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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 29, 2024
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.) |
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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 class | Trading Symbol | Name of each exchange on which registered |
Common Stock, $1 par value | LMT | New 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 237,035,273 shares of our common stock, $1 par value per share, outstanding as of October 18, 2024.
Lockheed Martin Corporation
Form 10-Q
For the Quarterly Period Ended September 29, 2024
Table of Contents | | | | | | | | | | | |
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PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
Lockheed Martin Corporation
Consolidated Statements of Earnings
(unaudited; in millions, except per share data) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| | Quarters Ended | | | Nine Months Ended | |
| | September 29, 2024 | | September 24, 2023 | | September 29, 2024 | | September 24, 2023 |
Net sales | | | | | | | | | | | | |
Products | | $ | 14,472 | | | | $ | 14,014 | | | | $ | 43,777 | | | | $ | 40,298 | | |
Services | | 2,632 | | | | 2,864 | | | | 8,644 | | | | 8,399 | | |
Total net sales | | 17,104 | | | | 16,878 | | | | 52,421 | | | | 48,697 | | |
Cost of sales | | | | | | | | | | | | |
Products | | (12,964) | | | | (12,571) | | | | (39,368) | | | | (35,960) | | |
Services | | (2,272) | | | | (2,510) | | | | (7,457) | | | | (7,436) | | |
Impairment and severance charges | | — | | | | — | | | | (87) | | | | — | | |
Other unallocated, net | | 249 | | | | 251 | | | | 731 | | | | 883 | | |
Total cost of sales | | (14,987) | | | | (14,830) | | | | (46,181) | | | | (42,513) | | |
Gross profit | | 2,117 | | | | 2,048 | | | | 6,240 | | | | 6,184 | | |
Other income (expense), net | | 23 | | | | (6) | | | | 77 | | | | 30 | | |
Operating profit | | 2,140 | | | | 2,042 | | | | 6,317 | | | | 6,214 | | |
Interest expense | | (256) | | | | (237) | | | | (772) | | | | (662) | | |
Non-service FAS pension income | | 16 | | | | 111 | | | | 47 | | | | 332 | | |
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Other non-operating income, net | | 18 | | | | 37 | | | | 109 | | | | 69 | | |
Earnings before income taxes | | 1,918 | | | | 1,953 | | | | 5,701 | | | | 5,953 | | |
Income tax expense | | (295) | | | | (269) | | | | (892) | | | | (899) | | |
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Net earnings | | $ | 1,623 | | | | $ | 1,684 | | | | $ | 4,809 | | | | $ | 5,054 | | |
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Earnings per common share | | | | | | | | | | | | |
Basic | | $ | 6.83 | | | | $ | 6.75 | | | | $ | 20.12 | | | | $ | 20.04 | | |
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Diluted | | $ | 6.80 | | | | $ | 6.73 | | | | $ | 20.05 | | | | $ | 19.97 | | |
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Cash dividends paid per common share | | $ | 3.15 | | | | $ | 3.00 | | | | $ | 9.45 | | | | $ | 9.00 | | |
The accompanying notes are an integral part of these unaudited consolidated financial statements.
Lockheed Martin Corporation
Consolidated Statements of Comprehensive Income
(unaudited; in millions)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| Quarters Ended | | Nine Months Ended |
| September 29, 2024 | | September 24, 2023 | | September 29, 2024 | | September 24, 2023 |
Net earnings | $ | 1,623 | | | $ | 1,684 | | | $ | 4,809 | | | $ | 5,054 | | |
Other comprehensive income, net of tax | | | | | | | | |
Postretirement benefit plans | | | | | | | | |
| | | | | | | | |
Amortization of actuarial losses and prior service credits, net of tax expense of $6 million and $16 million in 2024 and $10 million and $30 million in 2023 | 19 | | | (37) | | | 57 | | | (111) | | |
| | | | | | | | |
Other, net, net of tax benefits of $3 million and expense of $5 million in 2024 and expense of $5 million and $4 million in 2023 | 57 | | | (30) | | | 53 | | | (12) | | |
Other comprehensive income (loss), net of tax | 76 | | | (67) | | | 110 | | | (123) | | |
Comprehensive income | $ | 1,699 | | | $ | 1,617 | | | $ | 4,919 | | | $ | 4,931 | | |
The accompanying notes are an integral part of these unaudited consolidated financial statements.
