Lockheed Martin (LMT) 10-Q 23 Jul 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 29, 2014
Document Information [Line Items]	'
Document Type	'10-Q
Amendment Flag	'false
Document Period End Date	29-Jun-14
Document Fiscal Year Focus	'2014
Document Fiscal Period Focus	'Q2
Trading Symbol	'LMT
Entity Registrant Name	'LOCKHEED MARTIN CORP
Entity Central Index Key	'0000936468
Current Fiscal Year End Date	'--12-31
Entity Filer Category	'Large Accelerated Filer
Entity Common Stock, Shares Outstanding	317,388,019

Consolidated_Statements_of_Ear

Consolidated Statements of Earnings (USD $)	3 Months Ended		6 Months Ended
In Millions, except Per Share data, unless otherwise specified	Jun. 29, 2014	Jun. 30, 2013	Jun. 29, 2014	Jun. 30, 2013
Net sales	'	'	'	'
Products	$8,980	$9,005	$17,390	$17,711
Services	2,326	2,403	4,566	4,767
Total net sales	11,306	11,408	21,956	22,478
Cost of sales	'	'	'	'
Products	-7,930	-7,815	-15,269	-15,486
Services	-2,063	-2,137	-4,013	-4,271
Severance charges	'	'	'	-30	[1]
Other unallocated, net	28	-232	38	-426
Total cost of sales	-9,965	-10,184	-19,244	-20,213
Gross profit	1,341	1,224	2,712	2,265
Other income, net	85	74	146	152
Operating profit	1,426	1,298	2,858	2,417
Interest expense	-85	-88	-171	-180
Other non-operating income (expense), net	'	1	2	-1
Earnings before income taxes	1,341	1,211	2,689	2,236
Income tax expense	-452	-352	-867	-616
Net earnings	$889	$859	$1,822	$1,620
Earnings per common share	'	'	'	'
Basic earnings per common share in USD	$2.81	$2.68	$5.73	$5.04
Diluted earnings per common share in USD	$2.76	$2.64	$5.63	$4.97
Cash dividends paid per common share	$1.33	$1.15	$2.66	$2.30
[1]	Severance charges during the six months ended June 30, 2013 consisted of amounts, net of state tax benefits, associated with the elimination of certain positions at our IS&GS business segment (Note 8, under the caption "Restructuring Charges"). Severance charges for initiatives that are not significant are included in business segment operating profit.

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended		6 Months Ended
In Millions, unless otherwise specified	Jun. 29, 2014	Jun. 30, 2013	Jun. 29, 2014		Jun. 30, 2013
Net earnings	$889	$859	$1,822		$1,620
Other comprehensive (loss) income, net of tax	'	'	'		'
Other comprehensive income (loss) before reclassifications	'	'	-720		-52
Amounts reclassified from accumulated other comprehensive loss	'	'	337	[1]	504	[1]
Other, net	21	-12	18		-55
Other comprehensive (loss) income, net of tax	-547	241	-383		452
Comprehensive income	342	1,100	1,439		2,072
Postretirement Benefit Plan Adjustments	'	'	'		'
Other comprehensive (loss) income, net of tax	'	'	'		'
Other comprehensive income (loss) before reclassifications	-735	'	-735		'
Amounts reclassified from accumulated other comprehensive loss	167	253	334	[1]	507	[1]
Other comprehensive (loss) income, net of tax	'	'	($401)		$507
[1]	Reclassifications from AOCL related to our postretirement benefit plans were recorded as a component of net periodic benefit cost for each period presented (Note 5). These amounts include $167 million and $253 million for the quarters ended June 29, 2014 and June 30, 2013, which are comprised of the recognition of net actuarial losses of $153 million and $243 million for the quarters ended June 29, 2014 and June 30, 2013, and the amortization of prior service costs of $14 million and $10 million for the quarters ended June 29, 2014 and June 30, 2013.

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Jun. 29, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Current assets	'	'
Cash and cash equivalents	$3,436	$2,617
Receivables, net	6,434	5,834
Inventories, net	2,646	2,977
Deferred income taxes	1,153	1,088
Other current assets	494	813
Total current assets	14,163	13,329
Property, plant, and equipment, net	4,559	4,706
Goodwill	10,505	10,348
Deferred income taxes	3,113	2,850
Other noncurrent assets	4,910	4,955
Total assets	37,250	36,188
Current liabilities	'	'
Accounts payable	1,956	1,397
Customer advances and amounts in excess of costs incurred	6,199	6,349
Salaries, benefits, and payroll taxes	1,813	1,809
Other current liabilities	2,179	1,565
Total current liabilities	12,147	11,120
Accrued pension liabilities	10,046	9,361
Other postretirement benefit liabilities	901	902
Long-term debt, net	6,169	6,152
Other noncurrent liabilities	3,668	3,735
Total liabilities	32,931	31,270
Stockholders' equity	'	'
Common stock, $1 par value per share	315	319
Additional paid-in capital	'	'
Retained earnings	13,988	14,200
Accumulated other comprehensive loss	-9,984	-9,601
Total stockholders' equity	4,319	4,918
Total liabilities and stockholders' equity	$37,250	$36,188

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 29, 2014	Dec. 31, 2013
Common stock, par value (in USD per share)	$1	$1

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	6 Months Ended
In Millions, unless otherwise specified	Jun. 29, 2014	Jun. 30, 2013
Operating activities	'	'
Net earnings	$1,822	$1,620
Adjustments to reconcile net earnings to net cash provided by operating activities	'	'
Depreciation and amortization	479	472
Stock-based compensation	97	112
Severance charges	'	30	[1]
Changes in operating assets and liabilities	'	'
Receivables, net	-598	-244
Inventories, net	307	43
Accounts payable	557	5
Customer advances and amounts in excess of costs incurred	-160	-120
Postretirement benefit plans	125	236
Income taxes	311	569
Other, net	137	-15
Net cash provided by operating activities	3,077	2,708
Investing activities	'	'
Capital expenditures	-253	-282
Acquisitions of businesses and investments in affiliates	-172	-63
Other, net	-1	6
Net cash used for investing activities	-426	-339
Financing activities	'	'
Repurchases of common stock	-1,230	-926
Proceeds from stock option exercises	223	389
Dividends paid	-865	-742
Repayments of long-term debt	'	-150
Other, net	40	7
Net cash used for financing activities	-1,832	-1,422
Net change in cash and cash equivalents	819	947
Cash and cash equivalents at beginning of period	2,617	1,898
Cash and cash equivalents at end of period	$3,436	$2,845
[1]	Severance charges during the six months ended June 30, 2013 consisted of amounts, net of state tax benefits, associated with the elimination of certain positions at our IS&GS business segment (Note 8, under the caption "Restructuring Charges"). Severance charges for initiatives that are not significant are included in business segment operating profit.

Consolidated_Statements_of_Sto

Consolidated Statements of Stockholders' Equity (USD $)	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss
In Millions
Beginning Balance at Dec. 31, 2012	$39	$321	'	$13,211	($13,493)
Net earnings	1,620	'	'	1,620	'
Other comprehensive (loss) income, net of tax	452	'	'	'	452
Repurchases of common stock	-914	-9	-615	-290	'
Dividends declared	-1,125	'	'	-1,125	'
Stock-based awards and ESOP activity	622	7	615	'	'
Ending Balance at Jun. 30, 2013	694	319	'	13,416	-13,041
Beginning Balance at Dec. 31, 2013	4,918	319	'	14,200	-9,601
Net earnings	1,822	'	'	1,822	'
Other comprehensive (loss) income, net of tax	-383	'	'	'	-383
Repurchases of common stock	-1,230	-8	-472	-750	'
Dividends declared	-1,284	'	'	-1,284	'
Stock-based awards and ESOP activity	476	4	472	'	'
Ending Balance at Jun. 29, 2014	$4,319	$315	'	$13,988	($9,984)

BASIS_OF_PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 29, 2014
BASIS OF PRESENTATION	'
	NOTE 1 – BASIS OF PRESENTATION
	We prepared these consolidated financial statements in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information, the instructions to Form 10-Q, and Article 10 of U.S. Securities and Exchange Commission (SEC) Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. We followed the accounting policies disclosed in the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2013 (2013 Form 10-K) filed with the SEC.
	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 receivables and liabilities, evaluation of goodwill 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 have reclassified certain amounts in the prior period to conform to the current year presentation.
	We close our books and records on the last Sunday of the calendar quarter, which was on June 29 for the second quarter of 2014 and June 30 for the second quarter of 2013, 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 2013 Form 10-K.

EARNINGS_PER_COMMON_SHARE

EARNINGS PER COMMON SHARE	6 Months Ended
	Jun. 29, 2014
EARNINGS PER COMMON SHARE	'
	NOTE 2 – EARNINGS PER COMMON SHARE
	The weighted average number of shares outstanding used to compute earnings per common share were as follows (in millions):
		Quarters Ended				Six Months Ended
		June 29,		June 30,		June 29,		June 30,
		2014		2013		2014		2013
	Weighted average common shares outstanding for basic computations		316.8		320.8		318.0		321.2
	Weighted average dilutive effect of equity awards		5.3		5.1		5.6		4.9
	Weighted average common shares outstanding for diluted computations		322.1		325.9		323.6		326.1
	We compute basic and diluted earnings per common share by dividing net earnings by the respective weighted average number of common shares outstanding for the periods presented. Our calculation of diluted earnings per common share also includes the dilutive effects for the assumed vesting of outstanding restricted stock units and exercise of outstanding stock options based on the treasury stock method.
	The computation of diluted earnings per common share excluded 3.3 million and 4.9 million stock options for the quarter and six months ended June 30, 2013 because their inclusion would have been anti-dilutive, primarily due to their exercise prices exceeding the average market prices of our common stock. There were no anti-dilutive stock options for the quarter and six months ended June 29, 2014.

