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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 September 24, 2023
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 248,098,715 shares of our common stock, $1 par value per share, outstanding as of October 13, 2023.



Lockheed Martin Corporation
Form 10-Q
For the Quarterly Period Ended September 24, 2023
Table of Contents
  Page
ITEM 1.
 7
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 5.
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 EndedNine Months Ended
September 24,
2023
September 25,
2022
September 24,
2023
September 25,
2022
Net sales
Products$14,014 $14,011 $40,298 $39,266 
Services2,864 2,572 8,399 7,727 
Total net sales16,878 16,583 48,697 46,993 
Cost of sales
Products(12,571)(12,493)(35,960)(34,939)
Services(2,510)(2,235)(7,436)(6,758)
Other unallocated, net251 265 883 689 
Total cost of sales(14,830)(14,463)(42,513)(41,008)
Gross profit2,048 2,120 6,184 5,985 
Other (expense) income, net(6)39 30 70 
Operating profit2,042 2,159 6,214 6,055 
Interest expense(237)(145)(662)(421)
Non-service FAS pension income (expense)111 111 332 (1,080)
Other non-operating income (expense), net37 (26)69 (64)
Earnings before income taxes1,953 2,099 5,953 4,490 
Income tax expense(269)(321)(899)(670)
Net earnings$1,684 $1,778 $5,054 $3,820 
Earnings per common share  
Basic$6.75 $6.73 $20.04 $14.36 
Diluted$6.73 $6.71 $19.97 $14.31 
Cash dividends paid per common share$3.00 $2.80 $9.00 $8.40 
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 EndedNine Months Ended
 September 24,
2023
September 25,
2022
September 24,
2023
September 25,
2022
Net earnings$1,684 $1,778 $5,054 $3,820 
Other comprehensive income, net of tax
Postretirement benefit plans
Net actuarial gain recognized due to plan remeasurements, net of tax of $44 million and $505 million in 2022
 162  1,860 
Amortization of actuarial losses and prior service credits, net of tax of $10 million and $30 million in 2023 and $1 million and $27 million in 2022
(37)(2)(111)93 
Pension settlement charge, net of tax of $314 million in 2022
   1,156 
Other, net, net of tax of $5 million and $4 million in 2023 and $6 million and $12 million in 2022
(30)(126)(12)(237)
Other comprehensive income, net of tax(67)34 (123)2,872 
Comprehensive income$1,617 $1,812 $4,931 $6,692 
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)
September 24,
2023
December 31,
2022
(unaudited)
Assets
Current assets
Cash and cash equivalents$3,551 $2,547 
Receivables, net2,405 2,505 
Contract assets13,605 12,318 
Inventories3,312 3,088 
Other current assets449 533 
Total current assets23,322 20,991 
Property, plant and equipment, net8,046 7,975 
Goodwill10,782 10,780 
Intangible assets, net2,274 2,459 
Deferred income taxes4,873 3,744 
Other noncurrent assets7,369 6,931 
Total assets$56,666 $52,880 
Liabilities and equity
Current liabilities
Accounts payable$3,817 $2,117 
Salaries, benefits and payroll taxes3,139 3,075 
Contract liabilities7,936 8,488 
Current maturities of long-term debt168 118 
Other current liabilities2,133 2,089 
Total current liabilities17,193 15,887 
Long-term debt, net17,221 15,429 
Accrued pension liabilities5,323 5,472 
Other noncurrent liabilities7,655 6,826 
Total liabilities47,392 43,614 
Stockholders’ equity
Common stock, $1 par value per share
247 254 
Additional paid-in capital107 92 
Retained earnings17,066 16,943 
Accumulated other comprehensive loss(8,146)(8,023)
Total stockholders’ equity 9,274 9,266 
Total liabilities and equity$56,666 $52,880 
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)
 Nine Months Ended
September 24,
2023
September 25,
2022
Operating activities
Net earnings$5,054 $3,820 
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization1,009 965 
Stock-based compensation221 195 
Deferred income taxes(395)(540)
Pension settlement charge 1,470 
Changes in assets and liabilities
Receivables, net100 (521)
Contract assets(1,287)(1,754)
Inventories(224)(132)
Accounts payable1,731 1,834 
Contract liabilities(552)(48)
Income taxes(81)113 
Qualified defined benefit pension plans(283)(322)
Other, net262 794 
Net cash provided by operating activities5,555 5,874 
Investing activities
Capital expenditures(987)(977)
Other, net(4)(4)
Net cash used for investing activities(991)(981)
Financing activities
Issuance of long-term debt, net of related costs1,975 2,267 
Repayments of long-term debt(115)(2,250)
Repurchases of common stock(3,000)(3,694)
Dividends paid(2,289)(2,250)
Other, net(131)(140)
Net cash used for financing activities(3,560)(6,067)
Net change in cash and cash equivalents1,004 (1,174)
Cash and cash equivalents at beginning of period2,547 3,604 
Cash and cash equivalents at end of period$3,551 $2,430 
The accompanying notes are an integral part of these unaudited consolidated financial statements.

