissilesAndFireControlMemberus-gaap:ServiceMember2022-01-012022-06-260000936468us-gaap:ServiceMemberlmt:RotaryAndMissionSystemsMember2022-01-012022-06-260000936468lmt:SpaceMemberus-gaap:ServiceMember2022-01-012022-06-260000936468lmt:AeronauticsMember2022-01-012022-06-260000936468lmt:MissilesAndFireControlMember2022-01-012022-06-260000936468lmt:RotaryAndMissionSystemsMember2022-01-012022-06-260000936468lmt:SpaceMember2022-01-012022-06-260000936468us-gaap:FixedPriceContractMemberlmt:AeronauticsMember2022-01-012022-06-260000936468lmt:MissilesAndFireControlMemberus-gaap:FixedPriceContractMember2022-01-012022-06-260000936468us-gaap:FixedPriceContractMemberlmt:RotaryAndMissionSystemsMember2022-01-012022-06-260000936468lmt:SpaceMemberus-gaap:FixedPriceContractMember2022-01-012022-06-260000936468us-gaap:FixedPriceContractMember2022-01-012022-06-260000936468lmt:CostReimbursableContractMemberlmt:AeronauticsMember2022-01-012022-06-260000936468lmt:MissilesAndFireControlMemberlmt:CostReimbursableContractMember2022-01-012022-06-260000936468lmt:CostReimbursableContractMemberlmt:RotaryAndMissionSystemsMember2022-01-012022-06-260000936468lmt:SpaceMemberlmt:CostReimbursableContractMember2022-01-012022-06-260000936468lmt:CostReimbursableContractMember2022-01-012022-06-260000936468lmt:AeronauticsMemberlmt:USGovernmentMember2022-01-012022-06-260000936468lmt:MissilesAndFireControlMemberlmt:USGovernmentMember2022-01-012022-06-260000936468lmt:USGovernmentMemberlmt:RotaryAndMissionSystemsMember2022-01-012022-06-260000936468lmt:SpaceMemberlmt:USGovernmentMember2022-01-012022-06-260000936468lmt:USGovernmentMember2022-01-012022-06-260000936468lmt:AeronauticsMemberlmt:InternationalMember2022-01-012022-06-260000936468lmt:MissilesAndFireControlMemberlmt:InternationalMember2022-01-012022-06-260000936468lmt:InternationalMemberlmt:RotaryAndMissionSystemsMember2022-01-012022-06-260000936468lmt:SpaceMemberlmt:InternationalMember2022-01-012022-06-260000936468lmt:InternationalMember2022-01-012022-06-260000936468lmt:AeronauticsMemberlmt:UnitedStatesCommercialAndOtherMember2022-01-012022-06-260000936468lmt:MissilesAndFireControlMemberlmt:UnitedStatesCommercialAndOtherMember2022-01-012022-06-260000936468lmt:RotaryAndMissionSystemsMemberlmt:UnitedStatesCommercialAndOtherMember2022-01-012022-06-260000936468lmt:SpaceMemberlmt:UnitedStatesCommercialAndOtherMember2022-01-012022-06-260000936468lmt:UnitedStatesCommercialAndOtherMember2022-01-012022-06-260000936468country:USlmt:AeronauticsMember2022-01-012022-06-260000936468lmt:MissilesAndFireControlMembercountry:US2022-01-012022-06-260000936468country:USlmt:RotaryAndMissionSystemsMember2022-01-012022-06-260000936468lmt:SpaceMembercountry:US2022-01-012022-06-260000936468country:US2022-01-012022-06-260000936468lmt:AeronauticsMembersrt:EuropeMember2022-01-012022-06-260000936468lmt:MissilesAndFireControlMembersrt:EuropeMember2022-01-012022-06-260000936468lmt:RotaryAndMissionSystemsMembersrt:EuropeMember2022-01-012022-06-260000936468lmt:SpaceMembersrt:EuropeMember2022-01-012022-06-260000936468srt:EuropeMember2022-01-012022-06-260000936468lmt:AeronauticsMembersrt:AsiaPacificMember2022-01-012022-06-260000936468lmt:MissilesAndFireControlMembersrt:AsiaPacificMember2022-01-012022-06-260000936468srt:AsiaPacificMemberlmt:RotaryAndMissionSystemsMember2022-01-012022-06-260000936468lmt:SpaceMembersrt:AsiaPacificMember2022-01-012022-06-260000936468srt:AsiaPacificMember2022-01-012022-06-260000936468us-gaap:MiddleEastMemberlmt:AeronauticsMember2022-01-012022-06-260000936468us-gaap:MiddleEastMemberlmt:MissilesAndFireControlMember2022-01-012022-06-260000936468us-gaap:MiddleEastMemberlmt:RotaryAndMissionSystemsMember2022-01-012022-06-260000936468us-gaap:MiddleEastMemberlmt:SpaceMember2022-01-012022-06-260000936468us-gaap:MiddleEastMember2022-01-012022-06-260000936468lmt:OtherRegionMemberlmt:AeronauticsMember2022-01-012022-06-260000936468lmt:MissilesAndFireControlMemberlmt:OtherRegionMember2022-01-012022-06-260000936468lmt:OtherRegionMemberlmt:RotaryAndMissionSystemsMember2022-01-012022-06-260000936468lmt:SpaceMemberlmt:OtherRegionMember2022-01-012022-06-260000936468lmt:OtherRegionMember2022-01-012022-06-260000936468lmt:AeronauticsMemberus-gaap:ProductMember2021-03-292021-06-270000936468lmt:MissilesAndFireControlMemberus-gaap:ProductMember2021-03-292021-06-270000936468lmt:RotaryAndMissionSystemsMemberus-gaap:ProductMember2021-03-292021-06-270000936468lmt:SpaceMemberus-gaap:ProductMember2021-03-292021-06-270000936468us-gaap:ServiceMemberlmt:AeronauticsMember2021-03-292021-06-270000936468lmt:MissilesAndFireControlMemberus-gaap