Lockheed Martin Corporation
Consolidated Balance Sheets
(in millions, except par value) | | | | | | | | | | | | | | | | | | | | |
| | September 29, 2024 | | December 31, 2023 |
| | (unaudited) | | | |
Assets | | | | | | |
Current assets | | | | | | |
Cash and cash equivalents | | $ | 3,151 | | | | $ | 1,442 | | |
Receivables, net | | 2,141 | | | | 2,132 | | |
Contract assets | | 14,224 | | | | 13,183 | | |
Inventories | | 3,234 | | | | 3,132 | | |
Other current assets | | 461 | | | | 632 | | |
Total current assets | | 23,211 | | | | 20,521 | | |
Property, plant and equipment, net | | 8,454 | | | | 8,370 | | |
Goodwill | | 10,800 | | | | 10,799 | | |
Intangible assets, net | | 1,979 | | | | 2,212 | | |
Deferred income taxes | | 3,105 | | | | 2,953 | | |
Other noncurrent assets | | 7,971 | | | | 7,601 | | |
Total assets | | $ | 55,520 | | | | $ | 52,456 | | |
Liabilities and equity | | | | | | |
Current liabilities | | | | | | |
Accounts payable | | $ | 3,221 | | | | $ | 2,312 | | |
Salaries, benefits and payroll taxes | | 3,076 | | | | 3,133 | | |
Contract liabilities | | 9,051 | | | | 9,190 | | |
Current maturities of long-term debt | | 142 | | | | 168 | | |
Other current liabilities | | 2,320 | | | | 2,134 | | |
Total current liabilities | | 17,810 | | | | 16,937 | | |
Long-term debt, net | | 19,179 | | | | 17,291 | | |
Accrued pension liabilities | | 6,077 | | | | 6,162 | | |
Other noncurrent liabilities | | 5,254 | | | | 5,231 | | |
Total liabilities | | 48,320 | | | | 45,621 | | |
Stockholders’ equity | | | | | | |
Common stock, $1 par value per share | | 236 | | | | 240 | | |
Additional paid-in capital | | — | | | | — | | |
Retained earnings | | 15,657 | | | | 15,398 | | |
Accumulated other comprehensive loss | | (8,693) | | | | (8,803) | | |
Total stockholders’ equity | | 7,200 | | | | 6,835 | | |
| | | | | | |
| | | | | | |
Total liabilities and equity | | $ | 55,520 | | | | $ | 52,456 | | |
The accompanying notes are an integral part of these unaudited consolidated financial statements.
Lockheed Martin Corporation
Consolidated Statements of Cash Flows
(unaudited; in millions) | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended |
| | September 29, 2024 | | September 24, 2023 |
Operating activities | | | | | | |
Net earnings | | $ | 4,809 | | | | $ | 5,054 | | |
Adjustments to reconcile net earnings to net cash provided by operating activities | | | | | | |
Depreciation and amortization | | 1,100 | | | | 1,009 | | |
Stock-based compensation | | 229 | | | | 221 | | |
| | | | | | |
| | | | | | |
Deferred income taxes | | (174) | | | | (395) | | |
| | | | | | |
Impairment and severance charges | | 87 | | | | — | | |
| | | | | | |
Changes in assets and liabilities | | | | | | |
Receivables, net | | (9) | | | | 100 | | |
Contract assets | | (1,041) | | | | (1,287) | | |
Inventories | | (102) | | | | (224) | | |
Accounts payable | | 970 | | | | 1,731 | | |
Contract liabilities | | (139) | | | | (552) | | |
Income taxes | | 66 | | | | (81) | | |
Qualified defined benefit pension plans | | (2) | | | | (283) | | |
Other, net | | 155 | | | | 262 | | |
Net cash provided by operating activities | | 5,949 | | | | 5,555 | | |
Investing activities | | | | | | |
Capital expenditures | | (1,103) | | | | (987) | | |
Other, net | | 149 | | | | (4) | | |
Net cash used for investing activities | | (954) | | | | (991) | | |
Financing activities | | | | | | |
Issuance of long-term debt, net of related costs | | 1,980 | | | | 1,975 | | |
Repayments of long-term debt | | (168) | | | | (115) | | |
Repurchases of common stock | | (2,700) | | | | (3,000) | | |
Dividends paid | | (2,281) | | | | (2,289) | | |
Other, net | | (117) | | | | (131) | | |
Net cash used for financing activities | | (3,286) | | | | (3,560) | | |
Net change in cash and cash equivalents | | 1,709 | | | | 1,004 | | |
Cash and cash equivalents at beginning of period | | 1,442 | | | | 2,547 | | |
Cash and cash equivalents at end of period | | $ | 3,151 | | | | $ | 3,551 | | |
The accompanying notes are an integral part of these unaudited consolidated financial statements.
