Lockheed Martin (LMT) 10-Q 18 Oct 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 25, 2022	Oct. 14, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 25, 2022
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		262,073,963
Entity Central Index Key	0000936468
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021
Net sales
Total net sales	$ 16,583	$ 16,028	$ 46,993	$ 49,315
Cost of sales
Severance and restructuring charges	0	0	0	(36)
Other unallocated, net	327	444	875	1,345
Total cost of sales	(14,463)	(13,726)	(41,008)	(42,676)
Gross profit	2,120	2,302	5,985	6,639
Other income (expense), net	39	(8)	70	29
Operating profit	2,159	2,294	6,055	6,668
Interest expense	(145)	(141)	(421)	(423)
Non-service FAS pension income (expense)	111	(1,572)	(1,080)	(1,385)
Other non-operating (expense) income, net	(26)	98	(64)	200
Earnings before income taxes	2,099	679	4,490	5,060
Income tax expense	(321)	(65)	(670)	(794)
Net earnings	$ 1,778	$ 614	$ 3,820	$ 4,266
Earnings per common share
Basic (in dollars per share)	$ 6.73	$ 2.22	$ 14.36	$ 15.37
Diluted (in dollars per share)	6.71	2.21	14.31	15.32
Cash dividends paid per common share (in dollars per share)	$ 2.80	$ 2.60	$ 8.40	$ 7.80
Products
Net sales
Total net sales	$ 14,011	$ 13,475	$ 39,266	$ 41,486
Cost of sales
Total cost of sales	(12,547)	(11,838)	(35,103)	(36,985)
Services
Net sales
Total net sales	2,572	2,553	7,727	7,829
Cost of sales
Total cost of sales	$ (2,243)	$ (2,332)	$ (6,780)	$ (7,000)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021
Statement of Comprehensive Income [Abstract]
Net earnings	$ 1,778	$ 614	$ 3,820	$ 4,266
Postretirement benefit plans
Net actuarial gain recognized due to plan remeasurements, net of tax of $44 million and $505 million in 2022 and $613 million in 2021	162	2,258	1,860	2,258
Amounts reclassified from accumulated other comprehensive loss, net of tax of $1 million and $27 million in 2022 and $30 million and $105 million in 2021	(2)	107	93	387
Pension settlement charge, net of tax of $314 million in 2022 and $355 million in 2021	0	1,310	1,156	1,310
Other, net, net of tax of $6 million and $12 million in 2022 and $4 million and $8 million in 2021	(126)	(55)	(237)	(51)
Other comprehensive income, net of tax	34	3,620	2,872	3,904
Comprehensive income	$ 1,812	$ 4,234	$ 6,692	$ 8,170

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021
Statement of Comprehensive Income [Abstract]
Net other comprehensive income (loss) recognized during the period, net of tax	$ 44	$ 613	$ 505	$ 613
Amounts reclassified from accumulated other comprehensive loss, net of tax expense	1	30	27	105
Pension settlement charge, net of tax	314	355	314	355
Other, net, tax	$ 6	$ 4	$ 12	$ 8

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 25, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 2,430	$ 3,604
Receivables, net	2,484	1,963
Contract assets	12,333	10,579
Inventories	3,113	2,981
Other current assets	600	688
Total current assets	20,960	19,815
Property, plant and equipment, net	7,629	7,597
Goodwill	10,764	10,813
Intangible assets, net	2,521	2,706
Deferred income taxes	3,116	2,290
Other noncurrent assets	7,040	7,652
Total assets	52,030	50,873
Current liabilities
Accounts payable	2,622	780
Salaries, benefits and payroll taxes	3,151	3,108
Contract liabilities	8,059	8,107
Other current liabilities	2,515	2,002
Total current liabilities	16,347	13,997
Long-term debt, net	11,480	11,670
Accrued pension liabilities	5,745	8,319
Other noncurrent liabilities	6,492	5,928
Total liabilities	40,064	39,914
Stockholders’ equity
Common stock, $1 par value per share	261	271
Additional paid-in capital	0	94
Retained earnings	19,839	21,600
Accumulated other comprehensive loss	(8,134)	(11,006)
Total stockholders’ equity	11,966	10,959
Total liabilities and equity	$ 52,030	$ 50,873

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 25, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 1	$ 1

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 25, 2022	Sep. 26, 2021
Operating activities
Net earnings	$ 3,820	$ 4,266
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization	965	999
Stock-based compensation	195	189
Deferred income taxes	(540)	(235)
Pension settlement charge	1,470	1,665
Severance and restructuring charges	0	36
Changes in assets and liabilities
Receivables, net	(521)	(289)
Contract assets	(1,754)	(3,152)
Inventories	(132)	642
Accounts payable	1,834	653
Contract liabilities	(48)	(30)
Income taxes	113	55
Qualified defined benefit pension plans	(322)	(200)
Other, net	794	354
Net cash provided by operating activities	5,874	4,953
Investing activities
Capital expenditures	(977)	(915)
Other, net	(4)	296
Net cash used for investing activities	(981)	(619)
Financing activities
Issuance of long-term debt, net of related costs	2,267	0
Repayments of long-term debt	(2,250)	(500)
Repurchases of common stock	(3,694)	(2,000)
Dividends paid	(2,250)	(2,178)
Other, net	(140)	(89)
Net cash used for financing activities	(6,067)	(4,767)
Net change in cash and cash equivalents	(1,174)	(433)
Cash and cash equivalents at beginning of period	3,604	3,160
Cash and cash equivalents at end of period	$ 2,430	$ 2,727

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, 2020	$ 6,038	$ 279	$ 221	$ 21,636	$ (16,121)	$ 6,015	$ 23
Increase (Decrease) in Stockholders' Equity
Net earnings	4,266			4,266		4,266
Other comprehensive income, net of tax	3,904				3,904	3,904
Dividends declared	(2,954)			(2,954)		(2,954)
Repurchases of common stock	(2,000)	(6)	(522)	(1,472)		(2,000)
Stock-based awards, ESOP activity and other	400	1	399			400
Net decrease in noncontrolling interests in subsidiary	(23)						(23)
Ending Balance at Sep. 26, 2021	9,631	274	98	21,476	(12,217)	9,631	0
Beginning Balance at Jun. 27, 2021	6,530	276	122	21,961	(15,837)	6,522	8
Increase (Decrease) in Stockholders' Equity
Net earnings	614			614		614
Other comprehensive income, net of tax	3,620				3,620	3,620
Dividends declared	(775)			(775)		(775)
Repurchases of common stock	(500)	(2)	(174)	(324)		(500)
Stock-based awards, ESOP activity and other	150		150			150
Net decrease in noncontrolling interests in subsidiary	(8)						(8)
Ending Balance at Sep. 26, 2021	9,631	274	98	21,476	(12,217)	9,631	0
Beginning Balance at Dec. 31, 2021	10,959	271	94	21,600	(11,006)	10,959	0
Increase (Decrease) in Stockholders' Equity
Net earnings	3,820			3,820		3,820
Other comprehensive income, net of tax	2,872				2,872	2,872
Dividends declared	(2,239)			(2,239)		(2,239)
Repurchases of common stock	(3,806)	(11)	(453)	(3,342)		(3,806)
Stock-based awards, ESOP activity and other	360	1	359			360
Ending Balance at Sep. 25, 2022	11,966	261	0	19,839	(8,134)	11,966	0
Beginning Balance at Jun. 26, 2022	11,432	264	0	19,336	(8,168)	11,432	0
Increase (Decrease) in Stockholders' Equity
Net earnings	1,778			1,778		1,778
Other comprehensive income, net of tax	34				34	34
Dividends declared	7			7		7
Repurchases of common stock	(1,433)	(3)	(148)	(1,282)		(1,433)
Stock-based awards, ESOP activity and other	148		148			148
Ending Balance at Sep. 25, 2022	$ 11,966	$ 261	$ 0	$ 19,839	$ (8,134)	$ 11,966	$ 0

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 25, 2022
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 liabilities and assets for the portion of environmental costs that are probable of future recovery; evaluation of goodwill, intangible assets, investments and other assets for impairment; income taxes including deferred tax assets; fair value measurements; and contingencies. The consolidated financial statements include the accounts of subsidiaries we control and variable interest entities if we are the primary beneficiary. We eliminate intercompany balances and transactions in consolidation. We close our books and records on the last Sunday of the interim calendar quarter, which was on September 25, for the third quarter of 2022 and September 26, for the third quarter of 2021, to align our financial closing with our business processes. The consolidated financial statements and tables of financial information included herein are labeled based on that convention. This practice only affects interim periods as our fiscal year ends on December 31. The results of operations for the interim periods presented are not necessarily indicative of results to be expected for the full year or future periods. Unless otherwise noted, we present all per share amounts cited in these consolidated financial statements on a “per diluted share” basis. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021 (2021 Form 10-K).

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	9 Months Ended
	Sep. 25, 2022
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 Nine Months Ended September 25, September 26, September 25, September 26, Weighted average common shares outstanding for basic computations 264.1 276.2 266.0 277.5 Weighted average dilutive effect of equity awards 1.0 1.1 0.9 1.0 Weighted average common shares outstanding for diluted computations 265.1 277.3 266.9 278.5

