Lockheed Martin (LMT) 10-K 9 Feb 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2016	Jan. 27, 2017	Jun. 24, 2016
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Trading Symbol	LMT
Entity Registrant Name	LOCKHEED MARTIN CORP
Entity Central Index Key	936,468
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		290,315,668
Entity Public Float			$ 72.1

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net sales
Products		$ 40,365	$ 34,868	$ 34,984
Services		6,883	5,668	4,962
Total net sales		47,248	40,536	39,946
Cost of sales
Products		(36,616)	(31,091)	(30,983)
Services		(6,040)	(4,824)	(4,184)
Severance charges	[1],[2]	(80)	(82)
Other unallocated, net		550	(47)	(96)
Total cost of sales		(42,186)	(36,044)	(35,263)
Gross profit		5,062	4,492	4,683
Other income, net		487	220	329
Operating profit		5,549	4,712	5,012
Interest expense		(663)	(443)	(340)
Other non-operating income, net			30	5
Earnings from continuing operations before income taxes		4,886	4,299	4,677
Income tax expense		(1,133)	(1,173)	(1,424)
Net earnings from continuing operations		3,753	3,126	3,253
Net earnings from discontinued operations		1,549	479	361
Net earnings		$ 5,302	$ 3,605	$ 3,614
Basic
Continuing operations		$ 12.54	$ 10.07	$ 10.27
Discontinued operations		5.17	1.55	1.14
Basic earnings per common share		17.71	11.62	11.41
Diluted
Continuing operations		12.38	9.93	10.09
Discontinued operations		5.11	1.53	1.12
Diluted earnings per common share		$ 17.49	$ 11.46	$ 11.21
[1]	FAS pension expense, CAS pension costs and severance charges reflect the reclassification for discontinued operations presentation of benefits related to former IS&GS salaried employees (see "Note 11 - Postretirement Plans").
[2]	See "Note 15 - Restructuring Charges" for information on charges related to certain severance actions at our business segments. Severance charges for initiatives that are not significant are included in business segment operating profit.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net earnings		$ 5,302	$ 3,605	$ 3,614
Postretirement benefit plans
Net other comprehensive loss recognized during the period, net of tax benefit of $668 million in 2016, $192 million in 2015 and $1.5 billion in 2014		(1,232)	(351)	(2,870)
Amounts reclassified from accumulated other comprehensive loss, net of tax expense of $382 million in 2016, $464 million in 2015 and $386 million in 2014		699	850	706
Reclassifications from divestiture of IS&GS business	[1]	(134)
Other, net		9	(73)	(105)
Other comprehensive (loss) income, net of tax		(658)	426	(2,269)
Comprehensive income		$ 4,644	$ 4,031	$ 1,345
[1]	Associated with the divesture of the IS&GS business and included in net gain on divestiture of discontinued operations.

Consolidated Statements of Com4

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Tax benefit on net other comprehensive loss recognized during the period for postretirement benefit plans	$ 668	$ 192	$ 1,500
Tax expense on amounts reclassified from accumulated other comprehensive loss during the period for postretirement benefit plans	$ 382	$ 464	$ 386

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 1,837	$ 1,090
Receivables, net	8,202	7,254
Inventories, net	4,670	4,819
Other current assets	399	441
Assets of discontinued operations		969
Total current assets	15,108	14,573
Property, plant and equipment, net	5,549	5,389
Goodwill	10,764	10,695
Intangible assets, net	4,093	4,022
Deferred income taxes	6,625	6,068
Other noncurrent assets	5,667	5,396
Assets of discontinued operations		3,161
Total assets	47,806	49,304
Current liabilities
Accounts payable	1,653	1,745
Customer advances and amounts in excess of costs incurred	6,776	6,703
Salaries, benefits and payroll taxes	1,764	1,707
Current maturities of long-term debt		956
Other current liabilities	2,349	1,859
Liabilities of discontinued operations		948
Total current liabilities	12,542	13,918
Long-term debt, net	14,282	14,305
Accrued pension liabilities	13,855	11,807
Other postretirement benefit liabilities	862	1,070
Other noncurrent liabilities	4,659	4,902
Liabilities of discontinued operations		205
Total liabilities	46,200	46,207
Stockholders' equity
Common stock, $1 par value per share	289	303
Additional paid-in capital	0	0
Retained earnings	13,324	14,238
Accumulated other comprehensive loss	(12,102)	(11,444)
Total stockholders' equity	1,511	3,097
Noncontrolling interests in subsidiary	95
Total equity	1,606	3,097
Total liabilities and equity	$ 47,806	$ 49,304

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Common stock, par value (in USD per share)	$ 1	$ 1

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating activities
Net earnings	$ 5,302	$ 3,605	$ 3,614
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization	1,215	1,026	994
Stock-based compensation	149	138	164
Deferred income taxes	(152)	(445)	(401)
Goodwill impairment charges			119
Severance charges	99	102
Gain on divestiture of IS&GS business	(1,242)
Gain on step acquisition of AWE	(104)
Changes in assets and liabilities
Receivables, net	(811)	(256)	28
Inventories, net	(46)	(398)	77
Accounts payable	(188)	(160)	95
Customer advances and amounts in excess of costs incurred	3	(32)	(572)
Postretirement benefit plans	1,028	1,068	(880)
Income taxes	146	(48)	351
Other, net	(210)	501	277
Net cash provided by operating activities	5,189	5,101	3,866
Investing activities
Capital expenditures	(1,063)	(939)	(845)
Acquisitions of businesses and investments in affiliates		(9,003)	(898)
Other, net	78	208	20
Net cash used for investing activities	(985)	(9,734)	(1,723)
Financing activities
Special cash payment from divestiture of IS&GS business	1,800
Repurchases of common stock	(2,096)	(3,071)	(1,900)
Proceeds from stock option exercises	106	174	308
Dividends paid	(2,048)	(1,932)	(1,760)
Proceeds from the issuance of long-term debt		9,101
Repayments of long-term debt	(952)
Proceeds from borrowings under revolving credit facilities		6,000
Repayments of borrowings under revolving credit facilities		(6,000)
Other, net	(267)	5	38
Net cash (used for) provided by financing activities	(3,457)	4,277	(3,314)
Net change in cash and cash equivalents	747	(356)	(1,171)
Cash and cash equivalents at beginning of year	1,090	1,446	2,617
Cash and cash equivalents at end of year	$ 1,837	$ 1,090	$ 1,446

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss		Total Stockholders' Equity	Noncontrolling Interest in Subsidiary
Beginning Balance at Dec. 31, 2013	$ 4,918	$ 319		$ 14,200	$ (9,601)	[1]	$ 4,918
Net earnings	3,614			3,614			3,614
Other comprehensive income (loss), net of tax	(2,269)				(2,269)		(2,269)
Repurchases of common stock	(1,900)	(12)	$ (792)	(1,096)			(1,900)
Dividends declared	(1,762)			(1,762)			(1,762)
Stock-based awards and ESOP activity and other	799	7	792				799
Ending Balance at Dec. 31, 2014	3,400	314		14,956	(11,870)	[1]	3,400
Net earnings	3,605			3,605			3,605
Other comprehensive income (loss), net of tax	426				426		426
Repurchases of common stock	(3,071)	(15)	(656)	(2,400)			(3,071)
Dividends declared	(1,923)			(1,923)			(1,923)
Stock-based awards and ESOP activity and other	660	4	656				660
Ending Balance at Dec. 31, 2015	3,097	303		14,238	(11,444)		3,097
Net earnings	5,302			5,302			5,302
Other comprehensive income (loss), net of tax	(658)				(658)		(658)
Shares exchanged and retired in connection with divestiture of IS&GS business	(2,497)	(9)		(2,488)			(2,497)
Repurchases of common stock	(2,096)	(9)	(395)	(1,692)			(2,096)
Dividends declared	(2,036)			(2,036)			(2,036)
Stock-based awards and ESOP activity and other	399	4	$ 395				399
Increase in noncontrolling interests in subsidiary	95							$ 95
Ending Balance at Dec. 31, 2016	$ 1,606	$ 289		$ 13,324	$ (12,102)	[1]	$ 1,511	$ 95
[1]	AOCL related to postretirement benefit plans is shown net of tax benefits at December 31, 2016, 2015 and 2014 of $6.5 billion, $6.2 billion and $6.4 billion. These tax benefits include amounts recognized on our income tax returns as current deductions and deferred income taxes, which will be recognized on our tax returns in future years. See "Note 9 - Income Taxes" and "Note 11 -Postretirement Plans" for more information on our income taxes and postretirement benefit plans.

Consolidated Statements of Equ9

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended												12 Months Ended
	Dec. 31, 2016	Sep. 25, 2016	Jun. 26, 2016	Mar. 27, 2016	Dec. 31, 2015	Sep. 27, 2015	Jun. 28, 2015	Mar. 29, 2015	Dec. 31, 2014	Sep. 28, 2014	Jun. 29, 2014	Mar. 30, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Dividends declared, per share	$ 1.82	$ 1.65	$ 1.65	$ 1.65	$ 1.65	$ 1.50	$ 1.50	$ 1.50	$ 1.50	$ 1.33	$ 1.33	$ 1.33	$ 6.77	$ 6.15	$ 5.49

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Significant Accounting Policies	Note 1 – Significant Accounting Policies Organization Basis of presentation The discussion and presentation of the operating results of our business segments have been impacted by the following recent events. On August 16, 2016, we completed the previously announced divestiture of the Information Systems & Global Solutions (IS&GS) business, which merged with a subsidiary of Leidos Holdings, Inc. (Leidos), in a Reverse Morris Trust transaction (the “Transaction”). This Transaction represents the culmination of the strategic review of our government information technology infrastructure services business and our technical services business performed in 2015 to explore whether the IS&GS business could achieve greater growth and create more value for customers and stockholders outside of Lockheed Martin. As a result of the divestiture, the operating results of the IS&GS business have been classified as discontinued operations in the consolidated statements of earnings for all periods presented and the assets and liabilities of the IS&GS business have been classified as assets and liabilities of discontinued operations in the consolidated balance sheet as of December 31, 2015. However, the cash flows of the IS&GS business have not been reclassified in our consolidated statements of cash flows as we retained the cash as part of the Transaction. See “Note 3 – Acquisitions and Divestitures” for additional information about the divestiture of the IS&GS business. On August 24, 2016, our ownership interest in the AWE Management Limited (AWE) venture, which operates the United Kingdom’s nuclear deterrent program, increased by 18%. As a result of the increase, we now hold a 51% controlling interest in AWE and are required to consolidate the AWE venture in our consolidated financial statements. Accordingly, the operating results and cash flows of AWE have been included in our consolidated statements of earnings and consolidated statements of cash flows since August 24, 2016, the date we obtained a controlling interest, and the assets and liabilities of AWE are included in the consolidated balance sheet as of December 31, 2016. Previously, we accounted for our investment in AWE using the equity method of accounting. See “Note 3 – Acquisitions and Divestitures” for additional information about the change in ownership of AWE. During the third quarter of 2016, the business segment formerly known as Mission Systems and Training (MST) was renamed Rotary and Missions Systems (RMS) to better reflect a broader range of products and capabilities subsequent to the acquisition of Sikorsky Aircraft Corporation (Sikorsky) in November 2015 and the realignment of certain programs from the former IS&GS business to RMS in the fourth quarter of 2015. While RMS was renamed to more accurately reflect the expanded portfolio, there was no additional change to the composition of the portfolio in connection with the name change. The information for this segment for all periods included in these consolidated financial statements has been labeled using the new name. On November 6, 2015, we completed the acquisition of Sikorsky for $9.0 billion, net of cash acquired, and aligned Sikorsky under our RMS business segment. The operating results and cash flows of Sikorsky have been included in our consolidated statements of earnings and consolidated statements of cash flows since the November 6, 2015 acquisition date. Additionally, the assets and liabilities of Sikorsky are included in our consolidated balance sheets as of December 31, 2016 and December 31, 2015. See “Note 3 – Acquisitions and Divestitures” for additional information about the acquisition of Sikorsky and related final purchase accounting. During the fourth quarter of 2015, we realigned certain programs among our business segments. The amounts, discussion and presentation of our business segments for all periods presented in these consolidated financial statements reflect the program realignment. Use of estimates Sales and earnings percentage-of-completion time-and-materials non-U.S. Percentage-of-Completion percentage-of-completion cost-to-cost cost-to-cost percentage-of-completion units-of-delivery cost-to-cost Award and incentive fees, as well as penalties related to contract performance, are considered in estimating sales and profit rates on contracts accounted for under the percentage-of-completion Accounting for contracts using the percentage-of-completion inception-to-date 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 the contract. Profit booking rates may increase during the performance of the contract if we successfully retire risks surrounding the technical, schedule and cost aspects of the contract which decreases the estimated total costs to complete the contract. 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 business segment sales, operating profit and operating margins may be impacted by changes in profit booking rates on our contracts accounted for using the percentage-of-completion inception-to-date 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 $1.5 billion in 2016, $1.7 billion in 2015 and $1.6 billion in 2014. These adjustments increased net earnings by approximately $950 million ($3.13 per share) in 2016, $1.1 billion ($3.50 per share) in 2015 and $1.1 billion ($3.41 per share) in 2014. Services Method – non-U.S. non-U.S. Research and development and similar costs Stock-based compensation Income taxes We periodically assess our tax exposures related to periods that are open to examination. Based on the latest available information, we evaluate our tax positions to determine whether the position will more likely than not be sustained upon examination by the Internal Revenue Service (IRS) or other taxing authorities. If we cannot reach a more-likely-than-not Cash and cash equivalents Receivables percentage-of-completion cost-to-cost On occasion, customers may seek financing for the purchase of our products. In connection with these transactions, we may enter into arrangements along with our customers with unrelated third–party financial institutions to facilitate the non-recourse Inventories percentage-of-completion units-of-delivery first-in first-out Property, plant and equipment We review the carrying amounts of long-lived assets for impairment if events or changes in the facts and circumstances indicate that their carrying amounts may not be recoverable. We assess impairment by comparing the estimated undiscounted future cash flows of the related asset grouping to its carrying amount. If an asset is determined to be impaired, we recognize an impairment charge in the current period for the difference between the fair value of the asset and its carrying amount. Capitalized software internal-use Goodwill We perform an impairment test of our goodwill at least annually in the fourth quarter and more frequently whenever certain events or changes in circumstances indicate the carrying value of goodwill may be impaired. Such events or changes in circumstances may include a significant deterioration in overall economic conditions, changes in the business climate of our industry, a decline in our market capitalization, operating performance indicators, competition, reorganizations of our business or the disposal of all or a portion of a reporting unit. Our goodwill has been allocated to and is tested for impairment at a level referred to as the reporting unit, which is our business segment level or a level below the business segment. The level at which we test goodwill for impairment requires us to determine whether the operations below the business segment constitute a business for which discrete financial information is available and segment management regularly reviews the operating results. We may use both qualitative and quantitative approaches when testing goodwill for impairment. Under the qualitative approach, for selected reporting units we perform a qualitative evaluation of events and circumstances impacting the reporting unit to determine the likelihood of goodwill impairment. Based on that qualitative evaluation, if we determine it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, no further evaluation is necessary. Otherwise, we perform a quantitative two-step Under step one of the quantitative impairment test, we compare the fair value of each reporting unit to its carrying value, including goodwill. If the fair value of a reporting unit exceeds its carrying value, goodwill of the reporting unit is not impaired. If the carrying value of a reporting unit exceeds its fair value, we then perform step two of the quantitative impairment test and compare the implied value of the reporting unit’s goodwill with the carrying value of its goodwill. The implied value of the reporting unit’s goodwill is calculated by creating a hypothetical balance sheet as if the reporting unit had just been acquired. This balance sheet contains all assets and liabilities recorded at fair value (including any intangible assets that may not have any corresponding carrying value in our balance sheet). The implied value of the reporting unit’s goodwill is calculated by subtracting the fair value of the net assets from the fair value of the reporting unit. If the carrying value of the reporting unit’s goodwill exceeds the implied value of that goodwill, an impairment loss is recognized in an amount equal to that excess. We estimate the fair value of each reporting unit using a combination of a discounted cash flow (DCF) analysis and market-based valuation methodologies such as comparable public company trading values and values observed in recent business acquisitions. Determining fair value requires the exercise of significant judgments, including judgments about the amount and timing of expected future cash flows, long-term growth rates, discount rates and relevant comparable public company earnings multiples and relevant transaction multiples. The cash flows employed in the DCF analyses are based on our best estimate of future sales, earnings and cash flows after considering factors such as general market conditions, U.S. Government budgets, existing firm orders, expected future orders, contracts with suppliers, labor agreements, changes in working capital, long-term business plans and recent operating performance. The discount rates utilized in the DCF analysis are based on the respective reporting unit’s weighted average cost of capital, which takes into account the relative weights of each component of capital structure (equity and debt) and represents the expected cost of new capital, adjusted as appropriate to consider the risk inherent in future cash flows of the respective reporting unit. In the fourth quarter of 2016, we performed our annual goodwill impairment test for each of our reporting units. The results of our 2016 annual impairment tests of goodwill indicated that no impairment existed. In the fourth quarter of 2015, we performed our annual goodwill impairment test for each of our reporting units. During the fourth quarter of 2015, we realigned certain programs between our business segments in connection with our strategic review of our government IT and technical services businesses. As part of the realignment, goodwill was reallocated between affected reporting units on a relative fair value basis. We performed goodwill impairment tests prior and subsequent to the realignment. The results of our 2015 annual impairment tests of goodwill indicated that no impairment existed. In the fourth quarter of 2014, we completed our annual goodwill impairment test for each of our reporting units. The results of these tests indicated that the estimated fair values of our reporting units exceeded their carrying values, with the exception of our Technical Services reporting unit within our IS&GS business. The impact of market pressures such as lower in-theater re-competition non-cash Intangible assets Customer advances and amounts in excess of cost incurred Postretirement benefit plans A market-related value of our plan assets, determined using actual asset gains or losses over the prior three year period, is used to calculate the amount of deferred asset gains or losses to be amortized. These asset gains or losses, along with those resulting from adjustments to our benefit obligation, will be amortized to expense using the corridor method, where gains and losses are recognized to the extent they exceed 10% of the greater of plan assets or benefit obligations, over the average future service period of employees expected to receive benefits under the plans of approximately 9 years as of December 31, 2016. This amortization period is expected to extend (approximately double) in 2020 when our non-union We recognize on a plan-by-plan non-cash Environmental matters non-U.S. Investments in marketable securities Equity method investments Derivative financial instruments We record derivatives at their fair value. The classification of gains and losses resulting from changes in the fair values of derivatives is dependent on our intended use of the derivative and its resulting designation. Adjustments to reflect changes in fair values of derivatives attributable to the effective portion of hedges are either reflected in earnings and largely offset by corresponding adjustments to the hedged items or reflected net of income taxes in accumulated other comprehensive loss until the hedged transaction is recognized in earnings. Changes in the fair value of the derivatives that are attributable to the ineffective portion of the hedges or of derivatives that are not considered to be highly effective hedges, if any, are immediately recognized in earnings. The aggregate notional amount of our outstanding interest rate swaps at December 31, 2016 and 2015 was $1.2 billion and $1.5 billion. The aggregate notional amount of our outstanding foreign currency hedges at December 31, 2016 and 2015 was $4.0 billion and $4.1 billion. Derivative instruments did not have a material impact on net earnings and comprehensive income during 2016, 2015 and 2014. Substantially all of our derivatives are designated for hedge accounting. See “Note 16 – Fair Value Measurements” for more information on the fair value measurements related to our derivative instruments. Recent Accounting Pronouncements No. 2014-09, one-year As the ASU will supersede substantially all existing revenue guidance affecting us under GAAP, it could impact revenue and cost recognition on thousands of contracts across all of our business segments, as well as, our business processes and our information technology systems. As a result, our evaluation of the effect of the ASU will extend through 2017. We have closely monitored the standard setting process, including amendments and technical corrections to the ASU following its issuance in May 2014 and participated in aerospace and defense forums to understand the impact of the ASU on our industry. We commenced our evaluation of the impact of the ASU in late 2014, by evaluating its impact on selected contracts at each of our business segments. With this baseline understanding, we developed a project plan to evaluate thousands of contracts across our business segments, develop processes and tools to dual report financial results under both GAAP and the ASU and assess the internal control structure in order to adopt the ASU on January 1, 2018. We have periodically briefed our Audit Committee on our progress made towards adoption. Based on our evaluation to date, we anticipate being able to estimate the impacts of adopting the ASU in the second half of 2017. We recognize the majority of our revenue using the percentage-of-completion percentage-of-completion cost-to-cost F-35 percentage-of-completion units-of-delivery C-130J C-5 PAC-3 percentage-of-completion cost-to-cost Under the ASU, revenue will be recognized as the customer obtains control of the goods and services promised in the contract (i.e., performance obligations). Given the nature of our products and terms and conditions in our contracts, in particular those with the U. S. Government (including FMS contracts), the customer obtains control as we perform on the contract. Therefore, we expect to recognize revenue over time for almost all of our contracts using a method similar to our current percentage-of-completion cost-to-cost percentage-of-completion units-of-delivery units-of-delivery cost-to-cost In January 2017, the FASB issued ASU No. 2017-04, In February 2016, the FASB issued ASU No. 2016-02, In March 2016, the FASB issued ASU No. 2016-09, paid-in In September 2015, the FASB issued ASU No. 2015-16, In November 2015, the FASB issued ASU No. 2015-17,

