Lockheed Martin (LMT) 10-Q26 Jul 212021 Q2 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 27, 2021	Jul. 20, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 27, 2021
Document Transition Report	false
Entity File Number	1-11437
Entity Registrant Name	LOCKHEED MARTIN CORPORATION
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	52-1893632
Entity Address, Address Line One	6801 Rockledge Drive,
Entity Address, City or Town	Bethesda,
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20817
City Area Code	301
Local Phone Number	897-6000
Title of 12(b) Security	Common Stock, $1 par value
Trading Symbol	LMT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		276,916,491
Entity Central Index Key	0000936468
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Consolidated Statements of Earnings - USD ($) $ in Millions	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Net sales
Total net sales	$ 17,029	$ 16,220	$ 33,287	$ 31,871
Cost of sales
Total cost of sales	(14,878)	(14,007)	(28,950)	(27,567)
Severance and restructuring charges	0	0	(36)	0
Gross profit	2,151	2,213	4,337	4,304
Other income (expense), net	41	(127)	37	(96)
Operating profit	2,192	2,086	4,374	4,208
Interest expense	(142)	(149)	(282)	(297)
Other non-operating income, net	120	25	289	81
Earnings before income taxes	2,170	1,962	4,381	3,992
Income tax expense	(355)	(336)	(729)	(649)
Net earnings	$ 1,815	$ 1,626	$ 3,652	$ 3,343
Earnings per common share
Basic earnings per common share (in dollars per share)	$ 6.54	$ 5.81	$ 13.13	$ 11.92
Diluted earnings per common share (in dollars per share)	6.52	5.79	13.08	11.87
Cash dividends paid per common share (in dollars per share)	$ 2.60	$ 2.40	$ 5.20	$ 4.80
Products
Net sales
Total net sales	$ 14,258	$ 13,572	$ 28,011	$ 26,738
Cost of sales
Total cost of sales	(12,866)	(12,092)	(25,147)	(23,834)
Services
Net sales
Total net sales	2,771	2,648	5,276	5,133
Cost of sales
Total cost of sales	(2,438)	(2,339)	(4,668)	(4,552)
Other unallocated, net
Cost of sales
Total cost of sales	$ 426	$ 424	$ 901	$ 819

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Statement of Comprehensive Income [Abstract]
Net earnings	$ 1,815	$ 1,626	$ 3,652	$ 3,343
Other comprehensive income, net of tax
Recognition of previously deferred postretirement benefit plan amounts	140	110	280	220
Other, net	31	28	4	(69)
Other comprehensive income, net of tax	171	138	284	151
Comprehensive income	$ 1,986	$ 1,764	$ 3,936	$ 3,494

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 27, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 2,745	$ 3,160
Receivables, net	2,611	1,978
Contract assets	11,425	9,545
Inventories	3,119	3,545
Other current assets	774	1,150
Total current assets	20,674	19,378
Property, plant and equipment, net	7,290	7,213
Goodwill	10,810	10,806
Intangible assets, net	2,849	3,012
Deferred income taxes	3,377	3,475
Other noncurrent assets	7,099	6,826
Total assets	52,099	50,710
Current liabilities
Accounts payable	1,608	880
Contract liabilities	7,379	7,545
Salaries, benefits and payroll taxes	3,029	3,163
Current maturities of long-term debt	506	500
Other current liabilities	2,720	1,845
Total current liabilities	15,242	13,933
Long-term debt, net	11,665	11,669
Accrued pension liabilities	12,412	12,874
Other noncurrent liabilities	6,250	6,196
Total liabilities	45,569	44,672
Stockholders’ equity
Common stock, $1 par value per share	276	279
Additional paid-in capital	122	221
Retained earnings	21,961	21,636
Accumulated other comprehensive loss	(15,837)	(16,121)
Total stockholders’ equity	6,522	6,015
Noncontrolling interests in subsidiary	8	23
Total equity	6,530	6,038
Total liabilities and equity	$ 52,099	$ 50,710

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical)	Jun. 27, 2021$ / shares
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 1

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Operating activities
Net earnings	$ 3,652	$ 3,343
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization	670	608
Stock-based compensation	127	115
Equity method investment impairment	0	128
Severance and restructuring charges	36	0
Changes in assets and liabilities
Receivables, net	(633)	(498)
Contract assets	(1,880)	(727)
Inventories	426	98
Accounts payable	743	191
Contract liabilities	(166)	427
Postretirement benefit plans	(133)	(77)
Income taxes	33	473
Other, net	141	415
Net cash provided by operating activities	3,016	4,496
Investing activities
Capital expenditures	(599)	(636)
Other, net	210	4
Net cash used for investing activities	(389)	(632)
Financing activities
Dividends paid	(1,460)	(1,364)
Repurchases of common stock	(1,500)	(1,015)
Issuance of long-term debt, net of related costs	0	1,131
Repayments of current and long-term debt	0	(1,150)
Other, net	(82)	(125)
Net cash used for financing activities	(3,042)	(2,523)
Net change in cash and cash equivalents	(415)	1,341
Cash and cash equivalents at beginning of period	3,160	1,514
Cash and cash equivalents at end of period	$ 2,745	$ 2,855

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Total Stockholders’ Equity	Noncontrolling Interests in Subsidiary
Beginning Balance at Dec. 31, 2019	$ 3,171	$ 280	$ 0	$ 18,401	$ (15,554)	$ 3,127	$ 44
Increase (Decrease) in Stockholders' Equity
Net earnings	3,343			3,343		3,343
Other comprehensive income, net of tax	151				151	151
Dividends declared	(2,027)			(2,027)		(2,027)
Repurchases of common stock	(1,041)	(3)	(197)	(841)		(1,041)
Stock-based awards, ESOP activity and other	198	1	197			198
Net decrease in noncontrolling interests in subsidiary	(9)						(9)
Ending Balance at Jun. 28, 2020	3,786	278	0	18,876	(15,403)	3,751	35
Beginning Balance at Mar. 29, 2020	3,487	279	0	18,708	(15,541)	3,446	41
Increase (Decrease) in Stockholders' Equity
Net earnings	1,626			1,626		1,626
Other comprehensive income, net of tax	138				138	138
Dividends declared	(1,350)			(1,350)		(1,350)
Repurchases of common stock	(277)	(1)	(168)	(108)		(277)
Stock-based awards, ESOP activity and other	168		168			168
Net decrease in noncontrolling interests in subsidiary	(6)						(6)
Ending Balance at Jun. 28, 2020	3,786	278	0	18,876	(15,403)	3,751	35
Beginning Balance at Dec. 31, 2020	6,038	279	221	21,636	(16,121)	6,015	23
Increase (Decrease) in Stockholders' Equity
Net earnings	3,652			3,652		3,652
Other comprehensive income, net of tax	284				284	284
Dividends declared	(2,179)			(2,179)		(2,179)
Repurchases of common stock	(1,500)	(4)	(348)	(1,148)		(1,500)
Stock-based awards, ESOP activity and other	250	1	249			250
Net decrease in noncontrolling interests in subsidiary	(15)						(15)
Ending Balance at Jun. 27, 2021	6,530	276	122	21,961	(15,837)	6,522	8
Beginning Balance at Mar. 28, 2021	6,333	278	65	21,977	(16,008)	6,312	21
Increase (Decrease) in Stockholders' Equity
Net earnings	1,815			1,815		1,815
Other comprehensive income, net of tax	171				171	171
Dividends declared	(1,454)			(1,454)		(1,454)
Repurchases of common stock	(500)	(2)	(121)	(377)		(500)
Stock-based awards, ESOP activity and other	178		178			178
Net decrease in noncontrolling interests in subsidiary	(13)						(13)
Ending Balance at Jun. 27, 2021	$ 6,530	$ 276	$ 122	$ 21,961	$ (15,837)	$ 6,522	$ 8

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
BASIS OF PRESENTATION	Jun. 27, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	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 liability 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, 2020 (2020 Form 10-K).

PENDING ACQUISITION OF AEROJET

PENDING ACQUISITION OF AEROJET ROCKETDYNE	6 Months Ended
PENDING ACQUISITION OF AEROJET ROCKETDYNE	Jun. 27, 2021
Business Combination and Asset Acquisition [Abstract]
PENDING ACQUISITION OF AEROJET ROCKETDYNE	PENDING ACQUISITION OF AEROJET ROCKETDYNEOn December 20, 2020, we entered into an agreement to acquire Aerojet Rocketdyne Holdings, Inc. (“Aerojet Rocketdyne”) for $51.00 per share, which is net of a $5.00 per share special cash dividend Aerojet Rocketdyne paid to its stockholders on March 24, 2021. This represents a post-dividend equity value of approximately $4.6 billion, on a fully diluted as-converted basis, and a transaction value of approximately $4.4 billion after the assumption of Aerojet Rocketdyne’s projected net cash. We expect to finance the acquisition through a combination of cash on hand and new debt issuances. The transaction was approved by Aerojet Rocketdyne’s stockholders on March 9, 2021, which was a closing condition. We are in the process of responding to a request for additional information, known as a “second request”, from the Federal Trade Commission as part of the regulatory review process for the transaction. The transaction is currently expected to close in the fourth quarter of 2021, subject to receipt of regulatory approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and satisfaction of other closing conditions specified in the acquisition agreement. Our financial results will not include Aerojet Rocketdyne’s results until the acquisition is closed.

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	6 Months Ended
EARNINGS PER COMMON SHARE	Jun. 27, 2021
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	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 Six Months Ended June 27, June 28, June 27, June 28, Weighted average common shares outstanding for basic computations 277.4 279.8 278.1 280.5 Weighted average dilutive effect of equity awards 1.0 1.0 1.0 1.2 Weighted average common shares outstanding for diluted computations 278.4 280.8 279.1 281.7 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) and exercise of outstanding stock options based on the treasury stock method. There were no significant anti-dilutive equity awards during the quarters and six months ended June 27, 2021 or June 28, 2020.

