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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.)
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 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
  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 29,
2024
September 24,
2023
September 29,
2024
September 24,
2023
Net sales
Products$14,472 $14,014 $43,777 $40,298 
Services2,632 2,864 8,644 8,399 
Total net sales17,104 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, net249 251 731 883 
Total cost of sales(14,987)(14,830)(46,181)(42,513)
Gross profit2,117 2,048 6,240 6,184 
Other income (expense), net23 (6)77 30 
Operating profit2,140 2,042 6,317 6,214 
Interest expense(256)(237)(772)(662)
Non-service FAS pension income16 111 47 332 
Other non-operating income, net18 37 109 69 
Earnings before income taxes1,918 1,953 5,701 5,953 
Income tax expense(295)(269)(892)(899)
Net earnings$1,623 $1,684 $4,809 $5,054 
Earnings per common share  
Basic$6.83 $6.75 $20.12 $20.04 
Diluted$6.80 $6.73 $20.05 $19.97 
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.
3

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

 Quarters EndedNine 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 tax76 (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.

4

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, net2,141 2,132 
Contract assets14,224 13,183 
Inventories3,234 3,132 
Other current assets461 632 
Total current assets23,211 20,521 
Property, plant and equipment, net8,454 8,370 
Goodwill10,800 10,799 
Intangible assets, net1,979 2,212 
Deferred income taxes3,105 2,953 
Other noncurrent assets7,971 7,601 
Total assets$55,520 $52,456 
Liabilities and equity
Current liabilities
Accounts payable$3,221 $2,312 
Salaries, benefits and payroll taxes3,076 3,133 
Contract liabilities9,051 9,190 
Current maturities of long-term debt142 168 
Other current liabilities2,320 2,134 
Total current liabilities17,810 16,937 
Long-term debt, net19,179 17,291 
Accrued pension liabilities6,077 6,162 
Other noncurrent liabilities5,254 5,231 
Total liabilities48,320 45,621 
Stockholders’ equity
Common stock, $1 par value per share
236 240 
Additional paid-in capital  
Retained earnings15,657 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.

5

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 amortization1,100 1,009 
Stock-based compensation229 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 payable970 1,731 
Contract liabilities(139)(552)
Income taxes66 (81)
Qualified defined benefit pension plans(2)(283)
Other, net155 262 
Net cash provided by operating activities5,949 5,555 
Investing activities
Capital expenditures(1,103)(987)
Other, net149 (4)
Net cash used for investing activities(954)(991)
Financing activities
Issuance of long-term debt, net of related costs1,980 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 equivalents1,709 1,004 
Cash and cash equivalents at beginning of period1,442 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.

6

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 other1 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.

7

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.

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.
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 EndedNine Months Ended
September 29,
2024
September 24,
2023
September 29,
2024
September 24,
2023
Weighted average common shares outstanding for basic computations237.5 249.3 239.0 252.2 
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.
9


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 EndedNine 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 Control3,175 2,939 9,270 8,082 
Rotary and Mission Systems4,367 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 Control456 398 1,217 1,146 
Rotary and Mission Systems 483 482 1,408 1,286 
Space 272 259 943 851 
Total business segment operating profit1,870 1,810 5,657 5,347 
Unallocated items
FAS/CAS pension operating adjustment406 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 items270 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 Control210 177 616 482 
Rotary and Mission Systems569 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.
10


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.
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 29, 2024
AeronauticsMFCRMSSpace Total
Net sales
Products$5,550 $2,811 $3,554 $2,557 $14,472 
Services937 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-reimbursable2,211 964 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 other49 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 
Europe1,047 334 309 18 1,708 
Asia Pacific612 216 632 43 1,503 
Middle East206 333 190  729 
Other108 18 272  398 
Total net sales$6,487 $3,175 $4,367 $3,075 $17,104 
Nine Months Ended September 29, 2024
AeronauticsMFCRMSSpace Total
Net sales
Products$17,113 $8,217 $10,500 $7,947 $43,777 
Services3,496 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-reimbursable6,804 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 other115 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 
Europe3,528 788 860 55 5,231 
Asia Pacific1,933 583 1,922 114 4,552 
Middle East603 1,153 552 5 2,313 
Other358 57 701  1,116 
Total net sales$20,609 $9,270 $13,003 $9,539 $52,421 
12


Lockheed Martin Corporation
Notes to Consolidated Financial Statements (unaudited) (continued)
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 
(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 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 Control5,853 5,703 
Rotary and Mission Systems17,313 17,521 
Space 6,652 6,560 
Total business segment assets43,805 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 liabilities9,051 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