INFORMATION ON BUSINESS SEGMENT

INFORMATION ON BUSINESS SEGMENTS	9 Months Ended
	Sep. 25, 2022
Segment Reporting [Abstract]
INFORMATION ON BUSINESS SEGMENTS	INFORMATION ON BUSINESS SEGMENTS Overview We operate in four business segments: Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS) and Space. We organize our business segments based on the nature of products and services offered. Selected Financial Data by Business Segment Net sales and operating profit of our business segments exclude intersegment sales, cost of sales, and profit as these activities are eliminated in consolidation and not included in management’s evaluation of performance of each segment. Business segment operating profit includes our share of earnings or losses from equity method investees as the operating activities of the equity method investees are closely aligned with the operations of our business segments. Summary Operating Results Summary operating results for each of our business segments were as follows (in millions): Quarters Ended Nine Months Ended September 25, September 26, September 25, September 26, Net sales Aeronautics $ 7,089 $ 6,568 $ 19,352 $ 19,621 Missiles and Fire Control 2,831 2,781 8,030 8,474 Rotary and Mission Systems 3,781 3,980 11,345 12,329 Space 2,882 2,699 8,266 8,891 Total net sales $ 16,583 $ 16,028 $ 46,993 $ 49,315 Operating profit Aeronautics $ 759 $ 714 $ 2,050 $ 1,979 Missiles and Fire Control 382 413 1,184 1,210 Rotary and Mission Systems 414 459 1,165 1,350 Space 301 264 814 826 Total business segment operating profit 1,856 1,850 5,213 5,365 Unallocated items FAS/CAS pension operating adjustment 430 491 1,281 1,469 Severance and restructuring charges — — — (36) Other, net (127) (47) (439) (130) Total unallocated items 303 444 842 1,303 Total consolidated operating profit $ 2,159 $ 2,294 $ 6,055 $ 6,668 Intersegment sales Aeronautics $ 63 $ 60 $ 181 $ 165 Missiles and Fire Control 146 153 463 449 Rotary and Mission Systems 503 455 1,411 1,381 Space 102 95 284 269 Total intersegment sales $ 814 $ 763 $ 2,339 $ 2,264 Amortization of purchased intangibles Aeronautics $ — $ — $ (1) $ (1) Missiles and Fire Control (1) (1) (2) (2) Rotary and Mission Systems (58) (58) (174) (174) Space (3) (2) (9) (46) Total amortization of purchased intangibles $ (62) $ (61) $ (186) $ (223) Unallocated Items Business segment operating profit excludes the FAS/CAS pension operating adjustment described below, a portion of corporate costs not considered allowable or allocable to contracts with the U.S. Government under the applicable U.S. Government cost accounting standards (CAS) or federal acquisition regulations (FAR), and other items not considered part of management’s evaluation of segment operating performance such as a portion of management and administration costs, legal fees and settlements, environmental costs, changes in the fair value of strategic investments in companies made by our Lockheed Martin Ventures Fund, stock-based compensation expense, changes in the fair value of investments held in a trust for deferred compensation plans, retiree benefits, significant severance actions, significant asset impairments, gains or losses from divestitures, and other miscellaneous corporate activities. Excluded items are included in the reconciling item “Unallocated items” between operating profit from our business segments and our consolidated operating profit. See “Note 10 - Other” for a discussion related to certain factors that may impact the comparability of net sales and operating profit of our business segments. FAS/CAS Pension Operating Adjustment We recover CAS pension and other postretirement benefit plan cost through the pricing of our products and services on U.S. Government contracts and, therefore, recognize CAS pension cost in each of our business segment’s net sales and cost of sales. Our consolidated financial statements must present pension and other postretirement benefit plan income calculated in accordance with FAS requirements under U.S. GAAP. The operating portion of the total FAS/CAS pension adjustment represents the difference between the service cost component of FAS pension income (expense) and total CAS pension cost. The non-service FAS pension income (expense) components are included in non-service FAS pension income (expense) in our consolidated statements of earnings. As a result, to the extent that CAS pension cost exceeds the service cost component of FAS pension income (expense), we have a favorable FAS/CAS pension operating adjustment. The total FAS/CAS pension adjustment for the quarters and nine months ended September 25, 2022 and September 26, 2021, including the service and non-service cost components of FAS pension income (expense) for our qualified defined benefit pension plans, were as follows (in millions): Quarters Ended Nine Months Ended September 25, September 26, September 25, September 26, Total FAS income (expense) and CAS cost FAS pension income (expense) $ 91 $ (1,598) $ (1,148) $ (1,465) Less: CAS pension cost 450 517 1,349 1,549 Total FAS/CAS pension adjustment $ 541 $ (1,081) $ 201 $ 84 Service and non-service cost reconciliation FAS pension service cost $ (20) $ (26) $ (68) $ (80) Less: CAS pension cost 450 517 1,349 1,549 Total FAS/CAS pension operating adjustment 430 491 1,281 1,469 Non-service FAS pension income (expense) 111 (1,572) (1,080) (1,385) Total FAS/CAS pension adjustment $ 541 $ (1,081) $ 201 $ 84 The total FAS/CAS pension adjustment for the nine months ended September 25, 2022 reflects a noncash, non-operating pension settlement charge of $1.5 billion ($1.2 billion, or $4.33 per share, after-tax) recognized in the second quarter in connection with the transfer of $4.3 billion of our gross defined benefit pension obligations and related plan assets to an insurance company on June 24, 2022. The total FAS/CAS pension adjustment during the quarter and nine months ended September 26, 2021 reflects a noncash, non-operating pension settlement charge of $1.7 billion ($1.3 billion, or $4.72 per share, after-tax) recognized in connection with the transfer of $4.9 billion of our gross defined benefit pension obligations and related plan assets to an insurance company on August 3, 2021. See “Note 6 - Postretirement Benefit Plans. Disaggregation of Net Sales Net sales by products and services, contract type, customer, and geographic region were as follows (in millions): Quarter Ended September 25, 2022 Aeronautics MFC RMS Space Total Net sales Products $ 6,072 $ 2,530 $ 2,968 $ 2,441 $ 14,011 Services 1,017 301 813 441 2,572 Total net sales $ 7,089 $ 2,831 $ 3,781 $ 2,882 $ 16,583 Net sales by contract type Fixed-price $ 5,217 $ 2,005 $ 2,436 $ 722 $ 10,380 Cost-reimbursable 1,872 826 1,345 2,160 6,203 Total net sales $ 7,089 $ 2,831 $ 3,781 $ 2,882 $ 16,583 Net sales by customer U.S. Government $ 4,728 $ 2,086 $ 2,721 $ 2,842 $ 12,377 International (a) 2,326 744 1,002 34 4,106 U.S. commercial and other 35 1 58 6 100 Total net sales $ 7,089 $ 2,831 $ 3,781 $ 2,882 $ 16,583 Net sales by geographic region United States $ 4,763 $ 2,087 $ 2,779 $ 2,848 $ 12,477 Europe 1,184 228 199 21 1,632 Asia Pacific 785 100 440 10 1,335 Middle East 255 374 181 3 813 Other 102 42 182 — 326 Total net sales $ 7,089 $ 2,831 $ 3,781 $ 2,882 $ 16,583 Nine Months Ended September 25, 2022 Aeronautics MFC RMS Space Total Net sales Products $ 16,293 $ 7,147 $ 8,906 $ 6,920 $ 39,266 Services 3,059 883 2,439 1,346 7,727 Total net sales $ 19,352 $ 8,030 $ 11,345 $ 8,266 $ 46,993 Net sales by contract type Fixed-price $ 13,819 $ 5,661 $ 7,243 $ 2,112 $ 28,835 Cost-reimbursable 5,533 2,369 4,102 6,154 18,158 Total net sales $ 19,352 $ 8,030 $ 11,345 $ 8,266 $ 46,993 Net sales by customer U.S. Government $ 12,904 $ 5,605 $ 8,017 $ 8,144 $ 34,670 International (a) 6,344 2,419 3,102 97 11,962 U.S. commercial and other 104 6 226 25 361 Total net sales $ 19,352 $ 8,030 $ 11,345 $ 8,266 $ 46,993 Net sales by geographic region United States $ 13,008 $ 5,611 $ 8,243 $ 8,169 $ 35,031 Europe 3,052 746 564 65 4,427 Asia Pacific 2,211 313 1,425 23 3,972 Middle East 739 1,256 558 9 2,562 Other 342 104 555 — 1,001 Total net sales $ 19,352 $ 8,030 $ 11,345 $ 8,266 $ 46,993 Quarter Ended September 26, 2021 Aeronautics MFC RMS Space Total Net sales Products $ 5,573 $ 2,429 $ 3,201 $ 2,272 $ 13,475 Services 995 352 779 427 2,553 Total net sales $ 6,568 $ 2,781 $ 3,980 $ 2,699 $ 16,028 Net sales by contract type Fixed-price $ 4,819 $ 1,900 $ 2,617 $ 631 $ 9,967 Cost-reimbursable 1,749 881 1,363 2,068 6,061 Total net sales $ 6,568 $ 2,781 $ 3,980 $ 2,699 $ 16,028 Net sales by customer U.S. Government $ 4,312 $ 1,938 $ 2,838 $ 2,671 $ 11,759 International (a) 2,229 847 1,047 22 4,145 U.S. commercial and other 27 (4) 95 6 124 Total net sales $ 6,568 $ 2,781 $ 3,980 $ 2,699 $ 16,028 Net sales by geographic region United States $ 4,339 $ 1,934 $ 2,933 $ 2,677 $ 11,883 Europe 910 226 213 32 1,381 Asia Pacific 890 81 409 (14) 1,366 Middle East 360 527 246 4 1,137 Other 69 13 179 — 261 Total net sales $ 6,568 $ 2,781 $ 3,980 $ 2,699 $ 16,028 Nine Months Ended September 26, 2021 Aeronautics MFC RMS Space Total Net sales Products $ 16,635 $ 7,410 $ 9,870 $ 7,571 $ 41,486 Services 2,986 1,064 2,459 1,320 7,829 Total net sales $ 19,621 $ 8,474 $ 12,329 $ 8,891 $ 49,315 Net sales by contract type Fixed-price $ 14,473 $ 5,769 $ 8,096 $ 1,890 $ 30,228 Cost-reimbursable 5,148 2,705 4,233 7,001 19,087 Total net sales $ 19,621 $ 8,474 $ 12,329 $ 8,891 $ 49,315 Net sales by customer U.S. Government $ 12,952 $ 6,155 $ 8,711 $ 7,941 $ 35,759 International (a) 6,611 2,316 3,384 926 13,237 U.S. commercial and other 58 3 234 24 319 Total net sales $ 19,621 $ 8,474 $ 12,329 $ 8,891 $ 49,315 Net sales by geographic region United States $ 13,010 $ 6,158 $ 8,945 $ 7,965 $ 36,078 Europe 2,708 640 637 931 4,916 Asia Pacific 2,697 188 1,593 (10) 4,468 Middle East 955 1,452 593 5 3,005 Other 251 36 561 — 848 Total net sales $ 19,621 $ 8,474 $ 12,329 $ 8,891 $ 49,315 (a) International sales include foreign military sales (FMS) contracted through the U.S. Government and direct commercial sales to international governments and other international customers. Our Aeronautics business segment includes our largest program, the F-35 Lightning II Joint Strike Fighter, an international multi-role, multi-variant, stealth fighter aircraft. Net sales for the F-35 program represented approximately 29% and 27% of our total consolidated net sales for the quarter and nine months ended September 25, 2022 and 28% and 27% of our total consolidated net sales for the quarter and nine months ended September 26, 2021. Assets Total assets for each of our business segments were as follows (in millions): September 25, December 31, Assets Aeronautics $ 12,080 $ 10,756 Missiles and Fire Control 5,560 5,243 Rotary and Mission Systems 17,792 17,664 Space 6,517 6,199 Total business segment assets 41,949 39,862 Corporate assets (a) 10,081 11,011 Total assets $ 52,030 $ 50,873 (a) Corporate assets primarily include cash and cash equivalents, deferred income taxes, assets for the portion of environmental costs that are probable of future recovery, property, plant and equipment, investments held in a separate trust for deferred compensation plans and investments held in the Lockheed Martin Ventures Fund.