INFORMATION ON BUSINESS SEGMENT

INFORMATION ON BUSINESS SEGMENTS	6 Months Ended
INFORMATION ON BUSINESS SEGMENTS	Jun. 27, 2021
Segment Reporting [Abstract]
INFORMATION ON BUSINESS SEGMENTS	INFORMATION ON BUSINESS SEGMENTS 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. Net sales and operating profit of our business segments exclude intersegment sales, cost of sales, and profit as these activities are eliminated in consolidation. 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. 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 11 - Other” for a discussion related to certain factors that may impact the comparability of net sales and operating profit of our business segments. Summary operating results for each of our business segments were as follows (in millions): Quarters Ended Six Months Ended June 27, June 28, June 27, June 28, Net sales Aeronautics $ 6,666 $ 6,503 $ 13,053 $ 12,872 Missiles and Fire Control 2,944 2,801 5,693 5,420 Rotary and Mission Systems 4,242 4,039 8,349 7,785 Space 3,177 2,877 6,192 5,794 Total net sales $ 17,029 $ 16,220 $ 33,287 $ 31,871 Operating profit Aeronautics $ 572 $ 739 $ 1,265 $ 1,411 Missiles and Fire Control 401 370 797 766 Rotary and Mission Systems 458 429 891 805 Space 335 252 562 533 Total business segment operating profit 1,766 1,790 3,515 3,515 Unallocated items FAS/CAS operating adjustment 489 469 978 938 Stock-based compensation (80) (73) (127) (115) Severance and restructuring charges — — (36) — Other, net 17 (100) 44 (130) Total unallocated items 426 296 859 693 Total consolidated operating profit $ 2,192 $ 2,086 $ 4,374 $ 4,208 Intersegment sales Aeronautics $ 52 $ 61 $ 105 $ 120 Missiles and Fire Control 167 140 296 276 Rotary and Mission Systems 448 502 926 1,000 Space 92 105 174 213 Total intersegment sales $ 759 $ 808 $ 1,501 $ 1,609 Amortization of purchased intangibles Aeronautics $ (1) $ — $ (1) $ — Missiles and Fire Control — — (1) (1) Rotary and Mission Systems (58) (58) (116) (116) Space (22) (7) (44) (14) Total amortization of purchased intangibles $ (81) $ (65) $ (162) $ (131) 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 income and total CAS pension cost. The non-service FAS pension income component is included in other non-operating income, net 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, we have a favorable FAS/CAS operating adjustment. Our total net FAS/CAS pension adjustment for the quarters and six months ended June 27, 2021 and June 28, 2020, including the service and non-service cost components of FAS pension income for our qualified defined benefit pension plans, were as follows (in millions): Quarters Ended Six Months Ended June 27, June 28, June 27, June 28, Total FAS income and CAS costs FAS pension income $ 67 $ 29 $ 133 $ 59 Less: CAS pension cost 516 495 1,032 989 Net FAS/CAS pension adjustment $ 583 $ 524 $ 1,165 $ 1,048 Service and non-service cost reconciliation FAS pension service cost $ (27) $ (26) $ (54) $ (51) Less: CAS pension cost 516 495 1,032 989 FAS/CAS operating adjustment 489 469 978 938 Non-operating FAS pension income 94 55 187 110 Net FAS/CAS pension adjustment $ 583 $ 524 $ 1,165 $ 1,048 Net sales by products and services, contract type, customer, and geographic region were as follows (in millions): Quarter Ended June 27, 2021 Aeronautics MFC RMS Space Total Net sales Products $ 5,583 $ 2,571 $ 3,369 $ 2,735 $ 14,258 Services 1,083 373 873 442 2,771 Total net sales $ 6,666 $ 2,944 $ 4,242 $ 3,177 $ 17,029 Net sales by contract type Fixed-price $ 4,920 $ 1,991 $ 2,802 $ 645 $ 10,358 Cost-reimbursable 1,746 953 1,440 2,532 6,671 Total net sales $ 6,666 $ 2,944 $ 4,242 $ 3,177 $ 17,029 Net sales by customer U.S. Government $ 4,367 $ 2,176 $ 3,063 $ 2,719 $ 12,325 International (a) 2,283 766 1,117 447 4,613 U.S. commercial and other 16 2 62 11 91 Total net sales $ 6,666 $ 2,944 $ 4,242 $ 3,177 $ 17,029 Net sales by geographic region United States $ 4,383 $ 2,178 $ 3,125 $ 2,730 $ 12,416 Asia Pacific 914 56 534 2 1,506 Europe 944 232 223 444 1,843 Middle East 311 467 177 1 956 Other 114 11 183 — 308 Total net sales $ 6,666 $ 2,944 $ 4,242 $ 3,177 $ 17,029 Six Months Ended June 27, 2021 Aeronautics MFC RMS Space Total Net sales Products $ 11,062 $ 4,981 $ 6,669 $ 5,299 $ 28,011 Services 1,991 712 1,680 893 5,276 Total net sales $ 13,053 $ 5,693 $ 8,349 $ 6,192 $ 33,287 Net sales by contract type Fixed-price $ 9,654 $ 3,869 $ 5,479 $ 1,259 $ 20,261 Cost-reimbursable 3,399 1,824 2,870 4,933 13,026 Total net sales $ 13,053 $ 5,693 $ 8,349 $ 6,192 $ 33,287 Net sales by customer U.S. Government $ 8,640 $ 4,217 $ 5,873 $ 5,270 $ 24,000 International (a) 4,382 1,469 2,337 904 9,092 U.S. commercial and other 31 7 139 18 195 Total net sales $ 13,053 $ 5,693 $ 8,349 $ 6,192 $ 33,287 Net sales by geographic region United States $ 8,671 $ 4,224 $ 6,012 $ 5,288 $ 24,195 Asia Pacific 1,807 107 1,184 4 3,102 Europe 1,798 414 424 899 3,535 Middle East 595 925 347 1 1,868 Other 182 23 382 — 587 Total net sales $ 13,053 $ 5,693 $ 8,349 $ 6,192 $ 33,287 (a) International sales include FMS contracted through the U.S. Government and direct commercial sales to international governments and other international customers. Quarter Ended June 28, 2020 Aeronautics MFC RMS Space Total Net sales Products $ 5,474 $ 2,422 $ 3,259 $ 2,417 $ 13,572 Services 1,029 379 780 460 2,648 Total net sales $ 6,503 $ 2,801 $ 4,039 $ 2,877 $ 16,220 Net sales by contract type Fixed-price $ 4,467 $ 1,877 $ 2,639 $ 483 $ 9,466 Cost-reimbursable 2,036 924 1,400 2,394 6,754 Total net sales $ 6,503 $ 2,801 $ 4,039 $ 2,877 $ 16,220 Net sales by customer U.S. Government $ 5,352 $ 2,098 $ 2,926 $ 2,533 $ 12,909 International (a) 1,132 699 1,011 330 3,172 U.S. commercial and other 19 4 102 14 139 Total net sales $ 6,503 $ 2,801 $ 4,039 $ 2,877 $ 16,220 Net sales by geographic region United States $ 5,371 $ 2,102 $ 3,028 $ 2,547 $ 13,048 Asia Pacific 353 72 464 16 905 Europe 506 170 170 314 1,160 Middle East 213 442 213 — 868 Other 60 15 164 — 239 Total net sales $ 6,503 $ 2,801 $ 4,039 $ 2,877 $ 16,220 Six Months Ended June 28, 2020 Aeronautics MFC RMS Space Total Net sales Products $ 10,929 $ 4,697 $ 6,245 $ 4,867 $ 26,738 Services 1,943 723 1,540 927 5,133 Total net sales $ 12,872 $ 5,420 $ 7,785 $ 5,794 $ 31,871 Net sales by contract type Fixed-price $ 9,051 $ 3,595 $ 5,121 $ 1,002 $ 18,769 Cost-reimbursable 3,821 1,825 2,664 4,792 13,102 Total net sales $ 12,872 $ 5,420 $ 7,785 $ 5,794 $ 31,871 Net sales by customer U.S. Government $ 9,385 $ 4,053 $ 5,714 $ 5,016 $ 24,168 International (a) 3,453 1,359 1,866 750 7,428 U.S. commercial and other 34 8 205 28 275 Total net sales $ 12,872 $ 5,420 $ 7,785 $ 5,794 $ 31,871 Net sales by geographic region United States $ 9,419 $ 4,061 $ 5,919 $ 5,044 $ 24,443 Asia Pacific 1,348 147 782 44 2,321 Europe 1,454 338 337 712 2,841 Middle East 541 849 420 (6) 1,804 Other 110 25 327 — 462 Total net sales $ 12,872 $ 5,420 $ 7,785 $ 5,794 $ 31,871 (a) International sales include FMS contracted through the U.S. Government and direct commercial sales to international governments and other international customers. 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 27% of our total consolidated net sales for both the quarter and six months ended June 27, 2021 and 28% of our total consolidated net sales for both the quarter and six months ended June 28, 2020. Total assets for each of our business segments were as follows (in millions): June 27, December 31, Assets Aeronautics $ 11,810 $ 9,903 Missiles and Fire Control 4,985 4,966 Rotary and Mission Systems 17,828 18,035 Space 6,779 6,451 Total business segment assets 41,402 39,355 Corporate assets (a) 10,697 11,355 Total assets $ 52,099 $ 50,710 (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 and investments held in a separate trust.

CONTRACT ASSETS AND LIABILITIES

CONTRACT ASSETS AND LIABILITIES	6 Months Ended
CONTRACT ASSETS AND LIABILITIES	Jun. 27, 2021
Revenue from Contract with Customer [Abstract]
CONTRACT ASSETS AND LIABILITIES	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): June 27, December 31, Contract assets $ 11,425 $ 9,545 Contract liabilities 7,379 7,545 Contract assets increased $1.9 billion during the six months ended June 27, 2021, primarily due to the recognition of revenue related to the satisfaction or partial satisfaction of performance obligations during the six months ended June 27, 2021 for which we have not yet billed our customers. There were no significant credit or impairment losses related to our contract assets during the quarters and six months ended June 27, 2021 and June 28, 2020. Contract liabilities decreased $166 million during the six months ended June 27, 2021, primarily due to revenue recognized in excess of payments received on these performance obligations. During the quarter and six months ended June 27, 2021, we recognized $900 million and $3.2 billion of our contract liabilities at December 31, 2020 as revenue. During the quarter and six months ended June 28, 2020, we recognized $1.0 billion and $2.6 billion of our contract liabilities at December 31, 2019 as revenue.

INVENTORIES

INVENTORIES	6 Months Ended
INVENTORIES	Jun. 27, 2021
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consisted of the following (in millions): June 27, December 31, Materials, spares and supplies $ 621 $ 612 Work-in-process 2,290 2,693 Finished goods 208 240 Total inventories $ 3,119 $ 3,545 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

POSTRETIREMENT BENEFIT PLANS

POSTRETIREMENT BENEFIT PLANS	6 Months Ended
POSTRETIREMENT BENEFIT PLANS	Jun. 27, 2021
Retirement Benefits [Abstract]
POSTRETIREMENT BENEFIT PLANS	POSTRETIREMENT BENEFIT PLANS Our pretax net periodic benefit income related to our qualified defined benefit pension plans and retiree medical and life insurance plans consisted of the following (in millions): Quarters Ended Six Months Ended June 27, June 28, June 27, June 28, Qualified defined benefit pension plans Service cost $ 27 $ 26 $ 54 $ 51 Interest cost 310 384 621 769 Expected return on plan assets (569) (566) (1,138) (1,132) Recognized net actuarial losses 252 212 504 424 Amortization of prior service credits (87) (85) (174) (171) Total net periodic benefit income $ (67) $ (29) $ (133) $ (59) Retiree medical and life insurance plans Service cost $ 4 $ 4 $ 7 $ 7 Interest cost 13 17 26 35 Expected return on plan assets (35) (32) (70) (64) Recognized net actuarial gains — (1) — (2) Amortization of prior service costs 9 9 18 19 Total net periodic benefit income $ (9) $ (3) $ (19) $ (5) We record the service cost component of net periodic benefit income as part of cost of sales and the non-service cost components of net periodic benefit income as part of other non-operating income, net in the consolidated statements of earnings. The recognized net actuarial losses and amortization of prior service credits or costs in the table above, along with similar costs related to our other postretirement benefit plans ($3 million and $7 million for the quarter and six months ended June 27, 2021 and $5 million and $10 million for the quarter and six months ended June 28, 2020) were reclassified from accumulated other comprehensive loss (AOCL) and recorded as a component of net periodic benefit income for the periods presented. These costs totaled $177 million ($140 million, net of tax) and $355 million ($280 million, net of tax) during the quarter and six months ended June 27, 2021, and $140 million ($110 million, net of tax) and $280 million ($220 million, net of tax) during the quarter and six months ended June 28, 2020 and were recorded on our consolidated statements of comprehensive income as an increase to other comprehensive income. The required funding of our qualified defined benefit pension plans is determined in accordance with the Employee Retirement Income Security Act of 1974 (ERISA), as amended, along with consideration of CAS and Internal Revenue Code rules. There were no contributions to our qualified defined benefit pension plans during the quarters and six months ended June 27, 2021 and June 28, 2020.

