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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 March 27, 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 266,106,974 shares of our common stock, $1 par value per share, outstanding as of April 15, 2022.



Lockheed Martin Corporation
Form 10-Q
For the Quarterly Period Ended March 27, 2022
Table of Contents  
  Page
ITEM 1.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 6.



PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
Lockheed Martin Corporation
Consolidated Statements of Earnings
(unaudited; in millions, except per share data)
 Quarters Ended
March 27,
2022
March 28,
2021
Net sales
Products$12,494 $13,753 
Services2,470 2,505 
Total net sales14,964 16,258 
Cost of sales
Products(11,161)(12,281)
Services(2,175)(2,230)
Severance and restructuring charges  (36)
Other unallocated, net281 475 
Total cost of sales(13,055)(14,072)
Gross profit1,909 2,186 
Other income (expense), net24 (4)
Operating profit1,933 2,182 
Interest expense(135)(140)
Non-service FAS pension income140 93 
Other non-operating income, net123 76 
Earnings before income taxes2,061 2,211 
Income tax expense(328)(374)
Net earnings$1,733 $1,837 
Earnings per common share  
Basic$6.46 $6.58 
Diluted$6.44 $6.56 
Cash dividends paid per common share$2.80 $2.60 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
3

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

 Quarters Ended
 March 27,
2022
March 28,
2021
Net earnings$1,733 $1,837 
Other comprehensive income, net of tax
Amortization of previously deferred postretirement benefit plan costs48 140 
Other, net(21)(27)
Other comprehensive income, net of tax27 113 
Comprehensive income$1,760 $1,950 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
4

Lockheed Martin Corporation
Consolidated Balance Sheets
(in millions, except par value)
March 27,
2022
December 31,
2021
(unaudited)
Assets
Current assets
Cash and cash equivalents$1,883 $3,604 
Receivables, net2,527 1,963 
Contract assets12,130 10,579 
Inventories3,144 2,981 
Other current assets706 688 
Total current assets20,390 19,815 
Property, plant and equipment, net7,561 7,597 
Goodwill10,811 10,813 
Intangible assets, net2,644 2,706 
Deferred income taxes2,688 2,290 
Other noncurrent assets7,416 7,652 
Total assets$51,510 $50,873 
Liabilities and equity
Current liabilities
Accounts payable$2,599 $780 
Salaries, benefits and payroll taxes2,671 3,108 
Contract liabilities7,902 8,107 
Current maturities of long-term debt500 6 
Other current liabilities2,375 1,996 
Total current liabilities16,047 13,997 
Long-term debt, net11,145 11,670 
Accrued pension liabilities8,143 8,319 
Other noncurrent liabilities6,173 5,928 
Total liabilities41,508 39,914 
Stockholders’ equity
Common stock, $1 par value per share
265 271 
Additional paid-in capital 94 
Retained earnings20,716 21,600 
Accumulated other comprehensive loss(10,979)(11,006)
Total stockholders’ equity 10,002 10,959 
Total liabilities and equity$51,510 $50,873 
The accompanying notes are an integral part of these unaudited consolidated financial statements.

5

Lockheed Martin Corporation
Consolidated Statements of Cash Flows
(unaudited; in millions)
 Quarters Ended
March 27,
2022
March 28,
2021
Operating activities
Net earnings$1,733 $1,837 
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization329 336 
Stock-based compensation54 47 
Deferred income taxes(411)63 
Severance and restructuring charges  36 
Changes in assets and liabilities
Receivables, net(564)(236)
Contract assets(1,551)(1,363)
Inventories(163)289 
Accounts payable1,829 1,023 
Contract liabilities(205)(290)
Income taxes697 301 
Qualified defined benefit pension plans(116)(66)
Other, net(222)(229)
Net cash provided by operating activities1,410 1,748 
Investing activities
Capital expenditures(268)(281)
Other, net17 112 
Net cash used for investing activities(251)(169)
Financing activities
Repurchases of common stock(2,000)(1,000)
Dividends paid(767)(739)
Other, net(113)(67)
Net cash used for financing activities(2,880)(1,806)
Net change in cash and cash equivalents(1,721)(227)
Cash and cash equivalents at beginning of period3,604 3,160 
Cash and cash equivalents at end of period$1,883 $2,933 
The accompanying notes are an integral part of these unaudited consolidated financial statements.