CONTRACT ASSETS AND LIABILITIES

CONTRACT ASSETS AND LIABILITIES	9 Months Ended
	Sep. 25, 2022
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): September 25, December 31, Contract assets $ 12,333 $ 10,579 Contract liabilities 8,059 8,107 Contract assets increased $1.8 billion during the nine months ended September 25, 2022, due to the recognition of revenue related to the satisfaction or partial satisfaction of performance obligations during the nine months ended September 25, 2022 for which we have not yet billed our customers (primarily on the F-35 program at Aeronautics). There were no significant credit or impairment losses related to our contract assets during the quarters and nine months ended September 25, 2022 and September 26, 2021. Contract liabilities decreased $48 million during the nine months ended September 25, 2022, primarily due to revenue recognized in excess of payments received on these performance obligations. During the quarter and nine months ended September 25, 2022, we recognized $742 million and $4.3 billion of our contract liabilities at December 31, 2021 as revenue. During the quarter and nine months ended September 26, 2021, we recognized $700 million and $3.9 billion of our contract liabilities at December 31, 2020 as revenue.

INVENTORIES

INVENTORIES	9 Months Ended
	Sep. 25, 2022
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consisted of the following (in millions): September 25, December 31, Materials, spares and supplies $ 609 $ 624 Work-in-process 2,312 2,163 Finished goods 192 194 Total inventories $ 3,113 $ 2,981 Costs incurred to fulfill a contract in advance of the contract being awarded are included in inventories as work-in-process if we determine that those costs relate directly to a contract or to an anticipated contract that we can specifically identify and contract award is probable, the costs generate or enhance resources that will be used in satisfying performance obligations, and the costs are recoverable (referred to as pre-contract costs). Pre-contract costs that are initially capitalized in inventory are generally recognized as cost of sales consistent with the transfer of products and services to the customer upon the receipt of the anticipated contract. All other pre-contract costs, including start-up costs, are expensed as incurred. As of September 25, 2022 and December 31, 2021, $931 million and $634 million of pre-contract costs were included in inventories. The increase in pre-contract costs as of September 25, 2022 is primarily driven by our Aeronautics business segment (primarily F-35 program and classified contracts).

POSTRETIREMENT BENEFIT PLANS

POSTRETIREMENT BENEFIT PLANS	9 Months Ended
	Sep. 25, 2022
Retirement Benefits [Abstract]
POSTRETIREMENT BENEFIT PLANS	POSTRETIREMENT BENEFIT PLANS FAS income (expense) The pretax FAS income (expense) related to our qualified defined benefit pension plans and retiree medical and life insurance plans consisted of the following (in millions): Quarters Ended Nine Months Ended September 25, September 26, September 25, September 26, Qualified defined benefit pension plans Operating: Service cost $ (20) $ (26) $ (68) $ (80) Non-operating: Interest cost (342) (302) (947) (923) Expected return on plan assets 425 517 1,430 1,655 Recognized net actuarial losses (62) (210) (363) (714) Amortization of prior service credits 90 88 270 262 Pension settlement charge — (1,665) (1,470) (1,665) Non-service FAS pension income (expense) 111 (1,572) (1,080) (1,385) Total FAS pension income (expense) $ 91 $ (1,598) $ (1,148) $ (1,465) Retiree medical and life insurance plans Operating: Service cost $ (3) $ (3) $ (7) $ (10) Non-operating: Interest cost (12) (13) (36) (39) Expected return on plan assets 34 35 102 105 Recognized net actuarial gains 12 — 35 — Amortization of prior service costs (7) (9) (21) (27) Non-service FAS retiree medical and life 27 13 80 39 Total FAS retiree medical and life income $ 24 $ 10 $ 73 $ 29 We record the service cost component of FAS income (expense) for our qualified defined benefit plans and retiree medical and life insurance plans in the cost of sales accounts; the non-service components of our FAS income (expense) for our qualified defined benefit pension plans in the non-service FAS pension income (expense) account; and the non-service components of our FAS income (expense) for our retiree medical and life insurance plans as part of the other non-operating income (expense), net account on our consolidated statements of earnings. The recognized net actuarial losses or gains and amortization of prior service credits or costs in the table above, along with similar costs related to our other postretirement benefit plans ($30 million and $41 million for the quarter and nine months ended September 25, 2022 and $6 million and $13 million for the quarter and nine months ended September 26, 2021) were reclassified from accumulated other comprehensive loss (AOCL) and recorded as a component of FAS income (expense) for the periods presented. These costs totaled $(3) million ($(2) million, net of tax) and $120 million ($93 million, net of tax) during the quarter and nine months ended September 25, 2022, and $137 million ($107 million, net of tax) and $492 million ($387 million, net of tax) during the quarter and nine months ended September 26, 2021 and were recorded on our consolidated statements of comprehensive income as an increase to other comprehensive income. Purchase of Group Annuity Contracts and Pension Remeasurement As previously announced, on June 24, 2022, we purchased group annuity contracts to transfer $4.3 billion of gross defined benefit pension obligations and related plan assets to an insurance company for approximately 13,600 U.S. retirees and beneficiaries. The group annuity contracts were purchased using assets from Lockheed Martin’s master retirement trust and no additional funding contribution was required. This transaction had no impact on the amount, timing, or form of the monthly retirement benefit payments to the affected retirees and beneficiaries. In connection with this transaction, during the second quarter we recognized a noncash, non-operating pension settlement charge of $1.5 billion. As a result of this transaction, we were required to remeasure the related plan benefit obligations and assets as of the June 24, 2022 close date reflecting the use of an updated discount rate and actual return on plan assets. The plan remeasurement resulted in a decrease of $2.2 billion to our net unfunded pension obligations, which includes a decrease in benefit obligation of $7.9 billion (primarily due to an increase in the discount rate from 2.875% at December 31, 2021 to 4.75%) and an incremental loss on plan assets of $5.7 billion. The corresponding increase of $1.7 billion after taxes was recognized in stockholders’ equity. We now expect FAS pension expense of approximately $1.1 billion in 2022, inclusive of the noncash, non-operating pension settlement charge of $1.5 billion (pretax) described above. The nine months ended September 26, 2021 reflect a noncash, non-operating pension settlement charge of $1.7 billion recognized in connection with the transfer of $4.9 billion of our gross defined benefit pension obligations and related plan assets to an insurance company on August 3, 2021. Funding requirements 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. We made no contributions to our qualified defined benefit pension plans during the quarters and nine months ended September 25, 2022 and September 26, 2021.

LEGAL PROCEEDINGS AND CONTINGEN

LEGAL PROCEEDINGS AND CONTINGENCIES	9 Months Ended
	Sep. 25, 2022
Commitments and Contingencies Disclosure [Abstract]
LEGAL PROCEEDINGS AND CONTINGENCIES	LEGAL PROCEEDINGS AND CONTINGENCIES We are a party 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. As a U.S. Government contractor, we are subject to various audits and investigations by the U.S. Government to determine whether our operations are being conducted in accordance with applicable regulatory requirements. U.S. Government investigations of us, whether relating to government contracts or conducted for other reasons, could result in administrative, civil, or criminal liabilities, including repayments, fines or penalties being imposed upon us, suspension, proposed debarment, debarment from eligibility for future U.S. Government contracting, or suspension of export privileges. Suspension or debarment could have a material adverse effect on us because of our dependence on contracts with the U.S. Government. U.S. Government investigations often take years to complete and many result in no adverse action against us. We also provide products and services to customers outside of the U.S., which are subject to U.S. and foreign laws and regulations and foreign procurement policies and practices. Our compliance with local regulations or applicable U.S. Government regulations also may be audited or investigated. In the normal course of business, we provide warranties to our customers associated with certain product sales. We record estimated warranty costs in the period in which the related products are delivered. The warranty liability is generally based on the number of months of warranty coverage remaining for the products delivered and the average historical monthly warranty payments. Warranty obligations incurred in connection with long-term production contracts are accounted for within the contract estimates at completion. 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 (CPPC) 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. On November 29, 2021, the District Court granted the U.S. Government’s motion for partial summary judgment, finding that the Derco-SSSI agreement was a CPPC contract. We believe that we have legal and factual defenses to the U.S. Government’s remaining claims. The U.S. Government seeks damages of approximately $52 million, subject to trebling, plus statutory penalties. 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 on the remaining issues 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 Information Systems & Global Solutions (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 September 25, 2022 and December 31, 2021, the aggregate amount of liabilities recorded relative to environmental matters was $722 million and $742 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 totaling $627 million and $645 million at September 25, 2022 and December 31, 2021, 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, potential new regulations of perchlorate and hexavalent chromium at the federal and state level could adversely affect us. In particular, the U.S. Environmental Protection Agency (EPA) is considering whether to regulate hexavalent chromium at the federal level and the California State Water Resources Control Board continues to reevaluate its existing drinking water standard of 6 ppb for perchlorate. If substantially lower standards are adopted for perchlorate in California or for hexavalent chromium 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 chemicals known generally as per- and polyfluoroalkyl substances (PFAS). PFAS 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 $3.6 billion at both September 25, 2022 and December 31, 2021. Third-party guarantees do not include guarantees issued on behalf of subsidiaries and other consolidated entities. At September 25, 2022 and December 31, 2021, third-party guarantees totaled $863 million and $838 million, of which approximately 70% 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 September 25, 2022 and December 31, 2021, there were no material amounts recorded in our financial statements related to third-party guarantees or novation agreements.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 25, 2022
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): September 25, 2022 December 31, 2021 Total Level 1 Level 2 Total Level 1 Level 2 Assets Mutual funds $ 862 $ 862 $ — $ 1,434 $ 1,434 $ — U.S. Government securities 125 — 125 121 — 121 Other securities 605 353 252 684 492 192 Derivatives 116 — 116 15 — 15 Liabilities Derivatives 303 — 303 60 — 60 Assets measured at NAV (a) Other commingled funds — 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 and option 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, the Australian dollar, the Norwegian kroner and the Polish zloty. These contracts hedge forecasted foreign currency transactions in order to minimize 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 interest rate swaps was $1.3 billion and $500 million at September 25, 2022 and December 31, 2021. The aggregate notional amount of our outstanding foreign currency hedges was $5.4 billion and $4.0 billion at September 25, 2022 and December 31, 2021. The fair values of our outstanding interest rate swaps and foreign currency hedges at September 25, 2022 and December 31, 2021 were not significant. Derivative instruments did not have a material impact on net earnings and comprehensive income during the quarters and nine months ended September 25, 2022 and September 26, 2021. The impact of derivative instruments on our consolidated statements of cash flows is included in net cash provided by operating activities. Substantially all of our derivatives are designated for hedge accounting. We also hold investments in public companies, primarily as a result of investments in early-stage companies through our Lockheed Martin Ventures Fund. These investments have quoted market prices in active markets (Level 1) and are recorded at fair value and reflected in other securities in the table above. See “Note 10 - Other - Lockheed Martin Ventures Fund” for more information on Lockheed Martin Ventures investments. 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 $11.8 billion and $15.4 billion at September 25, 2022 and December 31, 2021. The outstanding principal amount of debt was $12.8 billion at both September 25, 2022 and December 31, 2021, excluding $1.2 billion and $1.1 billion of unamortized discounts and issuance costs at September 25, 2022 and December 31, 2021. The estimated fair values of our outstanding debt were determined based on the present value of future cash flows using model-derived valuations that use observable inputs such as interest rates and credit spreads (Level 2).