LEGAL PROCEEDINGS AND CONTINGEN

LEGAL PROCEEDINGS AND CONTINGENCIES	6 Months Ended
LEGAL PROCEEDINGS AND CONTINGENCIES	Jun. 27, 2021
Commitments and Contingencies Disclosure [Abstract]
LEGAL PROCEEDINGS AND CONTINGENCIES	LEGAL PROCEEDINGS AND CONTINGENCIESWe are a party to or have property subject to litigation and other proceedings that arise in the ordinary course of our business, including matters arising under provisions relating to the protection of the environment, and are subject to contingencies related to certain businesses we previously owned. These types of matters could result in fines, penalties, cost reimbursements or contributions, compensatory or treble damages or non-monetary sanctions or relief. We believe the probability is remote that the outcome of each of these matters, including the legal proceedings described below, will have a material adverse effect on the corporation as a whole, notwithstanding that the unfavorable resolution of any matter may have a material effect on our net earnings and cash flows in any particular interim reporting period. Among the factors that we consider in this assessment are the nature of existing legal proceedings and claims, the asserted or possible damages or loss contingency (if estimable), the progress of the case, existing law and precedent, the opinions or views of legal counsel and other advisers, our experience in similar cases and the experience of other companies, the facts available to us at the time of assessment and how we intend to respond to the proceeding or claim. Our assessment of these factors may change over time as individual proceedings or claims progress. Although we cannot predict the outcome of legal or other proceedings with certainty, where there is at least a reasonable possibility that a loss may have been incurred, GAAP requires us to disclose an estimate of the reasonably possible loss or range of loss or make a statement that such an estimate cannot be made. We follow a thorough process in which we seek to estimate the reasonably possible loss or range of loss, and only if we are unable to make such an estimate do we conclude and disclose that an estimate cannot be made. Accordingly, unless otherwise indicated below in our discussion of legal proceedings, a reasonably possible loss or range of loss associated with any individual legal proceeding cannot be estimated. Legal Proceedings United States of America, ex rel. Patzer; Cimma v. Sikorsky Aircraft Corp., et al As a result of our acquisition of Sikorsky Aircraft Corporation (Sikorsky), we assumed the defense of and any potential liability for two civil False Claims Act lawsuits pending in the U.S. District Court for the Eastern District of Wisconsin. In October 2014, the U.S. Government filed a complaint in intervention in the first suit, which was brought by qui tam relator Mary Patzer, a former Derco Aerospace (Derco) employee. In May 2017, the U.S. Government filed a complaint in intervention in a second suit, which was brought by qui tam relator Peter Cimma, a former Sikorsky Support Services, Inc. (SSSI) employee. In November 2017, the Court consolidated the cases into a single action for discovery and trial. The U.S. Government alleges that Sikorsky and two of its wholly-owned subsidiaries, Derco and SSSI, violated the civil False Claims Act and the Truth in Negotiations Act in connection with a contract the U.S. Navy awarded to SSSI in June 2006 to support the Navy’s T-34 and T-44 fixed-wing turboprop training aircraft. SSSI subcontracted with Derco, primarily to procure and manage spare parts for the training aircraft. The U.S. Government contends that SSSI overbilled the Navy on the contract as the result of Derco’s use of prohibited cost-plus-percentage-of-cost pricing to add profit and overhead costs as a percentage of the price of the spare parts that Derco procured and then sold to SSSI. The U.S. Government also alleges that Derco’s claims to SSSI, SSSI’s claims to the Navy, and SSSI’s yearly Certificates of Final Indirect Costs from 2006 through 2012 were false and that SSSI submitted inaccurate cost or pricing data in violation of the Truth in Negotiations Act for a sole-sourced, follow-on “bridge” contract. The U.S. Government’s complaints assert common law claims for breach of contract and unjust enrichment. The U.S. Government further alleged violations of the Anti-Kickback Act and False Claims Act based on a monthly “chargeback,” through which SSSI billed Derco for the cost of certain SSSI personnel, allegedly in exchange for SSSI’s permitting a pricing arrangement that was “highly favorable” to Derco. On January 12, 2018, the Corporation filed a partial motion to dismiss intended to narrow the U.S. Government’s claims, including by seeking dismissal of the Anti-Kickback Act allegations. The Corporation also moved to dismiss Cimma as a party under the False Claims Act’s first-to-file rule, which permits only the first relator to recover in a pending case. The District Court granted these motions, in part, on July 20, 2018, dismissing the Government’s claims under the Anti-Kickback Act and dismissing Cimma as a party to the litigation. The U.S. Government seeks damages of approximately $52 million, subject to trebling, plus statutory penalties. We believe that we have legal and factual defenses to the U.S. Government’s remaining claims. Although we continue to evaluate our liability and exposure, we do not currently believe that it is probable that we will incur a material loss. If, contrary to our expectations, the U.S. Government prevails in this matter and proves damages at or near $52 million and is successful in having such damages trebled, the outcome could have an adverse effect on our results of operations in the period in which a liability is recognized and on our cash flows for the period in which any damages are paid. Lockheed Martin v. Metropolitan Transportation Authority On April 24, 2009, we filed a declaratory judgment action against the New York Metropolitan Transportation Authority and its Capital Construction Company (collectively, the MTA) asking the U.S. District Court for the Southern District of New York to find that the MTA is in material breach of our agreement based on the MTA’s failure to provide access to sites where work must be performed and the customer-furnished equipment necessary to complete the contract. The MTA filed an answer and counterclaim alleging that we breached the contract and subsequently terminated the contract for alleged default. The primary damages sought by the MTA are the costs to complete the contract and potential re-procurement costs. While we are unable to estimate the cost of another contractor to complete the contract and the costs of re-procurement, we note that our contract with the MTA had a total value of $323 million, of which $241 million was paid to us, and that the MTA is seeking damages of approximately $190 million. We dispute the MTA’s allegations and are defending against them. Additionally, following an investigation, our sureties on a performance bond related to this matter, who were represented by independent counsel, concluded that the MTA’s termination of the contract was improper. Finally, our declaratory judgment action was later amended to include claims for monetary damages against the MTA of approximately $95 million. This matter was taken under submission by the District Court in December 2014, after a five-week bench trial and the filing of post-trial pleadings by the parties. We continue to await a decision from the District Court. Although this matter relates to our former IS&GS business, we retained responsibility for the litigation when we divested IS&GS in 2016. Environmental Matters We are involved in proceedings and potential proceedings relating to soil, sediment, surface water, and groundwater contamination, disposal of hazardous substances, and other environmental matters at several of our current or former facilities, facilities for which we may have contractual responsibility, and at third-party sites where we have been designated as a potentially responsible party (PRP). A substantial portion of environmental costs will be included in our net sales and cost of sales in future periods pursuant to U.S. Government regulations. At the time a liability is recorded for future environmental costs, we record assets for estimated future recovery considered probable through the pricing of products and services to agencies of the U.S. Government, regardless of the contract form (e.g., cost-reimbursable, fixed-price). We continually evaluate the recoverability of our assets for the portion of environmental costs that are probable of future recovery by assessing, among other factors, U.S. Government regulations, our U.S. Government business base and contract mix, our history of receiving reimbursement of such costs, and efforts by some U.S. Government representatives to limit such reimbursement. We include the portions of those environmental costs expected to be allocated to our non-U.S. Government contracts, or determined not to be recoverable under U.S. Government contracts, in our cost of sales at the time the liability is established or adjusted. At June 27, 2021 and December 31, 2020, the aggregate amount of liabilities recorded relative to environmental matters was $778 million and $789 million, most of which are recorded in other noncurrent liabilities on our consolidated balance sheets. We have recorded assets for the portion of environmental costs that are probable of future recovery under U.S. Government contracts totaling $675 million and $685 million at June 27, 2021 and December 31, 2020, most of which are recorded in other noncurrent assets on our consolidated balance sheets. Environmental remediation activities usually span many years, which makes estimating liabilities a matter of judgment because of uncertainties with respect to assessing the extent of the contamination as well as such factors as changing remediation technologies and changing regulatory environmental standards. We are monitoring or investigating a number of former and present operating facilities for potential future remediation. We perform quarterly reviews of the status of our environmental remediation sites and the related liabilities and receivables. Additionally, in our quarterly reviews, we consider these and other factors in estimating the timing and amount of any future costs that may be required for remediation activities, and we record a liability when it is probable that a loss has occurred or will occur for a particular site and the loss can be reasonably estimated. The amount of liability recorded is based on our estimate of the costs to be incurred for remediation for that site. We do not discount the recorded liabilities, as the amount and timing of future cash payments are not fixed or cannot be reliably determined. We cannot reasonably determine the extent of our financial exposure in all cases as, although a loss may be probable or reasonably possible, in some cases it is not possible at this time to estimate the reasonably possible loss or range of loss. We project costs and recovery of costs over approximately 20 years. We also pursue claims for recovery of costs incurred or for contribution to site remediation costs against other PRPs, including the U.S. Government, and are conducting remediation activities under various consent decrees, orders, and agreements relating to soil, groundwater, sediment, or surface water contamination at certain sites of former or current operations. Under agreements related to certain sites in California, New York, United States Virgin Islands and Washington, the U.S. Government and/or a private party reimburses us an amount equal to a percentage, specific to each site, of expenditures for certain remediation activities in their capacity as PRPs under the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA). In addition to the proceedings and potential proceedings discussed above, the California State Water Resources Control Board, a branch of the California Environmental Protection Agency, has indicated it will work to re-establish a maximum level of the contaminant hexavalent chromium in drinking water after a prior standard of 10 parts per billion (ppb) was challenged and withdrawn, and is also reevaluating its existing drinking water standard of 6 ppb for perchlorate. The U.S. Environmental Protection Agency decided in June 2020 not to regulate perchlorate in drinking water at the federal level, although this decision has been challenged, and is considering whether to regulate hexavalent chromium . If substantially lower standards are adopted for perchlorate (in California) or for hexavalent chromium (in California or at the federal level), we expect a material increase in our estimates for environmental liabilities and the related assets for the portion of the increased costs that are probable of future recovery in the pricing of our products and services for the U.S. Government. The amount that would be allocable to our non-U.S. Government contracts or that is determined not to be recoverable under U.S. Government contracts would be expensed, which may have a material effect on our earnings in any particular interim reporting period. We also are evaluating the potential impact of existing and contemplated legal requirements addressing a class of compounds known generally as per- and polyfluoroalkyl compounds (PFAS). PFAS compounds have been used ubiquitously, such as in fire-fighting foams, manufacturing processes, and stain- and stick-resistant products (e.g., Teflon, stain-resistant fabrics). Because we have used products and processes over the years containing some of those compounds, they likely exist as contaminants at many of our environmental remediation sites. Governmental authorities have announced plans, and in some instances have begun, to regulate certain of these compounds at extremely low concentrations in drinking water, which could lead to increased cleanup costs at many of our environmental remediation sites. Letters of Credit, Surety Bonds and Third-Party Guarantees We have entered into standby letters of credit and surety bonds issued on our behalf by financial institutions, and we have directly issued guarantees to third parties primarily relating to advances received from customers and the guarantee of future performance on certain contracts. Letters of credit and surety bonds generally are available for draw down in the event we do not perform. In some cases, we may guarantee the contractual performance of third parties such as joint venture partners. We had total outstanding letters of credit, surety bonds and third-party guarantees aggregating $3.3 billion and $3.4 billion at June 27, 2021 and December 31, 2020. Third-party guarantees do not include guarantees issued on behalf of subsidiaries and other consolidated entities. At June 27, 2021 and December 31, 2020, third-party guarantees totaled $852 million and $871 million, of which approximately 70% and 71% related to guarantees of contractual performance of joint ventures to which we currently are or previously were a party. These amounts represent our estimate of the maximum amounts we would expect to incur upon the contractual non-performance of the joint venture, joint venture partners or divested businesses. Generally, we also have cross-indemnities in place that may enable us to recover amounts that may be paid on behalf of a joint venture partner. In determining our exposures, we evaluate the reputation, performance on contractual obligations, technical capabilities and credit quality of our current and former joint venture partners and the transferee under novation agreements all of which include a guarantee as required by the FAR. At June 27, 2021 and December 31, 2020, there were no material amounts recorded in our financial statements related to third-party guarantees or novation agreements.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
FAIR VALUE MEASUREMENTS	Jun. 27, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Assets and liabilities measured and recorded at fair value on a recurring basis consisted of the following (in millions): June 27, 2021 December 31, 2020 Total Level 1 Level 2 Total Level 1 Level 2 Assets Mutual funds $ 1,398 $ 1,398 $ — $ 1,335 $ 1,335 $ — U.S. Government securities 108 — 108 92 — 92 Other securities 546 344 202 555 341 214 Derivatives 34 — 34 52 — 52 Liabilities Derivatives 37 — 37 22 — 22 Assets measured at NAV (a) Other commingled funds 20 20 (a) Net Asset Value (NAV) is the total value of the fund divided by the number of the fund’s shares outstanding. Substantially all assets measured at fair value, other than derivatives, represent investments held in a separate trust to fund certain of our non-qualified deferred compensation plans and are recorded in other noncurrent assets on our consolidated balance sheets. The fair values of mutual funds and certain other securities are determined by reference to the quoted market price per unit in active markets multiplied by the number of units held without consideration of transaction costs. The fair values of U.S. Government and certain other securities are determined using pricing models that use observable inputs (e.g., interest rates and yield curves observable at commonly quoted intervals), bids provided by brokers or dealers or quoted prices of securities with similar characteristics. The fair values of derivative instruments, which consist of foreign currency forward contracts, including embedded derivatives, and interest rate swap contracts, are primarily determined based on the present value of future cash flows using model-derived valuations that use observable inputs such as interest rates, credit spreads and foreign currency exchange rates. We use derivative instruments principally to reduce our exposure to market risks from changes in foreign currency exchange rates and interest rates. We do not enter into or hold derivative instruments for speculative trading purposes. We transact business globally and are subject to risks associated with changing foreign currency exchange rates. We enter into foreign currency hedges such as forward and option contracts that change in value as foreign currency exchange rates change. Our most significant foreign currency exposures relate to the British pound sterling, the euro, the Canadian dollar and the Australian dollar. These contracts hedge forecasted foreign currency transactions in order to mitigate fluctuations in our earnings and cash flows associated with changes in foreign currency exchange rates. We designate foreign currency hedges as cash flow hedges. We also are exposed to the impact of interest rate changes primarily through our borrowing activities. For fixed rate borrowings, we may use variable interest rate swaps, effectively converting fixed rate borrowings to variable rate borrowings in order to hedge changes in the fair value of the debt. These swaps are designated as fair value hedges. For variable rate borrowings, we may use fixed interest rate swaps, effectively converting variable rate borrowings to fixed rate borrowings in order to mitigate the impact of interest rate changes on earnings. These swaps are designated as cash flow hedges. We also may enter into derivative instruments that are not designated as hedges and do not qualify for hedge accounting, which are intended to mitigate certain economic exposures. The aggregate notional amount of our outstanding foreign currency hedges at June 27, 2021 and December 31, 2020 was $3.6 billion and $3.4 billion. The aggregate notional amount of our outstanding interest rate swaps was $722 million and $572 million at June 27, 2021 and December 31, 2020. The fair values of our outstanding foreign currency hedges and interest rate swaps at June 27, 2021 and December 31, 2020 were not significant. Derivative instruments did not have a material impact on net earnings and comprehensive income during the quarters and six months ended June 27, 2021 and June 28, 2020. Substantially all of our derivatives are designated for hedge accounting. In addition to the financial instruments listed in the table above, we hold other financial instruments, including cash and cash equivalents, receivables, accounts payable and debt. The carrying amounts for cash and cash equivalents, receivables and accounts payable approximated their fair values. The estimated fair value of our outstanding debt was

