Exhibit 12
Lockheed Martin Corporation
Computation of Ratio of Earnings to Fixed Charges
(in millions, except ratios)
Six Months Ended | Six Months Ended | Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
| June 26, 2016 | June 28, 2015 | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||
Earnings | ||||||||||||||||||||||||||||||||||||||||||
| Earnings from continuing operations before income taxes | $ | 2,534 | $ | 2,609 | $ | 5,023 | $ | 5,258 | $ | 4,155 | $ | 4,072 | $ | 3,631 | ||||||||||||||||||||||||||||
| Interest expense | 330 | 197 | 443 | 340 | 350 | 383 | 354 | |||||||||||||||||||||||||||||||||||
| Undistributed earnings from equity investees, net | (77) | (31) | (83) | (91) | (91) | 20 | (104) | |||||||||||||||||||||||||||||||||||
| Portion of rents representative of the interest factor | 11 | 15 | 36 | 41 | 48 | 48 | 59 | |||||||||||||||||||||||||||||||||||
| Earnings from continuing operations before income taxes, as adjusted | $ | 2,798 | $ | 2,790 | $ | 5,419 | $ | 5,548 | $ | 4,462 | $ | 4,523 | $ | 3,940 | ||||||||||||||||||||||||||||
| Fixed Charges | ||||||||||||||||||||||||||||||||||||||||||
| Interest expense | $ | 330 | $ | 197 | $ | 443 | $ | 340 | $ | 350 | $ | 383 | $ | 354 | ||||||||||||||||||||||||||||
| Portion of rents representative of the interest factor | 11 | 15 | 36 | 41 | 48 | 48 | 59 | |||||||||||||||||||||||||||||||||||
Total fixed charges | $ | 341 | $ | 212 | $ | 479 | $ | 381 | $ | 398 | $ | 431 | $ | 413 | ||||||||||||||||||||||||||||
Ratio of Earnings to Fixed Charges | 8.2 | 13.2 | 11.3 | 14.6 | 11.2 | 10.5 | 9.5 | |||||||||||||||||||||||||||||||||||
The ratio of earnings to fixed charges is a measure of our ability to meet the interest requirements of our outstanding debt securities and leases with current period earnings. A positive ratio indicates that earnings are sufficient to cover our current interest requirements.