BUSINESS_SEGMENT_INFORMATION

BUSINESS SEGMENT INFORMATION	6 Months Ended
	Jun. 29, 2014
BUSINESS SEGMENT INFORMATION	'
	NOTE 3 – BUSINESS SEGMENT INFORMATION
	We operate in five business segments: Aeronautics, Information Systems & Global Solutions (IS&GS), Missiles and Fire Control, Mission Systems and Training (MST), and Space Systems. We organize our business segments based on the nature of the products and services offered.
	Net sales of our business segments exclude intersegment sales as these activities are eliminated in consolidation. Intercompany transactions are generally negotiated under terms and conditions that share many similar characteristics (e.g., contract structures, funding profiles, target cost values, contract progress reports) with our third-party contracts, primarily the U.S. Government.
	Operating profit of our business segments includes our share of earnings or losses from equity method investees because the operating activities of the equity method investees are closely aligned with the operations of our business segments. United Launch Alliance (ULA), which is part of our Space Systems business segment, is our primary equity method investee. Operating profit of our business segments excludes the FAS/CAS pension adjustment described below; expense for stock-based compensation; the effects of items not considered part of management’s evaluation of segment operating performance, such as charges related to significant severance actions (Note 8, under the caption “Restructuring Charges”) and goodwill impairments; gains or losses from divestitures; the effects of certain legal settlements; corporate costs not allocated to our business segments; and other miscellaneous corporate activities. These items are included in the reconciling item “Unallocated, net” between operating profit from our business segments and our consolidated operating profit. See Note 8 (under the caption “Changes in Estimates”) for a discussion related to certain factors that may impact the comparability of net sales and operating profit of our business segments.
	Our business segments’ results of operations include pension expense only as calculated under U.S. Government Cost Accounting Standards (CAS), which we refer to as CAS cost. We recover CAS cost through the pricing of our products and services on U.S. Government contracts and, therefore, the CAS cost is recognized in each of our business segments’ net sales and cost of sales. Since our consolidated financial statements must present pension expense calculated in accordance with the financial accounting standards (FAS) requirements under GAAP, which we refer to as FAS pension expense, the FAS/CAS pension adjustment increases or decreases the CAS pension expense recorded in our business segments’ results of operations to equal the FAS pension expense. As a result, to the extent that CAS cost exceeds FAS pension expense, which occurred for the quarter and six months ended June 29, 2014, we have FAS/CAS pension income and, conversely, to the extent FAS pension expense exceeds CAS cost, which occurred for the quarter and six months ended June 30, 2013, we have FAS/CAS pension expense.
	Summary operating results for each of our business segments were as follows (in millions):
			Quarters Ended					Six Months Ended
			June 29,			June 30,		June 29,		June 30,
			2014			2013		2014		2013
	Net sales
	Aeronautics		$	3,855		$	3,407	$	7,241	$	6,593
	Information Systems & Global Solutions			1,941			2,101		3,851		4,207
	Missiles and Fire Control			1,891			2,043		3,758		4,031
	Mission Systems and Training			1,771			1,770		3,399		3,600
	Space Systems			1,848			2,087		3,707		4,047
	Total net sales		$	11,306		$	11,408	$	21,956	$	22,478
	Operating profit
	Aeronautics		$	453		$	407	$	846	$	786
	Information Systems & Global Solutions			175			194		349		383
	Missiles and Fire Control			345			381		703		725
	Mission Systems and Training			185			275		435		476
	Space Systems			248			276		502		506
	Total business segment operating profit			1,406			1,533		2,835		2,876
	Unallocated, net
	FAS/CAS pension adjustment
	FAS pension expense			(314)			(487)		(627)		(974)
	Less: CAS cost			399			367		798		733
	FAS/CAS pension income (expense) (a)			85			(120)		171		(241)
	Severance charges (b)			—			—		—		(30)
	Stock-based compensation			(49)			(59)		(97)		(112)
	Other, net			(16)			(56)		(51)		(76)
	Total unallocated, net			20			(235)		23		(459)
	Total consolidated operating profit		$	1,426		$	1,298	$	2,858	$	2,417
	Intersegment sales
	Aeronautics		$	30		$	49	$	57	$	99
	Information Systems & Global Solutions			172			173		348		363
	Missiles and Fire Control			76			71		163		124
	Mission Systems and Training			298			252		613		479
	Space Systems			26			26		53		49
	Total intersegment sales		$	602		$	571	$	1,234	$	1,114
	(a)		The change in the FAS/CAS pension adjustment from expense to income between the periods was due to lower FAS pension expense in 2014 primarily as a result of the increase in the discount rate to 4.75% used in the measurement of our GAAP postretirement benefit plan obligations at the end of 2013 compared to 4.00% used at the end of 2012, and incrementally higher CAS costs in 2014 as a result of phasing in the CAS Harmonization rules as disclosed in our 2013 Form 10-K. The re-measurements of the assets and benefit obligations related to substantially all of our defined benefit pension plans in the quarter ended June 29, 2014 (Note 5) did not impact the FAS/CAS pension adjustment in any of the periods reflected above.
	(b)		Severance charges during the six months ended June 30, 2013 consisted of amounts, net of state tax benefits, associated with the elimination of certain positions at our IS&GS business segment (Note 8, under the caption “Restructuring Charges”). Severance charges for initiatives that are not significant are included in business segment operating profit.
	Total assets for each of our business segments were as follows (in millions):
			June 29,		December 31,
			2014		2013
	Assets
	Aeronautics		$    5,979		$       5,821
	Information Systems & Global Solutions		5,973		5,798
	Missiles and Fire Control		4,165		4,159
	Mission Systems and Training		6,351		6,512
	Space Systems		3,536		3,522
	Total business segment assets		26,004		25,812
	Corporate assets (a)		11,246		10,376
	Total assets		$  37,250		$     36,188
	(a)	Corporate assets primarily include cash and cash equivalents, deferred income taxes, environmental receivables, and investments held in a separate trust to fund certain of our non-qualified deferred compensation plans.
	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 18% and 17% of our total consolidated net sales for the quarter and six months ended June 29, 2014 and 15% for both the quarter and six months ended June 30, 2013.

INVENTORIES_NET

INVENTORIES, NET	6 Months Ended
	Jun. 29, 2014
INVENTORIES, NET	'
	NOTE 4 – INVENTORIES, NET
	Inventories, net consisted of the following (in millions):
		June 29,	December 31,
		2014	2013
	Work-in-process, primarily related to long-term contracts and programs in progress	$    7,341	$        7,073
	Less: customer advances and progress payments	(5,271)	(4,834)
		2,070	2,239
	Other inventories	576	738
	Total inventories, net	$    2,646	$        2,977

POSTRETIREMENT_BENEFIT_PLANS

POSTRETIREMENT BENEFIT PLANS	6 Months Ended
	Jun. 29, 2014
POSTRETIREMENT BENEFIT PLANS	'
	NOTE 5 – POSTRETIREMENT BENEFIT PLANS
	Net Periodic Benefit Cost
	Our pretax benefit cost related to our qualified defined benefit pension plans and retiree medical and life insurance plans consisted of the following (in millions):
			Quarters Ended				Six Months Ended
			June 29,		June 30,		June 29,		June 30,
			2014		2013		2014		2013
	Qualified defined benefit pension plans
	Service cost		$	243	$	285	$	486	$	571
	Interest cost			488		450		976		900
	Expected return on plan assets			(659)		(621)		(1,319)		(1,243)
	Recognized net actuarial losses			221		353		442		706
	Amortization of prior service costs			21		20		42		40
	Total net periodic benefit cost		$	314	$	487	$	627	$	974
	Retiree medical and life insurance plans
	Service cost		$	6	$	7	$	11	$	14
	Interest cost			30		29		61		58
	Expected return on plan assets			(37)		(37)		(73)		(73)
	Recognized net actuarial losses			6		11		12		22
	Amortization of prior service costs (credits)			1		(4)		2		(9)
	Total net periodic benefit cost		$	6	$	6	$	13	$	12
	The recognized net actuarial losses and the amortization of prior service costs (credits) in the table above, as well as similar amounts related to our other postretirement benefit plans, reflect costs that were reclassified from accumulated other comprehensive loss (AOCL) and recorded as a component of net periodic benefit cost for the periods presented. These costs totaled $167 million (net of $92 million of tax expense) and $334 million (net of $183 million of tax expense) for the quarter and six months ended June 29, 2014, and $253 million (net of $139 million of tax expense) and $507 million (net of $278 million of tax expense) for the quarter and six months ended June 30, 2013, which are recorded on our Statements of Comprehensive Income as an increase to other comprehensive income. These amounts were not impacted by the re-measurements to our defined benefit pension plans described below.
	Plan Amendments and Re-measurements
	In the quarter ended June 29, 2014, we amended certain of our qualified and nonqualified defined benefit pension plans for non-union employees to freeze future retirement benefits. Currently, the calculation of retirement benefits under the affected defined benefit pension plans is determined by a formula that takes into account the participants’ years of credited service and average compensation.
	The freeze will take effect in two stages. Beginning on January 1, 2016, the pay-based component of the formula used to determine retirement benefits will be frozen so that future pay increases, annual incentive bonuses, or other amounts earned for or related to periods after December 31, 2015 will not be used to calculate retirement benefits. On January 1, 2020, the service-based component of the formula used to determine retirement benefits will also be frozen so that participants will no longer earn further credited service for any period after December 31, 2019. When the freeze is complete, the majority of our salaried employees will have transitioned to an enhanced defined contribution retirement savings plan.
	As a result of these plan amendments, we were required to re-measure the assets and benefit obligations for the affected defined benefit pension plans in the quarter ended June 29, 2014. The amounts we record related to our defined benefit pension plans are measured using actuarial valuations, which are dependent upon key assumptions such as the discount rate, employee turnover, participant longevity (also known as mortality), the expected rates of increase in future compensation levels through December 31, 2015, and the expected long-term rate of return on plan assets. Longevity assumptions are used to estimate the life expectancy of plan participants during which they are expected to receive benefit payments. Recent actuarial studies indicate life expectancies are longer and have the resultant effect of increasing the total expected benefit payments to plan participants. Our re-measurements reflect the use of updated assumptions, including new longevity assumptions. We also elected to re-measure the assets and benefit obligations of substantially all other defined benefit pension plans in the quarter ended June 29, 2014 to incorporate current actuarial assumptions, including new longevity assumptions, and to align the measurement date across substantially all of our defined benefit pension plans.
	Changes in our benefit obligations, plan assets, and the unfunded status of our qualified defined benefit pension plans, inclusive of the impacts of the re-measurements, are set forth in the following table (in millions):
	Benefit obligations at December 31, 2013		$	(42,161)
	Changes in benefit obligations due to re-measurements
	Plan amendments related to the salary freeze			4,580
	New longevity assumptions			(3,390)
	Discount rate (a)			(3,309)
	Other			157
	Service cost			(486)
	Interest cost			(976)
	Benefits paid			975
	Benefit obligations at June 29, 2014		$	(44,610)
	Plan assets at December 31, 2013		$	33,010
	Actual return on plan assets (b)
	Expected return on plan assets			1,319
	Incremental return on plan assets recognized in re-measurements			904
	Company contributions			515
	Benefits paid			(975)
	Plan assets at June 29, 2014			34,773
	Net unfunded status of the plans at June 29, 2014 (c)		$	(9,837)
	(a)	Reflects a decrease in the discount rate from 4.75% at December 31, 2013 to 4.25% at the re-measurement date.
	(b)	The expected return on plan assets represents the expected long-term rate of return on plan assets of 4.00% for the six months ended June 29, 2014 (the half-year proportional effect of our expected 8.00% annual long-term rate of return on plan assets assumption). The incremental return on plan assets recognized in re-measurements represents the difference between our actual return on plan assets of 6.70% and our expected return of 4.00% for the six months ended June 29, 2014.
	(c)	For plans where the benefit obligation is in excess of plan assets, we record the net obligation (which was $10,046 million as of June 29, 2014) as accrued pension liabilities on our Balance Sheet. Conversely, for plans where the assets exceed the benefit obligation, we record the net asset (which was $209 million as of June 29, 2014) within other noncurrent assets on our Balance Sheet. The net unfunded status of the plans represents the net total of these two amounts.
	The effect of freezing the pay-based component of the formula used to determine retirement benefits under the affected plans reduced our qualified defined benefit pension obligations by $4.6 billion, which resulted in a corresponding reduction, net of tax, in the AOCL component of stockholders’ equity. This amount will be recognized as a reduction of net periodic benefit cost over the estimated remaining service period of the covered employees, which is approximately 10 years, beginning in the third quarter of 2014.
	The net effect of changes in the actuarial assumptions used in the re-measurements increased our qualified defined benefit pension obligations by $6.5 billion, which resulted in a corresponding increase, net of tax, in the AOCL component of stockholders’ equity. This $6.5 billion increase from changes in actuarial assumptions reflects an increase of $3.4 billion due to new longevity assumptions and $3.3 billion due to a reduction in the discount rate, which were partially offset by a decrease of $157 million due to changes in other assumptions. The incremental return on plan assets recognized as part of the re-measurements increased our qualified defined benefit pension assets by $904 million, which resulted in a corresponding reduction, net of tax, in the AOCL component of stockholders’ equity.
	The amounts recorded in AOCL related to changes in actuarial assumptions net of the incremental return on plan assets will be recognized as an increase in net periodic benefit cost over the estimated remaining service period of the covered employees (currently estimated at approximately 10 years) beginning in the third quarter of 2014 and continuing through December 31, 2019. Subsequent to that date, we will reevaluate the amortization period for net actuarial gains or losses. Net actuarial gains or losses in AOCL are adjusted annually when the funded status of our postretirement benefit plans are measured.
	The net increase of $1.1 billion related to the re-measurements of our qualified defined benefit pension obligations and plan assets reflected in the table above, in addition to a net increase of $79 million related to the re-measurements of our nonqualified defined benefit pension obligations, resulted in a corresponding increase of $735 million to other comprehensive loss, net of $402 million of tax benefits. The re-measurements did not impact our results of operations for the quarter and six months ended June 29, 2014. We expect our 2014 FAS pension expense will be $1.2 billion.
	Contributions
	We determine funding requirements for our defined benefit pension plans in a manner consistent with CAS and the Employee Retirement Income Security Act of 1974 (ERISA), as amended by the Pension Protection Act of 2006. During the quarter and six months ended June 29, 2014, we made $515 million in contributions to our qualified defined benefit pension plans compared to $750 million during the quarter and six months ended June 30, 2013. Additionally, we made contributions of $485 million in July 2014, which completes our planned funding of $1.0 billion for 2014. We may review options for further contributions in the remainder of 2014. We do not expect to make any contributions to our retiree medical and life insurance plans in 2014.