6

Lockheed Martin Corporation
Consolidated Statements of Equity
For the Quarters Ended September 24, 2023 and September 25, 2022
(unaudited; in millions)
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Equity
Balance at June 25, 2023$251 $ $17,068 $(8,079)$9,240 
Net earnings  1,684  1,684 
Other comprehensive income, net of tax   (67)(67)
Dividends declared  11  11 
Repurchases of common stock(4)(49)(1,697) (1,750)
Stock-based awards, ESOP activity and other 156   156 
Balance at September 24, 2023$247 $107 $17,066 $(8,146)$9,274 
Balance at June 26, 2022$264 $ $19,336 $(8,168)$11,432 
Net earnings— — 1,778 — 1,778 
Other comprehensive income, net of tax— — — 34 34 
Dividends declared— — 7 — 7 
Repurchases of common stock(3)(148)(1,282)— (1,433)
Stock-based awards, ESOP activity and other— 148 — — 148 
Balance at September 25, 2022$261 $ $19,839 $(8,134)$11,966 
The accompanying notes are an integral part of these unaudited consolidated financial statements.

7

Lockheed Martin Corporation
Consolidated Statements of Equity
For the Nine Months Ended September 24, 2023 and September 25, 2022
(unaudited; in millions)
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Equity
Balance at December 31, 2022$254 $92 $16,943 $(8,023)$9,266 
Net earnings  5,054  5,054 
Other comprehensive income, net of tax
   (123)(123)
Dividends declared  (2,280) (2,280)
Repurchases of common stock(8)(341)(2,651) (3,000)
Stock-based awards, ESOP activity and other
1 356   357 
Balance at September 24, 2023$247 $107 $17,066 $(8,146)$9,274 
Balance at December 31, 2021$271 $94 $21,600 $(11,006)$10,959 
Net earnings— — 3,820 — 3,820 
Other comprehensive income, net of tax
— — — 2,872 2,872 
Dividends declared— — (2,239)— (2,239)
Repurchases of common stock(11)(453)(3,342)— (3,806)
Stock-based awards, ESOP activity and other
1 359 — — 360 
Balance at September 25, 2022$261 $ $19,839 $(8,134)$11,966 
The accompanying notes are an integral part of these unaudited consolidated financial statements.

8

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.
Effective January 1, 2023, we no longer consider amortization expense related to purchased intangible assets when evaluating the operating performance of our business segments. As a result, intangible asset amortization expense, which was previously included in segment operating profit, is now reported in unallocated corporate expense within total consolidated operating profit. This change has no impact on our consolidated operating results. Management believes this updated presentation better aligns with how the business is viewed and managed and will provide better insights into business segment performance. This change has been applied to the amounts in this Form 10-Q, including amounts for 2022. See “Note 3 - Information on Business Segments” for further information regarding the impact of this change on our current and prior period segment operating profit.
We close our books and records on the last Sunday of the interim calendar quarter, which was on September 24 for the third quarter of 2023 and September 25 for the third quarter of 2022 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, 2022 (2022 Form 10-K).
9