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 25, 2022
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY Repurchases of Common Stock During the nine months ended September 25, 2022, we repurchased 11.1 million shares of our common stock for $3.8 billion, including pursuant to accelerated share repurchase (ASR) agreements and open market purchases. As previously disclosed, in January 2022, we received 2.2 million shares of our common stock for no additional consideration upon final settlement of the ASR we entered into in the fourth quarter of 2021. In addition, we repurchased 4.7 million shares for $2.0 billion under an ASR agreement that we entered into in the first quarter of 2022. Some of the shares repurchased during the third quarter of 2022 were settled subsequent to the end of the quarter. The total remaining authorization for future common share repurchases under our share repurchase program was $117 million as of September 25, 2022. On October 17, 2022, the Board of Directors authorized an increase to the program by $14 billion. 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 $2.2 billion ($8.40 per share) during the nine months ended September 25, 2022. Subsequent to the third quarter of 2022, on September 30, 2022, the company authorized a fourth quarter dividend payment of $3.00 per share, representing an increase of $0.20 per share. The total amount declared may differ from the total amount of dividends paid during a period due to the 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 Changes in the balance of AOCL, net of tax, consisted of the following (in millions): Postretirement Other, net AOCL Balance at December 31, 2021 $ (10,964) $ (42) $ (11,006) Other comprehensive income (loss) before reclassifications (a) 1,860 (254) 1,606 Amounts reclassified from AOCL Pension settlement charge (b) 1,156 — 1,156 Recognition of net actuarial losses (c) 295 — 295 Amortization of net prior service credits (c) (202) — (202) Other — 17 17 Total reclassified from AOCL 1,249 17 1,266 Total other comprehensive income (loss) 3,109 (237) 2,872 Balance at September 25, 2022 $ (7,855) $ (279) $ (8,134) Balance at December 31, 2020 $ (16,155) $ 34 $ (16,121) Other comprehensive income (loss) before reclassifications (a) 2,258 (55) 2,203 Amounts reclassified from AOCL Pension settlement charge (b) 1,310 — 1,310 Recognition of net actuarial losses (c) 579 — 579 Amortization of net prior service credits (c) (192) — (192) Other — 4 4 Total reclassified from AOCL 1,697 4 1,701 Total other comprehensive income (loss) 3,955 (51) 3,904 Balance at September 26, 2021 $ (12,200) $ (17) $ (12,217) (a) Changes in AOCL before reclassifications related to our postretirement benefit plans represent the net actuarial gains from the interim remeasurement of certain defined benefit pension plans required primarily as a result of the purchase of group annuity contracts to transfer $4.3 billion and $4.9 billion of our gross defined benefit pension obligations and related plan assets to an insurance company on June 24, 2022 and August 3, 2021. (b) During the nine months ended September 25, 2022 and September 26, 2021, we recognized a noncash, non-operating pension settlement charge of $1.5 billion ($1.2 billion, or $4.33 per share, after-tax) and $1.7 billion ($1.3 billion, or $4.72 per share, after-tax). See “Note 6 - Postretirement Benefit Plans”. (c) These amounts include $(2) million and $107 million, net of tax, for the quarters ended September 25, 2022 and September 26, 2021, which are comprised of the recognition of net actuarial losses of $65 million and $171 million for the quarters ended

OTHER

OTHER	9 Months Ended
	Sep. 25, 2022
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 our ability to earn variable consideration, and assess the effects of those risks on our estimates of 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 and the estimated costs to fulfill our industrial cooperation agreements, sometimes referred to as offset 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 related to 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 evident, which we refer to as a reach-forward loss. 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 the profit booking rates, typically referred to as favorable profit adjustments, 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, for example COVID-19 impacts or supply chain disruptions, resulting in an increase in the estimated total costs to fulfill the performance obligations and a reduction in the profit booking rate and are typically referred to as unfavorable profit adjustments. 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 operating results; reserves for disputes; certain asset impairments; and losses on sales of certain assets. We have various development programs for new and upgraded products, services, and related technologies which have complex design and technical challenges. This development work is inherently uncertain and subject to significant variability in estimates of the cost and time required to complete the work by us and our suppliers. Many of these programs have cost-type contracting arrangements (e.g. cost-reimbursable or cost-plus-fixed-fee). In such cases, the associated financial risks are primarily in reduced fees, lower profit rates, or program cancellation if cost, schedule, or technical performance issues arise. However, some of our existing development programs are contracted on a fixed-price basis or include cost-type contracting for the development phase with fixed price production options and our customers are increasingly implementing procurement policies such as these that shift risk to contractors. Competitively bid programs with fixed-price development work or fixed price production options increase the risk of a reach-forward loss upon contract award and during the period of contract performance. Due to the complex and often experimental nature of development programs, we may experience (and have experienced in the past) technical and quality issues during the development of new products or technologies for a variety of reasons. Our development programs are ongoing, and while we believe the cost and fee estimates incorporated in the financial statements are appropriate, the technical complexity of these programs and fixed-price contract structure creates financial risk as estimated completion costs may exceed the current contract value, which could trigger earnings charges, termination provisions, or other financially significant exposures. These programs have risk for reach-forward losses if our estimated costs exceed our estimated contract revenues, and such losses could be significant to our operating results, cash flows, or financial condition. Any such losses are recorded in the period in which the loss is evident. Our consolidated net profit booking rate adjustments increased segment operating profit by approximately $455 million and $1.3 billion during the quarter and nine months ended September 25, 2022 and $580 million and $1.5 billion during the quarter and nine months ended September 26, 2021. These adjustments increased net earnings by approximately $359 million ($1.35 per share) and $1.0 billion ($3.89 per share) during the quarter and nine months ended September 25, 2022 and $458 million ($1.65 per share) and $1.2 billion ($4.14 per share) during the quarter and nine months ended September 26, 2021. We recognized net sales from performance obligations satisfied in prior periods of approximately $515 million and $1.4 billion during the quarter and nine months ended September 25, 2022, and $616 million and $1.6 billion during the quarter and nine months ended September 26, 2021, 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 design and systems integration at our Aeronautics business segment and have periodically accrued reserves. During the quarter ended September 25, 2022, we revised our estimated costs to complete the program by reviewing the design and system integration requirements, performance to date, remaining work, and schedule and recorded an additional charge of approximately $25 million. As of September 25, 2022, cumulative losses were approximately $250 million. 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 will incur advanced procurement costs (also referred to as precontract costs) in order to enhance our ability to achieve the revised schedule and certain milestones. We will monitor the recoverability of precontract costs, which could be impacted by the customer’s decision regarding future phases of the program. We are responsible for a program to design, develop and construct a ground-based radar at our RMS business segment. The program has experienced performance issues for which we have periodically accrued reserves. As of September 25, 2022, cumulative losses were approximately $280 million. 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. However, based on the losses previously 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. 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 September 25, 2022, our ending backlog was $139.7 billion. We expect to recognize approximately 34% of our backlog over the next 12 months and approximately 55% over the next 24 months as revenue with the remainder recognized thereafter. Income Taxes Our effective income tax rate was 15.3% and 14.9% for the quarter and nine months ended September 25, 2022 and 9.6% and 15.7% for the quarter and nine months ended September 26, 2021. The rate for the third quarter of 2021 was lower than the third quarter of 2022 primarily due to lower earnings before income taxes resulting from a noncash, non-operating pension settlement charge of $1.7 billion, which reduced the tax expense by approximately $355 million. The rates for all periods benefited from the research and development tax credit, tax deductions for foreign derived intangible income and dividends paid to our defined contribution plans with an employee stock ownership plan feature. As of December 31, 2021, our liabilities associated with uncertain tax positions were not material. For the quarter ended September 25, 2022, our liabilities associated with uncertain tax positions increased to $1.2 billion with a corresponding increase to net deferred tax assets resulting from the Tax Cuts and Jobs Act of 2017’s elimination of the option for taxpayers to deduct research and development expenditures immediately in the year incurred and instead requiring taxpayers to amortize such expenditures over five years. Lockheed Martin Ventures Fund Through our Lockheed Martin Ventures Fund, we make strategic investments in 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 (privately held securities), 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 (Level 1) (publicly held securities) are recorded at fair value. The carrying amounts of investments held in our Lockheed Martin Ventures Fund were $418 million and $465 million at September 25, 2022 and December 31, 2021. Due to changes in fair value and/or sales of investments, we recorded net losses of $26 million ($20 million, or $0.07 per share, after-tax) and $66 million ($50 million, or $0.19 per share, after-tax) during the quarter and nine months ended September 25, 2022; and net gains of $98 million ($74 million, or $0.27 per share, after-tax) and $180 million ($135 million, or $0.49 per share, after-tax) during the quarter and nine months ended September 26, 2021 . These gains and losses are reflected in the other non-operating (expense) income, net account on our consolidated statements of earnings. 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) related to workforce reductions and facility exit costs within our RMS business segment. These actions were taken to consolidate certain operations in order to improve the efficiency of RMS’ manufacturing operations and affordability of its products and services. Employees terminated as part of these actions received lump-sum severance payments upon separation primarily based on years of service. Revolving Credit Facility On August 24, 2022, we entered into a new Revolving Credit Agreement (the “Revolving Credit Agreement”) with various banks. The Revolving Credit Agreement consists of a $3.0 billion five-year unsecured revolving credit facility, with the option to increase the commitments under the credit facility by an additional amount of up to $500 million (for an aggregate amount of up to $3.5 billion), subject to the agreement of one or more new or existing lenders to provide such additional amounts and certain other customary conditions. The Revolving Credit Agreement matures on August 24, 2027. However, we may request that commitments be renewed for additional one-year periods under certain circumstances as set forth in the Revolving Credit Agreement. The Revolving Credit Agreement is available for any of our lawful corporate purposes, including supporting commercial paper borrowings. Borrowings under the Revolving Credit Agreement are unsecured and bear interest at rates set forth in the Revolving Credit Agreement. The Revolving Credit Agreement contains customary representations, warranties and covenants, including covenants restricting ours and certain of our subsidiaries’ ability to encumber assets and our ability to merge or consolidate with another entity. The Revolving Credit Agreement replaces our revolving credit agreement (the “Former Credit Agreement”), which had been scheduled to mature on August 24, 2026. The Former Credit Agreement, which had a total capacity of $3.0 billion and was undrawn, was terminated effective August 24, 2022. There were no borrowings under the Revolving Credit Agreement or the Former Credit Agreement at September 25, 2022 . Debt Issuance and Redemption On May 5, 2022, we issued a total of $2.3 billion of senior unsecured notes, consisting of $800 million aggregate principal amount of 3.90% Notes due June 15, 2032 (the “2032 Notes”), $850 million aggregate principal amount of 4.15% Notes due June 15, 2053 (the “2053 Notes”) and $650 million aggregate principal amount of 4.30% Notes due June 15, 2062 (the “2062 Notes” and, together with the 2032 Notes and 2053 Notes, the “Notes”) in a registered public offering. We may, at our option, redeem the Notes of any series in whole or in part at any time and from time to time at a redemption price equal to the greater of 100% of the principal amount of the Notes to be redeemed or an applicable make-whole amount, plus accrued and unpaid interest to the date of redemption. On May 11, 2022, we used the net proceeds from the offering of the Notes to redeem all of the outstanding $500 million in aggregate principal amount of our 3.10% Notes due 2023, $750 million in aggregate principal amount of our 2.90% Notes due 2025, and the remaining balance of the net proceeds to redeem $1.0 billion of our outstanding $2.0 billion in aggregate principal amount of our 3.55% Notes due 2026 at their redemption price.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Sep. 25, 2022
Accounting Changes and Error Corrections [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting 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. Our credit facility, as amended in August 2022, contains Term SOFR based rates and contains provisions for selecting a Daily Simple SOFR replacement should Term SOFR not be available as a benchmark. Should either Term or Daily Simple SOFR not be available, we would work with the facility’s Administrative Agent to amend the agreement with a replacement rate. Certain of our derivative instruments still reference LIBOR-based rates. 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, limits 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. The Financial Accounting Standards Board (FASB) is currently working on a project to extend the date to December 31, 2024. We do not expect a significant impact to our financial 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)	9 Months Ended
	Sep. 25, 2022
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) based on the treasury stock method. There were no significant anti-dilutive equity awards during the quarters and nine months ended September 25, 2022 and September 26, 2021. Basic and diluted weighted average common shares outstanding decreased in 2022 compared to 2021 due to share repurchases.
INVENTORIES	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	Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting 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. Our credit facility, as amended in August 2022, contains Term SOFR based rates and contains provisions for selecting a Daily Simple SOFR replacement should Term SOFR not be available as a benchmark. Should either Term or Daily Simple SOFR not be available, we would work with the facility’s Administrative Agent to amend the agreement with a replacement rate. Certain of our derivative instruments still reference LIBOR-based rates. 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, limits 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. The Financial Accounting Standards Board (FASB) is currently working on a project to extend the date to December 31, 2024. We do not expect a significant impact to our financial 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)	9 Months Ended
	Sep. 25, 2022
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 Nine Months Ended September 25, September 26, September 25, September 26, Weighted average common shares outstanding for basic computations 264.1 276.2 266.0 277.5 Weighted average dilutive effect of equity awards 1.0 1.1 0.9 1.0 Weighted average common shares outstanding for diluted computations 265.1 277.3 266.9 278.5