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2016
Earnings Per Share	Note 2 – Earnings Per Share The weighted average number of shares outstanding used to compute earnings per common share were as follows (in millions): 2016 2015 2014 Weighted average common shares outstanding for basic computations 299.3 310.3 316.8 Weighted average dilutive effect of equity awards 3.8 4.4 5.6 Weighted average common shares outstanding for diluted computations 303.1 314.7 322.4 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. There were no anti-dilutive equity awards for the years ended December 31, 2016, 2015 and 2014.

Acquisitions and Divestitures

Acquisitions and Divestitures	12 Months Ended
	Dec. 31, 2016
Acquisitions and Divestitures	Note 3 – Acquisitions and Divestitures Acquisitions Acquisition of Sikorsky Aircraft Corporation On November 6, 2015, we completed the acquisition of Sikorsky Aircraft Corporation and certain affiliated companies (collectively “Sikorsky”) from United Technologies Corporation (UTC) and certain of UTC’s subsidiaries. The purchase price of the acquisition was $9.0 billion, net of cash acquired. As a result of the acquisition, Sikorsky became a wholly-owned subsidiary of ours. Sikorsky is a global company primarily engaged in the research, design, development, manufacture and support of military and commercial helicopters. Sikorsky’s products include military helicopters such as the Black Hawk, Seahawk, CH-53K, H-92; S-76 S-92. To fund the $9.0 billion acquisition price, we utilized $6.0 billion of proceeds borrowed under a temporary 364-day 364-day 364-day Allocation of Purchase Price to Assets Acquired and Liabilities Assumed We accounted for the acquisition of Sikorsky as a business combination, which requires us to record the assets acquired and liabilities assumed at fair value. The amount by which the purchase price exceeds the fair value of the net assets acquired is recorded as goodwill. During the fourth quarter of 2016, we completed our appraisals and determined the fair values of the assets acquired and liabilities assumed upon acquisition of Sikorsky. As a result of the completed valuation the significant adjustments to the carrying amounts were as follows: Goodwill, trademarks intangible assets and customer programs intangible assets increased by about $78 million, $71 million and $57 million and inventories, net was decreased by about $185 million. The measurement period adjustments did not result in a significant adjustment to amortization expense for intangible assets during 2016. The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date, including the refinements described in the previous paragraph (in millions): Cash and cash equivalents $ 75 Receivables, net 1,924 Inventories, net 1,632 Other current assets 46 Property, plant and equipment 649 Goodwill 2,842 Intangible assets: Customer programs 3,184 Trademarks 887 Other noncurrent assets 572 Deferred income taxes, noncurrent 256 Total identifiable assets and goodwill 12,067 Accounts payable (565) Customer advances and amounts in excess of costs incurred (1,197) Salaries, benefits, and payroll taxes (105) Other current liabilities (430) Customer contractual obligations (a) (507) Other noncurrent liabilities (185) Total liabilities assumed (2,989) Total consideration $ 9,078 (a) Recorded in other noncurrent liabilities on our consolidated balance sheets. Intangible assets related to customer programs were recognized for each major helicopter and aftermarket program and represent the aggregate value associated with the customer relationships, contracts, technology and tradenames underlying the associated program. These intangible assets will be amortized on a straight-line basis over a weighted-average useful life of approximately 15 years. The useful life is based on a period of expected cash flows used to measure the fair value of each of intangible assets. Customer contractual obligations represent liabilities on certain development programs where the expected costs exceed the expected sales under contract. We measured these liabilities based on the price to transfer the obligation to a market participant at the measurement date, assuming that the liability will remain outstanding in the marketplace. Based on the estimated net cash outflows of the developmental programs plus a reasonable contracting profit margin required to transfer the contracts to market participants, we recorded assumed liabilities of $507 million. These liabilities will be liquidated in accordance with the underlying economic pattern of the contractual obligations, as reflected by the estimated future net cash outflows incurred on the associated contracts. From the acquisition date through the year ended December 31, 2016, we recognized approximately $130 million in sales related to customer contractual obligations. Estimated liquidation of the customer contractual obligation is approximated as follows: $110 million in 2017, $70 million in 2018, $70 million in 2019, $60 million in 2020, $40 million in 2021 and $27 million thereafter. The fair values of the assets acquired and liabilities assumed were determined using income, market and cost valuation methodologies. The fair value measurements were estimated using significant inputs that are not observable in the market and thus represent a Level 3 measurement as defined in Accounting Standards Codification (ASC) 820, Fair Value Measurement The purchase price allocation resulted in the recognition of $2.8 billion of goodwill, all of which is expected to be amortizable for tax purposes. Substantially all of the goodwill was assigned to our RMS business. The goodwill recognized is attributable to expected revenue synergies generated by the integration of our products and technologies with those of Sikorsky, costs synergies resulting from the consolidation or elimination of certain functions, and intangible assets that do not qualify for separate recognition, such as the assembled workforce of Sikorsky. Determining the fair value of assets acquired and liabilities assumed requires the exercise of significant judgments, including the amount and timing of expected future cash flows, long-term growth rates and discount rates. The cash flows employed in the DCF analyses are based on our best estimate of future sales, earnings and cash flows after considering factors such as general market conditions, customer budgets, existing firm orders, expected future orders, contracts with suppliers, labor agreements, changes in working capital, long term business plans and recent operating performance. Use of different estimates and judgments could yield different results. Impact to 2015 Financial Results Sikorsky’s 2015 financial results have been included in our consolidated financial results only for the period from the November 6, 2015 acquisition date through December 31, 2015. As a result, our consolidated financial results for the year ended December 31, 2015 do not reflect a full year of Sikorsky’s results. From the November 6, 2015 acquisition date through December 31, 2015, Sikorsky generated net sales of approximately $400 million and operating loss of approximately $45 million, inclusive of intangible amortization and adjustments required to account for the acquisition. We incurred approximately $38 million of non-recoverable 364-day Supplemental Pro Forma Financial Information (unaudited) The following table presents summarized unaudited pro forma financial information as if Sikorsky had been included in our financial results for the entire years in 2015 and 2014 (in millions): 2015 2014 Net sales $ 45,366 $ 47,369 Net earnings 3,534 3,475 Basic earnings per common share 11.39 10.97 Diluted earnings per common share 11.23 10.78 The unaudited supplemental pro forma financial data above has been calculated after applying our accounting policies and adjusting the historical results of Sikorsky with pro forma adjustments, net of tax, that assume the acquisition occurred on January 1, 2014. Significant pro forma adjustments include the recognition of additional amortization expense related to acquired intangible assets and additional interest expense related to the short-term debt used to finance the acquisition. These adjustments assume the application of fair value adjustments to intangibles and the debt issuance occurred on January 1, 2014 and are approximated as follows: amortization expense of $125 million and $150 million in 2015 and 2014, respectively; and interest expense of $40 million and $50 million in 2015 and 2014, respectively. In addition, significant nonrecurring adjustments include the elimination of a $72 million pension curtailment loss, net of tax, recognized in 2015 and the elimination of a $58 million income tax charge related to historic earnings of foreign subsidiaries recognized by Sikorsky in 2015. The unaudited supplemental pro forma financial information also reflects an increase in interest expense, net of tax, of approximately $110 million and approximately $120 million in 2015 and 2014, respectively. The increase in interest expense is the result of assuming the November 2015 Notes were issued on January 1, 2014. Proceeds of the November 2015 Notes were used to repay all outstanding borrowings under the 364-day The unaudited supplemental pro forma financial information does not reflect the realization of any expected ongoing cost or revenue synergies relating to the integration of the two companies. Further, the pro forma data should not be considered indicative of the results that would have occurred if the acquisition, related financing and associated notes issuance and repayment of the 364-day AWE Management Limited On August 24, 2016, our ownership interest in the AWE venture increased by 18% in exchange for our assuming a more significant role in managing the operations of the venture. As a result of the increase in ownership interest, we now hold a 51% controlling interest in AWE. Accordingly, we are required to consolidate AWE, which has been aligned under our Space Systems business segment. Space Systems’ operating results includes 100% of AWE’s net sales and 51% of AWE’s operating profit since August 24, 2016. Previously, we accounted for our investment in AWE using the equity method of accounting. Under the equity method, none of AWE’s net sales and only 33% of AWE’s net earnings were included in operating profit of the Space Systems business segment. We accounted for this transaction as a “step acquisition” (as defined by U.S. GAAP), which requires us to consolidate and record the assets and liabilities of AWE at fair value. Accordingly, we recorded intangible assets of $243 million related to customer relationships, $32 million of net liabilities, and noncontrolling interests of $107 million. The intangible assets are being amortized over a period of eight years in accordance with the underlying pattern of economic benefit reflected by the future net cash flows. In 2016, we recognized a non-cash tax-related Other acquisitions We paid $898 million in 2014 for acquisitions of businesses and investments in affiliates, net of cash acquired, primarily related to the acquisitions of Zeta, Systems Made Simple and Industrial Defender. In August 2014, we completed the acquisition of all interests in Zeta, a designer of systems that enable collection, processing, safeguarding and dissemination of information for intelligence and defense communities, which is included in our Space Systems business segment. In connection with the acquisition of Zeta, we recorded goodwill of approximately $290 million, related to expected synergies from combining operations and value of the existing workforce. The recorded goodwill is not deductible for tax purposes. Additionally, in connection with the acquisition of Zeta, we recorded other intangible assets of approximately $100 million, primarily related to customer relationships and technologies, which will be amortized over a weighted average period of 10 years. Also during 2014, we completed the acquisitions of interests in Systems Made Simple, a provider of health information technology solutions, and Industrial Defender, a provider of cybersecurity solutions for control systems in the oil and gas, utility and chemical industries. Both businesses were included in our former IS&GS business. We recorded goodwill of approximately $370 million and intangible assets of approximately $125 million related to these acquisitions, which were reclassified to discontinued operations in connection with the divestiture of IS&GS. Divestiture of the Information Systems & Global Solutions Business On August 16, 2016, we completed the previously announced divestiture of the IS&GS business, which merged with a subsidiary of Leidos, in a Reverse Morris Trust transaction (the “Transaction”). The Transaction was completed in a multi-step process pursuant to which we initially contributed the IS&GS business to Abacus Innovations Corporation (Abacus), a wholly owned subsidiary of Lockheed Martin created to facilitate the Transaction, and the common stock of Abacus was distributed to participating Lockheed Martin stockholders through an exchange offer. Under the terms of the exchange offer, Lockheed Martin stockholders had the option to exchange shares of Lockheed Martin common stock for shares of Abacus common stock. At the conclusion of the exchange offer, all shares of Abacus common stock were exchanged for 9,369,694 shares of Lockheed Martin common stock held by Lockheed Martin stockholders that elected to participate in the exchange. The shares of Lockheed Martin common stock that were exchanged and accepted were retired, reducing the number of shares of our common stock outstanding by approximately 3%. Following the exchange offer, Abacus merged with a subsidiary of Leidos, with Abacus continuing as the surviving corporation and a wholly-owned subsidiary of Leidos. As part of the merger, each share of Abacus common stock was automatically converted into one share of Leidos common stock. We did not receive any shares of Leidos common stock as part of the Transaction and do not hold any shares of Leidos or Abacus common stock following the Transaction. Based on an opinion of outside tax counsel, subject to customary qualifications and based on factual representations, the exchange offer and merger will qualify as tax-free In connection with the Transaction, Abacus borrowed an aggregate principal amount of approximately $1.84 billion under term loan facilities with third party financial institutions, the proceeds of which were used to make a one-time As a result of the Transaction, we recognized a net gain of approximately $1.2 billion. The net gain represents the $2.5 billion fair value of the shares of Lockheed Martin common stock exchanged and retired as part of the exchange offer, plus the $1.8 billion one-time We classified the operating results of our IS&GS business as discontinued operations in our consolidated financial statements in accordance with U.S. GAAP, as the divestiture of this business represented a strategic shift that had a major effect on our operations and financial results. However, the cash flows generated by the IS&GS business have not been reclassified in our consolidated statements of cash flows as we retained this cash as part of the Transaction. The carrying amounts of major classes of the IS&GS business assets and liabilities that were classified as assets and liabilities of discontinued operations as of December 31, 2015 are as follows (in millions): Receivables, net $ 807 Inventories, net 143 Other current assets 19 Property, plant and equipment, net 101 Goodwill 2,881 Intangible assets 125 Other noncurrent assets 54 Total assets of the disposal group $ 4,130 Accounts payable $ (229) Customer advances and amounts in excess of costs incurred (285) Salaries, benefits and payroll taxes (209) Other current liabilities (225) Deferred income taxes (145) Other noncurrent liabilities (60) Total liabilities of the disposal group $ (1,153) The operating results of IS&GS that have been reflected within net earnings from discontinued operations are as follows (in millions): Year Ended December 31, 2016 (a) 2015 2014 Net sales $ 3,410 $ 5,596 $ 5,654 Cost of sales (2,953) (4,868) (4,963) Goodwill impairment charges — — (119) Severance charges (19) (20) — Gross profit 438 708 572 Other income, net 16 16 8 Operating profit 454 724 580 Other non-operating — — 1 Earnings from discontinued operations before income taxes 454 724 581 Income tax expense (147) (245) (220) Net gain on divestiture of discontinued operations 1,242 — — Net earnings from discontinued operations $ 1,549 $ 479 $ 361 (a) Operating results for the year ended December 31, 2016 reflect operating results prior to the August 16, 2016 divestiture date, not the full year as shown for the prior years. The operating profit reflected above does not represent the IS&GS business’s historical operating profit, as the results reported within net earnings from discontinued operations only include costs that were directly attributable to the IS&GS business and exclude certain overhead costs that were previously allocated to the IS&GS business for each period. For instance, certain corporate overhead costs and certain defined benefit pension costs that were historically allocated to and included in the operating results of the IS&GS business have been reclassified and included in the results of our continuing operations because we will continue to incur these costs subsequent to the divestiture of the IS&GS business. Certain corporate overhead costs incurred by us and previously allocated to the IS&GS business were reclassified from the IS&GS business to other unallocated, net in our consolidated statements of earnings. These overhead costs were primarily related to expenses for senior management, legal, human resources, finance, accounting, treasury, tax, information technology, communications, ethics and compliance, corporate employee benefits, incentives and stock-based compensation, shared services processing and administration and depreciation for corporate fixed assets, and were not directly attributable to the IS&GS business. We reclassified $82 million in 2016, $165 million in 2015 and $169 million in 2014 of corporate overhead costs to other unallocated, net. Additionally, we retained all assets and obligations related to the pension benefits earned by current and former IS&GS business salaried employees through the divestiture of the IS&GS business. As a result, the non-service Significant severance charges related to the IS&GS business were historically recorded at the Lockheed Martin corporate office. These charges have been reclassified into the operating results of the IS&GS business, classified as discontinued operations, and excluded from the operating results of our continuing operations. The amount of severance charges reclassified were $19 million in 2016 and $20 million in 2015. Financial information related to the IS&GS business’s cash flows, such as depreciation and amortization, capital expenditures, and other non-cash Other Divestitures During 2016, we completed the sale of our Lockheed Martin Commercial Flight Training (LMCFT) business, which was classified as held for sale in the fourth quarter of 2015. Other, net in 2015 includes a non-cash