Lockheed Martin Corporation
Notes to Consolidated Financial Statements (unaudited) (continued)
NOTE 2 - EARNINGS PER COMMON SHARE
The weighted average number of shares outstanding used to compute earnings per common share were as follows (in millions):
 Quarters EndedNine Months Ended
September 24,
2023
September 25,
2022
September 24,
2023
September 25,
2022
Weighted average common shares outstanding for basic computations249.3 264.1 252.2 266.0 
Weighted average dilutive effect of equity awards
0.9 1.0 0.9 0.9 
Weighted average common shares outstanding for diluted computations
250.2 265.1 253.1 266.9 
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 nine months ended September 24, 2023 and September 25, 2022. Basic and diluted weighted average common shares outstanding decreased in 2023 compared to 2022 due to share repurchases. See “Note 9 - Stockholders’ Equity” for more information.
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 are 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
As discussed in “Note 1 - Basis of Presentation”, effective January 1, 2023, we no longer consider amortization expense related to purchased intangible assets when evaluating the operating performance of our business segments. As a result, intangible asset amortization expense, which was previously included in segment operating profit, is now reported in unallocated items within total consolidated operating profit.
10


Lockheed Martin Corporation
Notes to Consolidated Financial Statements (unaudited) (continued)
This change has been applied to the amounts below, including the amounts for 2022. Sales and operating profit for each of our business segments were as follows (in millions):
 Quarters EndedNine Months Ended
September 24,
2023
September 25,
2022
September 24,
2023
September 25,
2022
Net sales
Aeronautics$6,717 $7,089 $19,861 $19,352 
Missiles and Fire Control2,939 2,831 8,082 8,030 
Rotary and Mission Systems4,121 3,781 11,528 11,345 
Space 3,101 2,882 9,226 8,266 
Total net sales$16,878 $16,583 $48,697 $46,993 
Operating profit
Aeronautics$671 $759 $2,064 $2,051 
Missiles and Fire Control398 383 1,146 1,186 
Rotary and Mission Systems 482 472 1,286 1,339 
Space 259 304 851 823 
Total business segment operating profit1,810 1,918 5,347 5,399 
Unallocated items
FAS/CAS pension operating adjustment414 430 1,245 1,281 
Intangible asset amortization expense(61)(62)(185)(186)
Other, net (121)(127)(193)(439)
Total unallocated items232 241 867 656 
Total consolidated operating profit$2,042 $2,159 $6,214 $6,055 
Intersegment sales
Aeronautics$62 $63 $186 $181 
Missiles and Fire Control177 146 482 463 
Rotary and Mission Systems518 503 1,512 1,411 
Space 97 102 275 284 
Total intersegment sales$854 $814 $2,455 $2,339 
Unallocated Items
Business segment operating profit 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, changes in the fair value of assets and liabilities for deferred compensation plans, retiree benefits, significant severance charges, significant asset impairments, gains or losses from divestitures, intangible asset amortization expense, 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
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 pension and other postretirement benefit plan income calculated in accordance with Financial Accounting Standards (FAS) requirements under U.S. GAAP. The operating portion of the total FAS/CAS pension adjustment represents the difference between the service cost component of FAS pension income (expense) and total CAS pension cost. The non-service FAS pension income (expense) components are included in non-service FAS pension income (expense) in our consolidated statements of earnings. As a result, to the extent that CAS pension cost exceeds the service cost component of FAS pension income (expense) we have a favorable FAS/CAS pension operating adjustment.
11


Lockheed Martin Corporation
Notes to Consolidated Financial Statements (unaudited) (continued)
Disaggregation of Net Sales
Net sales by products and services, contract type, customer, and geographic region were as follows (in millions):
Quarter Ended September 24, 2023
AeronauticsMFCRMSSpace Total
Net sales
Products$5,538 $2,609 $3,249 $2,618 $14,014 
Services1,179 330 872 483 2,864 
Total net sales$6,717 $2,939 $4,121 $3,101 $16,878 
Net sales by contract type
Fixed-price$4,495 $2,017 $2,602 $796 $9,910 
Cost-reimbursable2,222 922 1,519 2,305 6,968 
Total net sales$6,717 $2,939 $4,121 $3,101 $16,878 
Net sales by customer
U.S. Government$4,547 $2,061 $2,796 $3,055 $12,459 
International (a)
2,170 875 1,254 24 4,323 
U.S. commercial and other 3 71 22 96 
Total net sales$6,717 $2,939 $4,121 $3,101 $16,878 
Net sales by geographic region
United States$4,547 $2,064 $2,867 $3,077 $12,555 
Europe1,190 197 269 1 1,657 
Asia Pacific693 155 601 22 1,471 
Middle East220 474 185 1 880 
Other67 49 199  315 
Total net sales$6,717 $2,939 $4,121 $3,101 $16,878 
Nine Months Ended September 24, 2023
AeronauticsMFCRMSSpace Total
Net sales
Products$16,339 $7,110 $9,082 $7,767 $40,298 
Services3,522 972 2,446 1,459 8,399 
Total net sales$19,861 $8,082 $11,528 $9,226 $48,697 
Net sales by contract type
Fixed-price$13,463 $5,498 $7,261 $2,359 $28,581 
Cost-reimbursable6,398 2,584 4,267 6,867 20,116 
Total net sales$19,861 $8,082 $11,528 $9,226 $48,697 
Net sales by customer
U.S. Government$13,285 $5,553 $7,973 $9,084 $35,895 
International (a)
6,453 2,521 3,349 110 12,433 
U.S. commercial and other123 8 206 32 369 
Total net sales$19,861 $8,082 $11,528 $9,226 $48,697 
Net sales by geographic region
United States$13,408 $5,561 $8,179 $9,116 $36,264 
Europe3,466 582 706 48 4,802 
Asia Pacific2,058 472 1,593 60 4,183 
Middle East671 1,340 526 2 2,539 
Other258 127 524  909 
Total net sales$19,861 $8,082 $11,528 $9,226 $48,697 
12