INFORMATION ON BUSINESS SEGME_2

INFORMATION ON BUSINESS SEGMENTS (Tables)	9 Months Ended
	Sep. 25, 2022
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 Nine Months Ended September 25, September 26, September 25, September 26, Net sales Aeronautics $ 7,089 $ 6,568 $ 19,352 $ 19,621 Missiles and Fire Control 2,831 2,781 8,030 8,474 Rotary and Mission Systems 3,781 3,980 11,345 12,329 Space 2,882 2,699 8,266 8,891 Total net sales $ 16,583 $ 16,028 $ 46,993 $ 49,315 Operating profit Aeronautics $ 759 $ 714 $ 2,050 $ 1,979 Missiles and Fire Control 382 413 1,184 1,210 Rotary and Mission Systems 414 459 1,165 1,350 Space 301 264 814 826 Total business segment operating profit 1,856 1,850 5,213 5,365 Unallocated items FAS/CAS pension operating adjustment 430 491 1,281 1,469 Severance and restructuring charges — — — (36) Other, net (127) (47) (439) (130) Total unallocated items 303 444 842 1,303 Total consolidated operating profit $ 2,159 $ 2,294 $ 6,055 $ 6,668 Intersegment sales Aeronautics $ 63 $ 60 $ 181 $ 165 Missiles and Fire Control 146 153 463 449 Rotary and Mission Systems 503 455 1,411 1,381 Space 102 95 284 269 Total intersegment sales $ 814 $ 763 $ 2,339 $ 2,264 Amortization of purchased intangibles Aeronautics $ — $ — $ (1) $ (1) Missiles and Fire Control (1) (1) (2) (2) Rotary and Mission Systems (58) (58) (174) (174) Space (3) (2) (9) (46) Total amortization of purchased intangibles $ (62) $ (61) $ (186) $ (223) The total FAS/CAS pension adjustment for the quarters and nine months ended September 25, 2022 and September 26, 2021, including the service and non-service cost components of FAS pension income (expense) for our qualified defined benefit pension plans, were as follows (in millions): Quarters Ended Nine Months Ended September 25, September 26, September 25, September 26, Total FAS income (expense) and CAS cost FAS pension income (expense) $ 91 $ (1,598) $ (1,148) $ (1,465) Less: CAS pension cost 450 517 1,349 1,549 Total FAS/CAS pension adjustment $ 541 $ (1,081) $ 201 $ 84 Service and non-service cost reconciliation FAS pension service cost $ (20) $ (26) $ (68) $ (80) Less: CAS pension cost 450 517 1,349 1,549 Total FAS/CAS pension operating adjustment 430 491 1,281 1,469 Non-service FAS pension income (expense) 111 (1,572) (1,080) (1,385) Total FAS/CAS pension adjustment $ 541 $ (1,081) $ 201 $ 84 Net sales by products and services, contract type, customer, and geographic region were as follows (in millions): Quarter Ended September 25, 2022 Aeronautics MFC RMS Space Total Net sales Products $ 6,072 $ 2,530 $ 2,968 $ 2,441 $ 14,011 Services 1,017 301 813 441 2,572 Total net sales $ 7,089 $ 2,831 $ 3,781 $ 2,882 $ 16,583 Net sales by contract type Fixed-price $ 5,217 $ 2,005 $ 2,436 $ 722 $ 10,380 Cost-reimbursable 1,872 826 1,345 2,160 6,203 Total net sales $ 7,089 $ 2,831 $ 3,781 $ 2,882 $ 16,583 Net sales by customer U.S. Government $ 4,728 $ 2,086 $ 2,721 $ 2,842 $ 12,377 International (a) 2,326 744 1,002 34 4,106 U.S. commercial and other 35 1 58 6 100 Total net sales $ 7,089 $ 2,831 $ 3,781 $ 2,882 $ 16,583 Net sales by geographic region United States $ 4,763 $ 2,087 $ 2,779 $ 2,848 $ 12,477 Europe 1,184 228 199 21 1,632 Asia Pacific 785 100 440 10 1,335 Middle East 255 374 181 3 813 Other 102 42 182 — 326 Total net sales $ 7,089 $ 2,831 $ 3,781 $ 2,882 $ 16,583 Nine Months Ended September 25, 2022 Aeronautics MFC RMS Space Total Net sales Products $ 16,293 $ 7,147 $ 8,906 $ 6,920 $ 39,266 Services 3,059 883 2,439 1,346 7,727 Total net sales $ 19,352 $ 8,030 $ 11,345 $ 8,266 $ 46,993 Net sales by contract type Fixed-price $ 13,819 $ 5,661 $ 7,243 $ 2,112 $ 28,835 Cost-reimbursable 5,533 2,369 4,102 6,154 18,158 Total net sales $ 19,352 $ 8,030 $ 11,345 $ 8,266 $ 46,993 Net sales by customer U.S. Government $ 12,904 $ 5,605 $ 8,017 $ 8,144 $ 34,670 International (a) 6,344 2,419 3,102 97 11,962 U.S. commercial and other 104 6 226 25 361 Total net sales $ 19,352 $ 8,030 $ 11,345 $ 8,266 $ 46,993 Net sales by geographic region United States $ 13,008 $ 5,611 $ 8,243 $ 8,169 $ 35,031 Europe 3,052 746 564 65 4,427 Asia Pacific 2,211 313 1,425 23 3,972 Middle East 739 1,256 558 9 2,562 Other 342 104 555 — 1,001 Total net sales $ 19,352 $ 8,030 $ 11,345 $ 8,266 $ 46,993 Quarter Ended September 26, 2021 Aeronautics MFC RMS Space Total Net sales Products $ 5,573 $ 2,429 $ 3,201 $ 2,272 $ 13,475 Services 995 352 779 427 2,553 Total net sales $ 6,568 $ 2,781 $ 3,980 $ 2,699 $ 16,028 Net sales by contract type Fixed-price $ 4,819 $ 1,900 $ 2,617 $ 631 $ 9,967 Cost-reimbursable 1,749 881 1,363 2,068 6,061 Total net sales $ 6,568 $ 2,781 $ 3,980 $ 2,699 $ 16,028 Net sales by customer U.S. Government $ 4,312 $ 1,938 $ 2,838 $ 2,671 $ 11,759 International (a) 2,229 847 1,047 22 4,145 U.S. commercial and other 27 (4) 95 6 124 Total net sales $ 6,568 $ 2,781 $ 3,980 $ 2,699 $ 16,028 Net sales by geographic region United States $ 4,339 $ 1,934 $ 2,933 $ 2,677 $ 11,883 Europe 910 226 213 32 1,381 Asia Pacific 890 81 409 (14) 1,366 Middle East 360 527 246 4 1,137 Other 69 13 179 — 261 Total net sales $ 6,568 $ 2,781 $ 3,980 $ 2,699 $ 16,028 Nine Months Ended September 26, 2021 Aeronautics MFC RMS Space Total Net sales Products $ 16,635 $ 7,410 $ 9,870 $ 7,571 $ 41,486 Services 2,986 1,064 2,459 1,320 7,829 Total net sales $ 19,621 $ 8,474 $ 12,329 $ 8,891 $ 49,315 Net sales by contract type Fixed-price $ 14,473 $ 5,769 $ 8,096 $ 1,890 $ 30,228 Cost-reimbursable 5,148 2,705 4,233 7,001 19,087 Total net sales $ 19,621 $ 8,474 $ 12,329 $ 8,891 $ 49,315 Net sales by customer U.S. Government $ 12,952 $ 6,155 $ 8,711 $ 7,941 $ 35,759 International (a) 6,611 2,316 3,384 926 13,237 U.S. commercial and other 58 3 234 24 319 Total net sales $ 19,621 $ 8,474 $ 12,329 $ 8,891 $ 49,315 Net sales by geographic region United States $ 13,010 $ 6,158 $ 8,945 $ 7,965 $ 36,078 Europe 2,708 640 637 931 4,916 Asia Pacific 2,697 188 1,593 (10) 4,468 Middle East 955 1,452 593 5 3,005 Other 251 36 561 — 848 Total net sales $ 19,621 $ 8,474 $ 12,329 $ 8,891 $ 49,315 (a) International sales include foreign military sales (FMS) contracted through the U.S. Government and direct commercial sales to international governments and other international customers. Total assets for each of our business segments were as follows (in millions): September 25, December 31, Assets Aeronautics $ 12,080 $ 10,756 Missiles and Fire Control 5,560 5,243 Rotary and Mission Systems 17,792 17,664 Space 6,517 6,199 Total business segment assets 41,949 39,862 Corporate assets (a) 10,081 11,011 Total assets $ 52,030 $ 50,873 (a) Corporate assets primarily include cash and cash equivalents, deferred income taxes, assets for the portion of environmental costs that are probable of future recovery, property, plant and equipment, investments held in a separate trust for deferred compensation plans and investments held in the Lockheed Martin Ventures Fund.