:ServiceMember2021-03-292021-06-270000936468us-gaap:ServiceMemberlmt:RotaryAndMissionSystemsMember2021-03-292021-06-270000936468lmt:SpaceMemberus-gaap:ServiceMember2021-03-292021-06-270000936468lmt:AeronauticsMember2021-03-292021-06-270000936468lmt:MissilesAndFireControlMember2021-03-292021-06-270000936468lmt:RotaryAndMissionSystemsMember2021-03-292021-06-270000936468lmt:SpaceMember2021-03-292021-06-270000936468us-gaap:FixedPriceContractMemberlmt:AeronauticsMember2021-03-292021-06-270000936468lmt:MissilesAndFireControlMemberus-gaap:FixedPriceContractMember2021-03-292021-06-270000936468us-gaap:FixedPriceContractMemberlmt:RotaryAndMissionSystemsMember2021-03-292021-06-270000936468lmt:SpaceMemberus-gaap:FixedPriceContractMember2021-03-292021-06-270000936468us-gaap:FixedPriceContractMember2021-03-292021-06-270000936468lmt:CostReimbursableContractMemberlmt:AeronauticsMember2021-03-292021-06-270000936468lmt:MissilesAndFireControlMemberlmt:CostReimbursableContractMember2021-03-292021-06-270000936468lmt:CostReimbursableContractMemberlmt:RotaryAndMissionSystemsMember2021-03-292021-06-270000936468lmt:SpaceMemberlmt:CostReimbursableContractMember2021-03-292021-06-270000936468lmt:CostReimbursableContractMember2021-03-292021-06-270000936468lmt:AeronauticsMemberlmt:USGovernmentMember2021-03-292021-06-270000936468lmt:MissilesAndFireControlMemberlmt:USGovernmentMember2021-03-292021-06-270000936468lmt:USGovernmentMemberlmt:RotaryAndMissionSystemsMember2021-03-292021-06-270000936468lmt:SpaceMemberlmt:USGovernmentMember2021-03-292021-06-270000936468lmt:USGovernmentMember2021-03-292021-06-270000936468lmt:AeronauticsMemberlmt:InternationalMember2021-03-292021-06-270000936468lmt:MissilesAndFireControlMemberlmt:InternationalMember2021-03-292021-06-270000936468lmt:InternationalMemberlmt:RotaryAndMissionSystemsMember2021-03-292021-06-270000936468lmt:SpaceMemberlmt:InternationalMember2021-03-292021-06-270000936468lmt:InternationalMember2021-03-292021-06-270000936468lmt:AeronauticsMemberlmt:UnitedStatesCommercialAndOtherMember2021-03-292021-06-270000936468lmt:MissilesAndFireControlMemberlmt:UnitedStatesCommercialAndOtherMember2021-03-292021-06-270000936468lmt:RotaryAndMissionSystemsMemberlmt:UnitedStatesCommercialAndOtherMember2021-03-292021-06-270000936468lmt:SpaceMemberlmt:UnitedStatesCommercialAndOtherMember2021-03-292021-06-270000936468lmt:UnitedStatesCommercialAndOtherMember2021-03-292021-06-270000936468country:USlmt:AeronauticsMember2021-03-292021-06-270000936468lmt:MissilesAndFireControlMembercountry:US2021-03-292021-06-270000936468country:USlmt:RotaryAndMissionSystemsMember2021-03-292021-06-270000936468lmt:SpaceMembercountry:US2021-03-292021-06-270000936468country:US2021-03-292021-06-270000936468lmt:AeronauticsMembersrt:EuropeMember2021-03-292021-06-270000936468lmt:MissilesAndFireControlMembersrt:EuropeMember2021-03-292021-06-270000936468lmt:RotaryAndMissionSystemsMembersrt:EuropeMember2021-03-292021-06-270000936468lmt:SpaceMembersrt:EuropeMember2021-03-292021-06-270000936468srt:EuropeMember2021-03-292021-06-270000936468lmt:AeronauticsMembersrt:AsiaPacificMember2021-03-292021-06-270000936468lmt:MissilesAndFireControlMembersrt:AsiaPacificMember2021-03-292021-06-270000936468srt:AsiaPacificMemberlmt:RotaryAndMissionSystemsMember2021-03-292021-06-270000936468lmt:SpaceMembersrt:AsiaPacificMember2021-03-292021-06-270000936468srt:AsiaPacificMember2021-03-292021-06-270000936468us-gaap:MiddleEastMemberlmt:AeronauticsMember2021-03-292021-06-270000936468us-gaap:MiddleEastMemberlmt:MissilesAndFireControlMember2021-03-292021-06-270000936468us-gaap:MiddleEastMemberlmt:RotaryAndMissionSystemsMember2021-03-292021-06-270000936468us-gaap:MiddleEastMemberlmt:SpaceMember2021-03-292021-06-270000936468us-gaap:MiddleEastMember2021-03-292021-06-270000936468lmt:OtherRegionMemberlmt:AeronauticsMember2021-03-292021-06-270000936468lmt:MissilesAndFireControlMemberlmt:OtherRegionMember2021-03-292021-06-270000936468lmt:OtherRegionMemberlmt:RotaryAndMissionSystemsMember2021-03-292021-06-270000936468lmt:SpaceMemberlmt:OtherRegionMember2021-03-292021-06-270000936468lmt:OtherRegionMember2021-03-292021-06-270000936468lmt:AeronauticsMemberus-gaap:ProductMember2021-01-012021-06-270000936468lmt:MissilesAndFireControlMemberus-gaap:ProductMember2021-01-012021-06-270000936468lmt:RotaryAndMissionSystemsMemberus-gaap:ProductMember2021-01-012021-06-270000936468lmt:SpaceMemberus-gaap:ProductMember2021-01-012021-06-270000936468us-gaap:ServiceMemberlmt:AeronauticsMember2021-01-012021-06-270000936468lmt:MissilesAndFireControlMemberus-gaap:ServiceMember2021-01-012021-06-