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
STOCKHOLDERS' EQUITY	Jun. 27, 2021
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY Repurchases of Common Stock During the six months ended June 27, 2021, we repurchased 4.2 million shares of our common stock for $1.5 billion under accelerated share repurchase plans (ASR) pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934. The total remaining authorization for future common share repurchases under our share repurchase program was $1.5 billion as of June 27, 2021. As we repurchase our common shares, we reduce common stock for the $1 of par value of the shares repurchased, with the excess purchase price over par value recorded as a reduction of additional paid-in capital. If additional paid-in capital is reduced to zero, we record the remainder of the excess purchase price over par value as a reduction of retained earnings. Dividends We declared cash dividends totaling $1.5 billion ($5.20 per share) and $2.2 billion ($7.80 per share) during the quarter and six months ended June 27, 2021, compared to $1.4 billion ($4.80 per share) and $2.0 billion ($7.20 per share) during the quarter and six months ended June 28, 2020. In June 2021, we declared our 2021 third quarter dividend totaling approximately $720 million ($2.60 per share), which will be paid in September 2021; and in June 2020, we declared our 2020 third quarter dividend totaling $671 million ($2.40 per share), which was paid in September 2020. Amounts declared and paid during the quarters and six months ended June 27, 2021 and June 28, 2020 may differ due to timing of dividend-equivalents paid on RSUs and PSUs. These dividend-equivalents are accrued during the vesting period and are paid upon the vesting of the RSUs and PSUs which primarily occurs in the first quarter each year. Accumulated Other Comprehensive Loss (AOCL) Changes in the balance of AOCL, net of tax, consisted of the following (in millions): Postretirement Other, net AOCL Balance at December 31, 2020 $ (16,155) $ 34 $ (16,121) Other comprehensive income before reclassifications — 2 2 Amounts reclassified from AOCL Recognition of net actuarial losses (a) 408 — 408 Amortization of net prior service credits (a) (128) — (128) Other — 2 2 Total reclassified from AOCL 280 2 282 Total other comprehensive income 280 4 284 Balance at June 27, 2021 $ (15,875) $ 38 $ (15,837) Balance at December 31, 2019 $ (15,528) $ (26) $ (15,554) Other comprehensive income before reclassifications — 3 3 Amounts reclassified from AOCL Recognition of net actuarial losses (a) 344 — 344 Amortization of net prior service credits (a) (124) — (124) Other — (72) (72) Total reclassified from AOCL 220 (72) 148 Total other comprehensive income (loss) 220 (69) 151 Balance at June 28, 2020 $ (15,308) $ (95) $ (15,403)

OTHER

OTHER	6 Months Ended
OTHER	Jun. 27, 2021
Accounting Policies [Abstract]
OTHER	OTHER Changes in Estimates Significant estimates and assumptions are made in estimating contract sales and costs, including the profit booking rate. At the outset of a long-term contract, we identify and monitor risks to the achievement of the technical, schedule and cost aspects of the contract, as well as variable consideration, and assess the effects of those risks on our estimates of sales and total costs to complete the contract. The estimates consider the technical requirements (e.g., a newly-developed product versus a mature product), the schedule and associated tasks (e.g., the number and type of milestone events) and costs (e.g., material, labor, subcontractor, overhead, general and administrative and the estimated costs to fulfill our industrial cooperation agreements, sometimes referred to as offset or localization agreements, required under certain contracts with international customers). The initial profit booking rate of each contract considers risks surrounding the ability to achieve the technical requirements, schedule and costs in the initial estimated total costs to complete the contract. Profit booking rates may increase during the performance of the contract if we successfully retire risks surrounding the technical, schedule and cost aspects of the contract, which decreases the estimated total costs to complete the contract or may increase the variable consideration we expect to receive on the contract. Conversely, our profit booking rates may decrease if the estimated total costs to complete the contract increase or our estimates of variable consideration we expect to receive decrease. All of the estimates are subject to change during the performance of the contract and may affect the profit booking rate. When estimates of total costs to be incurred on a contract exceed total estimates of the transaction price, a provision for the entire loss is determined at the contract level and is recorded in the period in which the loss is determined. In addition, comparability of our segment sales, operating profit and operating margin may be impacted favorably or unfavorably by changes in profit booking rates on our contracts for which we recognize revenue over time using the percentage-of-completion cost-to-cost method to measure progress towards completion. Increases in profit booking rates, typically referred to as risk retirements, usually relate to revisions in the estimated total costs to fulfill the performance obligations that reflect improved conditions on a particular contract. Conversely, conditions on a particular contract may deteriorate, resulting in an increase in the estimated total costs to fulfill the performance obligations and a reduction in the profit booking rate. Increases or decreases in profit booking rates are recognized in the current period and reflect the inception-to-date effect of such changes. Segment operating profit and margin may also be impacted favorably or unfavorably by other items, which may or may not impact sales. Favorable items may include the positive resolution of contractual matters, cost recoveries on severance and restructuring charges, insurance recoveries and gains on sales of assets. Unfavorable items may include the adverse resolution of contractual matters; restructuring charges, except for significant severance actions, which are excluded from segment oper ating results; reserves for disputes; certain asset impairments; and losses on sales of certain assets. Our consolidated net adjustments not related to volume, including net profit booking rate adjustments and other matters, increased segment operating profit by approximately $385 million and $880 million during the quarter and six months ended June 27, 2021 and $480 million and $945 million during the quarters and six months ended June 28, 2020. These adjustments increased net earnings by approximately $304 million ($1.09 per share) and $695 million ($2.49 per share) during the quarter and six months ended June 27, 2021 and $379 million ($1.35 per share) and $747 million ($2.65 per share) during the quarter and six months ended June 28, 2020. We recognized net sales from performance obligations satisfied in prior periods of approximately $492 million and $984 million during the quarter and six months ended June 27, 2021, and $495 million and $1.0 billion during the quarter and six months ended June 28, 2020, which primarily relate to changes in profit booking rates that impacted revenue. We have experienced performance issues on a classified fixed-price incentive fee contract that involves highly complex designs and systems integration at our Aeronautics business segment. During the quarter ended June 27, 2021, we completed a comprehensive review of the program with our customer, including the technical requirements, performance to date, remaining work, schedule, and estimated costs to complete the program. We also entered into negotiations with our customer, which are ongoing, about contract scope, price, and future courses of action. At the conclusion of the review and based on the current negotiations with our customer, it was determined that the total costs to complete the current phase of the program are expected to exceed the contract price. Accordingly, we recognized a loss of $225 million ($169 million, or $0.61 per share, after tax) on the program at our Aeronautics business segment during the quarter ended June 27, 2021, which represents our estimated total losses on the current phase of the program. However, we will continue to monitor our performance, any future changes in scope, and estimated costs to complete the program and may have to record additional losses in future periods if we experience further performance issues, increases in scope, or cost growth, which could be material to our operating results. In addition, we and our industry team may incur advanced procurement costs (also referred to as precontract costs) in order to achieve contract imperatives. We will monitor the recoverability of precontract costs, if any, which could be impacted by the customer’s decision regarding future phases of the program. As previously disclosed in our 2020 Form 10-K, we are responsible for a program to design, develop and construct a ground-based radar at our RMS business segment, and the program has experienced performance issues for which we have periodically accrued reserves. During the quarter ended June 27, 2021, we were able to retire certain risks associated with the reserves we had previously accrued which resulted in the reversal of approximately $15 million ($11 million, or $0.04 per share, after tax) of losses previously recorded. This reversal reduced cumulative losses on this program to approximately $235 million as of June 27, 2021. However, we may continue to experience issues related to customer requirements and our performance under this contract and have to record additional charges. Based on the current amount of losses recorded and our current estimate of the sales and costs to complete the program, at this time we do not anticipate that additional losses, if any, would be material to our operating results or financial condition. As previously disclosed in our 2020 Form 10-K, we have a program, EADGE-T, to design, integrate and install an air missile defense command, control, communications, computers - intelligence (C4I) system for an international customer that has experienced performance issues and for which we have periodically accrued reserves at our RMS business segment. As of June 27, 2021, cumulative losses remained at approximately $260 million. We continue to monitor program requirements and our performance. At this time, we do not anticipate additional charges that would be material to our operating results or financial condition. As previously disclosed, we had a program to design, develop and install an upgraded turret for the Warrior Capability Sustainment Program (“Warrior”). In March 2021, we received notification from our customer that it had made a decision to not proceed with the demonstration and manufacturing phases of the program and we were directed to suspend work on the program. During the quarter ended June 27, 2021, we worked with our customer to develop a plan to wind down the program and entered into negotiations about final scope, milestones, remaining costs, and price. After an evaluation of the financial impacts of the decision to wind down the program and based on the negotiations with the customer during the second quarter of 2021, we reversed previously recognized losses of approximately $40 million ($30 million, or $0.11 per share, after tax) during the quarter ended June 27, 2021 to reflect the removal of terminated scope on this program, net of incremental close-out costs. This reversal reduced cumulative losses on this program to approximately $100 million as of June 27, 2021. Negotiations with our customer and the wind down of the program are expected to be completed during the third quarter of 2021. Backlog Backlog (i.e., unfulfilled or remaining performance obligations) represents the sales we expect to recognize for our products and services for which control has not yet transferred to the customer. Our backlog includes both funded (firm orders for our products and services for which funding has been both authorized and appropriated by the customer) and unfunded (firm orders for which funding has not been appropriated) amounts. We do not include unexercised options or potential orders under indefinite-delivery, indefinite-quantity agreements in our backlog. For our cost-reimbursable and fixed-priced-incentive contracts, the estimated consideration we expect to receive pursuant to the terms of the contract may exceed the contractual award amount. The estimated consideration is determined at the outset of the contract and is continuously reviewed throughout the contract period. In determining the estimated consideration, we consider the risks related to the technical, schedule and cost impacts to complete the contract and an estimate of any variable consideration. Periodically, we review these risks and may increase or decrease backlog accordingly. As the risks on such contracts are successfully retired, the estimated consideration from customers may be reduced, resulting in a reduction of backlog without a corresponding recognition of sales. As of June 27, 2021, our ending backlog was $141.7 billion. We expect to recognize approximately 39% of our backlog over the next 12 months and approximately 61% over the next 24 months as revenue with the remainder recognized thereafter. Lockheed Martin Ventures Fund Through our Lockheed Martin Ventures Fund, we make strategic investments in certain early stage companies that we believe are advancing or developing new technologies applicable to our business. These investments may be in the form of common or preferred stock, warrants, convertible debt securities or investments in funds. Most of the investments are in equity securities without readily determinable fair values, which are measured initially at cost and are then adjusted to fair value only if there is an observable price change or reduced for impairment, if applicable. Investments with quoted market prices in active markets are recorded at fair value at the end of each reporting period. The carrying amounts of investments held in our Lockheed Martin Ventures Fund were $240 million and $173 million at June 27, 2021 and December 31, 2020. During the quarter and six months ended June 27, 2021, we recorded $14 million ($11 million, or $0.04 per share, after tax) and $82 million ($62 million, or $0.22 per share, after tax) of net gains due to sales of investments and changes in value which are reflected in other non-operating income, net in our consolidated statements of earnings. Income Taxes Our effective income tax rate was 16.4% and 16.6% for the quarters and six months ended June 27, 2021, and 17.1% and 16.3% for the quarters and six months ended June 28, 2020. The rate for the second quarter of 2021 is lower than the second quarter of 2020 primarily due to increased tax deductions for foreign derived intangible income. The rate for the six months ended June 27, 2021 is higher than the six months ended June 28, 2020 primarily due to decreased tax deductions for employee equity awards. The rates for both periods benefited from tax deductions for foreign derived intangible income, the research and development tax credit, and dividends paid to the corporation's defined contribution plans with an employee stock ownership plan feature. Severance and Restructuring Charges During the first quarter of 2021, we recorded severance and restructuring charges of $36 million ($28 million, or $0.10 per share, after tax) associated with plans to close and consolidate certain facilities and reduce total workforce within our RMS business segment. The actions were taken to better align RMS' organization and cost structure to improve the efficiency of its operations and affordability of its products and services. Upon separation, terminated employees were to receive lump-sum severance payments primarily based on years of service, the majority of which will be paid over the next several quarters. Investment in Advanced Military Maintenance, Repair and Overhaul Center LLC (AMMROC) In July 2020, we entered into an agreement to sell our ownership interest in AMMROC to our joint venture partner for $307 million. As a result, we adjusted the carrying value of our investment to the selling price of $307 million, which resulted in the recognition of a noncash impairment charge of $128 million ($96 million, or $0.34 per share, after tax) in our results of operations during the quarter ended June 28, 2020. The sale was completed on November 25, 2020. The purchase price was required to be paid in cash installments in 2021, of which we have received $231 million to date. The remaining outstanding installment payment, which is due in late 2021, is guaranteed by an irrevocable letter of credit issued by a third-party financial institution.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Jun. 27, 2021
Accounting Changes and Error Corrections [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS In 2017, the United Kingdom’s Financial Conduct Authority (FCA) announced that after 2021 it would no longer compel banks to submit the rates required to calculate the London Interbank Offered Rate (LIBOR), which have been widely used as reference rates for various securities and financial contracts, including loans, debt and derivatives. This announcement indicates that the continuation of LIBOR on the current basis is not guaranteed after 2021. Subsequently in March 2021, the FCA announced some USD LIBOR tenors (overnight, 1 month, 3 month, 6 month and 12 month) will continue to be published until June 30, 2023. Regulators in the U.S. and other jurisdictions have been working to replace these rates with alternative reference interest rates that are supported by transactions in liquid and observable markets, such as the Secured Overnight Financing Rate (SOFR) for USD LIBOR. Currently, our credit facility and certain of our derivative instruments reference LIBOR-based rates. The discontinuation of LIBOR will require these arrangements to be modified in order to replace LIBOR with an alternative reference interest rate. Our credit facility includes a provision for the determination of a successor LIBOR rate; and we have adhered to the ISDA 2020 IBOR Fallbacks Protocol, which will govern our derivatives upon the final cessation of USD LIBOR. ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , as amended, helps limit the accounting impact from contract modifications, including hedging relationships, due to the transition from LIBOR to alternative reference rates that are completed by December 31, 2022. We do not expect a significant impact to our operating results, financial position or cash flows from the transition from LIBOR to alternative reference interest rates, but we will continue to monitor the impact of this transition until it is completed.

RECENT ACCOUNTING PRONOUNCEME_2

RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	6 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	Jun. 27, 2021
Accounting Changes and Error Corrections [Abstract]
EARNINGS PER COMMON SHARE	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) and exercise of outstanding stock options based on the treasury stock method.
INVENTORY COSTS FOR CONTRACTS	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 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.
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS In 2017, the United Kingdom’s Financial Conduct Authority (FCA) announced that after 2021 it would no longer compel banks to submit the rates required to calculate the London Interbank Offered Rate (LIBOR), which have been widely used as reference rates for various securities and financial contracts, including loans, debt and derivatives. This announcement indicates that the continuation of LIBOR on the current basis is not guaranteed after 2021. Subsequently in March 2021, the FCA announced some USD LIBOR tenors (overnight, 1 month, 3 month, 6 month and 12 month) will continue to be published until June 30, 2023. Regulators in the U.S. and other jurisdictions have been working to replace these rates with alternative reference interest rates that are supported by transactions in liquid and observable markets, such as the Secured Overnight Financing Rate (SOFR) for USD LIBOR. Currently, our credit facility and certain of our derivative instruments reference LIBOR-based rates. The discontinuation of LIBOR will require these arrangements to be modified in order to replace LIBOR with an alternative reference interest rate. Our credit facility includes a provision for the determination of a successor LIBOR rate; and we have adhered to the ISDA 2020 IBOR Fallbacks Protocol, which will govern our derivatives upon the final cessation of USD LIBOR. ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , as amended, helps limit the accounting impact from contract modifications, including hedging relationships, due to the transition from LIBOR to alternative reference rates that are completed by December 31, 2022. We do not expect a significant impact to our operating results, financial position or cash flows from the transition from LIBOR to alternative reference interest rates, but we will continue to monitor the impact of this transition until it is completed.

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	6 Months Ended
EARNINGS PER COMMON SHARE (Tables)	Jun. 27, 2021
Earnings Per Share [Abstract]
Schedule of Weighted Average Shares Outstanding Used to Compute 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 Six Months Ended June 27, June 28, June 27, June 28, Weighted average common shares outstanding for basic computations 277.4 279.8 278.1 280.5 Weighted average dilutive effect of equity awards 1.0 1.0 1.0 1.2 Weighted average common shares outstanding for diluted computations 278.4 280.8 279.1 281.7