CONTRACT ASSETS AND LIABILITI_2

CONTRACT ASSETS AND LIABILITIES (Tables)	9 Months Ended
	Sep. 25, 2022
Revenue from Contract with Customer [Abstract]
Summary of Contract Assets and Liabilities	Contract assets and contract liabilities were as follows (in millions): September 25, December 31, Contract assets $ 12,333 $ 10,579 Contract liabilities 8,059 8,107

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Sep. 25, 2022
Inventory Disclosure [Abstract]
Schedule of Inventories, Net	Inventories consisted of the following (in millions): September 25, December 31, Materials, spares and supplies $ 609 $ 624 Work-in-process 2,312 2,163 Finished goods 192 194 Total inventories $ 3,113 $ 2,981

POSTRETIREMENT BENEFIT PLANS (T

POSTRETIREMENT BENEFIT PLANS (Tables)	9 Months Ended
	Sep. 25, 2022
Retirement Benefits [Abstract]
Schedule of Pretax Net Periodic Benefit Cost	The pretax FAS income (expense) related to our qualified defined benefit pension plans and retiree medical and life insurance plans consisted of the following (in millions): Quarters Ended Nine Months Ended September 25, September 26, September 25, September 26, Qualified defined benefit pension plans Operating: Service cost $ (20) $ (26) $ (68) $ (80) Non-operating: Interest cost (342) (302) (947) (923) Expected return on plan assets 425 517 1,430 1,655 Recognized net actuarial losses (62) (210) (363) (714) Amortization of prior service credits 90 88 270 262 Pension settlement charge — (1,665) (1,470) (1,665) Non-service FAS pension income (expense) 111 (1,572) (1,080) (1,385) Total FAS pension income (expense) $ 91 $ (1,598) $ (1,148) $ (1,465) Retiree medical and life insurance plans Operating: Service cost $ (3) $ (3) $ (7) $ (10) Non-operating: Interest cost (12) (13) (36) (39) Expected return on plan assets 34 35 102 105 Recognized net actuarial gains 12 — 35 — Amortization of prior service costs (7) (9) (21) (27) Non-service FAS retiree medical and life 27 13 80 39 Total FAS retiree medical and life income $ 24 $ 10 $ 73 $ 29

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 25, 2022
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): September 25, 2022 December 31, 2021 Total Level 1 Level 2 Total Level 1 Level 2 Assets Mutual funds $ 862 $ 862 $ — $ 1,434 $ 1,434 $ — U.S. Government securities 125 — 125 121 — 121 Other securities 605 353 252 684 492 192 Derivatives 116 — 116 15 — 15 Liabilities Derivatives 303 — 303 60 — 60 Assets measured at NAV (a) Other commingled funds — 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)	9 Months Ended
	Sep. 25, 2022
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, 2021 $ (10,964) $ (42) $ (11,006) Other comprehensive income (loss) before reclassifications (a) 1,860 (254) 1,606 Amounts reclassified from AOCL Pension settlement charge (b) 1,156 — 1,156 Recognition of net actuarial losses (c) 295 — 295 Amortization of net prior service credits (c) (202) — (202) Other — 17 17 Total reclassified from AOCL 1,249 17 1,266 Total other comprehensive income (loss) 3,109 (237) 2,872 Balance at September 25, 2022 $ (7,855) $ (279) $ (8,134) Balance at December 31, 2020 $ (16,155) $ 34 $ (16,121) Other comprehensive income (loss) before reclassifications (a) 2,258 (55) 2,203 Amounts reclassified from AOCL Pension settlement charge (b) 1,310 — 1,310 Recognition of net actuarial losses (c) 579 — 579 Amortization of net prior service credits (c) (192) — (192) Other — 4 4 Total reclassified from AOCL 1,697 4 1,701 Total other comprehensive income (loss) 3,955 (51) 3,904 Balance at September 26, 2021 $ (12,200) $ (17) $ (12,217) (a) Changes in AOCL before reclassifications related to our postretirement benefit plans represent the net actuarial gains from the interim remeasurement of certain defined benefit pension plans required primarily as a result of the purchase of group annuity contracts to transfer $4.3 billion and $4.9 billion of our gross defined benefit pension obligations and related plan assets to an insurance company on June 24, 2022 and August 3, 2021. (b) During the nine months ended September 25, 2022 and September 26, 2021, we recognized a noncash, non-operating pension settlement charge of $1.5 billion ($1.2 billion, or $4.33 per share, after-tax) and $1.7 billion ($1.3 billion, or $4.72 per share, after-tax). See “Note 6 - Postretirement Benefit Plans”. (c) These amounts include $(2) million and $107 million, net of tax, for the quarters ended September 25, 2022 and September 26, 2021, which are comprised of the recognition of net actuarial losses of $65 million and $171 million for the quarters ended

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		9 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021
Earnings Per Share [Abstract]
Weighted average common shares outstanding for basic computations (in shares)	264.1	276.2	266	277.5
Weighted average dilutive effect of equity awards (in shares)	1	1.1	0.9	1
Weighted average common shares outstanding for diluted computations (in shares)	265.1	277.3	266.9	278.5

EARNINGS PER COMMON SHARE - Nar

EARNINGS PER COMMON SHARE - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021
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) $ / shares in Units, $ in Billions	3 Months Ended		9 Months Ended
	Sep. 25, 2022 USD ($)	Sep. 26, 2021 USD ($) $ / shares	Sep. 25, 2022 USD ($) segment $ / shares	Sep. 26, 2021 USD ($) $ / shares	Jun. 24, 2022 USD ($)	Aug. 03, 2021 USD ($)
Segment Reporting [Abstract]
Number of business segments | segment			4
Segment Reporting Information [Line Items]
Non-cash, non-operating pension settlement charge	$ 1.5		$ 1.5	$ 1.7
Non-cash, non-operating pension settlement charge, after tax	$ 1.2	$ 1.3	$ 1.2	$ 1.3
Non-cash, non-operating pension settlement charge, per share, after Tax (in dollars per share) | $ / shares		$ 4.72	$ 4.33	$ 4.72
Outstanding pension benefit obligations and related plan assets					$ 4.3	$ 4.9
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)	29%	28%	27%	27%

INFORMATION ON BUSINESS SEGME_4

INFORMATION ON BUSINESS SEGMENTS - Summary of Operating Results For Each Business Segment (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Mar. 28, 2021	Sep. 25, 2022	Sep. 26, 2021
Net sales
Total net sales	$ 16,583	$ 16,028		$ 46,993	$ 49,315
Operating profit
Total operating profit	2,159	2,294		6,055	6,668
Unallocated items
Severance and restructuring charges	0	0	$ 36	0	36
Aeronautics
Net sales
Total net sales	7,089	6,568		19,352	19,621
Missiles and Fire Control
Net sales
Total net sales	2,831	2,781		8,030	8,474
Rotary and Mission Systems
Net sales
Total net sales	3,781	3,980		11,345	12,329
Space
Net sales
Total net sales	2,882	2,699		8,266	8,891
Business Segments
Net sales
Total net sales	16,583	16,028		46,993	49,315
Operating profit
Total operating profit	1,856	1,850		5,213	5,365
Amortization of purchased intangibles
Amortization of purchased intangibles	(62)	(61)		(186)	(223)
Business Segments | Aeronautics
Net sales
Total net sales	7,089	6,568		19,352	19,621
Operating profit
Total operating profit	759	714		2,050	1,979
Amortization of purchased intangibles
Amortization of purchased intangibles	0	0		(1)	(1)
Business Segments | Missiles and Fire Control
Net sales
Total net sales	2,831	2,781		8,030	8,474
Operating profit
Total operating profit	382	413		1,184	1,210
Amortization of purchased intangibles
Amortization of purchased intangibles	(1)	(1)		(2)	(2)
Business Segments | Rotary and Mission Systems
Net sales
Total net sales	3,781	3,980		11,345	12,329
Operating profit
Total operating profit	414	459		1,165	1,350
Amortization of purchased intangibles
Amortization of purchased intangibles	(58)	(58)		(174)	(174)
Business Segments | Space
Net sales
Total net sales	2,882	2,699		8,266	8,891
Operating profit
Total operating profit	301	264		814	826
Amortization of purchased intangibles
Amortization of purchased intangibles	(3)	(2)		(9)	(46)
Unallocated items
Unallocated items
FAS/CAS pension operating adjustment	430	491		1,281	1,469
Severance and restructuring charges	0	0		0	(36)
Other, net	(127)	(47)		(439)	(130)
Total unallocated items	303	444		842	1,303
Intersegment sales
Net sales
Total net sales	814	763		2,339	2,264
Intersegment sales | Aeronautics
Net sales
Total net sales	63	60		181	165
Intersegment sales | Missiles and Fire Control
Net sales
Total net sales	146	153		463	449
Intersegment sales | Rotary and Mission Systems
Net sales
Total net sales	503	455		1,411	1,381
Intersegment sales | Space
Net sales
Total net sales	$ 102	$ 95		$ 284	$ 269

INFORMATION ON BUSINESS SEGME_5

INFORMATION ON BUSINESS SEGMENTS - FAS/CAS Pension Adjustment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021
Segment Reporting Information [Line Items]
Non-service FAS pension income (expense)	$ 111	$ (1,572)	$ (1,080)	$ (1,385)
Total FAS/CAS pension adjustment	541	(1,081)	201	84
Unallocated items
Segment Reporting Information [Line Items]
Less: CAS pension cost	450	517	1,349	1,549
FAS pension service cost	(20)	(26)	(68)	(80)
FAS/CAS pension operating adjustment	430	491	1,281	1,469
Qualified defined benefit pension plans
Segment Reporting Information [Line Items]
FAS pension income (expense)	91	(1,598)	(1,148)	(1,465)
FAS pension service cost	(20)	(26)	(68)	(80)
Qualified defined benefit pension plans | Qualified Plan
Segment Reporting Information [Line Items]
FAS pension income (expense)	$ 91	$ (1,598)	$ (1,148)	$ (1,465)