270000936468us-gaap:ServiceMemberlmt:RotaryAndMissionSystemsMember2021-01-012021-06-270000936468lmt:SpaceMemberus-gaap:ServiceMember2021-01-012021-06-270000936468lmt:AeronauticsMember2021-01-012021-06-270000936468lmt:MissilesAndFireControlMember2021-01-012021-06-270000936468lmt:RotaryAndMissionSystemsMember2021-01-012021-06-270000936468lmt:SpaceMember2021-01-012021-06-270000936468us-gaap:FixedPriceContractMemberlmt:AeronauticsMember2021-01-012021-06-270000936468lmt:MissilesAndFireControlMemberus-gaap:FixedPriceContractMember2021-01-012021-06-270000936468us-gaap:FixedPriceContractMemberlmt:RotaryAndMissionSystemsMember2021-01-012021-06-270000936468lmt:SpaceMemberus-gaap:FixedPriceContractMember2021-01-012021-06-270000936468us-gaap:FixedPriceContractMember2021-01-012021-06-270000936468lmt:CostReimbursableContractMemberlmt:AeronauticsMember2021-01-012021-06-270000936468lmt:MissilesAndFireControlMemberlmt:CostReimbursableContractMember2021-01-012021-06-270000936468lmt:CostReimbursableContractMemberlmt:RotaryAndMissionSystemsMember2021-01-012021-06-270000936468lmt:SpaceMemberlmt:CostReimbursableContractMember2021-01-012021-06-270000936468lmt:CostReimbursableContractMember2021-01-012021-06-270000936468lmt:AeronauticsMemberlmt:USGovernmentMember2021-01-012021-06-270000936468lmt:MissilesAndFireControlMemberlmt:USGovernmentMember2021-01-012021-06-270000936468lmt:USGovernmentMemberlmt:RotaryAndMissionSystemsMember2021-01-012021-06-270000936468lmt:SpaceMemberlmt:USGovernmentMember2021-01-012021-06-270000936468lmt:USGovernmentMember2021-01-012021-06-270000936468lmt:AeronauticsMemberlmt:InternationalMember2021-01-012021-06-270000936468lmt:MissilesAndFireControlMemberlmt:InternationalMember2021-01-012021-06-270000936468lmt:InternationalMemberlmt:RotaryAndMissionSystemsMember2021-01-012021-06-270000936468lmt:SpaceMemberlmt:InternationalMember2021-01-012021-06-270000936468lmt:InternationalMember2021-01-012021-06-270000936468lmt:AeronauticsMemberlmt:UnitedStatesCommercialAndOtherMember2021-01-012021-06-270000936468lmt:MissilesAndFireControlMemberlmt:UnitedStatesCommercialAndOtherMember2021-01-012021-06-270000936468lmt:RotaryAndMissionSystemsMemberlmt:UnitedStatesCommercialAndOtherMember2021-01-012021-06-270000936468lmt:SpaceMemberlmt:UnitedStatesCommercialAndOtherMember2021-01-012021-06-270000936468lmt:UnitedStatesCommercialAndOtherMember2021-01-012021-06-270000936468country:USlmt:AeronauticsMember2021-01-012021-06-270000936468lmt:MissilesAndFireControlMembercountry:US2021-01-012021-06-270000936468country:USlmt:RotaryAndMissionSystemsMember2021-01-012021-06-270000936468lmt:SpaceMembercountry:US2021-01-012021-06-270000936468country:US2021-01-012021-06-270000936468lmt:AeronauticsMembersrt:EuropeMember2021-01-012021-06-270000936468lmt:MissilesAndFireControlMembersrt:EuropeMember2021-01-012021-06-270000936468lmt:RotaryAndMissionSystemsMembersrt:EuropeMember2021-01-012021-06-270000936468lmt:SpaceMembersrt:EuropeMember2021-01-012021-06-270000936468srt:EuropeMember2021-01-012021-06-270000936468lmt:AeronauticsMembersrt:AsiaPacificMember2021-01-012021-06-270000936468lmt:MissilesAndFireControlMembersrt:AsiaPacificMember2021-01-012021-06-270000936468srt:AsiaPacificMemberlmt:RotaryAndMissionSystemsMember2021-01-012021-06-270000936468lmt:SpaceMembersrt:AsiaPacificMember2021-01-012021-06-270000936468srt:AsiaPacificMember2021-01-012021-06-270000936468us-gaap:MiddleEastMemberlmt:AeronauticsMember2021-01-012021-06-270000936468us-gaap:MiddleEastMemberlmt:MissilesAndFireControlMember2021-01-012021-06-270000936468us-gaap:MiddleEastMemberlmt:RotaryAndMissionSystemsMember2021-01-012021-06-270000936468us-gaap:MiddleEastMemberlmt:SpaceMember2021-01-012021-06-270000936468us-gaap:MiddleEastMember2021-01-012021-06-270000936468lmt:OtherRegionMemberlmt:AeronauticsMember2021-01-012021-06-270000936468lmt:MissilesAndFireControlMemberlmt:OtherRegionMember2021-01-012021-06-270000936468lmt:OtherRegionMemberlmt:RotaryAndMissionSystemsMember2021-01-012021-06-270000936468lmt:SpaceMemberlmt:OtherRegionMember2021-01-012021-06-270000936468lmt:OtherRegionMember2021-01-012021-06-270000936468lmt:AeronauticsMemberus-gaap:ProductConcentrationRiskMemberus-gaap:SalesRevenueNetMemberlmt:FThirtyFiveProgramMember2022-03-282022-06-26xbrli:pure0000936468lmt:AeronauticsMemberus-gaap:ProductConcentrationRiskMemberus-gaap:SalesRevenueNetMemberlmt:FThirtyFiveProgramMember2022-01-012022-06-260000936468lmt:AeronauticsMemberus-gaap:ProductConcentrationRiskMemberus-gaap:SalesRevenueNetMemberlmt:FThirtyFiveProgramMember2021-03-292021-06-270000936468lmt:AeronauticsMemberus-gaap:ProductConcentrationRiskMemberus-gaap:SalesRevenueNetMemberlmt:FThirtyFiveProgramMember2021-01-012021-06-270000936468lmt:AeronauticsMemberus-gaap:OperatingSegmentsMember2022-06-260000936468lmt:AeronauticsMemberus-gaap:OperatingSegmentsMember2021-12-310000936468lmt:MissilesAndFireControlMemberus-gaap:OperatingSegmentsMember2022-06-260000936468lmt:MissilesAndFireControlMemberus-gaap:OperatingSegmentsMember2021-12-310000936468lmt:RotaryAndMissionSystemsMemberus-gaap:OperatingSegmentsMember2022-06-260000936468lmt:RotaryAndMissionSystemsMemberus-gaap:OperatingSegmentsMember2021-12-310000936468lmt:SpaceMemberus-gaap:OperatingSegmentsMember2022-06-260000936468lmt:SpaceMemberus-gaap:OperatingSegmentsMember2021-12-310000936468us-gaap:OperatingSegmentsMember2022-06-260000936468us-gaap:OperatingSegmentsMember2021-12-310000936468us-gaap:CorporateNonSegmentMember2022-06-260000936468us-gaap:CorporateNonSegmentMember2021-12-310000936468us-gaap:PensionPlansDefinedBenefitMember2022-03-282022-06-260000936468us-gaap:PensionPlansDefinedBenefitMember2021-03-292021-06-270000936468us-gaap:PensionPlansDefinedBenefitMember2022-01-012022-06-260000936468us-gaap:PensionPlansDefinedBenefitMember2021-01-012021-06-270000936468us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-03-282022-06-260000936468us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-03-292021-06-270000936468us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-01-012022-06-260000936468us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-01-012021-06-270000936468us-gaap:PensionPlansDefinedBenefitMemberus-gaap:QualifiedPlanMember2022-06-24lmt:satellite0000936468us-gaap:PensionPlansDefinedBenefitMember2021-12-310000936468us-gaap:PensionPlansDefinedBenefitMember2022-06-260000936468us-gaap:PensionPlansDefinedBenefitMember2022-06-240000936468us-gaap:PensionPlansDefinedBenefitMember2022-01-012022-06-240000936468us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMemberus-gaap:PensionPlansDefinedBenefitMember2022-01-012022-06-260000936468srt:ScenarioForecastMemberus-gaap:PensionPlansDefinedBenefitMember2022-01-012022-12-310000936468lmt:SikorskyAircraftCorporationMember2017-05-31lmt:lawsuit0000936468lmt:SikorskyAircraftCorporationMember2006-06-012006-06-30lmt:subsidiary0000936468lmt:NewYorkMetropolitanTransportationAuthorityMember2009-04-240000936468lmt:NewYorkMetropolitanTransportationAuthorityMember2009-04-242009-04-240000936468us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityFundsMember2022-06-260000936468us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityFundsMember2022-06-260000936468us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityFundsMember2022-06-260000936468us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityFundsMember2021-12-310000936468us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityFundsMember2021-12-310000936468us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityFundsMember2021-12-310000936468us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-260000936468us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-260000936468us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-260000936468us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000936468us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000936468us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000936468us-gaap:FairValueMeasurementsRecurringMemberlmt:OtherSecuritiesMember2022-06-260000936468us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberlmt:OtherSecuritiesMember2022-06-260000936468us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberlmt:OtherSecuritiesMember2022-06-260000936468us-gaap:FairValueMeasurementsRecurringMemberlmt:OtherSecuritiesMember2021-12-310000936468us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberlmt:OtherSecuritiesMember2021-12-310000936468us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberlmt:OtherSecuritiesMember2021-12-310000936468us-gaap:FairValueMeasurementsRecurringMember2022-06-260000936468us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-260000936468us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-260000936468us-gaap:FairValueMeasurementsRecurringMember2021-12-310000936468us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000936468us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000936468us-gaap:FairValueMeasurementsRecurringMemberlmt:OtherCommingledFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2022-06-260000936468us-gaap:FairValueMeasurementsRecurringMemberlmt:OtherCommingledFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2021-12