Goodwill and Acquired Intangibl

Goodwill and Acquired Intangibles	12 Months Ended
	Dec. 31, 2016
Goodwill and Acquired Intangibles	Note 4 – Goodwill and Acquired Intangibles Changes in the carrying amount of goodwill by segment were as follows (in millions): Aeronautics MFC RMS Space Systems Total Balance at December 31, 2014 (a) $171 $ 2,181 $ 4,022 $1,590 $ 7,964 Sikorsky acquisition — — 2,764 — 2,764 Other — 17 (48) (2) (33) Balance at December 31, 2015 171 2,198 6,738 1,588 10,695 Purchase accounting adjustments — — 78 — 78 Other — 62 (68) (3) (9) Balance at December 31, 2016 $171 $ 2,260 $ 6,748 $1,585 $ 10,764 (a) Includes reclassifications of goodwill among our business segments as a result of our program realignment, which occurred during the fourth quarter of 2015 (see “Note 1 – Significant Accounting Policies”). The gross carrying amounts and accumulated amortization of our acquired intangible assets consisted of the following (in millions): 2016 2015 Gross Accumulated Net Gross Amount Accumulated Net Finite-Lived: Customer programs $3,184 $(273) $2,911 $3,127 $ (38) $3,089 Customer relationships 359 (92) 267 137 (59) 78 Other 111 (83) 28 111 (72) 39 Total finite-lived intangibles 3,654 (448) 3,206 3,375 (169) 3,206 Indefinite-Lived: Trademarks 887 — 887 816 — 816 Total acquired intangibles $4,541 $(448) $4,093 $4,191 $(169) $4,022 Acquired finite-lived intangible assets are amortized to expense primarily on a straight-line basis over the following estimated useful lives: customer programs, from nine to 20 years; customer relationships, from four to 10 years; technology, from five to seven years; trademarks, from two to five years; and other intangibles, from three to 10 years. Amortization expense from continuing operations for acquired finite-lived intangible assets was $284 million, $68 million and $20 million in 2016, 2015 and 2014. Estimated future amortization expense is as follows: $318 million in 2017; $298 million in 2018; $285 million in 2019; $263 million in 2020; $256 million in 2021 and $1,786 million thereafter.

Information on Business Segment

Information on Business Segments	12 Months Ended
	Dec. 31, 2016
Information on Business Segments	Note 5 – Information on Business Segments We operate in four business segments: Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS) and Space Systems. We organize our business segments based on the nature of products and services offered. Following is a brief description of the activities of our business segments: • Aeronautics • Missiles and Fire Control air-to-ground • Rotary and Mission Systems • Space Systems The financial information in the following tables includes the results of businesses we have acquired during the past three years (see “Note 3 – Acquisitions and Divestitures”) from their respective dates of acquisition. The business segment operating results in the following tables exclude businesses included in discontinued operations (see “Note 3 – Acquisitions and Divestitures”) for all years presented. Net sales of our business segments exclude intersegment sales as these activities are eliminated in consolidation. Operating profit of our business segments includes our share of earnings or losses from equity method investees as the operating activities of the equity method investees are closely aligned with the operations of our business segments. 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 (see “Note 15 – 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 items” between operating profit from our business segments and our consolidated operating profit. See “Note 1 – Significant Accounting Policies” under the caption “Use of 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 pension cost. We recover CAS pension cost through the pricing of our products and services on U.S. Government contracts and, therefore, the CAS pension 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 cost recorded in our business segments’ results of operations to equal the FAS pension expense. Selected Financial Data by Business Segment Summary operating results for each of our business segments were as follows (in millions): 2016 2015 2014 Net sales Aeronautics $ 17,769 $ 15,570 $ 14,920 Missiles and Fire Control 6,608 6,770 7,092 Rotary and Mission Systems 13,462 9,091 8,732 Space Systems 9,409 9,105 9,202 Total net sales $ 47,248 $ 40,536 $ 39,946 Operating profit Aeronautics $ 1,887 $ 1,681 $ 1,649 Missiles and Fire Control 1,018 1,282 1,344 Rotary and Mission Systems 906 844 936 Space Systems 1,289 1,171 1,187 Total business segment operating profit 5,100 4,978 5,116 Unallocated items FAS/CAS pension adjustment FAS pension expense (a) (1,019 ) (1,127 ) (1,099) Less: CAS pension cost (a) (b) 1,921 1,527 1,416 FAS/CAS pension adjustment 902 400 317 Severance charges (a) (c) (80 ) (82 ) — Stock-based compensation (149 ) (133 ) (154) Other, net (d), (e) (224 ) (451 ) (267) Total unallocated items 449 (266 ) (104) Total consolidated operating profit $ 5,549 $ 4,712 $ 5,012 (a) FAS pension expense, CAS pension costs and severance charges reflect the reclassification for discontinued operations presentation of benefits related to former IS&GS salaried employees (see “Note 11 – Postretirement Plans”). (b) The higher CAS pension cost primarily reflects the impact of phasing in CAS Harmonization. (c) See “Note 15 – Restructuring Charges” for information on charges related to certain severance actions at our business segments. Severance charges for initiatives that are not significant are included in business segment operating profit. (d) Other, net in 2015 includes a non-cash (e) Other, net in 2015 includes approximately $38 million of non-recoverable 2016 2015 2014 Intersegment sales Aeronautics $ 137 $ 102 $ 103 Missiles and Fire Control 305 315 256 Rotary and Mission Systems 1,816 1,533 1,245 Space Systems 110 146 137 Total intersegment sales $ 2,368 $ 2,096 $ 1,741 Depreciation and amortization Aeronautics $ 299 $ 317 $ 322 Missiles and Fire Control 105 99 99 Rotary and Mission Systems 476 211 167 Space Systems 212 220 232 Total business segment depreciation and amortization 1,092 847 820 Corporate activities 75 98 107 Total depreciation and amortization (a) $ 1,167 $ 945 $ 927 Capital expenditures Aeronautics $ 358 $ 387 $ 283 Missiles and Fire Control 167 120 142 Rotary and Mission Systems 271 169 164 Space Systems 183 172 172 Total business segment capital expenditures 979 848 761 Corporate activities 75 60 66 Total capital expenditures (b) $ 1,054 $ 908 $ 827 (a) Total depreciation and amortization in the table above excludes $48 million, $81 million and $67 million for the years ended December 31, 2016, 2015 and 2014 related to the former IS&GS business segment. These amounts are included in depreciation and amortization in our consolidated statements of cash flows as we did not reclassify our cash flows to exclude the IS&GS business segment. See “Note 3 – Acquisitions and Divestitures” for more information. (b) Total capital expenditures in the table above excludes $9 million, $31 million and $18 million for the years ended December 31, 2016, 2015 and 2014 related to the former IS&GS business segment. These amounts are included in capital expenditures in our consolidated statements of cash flows as we did not reclassify our cash flows to exclude the IS&GS business segment. See “Note 3 – Acquisitions and Divestitures” for more information. Net Sales by Customer Category Net sales by customer category were as follows (in millions): 2016 2015 2014 U.S. Government Aeronautics $ 11,714 $ 11,195 $ 10,704 Missiles and Fire Control 4,026 4,150 4,509 Rotary and Mission Systems 9,187 6,961 6,752 Space Systems 8,543 8,845 8,921 Total U.S. Government net sales $ 33,470 $ 31,151 $ 30,886 International (a) Aeronautics $ 5,973 $ 4,328 $ 4,183 Missiles and Fire Control 2,444 2,449 2,421 Rotary and Mission Systems 3,798 2,016 1,921 Space Systems 488 218 89 Total international net sales $ 12,703 $ 9,011 $ 8,614 U.S. Commercial and Other Aeronautics $ 82 $ 47 $ 33 Missiles and Fire Control 138 171 162 Rotary and Mission Systems 477 114 59 Space Systems 378 42 192 Total U.S. commercial and other net sales $ 1,075 $ 374 $ 446 Total net sales $ 47,248 $ 40,536 $ 39,946 (a) International sales include foreign military sales contracted through the U.S. Government, direct commercial sales with international governments and commercial and other sales to international customers. Our Aeronautics business segment includes our largest program, the F-35 F-35 Total assets and customer advances and amounts in excess of costs incurred for each of our business segments were as follows (in millions): 2016 2015 Assets (a) Aeronautics $ 7,896 $ 6,618 Missiles and Fire Control 4,000 4,027 Rotary and Mission Systems 18,367 19,187 Space Systems 5,250 4,861 Total business segment assets 35,513 34,693 Assets of discontinued operations — 4,130 Corporate assets (b) 12,293 10,481 Total assets $ 47,806 $ 49,304 Customer advances and amounts in excess of costs incurred Aeronautics $ 2,133 $ 2,045 Missiles and Fire Control 1,517 1,766 Rotary and Mission Systems 2,590 2,415 Space Systems 536 477 Total customer advances and amounts in excess of costs incurred $ 6,776 $ 6,703 (a) We have no long-lived assets with material carrying values located in foreign countries. (b) Corporate assets primarily include cash and cash equivalents, deferred income taxes, environmental receivables and investments held in a separate trust.

Receivables, net

Receivables, net	12 Months Ended
	Dec. 31, 2016
Receivables, net	Note 6 – Receivables, net Receivables, net consisted of the following (in millions): 2016 2015 U.S. Government Amounts billed $ 792 $ 1,205 Unbilled costs and accrued profits 6,877 5,243 Less: customer advances and progress payments (1,346 ) (1,193) Total U.S. Government receivables, net 6,323 5,255 Other governments and commercial Amounts billed 546 704 Unbilled costs and accrued profits 1,847 1,888 Less: customer advances (514 ) (593) Total other governments and commercial receivables, net 1,879 1,999 Total receivables, net $ 8,202 $ 7,254 We expect to bill substantially all of the December 31, 2016 unbilled costs and accrued profits during 2017.

Inventories, net

Inventories, net	12 Months Ended
	Dec. 31, 2016
Inventories, net	Note 7 – Inventories, net Inventories, net consisted of the following (in millions): 2016 2015 Work-in-process, $ 7,864 $ 8,081 Spare parts, used aircraft and general stock materials 833 1,030 Other inventories 719 740 Total inventories 9,416 9,851 Less: customer advances and progress payments (4,746 ) (5,032) Total inventories, net $ 4,670 $ 4,819 Work-in-process

Property, Plant and Equipment,

Property, Plant and Equipment, net	12 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment, net	Note 8 – Property, Plant and Equipment, net Property, plant and equipment, net consisted of the following (in millions): 2016 2015 Land $ 127 $ 112 Buildings 6,385 6,007 Machinery and equipment 7,389 7,261 Construction in progress 976 886 Total property, plant and equipment 14,877 14,266 Less: accumulated depreciation and amortization (9,328 ) (8,877) Total property, plant and equipment, net $ 5,549 $ 5,389

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Taxes	Note 9 – Income Taxes Our provision for federal and foreign income tax expense for continuing operations consisted of the following (in millions): 2016 2015 2014 Federal income tax expense (benefit): Current $ 1,327 $ 1,573 $ 1,770 Deferred (231 ) (473 ) (351) Total federal income tax expense 1,096 1,100 1,419 Foreign income tax expense (benefit): Current 56 39 13 Deferred (19 ) 34 (8) Total foreign income tax expense 37 73 5 Total income tax expense $ 1,133 $ 1,173 $ 1,424 State income taxes are included in our operations as general and administrative costs and, under U.S. Government regulations, are allowable costs in establishing prices for the products and services we sell to the U.S. Government. Therefore, a substantial portion of state income taxes is included in our net sales and cost of sales. As a result, the impact of certain transactions on our operating profit and of other matters presented in these consolidated financial statements is disclosed net of state income taxes. Our total net state income tax expense was $112 million for 2016, $106 million for 2015, and $149 million for 2014. Our reconciliation of the 35% U.S. federal statutory income tax rate to actual income tax expense for continuing operations is as follows (dollars in millions): 2016 2015 2014 Amount Rate Amount Rate Amount Rate Income tax expense at the U.S. federal statutory tax rate $1,710 35.0% $1,505 35.0% $1,637 35.0% Adoption of stock-based compensation ASU (152) (3.1) — — — — U.S. manufacturing deduction benefit (117) (2.4) (123) (2.9) (124) (2.6) Research and development tax credit (107) (2.2) (70) (1.6) (63) (1.3) Tax deductible dividends (92) (1.9) (87) (2.0) (82) (1.8) Other, net (109) (2.2) (52) (1.2) 56 1.1 Income tax expense $1,133 23.2% $1,173 27.3% $1,424 30.4% In 2016, we early adopted the accounting standard update for employee share-based payment awards. Accordingly, we recognized additional income tax benefits of $152 million during the year ended December 31, 2016. The 2016 income tax rate also benefited from the nontaxable gain recorded in connection with the consolidation of AWE. We recognized tax benefits of $107 million in 2016, $70 million in 2015, and $63 million in 2014 from U.S. research and development (R&D) tax credits, including benefits attributable to prior periods. In December 2015, the R&D tax credit was permanently extended and reinstated, retroactive to the beginning of 2015, which reduced income tax expense by approximately $70 million. In 2014, the R&D tax credit was temporarily reinstated for one year, retroactive to the beginning of 2014, which reduced income tax expense by approximately $45 million. We receive a tax deduction for dividends paid on shares of our common stock held by certain of our defined contribution plans with an employee stock ownership plan feature. The amount of the tax deduction has increased as we increased our dividend over the last three years, partially offset by a decline in the number of shares in these plans. As a result of a decision in 2015 to divest our LMCFT business (see “Note 3 – Acquisitions and Divestitures), we recorded an asset impairment charge of approximately $90 million. This charge was partially offset by a net deferred tax benefit of about $80 million. The net impact of the resulting tax benefit reduced the effective income tax rate by 1.2 percentage points in 2015. We participate in the IRS Compliance Assurance Process program. Examinations of the years 2015 and 2016 remain under IRS review. The primary components of our federal and foreign deferred income tax assets and liabilities at December 31 were as follows (in millions): 2016 2015 Deferred tax assets related to: Accrued compensation and benefits $ 1,012 $ 919 Pensions (a) 5,197 4,462 Other postretirement benefit obligations 302 375 Contract accounting methods 878 1,039 Foreign company operating losses and credits 30 62 Other 327 418 Valuation allowance (b) (15 ) (73) Deferred tax assets, net 7,731 7,202 Deferred tax liabilities related to: Goodwill and purchased intangibles 378 274 Property, plant and equipment 346 457 Exchanged debt securities and other (c) 418 408 Deferred tax liabilities 1,142 1,139 Net deferred tax assets $ 6,589 $ 6,063 (a) The increase in 2016 was primarily due to the reduction in the discount rate used to measure our postretirement benefit plans (see “Note 11 – Postretirement Plans”). (b) A valuation allowance was provided against certain foreign company deferred tax assets arising from carryforwards of unused tax benefits. (c) Includes deferred taxes associated with the exchange of debt securities in prior years. As of December 31, 2016 and 2015, our liabilities associated with unrecognized tax benefits are not material. We and our subsidiaries file income tax returns in the U.S. Federal jurisdiction and various foreign jurisdictions. With few exceptions, the statute of limitations is no longer open for U.S. Federal or non-U.S. U.S. income taxes and foreign withholding taxes have not been provided on earnings of $386 million, $310 million, and $249 million that have not been distributed by our non-U.S. Our federal and foreign income tax payments, net of refunds received, were $1.3 billion in 2016, $1.8 billion in 2015, and $1.5 billion in 2014. Our 2014 net payments reflect a $200 million refund from the IRS primarily attributable to our tax-deductible