Lockheed Martin Corporation
Consolidated Statements of Equity
For the Quarters Ended September 29, 2024 and September 24, 2023
(unaudited; in millions) | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
| Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | | | Total Equity |
Balance at June 30, 2024 | $ | 237 | | $ | — | | | $ | 14,707 | | $ | (8,769) | | | | | | | $ | 6,175 | |
Net earnings | — | | — | | | 1,623 | | — | | | | | | | 1,623 | |
Other comprehensive income, net of tax | — | | — | | | — | | 76 | | | | | | | 76 | |
Dividends declared | — | | — | | | 4 | | — | | | | | | | 4 | |
Repurchases of common stock | (2) | | (171) | | | (677) | | — | | | | | | | (850) | |
Stock-based awards, ESOP activity and other | 1 | | 171 | | | — | | — | | | | | | | 172 | |
Balance at September 29, 2024 | $ | 236 | | $ | — | | | $ | 15,657 | | $ | (8,693) | | | | | | | $ | 7,200 | |
| | | | | | | | | | | |
Balance at June 25, 2023 | $ | 251 | | $ | — | | | $ | 17,068 | | $ | (8,079) | | | | | | | $ | 9,240 | |
Net earnings | — | | — | | | 1,684 | | — | | | | | | | 1,684 | |
Other comprehensive loss, 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 | |
The accompanying notes are an integral part of these unaudited consolidated financial statements.
Lockheed Martin Corporation
Consolidated Statements of Equity
For the Nine Months Ended September 29, 2024 and September 24, 2023
(unaudited; in millions) | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
| Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | | | Total Equity |
Balance at December 31, 2023 | $ | 240 | | $ | — | | | $ | 15,398 | | $ | (8,803) | | | | | | | $ | 6,835 | |
Net earnings | — | | — | | | 4,809 | | — | | | | | | | 4,809 | |
Other comprehensive income, net of tax | — | | — | | | — | | 110 | | | | | | | 110 | |
Dividends declared | — | | — | | | (2,273) | | — | | | | | | | (2,273) | |
Repurchases of common stock | (6) | | (417) | | | (2,277) | | — | | | | | | | (2,700) | |
Stock-based awards, ESOP activity and other | 2 | | 417 | | | — | | — | | | | | | | 419 | |
Balance at September 29 2024 | $ | 236 | | $ | — | | | $ | 15,657 | | $ | (8,693) | | | | | | | $ | 7,200 | |
| | | | | | | | | | | |
Balance at December 31, 2022 | $ | 254 | | $ | 92 | | | $ | 16,943 | | $ | (8,023) | | | | | | | $ | 9,266 | |
Net earnings | — | | — | | | 5,054 | | — | | | | | | | 5,054 | |
Other comprehensive loss, 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 | |
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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 each interim calendar quarter, which was on September 29 for the third quarter of 2024 and September 24 for the third quarter of 2023, 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; 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, 2023 (2023 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 | Nine Months Ended |
| | September 29, 2024 | September 24, 2023 | September 29, 2024 | September 24, 2023 |
Weighted average common shares outstanding for basic computations | | 237.5 | | | 249.3 | | | 239.0 | | | 252.2 | | |
Weighted average dilutive effect of equity awards | | 1.1 | | | 0.9 | | | 0.9 | | | 0.9 | | |
Weighted average common shares outstanding for diluted computations | | 238.6 | | | 250.2 | | | 239.9 | | | 253.1 | | |
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 nine months ended September 29, 2024 and September 24, 2023. Basic and diluted weighted average common shares outstanding decreased in 2024 compared to 2023 due to share repurchases. See “Note 9 - Stockholders’ Equity” for more information.