INFORMATION ON BUSINESS SEGME_2

INFORMATION ON BUSINESS SEGMENTS (Tables)	6 Months Ended
INFORMATION ON BUSINESS SEGMENTS (Tables)	Jun. 27, 2021
Segment Reporting [Abstract]
Summary of Operating Results and Total Assets for Each Business Segment	Summary operating results for each of our business segments were as follows (in millions): Quarters Ended Six Months Ended June 27, June 28, June 27, June 28, Net sales Aeronautics $ 6,666 $ 6,503 $ 13,053 $ 12,872 Missiles and Fire Control 2,944 2,801 5,693 5,420 Rotary and Mission Systems 4,242 4,039 8,349 7,785 Space 3,177 2,877 6,192 5,794 Total net sales $ 17,029 $ 16,220 $ 33,287 $ 31,871 Operating profit Aeronautics $ 572 $ 739 $ 1,265 $ 1,411 Missiles and Fire Control 401 370 797 766 Rotary and Mission Systems 458 429 891 805 Space 335 252 562 533 Total business segment operating profit 1,766 1,790 3,515 3,515 Unallocated items FAS/CAS operating adjustment 489 469 978 938 Stock-based compensation (80) (73) (127) (115) Severance and restructuring charges — — (36) — Other, net 17 (100) 44 (130) Total unallocated items 426 296 859 693 Total consolidated operating profit $ 2,192 $ 2,086 $ 4,374 $ 4,208 Intersegment sales Aeronautics $ 52 $ 61 $ 105 $ 120 Missiles and Fire Control 167 140 296 276 Rotary and Mission Systems 448 502 926 1,000 Space 92 105 174 213 Total intersegment sales $ 759 $ 808 $ 1,501 $ 1,609 Amortization of purchased intangibles Aeronautics $ (1) $ — $ (1) $ — Missiles and Fire Control — — (1) (1) Rotary and Mission Systems (58) (58) (116) (116) Space (22) (7) (44) (14) Total amortization of purchased intangibles $ (81) $ (65) $ (162) $ (131) Our total net FAS/CAS pension adjustment for the quarters and six months ended June 27, 2021 and June 28, 2020, including the service and non-service cost components of FAS pension income for our qualified defined benefit pension plans, were as follows (in millions): Quarters Ended Six Months Ended June 27, June 28, June 27, June 28, Total FAS income and CAS costs FAS pension income $ 67 $ 29 $ 133 $ 59 Less: CAS pension cost 516 495 1,032 989 Net FAS/CAS pension adjustment $ 583 $ 524 $ 1,165 $ 1,048 Service and non-service cost reconciliation FAS pension service cost $ (27) $ (26) $ (54) $ (51) Less: CAS pension cost 516 495 1,032 989 FAS/CAS operating adjustment 489 469 978 938 Non-operating FAS pension income 94 55 187 110 Net FAS/CAS pension adjustment $ 583 $ 524 $ 1,165 $ 1,048 Net sales by products and services, contract type, customer, and geographic region were as follows (in millions): Quarter Ended June 27, 2021 Aeronautics MFC RMS Space Total Net sales Products $ 5,583 $ 2,571 $ 3,369 $ 2,735 $ 14,258 Services 1,083 373 873 442 2,771 Total net sales $ 6,666 $ 2,944 $ 4,242 $ 3,177 $ 17,029 Net sales by contract type Fixed-price $ 4,920 $ 1,991 $ 2,802 $ 645 $ 10,358 Cost-reimbursable 1,746 953 1,440 2,532 6,671 Total net sales $ 6,666 $ 2,944 $ 4,242 $ 3,177 $ 17,029 Net sales by customer U.S. Government $ 4,367 $ 2,176 $ 3,063 $ 2,719 $ 12,325 International (a) 2,283 766 1,117 447 4,613 U.S. commercial and other 16 2 62 11 91 Total net sales $ 6,666 $ 2,944 $ 4,242 $ 3,177 $ 17,029 Net sales by geographic region United States $ 4,383 $ 2,178 $ 3,125 $ 2,730 $ 12,416 Asia Pacific 914 56 534 2 1,506 Europe 944 232 223 444 1,843 Middle East 311 467 177 1 956 Other 114 11 183 — 308 Total net sales $ 6,666 $ 2,944 $ 4,242 $ 3,177 $ 17,029 Six Months Ended June 27, 2021 Aeronautics MFC RMS Space Total Net sales Products $ 11,062 $ 4,981 $ 6,669 $ 5,299 $ 28,011 Services 1,991 712 1,680 893 5,276 Total net sales $ 13,053 $ 5,693 $ 8,349 $ 6,192 $ 33,287 Net sales by contract type Fixed-price $ 9,654 $ 3,869 $ 5,479 $ 1,259 $ 20,261 Cost-reimbursable 3,399 1,824 2,870 4,933 13,026 Total net sales $ 13,053 $ 5,693 $ 8,349 $ 6,192 $ 33,287 Net sales by customer U.S. Government $ 8,640 $ 4,217 $ 5,873 $ 5,270 $ 24,000 International (a) 4,382 1,469 2,337 904 9,092 U.S. commercial and other 31 7 139 18 195 Total net sales $ 13,053 $ 5,693 $ 8,349 $ 6,192 $ 33,287 Net sales by geographic region United States $ 8,671 $ 4,224 $ 6,012 $ 5,288 $ 24,195 Asia Pacific 1,807 107 1,184 4 3,102 Europe 1,798 414 424 899 3,535 Middle East 595 925 347 1 1,868 Other 182 23 382 — 587 Total net sales $ 13,053 $ 5,693 $ 8,349 $ 6,192 $ 33,287 (a) International sales include FMS contracted through the U.S. Government and direct commercial sales to international governments and other international customers. Quarter Ended June 28, 2020 Aeronautics MFC RMS Space Total Net sales Products $ 5,474 $ 2,422 $ 3,259 $ 2,417 $ 13,572 Services 1,029 379 780 460 2,648 Total net sales $ 6,503 $ 2,801 $ 4,039 $ 2,877 $ 16,220 Net sales by contract type Fixed-price $ 4,467 $ 1,877 $ 2,639 $ 483 $ 9,466 Cost-reimbursable 2,036 924 1,400 2,394 6,754 Total net sales $ 6,503 $ 2,801 $ 4,039 $ 2,877 $ 16,220 Net sales by customer U.S. Government $ 5,352 $ 2,098 $ 2,926 $ 2,533 $ 12,909 International (a) 1,132 699 1,011 330 3,172 U.S. commercial and other 19 4 102 14 139 Total net sales $ 6,503 $ 2,801 $ 4,039 $ 2,877 $ 16,220 Net sales by geographic region United States $ 5,371 $ 2,102 $ 3,028 $ 2,547 $ 13,048 Asia Pacific 353 72 464 16 905 Europe 506 170 170 314 1,160 Middle East 213 442 213 — 868 Other 60 15 164 — 239 Total net sales $ 6,503 $ 2,801 $ 4,039 $ 2,877 $ 16,220 Six Months Ended June 28, 2020 Aeronautics MFC RMS Space Total Net sales Products $ 10,929 $ 4,697 $ 6,245 $ 4,867 $ 26,738 Services 1,943 723 1,540 927 5,133 Total net sales $ 12,872 $ 5,420 $ 7,785 $ 5,794 $ 31,871 Net sales by contract type Fixed-price $ 9,051 $ 3,595 $ 5,121 $ 1,002 $ 18,769 Cost-reimbursable 3,821 1,825 2,664 4,792 13,102 Total net sales $ 12,872 $ 5,420 $ 7,785 $ 5,794 $ 31,871 Net sales by customer U.S. Government $ 9,385 $ 4,053 $ 5,714 $ 5,016 $ 24,168 International (a) 3,453 1,359 1,866 750 7,428 U.S. commercial and other 34 8 205 28 275 Total net sales $ 12,872 $ 5,420 $ 7,785 $ 5,794 $ 31,871 Net sales by geographic region United States $ 9,419 $ 4,061 $ 5,919 $ 5,044 $ 24,443 Asia Pacific 1,348 147 782 44 2,321 Europe 1,454 338 337 712 2,841 Middle East 541 849 420 (6) 1,804 Other 110 25 327 — 462 Total net sales $ 12,872 $ 5,420 $ 7,785 $ 5,794 $ 31,871 (a) International sales include FMS contracted through the U.S. Government and direct commercial sales to international governments and other international customers. Total assets for each of our business segments were as follows (in millions): June 27, December 31, Assets Aeronautics $ 11,810 $ 9,903 Missiles and Fire Control 4,985 4,966 Rotary and Mission Systems 17,828 18,035 Space 6,779 6,451 Total business segment assets 41,402 39,355 Corporate assets (a) 10,697 11,355 Total assets $ 52,099 $ 50,710 (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 and investments held in a separate trust.

CONTRACT ASSETS AND LIABILITI_2

CONTRACT ASSETS AND LIABILITIES (Tables)	6 Months Ended
CONTRACT ASSETS AND LIABILITIES (Tables)	Jun. 27, 2021
Revenue from Contract with Customer [Abstract]
Summary of Contract Assets and Liabilities	Contract assets and contract liabilities were as follows (in millions): June 27, December 31, Contract assets $ 11,425 $ 9,545 Contract liabilities 7,379 7,545

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
INVENTORIES (Tables)	Jun. 27, 2021
Inventory Disclosure [Abstract]
Schedule of Inventories, Net	Inventories consisted of the following (in millions): June 27, December 31, Materials, spares and supplies $ 621 $ 612 Work-in-process 2,290 2,693 Finished goods 208 240 Total inventories $ 3,119 $ 3,545

POSTRETIREMENT BENEFIT PLANS (T

POSTRETIREMENT BENEFIT PLANS (Tables)	6 Months Ended
POSTRETIREMENT BENEFIT PLANS (Tables)	Jun. 27, 2021
Retirement Benefits [Abstract]
Schedule of Pretax Net Periodic Benefit Cost	Our pretax net periodic benefit income related to our qualified defined benefit pension plans and retiree medical and life insurance plans consisted of the following (in millions): Quarters Ended Six Months Ended June 27, June 28, June 27, June 28, Qualified defined benefit pension plans Service cost $ 27 $ 26 $ 54 $ 51 Interest cost 310 384 621 769 Expected return on plan assets (569) (566) (1,138) (1,132) Recognized net actuarial losses 252 212 504 424 Amortization of prior service credits (87) (85) (174) (171) Total net periodic benefit income $ (67) $ (29) $ (133) $ (59) Retiree medical and life insurance plans Service cost $ 4 $ 4 $ 7 $ 7 Interest cost 13 17 26 35 Expected return on plan assets (35) (32) (70) (64) Recognized net actuarial gains — (1) — (2) Amortization of prior service costs 9 9 18 19 Total net periodic benefit income $ (9) $ (3) $ (19) $ (5)

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Jun. 27, 2021
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured and Recorded at Fair Value	Assets and liabilities measured and recorded at fair value on a recurring basis consisted of the following (in millions): June 27, 2021 December 31, 2020 Total Level 1 Level 2 Total Level 1 Level 2 Assets Mutual funds $ 1,398 $ 1,398 $ — $ 1,335 $ 1,335 $ — U.S. Government securities 108 — 108 92 — 92 Other securities 546 344 202 555 341 214 Derivatives 34 — 34 52 — 52 Liabilities Derivatives 37 — 37 22 — 22 Assets measured at NAV (a) Other commingled funds 20 20 (a) Net Asset Value (NAV) is the total value of the fund divided by the number of the fund’s shares outstanding.

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
STOCKHOLDERS' EQUITY (Tables)	Jun. 27, 2021
Equity [Abstract]
Schedule of Changes in the Balance of AOCL, Net of Tax	Changes in the balance of AOCL, net of tax, consisted of the following (in millions): Postretirement Other, net AOCL Balance at December 31, 2020 $ (16,155) $ 34 $ (16,121) Other comprehensive income before reclassifications — 2 2 Amounts reclassified from AOCL Recognition of net actuarial losses (a) 408 — 408 Amortization of net prior service credits (a) (128) — (128) Other — 2 2 Total reclassified from AOCL 280 2 282 Total other comprehensive income 280 4 284 Balance at June 27, 2021 $ (15,875) $ 38 $ (15,837) Balance at December 31, 2019 $ (15,528) $ (26) $ (15,554) Other comprehensive income before reclassifications — 3 3 Amounts reclassified from AOCL Recognition of net actuarial losses (a) 344 — 344 Amortization of net prior service credits (a) (124) — (124) Other — (72) (72) Total reclassified from AOCL 220 (72) 148 Total other comprehensive income (loss) 220 (69) 151 Balance at June 28, 2020 $ (15,308) $ (95) $ (15,403) (a) Reclassifications from AOCL related to our postretirement benefit plans were recorded as a component of net periodic benefit income for each period presented (see “Note 7 - Postretirement Benefit Plans”). These amounts include $140 million and $110 million, net of tax, for the quarters ended June 27, 2021 and June 28, 2020, which are comprised of the recognition of net actuarial losses of $204 million and $172 million for the quarters ended June 27, 2021 and June 28, 2020, and the amortization of net prior service credits of $64 million and $62 million for the quarters ended June 27, 2021 and June 28, 2020.