6

Lockheed Martin Corporation
Consolidated Statements of Equity
(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  1,733  1,733  1,733 
Other comprehensive income, net of tax
   27 27  27 
Dividends declared  (749) (749) (749)
Repurchases of common stock(6)(126)(1,868) (2,000) (2,000)
Stock-based awards, ESOP activity and other
 32   32  32 
Net decrease in noncontrolling interests in subsidiary       
Balance at March 27, 2022$265 $ $20,716 $(10,979)$10,002 $ $10,002 
Balance at December 31, 2020$279 $221 $21,636 $(16,121)$6,015 $23 $6,038 
Net earnings— — 1,837 — 1,837 — 1,837 
Other comprehensive income, net of tax
— — — 113 113 — 113 
Dividends declared— — (725)— (725)— (725)
Repurchases of common stock(2)(227)(771)— (1,000)— (1,000)
Stock-based awards, ESOP activity and other
1 71 — — 72 — 72 
Net decrease in noncontrolling interests in subsidiary
— — — — — (2)(2)
Balance at March 28, 2021$278 $65 $21,977 $(16,008)$6,312 $21 $6,333 
The accompanying notes are an integral part of these unaudited consolidated financial statements.

7

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 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 Ended
March 27,
2022
March 28,
2021
Weighted average common shares outstanding for basic computations268.3 279.0 
Weighted average dilutive effect of equity awards
0.9 1.0 
Weighted average common shares outstanding for diluted computations
269.2 280.0 
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 ended March 27, 2022 and March 28, 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.
8


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 thus 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 for each of our business segments were as follows (in millions):
 Quarters Ended
March 27,
2022
March 28,
2021
Net sales
Aeronautics$6,401 $6,387 
Missiles and Fire Control2,452 2,749 
Rotary and Mission Systems3,552 4,107 
Space 2,559 3,015 
Total net sales$14,964 $16,258 
Operating profit
Aeronautics$679 $693 
Missiles and Fire Control384 396 
Rotary and Mission Systems 348 433 
Space 245 227 
Total business segment operating profit1,656 1,749 
Unallocated items
FAS/CAS pension operating adjustment426 489 
Severance and restructuring charges (36)
Other, net (149)(20)
Total unallocated items277 433 
Total consolidated operating profit$1,933 $2,182 
Intersegment sales
Aeronautics$60 $53 
Missiles and Fire Control156 129 
Rotary and Mission Systems455 478 
Space 83 82 
Total intersegment sales$754 $742 
Amortization of purchased intangibles
Aeronautics$ $ 
Missiles and Fire Control(1)(1)
Rotary and Mission Systems(58)(58)
Space(3)(22)
Total amortization of purchased intangibles$(62)$(81)

9


Lockheed Martin Corporation
Notes to Consolidated Financial Statements (unaudited) (continued)
Unallocated Items
Business segment operating profit also excludes the FAS/CAS pension operating adjustment, a portion of corporate costs not considered allowable or allocable to contracts with the U.S. Government under the applicable U.S. Government cost accounting standards (CAS) or federal acquisition regulations (FAR), and other items not considered part of management’s evaluation of segment operating performance such as a portion of management and administration costs, legal fees and settlements, environmental costs, stock-based compensation expense, retiree benefits, significant severance actions, significant asset impairments, gains or losses from divestitures, and other miscellaneous corporate activities. Excluded items are included in the reconciling item “Unallocated items” between operating profit from our business segments and our consolidated operating profit. See “Note 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 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 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 pension operating adjustment.
Total FAS/CAS pension adjustment for the quarters ended March 27, 2022 and March 28, 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 Ended
March 27,
2022
March 28,
2021
Total FAS income and CAS cost
Total FAS pension income$116 $66 
Less: CAS pension cost450 516 
Total FAS/CAS pension adjustment$566 $582 
Service and non-service cost reconciliation
FAS pension service cost$(24)$(27)
Less: CAS pension cost450 516 
Total FAS/CAS pension operating adjustment426 489 
Non-service FAS pension income140 93 
Total FAS/CAS pension adjustment$566 $582 