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 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 for each of our business segments were as follows (in millions):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Quarters Ended | Nine Months Ended |
| | September 29, 2024 | | September 24, 2023 | September 29, 2024 | | September 24, 2023 |
Net sales | | | | | | | | | | | |
Aeronautics | | $ | 6,487 | | | | $ | 6,717 | | | $ | 20,609 | | | | $ | 19,861 | | |
Missiles and Fire Control | | 3,175 | | | | 2,939 | | | 9,270 | | | | 8,082 | | |
Rotary and Mission Systems | | 4,367 | | | | 4,121 | | | 13,003 | | | | 11,528 | | |
Space | | 3,075 | | | | 3,101 | | | 9,539 | | | | 9,226 | | |
Total net sales | | $ | 17,104 | | | | $ | 16,878 | | | $ | 52,421 | | | | $ | 48,697 | | |
Operating profit | | | | | | | | | | | |
Aeronautics | | $ | 659 | | | | $ | 671 | | | $ | 2,089 | | | | $ | 2,064 | | |
Missiles and Fire Control | | 456 | | | | 398 | | | 1,217 | | | | 1,146 | | |
Rotary and Mission Systems | | 483 | | | | 482 | | | 1,408 | | | | 1,286 | | |
Space | | 272 | | | | 259 | | | 943 | | | | 851 | | |
Total business segment operating profit | | 1,870 | | | | 1,810 | | | 5,657 | | | | 5,347 | | |
Unallocated items | | | | | | | | | | | |
FAS/CAS pension operating adjustment | | 406 | | | | 414 | | | 1,218 | | | | 1,245 | | |
Impairment and severance charges (a) | | — | | | | — | | | (87) | | | | — | | |
Intangible asset amortization expense | | (61) | | | | (61) | | | (183) | | | | (185) | | |
Other, net | | (75) | | | | (121) | | | (288) | | | | (193) | | |
Total unallocated items | | 270 | | | | 232 | | | 660 | | | | 867 | | |
Total consolidated operating profit | | $ | 2,140 | | | | $ | 2,042 | | | $ | 6,317 | | | | $ | 6,214 | | |
Intersegment sales | | | | | | | | | | | |
Aeronautics | | $ | 125 | | | | $ | 62 | | | $ | 262 | | | | $ | 186 | | |
Missiles and Fire Control | | 210 | | | | 177 | | | 616 | | | | 482 | | |
Rotary and Mission Systems | | 569 | | | | 518 | | | 1,729 | | | | 1,512 | | |
Space | | 94 | | | | 97 | | | 300 | | | | 275 | | |
Total intersegment sales | | $ | 998 | | | | $ | 854 | | | $ | 2,907 | | | | $ | 2,455 | | |
(a)Impairment and severance charges of $87 million ($69 million, or $0.29 per share, after-tax) include trademark and fixed asset impairments as well as severance costs recorded in the second quarter of 2024. See “Note 10 - Other” below for additional information.
Lockheed Martin Corporation
Notes to Consolidated Financial Statements (unaudited) (continued)
Unallocated Items
Business segment operating profit excludes the FAS/CAS pension operating adjustment discussed 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, 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 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 segments’ 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 components are included in non-service FAS pension 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 income (expense), we have a favorable FAS/CAS pension operating adjustment.