-310000936468us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-06-260000936468us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310000936468us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-06-260000936468us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310000936468us-gaap:FairValueInputsLevel2Member2022-06-260000936468us-gaap:FairValueInputsLevel2Member2021-12-310000936468lmt:AcceleratedShareRepurchaseAgreementMember2022-01-012022-06-260000936468lmt:AcceleratedShareRepurchaseAgreementMember2022-01-012022-01-310000936468lmt:AcceleratedShareRepurchaseAgreementMember2022-01-012022-03-270000936468srt:ScenarioForecastMember2022-06-272022-09-250000936468us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2021-12-310000936468lmt:AccumulatedOtherNetAdjustmentAttributableToParentMember2021-12-310000936468us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2022-01-012022-06-260000936468lmt:AccumulatedOtherNetAdjustmentAttributableToParentMember2022-01-012022-06-260000936468lmt:RecognitionOfSettlementLossMember2022-01-012022-06-260000936468lmt:AccumulatedDefinedBenefitsPlansAdjustmentNetActuarialLossAttributableToParentMember2022-01-012022-06-260000936468us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2022-01-012022-06-260000936468lmt:AccumulatedDefinedBenefitPlansAdjustmentOtherThanPensionAdjustmentsAttributableToParentMember2022-01-012022-06-260000936468us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2022-06-260000936468lmt:AccumulatedOtherNetAdjustmentAttributableToParentMember2022-06-260000936468us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2020-12-310000936468lmt:AccumulatedOtherNetAdjustmentAttributableToParentMember2020-12-310000936468lmt:AccumulatedOtherNetAdjustmentAttributableToParentMember2021-01-012021-06-270000936468lmt:AccumulatedDefinedBenefitsPlansAdjustmentNetActuarialLossAttributableToParentMember2021-01-012021-06-270000936468us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2021-01-012021-06-270000936468lmt:AccumulatedDefinedBenefitPlansAdjustmentOtherThanPensionAdjustmentsAttributableToParentMember2021-01-012021-06-270000936468us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2021-01-012021-06-270000936468us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2021-06-270000936468lmt:AccumulatedOtherNetAdjustmentAttributableToParentMember2021-06-270000936468lmt:AccumulatedDefinedBenefitsPlansAdjustmentNetActuarialLossAttributableToParentMember2022-03-282022-06-260000936468lmt:AccumulatedDefinedBenefitsPlansAdjustmentNetActuarialLossAttributableToParentMember2021-03-292021-06-270000936468us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2022-03-282022-06-260000936468us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2021-03-292021-06-270000936468us-gaap:ContractsAccountedForUnderPercentageOfCompletionMember2022-03-282022-06-260000936468us-gaap:ContractsAccountedForUnderPercentageOfCompletionMember2022-01-012022-06-260000936468us-gaap:ContractsAccountedForUnderPercentageOfCompletionMember2021-03-292021-06-270000936468us-gaap:ContractsAccountedForUnderPercentageOfCompletionMember2021-01-012021-06-270000936468lmt:AeronauticsMemberlmt:ClassifiedFixedPriceIncentiveFeeContractMember2022-01-012022-06-260000936468lmt:RotaryAndMissionSystemsMemberlmt:ClassifiedFixedPriceIncentiveFeeContractMember2022-06-260000936468lmt:EADGETMember2022-06-2600009364682022-07-012022-06-2600009364682023-07-012022-06-2600009364682021-01-012021-03-280000936468us-gaap:SeniorNotesMember2022-05-050000936468us-gaap:SeniorNotesMemberlmt:ThreePointNineZeroPercentNotesDue2032Member2022-05-050000936468lmt:FourPointOneFivePercentNotesDue2053Memberus-gaap:SeniorNotesMember2022-05-050000936468lmt:FourPointThreeZeroPercentNotesDue2062Memberus-gaap:SeniorNotesMember2022-05-050000936468us-gaap:SeniorNotesMember2022-05-052022-05-050000936468lmt:ThreePointOneZeroPercentNotesDueTwentyTwentyThreeMemberus-gaap:SeniorNotesMember2022-05-112022-05-110000936468lmt:ThreePointOneZeroPercentNotesDueTwentyTwentyThreeMemberus-gaap:SeniorNotesMember2022-05-110000936468lmt:TwoPointNineZeroPercentNotesDueTwentyTwentyFiveMemberus-gaap:SeniorNotesMember2022-05-112022-05-110000936468lmt:TwoPointNineZeroPercentNotesDueTwentyTwentyFiveMemberus-gaap:SeniorNotesMember2022-05-110000936468lmt:ThreePointFiveFivePercentNotesDueTwentyTwentySixMemberus-gaap:SeniorNotesMember2022-05-112022-05-110000936468lmt:ThreePointFiveFivePercentNotesDueTwentyTwentySixMemberus-gaap:SeniorNotesMember2022-05-110000936468us-gaap:SeniorNotesMember2022-05-112022-05-1100009364682022-05-112022-05-11
Table of Contents