10


Lockheed Martin Corporation
Notes to Consolidated Financial Statements (unaudited) (continued)
Net sales by products and services, contract type, customer, and geographic region were as follows (in millions):
Quarter Ended March 27, 2022
AeronauticsMFCRMSSpace Total
Net sales
Products$5,417 $2,173 $2,788 $2,116 $12,494 
Services984 279 764 443 2,470 
Total net sales$6,401 $2,452 $3,552 $2,559 $14,964 
Net sales by contract type
Fixed-price$4,686 $1,713 $2,218 $637 $9,254 
Cost-reimbursable1,715 739 1,334 1,922 5,710 
Total net sales$6,401 $2,452 $3,552 $2,559 $14,964 
Net sales by customer
U.S. Government$4,213 $1,595 $2,511 $2,516 $10,835 
International (a)
2,150 852 971 34 4,007 
U.S. commercial and other38 5 70 9 122 
Total net sales$6,401 $2,452 $3,552 $2,559 $14,964 
Net sales by geographic region
United States$4,251 $1,600 $2,581 $2,525 $10,957 
Europe1,023 256 187 24 1,490 
Asia Pacific721 106 432 7 1,266 
Middle East262 465 176 3 906 
Other144 25 176  345 
Total net sales$6,401 $2,452 $3,552 $2,559 $14,964 
Quarter Ended March 28, 2021
AeronauticsMFCRMSSpace Total
Net sales
Products$5,479 $2,410 $3,300 $2,564 $13,753 
Services908 339 807 451 2,505 
Total net sales$6,387 $2,749 $4,107 $3,015 $16,258 
Net sales by contract type
Fixed-price$4,734 $1,878 $2,677 $614 $9,903 
Cost-reimbursable1,653 871 1,430 2,401 6,355 
Total net sales$6,387 $2,749 $4,107 $3,015 $16,258 
Net sales by customer
U.S. Government$4,273 $2,041 $2,810 $2,551 $11,675 
International (a)
2,099 703 1,220 457 4,479 
U.S. commercial and other15 5 77 7 104 
Total net sales$6,387 $2,749 $4,107 $3,015 $16,258 
Net sales by geographic region
United States$4,288 $2,046 $2,887 $2,558 $11,779 
Europe854 182 201 455 1,692 
Asia Pacific893 51 650 2 1,596 
Middle East284 458 170  912 
Other68 12 199  279 
Total net sales$6,387 $2,749 $4,107 $3,015 $16,258 
(a)International sales include foreign military sales (FMS) contracted through the U.S. Government and direct commercial sales to international governments and other international customers.
11


Lockheed Martin Corporation
Notes to Consolidated Financial Statements (unaudited) (continued)
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 29% of our total consolidated net sales for the quarter ended March 27, 2022 and 27% of our total consolidated net sales for the quarter ended March 28, 2021.
Total assets for each of our business segments were as follows (in millions):
March 27,
2022
December 31,
2021
Assets
Aeronautics$12,232 $10,756 
Missiles and Fire Control5,410 5,243 
Rotary and Mission Systems17,569 17,664 
Space 6,315 6,199 
Total business segment assets41,526 39,862 
Corporate assets (a)
9,984 11,011 
Total assets$51,510 $50,873 
(a)Corporate assets primarily include cash and cash equivalents, deferred income taxes, assets for the portion of environmental costs that are probable of future recovery, investments held in a separate trust and investments held in Lockheed Martin Ventures Fund.
NOTE 4 - CONTRACT ASSETS AND LIABILITIES
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 liabilities include advance payments and billings in excess of revenue recognized. Contract assets and contract liabilities were as follows (in millions):
March 27,
2022
December 31,
2021
Contract assets $12,130 $10,579 
Contract liabilities7,902 8,107 
Contract assets increased $1.6 billion during the quarter ended March 27, 2022, due to the recognition of revenue related to the satisfaction or partial satisfaction of performance obligations during the quarter ended March 27, 2022 for which we have not yet billed our customers (primarily on the F-35 program at Aeronautics). There were no significant credit or impairment losses related to our contract assets during the quarters ended March 27, 2022 and March 28, 2021.
Contract liabilities decreased $205 million during the quarter ended March 27, 2022, primarily due to revenue recognized in excess of payments received on these performance obligations. During the quarter ended March 27, 2022, we recognized $2.1 billion of our contract liabilities at December 31, 2021 as revenue. During the quarter ended March 28, 2021, we recognized $2.3 billion of our contract liabilities at December 31, 2020 as revenue.
NOTE 5 - INVENTORIES
Inventories consisted of the following (in millions):
March 27,
2022
December 31,
2021
Materials, spares and supplies$630 $624 
Work-in-process
2,312 2,163 
Finished goods202 194 
Total inventories$3,144 $2,981 
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
12


Lockheed Martin Corporation
Notes to Consolidated Financial Statements (unaudited) (continued)
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 March 27, 2022 and December 31, 2021, $749 million and $634 million of pre-contract costs were included in inventories.
NOTE 6 - POSTRETIREMENT BENEFIT PLANS
The pretax FAS (expense) income related to our qualified defined benefit pension plans and retiree medical and life insurance plans consisted of the following (in millions):
 Quarters Ended
 March 27,
2022
March 28,
2021
Qualified defined benefit pension plans
Operating:
Service cost$(24)$(27)
Non-operating:
Interest cost (302)(311)
Expected return on plan assets 502 569 
Recognized net actuarial losses (150)(252)
Amortization of prior service credits 90 87 
Non-service FAS pension income140 93 
Total FAS pension income$116 $66 
Retiree medical and life insurance plans
Operating:
Service cost$(2)$(3)
Non-operating:
Interest cost (12)(13)
Expected return on plan assets 34