PENDING ACQUISITION OF AEROJE_2

PENDING ACQUISITION OF AEROJET ROCKETDYNE (Details) - Aerojet Rocketdyne Holdings, Inc. $ / shares in Units, $ in Billions	Dec. 20, 2020USD ($)$ / shares
Business Acquisition [Line Items]
Reduced price (in dollars per share) \| $ / shares	$ 51
Pre-closing special dividend paid to stockholders (in dollars per share) \| $ / shares	$ 5
Post-dividend value \| $	$ 4.6
Total transaction value \| $	$ 4.4

EARNINGS PER COMMON SHARE - Sch

EARNINGS PER COMMON SHARE - Schedule of Weighted Average Shares Outstanding Used to Compute Earnings Per Common Share (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Earnings Per Share [Abstract]
Weighted average common shares outstanding for basic computations (in shares)	277.4	279.8	278.1	280.5
Weighted average dilutive effect of equity awards (in shares)	1	1	1	1.2
Weighted average common shares outstanding for diluted computations (in shares)	278.4	280.8	279.1	281.7

EARNINGS PER COMMON SHARE - Nar

EARNINGS PER COMMON SHARE - Narrative (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Earnings Per Share [Abstract]
Significant anti-dilutive equity awards (in shares)	0	0	0	0

INFORMATION ON BUSINESS SEGME_3

INFORMATION ON BUSINESS SEGMENTS - Narrative (Details) - segment	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Segment Reporting [Abstract]
Number of business segments			4
Product Concentration Risk \| Sales Revenue, Net \| F-35 Program \| Aeronautics
Segment Reporting Information [Line Items]
Net sales for the F-35 program representing total consolidated net sales (as a percent)	27.00%	28.00%	27.00%	28.00%

INFORMATION ON BUSINESS SEGME_4

INFORMATION ON BUSINESS SEGMENTS - Summary of Operating Results For Each Business Segment (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 27, 2021	Mar. 28, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Net sales
Total net sales	$ 17,029		$ 16,220	$ 33,287	$ 31,871
Operating profit
Total operating profit	2,192		2,086	4,374	4,208
Unallocated items
Severance and restructuring charges	0	$ 36	0	36	0
Aeronautics
Net sales
Total net sales	6,666		6,503	13,053	12,872
Missiles and Fire Control
Net sales
Total net sales	2,944		2,801	5,693	5,420
Rotary and Mission Systems
Net sales
Total net sales	4,242		4,039	8,349	7,785
Space
Net sales
Total net sales	3,177		2,877	6,192	5,794
Business Segments
Net sales
Total net sales	17,029		16,220	33,287	31,871
Amortization of purchased intangibles	(81)		(65)	(162)	(131)
Operating profit
Total operating profit	1,766		1,790	3,515	3,515
Business Segments \| Aeronautics
Net sales
Total net sales	6,666		6,503	13,053	12,872
Amortization of purchased intangibles	(1)		0	(1)	0
Operating profit
Total operating profit	572		739	1,265	1,411
Business Segments \| Missiles and Fire Control
Net sales
Total net sales	2,944		2,801	5,693	5,420
Amortization of purchased intangibles	0		0	(1)	(1)
Operating profit
Total operating profit	401		370	797	766
Business Segments \| Rotary and Mission Systems
Net sales
Total net sales	4,242		4,039	8,349	7,785
Amortization of purchased intangibles	(58)		(58)	(116)	(116)
Operating profit
Total operating profit	458		429	891	805
Business Segments \| Space
Net sales
Total net sales	3,177		2,877	6,192	5,794
Amortization of purchased intangibles	(22)		(7)	(44)	(14)
Operating profit
Total operating profit	335		252	562	533
Unallocated items
Unallocated items
FAS/CAS operating adjustment	489		469	978	938
Stock-based compensation	(80)		(73)	(127)	(115)
Severance and restructuring charges	0		0	(36)	0
Other, net	17		(100)	44	(130)
Total unallocated items	426		296	859	693
Intersegment sales
Net sales
Total net sales	759		808	1,501	1,609
Intersegment sales \| Aeronautics
Net sales
Total net sales	52		61	105	120
Intersegment sales \| Missiles and Fire Control
Net sales
Total net sales	167		140	296	276
Intersegment sales \| Rotary and Mission Systems
Net sales
Total net sales	448		502	926	1,000
Intersegment sales \| Space
Net sales
Total net sales	$ 92		$ 105	$ 174	$ 213

INFORMATION ON BUSINESS SEGME_5

INFORMATION ON BUSINESS SEGMENTS - FAS/CAS Pension Adjustment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Segment Reporting Information [Line Items]
Non-operating FAS pension income	$ 94	$ 55	$ 187	$ 110
Net FAS/CAS pension adjustment	583	524	1,165	1,048
Unallocated items
Segment Reporting Information [Line Items]
Less: CAS pension cost	516	495	1,032	989
FAS pension service cost	(27)	(26)	(54)	(51)
FAS/CAS operating adjustment	489	469	978	938
Qualified defined benefit pension plans
Segment Reporting Information [Line Items]
FAS pension income	(67)	(29)	(133)	(59)
FAS pension service cost	(27)	(26)	(54)	(51)
Qualified defined benefit pension plans \| Qualified Plan
Segment Reporting Information [Line Items]
FAS pension income	$ 67	$ 29	$ 133	$ 59

INFORMATION ON BUSINESS SEGME_6

INFORMATION ON BUSINESS SEGMENTS - Income Statement Information For Each Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Net sales
Net sales	$ 17,029	$ 16,220	$ 33,287	$ 31,871
United States
Net sales
Net sales	12,416	13,048	24,195	24,443
Asia Pacific
Net sales
Net sales	1,506	905	3,102	2,321
Europe
Net sales
Net sales	1,843	1,160	3,535	2,841
Middle East
Net sales
Net sales	956	868	1,868	1,804
Other
Net sales
Net sales	308	239	587	462
U.S. Government
Net sales
Net sales	12,325	12,909	24,000	24,168
International
Net sales
Net sales	4,613	3,172	9,092	7,428
U.S. commercial and other
Net sales
Net sales	91	139	195	275
Fixed-price
Net sales
Net sales	10,358	9,466	20,261	18,769
Cost-reimbursable
Net sales
Net sales	6,671	6,754	13,026	13,102
Products
Net sales
Net sales	14,258	13,572	28,011	26,738
Services
Net sales
Net sales	2,771	2,648	5,276	5,133
Aeronautics
Net sales
Net sales	6,666	6,503	13,053	12,872
Aeronautics \| United States
Net sales
Net sales	4,383	5,371	8,671	9,419
Aeronautics \| Asia Pacific
Net sales
Net sales	914	353	1,807	1,348
Aeronautics \| Europe
Net sales
Net sales	944	506	1,798	1,454
Aeronautics \| Middle East
Net sales
Net sales	311	213	595	541
Aeronautics \| Other
Net sales
Net sales	114	60	182	110
Aeronautics \| U.S. Government
Net sales
Net sales	4,367	5,352	8,640	9,385
Aeronautics \| International
Net sales
Net sales	2,283	1,132	4,382	3,453
Aeronautics \| U.S. commercial and other
Net sales
Net sales	16	19	31	34
Aeronautics \| Fixed-price
Net sales
Net sales	4,920	4,467	9,654	9,051
Aeronautics \| Cost-reimbursable
Net sales
Net sales	1,746	2,036	3,399	3,821
Aeronautics \| Products
Net sales
Net sales	5,583	5,474	11,062	10,929
Aeronautics \| Services
Net sales
Net sales	1,083	1,029	1,991	1,943
MFC
Net sales
Net sales	2,944	2,801	5,693	5,420
MFC \| United States
Net sales
Net sales	2,178	2,102	4,224	4,061
MFC \| Asia Pacific
Net sales
Net sales	56	72	107	147
MFC \| Europe
Net sales
Net sales	232	170	414	338
MFC \| Middle East
Net sales
Net sales	467	442	925	849
MFC \| Other
Net sales
Net sales	11	15	23	25
MFC \| U.S. Government
Net sales
Net sales	2,176	2,098	4,217	4,053
MFC \| International
Net sales
Net sales	766	699	1,469	1,359
MFC \| U.S. commercial and other
Net sales
Net sales	2	4	7	8
MFC \| Fixed-price
Net sales
Net sales	1,991	1,877	3,869	3,595
MFC \| Cost-reimbursable
Net sales
Net sales	953	924	1,824	1,825
MFC \| Products
Net sales
Net sales	2,571	2,422	4,981	4,697
MFC \| Services
Net sales
Net sales	373	379	712	723
RMS
Net sales
Net sales	4,242	4,039	8,349	7,785
RMS \| United States
Net sales
Net sales	3,125	3,028	6,012	5,919
RMS \| Asia Pacific
Net sales
Net sales	534	464	1,184	782
RMS \| Europe
Net sales
Net sales	223	170	424	337
RMS \| Middle East
Net sales
Net sales	177	213	347	420
RMS \| Other
Net sales
Net sales	183	164	382	327
RMS \| U.S. Government
Net sales
Net sales	3,063	2,926	5,873	5,714
RMS \| International
Net sales
Net sales	1,117	1,011	2,337	1,866
RMS \| U.S. commercial and other
Net sales
Net sales	62	102	139	205
RMS \| Fixed-price
Net sales
Net sales	2,802	2,639	5,479	5,121
RMS \| Cost-reimbursable
Net sales
Net sales	1,440	1,400	2,870	2,664
RMS \| Products
Net sales
Net sales	3,369	3,259	6,669	6,245
RMS \| Services
Net sales
Net sales	873	780	1,680	1,540
Space
Net sales
Net sales	3,177	2,877	6,192	5,794
Space \| United States
Net sales
Net sales	2,730	2,547	5,288	5,044
Space \| Asia Pacific
Net sales
Net sales	2	16	4	44
Space \| Europe
Net sales
Net sales	444	314	899	712
Space \| Middle East
Net sales
Net sales	1	0	1	(6)
Space \| Other
Net sales
Net sales	0	0	0	0
Space \| U.S. Government
Net sales
Net sales	2,719	2,533	5,270	5,016
Space \| International
Net sales
Net sales	447	330	904	750
Space \| U.S. commercial and other
Net sales
Net sales	11	14	18	28
Space \| Fixed-price
Net sales
Net sales	645	483	1,259	1,002
Space \| Cost-reimbursable
Net sales
Net sales	2,532	2,394	4,933	4,792
Space \| Products
Net sales
Net sales	2,735	2,417	5,299	4,867
Space \| Services
Net sales
Net sales	$ 442	$ 460	$ 893	$ 927

INFORMATION ON BUSINESS SEGME_7

INFORMATION ON BUSINESS SEGMENTS - Total Assets For Each Business Segment (Details) - USD ($) $ in Millions	Jun. 27, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total assets	$ 52,099	$ 50,710
Business Segments
Segment Reporting Information [Line Items]
Total assets	41,402	39,355
Business Segments \| Aeronautics
Segment Reporting Information [Line Items]
Total assets	11,810	9,903
Business Segments \| Missiles and Fire Control
Segment Reporting Information [Line Items]
Total assets	4,985	4,966
Business Segments \| Rotary and Mission Systems
Segment Reporting Information [Line Items]
Total assets	17,828	18,035
Business Segments \| Space
Segment Reporting Information [Line Items]
Total assets	6,779	6,451
Corporate
Segment Reporting Information [Line Items]
Total assets	$ 10,697	$ 11,355

CONTRACT ASSETS AND LIABILITI_3

CONTRACT ASSETS AND LIABILITIES (Details) - USD ($) $ in Millions	Jun. 27, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract assets	$ 11,425	$ 9,545
Contract liabilities	$ 7,379	$ 7,545