LEGAL_PROCEEDINGS_AND_CONTINGE

LEGAL PROCEEDINGS AND CONTINGENCIES	6 Months Ended
	Jun. 29, 2014
LEGAL PROCEEDINGS AND CONTINGENCIES	'
	NOTE 6 – LEGAL PROCEEDINGS AND CONTINGENCIES
	We are a party to or have property subject to litigation and other proceedings that arise in the ordinary course of our business, including matters arising under provisions relating to the protection of the environment, and are subject to contingencies related to certain businesses we previously owned. These types of matters could result in fines, penalties, compensatory or treble damages or non-monetary relief. We believe the probability is remote that the outcome of each of these matters, including the legal proceedings mentioned 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 in any particular interim reporting period. Among the factors that we consider in this assessment are the nature of existing legal proceedings and claims, the asserted or possible damages or loss contingency (if estimable), the progress of the case, existing law and precedent, the opinions or views of legal counsel and other advisers, our experience in similar cases and the experience of other companies, the facts available to us at the time of assessment, and how we intend to respond to the proceeding or claim. Our assessment of these factors may change over time as individual proceedings or claims progress.
	Although we cannot predict the outcome of legal or other proceedings with certainty, 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 for contingencies where there is at least a reasonable possibility that a loss may have been incurred. We have a thorough process to determine an estimate of the reasonably possible loss or range of loss before 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
	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 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 cost 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. 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. A bench trial of this matter is scheduled to begin on October 6, 2014.
	On August 28, 2003, the U.S. Department of Justice (DOJ) filed complaints in partial intervention in two lawsuits filed under the civil qui tam provisions of the False Claims Act in the U.S. District Court for the Western District of Kentucky, United States ex rel. Natural Resources Defense Council, et al., v. Lockheed Martin Corporation, et al., and United States ex rel. John D. Tillson v. Lockheed Martin Energy Systems, Inc., et al. The DOJ alleges that we committed violations of the Resource Conservation and Recovery Act at the Paducah Gaseous Diffusion Plant by not properly handling, storing, and transporting hazardous waste and that we violated the False Claims Act by misleading Department of Energy officials and state regulators about the nature and extent of environmental noncompliance at the plant. The complaint does not allege a specific calculation of damages. On April 16, 2013, the parties attended a settlement conference ordered by the magistrate judge. The conference focused on the parties’ sharply differing views of the merits of the case and did not significantly contribute to our understanding of the damages sought. Accordingly, we cannot estimate the reasonably possible loss, or range of loss, which could be incurred if the plaintiffs were to prevail in the allegations, but believe that we have substantial defenses. We dispute the allegations and are defending against them.
	Environmental Matters
	We are involved in environmental proceedings and potential proceedings relating to soil and groundwater contamination, disposal of hazardous waste, and other environmental matters at several of our current or former facilities, or 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 a receivable 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 continuously evaluate the recoverability of our environmental receivables by assessing, among other factors, U.S. Government regulations, our U.S. Government business base and contract mix, and our history of receiving reimbursement of such costs. We include the portion of those environmental costs expected to be allocated to our non-U.S. Government contracts, or that is determined to be unallowable for pricing under U.S. Government contracts, in our cost of sales at the time the liability is established.
	At June 29, 2014 and December 31, 2013, the aggregate amount of liabilities recorded relative to environmental matters was $980 million and $997 million, most of which are recorded in other noncurrent liabilities on our Balance Sheets. We have recorded receivables totaling $848 million and $863 million at June 29, 2014 and December 31, 2013, most of which are recorded in other noncurrent assets on our Balance Sheets, for the estimated future recovery of these costs, as we consider the recovery probable based on the factors previously mentioned. We project costs and recovery of costs over approximately 20 years.
	Environmental cleanup activities usually span several 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 continually evolving regulatory environmental standards. There are a number of former operating facilities that we are monitoring or investigating 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 record a liability when it is probable that a loss has occurred 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 at a particular 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 reasonably cannot 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 loss or reasonably possible loss or range of loss.
	We also are pursuing claims for recovery of costs incurred or contribution to site cleanup costs against other PRPs, including the U.S. Government, and are conducting remediation activities under various consent decrees and orders relating to soil, groundwater, sediment, or surface water contamination at certain sites of former or current operations. Under an agreement related to our Burbank and Glendale, California, sites, the U.S. Government reimburses us an amount equal to approximately 50% of expenditures for certain remediation activities in its capacity as a PRP under the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA).
	On April 15, 2014, the California Department of Public Health submitted its final regulation related to hexavalent chromium, which separately regulates the contaminant in drinking water and sets the maximum level at 10 parts per billion (ppb). On May 28, 2014, California’s Office of Administrative Law approved the final regulation, which became effective on July 1, 2014. If the new standard remains at 10 ppb, it will not have a material impact on our existing remediation costs in California. However, we cannot predict the outcome of any challenges opposing the new standard by environmental groups and the regulated community.
	In addition, California is reevaluating its existing drinking water standard with respect to perchlorate, and the U.S. Environmental Protection Agency (U.S. EPA) is also considering whether to regulate perchlorate and hexavalent chromium in drinking water. If substantially lower standards are adopted, in either California or at the federal level, for perchlorate or, if the U.S. EPA were to adopt a standard for hexavalent chromium lower than 10 ppb, 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 to be unallowable for pricing under U.S. Government contracts would be expensed, which may have a material effect on our earnings in any particular interim reporting period.
	Letters of Credit, Surety Bonds, and Third-Party Guarantees
	We have entered into standby letters of credit, surety bonds, and third-party guarantees with financial institutions and other 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 venture partners. We had total outstanding letters of credit, surety bonds, and third-party guarantees aggregating $2.5 billion and $2.4 billion at June 29, 2014 and December 31, 2013.
	At June 29, 2014 and December 31, 2013, third-party guarantees totaled $778 million and $696 million, of which approximately 90% related to guarantees of contractual performance of ventures to which we currently are or previously were a party. This amount represents our estimate of the maximum amount we would expect to incur upon the contractual non-performance of the venture partners. In addition, we generally have cross-indemnities in place that may enable us to recover amounts that may be paid on behalf of a venture partner. We believe our current and former venture partners will be able to perform their obligations, as they have done through June 29, 2014, and that it will not be necessary to make payments under the guarantees. In determining our exposures, we evaluate the reputation, technical capabilities, and credit quality of our current and former venture partners.
	United Launch Alliance
	In connection with our 50% ownership interest of ULA, we and The Boeing Company (Boeing) have each received distributions from ULA, including distributions of $527 million that we and Boeing have each received (since ULA’s formation in December 2006) which are subject to agreements between us, Boeing, and ULA, whereby, if ULA does not have sufficient cash resources or credit capacity to make required payments under the inventory supply agreement it has with Boeing, both we and Boeing would provide to ULA, in the form of an additional capital contribution, the level of funding required for ULA to make those payments. Any such capital contributions would not exceed the amount of the distributions subject to the agreements. Based on current expectations of ULA’s cash flow needs, we currently believe that ULA should have sufficient operating cash flows and credit capacity, including access to its $560 million revolving credit agreement from third-party financial institutions, to meet its obligations such that we would not be required to make a contribution under these agreements.
	In addition, both we and Boeing have cross-indemnified each other for guarantees by us and Boeing of the performance and financial obligations of ULA under certain launch service contracts. We believe ULA will be able to fully perform its obligations, as it has done through June 29, 2014, and that it will not be necessary to make payments under the cross-indemnities or guarantees.