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 29, 2024 |
| | Aeronautics | | MFC | | RMS | | Space | | Total |
Net sales | | | | | | | | | | |
Products | | $ | 5,550 | | | $ | 2,811 | | | $ | 3,554 | | | $ | 2,557 | | | $ | 14,472 | |
Services | | 937 | | | 364 | | | 813 | | | 518 | | | 2,632 | |
Total net sales | | $ | 6,487 | | | $ | 3,175 | | | $ | 4,367 | | | $ | 3,075 | | | $ | 17,104 | |
Net sales by contract type | | | | | | | | | | |
Fixed-price | | $ | 4,276 | | | $ | 2,211 | | | $ | 2,691 | | | $ | 865 | | | $ | 10,043 | |
Cost-reimbursable | | 2,211 | | | 964 | | | 1,676 | | | 2,210 | | | 7,061 | |
Total net sales | | $ | 6,487 | | | $ | 3,175 | | | $ | 4,367 | | | $ | 3,075 | | | $ | 17,104 | |
Net sales by customer | | | | | | | | | | |
U.S. Government | | $ | 4,465 | | | $ | 2,272 | | | $ | 2,867 | | | $ | 3,081 | | | $ | 12,685 | |
International (a) | | 1,973 | | | 901 | | | 1,403 | | | 61 | | | 4,338 | |
U.S. commercial and other | | 49 | | | 2 | | | 97 | | | (67) | | | 81 | |
Total net sales | | $ | 6,487 | | | $ | 3,175 | | | $ | 4,367 | | | $ | 3,075 | | | $ | 17,104 | |
Net sales by geographic region | | | | | | | | | | |
United States | | $ | 4,514 | | | $ | 2,274 | | | $ | 2,964 | | | $ | 3,014 | | | $ | 12,766 | |
Europe | | 1,047 | | | 334 | | | 309 | | | 18 | | | 1,708 | |
Asia Pacific | | 612 | | | 216 | | | 632 | | | 43 | | | 1,503 | |
Middle East | | 206 | | | 333 | | | 190 | | | — | | | 729 | |
Other | | 108 | | | 18 | | | 272 | | | — | | | 398 | |
Total net sales | | $ | 6,487 | | | $ | 3,175 | | | $ | 4,367 | | | $ | 3,075 | | | $ | 17,104 | |
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 29, 2024 |
| | Aeronautics | | MFC | | RMS | | Space | | Total |
Net sales | | | | | | | | | | |
Products | | $ | 17,113 | | | $ | 8,217 | | | $ | 10,500 | | | $ | 7,947 | | | $ | 43,777 | |
Services | | 3,496 | | | 1,053 | | | 2,503 | | | 1,592 | | | 8,644 | |
Total net sales | | $ | 20,609 | | | $ | 9,270 | | | $ | 13,003 | | | $ | 9,539 | | | $ | 52,421 | |
Net sales by contract type | | | | | | | | | | |
Fixed-price | | $ | 13,805 | | | $ | 6,331 | | | $ | 7,980 | | | $ | 2,690 | | | $ | 30,806 | |
Cost-reimbursable | | 6,804 | | | 2,939 | | | 5,023 | | | 6,849 | | | 21,615 | |
Total net sales | | $ | 20,609 | | | $ | 9,270 | | | $ | 13,003 | | | $ | 9,539 | | | $ | 52,421 | |
Net sales by customer | | | | | | | | | | |
U.S. Government | | $ | 14,072 | | | $ | 6,680 | | | $ | 8,706 | | | $ | 9,350 | | | $ | 38,808 | |
International (a) | | 6,422 | | | 2,581 | | | 4,035 | | | 174 | | | 13,212 | |
U.S. commercial and other | | 115 | | | 9 | | | 262 | | | 15 | | | 401 | |
Total net sales | | $ | 20,609 | | | $ | 9,270 | | | $ | 13,003 | | | $ | 9,539 | | | $ | 52,421 | |
Net sales by geographic region | | | | | | | | | | |
United States | | $ | 14,187 | | | $ | 6,689 | | | $ | 8,968 | | | $ | 9,365 | | | $ | 39,209 | |
Europe | | 3,528 | | | 788 | | | 860 | | | 55 | | | 5,231 | |
Asia Pacific | | 1,933 | | | 583 | | | 1,922 | | | 114 | | | 4,552 | |
Middle East | | 603 | | | 1,153 | | | 552 | | | 5 | | | 2,313 | |
Other | | 358 | | | 57 | | | 701 | | | — | | | 1,116 | |
Total net sales | | $ | 20,609 | | | $ | 9,270 | | | $ | 13,003 | | | $ | 9,539 | | | $ | 52,421 | |
| | | | | | | | | | |
Lockheed Martin Corporation