Debt

Debt	12 Months Ended
	Dec. 31, 2016
Debt	Note 10 – Debt Our long-term debt consisted of the following (in millions): December 31, 2016 2015 Notes 2.13% and 7.65% due 2016 $ — $ 952 1.85% due 2018 750 750 4.25% due 2019 900 900 2.50% due 2020 1,250 1,250 3.35% due 2021 900 900 3.10% due 2023 500 500 2.90% due 2025 750 750 3.55% due 2026 2,000 2,000 3.60% due 2035 500 500 4.50% and 6.15% due 2036 1,152 1,152 4.85% due 2041 600 600 4.07% due 2042 1,336 1,336 3.80% due 2045 1,000 1,000 4.70% due 2046 2,000 2,000 Other notes with rates from 5.50% to 8.50%, due 2023 to 2040 1,656 1,706 Total debt 15,294 16,296 Less: unamortized discounts and issuance costs (1,012) (1,035) Total debt, net 14,282 15,261 Less: current portion — (956) Long-term debt, net $ 14,282 $ 14,305 Revolving Credit Facilities On October 9, 2015, we entered into a new $2.5 billion revolving credit facility (the 5-year 5-year 5-year 5-year 5-year 5-year In contemplation of our acquisition of Sikorsky, on October 9, 2015, we also entered into a 364-day 364-day 5-year 364-day 364-day 364-day Borrowings under the 5-year 5-year 5-year 5-year 5-year Long-Term Debt In September 2016, we repaid $500 million of long-term notes with a fixed interest rate of 2.13% according to their scheduled maturities. In May 2016, we repaid $452 million of long-term notes with a fixed interest rate of 7.65% according to their scheduled maturities. We also had related variable interest rate swaps with a notional amount of $450 million mature, which did not have a significant impact on net earnings or comprehensive income. We made interest payments of approximately $600 million, approximately $375 million and approximately $325 million during the years ended December 31, 2016, 2015 and 2014, respectively. On November 23, 2015, we issued $7.0 billion of notes (the November 2015 Notes) in a registered public offering. We received net proceeds of $6.9 billion from the offering, after deducting discounts and debt issuance costs, which are being amortized as interest expense over the life of the debt. The November 2015 Notes consist of: • $750 million maturing in 2018 with a fixed interest rate of 1.85% (the 2018 Notes); • $1.25 billion maturing in 2020 with a fixed interest rate of 2.50% (the 2020 Notes); • $500 million maturing in 2023 with a fixed interest rate of 3.10% the 2023 Notes); • $2.0 billion maturing in 2026 with a fixed interest rate of 3.55% (the 2026 Notes); • $500 million maturing in 2036 with a fixed interest rate of 4.50% (the 2036 Notes); and • $2.0 billion maturing in 2046 with a fixed interest rate of 4.70% (the 2046 Notes). We may, at our option, redeem some or all of the November 2015 Notes and unpaid interest at any time by paying the principal amount of notes being redeemed plus any make-whole premium and accrued and unpaid interest to the date of redemption. Interest is payable on the 2018 Notes and the 2020 Notes on May 23 and November 23 of each year; on the 2023 Notes and the 2026 Notes on January 15 and July 15 of each year; and on the 2036 Notes and the 2046 Notes on May 15 and November 15 of each year. The November 2015 Notes rank equally in right of payment with all of our existing unsecured and unsubordinated indebtedness. The proceeds of the November 2015 Notes were used to repay $6.0 billion of borrowings under our 364-day On February 20, 2015, we issued $2.25 billion of notes (the February 2015 Notes) in a registered public offering. We received net proceeds of $2.21 billion from the offering, after deducting discounts and debt issuance costs, which are being amortized as interest expense over the life of the debt. The February 2015 Notes consist of $750 million maturing in 2025 with a fixed interest rate of 2.90%, $500 million maturing in 2035 with a fixed interest rate of 3.60% and $1.0 billion maturing in 2045 with a fixed interest rate of 3.80%. We may, at our option, redeem some or all of the notes at any time by paying the principal amount of notes being redeemed plus any make-whole premium and accrued and unpaid interest to the date of redemption. Interest on the notes is payable on March 1 and September 1 of each year. These notes rank equally in right of payment with all of our existing unsecured and unsubordinated indebtedness. The proceeds of the February 2015 Notes were used for general corporate purposes. Commercial Paper We have agreements in place with financial institutions to provide for the issuance of commercial paper. In connection with the Sikorsky acquisition, in the fourth quarter of 2015 we borrowed and repaid approximately $1.0 billion under our commercial paper programs. There were no commercial paper borrowings outstanding as of December 31, 2016 and 2015. If we were to issue commercial paper in the future, the borrowings would be supported by the 5-year