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q 
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 26, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______
Commission file number: 1-11437 
LOCKHEED MARTIN CORPORATION
(Exact name of registrant as specified in its charter)
Maryland 52-1893632
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer Identification No.)
6801 Rockledge Drive,Bethesda,Maryland 20817
(Address of principal executive offices) (Zip Code)
(301) 897-6000
(Registrant’s telephone number, including area code) 
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $1 par valueLMTNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non–accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b–2 of the Exchange Act.
Large accelerated filer Accelerated filer Non–accelerated filer Smaller reporting company Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
There were 265,152,217 shares of our common stock, $1 par value per share, outstanding as of July 15, 2022.



Table of Contents


Lockheed Martin Corporation
Form 10-Q
For the Quarterly Period Ended June 26, 2022
Table of Contents  
  Page
ITEM 1.
 7
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 6.



Table of Contents


PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
Lockheed Martin Corporation
Consolidated Statements of Earnings
(unaudited; in millions, except per share data)
 Quarters EndedSix Months Ended
June 26,
2022
June 27,
2021
June 26,
2022
June 27,
2021
Net sales
Products$12,761 $14,258 $25,255 $28,011 
Services2,685 2,771 5,155 5,276 
Total net sales15,446 17,029 30,410 33,287 
Cost of sales
Products(11,395)(12,866)(22,556)(25,147)
Services(2,362)(2,438)(4,537)(4,668)
Severance and restructuring charges    (36)
Other unallocated, net267 426 548 901 
Total cost of sales(13,490)(14,878)(26,545)(28,950)
Gross profit1,956 2,151 3,865 4,337 
Other income, net7 41 31 37 
Operating profit1,963 2,192 3,896 4,374 
Interest expense(141)(142)(276)(282)
Non-service FAS pension (expense) income(1,331)94 (1,191)187 
Other non-operating (expense) income, net(161)26 (38)102 
Earnings before income taxes330 2,170 2,391 4,381 
Income tax expense(21)(355)(349)(729)
Net earnings$309 $1,815 $2,042 $3,652 
Earnings per common share  
Basic$1.16 $6.54 $7.65 $13.13 
Diluted$1.16 $6.52 $7.62 $13.08 
Cash dividends paid per common share$2.80 $2.60 $5.60 $5.20 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
3

Table of Contents


Lockheed Martin Corporation
Consolidated Statements of Comprehensive Income
(unaudited; in millions)

 Quarters EndedSix Months Ended
 June 26,
2022
June 27,
2021
June 26,
2022
June 27,
2021
Net earnings$309 $1,815 $2,042 $3,652 
Other comprehensive income, net of tax
Postretirement benefit plans
Net other comprehensive income recognized during the period, net of tax of $461 million
1,698  1,698  
Amounts reclassified from accumulated other comprehensive loss47 140 95 280 
Pension settlement charge, net of tax of
  $314 million
1,156  1,156  
Other, net(90)31 (111)4 
Other comprehensive income, net of tax2,811 171 2,838 284 
Comprehensive income$3,120 $1,986 $4,880 $3,936 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
4

Table of Contents


Lockheed Martin Corporation
Consolidated Balance Sheets
(in millions, except par value)
June 26,
2022
December 31,
2021
(unaudited)
Assets
Current assets
Cash and cash equivalents$1,775 $3,604 
Receivables, net3,401 1,963 
Contract assets11,753 10,579 
Inventories3,431 2,981 
Other current assets613 688 
Total current assets20,973 19,815 
Property, plant and equipment, net7,569 7,597 
Goodwill10,794 10,813 
Intangible assets, net2,584 2,706 
Deferred income taxes2,680 2,290 
Other noncurrent assets7,158 7,652 
Total assets$51,758 $50,873 
Liabilities and equity
Current liabilities
Accounts payable$2,309 $780 
Salaries, benefits and payroll taxes2,935 3,108 
Contract liabilities8,077 8,107 
Other current liabilities3,158 2,002 
Total current liabilities16,479 13,997 
Long-term debt, net11,644 11,670 
Accrued pension liabilities5,808 8,319 
Other noncurrent liabilities6,395 5,928 
Total liabilities40,326 39,914 
Stockholders’ equity
Common stock, $1 par value per share
264 271 
Additional paid-in capital 94 
Retained earnings19,336 21,600 
Accumulated other comprehensive loss(8,168)(11,006)
Total stockholders’ equity 11,432 10,959 
Total liabilities and equity$51,758 $50,873 
The accompanying notes are an integral part of these unaudited consolidated financial statements.