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 29, 2014
FAIR VALUE MEASUREMENTS	'
	NOTE 7 – FAIR VALUE MEASUREMENTS
	Assets and liabilities measured and recorded at fair value on a recurring basis consisted of the following (in millions):
		June 29, 2014						December 31, 2013
		Total		Level 1		Level 2		Total		Level 1		Level 2
	Assets
	Equity securities	$	108	$	108	$	—	$	77	$	77	$	—
	Mutual funds		636		636		—		613		613		—
	U.S. Government securities		136		—		136		238		—		238
	Other securities		168		—		168		131		—		131
	Derivatives		25		—		25		28		—		28
	Liabilities
	Derivatives		15		—		15		23		—		23
	Substantially all assets measured at fair value, other than derivatives, represent investments classified as trading securities held in a separate trust to fund certain of our non-qualified deferred compensation plans and are recorded in other noncurrent assets on our Balance Sheets. The fair values of equity securities and mutual funds 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 other securities are determined using model-derived valuations in which all significant inputs are observable in active markets. The fair values of derivative instruments, which consist of foreign currency exchange forward and interest rate swap contracts, primarily are 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 did not have any transfers of assets or liabilities between levels of the fair value hierarchy during the six months ended June 29, 2014.
	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. These contracts hedge forecasted foreign currency transactions in order to mitigate fluctuations in our earnings and cash flows associated with changes in foreign currency exchange rates. We designate foreign currency hedges as cash flow hedges. We also are exposed to the impact of interest rate changes primarily through our borrowing activities. For fixed rate borrowings, we may use variable interest rate swaps, effectively converting fixed rate borrowings to variable rate borrowings in order to reduce the amount of interest paid. 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 may also enter into derivative instruments that are not designated as hedges and do not qualify for hedge accounting, which are intended to mitigate certain economic exposures.
	The aggregate notional amount of our outstanding foreign currency hedges at June 29, 2014 and December 31, 2013 was $1.1 billion and $1.0 billion. The aggregate notional amount of our outstanding interest rate swaps at June 29, 2014 and December 31, 2013 was $1.3 billion and $1.2 billion. Derivative instruments did not have a material impact on net earnings and comprehensive income during the quarters and six months ended June 29, 2014 and June 30, 2013. Substantially all of our derivatives are designated for hedge accounting.
	In addition to the financial instruments listed in the table above, we hold other financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, and debt. The carrying amounts for cash and cash equivalents, accounts receivable, and accounts payable approximated their fair values. The estimated fair value of our outstanding debt was $7.7 billion and $7.4 billion at June 29, 2014 and December 31, 2013, and the outstanding principal amount was $7.0 billion at both June 29, 2014 and December 31, 2013, excluding unamortized discounts of $877 million and $882 million. The estimated fair values of our outstanding debt were determined based on quoted prices for similar instruments in active markets (Level 2 inputs).

OTHER

OTHER	6 Months Ended
	Jun. 29, 2014
OTHER	'
	NOTE 8 – OTHER
	Changes in Estimates
	Accounting for contracts using the percentage-of-completion method requires judgment relative to assessing risks, estimating contract sales and costs (including estimating award and incentive fees and penalties related to performance), and making assumptions for schedule and technical issues. Due to the number of years it may take to complete many of our contracts and the scope and nature of the work required to be performed on those contracts, the estimation of total sales and costs at completion is complicated and subject to many variables and, accordingly, is subject to change. When adjustments in estimated total contract sales or estimated total costs are required, any changes from prior estimates are recognized in the current period for the inception-to-date effect of such changes. When estimates of total costs to be incurred on a contract exceed estimates of total sales to be earned, a provision for the entire loss on the contract is recorded in the period in which the loss is determined.
	Many of our contracts span several years and include highly complex technical requirements. At the outset of a contract, we identify and monitor risks to the achievement of the technical, schedule, and cost aspects of the contract, 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. Profit booking rates may increase during the performance of the contract if we successfully retire risks surrounding the technical, schedule, and cost aspects of the contract. Conversely, our profit booking rates may decrease if the estimated total costs to complete the contract increase. All of the estimates are subject to change during the performance of the contract and may affect the profit booking rate.
	In addition, comparability of our segment sales, operating profit, and operating margins may be impacted, favorably or unfavorably, by changes in profit booking rates on our contracts accounted for using the percentage-of-completion method of accounting. Segment operating profit and margins may also be impacted, favorably or unfavorably, by other items. Favorable items may include the positive resolution of contractual matters, cost recoveries on restructuring charges, and insurance recoveries. Unfavorable items may include the adverse resolution of contractual matters; restructuring charges, except for significant severance actions (such as those mentioned below under the caption “Restructuring Charges”) which are excluded from segment operating results; reserves for disputes; and significant asset impairments. Our consolidated net adjustments not related to volume, including net profit booking rate adjustments and other matters, net of state income taxes, increased segment operating profit by approximately $440 million and $965 million for the quarter and six months ended June 29, 2014 and $585 million and $1.1 billion for the quarter and six months ended June 30, 2013. These adjustments increased net earnings by approximately $285 million ($.88 per share) and $625 million ($1.93 per share) for the quarter and six months ended June 29, 2014 and $380 million ($1.17 per share) and $685 million ($2.10 per share) for the quarter and six months ended June 30, 2013.
	Stockholders’ Equity
	Repurchases of Common Stock
	During the six months ended June 29, 2014, we repurchased 7.7 million shares of our common stock for $1.2 billion. We had total remaining authorization of $2.3 billion for future common share repurchases under our program as of June 29, 2014. 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.
	Restricted Stock Unit and Performance Stock Unit Grants
	In January 2014, we granted certain employees approximately 0.7 million restricted stock units (RSUs) with a grant-date fair value of $146.85 per RSU. The grant-date fair value of these RSUs is equal to the closing market price of our common stock on the grant date less a discount to reflect the delay in payment of dividend-equivalent cash payments that are made only upon vesting, which is generally three years from the grant date. We recognize the grant-date fair value of RSUs, less estimated forfeitures, as compensation expense ratably over the requisite service period, which is shorter than the vesting period if the employee is retirement eligible on the date of grant or will become retirement eligible before the end of the vesting period.
	In January 2014, we also granted certain employees performance stock units (PSUs) with an aggregate target award of approximately 0.2 million shares of our common stock. The PSUs vest three years from the grant date based on continuous service, with the number of shares earned (0% to 200% of the target award) depending upon the extent to which we achieve certain financial and market performance targets measured over the period from January 1, 2014 through December 31, 2016. About half of the PSUs were valued at $146.85 per PSU in a manner similar to RSUs mentioned above as the financial targets are based on our operating results. We recognize the grant-date fair value of these PSUs, less estimated forfeitures, as compensation expense ratably over the vesting period based on the number of awards expected to vest at each reporting date. The remaining PSUs were valued at $134.15 per PSU using a Monte Carlo model as the performance target is related to our total shareholder return relative to our peer group. We recognize the grant-date fair value of these awards, less estimated forfeitures, as compensation expense ratably over the vesting period.
	Dividends
	During the quarter and six months ended June 29, 2014, we declared cash dividends totaling $856 million ($2.66 per share) and $1.3 billion ($3.99 per share). The 2014 dividend amounts include the declaration of our 2014 third quarter dividend of $1.33 per share, which totaled $428 million. During the quarter and six months ended June 30, 2013, we declared cash dividends totaling $754 million ($2.30 per share) and $1.1 billion ($3.45 per share). The 2013 dividend amounts include the declaration of our 2013 third quarter dividend of $1.15 per share, which totaled $375 million.
	Accumulated Other Comprehensive Loss
	Changes in AOCL, net of tax, consisted of the following (in millions):
			Postretirement		Other, net		AOCL
			Benefit Plans
	Balance at December 31, 2013			$      (9,649)		$        48		$   (9,601)
	Other comprehensive (loss) income before reclassifications
	Net actuarial losses (a)			(3,778)		—		(3,778)
	Prior service credits (a)			3,043		—		3,043
	Other			—		15		15
	Total other comprehensive (loss) income before reclassifications			(735)		15		(720)
	Amounts reclassified from AOCL
	Recognition of net actuarial losses			306		—		306
	Amortization of prior service costs			28		—		28
	Other			—		3		3
	Total reclassified from AOCL (b)			334		3		337
	Total other comprehensive (loss) income			(401)		18		(383)
	Balance at June 29, 2014			$    (10,050)		$        66		$   (9,984)
	Balance at December 31, 2012			$    (13,532)		$39		$ (13,493)
	Other comprehensive loss before reclassifications
	Other			—		(52)		(52)
	Total other comprehensive loss before reclassifications			—		(52)		(52)
	Amounts reclassified from AOCL
	Recognition of net actuarial losses			487		—		487
	Amortization of prior service costs			20		—		20
	Other			—		(3)		(3)
	Total reclassified from AOCL (b)			507		(3)		504
	Total other comprehensive income (loss)			507		(55)		452
	Balance at June 30, 2013			$    (13,025)		$         (16)		$ (13,041)
	(a)	Changes in AOCL before reclassifications related to our postretirement benefit plans include net actuarial losses from the re-measurements of substantially all our defined benefit pension plans in the quarter ended June 29, 2014 and prior service credits from plan amendments to freeze future retirement benefits in certain of our qualified and nonqualified defined benefit pension plans for non-union employees (Note 5).
	(b)	Reclassifications from AOCL related to our postretirement benefit plans were recorded as a component of net periodic benefit cost for each period presented (Note 5). These amounts include $167 million and $253 million for the quarters ended June 29, 2014 and June 30, 2013, which are comprised of the recognition of net actuarial losses of $153 million and $243 million for the quarters ended June 29, 2014 and June 30, 2013, and the amortization of prior service costs of $14 million and $10 million for the quarters ended June 29, 2014 and June 30, 2013.
	Income Taxes
	Our effective income tax rates were 33.7% and 32.2% for the quarter and six months ended June 29, 2014, and 29.1% and 27.5% for the quarter and six months ended June 30, 2013. The rates for all periods benefited from tax deductions for U.S. manufacturing activities and for dividends paid to our defined contribution plans with an employee stock ownership plan feature. The effective tax rates for the quarter and six months ended June 29, 2014 were higher primarily due to tax reserve adjustments recorded in the quarter ended June 29, 2014 and the benefit of research and development tax credits recognized in the quarter and six months ended June 30, 2013, which expired on December 31, 2013 and, therefore, will not be recognized in 2014 unless and until legislation is enacted.
	We made net tax payments of approximately $560 million and $140 million during the six months ended June 29, 2014 and June 30, 2013, which are net of $200 million and $550 million in tax refunds primarily attributable to our tax-deductible pension contributions made during the quarters ended December 31, 2013 and 2012.
	Restructuring Charges
	Fourth Quarter 2013 Action
	In November 2013, we committed to a plan to close and consolidate certain facilities and reduce our total workforce by approximately 4,000 positions within our IS&GS, MST, and Space Systems business segments. This plan resulted from a strategic review of our facilities capacity and future workload projections and is intended to better align our organization and cost structure and improve the affordability of our products and services given the changes in U.S. Government spending as well as the rapidly changing competitive and economic landscape.
	We expect to incur total accelerated costs (e.g., accelerated depreciation expense related to long-lived assets at the sites to be closed) and incremental costs (e.g., relocation of equipment and other employee related costs) of approximately $15 million, $50 million, and $135 million at our IS&GS, MST, and Space Systems business segments through the completion of this plan in 2015. As of June 29, 2014, we have incurred total accelerated and incremental costs of approximately $50 million, inclusive of amounts incurred during the quarter and six months ended June 29, 2014. The accelerated and incremental costs are recorded as incurred in cost of sales on our Statement of Earnings and included in the respective business segment’s results of operations.
	During the quarter ended December 31, 2013, we incurred severance charges of $171 million, net of state tax benefits, of which $53 million, $37 million, and $81 million related to our IS&GS, MST, and Space Systems business segments. Upon separation, terminated employees receive lump-sum severance payments primarily based on years of service. As of June 29, 2014, we have paid approximately $75 million in severance payments associated with this action, of which approximately $60 million was paid during the six months ended June 29, 2014. The remaining severance payments are expected to be paid through the middle of 2015.
	We expect to recover a substantial amount of the restructuring charges through the pricing of our products and services to the U.S. Government and other customers, with the impact included in the respective business segment’s results of operations.
	First Quarter 2013 Action
	During the quarter ended March 31, 2013, we recorded severance charges totaling $30 million, net of state tax benefits, related to our IS&GS business segment, which reduced our net earnings by $19 million ($.06 per share). These severance actions resulted from a strategic review of this business segment to better align our cost structure with changing economic conditions and also reflect changes in program lifecycles. The charges consisted of severance costs associated with the planned elimination of certain positions through either voluntary or involuntary actions. Upon separation, terminated employees received lump-sum severance payments primarily based on years of service, all of which were paid in 2013.
	Recent Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board (FASB) issued a new standard that will change the way we recognize revenue and significantly expand the disclosure requirements for revenue arrangements. Unless the FASB delays the effective date of the new standard, it will be effective for us beginning on January 1, 2017, and may be adopted either retrospectively or on a modified retrospective basis whereby the new standard would be applied to new contracts and existing contracts with remaining performance obligations as of the effective date, with a cumulative catch-up adjustment recorded to beginning retained earnings at the effective date for existing contracts with remaining performance obligations. Early adoption is not permitted. We are currently evaluating the methods of adoption allowed by the new standard and the effect the standard is expected to have on our consolidated financial statements and related disclosures. As the new standard will supersede all existing revenue guidance affecting us under GAAP, it could impact revenue and cost recognition on thousands of contracts across all our business segments, in addition to our business processes and our information technology systems. As a result, our evaluation of the effect of the new standard will likely extend over several future periods.