Postretirement Plans

Postretirement Plans	12 Months Ended
	Dec. 31, 2016
Postretirement Plans	Note 11 – Postretirement Plans Defined Benefit Pension Plans and Retiree Medical and Life Insurance Plans Many of our employees are covered by qualified defined benefit pension plans and we provide certain health care and life insurance benefits to eligible retirees (collectively, postretirement benefit plans). We also sponsor nonqualified defined benefit pension plans to provide for benefits in excess of qualified plan limits. Non-union non-union pay-based We have made contributions to trusts established to pay future benefits to eligible retirees and dependents, including Voluntary Employees’ Beneficiary Association trusts and 401(h) accounts, the assets of which will be used to pay expenses of certain retiree medical plans. We use December 31 as the measurement date. Benefit obligations as of the end of each year reflect assumptions in effect as of those dates. Net periodic benefit cost is based on assumptions in effect at the end of the respective preceding year. The rules related to accounting for postretirement benefit plans under GAAP require us to recognize on a plan-by-plan non-cash The net periodic benefit cost recognized each year included the following (in millions): Qualified Defined (a) Retiree Medical and Life Insurance Plans 2016 2015 2014 2016 2015 2014 Service cost $ 827 $ 836 $ 841 $ 24 $ 21 $ 22 Interest cost 1,861 1,791 1,912 119 110 123 Expected return on plan assets (2,666) (2,734) (2,693) (138) (147) (146) Recognized net actuarial losses 1,359 1,599 1,173 34 43 23 Amortization of net prior service (credit) cost (b) (362) (365) (134) 22 4 4 Total net periodic benefit cost $ 1,019 $ 1,127 $ 1,099 $ 61 $ 31 $ 26 (a) Total net periodic benefit cost associated with our qualified defined benefit plans represents pension expense calculated in accordance with GAAP (FAS pension expense). We are required to calculate pension expense in accordance with both GAAP and CAS rules, each of which results in a different calculated amount of pension expense. The CAS pension cost is recovered through the pricing of our products and services on U.S. Government contracts and, therefore, is recognized in net sales and cost of sales for products and services. We include the difference between FAS pension expense and CAS pension cost, referred to as the FAS/CAS pension adjustment, as a component of other unallocated, net on our consolidated statements of earnings. The FAS/CAS pension adjustment, which was $902 million in 2016, $400 million in 2015, and $317 million in 2014, effectively adjusts the amount of CAS pension cost in the business segment operating profit so that pension expense recorded on our consolidated statements of earnings is equal to FAS pension expense. FAS pension expense and CAS pension costs reflect the reclassification for discontinued operations presentation of benefits related to former IS&GS salaried employees. (b) Net of the reclassification for discontinued operations presentation of pension benefits related to former IS&GS salaried employees ($14 million in 2016, $24 million in 2015 and $17 million in 2014). The following table provides a reconciliation of benefit obligations, plan assets and unfunded status related to our qualified defined benefit pension plans and our retiree medical and life insurance plans (in millions): Qualified Defined Benefit Pension Plans Retiree Medical and Life Insurance Plans 2016 2015 2016 2015 Change in benefit obligation Beginning balance $ 43,702 $ 45,882 $ 2,883 $ 3,034 Service cost 827 836 24 21 Interest cost 1,861 1,791 119 110 Benefits paid (2,172) (2,055) (222) (307) Actuarial losses (gains) 1,402 (1,988) (135) (170) New longevity assumptions (a) (687) (834) (53) (77) Plan amendments and acquisitions (b) 110 31 (32) 157 Service cost related to discontinued operations 21 39 — — Medicare Part D subsidy — — 4 14 Participants’ contributions — — 61 101 Ending balance $ 45,064 $ 43,702 $ 2,649 $ 2,883 Change in plan assets Beginning balance at fair value $ 32,096 $ 34,673 $ 1,813 $ 1,932 Actual return on plan assets 1,470 (527) 95 (27) Benefits paid (2,172) (2,055) (222) (307) Company contributions 23 5 36 100 Medicare Part D subsidy — — 4 14 Participants’ contributions — — 61 101 Ending balance at fair value $ 31,417 $ 32,096 $ 1,787 $ 1,813 Unfunded status of the plans $ (13,647) $ (11,606) $ (862) $ (1,070) (a) We adopted new longevity assumptions originally published by the Society of Actuaries in October 2014. The Society of Actuaries refined their original publication in October 2015 and again in October 2016. (b) Includes special termination benefits of $27 million for qualified pension and $9 million for retiree medical recognized in 2016 related to former IS&GS salaried employees. The November 2015 acquisition of Sikorsky increased our qualified defined benefit pension obligations by about $30 million. The following table provides amounts recognized on our consolidated balance sheets related to our qualified defined benefit pension plans and our retiree medical and life insurance plans (in millions): Qualified Defined Benefit Pension Plans Retiree Medical and Life Insurance Plans 2016 2015 2016 2015 Prepaid pension asset $ 208 $ 201 $ — $ — Accrued postretirement benefit liabilities (13,855) (11,807) (862) (1,070) Accumulated other comprehensive loss (pre-tax) Net actuarial losses 20,184 19,632 447 627 Prior service (credit) cost (a) (2,896) (3,565) 96 167 Total (b) $ 17,288 $ 16,067 $ 543 $ 794 (a) Pre-tax (b) Accumulated other comprehensive loss related to postretirement benefit plans, after tax, of $12.0 billion and $11.3 billion at December 31, 2016 and 2015 (see “Note 12 – Stockholders’ Equity”) includes $17.3 billion ($11.2 billion after tax) and $16.1 billion ($10.4 billion after tax) for qualified defined benefit pension plans, $543 million ($351 million after tax) and $794 million ($514 million after tax) for retiree medical and life insurance plans and $677 million ($448 million after tax) and $620 million ($408 million after tax) for other plans. The accumulated benefit obligation (ABO) for all qualified defined benefit pension plans was $44.9 billion and $43.5 billion at December 31, 2016 and 2015, of which $44.8 billion and $43.4 billion related to plans where the ABO was in excess of plan assets. The ABO represents benefits accrued without assuming future compensation increases to plan participants. Certain key information related to our qualified defined benefit pension plans as of December 31, 2016 and 2015 is as follows (in millions): 2016 2015 Plans where ABO was in excess of plan assets Projected benefit obligation $ 44,946 $ 43,575 Less: fair value of plan assets 31,091 31,768 Unfunded status of plans (a) (13,855) (11,807) Plans where ABO was less than plan assets Projected benefit obligation 118 127 Less: fair value of plan assets 326 328 Funded status of plans (b) $ 208 $ 201 (a) Represents accrued pension liabilities, which are included on our consolidated balance sheets. (b) Represents prepaid pension assets, which are included on our consolidated balance sheets in other noncurrent assets. We also sponsor nonqualified defined benefit plans to provide benefits in excess of qualified plan limits. The aggregate liabilities for these plans at December 31, 2016 and 2015 were $1.2 billion, which also represent the plans’ unfunded status. We have set aside certain assets totaling $460 million and $421 million as of December 31, 2016 and 2015 in a separate trust which we expect to be used to pay obligations under our nonqualified defined benefit plans. In accordance with GAAP, those assets may not be used to offset the amount of the benefit obligation similar to the postretirement benefit plans in the table above. The unrecognized net actuarial losses at December 31, 2016 and 2015 were $642 million and $632 million. The unrecognized prior service credit at December 31, 2016 was $74 million and was $95 million at December 31, 2015. The expense associated with these plans totaled $125 million in 2016, $117 million in 2015 and $115 million in 2014. We also sponsor a small number of other postemployment plans and foreign benefit plans. The aggregate liability for the other postemployment plans was $63 million and $70 million as of December 31, 2016 and 2015. The expense for the other postemployment plans, as well as the liability and expense associated with the foreign benefit plans, was not material to our results of operations, financial position or cash flows. The actuarial assumptions used to determine the benefit obligations and expense associated with our nonqualified defined benefit plans and postemployment plans are similar to those assumptions used to determine the benefit obligations and expense related to our qualified defined benefit pension plans and retiree medical and life insurance plans as described below. The following table provides the amounts recognized in other comprehensive income (loss) related to postretirement benefit plans, net of tax, for the years ended December 31, 2016, 2015 and 2014 (in millions): Incurred but Not Yet Recognition of Previously 2016 2015 2014 2016 2015 2014 Gains (losses) (Gains) losses Actuarial gains and losses Qualified defined benefit pension plans $ (1,236) $ (291) $ (5,505) $ 879 $ 1,034 $ 758 Retiree medical and life insurance plans 94 46 (160) 22 28 15 Other plans (62) 21 (245) 37 47 33 (1,204) (224) (5,910) 938 1,109 806 Credit (cost) (Credit) cost (a) Net prior service credit and cost Qualified defined benefit pension plans (54) (18) 2,959 (235) (235) (87) Retiree medical and life insurance plans 27 (102) (3) 14 2 3 Other plans (1) (7) 84 (9) (10) (5) (28) (127) 3,040 (230) (243) (89) $ (1,232) $ (351) $ (2,870) $ 708 $ 866 $ 717 (a) Reflects the reclassification for discontinued operations presentation of benefits related to former IS&GS salaried employees ($9 million in 2016, $16 million in 2015 and $11 million in 2014). In addition, we recognized $134 million of prior service credits from the divestiture of our IS&GS business, which were reclassified as discontinued operations. We expect that approximately $1.2 billion, or about $800 million net of tax, of actuarial losses and net prior service credit related to postretirement benefit plans included in accumulated other comprehensive loss at the end of 2016 to be recognized in net periodic benefit cost during 2017. Of this amount, $1.1 billion, or $743 million net of tax, relates to our qualified defined benefit plans and is included in our expected 2017 pension expense of $1.4 billion. Actuarial Assumptions The actuarial assumptions used to determine the benefit obligations at December 31 of each year and to determine the net periodic benefit cost for each subsequent year, were as follows: Qualified Defined Benefit Retiree Medical and Life Insurance Plans 2016 2015 2014 2016 2015 2014 Weighted average discount rate 4.125% 4.375% 4.00% 4.00% 4.25% 3.75% Expected long-term rate of return on assets 7.50% 8.00% 8.00% 7.50% 8.00% 8.00% Rate of increase in future compensation levels (for applicable bargained pension plans) 4.50% 4.50% 4.30% Health care trend rate assumed for next year 8.75% 9.00% 8.50% Ultimate health care trend rate 5.00% 5.00% 5.00% Year that the ultimate health care trend rate is reached 2032 2032 2029 The decrease in the discount rate from December 31, 2015 to December 31, 2016 resulted in an increase in the projected benefit obligations of our qualified defined benefit pension plans of approximately $1.4 billion at December 31, 2016. The increase in the discount rate from December 31, 2014 to December 31, 2015 resulted in a decrease in the projected benefit obligations of our qualified defined benefit pension plans of approximately $2.1 billion at December 31, 2015. The long-term rate of return assumption represents the expected long-term rate of earnings on the funds invested, or to be invested, to provide for the benefits included in the benefit obligations. That assumption is based on several factors including historical market index returns, the anticipated long-term allocation of plan assets, the historical return data for the trust funds, plan expenses and the potential to outperform market index returns. Plan Assets Investment policies and strategies Investment policies and strategies governing the assets of the plans are designed to achieve investment objectives within prudent risk parameters. Risk management practices include the use of external investment managers; the maintenance of a portfolio diversified by asset class, investment approach and security holdings; and the maintenance of sufficient liquidity to meet benefit obligations as they come due. LMIMCo’s investment policies require that asset allocations of postretirement benefit plans be maintained within the following approximate ranges: Asset Class Asset Allocation Cash and cash equivalents 0-20% Equity 15-65% Fixed income 10-60% Alternative investments: Private equity funds 0-15% Real estate funds 0-10% Hedge funds 0-20% Commodities 0-25% Fair value measurements December 31, 2016 December 31, 2015 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Investments measured at fair value Cash and cash equivalents (a) $ 2,301 $ 2,301 $ — $ — $ 2,658 $ 2,658 $ — $ — Equity (a) U.S. equity securities 4,166 4,139 23 4 4,790 4,771 19 — International equity securities 3,971 3,927 40 4 6,121 6,087 24 10 Commingled equity funds 2,332 788 1,544 — 1,794 614 1,180 — Fixed income (a) Corporate debt securities 4,333 — 4,316 17 3,929 — 3,914 15 U.S. Government securities 6,811 — 6,811 — 5,069 — 5,069 — U.S. Government-sponsored enterprise securities 919 — 919 — 1,377 — 1,377 — Other fixed income investments 2,215 — 2,214 1 3,252 — 3,246 6 Alternative investments: Hedge funds 33 — 33 — 57 — 57 — Private equity funds — — — — 200 — — 200 Commodities (a) 523 525 (2 ) — (26 ) 1 (27 ) — Total $ 27,604 $ 11,680 $ 15,898 $ 26 $ 29,221 $ 14,131 $ 14,859 $ 231 Investments measured at NAV (b) Commingled equity funds 60 141 Private equity funds 3,614 2,931 Real estate funds 1,411 1,108 Hedge funds 462 465 Total investments measured at NAV 5,547 4,645 Receivables, net 53 43 Total $ 33,204 $ 33,909 (a) Cash and cash equivalents, equity securities, fixed income securities and commodities included derivative assets and liabilities whose fair values were not material as of December 31, 2016 and 2015. LMIMCo’s investment policies restrict the use of derivatives to either establish long exposures for purposes of expediency or capital efficiency or to hedge risks to the extent of a plan’s current exposure to such risks. Most derivative transactions are settled on a daily basis. (b) Certain investments that are valued using the net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy and are included in the table to permit reconciliation of the fair value hierarchy to the aggregate postretirement benefit plan assets. As of December 31, 2016 and 2015, the assets associated with our foreign defined benefit pension plans were not material and have not been included in the table above. The following table presents the changes during 2016 and 2015 in the fair value of plan assets categorized as Level 3 in the preceding table (in millions): Private Other Total Balance at January 1, 2015 $ — $ 61 $ 61 Actual return on plan assets: Realized losses, net — (12) (12) Unrealized gains, net — 7 7 Purchases, sales and settlements, net — (22) (22) Transfers into (out of) Level 3, net 200 (3) 197 Balance at December 31, 2015 $200 $ 31 $231 Actual return on plan assets: Realized losses, net — (6) (6) Unrealized gains, net — 3 3 Purchases, sales and settlements, net (200) (7) (207) Transfers into Level 3, net — 5 5 Balance at December 31, 2016 $ — $ 26 $ 26 Valuation techniques U.S. equity securities and international equity securities categorized as Level 1 are traded on active national and international exchanges and are valued at their closing prices on the last trading day of the year. For U.S. equity securities and international equity securities not traded on an active exchange, or if the closing price is not available, the trustee obtains indicative quotes from a pricing vendor, broker or investment manager. These securities are categorized as Level 2 if the custodian obtains corroborated quotes from a pricing vendor or categorized as Level 3 if the custodian obtains uncorroborated quotes from a broker or investment manager. Commingled equity funds categorized as Level 1 are traded on active national and international exchanges and are valued at their closing prices on the last trading day of the year. For commingled equity funds not traded on an active exchange, or if the closing price is not available, the trustee obtains indicative quotes from a pricing vendor, broker or investment manager. These securities are categorized as Level 2 if the custodian obtains corroborated quotes from a pricing vendor. Fixed income investments categorized as Level 2 are valued by the trustee using pricing models that use verifiable observable market data (e.g., interest rates and yield curves observable at commonly quoted intervals and credit spreads), bids provided by brokers or dealers or quoted prices of securities with similar characteristics. Fixed income investments are categorized at Level 3 when valuations using observable inputs are unavailable. The trustee obtains pricing based on indicative quotes or bid evaluations from vendors, brokers or the investment manager. Commodities are traded on an active commodity exchange and are valued at their closing prices on the last trading day of the year. Certain commingled equity funds, consisting of equity mutual funds, are valued using the NAV. The NAV valuations are based on the underlying investments and typically redeemable within 90 days. Private Equity funds consist of partnership and co-investment Real Estate funds consist of partnerships, most of which are closed-end Hedge Funds consist of direct hedge funds for which the NAV is generally based on the valuation of the underlying investments. Redemptions in hedge funds are based on the specific terms of each fund, and generally range from a minimum of one month to several months. Contributions and Expected Benefit Payments The funding of our qualified defined benefit pension plans is determined in accordance with ERISA, as amended by the PPA, and in a manner consistent with CAS and Internal Revenue Code rules. There were no contributions to our legacy qualified defined benefit pension plans during 2016. We do not plan to make contributions to our legacy pension plans in 2017 because none are required using current assumptions including investment returns on plan assets. We made $23 million in contributions during 2016 to our newly established Sikorsky pension plan and expect to make $45 million in contributions to this plan during 2017. The following table presents estimated future benefit payments, which reflect expected future employee service, as of December 31, 2016 (in millions): 2017 2018 2019 2020 2021 2022 – 2026 Qualified defined benefit pension plans $ 2,260 $ 2,340 $ 2,420 $ 2,510 $ 2,590 $13,920 Retiree medical and life insurance plans 180 180 190 190 190 870 Defined Contribution Plans We maintain a number of defined contribution plans, most with 401(k) features, that cover substantially all of our employees. Under the provisions of our 401(k) plans, we match most employees’ eligible contributions at rates specified in the plan documents. Our contributions were $617 million in 2016, $393 million in 2015 and $385 million in 2014, the majority of which were funded in our common stock. Our defined contribution plans held approximately 36.9 million and 40.0 million shares of our common stock as of December 31, 2016 and 2015.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity	Note 12 – Stockholders’ Equity At December 31, 2016 and 2015, our authorized capital was composed of 1.5 billion shares of common stock and 50 million shares of series preferred stock. Of the 290 million shares of common stock issued and outstanding as of December 31, 2016, 289 million shares were considered outstanding for consolidated balance sheet presentation purposes; the remaining shares were held in a separate trust. Of the 305 million shares of common stock issued and outstanding as of December 31, 2015, 303 million shares were considered outstanding for consolidated balance sheet presentation purposes; the remaining shares were held in a separate trust. No shares of preferred stock were issued and outstanding at December 31, 2016 or 2015. Repurchases of Common Stock During 2016, we repurchased 8.9 million shares of our common stock for $2.1 billion. During 2015 and 2014, we paid $3.1 billion and $1.9 billion to repurchase 15.2 million and 11.5 million shares of our common stock. On September 22, 2016, our Board of Directors approved a $2.0 billion increase to our share repurchase program. Inclusive of this increase, the total remaining authorization for future common share repurchases under our program was $3.5 billion as of December 31, 2016. 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 paid-in We paid dividends totaling $2.0 billion ($6.77 per share) in 2016, $1.9 billion ($6.15 per share) in 2015 and $1.8 billion ($5.49 per share) in 2014. We have increased our quarterly dividend rate in each of the last three years, including a 10% increase in the quarterly dividend rate in the fourth quarter of 2016. We declared quarterly dividends of $1.65 per share during each of the first three quarters of 2016 and $1.82 per share during the fourth quarter of 2016; $1.50 per share during each of the first three quarters of 2015 and $1.65 per share during the fourth quarter of 2015; and $1.33 per share during each of the first three quarters of 2014 and $1.50 per share during the fourth quarter of 2014. Accumulated Other Comprehensive Loss Changes in the balance of AOCL, net of income taxes, consisted of the following (in millions): Postretirement Other, net AOCL Balance at December 31, 2013 (a) $ (9,649) $ 48 $ (9,601) Other comprehensive loss before reclassifications (2,870) (103) (2,973) Amounts reclassified from AOCL Recognition of net actuarial losses 806 — 806 Amortization of net prior service credits (100) — (100) Other — (2) (2) Total reclassified from AOCL 706 (2) 704 Total other comprehensive loss (2,164) (105) (2,269) Balance at December 31, 2014 (a) (11,813) (57) (11,870) Other comprehensive loss before reclassifications (351) (73) (424) Amounts reclassified from AOCL Recognition of net actuarial losses 1,109 — 1,109 Amortization of net prior service credits (259) — (259) Total reclassified from AOCL 850 — 850 Total other comprehensive income (loss) 499 (73) 426 Balance at December 31, 2015 (a) (11,314) (130) (11,444) Other comprehensive loss before reclassifications (1,232) — (1,232) Amounts reclassified from AOCL Recognition of net actuarial losses 938 — 938 Amortization of net prior service credits (239) — (239) Recognition of net prior service credits from divestiture of IS&GS segment (b) (134) — (134) Other (b) — 9 9 Total reclassified from AOCL 565 9 574 Total other comprehensive (loss) income (667) 9 (658) Balance at December 31, 2016 (a) $(11,981) $(121) $(12,102) (a) AOCL related to postretirement benefit plans is shown net of tax benefits at December 31, 2016, 2015 and 2014 of $6.5 billion, $6.2 billion and $6.4 billion. These tax benefits include amounts recognized on our income tax returns as current deductions and deferred income taxes, which will be recognized on our tax returns in future years. See “Note 9 – Income Taxes” and “Note 11 –Postretirement Plans” for more information on our income taxes and postretirement benefit plans. (b) Associated with the divesture of the IS&GS business and included in net gain on divestiture of discontinued operations.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2016
Stock-Based Compensation	Note 13 – Stock-Based Compensation During 2016, 2015 and 2014, we recorded non-cash As of December 31, 2016, we had $83 million of unrecognized compensation cost related to nonvested awards, which is expected to be recognized over a weighted average period of 1.8 years. We received cash from the exercise of stock options totaling $106 million, $174 million and $308 million during 2016, 2015 and 2014. In addition, our income tax liabilities for 2016, 2015 and 2014 were reduced by $219 million, $213 million and $215 million due to recognized tax benefits on stock-based compensation arrangements. Stock-Based Compensation Plans Under plans approved by our stockholders, we are authorized to grant key employees stock-based incentive awards, including options to purchase common stock, stock appreciation rights, restricted stock units (RSUs), performance stock units (PSUs) or other stock units. The exercise price of options to purchase common stock may not be less than the fair market value of our stock on the date of grant. No award of stock options may become fully vested prior to the third anniversary of the grant and no portion of a stock option grant may become vested in less than one year. The minimum vesting period for restricted stock or stock units payable in stock is three years. Award agreements may provide for shorter or pro-rated At December 31, 2016, inclusive of the shares reserved for outstanding stock options, RSUs and PSUs, we had approximately 12 million shares reserved for issuance under the plans. At December 31, 2016, approximately six million of the shares reserved for issuance remained available for grant under our stock-based compensation plans. We issue new shares upon the exercise of stock options or when restrictions on RSUs and PSUs have been satisfied. RSUs The following table summarizes activity related to nonvested RSUs: Number (In thousands) Weighted Average Value Per Share Nonvested at December 31, 2013 3,859 $ 82.42 Granted 745 146.85 Vested (2,194) 87.66 Forfeited (84) 91.11 Nonvested at December 31, 2014 2,326 $ 97.80 Granted 595 192.47 Vested (1,642) 103.30 Forfeited (43) 132.28 Nonvested at December 31, 2015 1,236 $ 134.87 Granted 679 206.69 Vested (1,009) 137.62 Forfeited (118) 203.65 Nonvested at December 31, 2016 788 $ 183.00 In 2016, we granted certain employees approximately 0.7 million restricted stock units (RSUs) with a grant-date fair value of $206.69 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. Stock Options We generally recognize compensation cost for stock options ratably over the three-year vesting period. At December 31, 2016 and 2015, there were 3.0 million (weighted average exercise price of $85.82) and 4.2 million (weighted average exercise price of $86.61) stock options outstanding. All of the stock options outstanding are vested as of December 31, 2016 and have a weighted average remaining contractual life of approximately three years and an aggregate intrinsic value of $491 million. There were 1.2 million (weighted average exercise price of $88.61) stock options exercised during 2016. We did not grant stock options to employees during 2016 and 2015. The following table pertains to stock options granted through 2012, in addition to stock options that vested and were exercised in 2016, 2015 and 2014 (in millions): 2016 2015 2014 Grant-date fair value of all stock options that vested $ — $ 8 $ 18 Intrinsic value of all stock options exercised 172 265 297 In 2012, we estimated the fair value for stock options at the date of grant using the Black-Scholes option pricing model, which required us to make certain assumptions. We used the following weighted average assumptions in the model: risk-free interest rate of 0.78%, dividend yield of 5.40%, a five year historical volatility factor of 0.28 and an expected option life of five years. PSUs In 2016, we granted certain employees PSUs with an aggregate target award of approximately 0.1 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, 2016 through December 31, 2018. About half of the PSUs were valued at $206.37 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 $212.37 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.

Legal Proceedings, Commitments

Legal Proceedings, Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Legal Proceedings, Commitments and Contingencies	Note 14 – Legal Proceedings, Commitments 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 Although we cannot predict the outcome of legal or other proceedings with certainty, where there is at least a reasonable possibility that a loss may have been incurred, GAAP requires us to disclose an estimate of the reasonably possible loss or range of loss or make a statement that such an estimate cannot be made. We follow a thorough process in which we seek to estimate the reasonably possible loss or range of loss, and only if we are unable to make such an estimate do we conclude and disclose that an estimate cannot be made. Accordingly, unless otherwise indicated below in our discussion of legal proceedings, a reasonably possible loss or range of loss associated with any individual legal proceeding cannot be estimated. Legal Proceedings As a result of our acquisition of Sikorsky, we assumed the defense of and any potential liability for the following civil False Claims Act lawsuit. In October 2014, the U.S. Government filed a complaint in the U.S. District Court for the Eastern District of Wisconsin alleging that Sikorsky and two of its wholly-owned subsidiaries, Derco Aerospace (Derco) and Sikorsky Support Services, Inc. (SSSI), violated the civil False Claims Act in connection with a contract that the U.S. Navy awarded to SSSI in June 2006 to support the Navy’s T-34 T-44 The Government’s complaint asserts numerous claims for violations of the False Claims Act, breach of contract and unjust enrichment. The Government seeks damages in excess of $45 million, subject to trebling, plus statutory penalties. We believe that we have legal and factual defenses to the government’s claims. Although we continue to evaluate our liability and exposure, we do not currently believe that it is probable that we will incur a material loss. If, contrary to our expectations, the Government prevails in this matter and proves damages at the high end of the range sought and is successful in having these trebled, the outcome could have an adverse effect on our results of operations in the period in which a liability is recognized and on our cash flows for the period in which any damages are paid. On April 24, 2009, we filed a declaratory judgment action against the New York Metropolitan Transportation Authority and its Capital Construction Company (collectively, the MTA) asking the U.S. District Court for the Southern District of New York to find that the MTA is in material breach of our agreement based on the MTA’s failure to provide access to sites where work must be performed and the customer-furnished equipment necessary to complete the contract. The MTA filed an answer and counterclaim alleging that we breached the contract and subsequently terminated the contract for alleged default. The primary damages sought by the MTA are the cost to complete the contract and potential re-procurement re-procurement, 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, our history of receiving reimbursement of such costs, and recent efforts by some U.S. Government representatives to limit such reimbursement. We include the portion of those environmental costs expected to be allocated to our non-U.S. At each of December 31, 2016 and 2015, the aggregate amount of liabilities recorded relative to environmental matters was $1.0 billion, most of which are recorded in other noncurrent liabilities on our consolidated balance sheets. We have recorded receivables totaling $870 million and $858 million at December 31, 2016 and 2015, most of which are recorded in other noncurrent assets on our consolidated 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). The current standard in California for the maximum level of the contaminant hexavalent chromium in drinking water is 10 parts per billion (ppb). This standard is being challenged by the California Manufacturers and Technology Association (CMTA) as being lower than is required to protect public health. If the standard remains at 10 ppb, it will not have a material impact on our existing remediation costs in California. The U.S. EPA is considering whether to regulate hexavalent chromium. In addition, California is reevaluating its existing drinking water standard of 6 ppb for perchlorate, and the U.S. Environmental Protection Agency (U.S. EPA) is taking steps to regulate perchlorate in drinking water. If substantially lower standards are adopted, in either California or at the federal level for perchlorate or for hexavalent chromium, 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. Operating Leases We rent certain equipment and facilities under operating leases. Certain major plant facilities and equipment are furnished by the Government under short-term or cancelable arrangements. Our total rental expense under operating leases was $202 million, $195 million and $197 million for 2016, 2015 and 2014. Future minimum lease commitments at December 31, 2016 for long-term non-cancelable 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 $3.7 billion at December 31, 2016 and $3.8 billion at December 31, 2015. At December 31, 2016 and 2015, third-party guarantees totaled $709 million and $678 million, of which approximately 56% and 79% 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 United Launch Alliance In connection with our 50% ownership interest of ULA, we and The Boeing Company (Boeing) are required to provide ULA an additional capital contribution if ULA is unable to make required payments under its inventory supply agreement with Boeing. As of December 31, 2016, ULA’s total remaining obligation to Boeing under the inventory supply agreement was $120 million. The parties have agreed to defer the remaining payment obligation, as it is more than offset by other commitments to ULA. Accordingly, we do not expect to be required to make a capital contribution to ULA under this agreement. 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 December 31, 2016, and that it will not be necessary to make payments under the cross-indemnities or guarantees. Our 50% ownership share of ULA’s net assets initially exceeded the book value of our investment by approximately $395 million (of which approximately $40 million remaining was amortized during 2016). This yearly amortization and our share of ULA’s net earnings are reported as equity in net earnings (losses) of equity investees in other income, net on our consolidated statements of earnings. Our investment in ULA totaled $788 million and $748 million at December 31, 2016 and 2015.