Notes to Consolidated Financial Statements (unaudited) (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Quarter Ended September 24, 2023 |
| | Aeronautics | | MFC | | RMS | | Space | | Total |
Net sales | | | | | | | | | | |
Products | | $ | 5,538 | | | $ | 2,609 | | | $ | 3,249 | | | $ | 2,618 | | | $ | 14,014 | |
Services | | 1,179 | | | 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-reimbursable | | 2,222 | | | 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 | |
Europe | | 1,190 | | | 197 | | | 269 | | | 1 | | | 1,657 | |
Asia Pacific | | 693 | | | 155 | | | 601 | | | 22 | | | 1,471 | |
Middle East | | 220 | | | 474 | | | 185 | | | 1 | | | 880 | |
Other | | 67 | | | 49 | | | 199 | | | — | | | 315 | |
Total net sales | | $ | 6,717 | | | $ | 2,939 | | | $ | 4,121 | | | $ | 3,101 | | | $ | 16,878 | |
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 24, 2023 |
| | Aeronautics | | MFC | | RMS | | Space | | Total |
Net sales | | | | | | | | | | |
Products | | $ | 16,339 | | | $ | 7,110 | | | $ | 9,082 | | | $ | 7,767 | | | $ | 40,298 | |
Services | | 3,522 | | | 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-reimbursable | | 6,398 | | | 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 other | | 123 | | | 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 | |
Europe | | 3,466 | | | 582 | | | 706 | | | 48 | | | 4,802 | |
Asia Pacific | | 2,058 | | | 472 | | | 1,593 | | | 60 | | | 4,183 | |
Middle East | | 671 | | | 1,340 | | | 526 | | | 2 | | | 2,539 | |
Other | | 258 | | | 127 | | | 524 | | | — | | | 909 | |
Total net sales | | $ | 19,861 | | | $ | 8,082 | | | $ | 11,528 | | | $ | 9,226 | | | $ | 48,697 | |
| | | | | | | | | | |
(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.
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 22% and 24% of our total consolidated net sales for the quarter and nine months ended September 29, 2024 and 26% of our total consolidated net sales for both the quarter and nine months ended September 24, 2023.
Assets
Total assets for each of our business segments were as follows (in millions): | | | | | | | | | | | | | | | | | | | | |
| | September 29, 2024 | | December 31, 2023 |
Assets | | | | | | |
Aeronautics | | $ | 13,987 | | | | $ | 13,167 | | |
Missiles and Fire Control | | 5,853 | | | | 5,703 | | |
Rotary and Mission Systems | | 17,313 | | | | 17,521 | | |
Space | | 6,652 | | | | 6,560 | | |
Total business segment assets | | 43,805 | | | | 42,951 | | |
Corporate assets (a) | | 11,715 | | | | 9,505 | | |
Total assets | | $ | 55,520 | | | | $ | 52,456 | | |
(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, property, plant and equipment used in our corporate operations, assets held in a trust for deferred compensation plans, and investments in early-stage companies.
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): | | | | | | | | | | | | | | | | | | | | |
| | September 29, 2024 | | December 31, 2023 |
Contract assets | | $ | 14,224 | | | | $ | 13,183 | | |
Contract liabilities | | 9,051 | | | | 9,190 | | |
Contract assets increased $1.0 billion during the nine months ended September 29, 2024, due to the recognition of revenue related to the satisfaction or partial satisfaction of performance obligations during the nine months ended September 29, 2024 for which we have not yet billed our customers. There were