EARNINGS_PER_COMMON_SHARE_Tabl

EARNINGS PER COMMON SHARE (Tables)	6 Months Ended
	Jun. 29, 2014
Schedule of Weighted Average Shares Outstanding Used to Compute Earnings Per Common Share	'
	The weighted average number of shares outstanding used to compute earnings per common share were as follows (in millions):
		Quarters Ended				Six Months Ended
		June 29,		June 30,		June 29,		June 30,
		2014		2013		2014		2013
	Weighted average common shares outstanding for basic computations		316.8		320.8		318.0		321.2
	Weighted average dilutive effect of equity awards		5.3		5.1		5.6		4.9
	Weighted average common shares outstanding for diluted computations		322.1		325.9		323.6		326.1

BUSINESS_SEGMENT_INFORMATION_T

BUSINESS SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 29, 2014
Summary of Financial Information for Each Business Segment	'
	Summary operating results for each of our business segments were as follows (in millions):
			Quarters Ended					Six Months Ended
			June 29,			June 30,		June 29,		June 30,
			2014			2013		2014		2013
	Net sales
	Aeronautics		$	3,855		$	3,407	$	7,241	$	6,593
	Information Systems & Global Solutions			1,941			2,101		3,851		4,207
	Missiles and Fire Control			1,891			2,043		3,758		4,031
	Mission Systems and Training			1,771			1,770		3,399		3,600
	Space Systems			1,848			2,087		3,707		4,047
	Total net sales		$	11,306		$	11,408	$	21,956	$	22,478
	Operating profit
	Aeronautics		$	453		$	407	$	846	$	786
	Information Systems & Global Solutions			175			194		349		383
	Missiles and Fire Control			345			381		703		725
	Mission Systems and Training			185			275		435		476
	Space Systems			248			276		502		506
	Total business segment operating profit			1,406			1,533		2,835		2,876
	Unallocated, net
	FAS/CAS pension adjustment
	FAS pension expense			(314)			(487)		(627)		(974)
	Less: CAS cost			399			367		798		733
	FAS/CAS pension income (expense) (a)			85			(120)		171		(241)
	Severance charges (b)			—			—		—		(30)
	Stock-based compensation			(49)			(59)		(97)		(112)
	Other, net			(16)			(56)		(51)		(76)
	Total unallocated, net			20			(235)		23		(459)
	Total consolidated operating profit		$	1,426		$	1,298	$	2,858	$	2,417
	Intersegment sales
	Aeronautics		$	30		$	49	$	57	$	99
	Information Systems & Global Solutions			172			173		348		363
	Missiles and Fire Control			76			71		163		124
	Mission Systems and Training			298			252		613		479
	Space Systems			26			26		53		49
	Total intersegment sales		$	602		$	571	$	1,234	$	1,114
	(a)		The change in the FAS/CAS pension adjustment from expense to income between the periods was due to lower FAS pension expense in 2014 primarily as a result of the increase in the discount rate to 4.75% used in the measurement of our GAAP postretirement benefit plan obligations at the end of 2013 compared to 4.00% used at the end of 2012, and incrementally higher CAS costs in 2014 as a result of phasing in the CAS Harmonization rules as disclosed in our 2013 Form 10-K. The re-measurements of the assets and benefit obligations related to substantially all of our defined benefit pension plans in the quarter ended June 29, 2014 (Note 5) did not impact the FAS/CAS pension adjustment in any of the periods reflected above.
	(b)		Severance charges during the six months ended June 30, 2013 consisted of amounts, net of state tax benefits, associated with the elimination of certain positions at our IS&GS business segment (Note 8, under the caption “Restructuring Charges”). Severance charges for initiatives that are not significant are included in business segment operating profit.
	Total assets for each of our business segments were as follows (in millions):
			June 29,		December 31,
			2014		2013
	Assets
	Aeronautics		$    5,979		$       5,821
	Information Systems & Global Solutions		5,973		5,798
	Missiles and Fire Control		4,165		4,159
	Mission Systems and Training		6,351		6,512
	Space Systems		3,536		3,522
	Total business segment assets		26,004		25,812
	Corporate assets (a)		11,246		10,376
	Total assets		$  37,250		$     36,188
	(a)	Corporate assets primarily include cash and cash equivalents, deferred income taxes, environmental receivables, and investments held in a separate trust to fund certain of our non-qualified deferred compensation plans.

INVENTORIES_NET_Tables

INVENTORIES, NET (Tables)	6 Months Ended
	Jun. 29, 2014
Inventories	'
	Inventories, net consisted of the following (in millions):
		June 29,	December 31,
		2014	2013
	Work-in-process, primarily related to long-term contracts and programs in progress	$    7,341	$        7,073
	Less: customer advances and progress payments	(5,271)	(4,834)
		2,070	2,239
	Other inventories	576	738
	Total inventories, net	$    2,646	$        2,977

POSTRETIREMENT_BENEFIT_PLANS_T

POSTRETIREMENT BENEFIT PLANS (Tables)	6 Months Ended
	Jun. 29, 2014
Pretax Net Periodic Benefit Cost	'
	Our pretax benefit cost related to our qualified defined benefit pension plans and retiree medical and life insurance plans consisted of the following (in millions):
			Quarters Ended				Six Months Ended
			June 29,		June 30,		June 29,		June 30,
			2014		2013		2014		2013
	Qualified defined benefit pension plans
	Service cost		$	243	$	285	$	486	$	571
	Interest cost			488		450		976		900
	Expected return on plan assets			(659)		(621)		(1,319)		(1,243)
	Recognized net actuarial losses			221		353		442		706
	Amortization of prior service costs			21		20		42		40
	Total net periodic benefit cost		$	314	$	487	$	627	$	974
	Retiree medical and life insurance plans
	Service cost		$	6	$	7	$	11	$	14
	Interest cost			30		29		61		58
	Expected return on plan assets			(37)		(37)		(73)		(73)
	Recognized net actuarial losses			6		11		12		22
	Amortization of prior service costs (credits)			1		(4)		2		(9)
	Total net periodic benefit cost		$	6	$	6	$	13	$	12
Changes in Qualified Defined Benefit Pension Obligation and Plan Assets	'
	Changes in our benefit obligations, plan assets, and the unfunded status of our qualified defined benefit pension plans, inclusive of the impacts of the re-measurements, are set forth in the following table (in millions):
	Benefit obligations at December 31, 2013		$	(42,161)
	Changes in benefit obligations due to re-measurements
	Plan amendments related to the salary freeze			4,580
	New longevity assumptions			(3,390)
	Discount rate (a)			(3,309)
	Other			157
	Service cost			(486)
	Interest cost			(976)
	Benefits paid			975
	Benefit obligations at June 29, 2014		$	(44,610)
	Plan assets at December 31, 2013		$	33,010
	Actual return on plan assets (b)
	Expected return on plan assets			1,319
	Incremental return on plan assets recognized in re-measurements			904
	Company contributions			515
	Benefits paid			(975)
	Plan assets at June 29, 2014			34,773
	Net unfunded status of the plans at June 29, 2014 (c)		$	(9,837)
	(a)	Reflects a decrease in the discount rate from 4.75% at December 31, 2013 to 4.25% at the re-measurement date.
	(b)	The expected return on plan assets represents the expected long-term rate of return on plan assets of 4.00% for the six months ended June 29, 2014 (the half-year proportional effect of our expected 8.00% annual long-term rate of return on plan assets assumption). The incremental return on plan assets recognized in re-measurements represents the difference between our actual return on plan assets of 6.70% and our expected return of 4.00% for the six months ended June 29, 2014.
	(c)	For plans where the benefit obligation is in excess of plan assets, we record the net obligation (which was $10,046 million as of June 29, 2014) as accrued pension liabilities on our Balance Sheet. Conversely, for plans where the assets exceed the benefit obligation, we record the net asset (which was $209 million as of June 29, 2014) within other noncurrent assets on our Balance Sheet. The net unfunded status of the plans represents the net total of these two amounts.