Restructuring Charges

Restructuring Charges	12 Months Ended
	Dec. 31, 2016
Restructuring Charges	Note 15 – Restructuring Charges 2016 Actions During 2016, we recorded severance charges totaling approximately $80 million related to our Aeronautics business segment. The charges consisted of severance costs associated with the planned elimination of certain positions through either voluntary or involuntary actions. Upon separation, terminated employees receive lump-sum 2015 Actions During 2015, we recorded severance charges totaling $82 million, of which $67 million related to our RMS business segment and $15 million related to businesses that were reported in our former IS&GS business prior to our fourth quarter 2015 program realignment. The charges consisted of severance costs associated with the planned elimination of certain positions through either voluntary or involuntary actions. Upon separation, terminated employees receive lump-sum In connection with the Sikorsky acquisition, we assumed obligations related to certain restructuring actions committed to by Sikorsky in June 2015. Net of amounts we anticipate to recover through the pricing of our products and services to our customers, we incurred and paid $40 million of costs in 2016 related to these actions. 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 in future periods, with the impact included in the respective business segment’s results of operations.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2016
Fair Value Measurements	Note 16 – Fair Value Measurements Assets and liabilities measured and recorded at fair value on a recurring basis consisted of the following (in millions): December 31, 2016 December 31, 2015 Total Level 1 Level 2 Total Level 1 Level 2 Assets Equity securities $ 79 $ 79 $ — $ 89 $ 89 $ — Mutual funds 856 856 — 745 745 — U.S. Government securities 113 — 113 119 — 119 Other securities 151 — 151 147 — 147 Derivatives 27 — 27 15 — 15 Liabilities Derivatives 85 — 85 35 — 35 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 In addition to the financial instruments listed in the table above, we hold other financial instruments, including cash and cash equivalents, receivables, accounts payable and debt. The carrying amounts for cash and cash equivalents, receivables and accounts payable approximated their fair values. The estimated fair value of our outstanding debt was $16.2 billion and $16.6 billion at December 31, 2016 and 2015 and the outstanding principal amount was $15.3 billion and $16.3 billion at December 31, 2016 and 2015, excluding $1.0 billion of unamortized discounts and issuance costs at the end of each of those years. The estimated fair values of our outstanding debt were determined based on quoted prices for similar instruments in active markets (Level 2). In connection with the Sikorsky acquisition, we recorded the assets acquired and liabilities assumed at fair value. See “Note 3 – Acquisitions and Divestitures” for further information about the fair values assigned and amounts subject to adjustment.

Summary of Quarterly Informatio

Summary of Quarterly Information (Unaudited)	12 Months Ended
	Dec. 31, 2016
Summary of Quarterly Information (Unaudited)	Note 17 – Summary of Quarterly Information (Unaudited) A summary of quarterly information is as follows (in millions, except per share data): 2016 Quarters First (b) Second Third (c)(d) Fourth (d) Net sales (a) $10,368 $11,577 $11,551 $13,752 Operating profit (a) 1,158 1,375 1,588 1,428 Net earnings from continuing operations 806 899 1,089 959 Net earnings from discontinued operations 92 122 1,306 29 Net earnings 898 1,021 2,395 988 Earnings per common share from continuing operations (f) Basic 2.65 2.97 3.64 3.29 Diluted 2.61 2.93 3.61 3.25 Earnings per common share from discontinued operations (f) Basic 0.30 0.40 4.38 0.10 Diluted 0.30 0.39 4.32 0.10 Basic earnings per common share (f) 2.95 3.37 8.02 3.39 Diluted earnings per common share (f) 2.91 3.32 7.93 3.35 2015 Quarters First Second Third Fourth (e) Net sales (a) $8,721 $10,235 $10,060 $11,520 Operating profit (a) 1,147 1,273 1,192 1,100 Net earnings from continuing operations 738 815 756 817 Net earnings from discontinued operations 140 114 109 116 Net earnings (g) 878 929 865 933 Earnings per common share from continuing operations (f) Basic 2.34 2.61 2.45 2.67 Diluted 2.30 2.58 2.42 2.63 Earnings per common share from discontinued operations (f) Basic 0.44 0.37 0.35 0.38 Diluted 0.44 0.36 0.35 0.38 Basic earnings per common share (f) 2.78 2.98 2.80 3.05 Diluted earnings per common share (f) 2.74 2.94 2.77 3.01 (a) Net sales and operating profit vary from the amounts previously reported on Form 10-Q (b) The first quarter of 2016 varies from the amounts previously reported on Form 10-Q No. 2016-09 (c) The third quarter of 2016 includes a net gain of $1.2 billion related to the divestiture of our former IS&GS business. (d) The third quarter of 2016 includes the results of AWE from August 26, 2016, the date we obtained controlling interest, including approximately $103 million in net sales and $104 million in net earnings. Third quarter net earnings includes a non-cash (e) The fourth quarter of 2015 includes the results of Sikorsky since the November 6, 2015 acquisition date through December 31, 2015, including approximately $400 million in net sales and about $45 million in operating loss, inclusive of intangible amortization and adjustments required to account for the acquisition. (f) The sum of the quarterly earnings per share amounts do not equal the earnings per share amounts included on our consolidated statements of earnings, primarily due to the timing of our share repurchases during each respective year. (g) The third and fourth quarters of 2015 include charges for workforce reductions of $15 million and $67 million ($10 million and $44 million after tax). The fourth quarter of 2015 includes a tax benefit of about $71 million due to the retroactive reinstatement of the R&D tax credit in 2015.

Significant Accounting Polici27

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Organization	Organization
Basis of presentation	Basis of presentation The discussion and presentation of the operating results of our business segments have been impacted by the following recent events. On August 16, 2016, we completed the previously announced divestiture of the Information Systems & Global Solutions (IS&GS) business, which merged with a subsidiary of Leidos Holdings, Inc. (Leidos), in a Reverse Morris Trust transaction (the “Transaction”). This Transaction represents the culmination of the strategic review of our government information technology infrastructure services business and our technical services business performed in 2015 to explore whether the IS&GS business could achieve greater growth and create more value for customers and stockholders outside of Lockheed Martin. As a result of the divestiture, the operating results of the IS&GS business have been classified as discontinued operations in the consolidated statements of earnings for all periods presented and the assets and liabilities of the IS&GS business have been classified as assets and liabilities of discontinued operations in the consolidated balance sheet as of December 31, 2015. However, the cash flows of the IS&GS business have not been reclassified in our consolidated statements of cash flows as we retained the cash as part of the Transaction. See “Note 3 – Acquisitions and Divestitures” for additional information about the divestiture of the IS&GS business. On August 24, 2016, our ownership interest in the AWE Management Limited (AWE) venture, which operates the United Kingdom’s nuclear deterrent program, increased by 18%. As a result of the increase, we now hold a 51% controlling interest in AWE and are required to consolidate the AWE venture in our consolidated financial statements. Accordingly, the operating results and cash flows of AWE have been included in our consolidated statements of earnings and consolidated statements of cash flows since August 24, 2016, the date we obtained a controlling interest, and the assets and liabilities of AWE are included in the consolidated balance sheet as of December 31, 2016. Previously, we accounted for our investment in AWE using the equity method of accounting. See “Note 3 – Acquisitions and Divestitures” for additional information about the change in ownership of AWE. During the third quarter of 2016, the business segment formerly known as Mission Systems and Training (MST) was renamed Rotary and Missions Systems (RMS) to better reflect a broader range of products and capabilities subsequent to the acquisition of Sikorsky Aircraft Corporation (Sikorsky) in November 2015 and the realignment of certain programs from the former IS&GS business to RMS in the fourth quarter of 2015. While RMS was renamed to more accurately reflect the expanded portfolio, there was no additional change to the composition of the portfolio in connection with the name change. The information for this segment for all periods included in these consolidated financial statements has been labeled using the new name. On November 6, 2015, we completed the acquisition of Sikorsky for $9.0 billion, net of cash acquired, and aligned Sikorsky under our RMS business segment. The operating results and cash flows of Sikorsky have been included in our consolidated statements of earnings and consolidated statements of cash flows since the November 6, 2015 acquisition date. Additionally, the assets and liabilities of Sikorsky are included in our consolidated balance sheets as of December 31, 2016 and December 31, 2015. See “Note 3 – Acquisitions and Divestitures” for additional information about the acquisition of Sikorsky and related final purchase accounting. During the fourth quarter of 2015, we realigned certain programs among our business segments. The amounts, discussion and presentation of our business segments for all periods presented in these consolidated financial statements reflect the program realignment.
Use of estimates	Use of estimates
Sales and earnings	Sales and earnings percentage-of-completion time-and-materials non-U.S. Percentage-of-Completion percentage-of-completion cost-to-cost cost-to-cost percentage-of-completion units-of-delivery cost-to-cost Award and incentive fees, as well as penalties related to contract performance, are considered in estimating sales and profit rates on contracts accounted for under the percentage-of-completion Accounting for contracts using the percentage-of-completion inception-to-date 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 the contract. Profit booking rates may increase during the performance of the contract if we successfully retire risks surrounding the technical, schedule and cost aspects of the contract which decreases the estimated total costs to complete the contract. 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 business segment sales, operating profit and operating margins may be impacted by changes in profit booking rates on our contracts accounted for using the percentage-of-completion inception-to-date 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 $1.5 billion in 2016, $1.7 billion in 2015 and $1.6 billion in 2014. These adjustments increased net earnings by approximately $950 million ($3.13 per share) in 2016, $1.1 billion ($3.50 per share) in 2015 and $1.1 billion ($3.41 per share) in 2014. Services Method – non-U.S. non-U.S.
Research and development and similar costs	Research and development and similar costs
Stock-based compensation	Stock-based compensation
Income taxes	Income taxes We periodically assess our tax exposures related to periods that are open to examination. Based on the latest available information, we evaluate our tax positions to determine whether the position will more likely than not be sustained upon examination by the Internal Revenue Service (IRS) or other taxing authorities. If we cannot reach a more-likely-than-not
Cash and cash equivalents	Cash and cash equivalents
Receivables	Receivables percentage-of-completion cost-to-cost On occasion, customers may seek financing for the purchase of our products. In connection with these transactions, we may enter into arrangements along with our customers with unrelated third–party financial institutions to facilitate the non-recourse
Inventories	Inventories percentage-of-completion units-of-delivery first-in first-out
Property, plant and equipment	Property, plant and equipment We review the carrying amounts of long-lived assets for impairment if events or changes in the facts and circumstances indicate that their carrying amounts may not be recoverable. We assess impairment by comparing the estimated undiscounted future cash flows of the related asset grouping to its carrying amount. If an asset is determined to be impaired, we recognize an impairment charge in the current period for the difference between the fair value of the asset and its carrying amount.
Capitalized software	Capitalized software internal-use
Goodwill	Goodwill We perform an impairment test of our goodwill at least annually in the fourth quarter and more frequently whenever certain events or changes in circumstances indicate the carrying value of goodwill may be impaired. Such events or changes in circumstances may include a significant deterioration in overall economic conditions, changes in the business climate of our industry, a decline in our market capitalization, operating performance indicators, competition, reorganizations of our business or the disposal of all or a portion of a reporting unit. Our goodwill has been allocated to and is tested for impairment at a level referred to as the reporting unit, which is our business segment level or a level below the business segment. The level at which we test goodwill for impairment requires us to determine whether the operations below the business segment constitute a business for which discrete financial information is available and segment management regularly reviews the operating results. We may use both qualitative and quantitative approaches when testing goodwill for impairment. Under the qualitative approach, for selected reporting units we perform a qualitative evaluation of events and circumstances impacting the reporting unit to determine the likelihood of goodwill impairment. Based on that qualitative evaluation, if we determine it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, no further evaluation is necessary. Otherwise, we perform a quantitative two-step Under step one of the quantitative impairment test, we compare the fair value of each reporting unit to its carrying value, including goodwill. If the fair value of a reporting unit exceeds its carrying value, goodwill of the reporting unit is not impaired. If the carrying value of a reporting unit exceeds its fair value, we then perform step two of the quantitative impairment test and compare the implied value of the reporting unit’s goodwill with the carrying value of its goodwill. The implied value of the reporting unit’s goodwill is calculated by creating a hypothetical balance sheet as if the reporting unit had just been acquired. This balance sheet contains all assets and liabilities recorded at fair value (including any intangible assets that may not have any corresponding carrying value in our balance sheet). The implied value of the reporting unit’s goodwill is calculated by subtracting the fair value of the net assets from the fair value of the reporting unit. If the carrying value of the reporting unit’s goodwill exceeds the implied value of that goodwill, an impairment loss is recognized in an amount equal to that excess. We estimate the fair value of each reporting unit using a combination of a discounted cash flow (DCF) analysis and market-based valuation methodologies such as comparable public company trading values and values observed in recent business acquisitions. Determining fair value requires the exercise of significant judgments, including judgments about the amount and timing of expected future cash flows, long-term growth rates, discount rates and relevant comparable public company earnings multiples and relevant transaction multiples. The cash flows employed in the DCF analyses are based on our best estimate of future sales, earnings and cash flows after considering factors such as general market conditions, U.S. Government budgets, existing firm orders, expected future orders, contracts with suppliers, labor agreements, changes in working capital, long-term business plans and recent operating performance. The discount rates utilized in the DCF analysis are based on the respective reporting unit’s weighted average cost of capital, which takes into account the relative weights of each component of capital structure (equity and debt) and represents the expected cost of new capital, adjusted as appropriate to consider the risk inherent in future cash flows of the respective reporting unit. In the fourth quarter of 2016, we performed our annual goodwill impairment test for each of our reporting units. The results of our 2016 annual impairment tests of goodwill indicated that no impairment existed. In the fourth quarter of 2015, we performed our annual goodwill impairment test for each of our reporting units. During the fourth quarter of 2015, we realigned certain programs between our business segments in connection with our strategic review of our government IT and technical services businesses. As part of the realignment, goodwill was reallocated between affected reporting units on a relative fair value basis. We performed goodwill impairment tests prior and subsequent to the realignment. The results of our 2015 annual impairment tests of goodwill indicated that no impairment existed. In the fourth quarter of 2014, we completed our annual goodwill impairment test for each of our reporting units. The results of these tests indicated that the estimated fair values of our reporting units exceeded their carrying values, with the exception of our Technical Services reporting unit within our IS&GS business. The impact of market pressures such as lower in-theater re-competition non-cash
Intangible assets	Intangible assets
Customer advances and amounts in excess of cost incurred	Customer advances and amounts in excess of cost incurred
Postretirement benefit plans	Postretirement benefit plans A market-related value of our plan assets, determined using actual asset gains or losses over the prior three year period, is used to calculate the amount of deferred asset gains or losses to be amortized. These asset gains or losses, along with those resulting from adjustments to our benefit obligation, will be amortized to expense using the corridor method, where gains and losses are recognized to the extent they exceed 10% of the greater of plan assets or benefit obligations, over the average future service period of employees expected to receive benefits under the plans of approximately 9 years as of December 31, 2016. This amortization period is expected to extend (approximately double) in 2020 when our non-union We recognize on a plan-by-plan non-cash
Environmental matters	Environmental matters non-U.S.
Investments in marketable securities	Investments in marketable securities
Equity method investments	Equity method investments
Derivative financial instruments	Derivative financial instruments We record derivatives at their fair value. The classification of gains and losses resulting from changes in the fair values of derivatives is dependent on our intended use of the derivative and its resulting designation. Adjustments to reflect changes in fair values of derivatives attributable to the effective portion of hedges are either reflected in earnings and largely offset by corresponding adjustments to the hedged items or reflected net of income taxes in accumulated other comprehensive loss until the hedged transaction is recognized in earnings. Changes in the fair value of the derivatives that are attributable to the ineffective portion of the hedges or of derivatives that are not considered to be highly effective hedges, if any, are immediately recognized in earnings. The aggregate notional amount of our outstanding interest rate swaps at December 31, 2016 and 2015 was $1.2 billion and $1.5 billion. The aggregate notional amount of our outstanding foreign currency hedges at December 31, 2016 and 2015 was $4.0 billion and $4.1 billion. Derivative instruments did not have a material impact on net earnings and comprehensive income during 2016, 2015 and 2014. Substantially all of our derivatives are designated for hedge accounting. See “Note 16 – Fair Value Measurements” for more information on the fair value measurements related to our derivative instruments.
Recent Accounting Pronouncements	Recent Accounting Pronouncements No. 2014-09, one-year As the ASU will supersede substantially all existing revenue guidance affecting us under GAAP, it could impact revenue and cost recognition on thousands of contracts across all of our business segments, as well as, our business processes and our information technology systems. As a result, our evaluation of the effect of the ASU will extend through 2017. We have closely monitored the standard setting process, including amendments and technical corrections to the ASU following its issuance in May 2014 and participated in aerospace and defense forums to understand the impact of the ASU on our industry. We commenced our evaluation of the impact of the ASU in late 2014, by evaluating its impact on selected contracts at each of our business segments. With this baseline understanding, we developed a project plan to evaluate thousands of contracts across our business segments, develop processes and tools to dual report financial results under both GAAP and the ASU and assess the internal control structure in order to adopt the ASU on January 1, 2018. We have periodically briefed our Audit Committee on our progress made towards adoption. Based on our evaluation to date, we anticipate being able to estimate the impacts of adopting the ASU in the second half of 2017. We recognize the majority of our revenue using the percentage-of-completion percentage-of-completion cost-to-cost F-35 percentage-of-completion units-of-delivery C-130J C-5 PAC-3 percentage-of-completion cost-to-cost Under the ASU, revenue will be recognized as the customer obtains control of the goods and services promised in the contract (i.e., performance obligations). Given the nature of our products and terms and conditions in our contracts, in particular those with the U. S. Government (including FMS contracts), the customer obtains control as we perform on the contract. Therefore, we expect to recognize revenue over time for almost all of our contracts using a method similar to our current percentage-of-completion cost-to-cost percentage-of-completion units-of-delivery units-of-delivery cost-to-cost In January 2017, the FASB issued ASU No. 2017-04, In February 2016, the FASB issued ASU No. 2016-02, In March 2016, the FASB issued ASU No. 2016-09, paid-in In September 2015, the FASB issued ASU No. 2015-16, In November 2015, the FASB issued ASU No. 2015-17,
Earnings per share computation	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.
Acquired finite lived intangible assets	Acquired finite-lived intangible assets are amortized to expense primarily on a straight-line basis over the following estimated useful lives: customer programs, from nine to 20 years; customer relationships, from four to 10 years; technology, from five to seven years; trademarks, from two to five years; and other intangibles, from three to 10 years.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2016
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): 2016 2015 2014 Weighted average common shares outstanding for basic computations 299.3 310.3 316.8 Weighted average dilutive effect of equity awards 3.8 4.4 5.6 Weighted average common shares outstanding for diluted computations 303.1 314.7 322.4