INFORMATION ON BUSINESS SEGME_6

INFORMATION ON BUSINESS SEGMENTS - Income Statement Information For Each Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021
Net sales
Net sales	$ 16,583	$ 16,028	$ 46,993	$ 49,315
United States
Net sales
Net sales	12,477	11,883	35,031	36,078
Europe
Net sales
Net sales	1,632	1,381	4,427	4,916
Asia Pacific
Net sales
Net sales	1,335	1,366	3,972	4,468
Middle East
Net sales
Net sales	813	1,137	2,562	3,005
Other
Net sales
Net sales	326	261	1,001	848
U.S. Government
Net sales
Net sales	12,377	11,759	34,670	35,759
International
Net sales
Net sales	4,106	4,145	11,962	13,237
U.S. commercial and other
Net sales
Net sales	100	124	361	319
Fixed-price
Net sales
Net sales	10,380	9,967	28,835	30,228
Cost-reimbursable
Net sales
Net sales	6,203	6,061	18,158	19,087
Products
Net sales
Net sales	14,011	13,475	39,266	41,486
Services
Net sales
Net sales	2,572	2,553	7,727	7,829
Aeronautics
Net sales
Net sales	7,089	6,568	19,352	19,621
Aeronautics | United States
Net sales
Net sales	4,763	4,339	13,008	13,010
Aeronautics | Europe
Net sales
Net sales	1,184	910	3,052	2,708
Aeronautics | Asia Pacific
Net sales
Net sales	785	890	2,211	2,697
Aeronautics | Middle East
Net sales
Net sales	255	360	739	955
Aeronautics | Other
Net sales
Net sales	102	69	342	251
Aeronautics | U.S. Government
Net sales
Net sales	4,728	4,312	12,904	12,952
Aeronautics | International
Net sales
Net sales	2,326	2,229	6,344	6,611
Aeronautics | U.S. commercial and other
Net sales
Net sales	35	27	104	58
Aeronautics | Fixed-price
Net sales
Net sales	5,217	4,819	13,819	14,473
Aeronautics | Cost-reimbursable
Net sales
Net sales	1,872	1,749	5,533	5,148
Aeronautics | Products
Net sales
Net sales	6,072	5,573	16,293	16,635
Aeronautics | Services
Net sales
Net sales	1,017	995	3,059	2,986
MFC
Net sales
Net sales	2,831	2,781	8,030	8,474
MFC | United States
Net sales
Net sales	2,087	1,934	5,611	6,158
MFC | Europe
Net sales
Net sales	228	226	746	640
MFC | Asia Pacific
Net sales
Net sales	100	81	313	188
MFC | Middle East
Net sales
Net sales	374	527	1,256	1,452
MFC | Other
Net sales
Net sales	42	13	104	36
MFC | U.S. Government
Net sales
Net sales	2,086	1,938	5,605	6,155
MFC | International
Net sales
Net sales	744	847	2,419	2,316
MFC | U.S. commercial and other
Net sales
Net sales	1	(4)	6	3
MFC | Fixed-price
Net sales
Net sales	2,005	1,900	5,661	5,769
MFC | Cost-reimbursable
Net sales
Net sales	826	881	2,369	2,705
MFC | Products
Net sales
Net sales	2,530	2,429	7,147	7,410
MFC | Services
Net sales
Net sales	301	352	883	1,064
RMS
Net sales
Net sales	3,781	3,980	11,345	12,329
RMS | United States
Net sales
Net sales	2,779	2,933	8,243	8,945
RMS | Europe
Net sales
Net sales	199	213	564	637
RMS | Asia Pacific
Net sales
Net sales	440	409	1,425	1,593
RMS | Middle East
Net sales
Net sales	181	246	558	593
RMS | Other
Net sales
Net sales	182	179	555	561
RMS | U.S. Government
Net sales
Net sales	2,721	2,838	8,017	8,711
RMS | International
Net sales
Net sales	1,002	1,047	3,102	3,384
RMS | U.S. commercial and other
Net sales
Net sales	58	95	226	234
RMS | Fixed-price
Net sales
Net sales	2,436	2,617	7,243	8,096
RMS | Cost-reimbursable
Net sales
Net sales	1,345	1,363	4,102	4,233
RMS | Products
Net sales
Net sales	2,968	3,201	8,906	9,870
RMS | Services
Net sales
Net sales	813	779	2,439	2,459
Space
Net sales
Net sales	2,882	2,699	8,266	8,891
Space | United States
Net sales
Net sales	2,848	2,677	8,169	7,965
Space | Europe
Net sales
Net sales	21	32	65	931
Space | Asia Pacific
Net sales
Net sales	10	(14)	23	(10)
Space | Middle East
Net sales
Net sales	3	4	9	5
Space | Other
Net sales
Net sales	0	0	0	0
Space | U.S. Government
Net sales
Net sales	2,842	2,671	8,144	7,941
Space | International
Net sales
Net sales	34	22	97	926
Space | U.S. commercial and other
Net sales
Net sales	6	6	25	24
Space | Fixed-price
Net sales
Net sales	722	631	2,112	1,890
Space | Cost-reimbursable
Net sales
Net sales	2,160	2,068	6,154	7,001
Space | Products
Net sales
Net sales	2,441	2,272	6,920	7,571
Space | Services
Net sales
Net sales	$ 441	$ 427	$ 1,346	$ 1,320

INFORMATION ON BUSINESS SEGME_7

INFORMATION ON BUSINESS SEGMENTS - Total Assets For Each Business Segment (Details) - USD ($) $ in Millions	Sep. 25, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total assets	$ 52,030	$ 50,873
Business Segments
Segment Reporting Information [Line Items]
Total assets	41,949	39,862
Business Segments | Aeronautics
Segment Reporting Information [Line Items]
Total assets	12,080	10,756
Business Segments | Missiles and Fire Control
Segment Reporting Information [Line Items]
Total assets	5,560	5,243
Business Segments | Rotary and Mission Systems
Segment Reporting Information [Line Items]
Total assets	17,792	17,664
Business Segments | Space
Segment Reporting Information [Line Items]
Total assets	6,517	6,199
Corporate
Segment Reporting Information [Line Items]
Total assets	$ 10,081	$ 11,011

CONTRACT ASSETS AND LIABILITI_3

CONTRACT ASSETS AND LIABILITIES (Details) - USD ($) $ in Millions	Sep. 25, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract assets	$ 12,333	$ 10,579
Contract liabilities	$ 8,059	$ 8,107

CONTRACT ASSETS AND LIABILITI_4

CONTRACT ASSETS AND LIABILITIES - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021
Revenue from Contract with Customer [Abstract]
Increase in contract assets			$ 1,754,000,000	$ 3,152,000,000
Impairment loss	$ 0	$ 0	0	0
Decrease in contract liabilities			(48,000,000)	(30,000,000)
Liability, revenue recognized	$ 742,000,000	$ 700,000,000	$ 4,300,000,000	$ 3,900,000,000

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Sep. 25, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Materials, spares and supplies	$ 609	$ 624
Work-in-process	2,312	2,163
Finished goods	192	194
Total inventories	3,113	2,981
Capitalized contract cost	$ 931	$ 634

POSTRETIREMENT BENEFIT PLANS -

POSTRETIREMENT BENEFIT PLANS - Schedule of Pretax Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Pension settlement charge			$ (1,470)	$ (1,665)
Qualified defined benefit pension plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ (20)	$ (26)	(68)	(80)
Interest cost	(342)	(302)	(947)	(923)
Expected return on plan assets	425	517	1,430	1,655
Recognized net actuarial losses	(62)	(210)	(363)	(714)
Amortization of prior service credits	90	88	270	262
Pension settlement charge	0	(1,665)	(1,470)	(1,665)
Non-service FAS pension income (expense)	111	(1,572)	(1,080)	(1,385)
Total FAS pension income (expense)	91	(1,598)	(1,148)	(1,465)
Retiree medical and life insurance plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	(3)	(3)	(7)	(10)
Interest cost	(12)	(13)	(36)	(39)
Expected return on plan assets	34	35	102	105
Recognized net actuarial losses	12	0	35	0
Amortization of prior service credits	(7)	(9)	(21)	(27)
Non-service FAS pension income (expense)	27	13	80	39
Total FAS pension income (expense)	$ 24	$ 10	$ 73	$ 29

POSTRETIREMENT BENEFIT PLANS _2

POSTRETIREMENT BENEFIT PLANS - Narrative (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 25, 2022 USD ($)	Sep. 26, 2021 USD ($)	Sep. 25, 2022 USD ($)	Sep. 26, 2021 USD ($)	Dec. 31, 2022 USD ($)	Jun. 24, 2022 USD ($) satellite	Dec. 31, 2021	Aug. 03, 2021 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Recognition of previously deferred postretirement benefit plan amounts, before tax	$ (3,000,000)	$ 137,000,000	$ 120,000,000	$ 492,000,000
Recognition of previously deferred postretirement benefit plan amounts, net of tax	(2,000,000)	107,000,000	93,000,000	387,000,000
Outstanding pension benefit obligations and related plan assets						$ 4,300,000,000		$ 4,900,000,000
Non-cash, non-operating pension settlement charge	1,500,000,000		1,500,000,000	1,700,000,000
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss)			5,700,000,000
Other comprehensive income (loss) before reclassifications (a)			1,606,000,000	2,203,000,000
Material contributions to qualified defined benefit pension plans	0	0	0	0
Postretirement Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Other comprehensive income (loss) before reclassifications (a)			1,860,000,000	2,258,000,000
Retiree medical and life insurance plans
Defined Benefit Plan Disclosure [Line Items]
Recognition of previously deferred postretirement benefit plan amounts, before tax	30,000,000	6,000,000	41,000,000	13,000,000
FAS pension expense (income)	(27,000,000)	(13,000,000)	(80,000,000)	(39,000,000)
Qualified defined benefit pension plans
Defined Benefit Plan Disclosure [Line Items]
FAS pension expense (income)	$ (111,000,000)	$ 1,572,000,000	1,080,000,000	$ 1,385,000,000
Qualified defined benefit pension plans | Postretirement Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Other comprehensive income (loss) before reclassifications (a)			1,700,000,000
Qualified defined benefit pension plans | Forecast
Defined Benefit Plan Disclosure [Line Items]
FAS pension expense (income)					$ 1,100,000,000
FAS pension expense (income), pretax					$ 1,500,000,000
Qualified defined benefit pension plans | Qualified Plan
Defined Benefit Plan Disclosure [Line Items]
Outstanding pension benefit obligations and related plan assets						$ 4,300,000,000		$ 4,900,000,000
Number of retirees and beneficiaries | satellite						13,600
Decrease in defined benefit plan, remeasurements			2,200,000,000
Change in benefit obligation due to remeasurement			$ 7,900,000,000
Benefit obligation, discount rate	4.75%		4.75%				2.875%