5

Table of Contents


Lockheed Martin Corporation
Consolidated Statements of Cash Flows
(unaudited; in millions)
 Six Months Ended
June 26,
2022
June 27,
2021
Operating activities
Net earnings$2,042 $3,652 
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization672 670 
Stock-based compensation134 127 
Deferred income taxes(1,172)24 
Pension settlement charge1,470  
Severance and restructuring charges  36 
Changes in assets and liabilities
Receivables, net(1,438)(633)
Contract assets(1,174)(1,880)
Inventories(450)426 
Accounts payable1,522 743 
Contract liabilities(30)(166)
Income taxes1,065 33 
Qualified defined benefit pension plans(231)(133)
Other, net331 117 
Net cash provided by operating activities2,741 3,016 
Investing activities
Capital expenditures(572)(599)
Other, net(11)210 
Net cash used for investing activities(583)(389)
Financing activities
Issuance of long-term debt, net of related costs2,267  
Repayments of long-term debt(2,250) 
Repurchases of common stock(2,356)(1,500)
Dividends paid(1,511)(1,460)
Other, net(137)(82)
Net cash used for financing activities(3,987)(3,042)
Net change in cash and cash equivalents(1,829)(415)
Cash and cash equivalents at beginning of period3,604 3,160 
Cash and cash equivalents at end of period$1,775 $2,745 
The accompanying notes are an integral part of these unaudited consolidated financial statements.

6

Table of Contents


Lockheed Martin Corporation
Consolidated Statements of Equity
For the Quarters Ended June 26, 2022 and June 27, 2021
(unaudited; in millions)
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Stockholders’
Equity
Noncontrolling
Interests in
Subsidiary
Total
Equity
Balance at March 27, 2022$265 $ $20,716 $(10,979)$10,002 $ $10,002 
Net earnings  309  309  309 
Other comprehensive income,
  net of tax
   2,811 2,811  2,811 
Dividends declared  (1,497) (1,497) (1,497)
Repurchases of common stock(2)(179)(192) (373) (373)
Stock-based awards, ESOP
  activity and other
1 179   180  180 
Balance at June 26, 2022$264 $ $19,336 $(8,168)$11,432 $ $11,432 
Balance at March 28, 2021$278 $65 $21,977 $(16,008)$6,312 $21 $6,333 
Net earnings— — 1,815 — 1,815 — 1,815 
Other comprehensive income,
  net of tax
— — — 171 171 — 171 
Dividends declared— — (1,454)— (1,454)— (1,454)
Repurchases of common stock(2)(121)(377)— (500)— (500)
Stock-based awards, ESOP
  activity and other
— 178 — — 178 — 178 
Net decrease in noncontrolling
  interests in subsidiary
— — — — — (13)(13)
Balance at June 27, 2021$276 $122 $21,961 $(15,837)$6,522 $8 $6,530 
The accompanying notes are an integral part of these unaudited consolidated financial statements.

7

Table of Contents


Lockheed Martin Corporation
Consolidated Statements of Equity
For the Six Months Ended June 26, 2022 and June 27, 2021
(unaudited; in millions)
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Stockholders’
Equity
Noncontrolling
Interests in
Subsidiary
Total
Equity
Balance at December 31, 2021$271 $94 $21,600 $(11,006)$10,959 $ $10,959 
Net earnings  2,042  2,042  2,042 
Other comprehensive income, net of tax
   2,838 2,838  2,838 
Dividends declared  (2,246) (2,246) (2,246)
Repurchases of common stock(8)(305)(2,060) (2,373) (2,373)
Stock-based awards, ESOP activity and other
1 211   212  212 
Balance at June 26, 2022$264 $ $19,336 $(8,168)$11,432 $ $11,432 
Balance at December 31, 2020$279 $221 $21,636 $(16,121)$6,015 $23 $6,038 
Net earnings— — 3,652 — 3,652 — 3,652 
Other comprehensive income, net of tax
— — — 284 284 — 284 
Dividends declared— — (2,179)— (2,179)— (2,179)
Repurchases of common stock(4)(348)(1,148)— (1,500)— (1,500)
Stock-based awards, ESOP activity and other
1 249 — — 250 — 250 
Net decrease in noncontrolling interests in subsidiary
— — — — — (15)(15)
Balance at June 27, 2021$276 $122 $21,961 $(15,837)$6,522 $8 $6,530 
The accompanying notes are an integral part of these unaudited consolidated financial statements.