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	12 Months Ended
	Dec. 31, 2016
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed	The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date, including the refinements described in the previous paragraph (in millions): Cash and cash equivalents $ 75 Receivables, net 1,924 Inventories, net 1,632 Other current assets 46 Property, plant and equipment 649 Goodwill 2,842 Intangible assets: Customer programs 3,184 Trademarks 887 Other noncurrent assets 572 Deferred income taxes, noncurrent 256 Total identifiable assets and goodwill 12,067 Accounts payable (565) Customer advances and amounts in excess of costs incurred (1,197) Salaries, benefits, and payroll taxes (105) Other current liabilities (430) Customer contractual obligations (a) (507) Other noncurrent liabilities (185) Total liabilities assumed (2,989) Total consideration $ 9,078 (a) Recorded in other noncurrent liabilities on our consolidated balance sheets.
Summary of Pro Forma Financial Information	The following table presents summarized unaudited pro forma financial information as if Sikorsky had been included in our financial results for the entire years in 2015 and 2014 (in millions): 2015 2014 Net sales $ 45,366 $ 47,369 Net earnings 3,534 3,475 Basic earnings per common share 11.39 10.97 Diluted earnings per common share 11.23 10.78
Carrying Amounts of Major Classes of Business Assets and Liabilities, Operating Results of Discontinued Operations and Information of IS and GS Included in Consolidated Statements of Cash Flows	The carrying amounts of major classes of the IS&GS business assets and liabilities that were classified as assets and liabilities of discontinued operations as of December 31, 2015 are as follows (in millions): Receivables, net $ 807 Inventories, net 143 Other current assets 19 Property, plant and equipment, net 101 Goodwill 2,881 Intangible assets 125 Other noncurrent assets 54 Total assets of the disposal group $ 4,130 Accounts payable $ (229) Customer advances and amounts in excess of costs incurred (285) Salaries, benefits and payroll taxes (209) Other current liabilities (225) Deferred income taxes (145) Other noncurrent liabilities (60) Total liabilities of the disposal group $ (1,153) The operating results of IS&GS that have been reflected within net earnings from discontinued operations are as follows (in millions): Year Ended December 31, 2016 (a) 2015 2014 Net sales $ 3,410 $ 5,596 $ 5,654 Cost of sales (2,953) (4,868) (4,963) Goodwill impairment charges — — (119) Severance charges (19) (20) — Gross profit 438 708 572 Other income, net 16 16 8 Operating profit 454 724 580 Other non-operating — — 1 Earnings from discontinued operations before income taxes 454 724 581 Income tax expense (147) (245) (220) Net gain on divestiture of discontinued operations 1,242 — — Net earnings from discontinued operations $ 1,549 $ 479 $ 361 (a) Operating results for the year ended December 31, 2016 reflect operating results prior to the August 16, 2016 divestiture date, not the full year as shown for the prior years.

Goodwill and Acquired Intangi30

Goodwill and Acquired Intangibles (Tables)	12 Months Ended
	Dec. 31, 2016
Changes in the Carrying Amount of Goodwill by Segment	Changes in the carrying amount of goodwill by segment were as follows (in millions): Aeronautics MFC RMS Space Systems Total Balance at December 31, 2014 (a) $171 $ 2,181 $ 4,022 $1,590 $ 7,964 Sikorsky acquisition — — 2,764 — 2,764 Other — 17 (48) (2) (33) Balance at December 31, 2015 171 2,198 6,738 1,588 10,695 Purchase accounting adjustments — — 78 — 78 Other — 62 (68) (3) (9) Balance at December 31, 2016 $171 $ 2,260 $ 6,748 $1,585 $ 10,764 (a) Includes reclassifications of goodwill among our business segments as a result of our program realignment, which occurred during the fourth quarter of 2015 (see “Note 1 – Significant Accounting Policies”).
Acquired Intangible Assets	The gross carrying amounts and accumulated amortization of our acquired intangible assets consisted of the following (in millions): 2016 2015 Gross Accumulated Net Gross Amount Accumulated Net Finite-Lived: Customer programs $3,184 $(273) $2,911 $3,127 $ (38) $3,089 Customer relationships 359 (92) 267 137 (59) 78 Other 111 (83) 28 111 (72) 39 Total finite-lived intangibles 3,654 (448) 3,206 3,375 (169) 3,206 Indefinite-Lived: Trademarks 887 — 887 816 — 816 Total acquired intangibles $4,541 $(448) $4,093 $4,191 $(169) $4,022

Information on Business Segme31

Information on Business Segments (Tables)	12 Months Ended
	Dec. 31, 2016
Summary Of Financial Information For Each Business Segment	Summary operating results for each of our business segments were as follows (in millions): 2016 2015 2014 Net sales Aeronautics $ 17,769 $ 15,570 $ 14,920 Missiles and Fire Control 6,608 6,770 7,092 Rotary and Mission Systems 13,462 9,091 8,732 Space Systems 9,409 9,105 9,202 Total net sales $ 47,248 $ 40,536 $ 39,946 Operating profit Aeronautics $ 1,887 $ 1,681 $ 1,649 Missiles and Fire Control 1,018 1,282 1,344 Rotary and Mission Systems 906 844 936 Space Systems 1,289 1,171 1,187 Total business segment operating profit 5,100 4,978 5,116 Unallocated items FAS/CAS pension adjustment FAS pension expense (a) (1,019 ) (1,127 ) (1,099) Less: CAS pension cost (a) (b) 1,921 1,527 1,416 FAS/CAS pension adjustment 902 400 317 Severance charges (a) (c) (80 ) (82 ) — Stock-based compensation (149 ) (133 ) (154) Other, net (d), (e) (224 ) (451 ) (267) Total unallocated items 449 (266 ) (104) Total consolidated operating profit $ 5,549 $ 4,712 $ 5,012 (a) FAS pension expense, CAS pension costs and severance charges reflect the reclassification for discontinued operations presentation of benefits related to former IS&GS salaried employees (see “Note 11 – Postretirement Plans”). (b) The higher CAS pension cost primarily reflects the impact of phasing in CAS Harmonization. (c) See “Note 15 – Restructuring Charges” for information on charges related to certain severance actions at our business segments. Severance charges for initiatives that are not significant are included in business segment operating profit. (d) Other, net in 2015 includes a non-cash (e) Other, net in 2015 includes approximately $38 million of non-recoverable 2016 2015 2014 Intersegment sales Aeronautics $ 137 $ 102 $ 103 Missiles and Fire Control 305 315 256 Rotary and Mission Systems 1,816 1,533 1,245 Space Systems 110 146 137 Total intersegment sales $ 2,368 $ 2,096 $ 1,741 Depreciation and amortization Aeronautics $ 299 $ 317 $ 322 Missiles and Fire Control 105 99 99 Rotary and Mission Systems 476 211 167 Space Systems 212 220 232 Total business segment depreciation and amortization 1,092 847 820 Corporate activities 75 98 107 Total depreciation and amortization (a) $ 1,167 $ 945 $ 927 Capital expenditures Aeronautics $ 358 $ 387 $ 283 Missiles and Fire Control 167 120 142 Rotary and Mission Systems 271 169 164 Space Systems 183 172 172 Total business segment capital expenditures 979 848 761 Corporate activities 75 60 66 Total capital expenditures (b) $ 1,054 $ 908 $ 827 (a) Total depreciation and amortization in the table above excludes $48 million, $81 million and $67 million for the years ended December 31, 2016, 2015 and 2014 related to the former IS&GS business segment. These amounts are included in depreciation and amortization in our consolidated statements of cash flows as we did not reclassify our cash flows to exclude the IS&GS business segment. See “Note 3 – Acquisitions and Divestitures” for more information. (b) Total capital expenditures in the table above excludes $9 million, $31 million and $18 million for the years ended December 31, 2016, 2015 and 2014 related to the former IS&GS business segment. These amounts are included in capital expenditures in our consolidated statements of cash flows as we did not reclassify our cash flows to exclude the IS&GS business segment. See “Note 3 – Acquisitions and Divestitures” for more information.
Net Sales By Customer Category	Net sales by customer category were as follows (in millions): 2016 2015 2014 U.S. Government Aeronautics $ 11,714 $ 11,195 $ 10,704 Missiles and Fire Control 4,026 4,150 4,509 Rotary and Mission Systems 9,187 6,961 6,752 Space Systems 8,543 8,845 8,921 Total U.S. Government net sales $ 33,470 $ 31,151 $ 30,886 International (a) Aeronautics $ 5,973 $ 4,328 $ 4,183 Missiles and Fire Control 2,444 2,449 2,421 Rotary and Mission Systems 3,798 2,016 1,921 Space Systems 488 218 89 Total international net sales $ 12,703 $ 9,011 $ 8,614 U.S. Commercial and Other Aeronautics $ 82 $ 47 $ 33 Missiles and Fire Control 138 171 162 Rotary and Mission Systems 477 114 59 Space Systems 378 42 192 Total U.S. commercial and other net sales $ 1,075 $ 374 $ 446 Total net sales $ 47,248 $ 40,536 $ 39,946 (a) International sales include foreign military sales contracted through the U.S. Government, direct commercial sales with international governments and commercial and other sales to international customers.
Selected Financial Data By Business Segment	Total assets and customer advances and amounts in excess of costs incurred for each of our business segments were as follows (in millions): 2016 2015 Assets (a) Aeronautics $ 7,896 $ 6,618 Missiles and Fire Control 4,000 4,027 Rotary and Mission Systems 18,367 19,187 Space Systems 5,250 4,861 Total business segment assets 35,513 34,693 Assets of discontinued operations — 4,130 Corporate assets (b) 12,293 10,481 Total assets $ 47,806 $ 49,304 Customer advances and amounts in excess of costs incurred Aeronautics $ 2,133 $ 2,045 Missiles and Fire Control 1,517 1,766 Rotary and Mission Systems 2,590 2,415 Space Systems 536 477 Total customer advances and amounts in excess of costs incurred $ 6,776 $ 6,703 (a) We have no long-lived assets with material carrying values located in foreign countries. (b) Corporate assets primarily include cash and cash equivalents, deferred income taxes, environmental receivables and investments held in a separate trust.

Receivables, net (Tables)

Receivables, net (Tables)	12 Months Ended
	Dec. 31, 2016
Receivables	Receivables, net consisted of the following (in millions): 2016 2015 U.S. Government Amounts billed $ 792 $ 1,205 Unbilled costs and accrued profits 6,877 5,243 Less: customer advances and progress payments (1,346 ) (1,193) Total U.S. Government receivables, net 6,323 5,255 Other governments and commercial Amounts billed 546 704 Unbilled costs and accrued profits 1,847 1,888 Less: customer advances (514 ) (593) Total other governments and commercial receivables, net 1,879 1,999 Total receivables, net $ 8,202 $ 7,254

Inventories, net (Tables)

Inventories, net (Tables)	12 Months Ended
	Dec. 31, 2016
Inventories	Inventories, net consisted of the following (in millions): 2016 2015 Work-in-process, $ 7,864 $ 8,081 Spare parts, used aircraft and general stock materials 833 1,030 Other inventories 719 740 Total inventories 9,416 9,851 Less: customer advances and progress payments (4,746 ) (5,032) Total inventories, net $ 4,670 $ 4,819

Property, Plant and Equipment34

Property, Plant and Equipment, net (Tables)	12 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment	Property, plant and equipment, net consisted of the following (in millions): 2016 2015 Land $ 127 $ 112 Buildings 6,385 6,007 Machinery and equipment 7,389 7,261 Construction in progress 976 886 Total property, plant and equipment 14,877 14,266 Less: accumulated depreciation and amortization (9,328 ) (8,877) Total property, plant and equipment, net $ 5,549 $ 5,389

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Provision for Federal & Foreign Income Tax Expense	Our provision for federal and foreign income tax expense for continuing operations consisted of the following (in millions): 2016 2015 2014 Federal income tax expense (benefit): Current $ 1,327 $ 1,573 $ 1,770 Deferred (231 ) (473 ) (351) Total federal income tax expense 1,096 1,100 1,419 Foreign income tax expense (benefit): Current 56 39 13 Deferred (19 ) 34 (8) Total foreign income tax expense 37 73 5 Total income tax expense $ 1,133 $ 1,173 $ 1,424
Reconciliation of Income Tax Expense Computed Using U.S. Statutory Federal Tax Rate to Actual Income Tax Expense	Our reconciliation of the 35% U.S. federal statutory income tax rate to actual income tax expense for continuing operations is as follows (dollars in millions): 2016 2015 2014 Amount Rate Amount Rate Amount Rate Income tax expense at the U.S. federal statutory tax rate $1,710 35.0% $1,505 35.0% $1,637 35.0% Adoption of stock-based compensation ASU (152) (3.1) — — — — U.S. manufacturing deduction benefit (117) (2.4) (123) (2.9) (124) (2.6) Research and development tax credit (107) (2.2) (70) (1.6) (63) (1.3) Tax deductible dividends (92) (1.9) (87) (2.0) (82) (1.8) Other, net (109) (2.2) (52) (1.2) 56 1.1 Income tax expense $1,133 23.2% $1,173 27.3% $1,424 30.4%
Components of Federal and Foreign Deferred Tax Assets and Liabilities	The primary components of our federal and foreign deferred income tax assets and liabilities at December 31 were as follows (in millions): 2016 2015 Deferred tax assets related to: Accrued compensation and benefits $ 1,012 $ 919 Pensions (a) 5,197 4,462 Other postretirement benefit obligations 302 375 Contract accounting methods 878 1,039 Foreign company operating losses and credits 30 62 Other 327 418 Valuation allowance (b) (15 ) (73) Deferred tax assets, net 7,731 7,202 Deferred tax liabilities related to: Goodwill and purchased intangibles 378 274 Property, plant and equipment 346 457 Exchanged debt securities and other (c) 418 408 Deferred tax liabilities 1,142 1,139 Net deferred tax assets $ 6,589 $ 6,063 (a) The increase in 2016 was primarily due to the reduction in the discount rate used to measure our postretirement benefit plans (see “Note 11 – Postretirement Plans”). (b) A valuation allowance was provided against certain foreign company deferred tax assets arising from carryforwards of unused tax benefits. (c) Includes deferred taxes associated with the exchange of debt securities in prior years.