CONTRACT ASSETS AND LIABILITI_4

CONTRACT ASSETS AND LIABILITIES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Revenue from Contract with Customer [Abstract]
Increase in contract assets			$ 1,880	$ 727
Impairment loss	$ 0	$ 0	0	0
Decrease in contract liabilities			(166)	427
Liability, revenue recognized	$ 900	$ 1,000	$ 3,200	$ 2,600

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Jun. 27, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Materials, spares and supplies	$ 621	$ 612
Work-in-process	2,290	2,693
Finished goods	208	240
Total inventories	3,119	3,545
Capitalized contract cost	$ 693	$ 583

POSTRETIREMENT BENEFIT PLANS -

POSTRETIREMENT BENEFIT PLANS - Schedule of Pretax Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Qualified defined benefit pension plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 27	$ 26	$ 54	$ 51
Interest cost	310	384	621	769
Expected return on plan assets	(569)	(566)	(1,138)	(1,132)
Recognized net actuarial losses	252	212	504	424
Amortization of prior service credits	(87)	(85)	(174)	(171)
Total net periodic benefit income	(67)	(29)	(133)	(59)
Retiree medical and life insurance plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	4	4	7	7
Interest cost	13	17	26	35
Expected return on plan assets	(35)	(32)	(70)	(64)
Recognized net actuarial losses	0	(1)	0	(2)
Amortization of prior service credits	9	9	18	19
Total net periodic benefit income	$ (9)	$ (3)	$ (19)	$ (5)

POSTRETIREMENT BENEFIT PLANS _2

POSTRETIREMENT BENEFIT PLANS - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Defined Benefit Plan Disclosure [Line Items]
Recognition of previously deferred postretirement benefit plan amounts, before tax	$ 177,000,000	$ 140,000,000	$ 355,000,000	$ 280,000,000
Recognition of previously deferred postretirement benefit plan amounts, net of tax	140,000,000	110,000,000	280,000,000	220,000,000
Retiree medical and life insurance plans
Defined Benefit Plan Disclosure [Line Items]
Recognition of previously deferred postretirement benefit plan amounts, before tax	3,000,000	5,000,000	7,000,000	10,000,000
Qualified defined benefit pension plans
Defined Benefit Plan Disclosure [Line Items]
Material contributions to qualified defined benefit pension plans	$ 0	$ 0	$ 0	$ 0

LEGAL PROCEEDINGS AND CONTING_2

LEGAL PROCEEDINGS AND CONTINGENCIES (Details) $ in Millions	Apr. 24, 2009USD ($)	Dec. 31, 2014	Jun. 30, 2006subsidiary	Jun. 27, 2021USD ($)	Dec. 31, 2020USD ($)	May 31, 2017lawsuit
Loss Contingencies [Line Items]
Damages sought by plaintiff				$ 52
Liabilities recorded relative to environmental matters				778	$ 789
Environmental costs eligible for future recovery				$ 675	685
Period over which costs and recovery of costs is projected				20 years
Outstanding letters of credit, surety bonds, and third-party guarantees				$ 3,300	3,400
Third-party guarantees				$ 852	$ 871
Guarantees of contractual performance of joint ventures (as a percent)				70.00%	71.00%
N.Y. Metropolitan Transportation Authority
Loss Contingencies [Line Items]
Damages sought by plaintiff	$ 190
Contract value	323
Contract payments received to date	241
Claims for monetary damages against the plaintiff	$ 95
Period of bench trial		35 days
Sikorsky Aircraft Corporation
Loss Contingencies [Line Items]
Number of pending claims \| lawsuit						2
Number of entities involved in litigation \| subsidiary			2

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities Measured and Recorded at Fair Value (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Jun. 27, 2021	Dec. 31, 2020
Assets
Derivatives	$ 34	$ 52
Liabilities
Derivatives	37	22
Mutual funds
Assets
Fair Value of Investments	1,398	1,335
U.S. Government securities
Assets
Fair Value of Investments	108	92
Other securities
Assets
Fair Value of Investments	546	555
Level 1
Assets
Derivatives	0	0
Liabilities
Derivatives	0	0
Level 1 \| Mutual funds
Assets
Fair Value of Investments	1,398	1,335
Level 1 \| U.S. Government securities
Assets
Fair Value of Investments	0	0
Level 1 \| Other securities
Assets
Fair Value of Investments	344	341
Level 2
Assets
Derivatives	34	52
Liabilities
Derivatives	37	22
Level 2 \| Mutual funds
Assets
Fair Value of Investments	0	0
Level 2 \| U.S. Government securities
Assets
Fair Value of Investments	108	92
Level 2 \| Other securities
Assets
Fair Value of Investments	202	214
NAV \| Other commingled funds
Liabilities
Assets measured at NAV	$ 20	$ 20

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)	Jun. 27, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding principal amount	$ 13,300,000,000	$ 13,300,000,000
Unamortized discounts and issuance costs	1,100,000,000	1,100,000,000
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of outstanding debt	16,100,000,000	16,900,000,000
Designated as Hedges \| Foreign Currency Hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate notional amount of outstanding interest rate swaps	3,600,000,000	3,400,000,000
Designated as Hedges \| Interest Rate Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate notional amount of outstanding interest rate swaps	$ 722,000,000	$ 572,000,000

STOCKHOLDERS' EQUITY - Repurcha

STOCKHOLDERS' EQUITY - Repurchases of Common Stock (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Shareholders Equity [Line Items]
Reduction to stockholders' equity due to repurchases of common stock	$ 500	$ 277	$ 1,500	$ 1,041
Total remaining authorization for future common share repurchases	$ 1,500		$ 1,500
Number of shares repurchased	$ 1		$ 1
Accelerated Share Repurchase Agreement
Shareholders Equity [Line Items]
Shares repurchased during period (in shares)			4.2
Rule 10b-1
Shareholders Equity [Line Items]
Reduction to stockholders' equity due to repurchases of common stock			$ 1,500

STOCKHOLDERS' EQUITY - Dividend

STOCKHOLDERS' EQUITY - Dividends (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Shareholders Equity [Line Items]
Cash dividends paid and unpaid, amount		$ 671	$ 1,454	$ 1,350	$ 2,179	$ 2,027
Cash dividends declared (in dollars per share)		$ 2.40	$ 5.20	$ 4.80	$ 7.80	$ 7.20
Subsequent Event
Shareholders Equity [Line Items]
Cash dividends paid and unpaid, amount	$ 720
Cash dividends declared (in dollars per share)	$ 2.60

STOCKHOLDERS' EQUITY - Schedule

STOCKHOLDERS' EQUITY - Schedule of Changes in the Balance of AOCL, Net of Tax (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning Balance	$ 6,333	$ 3,487	$ 6,038	$ 3,171
Other comprehensive income before reclassifications			2	3
Total reclassified from AOCL	140	110	282	148
Other comprehensive income, net of tax	171	138	284	151
Ending Balance	6,530	3,786	6,530	3,786
Postretirement Benefit Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning Balance			(16,155)	(15,528)
Other comprehensive income before reclassifications			0	0
Total reclassified from AOCL			280	220
Other comprehensive income, net of tax			280	220
Ending Balance	(15,875)	(15,308)	(15,875)	(15,308)
Other, net
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning Balance			34	(26)
Other comprehensive income before reclassifications			2	3
Total reclassified from AOCL			2	(72)
Other comprehensive income, net of tax			4	(69)
Ending Balance	38	(95)	38	(95)
AOCL
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning Balance	(16,008)	(15,541)	(16,121)	(15,554)
Other comprehensive income, net of tax	171	138	284	151
Ending Balance	(15,837)	(15,403)	(15,837)	(15,403)
Recognition of net actuarial losses
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Total reclassified from AOCL	204	172	408	344
Amortization of net prior service credits
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Total reclassified from AOCL	$ (64)	$ (62)	(128)	(124)
Other
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Total reclassified from AOCL			$ 2	$ (72)

OTHER - Changes in Estimates (D

OTHER - Changes in Estimates (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Change in Accounting Estimate [Line Items]
Performance obligation satisfied in previous period	$ 492	$ 495	$ 984	$ 1,000
Classified Fixed-Price Incentive Fee Contract
Change in Accounting Estimate [Line Items]
Performance growth costs per share, after tax (in dollars per share)	$ 0.61
Classified Fixed-Price Incentive Fee Contract \| Aeronautics
Change in Accounting Estimate [Line Items]
Performance growth costs	$ 225
Performance growth costs after tax	169
Ground Based Radar \| Rotary and Mission Systems
Change in Accounting Estimate [Line Items]
Reversal of estimated cumulative losses	15
Reversal of estimated cumulative losses after tax	$ 11
Reversal of estimated cumulative losses after tax (in dollars per share)	$ 0.04
Cumulative losses on development	$ 235		235
EADGE-T
Change in Accounting Estimate [Line Items]
Cumulative losses on development	260		260
Warrior Capability Sustainment Program
Change in Accounting Estimate [Line Items]
Cumulative losses on development	100		100
Decrease in estimated cumulative losses	40
Decrease in estimated cumulative losses, after tax	$ 30
Decrease in estimated cumulative losses (in dollars per share)	$ 0.11
Contracts Accounted for under Percentage of Completion
Change in Accounting Estimate [Line Items]
Increase in operating profit due to profit rate adjustments	$ 385	480	880	945
Increase in net earnings due to profit rate adjustments	$ 304	$ 379	$ 695	$ 747
Increase in diluted earnings per common share due to profit rate adjustments (in dollars per share)	$ 1.09	$ 1.35	$ 2.49	$ 2.65

OTHER - Backlog (Details)

OTHER - Backlog (Details) $ in Billions	Jun. 27, 2021USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 141.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	39.00%
Expected time of satisfaction	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	61.00%
Expected time of satisfaction	24 months

OTHER - Lockheed Martin Venture

OTHER - Lockheed Martin Ventures Fund (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 27, 2021	Jun. 27, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Carrying amount of investments held in Lockheed Martin Venture Fund	$ 240	$ 240	$ 173
Realized gain reflected in other non-operating income	14	82
Realized gain recognized for changes in fair value, net of tax	$ 11	$ 62
Realized gain recognized for changes in fair value, net of tax (in dollars per share)	$ 0.04	$ 0.22

OTHER - Income Taxes (Details)

OTHER - Income Taxes (Details)	3 Months Ended		6 Months Ended
OTHER - Income Taxes (Details)	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Accounting Policies [Abstract]
Effective income tax rate	16400000.00%	17.10%	16600000.00%	16.30%

OTHER - Severance Charges (Deta

OTHER - Severance Charges (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended			6 Months Ended
	Jun. 27, 2021	Mar. 28, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Accounting Policies [Abstract]
Severance and restructuring charges	$ 0	$ 36	$ 0	$ 36	$ 0
Severance and restructuring charges, after-tax		$ 28
Severance and restructuring charges, after-tax (in dollars per share)		$ 0.10

OTHER - Investments in Advanced

OTHER - Investments in Advanced Military Maintenance, Repair and Overhaul Center LLC (AMMROC) (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Jul. 31, 2020	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Investment Holdings [Line Items]
Equity method investment impairment			$ 0	$ 128
AMMROC
Investment Holdings [Line Items]
Proceeds from sale of investment	$ 307		$ 231
Equity method investments		$ 307		$ 307
Equity method investment impairment		128
Equity method investment impairment, after tax		$ 96
Equity method investment impairment (in dollars per share)		$ 0.34