8

Table of Contents
Lockheed Martin Corporation
Notes to Consolidated Financial Statements (unaudited)


NOTE 1 - BASIS OF PRESENTATION
We prepared these consolidated financial statements in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information, the instructions to Form 10-Q and Article 10 of U.S. Securities and Exchange Commission (SEC) Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements.
In the opinion of management, these consolidated financial statements reflect all adjustments that are of a normal recurring nature necessary for a fair presentation of our results of operations, financial condition, and cash flows for the interim periods presented. The preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We base these estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Our actual results may differ materially from these estimates. Significant estimates inherent in the preparation of our consolidated financial statements include, but are not limited to, accounting for sales and cost recognition; postretirement benefit plans; environmental 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 tax assets; fair value measurements; and contingencies. The consolidated financial statements include the accounts of subsidiaries we control and variable interest entities if we are the primary beneficiary. We eliminate intercompany balances and transactions in consolidation.
We close our books and records on the last Sunday of the interim calendar quarter, which was on June 26 for the second quarter of 2022 and June 27 for the second quarter of 2021, to align our financial closing with our business processes. The consolidated financial statements and tables of financial information included herein are labeled based on that convention. This practice only affects interim periods as our fiscal year ends on December 31.
The results of operations for the interim periods presented are not necessarily indicative of results to be expected for the full year or future periods. Unless otherwise noted, we present all per share amounts cited in these consolidated financial statements on a “per diluted share” basis. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021 (2021 Form 10-K).
NOTE 2 - EARNINGS PER COMMON SHARE
The weighted average number of shares outstanding used to compute earnings per common share were as follows (in millions):
 Quarters EndedSix Months Ended
June 26,
2022
June 27,
2021
June 26,
2022
June 27,
2021
Weighted average common shares outstanding for basic computations265.8 277.4 267.0 278.1 
Weighted average dilutive effect of equity awards
0.9 1.0 0.9 1.0 
Weighted average common shares outstanding for diluted computations
266.7 278.4 267.9 279.1 
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. There were no significant anti-dilutive equity awards during the quarters and six months ended June 26, 2022 and June 27, 2021. Basic and diluted weighted average common shares outstanding have decreased in 2022 and 2021 due to share repurchases. See “Note 9 - Stockholders’ Equity” for more information.
9


Table of Contents
Lockheed Martin Corporation
Notes to Consolidated Financial Statements (unaudited) (continued)
NOTE 3 - INFORMATION ON BUSINESS SEGMENTS
Overview
We operate in four business segments: Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS) and Space. We organize our business segments based on the nature of products and services offered.
Selected Financial Data by Business Segment
Net sales and operating profit of our business segments exclude intersegment sales, cost of sales, and profit as these activities are eliminated in consolidation and not included in management’s evaluation of performance of each segment. 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.
Summary Operating Results
Summary operating results for each of our business segments were as follows (in millions):
 Quarters EndedSix Months Ended
June 26,
2022
June 27,
2021
June 26,
2022
June 27,
2021
Net sales
Aeronautics$5,862 $6,666 $12,263 $13,053 
Missiles and Fire Control2,747 2,944 5,199 5,693 
Rotary and Mission Systems4,012 4,242 7,564 8,349 
Space 2,825 3,177 5,384 6,192 
Total net sales$15,446 $17,029 $30,410 $33,287 
Operating profit
Aeronautics$612 $572 $1,291 $1,265 
Missiles and Fire Control418 401 802 797 
Rotary and Mission Systems 403 458 751 891 
Space 268 335 513 562 
Total business segment operating profit1,701 1,766 3,357 3,515 
Unallocated items
FAS/CAS pension operating adjustment425 489 851 978 
Severance and restructuring charges   (36)
Other, net (163)(63)(312)(83)
Total unallocated items262 426 539 859 
Total consolidated operating profit$1,963 $2,192 $3,896 $4,374 
Intersegment sales
Aeronautics$58 $52 $118 $105 
Missiles and Fire Control161 167 317 296 
Rotary and Mission Systems453 448 908 926 
Space 99 92 182 174 
Total intersegment sales$771 $759 $1,525 $1,501 
Amortization of purchased intangibles
Aeronautics$(1)$(1)$(1)$(1)
Missiles and Fire Control  (1)(1)
Rotary and Mission Systems(58)(58)(116)(116)
Space(3)(22)(6)(44)
Total amortization of purchased intangibles$(62)$(81)$(124)$(162)
10


Table of Contents
Lockheed Martin Corporation
Notes to Consolidated Financial Statements (unaudited) (continued)
Unallocated Items
Business segment operating profit excludes the FAS/CAS pension operating adjustment described below, 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, changes in the fair value of strategic investments in companies made by our Lockheed Martin Ventures Fund, stock-based compensation expense, changes in the fair value of investments held in a trust for deferred compensation plans, retiree benefits, significant severance actions, significant asset impairments, gains or losses from divestitures, and other miscellaneous corporate activities. Excluded items are included in the reconciling item “Unallocated items” between operating profit from our business segments and our consolidated operating profit. See “Note 10 - Other” for a discussion related to certain factors that may impact the comparability of net sales and operating profit of our business segments.
FAS/CAS Pension Operating Adjustment
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 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 pension operating adjustment.
The total FAS/CAS pension adjustment for the quarters and six months ended June 26, 2022 and June 27, 2021, 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):
Quarters EndedSix Months Ended
June 26,
2022
June 27,
2021
June 26,
2022
June 27,
2021
Total FAS (expense) income and CAS cost
Total FAS pension (expense) income$(1,355)$67 $(1,239)$133 
Less: CAS pension cost449 516 899 1,032 
Total FAS/CAS pension adjustment$(906)$583 $(340)$1,165 
Service and non-service cost reconciliation
FAS pension service cost$(24)$(27)$(48)$(54)
Less: CAS pension cost449 516