FAIR_VALUE_MEASUREMENTS_Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 29, 2014
Fair Value, Assets and Liabilities Measured on Recurring Basis	'
	Assets and liabilities measured and recorded at fair value on a recurring basis consisted of the following (in millions):
		June 29, 2014						December 31, 2013
		Total		Level 1		Level 2		Total		Level 1		Level 2
	Assets
	Equity securities	$	108	$	108	$	—	$	77	$	77	$	—
	Mutual funds		636		636		—		613		613		—
	U.S. Government securities		136		—		136		238		—		238
	Other securities		168		—		168		131		—		131
	Derivatives		25		—		25		28		—		28
	Liabilities
	Derivatives		15		—		15		23		—		23

OTHER_Tables

OTHER (Tables)	6 Months Ended
	Jun. 29, 2014
Accumulated Other Comprehensive Loss	'
	Changes in AOCL, net of tax, consisted of the following (in millions):
			Postretirement		Other, net		AOCL
			Benefit Plans
	Balance at December 31, 2013			$      (9,649)		$        48		$   (9,601)
	Other comprehensive (loss) income before reclassifications
	Net actuarial losses (a)			(3,778)		—		(3,778)
	Prior service credits (a)			3,043		—		3,043
	Other			—		15		15
	Total other comprehensive (loss) income before reclassifications			(735)		15		(720)
	Amounts reclassified from AOCL
	Recognition of net actuarial losses			306		—		306
	Amortization of prior service costs			28		—		28
	Other			—		3		3
	Total reclassified from AOCL (b)			334		3		337
	Total other comprehensive (loss) income			(401)		18		(383)
	Balance at June 29, 2014			$    (10,050)		$        66		$   (9,984)
	Balance at December 31, 2012			$    (13,532)		$39		$ (13,493)
	Other comprehensive loss before reclassifications
	Other			—		(52)		(52)
	Total other comprehensive loss before reclassifications			—		(52)		(52)
	Amounts reclassified from AOCL
	Recognition of net actuarial losses			487		—		487
	Amortization of prior service costs			20		—		20
	Other			—		(3)		(3)
	Total reclassified from AOCL (b)			507		(3)		504
	Total other comprehensive income (loss)			507		(55)		452
	Balance at June 30, 2013			$    (13,025)		$         (16)		$ (13,041)
	(a)	Changes in AOCL before reclassifications related to our postretirement benefit plans include net actuarial losses from the re-measurements of substantially all our defined benefit pension plans in the quarter ended June 29, 2014 and prior service credits from plan amendments to freeze future retirement benefits in certain of our qualified and nonqualified defined benefit pension plans for non-union employees (Note 5).
	(b)	Reclassifications from AOCL related to our postretirement benefit plans were recorded as a component of net periodic benefit cost for each period presented (Note 5). These amounts include $167 million and $253 million for the quarters ended June 29, 2014 and June 30, 2013, which are comprised of the recognition of net actuarial losses of $153 million and $243 million for the quarters ended June 29, 2014 and June 30, 2013, and the amortization of prior service costs of $14 million and $10 million for the quarters ended June 29, 2014 and June 30, 2013.

Schedule_of_Weighted_Average_S

Schedule of Weighted Average Shares Outstanding Used to Compute Earnings Per Common Share (Detail)	3 Months Ended		6 Months Ended
In Millions, unless otherwise specified	Jun. 29, 2014	Jun. 30, 2013	Jun. 29, 2014	Jun. 30, 2013
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]	'	'	'	'
Weighted average common shares outstanding for basic computations	316.8	320.8	318	321.2
Weighted average dilutive effect of equity awards	5.3	5.1	5.6	4.9
Weighted average common shares outstanding for diluted computations	322.1	325.9	323.6	326.1

Earnings_Per_Common_Share_Addi

Earnings Per Common Share - Additional Information (Detail)	3 Months Ended	6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2013	Jun. 30, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Stock options excluded from the computation of diluted earnings per common share, because their inclusion would have been anti-dilutive	3.3	4.9

Business_Segment_Information_A

Business Segment Information - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 29, 2014	Jun. 30, 2013	Jun. 29, 2014	Jun. 30, 2013
Segment Reporting Information [Line Items]	'	'	'	'
Number of business segments	'	'	5	'
F-35 program | Aeronautics	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Program net sales as percent of total net sales	18.00%	15.00%	17.00%	15.00%

Summary_of_Financial_Informati

Summary of Financial Information for Each Business Segment (Detail) (USD $)	3 Months Ended							6 Months Ended
In Millions, unless otherwise specified	Jun. 29, 2014		Dec. 31, 2013		Jun. 30, 2013		Mar. 31, 2013	Jun. 29, 2014		Jun. 30, 2013
Segment Reporting Information [Line Items]	'		'		'		'	'		'
Total net sales	$11,306		'		$11,408		'	$21,956		$22,478
Less: CAS cost	399		'		367		'	798		733
FAS/CAS pension income (expense)	85	[1]	'		-120	[1]	'	171	[1]	-241	[1]
Severance charges	'		-171		'		-30	'		-30	[2]
Stock-based compensation	-49		'		-59		'	-97		-112
Other, net	-16		'		-56		'	-51		-76
Total unallocated, net	20		'		-235		'	23		-459
Operating profit	1,426		'		1,298		'	2,858		2,417
Total assets	37,250		36,188		'		'	37,250		'
Qualified defined benefit pension plans	'		'		'		'	'		'
Segment Reporting Information [Line Items]	'		'		'		'	'		'
FAS pension expense	-314		'		-487		'	-627		-974
Information Systems & Global Solutions	'		'		'		'	'		'
Segment Reporting Information [Line Items]	'		'		'		'	'		'
Severance charges	'		-53		'		'	'		'
Mission Systems and Training	'		'		'		'	'		'
Segment Reporting Information [Line Items]	'		'		'		'	'		'
Severance charges	'		-37		'		'	'		'
Space Systems	'		'		'		'	'		'
Segment Reporting Information [Line Items]	'		'		'		'	'		'
Severance charges	'		-81		'		'	'		'
Business segments	'		'		'		'	'		'
Segment Reporting Information [Line Items]	'		'		'		'	'		'
Operating profit	1,406		'		1,533		'	2,835		2,876
Total assets	26,004		25,812		'		'	26,004		'
Business segments | Aeronautics	'		'		'		'	'		'
Segment Reporting Information [Line Items]	'		'		'		'	'		'
Total net sales	3,855		'		3,407		'	7,241		6,593
Operating profit	453		'		407		'	846		786
Total assets	5,979		5,821		'		'	5,979		'
Business segments | Information Systems & Global Solutions	'		'		'		'	'		'
Segment Reporting Information [Line Items]	'		'		'		'	'		'
Total net sales	1,941		'		2,101		'	3,851		4,207
Operating profit	175		'		194		'	349		383
Total assets	5,973		5,798		'		'	5,973		'
Business segments | Missiles and Fire Control	'		'		'		'	'		'
Segment Reporting Information [Line Items]	'		'		'		'	'		'
Total net sales	1,891		'		2,043		'	3,758		4,031
Operating profit	345		'		381		'	703		725
Total assets	4,165		4,159		'		'	4,165		'
Business segments | Mission Systems and Training	'		'		'		'	'		'
Segment Reporting Information [Line Items]	'		'		'		'	'		'
Total net sales	1,771		'		1,770		'	3,399		3,600
Operating profit	185		'		275		'	435		476
Total assets	6,351		6,512		'		'	6,351		'
Business segments | Space Systems	'		'		'		'	'		'
Segment Reporting Information [Line Items]	'		'		'		'	'		'
Total net sales	1,848		'		2,087		'	3,707		4,047
Operating profit	248		'		276		'	502		506
Total assets	3,536		3,522		'		'	3,536		'
Intersegment elimination	'		'		'		'	'		'
Segment Reporting Information [Line Items]	'		'		'		'	'		'
Total intersegment sales	602		'		571		'	1,234		1,114
Intersegment elimination | Aeronautics	'		'		'		'	'		'
Segment Reporting Information [Line Items]	'		'		'		'	'		'
Total intersegment sales	30		'		49		'	57		99
Intersegment elimination | Information Systems & Global Solutions	'		'		'		'	'		'
Segment Reporting Information [Line Items]	'		'		'		'	'		'
Total intersegment sales	172		'		173		'	348		363
Intersegment elimination | Missiles and Fire Control	'		'		'		'	'		'
Segment Reporting Information [Line Items]	'		'		'		'	'		'
Total intersegment sales	76		'		71		'	163		124
Intersegment elimination | Mission Systems and Training	'		'		'		'	'		'
Segment Reporting Information [Line Items]	'		'		'		'	'		'
Total intersegment sales	298		'		252		'	613		479
Intersegment elimination | Space Systems	'		'		'		'	'		'
Segment Reporting Information [Line Items]	'		'		'		'	'		'
Total intersegment sales	26		'		26		'	53		49
Corporate	'		'		'		'	'		'
Segment Reporting Information [Line Items]	'		'		'		'	'		'
Total assets	$11,246	[3]	$10,376	[3]	'		'	$11,246	[3]	'
[1]	The change in the FAS/CAS pension adjustment from expense to income between the periods was due to lower FAS pension expense in 2014 primarily as a result of the increase in the discount rate to 4.75% used in the measurement of our GAAP postretirement benefit plan obligations at the end of 2013 compared to 4.00% used at the end of 2012, and incrementally higher CAS costs in 2014 as a result of phasing in the CAS Harmonization rules as disclosed in our 2013 Form 10-K. The re-measurements of the assets and benefit obligations related to substantially all of our defined benefit pension plans in the quarter ended June 29, 2014 (Note 5) did not impact the FAS/CAS pension adjustment in any of the periods reflected above.
[2]	Severance charges during the six months ended June 30, 2013 consisted of amounts, net of state tax benefits, associated with the elimination of certain positions at our IS&GS business segment (Note 8, under the caption "Restructuring Charges"). Severance charges for initiatives that are not significant are included in business segment operating profit.
[3]	Corporate assets primarily include cash and cash equivalents, deferred income taxes, environmental receivables, and investments held in a separate trust to fund certain of our non-qualified deferred compensation plans.