Lockheed Martin Corporation
Notes to Consolidated Financial Statements (unaudited) (continued)
Quarter Ended September 25, 2022
AeronauticsMFCRMSSpace Total
Net sales
Products$6,072 $2,530 $2,968 $2,441 $14,011 
Services1,017 301 813 441 2,572 
Total net sales$7,089 $2,831 $3,781 $2,882 $16,583 
Net sales by contract type
Fixed-price$5,217 $2,005 $2,436 $722 $10,380 
Cost-reimbursable1,872 826 1,345 2,160 6,203 
Total net sales$7,089 $2,831 $3,781 $2,882 $16,583 
Net sales by customer
U.S. Government$4,728 $2,086 $2,721 $2,842 $12,377 
International (a)
2,326 744 1,002 34 4,106 
U.S. commercial and other35 1 58 6 100 
Total net sales$7,089 $2,831 $3,781 $2,882 $16,583 
Net sales by geographic region
United States$4,763 $2,087 $2,779 $2,848 $12,477 
Europe1,184 228 199 21 1,632 
Asia Pacific785 100 440 10 1,335 
Middle East255 374 181 3 813 
Other102 42 182  326 
Total net sales$7,089 $2,831 $3,781 $2,882 $16,583 
Nine Months Ended September 25, 2022
AeronauticsMFCRMSSpace Total
Net sales
Products$16,293 $7,147 $8,906 $6,920 $39,266 
Services3,059 883 2,439 1,346 7,727 
Total net sales$19,352 $8,030 $11,345 $8,266 $46,993 
Net sales by contract type
Fixed-price$13,819 $5,661 $7,243 $2,112 $28,835 
Cost-reimbursable5,533 2,369 4,102 6,154 18,158 
Total net sales$19,352 $8,030 $11,345 $8,266 $46,993 
Net sales by customer
U.S. Government$12,904 $5,605 $8,017 $8,144 $34,670 
International (a)
6,344 2,419 3,102 97 11,962 
U.S. commercial and other104 6 226 25 361 
Total net sales$19,352 $8,030 $11,345 $8,266 $46,993 
Net sales by geographic region
United States$13,008 $5,611 $8,243 $8,169 $35,031 
Europe3,052 746 564 65 4,427 
Asia Pacific2,211 313 1,425 23 3,972 
Middle East739 1,256 558 9 2,562 
Other342 104 555  1,001 
Total net sales$19,352 $8,030 $11,345 $8,266 $46,993 
(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.
13


Lockheed Martin Corporation
Notes to Consolidated Financial Statements (unaudited) (continued)
Our Aeronautics business segment includes our largest program, the F-35 Lightning II, an international multi-role, multi-variant, stealth fighter aircraft. Net sales for the F-35 program represented approximately 26% of our total consolidated net sales for both the quarter and nine months ended September 24, 2023 and 29% and 27% of our total consolidated net sales for the quarter and nine months ended September 25, 2022.
Assets
Total assets for each of our business segments were as follows (in millions):
September 24,
2023
December 31,
2022
Assets
Aeronautics$13,252 $12,055 
Missiles and Fire Control5,706 5,788 
Rotary and Mission Systems17,822 17,988 
Space 6,522 6,351 
Total business segment assets43,302 <