LEGAL PROCEEDINGS AND CONTING_2

LEGAL PROCEEDINGS AND CONTINGENCIES (Details) $ in Millions		1 Months Ended	9 Months Ended
	Apr. 24, 2009 USD ($)	Jun. 30, 2006 subsidiary	Sep. 25, 2022 USD ($)	Dec. 31, 2021 USD ($)	May 31, 2017 lawsuit
Loss Contingencies [Line Items]
Damages sought by plaintiff			$ 52
Liabilities recorded relative to environmental matters			722	$ 742
Environmental costs eligible for future recovery			$ 627	645
Period over which costs and recovery of costs is projected			20 years
Outstanding letters of credit, surety bonds, and third-party guarantees			$ 3,600	3,600
Third-party guarantees			$ 863	$ 838
Guarantees of contractual performance of joint ventures (as a percent)			70%
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
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	Sep. 25, 2022	Dec. 31, 2021
Assets
Derivatives	$ 116	$ 15
Liabilities
Derivatives	303	60
Mutual funds
Assets
Fair Value of Investments	862	1,434
U.S. Government securities
Assets
Fair Value of Investments	125	121
Other securities
Assets
Fair Value of Investments	605	684
Level 1
Assets
Derivatives	0	0
Liabilities
Derivatives	0	0
Level 1 | Mutual funds
Assets
Fair Value of Investments	862	1,434
Level 1 | U.S. Government securities
Assets
Fair Value of Investments	0	0
Level 1 | Other securities
Assets
Fair Value of Investments	353	492
Level 2
Assets
Derivatives	116	15
Liabilities
Derivatives	303	60
Level 2 | Mutual funds
Assets
Fair Value of Investments	0	0
Level 2 | U.S. Government securities
Assets
Fair Value of Investments	125	121
Level 2 | Other securities
Assets
Fair Value of Investments	252	192
NAV | Other commingled funds
Liabilities
Assets measured at NAV	$ 0	$ 20

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)	Sep. 25, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding principal amount	$ 12,800,000,000	$ 12,800,000,000
Unamortized discounts and issuance costs	1,200,000,000	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	11,800,000,000	15,400,000,000
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	1,300,000,000	500,000,000
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	$ 5,400,000,000	$ 4,000,000,000

STOCKHOLDERS' EQUITY - Repurcha

STOCKHOLDERS' EQUITY - Repurchases of Common Stock (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions	1 Months Ended	3 Months Ended			9 Months Ended
	Jan. 31, 2022	Sep. 25, 2022	Mar. 27, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021	Oct. 17, 2022	Dec. 31, 2021
Shareholders Equity [Line Items]
Reduction to stockholders' equity due to repurchases of common stock		$ 1,433,000,000		$ 500,000,000	$ 3,806,000,000	$ 2,000,000,000
Total remaining authorization for future common share repurchases		$ 117,000,000			$ 117,000,000
Common stock, par value (in dollars per share)		$ 1			$ 1			$ 1
Subsequent Event
Shareholders Equity [Line Items]
Accelerate Share Repurchase authorized amount							$ 14,000,000,000
Accelerated Share Repurchase Agreement
Shareholders Equity [Line Items]
Shares repurchased during period (in shares)	2.2		4.7		11.1
Reduction to stockholders' equity due to repurchases of common stock			$ 2,000,000,000		$ 3,800,000,000

STOCKHOLDERS' EQUITY - Dividend

STOCKHOLDERS' EQUITY - Dividends (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021
Shareholders Equity [Line Items]
Cash dividends paid and unpaid, amount		$ (7)	$ 775	$ 2,239	$ 2,954
Cash dividends declared (in dollars per share)				$ 8.40
Subsequent Event
Shareholders Equity [Line Items]
Cash dividends declared (in dollars per share)	$ 3
Increase in dividends declared (in dollars per share)	$ 0.20

STOCKHOLDERS' EQUITY - Schedule

STOCKHOLDERS' EQUITY - Schedule of Changes in the Balance of AOCL, Net of Tax (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021	Jun. 24, 2022	Aug. 03, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning Balance	$ 11,432	$ 6,530	$ 10,959	$ 6,038
Other comprehensive income (loss) before reclassifications (a)			1,606	2,203
Total reclassified from AOCL	(2)	107	1,266	1,701
Other comprehensive income, net of tax	34	3,620	2,872	3,904
Ending Balance	11,966	9,631	11,966	9,631
Outstanding pension benefit obligations and related plan assets					$ 4,300	$ 4,900
Non-cash, non-operating pension settlement charge	1,500		1,500	1,700
Non-cash, non-operating pension settlement charge, after tax	1,200	$ 1,300	$ 1,200	$ 1,300
Non-cash, non-operating pension settlement charge, per share, after Tax (in dollars per share)		$ 4.72	$ 4.33	$ 4.72
Qualified Plan | Qualified defined benefit pension plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Outstanding pension benefit obligations and related plan assets					$ 4,300	$ 4,900
Postretirement Benefit Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning Balance			$ (10,964)	$ (16,155)
Other comprehensive income (loss) before reclassifications (a)			1,860	2,258
Total reclassified from AOCL			1,249	1,697
Other comprehensive income, net of tax			3,109	3,955
Ending Balance	(7,855)	$ (12,200)	(7,855)	(12,200)
Postretirement Benefit Plans | Qualified defined benefit pension plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive income (loss) before reclassifications (a)			1,700
Other, net
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning Balance			(42)	34
Other comprehensive income (loss) before reclassifications (a)			(254)	(55)
Total reclassified from AOCL			17	4
Other comprehensive income, net of tax			(237)	(51)
Ending Balance	(279)	(17)	(279)	(17)
AOCL
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning Balance	(8,168)	(15,837)	(11,006)	(16,121)
Other comprehensive income, net of tax	34	3,620	2,872	3,904
Ending Balance	(8,134)	(12,217)	(8,134)	(12,217)
Recognition of settlement loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Total reclassified from AOCL			1,156	1,310
Recognition of net actuarial losses
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Total reclassified from AOCL	65	171	295	579
Amortization of net prior service credits
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Total reclassified from AOCL	$ 67	$ 64	(202)	(192)
Other
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Total reclassified from AOCL			$ 17	$ 4

OTHER - Changes in Estimates (D

OTHER - Changes in Estimates (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021
Change in Accounting Estimate [Line Items]
Performance obligation satisfied in previous period	$ 515	$ 616	$ 1,400	$ 1,600
Classified Fixed-Price Incentive Fee Contract | Aeronautics
Change in Accounting Estimate [Line Items]
Revised estimated remaining costs	25
Performance growth costs			250
Classified Fixed-Price Incentive Fee Contract | Rotary and Mission Systems
Change in Accounting Estimate [Line Items]
Cumulative losses on development	280		280
Contracts Accounted for under Percentage of Completion
Change in Accounting Estimate [Line Items]
Increase in operating profit due to profit rate adjustments	455	580	1,300	1,500
Increase in net earnings due to profit rate adjustments	$ 359	$ 458	$ 1,000	$ 1,200
Increase in diluted earnings per common share due to profit rate adjustments (in dollars per share)	$ 1.35	$ 1.65	$ 3.89	$ 4.14

OTHER - Backlog (Details)

OTHER - Backlog (Details) $ in Billions	Sep. 25, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 139.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-09-26
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	34%
Expected time of satisfaction	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-09-25
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	55%
Expected time of satisfaction	24 months

OTHER - Income Taxes (Details)

OTHER - Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021	Dec. 31, 2021
Accounting Policies [Abstract]
Effective income tax rate	15.30%	9.60%	14.90%	15.70%
Noncash, non-operating settlement charge		$ 1,700,000,000
Reduction in tax expense from pension settlement charge		$ 355,000,000
Unrecognized tax benefits	$ 1,200,000,000		$ 1,200,000,000		$ 0

OTHER - Lockheed Martin Venture

OTHER - Lockheed Martin Ventures Fund (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 25, 2022	Sep. 26, 2021	Dec. 31, 2021
Accounting Policies [Abstract]
Carrying amount of investments held in lockheed martin venture fund	$ 418		$ 418		$ 465
Realized gain (loss) reflected in other non-operating income	(26)	$ 98	(66)	$ 180
Realized gain (loss) recognized for changes in fair value, net of tax	$ (20)	$ 74	$ (50)	$ 135
Realized gain (loss) recognized for changes in fair value, net of tax (in dollars per share)	$ (0.07)	$ 0.27	$ (0.19)	$ 0.49

OTHER - Severance and Restructu

OTHER - Severance and Restructuring Charges (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended			9 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Mar. 28, 2021	Sep. 25, 2022	Sep. 26, 2021
Accounting Policies [Abstract]
Severance and restructuring charges	$ 0	$ 0	$ 36	$ 0	$ 36
Severance and restructuring charges, after-tax			$ 28
Severance and restructuring charges, after-tax (in dollars per share)			$ 0.10

OTHER - Revolving Credit Facili

OTHER - Revolving Credit Facility (Details) - Five Year Revolving Credit Facility - Unsecured Debt - Revolving Credit Facility - USD ($)	Aug. 24, 2022	Sep. 25, 2022
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 3,000,000,000
Debt Instrument, Term	5 years
Line of credit facility, accordion feature, increase limit	$ 500,000,000
Line of credit facility, accordion feature, higher borrowing capacity option	3,500,000,000
Unused borrowing capacity terminated	$ 3,000,000,000
Outstanding borrowings		$ 0

OTHER - Debt Issuance and Redem

OTHER - Debt Issuance and Redemption (Details) - USD ($)			9 Months Ended
	May 11, 2022	May 05, 2022	Sep. 25, 2022	Sep. 26, 2021
Debt Instrument [Line Items]
Repayments of long-term debt			$ 2,250,000,000	$ 500,000,000
Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount		$ 2,300,000,000
Debt instrument, redemption price, percentage		100%
3.90% Notes Due 2032 | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount		$ 800,000,000
Interest percent		3.90%
4.15% Notes Due 2053 | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount		$ 850,000,000
Interest percent		4.15%
4.30% Notes Due 2062 | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount		$ 650,000,000
Interest percent		4.30%
3.10% Notes Due 2023 | Senior Notes
Debt Instrument [Line Items]
Interest percent	3.10%
Repayments of long-term debt	$ 500,000,000
2.90% Notes Due 2025 | Senior Notes
Debt Instrument [Line Items]
Interest percent	2.90%
Repayments of long-term debt	$ 750,000,000
3.55% Notes Due 2026 | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 2,000,000,000
Interest percent	3.55%
Repayments of long-term debt	$ 1,000,000,000