Summary_of_Financial_Informati1

Summary of Financial Information for Each Business Segment (Parenthetical) (Detail) (Qualified defined benefit pension plans)	Jun. 29, 2014	Dec. 31, 2013	Dec. 31, 2012
Qualified defined benefit pension plans	'	'	'
Segment Reporting Information [Line Items]	'	'	'
Discount rate	4.25%	4.75%	4.00%

Inventories_Detail

Inventories (Detail) (USD $)	Jun. 29, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Inventory [Line Items]	'	'
Work-in-process, primarily related to long-term contracts and programs in progress	$7,341	$7,073
Less: customer advances and progress payments	-5,271	-4,834
Inventory for long term contracts or programs net of customer advances and progress payments	2,070	2,239
Other inventories	576	738
Total inventories, net	$2,646	$2,977

Pretax_Net_Periodic_Benefit_Co

Pretax Net Periodic Benefit Cost (Detail) (USD $)	3 Months Ended		6 Months Ended
In Millions, unless otherwise specified	Jun. 29, 2014	Jun. 30, 2013	Jun. 29, 2014	Jun. 30, 2013
Qualified defined benefit pension plans	'	'	'	'
Defined Benefit Plan Disclosure [Line Items]	'	'	'	'
Service cost	$243	$285	$486	$571
Interest cost	488	450	976	900
Expected return on plan assets	-659	-621	-1,319	-1,243
Recognized net actuarial losses	221	353	442	706
Amortization of prior service costs (credits)	21	20	42	40
Total net periodic benefit cost	314	487	627	974
Retiree medical and life insurance plans	'	'	'	'
Defined Benefit Plan Disclosure [Line Items]	'	'	'	'
Service cost	6	7	11	14
Interest cost	30	29	61	58
Expected return on plan assets	-37	-37	-73	-73
Recognized net actuarial losses	6	11	12	22
Amortization of prior service costs (credits)	1	-4	2	-9
Total net periodic benefit cost	$6	$6	$13	$12

Postretirement_Benefit_Plans_A

Postretirement Benefit Plans - Additional Information (Detail) (USD $)

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

1 Months Ended

Jun. 29, 2014

Jun. 30, 2013

Jun. 29, 2014

Jun. 30, 2013

Jun. 29, 2014

Jun. 30, 2013

Jun. 29, 2014

Jun. 30, 2013

Jun. 29, 2014

Jun. 30, 2013

Jun. 29, 2014

Jun. 30, 2013

Jun. 29, 2014

Jul. 23, 2014

Postretirement Benefit Plan Adjustments

Postretirement Benefit Plan Adjustments

Postretirement Benefit Plan Adjustments

Postretirement Benefit Plan Adjustments

Qualified defined benefit pension plans

Qualified defined benefit pension plans

Qualified defined benefit pension plans

Qualified defined benefit pension plans

Non-Qualified Pension Plans, Defined Benefit

Subsequent Event

Qualified defined benefit pension plans

Defined Benefit Plan Disclosure [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amounts reclassified from accumulated other comprehensive loss

'

'

$337,000,000

[1]

$504,000,000

[1]

$167,000,000

$253,000,000

$334,000,000

[1]

$507,000,000

[1]

'

'

'

'

'

'

Recognition of previously deferred postretirement benefit plan amounts, tax

92,000,000

139,000,000

183,000,000

278,000,000

'

'

'

'

'

'

'

'

'

'

Plan amendments related to the salary freeze

'

'

'

'

'

'

'

'

'

'

4,580,000,000

'

'

'

Estimated remaining service period of covered employees, years

'

'

'

'

'

'

'

'

'

'

'10 years

'

'

'

Actuarial losses related to changes in actuarial assumptions due to re-measurements

'

'

'

'

'

'

'

'

'

'

6,500,000,000

'

'

'

New longevity assumptions

'

'

'

'

'

'

'

'

'

'

3,390,000,000

'

'

'

Discount rate

'

'

'

'

'

'

'

'

'

'

3,309,000,000

[2]

'

'

'

Other

'

'

'

'

'

'

'

'

'

'

157,000,000

'

'

'

Incremental return on plan assets recognized in re-measurements

'

'

'

'

'

'

'

'

'

'

904,000,000

[3]

'

'

'

Net increase in the benefit obligations related to re-measurements

'

'

'

'

'

'

'

'

'

'

1,100,000,000

'

79,000,000

'

Other comprehensive loss before reclassifications

'

'

720,000,000

52,000,000

735,000,000

'

735,000,000

'

'

'

'

'

'

'

Tax benefit on other comprehensive loss before reclassifications related to defined benefit plans

'

'

402,000,000

'

'

'

'

'

'

'

'

'

'

'

Expected FAS pension expense for 2014

1,200,000,000

'

1,200,000,000

'

'

'

'

'

'

'

'

'

'

'

Contributions made by the employer

'

'

'

'

'

'

'

'

515,000,000

750,000,000

515,000,000

750,000,000

'

485,000,000

Planned defined benefit plan contributions by employer in current fiscal year

'

'

'

'

'

'

'

'

'

'

$1,000,000,000

'

'

'

[1]

Reclassifications from AOCL related to our postretirement benefit plans were recorded as a component of net periodic benefit cost for each period presented (Note 5). These amounts include $167 million and $253 million for the quarters ended June 29, 2014 and June 30, 2013, which are comprised of the recognition of net actuarial losses of $153 million and $243 million for the quarters ended June 29, 2014 and June 30, 2013, and the amortization of prior service costs of $14 million and $10 million for the quarters ended June 29, 2014 and June 30, 2013.

[2]

Reflects a decrease in the discount rate from 4.75% at December 31, 2013 to 4.25% at the re-measurement date.

[3]

The expected return on plan assets represents the expected long-term rate of return on plan assets of 4.00% for the six months ended June 29, 2014 (the half-year proportional effect of our expected 8.00% annual long-term rate of return on plan assets assumption). The incremental return on plan assets recognized in re-measurements represents the difference between our actual return on plan assets of 6.70% and our expected return of 4.00% for the six months ended June 29, 2014.

Reconciliation_of_Benefit_Obli

Reconciliation of Benefit Obligations, Plan Assets, and Unfunded or Funded Status (Detail) (Qualified defined benefit pension plans, USD $)	3 Months Ended			6 Months Ended
In Millions, unless otherwise specified	Jun. 29, 2014		Jun. 30, 2013	Jun. 29, 2014		Jun. 30, 2013
Qualified defined benefit pension plans	'		'	'		'
Change in benefit obligation	'		'	'		'
Benefit obligations at December 31, 2013	'		'	($42,161)		'
Changes in benefit obligations due to re-measurements	'		'	'		'
Plan amendments related to the salary freeze	'		'	4,580		'
New longevity assumptions	'		'	-3,390		'
Discount rate	'		'	-3,309	[1]	'
Other	'		'	157		'
Service cost	-243		-285	-486		-571
Interest cost	-488		-450	-976		-900
Benefits paid	'		'	975		'
Benefit obligations at June 29, 2014	-44,610		'	-44,610		'
Change in plan assets	'		'	'		'
Plan assets at December 31, 2013	'		'	33,010		'
Actual return on plan assets	'		'	'		'
Expected return on plan assets	'		'	1,319	[2]	'
Incremental return on plan assets recognized in re-measurements	'		'	904	[2]	'
Company contributions	515		750	515		750
Benefits paid	'		'	-975		'
Plan assets at June 29, 2014	34,773		'	34,773		'
Net unfunded status of the plans at June 29, 2014	($9,837)	[3]	'	($9,837)	[3]	'
[1]	Reflects a decrease in the discount rate from 4.75% at December 31, 2013 to 4.25% at the re-measurement date.
[2]	The expected return on plan assets represents the expected long-term rate of return on plan assets of 4.00% for the six months ended June 29, 2014 (the half-year proportional effect of our expected 8.00% annual long-term rate of return on plan assets assumption). The incremental return on plan assets recognized in re-measurements represents the difference between our actual return on plan assets of 6.70% and our expected return of 4.00% for the six months ended June 29, 2014.
[3]	For plans where the benefit obligation is in excess of plan assets, we record the net obligation (which was $10,046 million as of June 29, 2014) as accrued pension liabilities on our Balance Sheet. Conversely, for plans where the assets exceed the benefit obligation, we record the net asset (which was $209 million as of June 29, 2014) within other noncurrent assets on our Balance Sheet. The net unfunded status of the plans represents the net total of these two amounts.

Reconciliation_of_Benefit_Obli1

Reconciliation of Benefit Obligations, Plan Assets, and Unfunded or Funded Status (Parenthetical) (Detail) (USD $)	6 Months Ended
In Millions, unless otherwise specified	Jun. 29, 2014	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]	'	'	'
Accrued pension liabilities	$10,046	9,361	'
Qualified defined benefit pension plans	'	'	'
Defined Benefit Plan Disclosure [Line Items]	'	'	'
Discount rate	4.25%	4.75%	4.00%
Expected return on plan assets	4.00%	'	'
Actual return on plan assets	6.70%	'	'
Accrued pension liabilities	10,046	'	'
Prepaid pension assets	$209	'	'
Qualified defined benefit pension plans | Annual	'	'	'
Defined Benefit Plan Disclosure [Line Items]	'	'	'
Expected return on plan assets	8.00%	'	'

Recovered_Sheet1

Legal Proceedings and Contingencies - Additional Information (Detail) (USD $)	6 Months Ended				90 Months Ended
	Jun. 29, 2014	Dec. 31, 2013	Jun. 29, 2014	Apr. 24, 2009	Jun. 29, 2014
			N.Y. Metropolitan Transportation Authority	N.Y. Metropolitan Transportation Authority	United Launch Alliance
Site Contingency [Line Items]	'	'	'	'	'
Contract value	'	'	'	$323,000,000	'
Contract payments received to date	'	'	241,000,000	'	'
Liabilities recorded relative to environmental matters	980,000,000	997,000,000	'	'	'
Environmental costs eligible for future recovery	848,000,000	863,000,000	'	'	'
Time period environmental costs and recovery of environmental costs are projected over, years	'20 years	'	'	'	'
Percentage of expenditures that are reimbursed for certain remediation activities	50.00%	'	'	'	'
Outstanding letters of credit, surety bonds, and third-party guarantees	2,500,000,000	2,400,000,000	'	'	'
Third-party guarantees outstanding	778,000,000	696,000,000	'	'	'
Percentage of total guarantees that relate to guarantees of contractual performance of joint ventures	90.00%	90.00%	'	'	'
Percentage of ownership interest in affiliated entity	'	'	'	'	50.00%
Dividends that are subject to contingency	'	'	'	'	527,000,000
Revolving line of credit	'	'	'	'	$560,000,000

Fair_Value_Assets_and_Liabilit

Fair Value, Assets and Liabilities Measured on Recurring Basis (Detail) (Fair Value, Measurements, Recurring, USD $)	Jun. 29, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Derivative assets	$25	$28
Derivative liabilities	15	23
Equity securities	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair value of investments measured on recurring basis	108	77
Mutual funds	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair value of investments measured on recurring basis	636	613
U.S. Government securities	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair value of investments measured on recurring basis	136	238
Other securities	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair value of investments measured on recurring basis	168	131
Fair value, inputs, level 1 | Equity securities	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair value of investments measured on recurring basis	108	77
Fair value, inputs, level 1 | Mutual funds	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair value of investments measured on recurring basis	636	613
Fair value, inputs, level 2	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Derivative assets	25	28
Derivative liabilities	15	23
Fair value, inputs, level 2 | U.S. Government securities	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair value of investments measured on recurring basis	136	238
Fair value, inputs, level 2 | Other securities	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair value of investments measured on recurring basis	$168	$131

Fair_Value_Measurements_Additi

Fair Value Measurements - Additional Information (Detail) (USD $)	Jun. 29, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Estimated fair values of debt instruments	$7,700,000,000	$7,400,000,000
Outstanding principal amount of debt instruments	7,000,000,000	7,000,000,000
Unamortized discount on long-term debt	877,000,000	882,000,000
Foreign currency contracts | Designated as hedges	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Aggregate notional amount of derivatives	1,100,000,000	1,000,000,000
Interest rate swaps | Designated as hedges	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Aggregate notional amount of derivatives	$1,300,000,000	$1,200,000,000

Other_Additional_Information_D

Other - Additional Information (Detail) (USD $)

3 Months Ended

6 Months Ended

8 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

1 Months Ended

Share data in Millions, except Per Share data, unless otherwise specified

Jun. 29, 2014

Dec. 31, 2013

Jun. 30, 2013

Mar. 31, 2013

Jun. 29, 2014

Jun. 30, 2013

Jun. 29, 2014

Jun. 29, 2014

Jun. 30, 2013

Nov. 30, 2013

Dec. 31, 2013

Jun. 29, 2014

Dec. 31, 2013

Jun. 29, 2014

Dec. 31, 2013

Jun. 29, 2014

Jan. 31, 2014

Jan. 31, 2014

Jan. 31, 2014

Jan. 31, 2014

Jan. 31, 2014

Jan. 31, 2014

Third quarter of 2014

Third quarter of 2013

Information Systems & Global Solutions, Mission Systems & Training, and Space Systems

Information Systems & Global Solutions

Information Systems & Global Solutions

Mission Systems and Training

Mission Systems and Training

Space Systems

Space Systems

Restricted Stock Units (RSUs)

Performance Stock Units (PSUs)

Performance Stock Units (PSUs)

Performance Stock Units (PSUs)

Performance Stock Units (PSUs)

Performance Stock Units (PSUs)

Employee

Incremental expected costs as a result of the November 2013 restructuring plan

Incremental expected costs as a result of the November 2013 restructuring plan

Incremental expected costs as a result of the November 2013 restructuring plan

Minimum

Maximum

Half Of PSUs Granted In Period

Remaining Half Of PSUs Granted In Period

Increase in segment operating profit, from the impact of changes in net profit booking rate adjustments and other matters, net of state income taxes

$440,000,000

'

$585,000,000

'

$965,000,000

$1,100,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Increase in net earnings from the impact of changes in net profit booking rate adjustments and other matters

285,000,000

'

380,000,000

'

625,000,000

685,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Increase in diluted earnings per share from the impact of changes in net profit booking rate adjustments and other matters

$0.88

'

$1.17

'

$1.93

$2.10

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares repurchased under share repurchase program

'

'

'

'

7.7

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Value of stock repurchased under share repurchase program

'

'

'

'

1,230,000,000

914,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Remaining authorized repurchase amount under share repurchase program

2,300,000,000

'

'

'

2,300,000,000

'

2,300,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock par value, per share

$1

$1

'

'

$1

'

$1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Additional paid-in capital

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of stock units, granted, in shares

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.7

0.2

'

'

'

'

Average grant date fair value per unit

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$146.85

'

'

'

$146.85

$134.15

Number of years over which equity awards vest

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'3 years

'3 years

'

'

'

'

Range of shares that can be earned from stock awards, as a percentage of the target award

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.00%

200.00%

'

'

Dividends declared

856,000,000

'

754,000,000

'

1,284,000,000

1,125,000,000

'

428,000,000

375,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividends declared, per share (in USD)

$2.66

'

$2.30

'

$3.99

$3.45

'

$1.33

$1.15

'

'

'

'

'

'

'

'

'

'

'

'

'

Effective income tax rates

33.70%

'

29.10%

'

32.20%

27.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Tax refunds received, from IRS

'

'

'

'

200,000,000

550,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Tax payments, net of refunds received

'

'

'

'

560,000,000

140,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of employees terminated

'

'

'

'

'

'

'

'

'

4,000

'

'

'

'

'

'

'

'

'

'

'

'

Expected total accelerated and incremental costs

'

'

'

'

'

'

'

'

'

'

'

15,000,000

'

50,000,000

'

135,000,000

'

'

'

'

'

'

Accelerated and incremental costs incurred

50,000,000

'

'

'

50,000,000

'

50,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Severance charges

'

171,000,000

'

30,000,000

'

30,000,000

[1]

'

'

'

'

53,000,000

'

37,000,000

'

81,000,000

'

'

'

'

'

'

'

Severance payments

'

'

'

'

60,000,000

'

75,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Reduction in net earnings due to severance charges

'

'

'

$19,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Decrease in diluted earnings per share due to severance charges

'

'

'

$0.06

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

[1]

Severance charges during the six months ended June 30, 2013 consisted of amounts, net of state tax benefits, associated with the elimination of certain positions at our IS&GS business segment (Note 8, under the caption "Restructuring Charges"). Severance charges for initiatives that are not significant are included in business segment operating profit.

Changes_in_Accumulated_Other_C

Changes in Accumulated Other Comprehensive Loss (Detail) (USD $)	3 Months Ended		6 Months Ended
In Millions, unless otherwise specified	Jun. 29, 2014	Jun. 30, 2013	Jun. 29, 2014		Jun. 30, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]	'	'	'		'
Beginning balance	'	'	($9,601)		($13,493)
Other comprehensive (loss) income before reclassifications	'	'	'		'
Net actuarial losses	'	'	-3,778	[1]	'
Prior service credits	'	'	3,043	[1]	'
Other	'	'	15		-52
Other comprehensive (loss) income before reclassifications	'	'	-720		-52
Amounts reclassified from AOCL	'	'	'		'
Recognition of net actuarial losses	153	243	306		487
Amortization of prior service costs	14	10	28		20
Other	'	'	3		-3
Total reclassified from AOCL	'	'	337	[2]	504	[2]
Other comprehensive income (loss), net of tax	-547	241	-383		452
Ending balance	-9,984	-13,041	-9,984		-13,041
Postretirement Benefit Plan Adjustments	'	'	'		'
Accumulated Other Comprehensive Income (Loss) [Line Items]	'	'	'		'
Beginning balance	'	'	-9,649		-13,532
Other comprehensive (loss) income before reclassifications	'	'	'		'
Net actuarial losses	'	'	-3,778	[1]	'
Prior service credits	'	'	3,043	[1]	'
Other comprehensive (loss) income before reclassifications	-735	'	-735		'
Amounts reclassified from AOCL	'	'	'		'
Recognition of net actuarial losses	'	'	306		487
Amortization of prior service costs	'	'	28		20
Total reclassified from AOCL	167	253	334	[2]	507	[2]
Other comprehensive income (loss), net of tax	'	'	-401		507
Ending balance	-10,050	-13,025	-10,050		-13,025
Other, net	'	'	'		'
Accumulated Other Comprehensive Income (Loss) [Line Items]	'	'	'		'
Beginning balance	'	'	48		39
Other comprehensive (loss) income before reclassifications	'	'	'		'
Other	'	'	15		-52
Other comprehensive (loss) income before reclassifications	'	'	15		-52
Amounts reclassified from AOCL	'	'	'		'
Other	'	'	3		-3
Total reclassified from AOCL	'	'	3	[2]	-3	[2]
Other comprehensive income (loss), net of tax	'	'	18		-55
Ending balance	$66	($16)	$66		($16)
[1]	Changes in AOCL before reclassifications related to our postretirement benefit plans include net actuarial losses from the re-measurements of substantially all our defined benefit pension plans in the quarter ended June 29, 2014 and prior service credits from plan amendments to freeze future retirement benefits in certain of our qualified and nonqualified defined benefit pension plans for non-union employees (Note 5).
[2]	Reclassifications from AOCL related to our postretirement benefit plans were recorded as a component of net periodic benefit cost for each period presented (Note 5). These amounts include $167 million and $253 million for the quarters ended June 29, 2014 and June 30, 2013, which are comprised of the recognition of net actuarial losses of $153 million and $243 million for the quarters ended June 29, 2014 and June 30, 2013, and the amortization of prior service costs of $14 million and $10 million for the quarters ended June 29, 2014 and June 30, 2013.

Changes_in_Accumulated_Other_C1

Changes in Accumulated Other Comprehensive Loss (Parenthetical) (Detail) (USD $)	3 Months Ended		6 Months Ended
In Millions, unless otherwise specified	Jun. 29, 2014	Jun. 30, 2013	Jun. 29, 2014		Jun. 30, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]	'	'	'		'
Total reclassified from AOCL	'	'	$337	[1]	$504	[1]
Recognition of net actuarial losses	153	243	306		487
Amortization of prior service costs	14	10	28		20
Postretirement Benefit Plan Adjustments	'	'	'		'
Accumulated Other Comprehensive Income (Loss) [Line Items]	'	'	'		'
Total reclassified from AOCL	167	253	334	[1]	507	[1]
Recognition of net actuarial losses	'	'	306		487
Amortization of prior service costs	'	'	$28		$20
[1]	Reclassifications from AOCL related to our postretirement benefit plans were recorded as a component of net periodic benefit cost for each period presented (Note 5). These amounts include $167 million and $253 million for the quarters ended June 29, 2014 and June 30, 2013, which are comprised of the recognition of net actuarial losses of $153 million and $243 million for the quarters ended June 29, 2014 and June 30, 2013, and the amortization of prior service costs of $14 million and $10 million for the quarters ended June 29, 2014 and June 30, 2013.