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2016
Long-term Debt	Our long-term debt consisted of the following (in millions): December 31, 2016 2015 Notes 2.13% and 7.65% due 2016 $ — $ 952 1.85% due 2018 750 750 4.25% due 2019 900 900 2.50% due 2020 1,250 1,250 3.35% due 2021 900 900 3.10% due 2023 500 500 2.90% due 2025 750 750 3.55% due 2026 2,000 2,000 3.60% due 2035 500 500 4.50% and 6.15% due 2036 1,152 1,152 4.85% due 2041 600 600 4.07% due 2042 1,336 1,336 3.80% due 2045 1,000 1,000 4.70% due 2046 2,000 2,000 Other notes with rates from 5.50% to 8.50%, due 2023 to 2040 1,656 1,706 Total debt 15,294 16,296 Less: unamortized discounts and issuance costs (1,012) (1,035) Total debt, net 14,282 15,261 Less: current portion — (956) Long-term debt, net $ 14,282 $ 14,305

Postretirement Plans (Tables)

Postretirement Plans (Tables)	12 Months Ended
	Dec. 31, 2016
Schedule Of Net Periodic Benefit Costs	The net periodic benefit cost recognized each year included the following (in millions): Qualified Defined (a) Retiree Medical and Life Insurance Plans 2016 2015 2014 2016 2015 2014 Service cost $ 827 $ 836 $ 841 $ 24 $ 21 $ 22 Interest cost 1,861 1,791 1,912 119 110 123 Expected return on plan assets (2,666) (2,734) (2,693) (138) (147) (146) Recognized net actuarial losses 1,359 1,599 1,173 34 43 23 Amortization of net prior service (credit) cost (b) (362) (365) (134) 22 4 4 Total net periodic benefit cost $ 1,019 $ 1,127 $ 1,099 $ 61 $ 31 $ 26 (a) Total net periodic benefit cost associated with our qualified defined benefit plans represents pension expense calculated in accordance with GAAP (FAS pension expense). We are required to calculate pension expense in accordance with both GAAP and CAS rules, each of which results in a different calculated amount of pension expense. The CAS pension cost is recovered through the pricing of our products and services on U.S. Government contracts and, therefore, is recognized in net sales and cost of sales for products and services. We include the difference between FAS pension expense and CAS pension cost, referred to as the FAS/CAS pension adjustment, as a component of other unallocated, net on our consolidated statements of earnings. The FAS/CAS pension adjustment, which was $902 million in 2016, $400 million in 2015, and $317 million in 2014, effectively adjusts the amount of CAS pension cost in the business segment operating profit so that pension expense recorded on our consolidated statements of earnings is equal to FAS pension expense. FAS pension expense and CAS pension costs reflect the reclassification for discontinued operations presentation of benefits related to former IS&GS salaried employees. (b) Net of the reclassification for discontinued operations presentation of pension benefits related to former IS&GS salaried employees ($14 million in 2016, $24 million in 2015 and $17 million in 2014).
Reconciliation of Benefit Obligations, Plan Assets, and Unfunded or Funded Status	The following table provides a reconciliation of benefit obligations, plan assets and unfunded status related to our qualified defined benefit pension plans and our retiree medical and life insurance plans (in millions): Qualified Defined Benefit Pension Plans Retiree Medical and Life Insurance Plans 2016 2015 2016 2015 Change in benefit obligation Beginning balance $ 43,702 $ 45,882 $ 2,883 $ 3,034 Service cost 827 836 24 21 Interest cost 1,861 1,791 119 110 Benefits paid (2,172) (2,055) (222) (307) Actuarial losses (gains) 1,402 (1,988) (135) (170) New longevity assumptions (a) (687) (834) (53) (77) Plan amendments and acquisitions (b) 110 31 (32) 157 Service cost related to discontinued operations 21 39 — — Medicare Part D subsidy — — 4 14 Participants’ contributions — — 61 101 Ending balance $ 45,064 $ 43,702 $ 2,649 $ 2,883 Change in plan assets Beginning balance at fair value $ 32,096 $ 34,673 $ 1,813 $ 1,932 Actual return on plan assets 1,470 (527) 95 (27) Benefits paid (2,172) (2,055) (222) (307) Company contributions 23 5 36 100 Medicare Part D subsidy — — 4 14 Participants’ contributions — — 61 101 Ending balance at fair value $ 31,417 $ 32,096 $ 1,787 $ 1,813 Unfunded status of the plans $ (13,647) $ (11,606) $ (862) $ (1,070) (a) We adopted new longevity assumptions originally published by the Society of Actuaries in October 2014. The Society of Actuaries refined their original publication in October 2015 and again in October 2016. (b) Includes special termination benefits of $27 million for qualified pension and $9 million for retiree medical recognized in 2016 related to former IS&GS salaried employees. The November 2015 acquisition of Sikorsky increased our qualified defined benefit pension obligations by about $30 million.
Amounts Recognized on Balance Sheets Related to Qualified Defined Benefit Pension Plans and Retiree Medical and Life Insurance Plans	The following table provides amounts recognized on our consolidated balance sheets related to our qualified defined benefit pension plans and our retiree medical and life insurance plans (in millions): Qualified Defined Benefit Pension Plans Retiree Medical and Life Insurance Plans 2016 2015 2016 2015 Prepaid pension asset $ 208 $ 201 $ — $ — Accrued postretirement benefit liabilities (13,855) (11,807) (862) (1,070) Accumulated other comprehensive loss (pre-tax) Net actuarial losses 20,184 19,632 447 627 Prior service (credit) cost (a) (2,896) (3,565) 96 167 Total (b) $ 17,288 $ 16,067 $ 543 $ 794 (a) Pre-tax (b) Accumulated other comprehensive loss related to postretirement benefit plans, after tax, of $12.0 billion and $11.3 billion at December 31, 2016 and 2015 (see “Note 12 – Stockholders’ Equity”) includes $17.3 billion ($11.2 billion after tax) and $16.1 billion ($10.4 billion after tax) for qualified defined benefit pension plans, $543 million ($351 million after tax) and $794 million ($514 million after tax) for retiree medical and life insurance plans and $677 million ($448 million after tax) and $620 million ($408 million after tax) for other plans.
Accumulated Benefit Obligations In Excess Of Fair Value Of Plan Assets	Certain key information related to our qualified defined benefit pension plans as of December 31, 2016 and 2015 is as follows (in millions): 2016 2015 Plans where ABO was in excess of plan assets Projected benefit obligation $ 44,946 $ 43,575 Less: fair value of plan assets 31,091 31,768 Unfunded status of plans (a) (13,855) (11,807) Plans where ABO was less than plan assets Projected benefit obligation 118 127 Less: fair value of plan assets 326 328 Funded status of plans (b) $ 208 $ 201 (a) Represents accrued pension liabilities, which are included on our consolidated balance sheets. (b) Represents prepaid pension assets, which are included on our consolidated balance sheets in other noncurrent assets.
Amounts Recognized in Other Comprehensive Income (Loss) Related to Postretirement Benefit Plans, Net of Tax	The following table provides the amounts recognized in other comprehensive income (loss) related to postretirement benefit plans, net of tax, for the years ended December 31, 2016, 2015 and 2014 (in millions): Incurred but Not Yet Recognition of Previously 2016 2015 2014 2016 2015 2014 Gains (losses) (Gains) losses Actuarial gains and losses Qualified defined benefit pension plans $ (1,236) $ (291) $ (5,505) $ 879 $ 1,034 $ 758 Retiree medical and life insurance plans 94 46 (160) 22 28 15 Other plans (62) 21 (245) 37 47 33 (1,204) (224) (5,910) 938 1,109 806 Credit (cost) (Credit) cost (a) Net prior service credit and cost Qualified defined benefit pension plans (54) (18) 2,959 (235) (235) (87) Retiree medical and life insurance plans 27 (102) (3) 14 2 3 Other plans (1) (7) 84 (9) (10) (5) (28) (127) 3,040 (230) (243) (89) $ (1,232) $ (351) $ (2,870) $ 708 $ 866 $ 717 (a) Reflects the reclassification for discontinued operations presentation of benefits related to former IS&GS salaried employees ($9 million in 2016, $16 million in 2015 and $11 million in 2014). In addition, we recognized $134 million of prior service credits from the divestiture of our IS&GS business, which were reclassified as discontinued operations.
Actuarial Assumptions Used to Determine Net Periodic Benefit Cost	The actuarial assumptions used to determine the benefit obligations at December 31 of each year and to determine the net periodic benefit cost for each subsequent year, were as follows: Qualified Defined Benefit Retiree Medical and Life Insurance Plans 2016 2015 2014 2016 2015 2014 Weighted average discount rate 4.125% 4.375% 4.00% 4.00% 4.25% 3.75% Expected long-term rate of return on assets 7.50% 8.00% 8.00% 7.50% 8.00% 8.00% Rate of increase in future compensation levels (for applicable bargained pension plans) 4.50% 4.50% 4.30% Health care trend rate assumed for next year 8.75% 9.00% 8.50% Ultimate health care trend rate 5.00% 5.00% 5.00% Year that the ultimate health care trend rate is reached 2032 2032 2029
Schedule of Allocation of Plan Assets	Fair value measurements December 31, 2016 December 31, 2015 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Investments measured at fair value Cash and cash equivalents (a) $ 2,301 $ 2,301 $ — $ — $ 2,658 $ 2,658 $ — $ — Equity (a) U.S. equity securities 4,166 4,139 23 4 4,790 4,771 19 — International equity securities 3,971 3,927 40 4 6,121 6,087 24 10 Commingled equity funds 2,332 788 1,544 — 1,794 614 1,180 — Fixed income (a) Corporate debt securities 4,333 — 4,316 17 3,929 — 3,914 15 U.S. Government securities 6,811 — 6,811 — 5,069 — 5,069 — U.S. Government-sponsored enterprise securities 919 — 919 — 1,377 — 1,377 — Other fixed income investments 2,215 — 2,214 1 3,252 — 3,246 6 Alternative investments: Hedge funds 33 — 33 — 57 — 57 — Private equity funds — — — — 200 — — 200 Commodities (a) 523 525 (2 ) — (26 ) 1 (27 ) — Total $ 27,604 $ 11,680 $ 15,898 $ 26 $ 29,221 $ 14,131 $ 14,859 $ 231 Investments measured at NAV (b) Commingled equity funds 60 141 Private equity funds 3,614 2,931 Real estate funds 1,411 1,108 Hedge funds 462 465 Total investments measured at NAV 5,547 4,645 Receivables, net 53 43 Total $ 33,204 $ 33,909 (a) Cash and cash equivalents, equity securities, fixed income securities and commodities included derivative assets and liabilities whose fair values were not material as of December 31, 2016 and 2015. LMIMCo’s investment policies restrict the use of derivatives to either establish long exposures for purposes of expediency or capital efficiency or to hedge risks to the extent of a plan’s current exposure to such risks. Most derivative transactions are settled on a daily basis. (b) Certain investments that are valued using the net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy and are included in the table to permit reconciliation of the fair value hierarchy to the aggregate postretirement benefit plan assets.
Changes In Fair Value of Level 3 Plan Assets	The following table presents the changes during 2016 and 2015 in the fair value of plan assets categorized as Level 3 in the preceding table (in millions): Private Other Total Balance at January 1, 2015 $ — $ 61 $ 61 Actual return on plan assets: Realized losses, net — (12) (12) Unrealized gains, net — 7 7 Purchases, sales and settlements, net — (22) (22) Transfers into (out of) Level 3, net 200 (3) 197 Balance at December 31, 2015 $200 $ 31 $231 Actual return on plan assets: Realized losses, net — (6) (6) Unrealized gains, net — 3 3 Purchases, sales and settlements, net (200) (7) (207) Transfers into Level 3, net — 5 5 Balance at December 31, 2016 $ — $ 26 $ 26
Estimated Future Benefit Payments	The following table presents estimated future benefit payments, which reflect expected future employee service, as of December 31, 2016 (in millions): 2017 2018 2019 2020 2021 2022 – 2026 Qualified defined benefit pension plans $ 2,260 $ 2,340 $ 2,420 $ 2,510 $ 2,590 $13,920 Retiree medical and life insurance plans 180 180 190 190 190 870
Target Allocation Range
Schedule of Allocation of Plan Assets	LMIMCo’s investment policies require that asset allocations of postretirement benefit plans be maintained within the following approximate ranges: Asset Class Asset Allocation Cash and cash equivalents 0-20% Equity 15-65% Fixed income 10-60% Alternative investments: Private equity funds 0-15% Real estate funds 0-10% Hedge funds 0-20% Commodities 0-25%

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2016
Changes in Balance of Accumulated Other Comprehensive Loss, Net of Income Taxes	Changes in the balance of AOCL, net of income taxes, consisted of the following (in millions): Postretirement Other, net AOCL Balance at December 31, 2013 (a) $ (9,649) $ 48 $ (9,601) Other comprehensive loss before reclassifications (2,870) (103) (2,973) Amounts reclassified from AOCL Recognition of net actuarial losses 806 — 806 Amortization of net prior service credits (100) — (100) Other — (2) (2) Total reclassified from AOCL 706 (2) 704 Total other comprehensive loss (2,164) (105) (2,269) Balance at December 31, 2014 (a) (11,813) (57) (11,870) Other comprehensive loss before reclassifications (351) (73) (424) Amounts reclassified from AOCL Recognition of net actuarial losses 1,109 — 1,109 Amortization of net prior service credits (259) — (259) Total reclassified from AOCL 850 — 850 Total other comprehensive income (loss) 499 (73) 426 Balance at December 31, 2015 (a) (11,314) (130) (11,444) Other comprehensive loss before reclassifications (1,232) — (1,232) Amounts reclassified from AOCL Recognition of net actuarial losses 938 — 938 Amortization of net prior service credits (239) — (239) Recognition of net prior service credits from divestiture of IS&GS segment (b) (134) — (134) Other (b) — 9 9 Total reclassified from AOCL 565 9 574 Total other comprehensive (loss) income (667) 9 (658) Balance at December 31, 2016 (a) $(11,981) $(121) $(12,102) (a) AOCL related to postretirement benefit plans is shown net of tax benefits at December 31, 2016, 2015 and 2014 of $6.5 billion, $6.2 billion and $6.4 billion. These tax benefits include amounts recognized on our income tax returns as current deductions and deferred income taxes, which will be recognized on our tax returns in future years. See “Note 9 – Income Taxes” and “Note 11 –Postretirement Plans” for more information on our income taxes and postretirement benefit plans. (b) Associated with the divesture of the IS&GS business and included in net gain on divestiture of discontinued operations.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2016
Summary of Stock Based Compensation Activity Related to Nonvested RSUs	The following table summarizes activity related to nonvested RSUs: Number (In thousands) Weighted Average Value Per Share Nonvested at December 31, 2013 3,859 $ 82.42 Granted 745 146.85 Vested (2,194) 87.66 Forfeited (84) 91.11 Nonvested at December 31, 2014 2,326 $ 97.80 Granted 595 192.47 Vested (1,642) 103.30 Forfeited (43) 132.28 Nonvested at December 31, 2015 1,236 $ 134.87 Granted 679 206.69 Vested (1,009) 137.62 Forfeited (118) 203.65 Nonvested at December 31, 2016 788 $ 183.00
Stock Options	The following table pertains to stock options granted through 2012, in addition to stock options that vested and were exercised in 2016, 2015 and 2014 (in millions): 2016 2015 2014 Grant-date fair value of all stock options that vested $ — $ 8 $ 18 Intrinsic value of all stock options exercised 172 265 297

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2016
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): December 31, 2016 December 31, 2015 Total Level 1 Level 2 Total Level 1 Level 2 Assets Equity securities $ 79 $ 79 $ — $ 89 $ 89 $ — Mutual funds 856 856 — 745 745 — U.S. Government securities 113 — 113 119 — 119 Other securities 151 — 151 147 — 147 Derivatives 27 — 27 15 — 15 Liabilities Derivatives 85 — 85 35 — 35

Summary of Quarterly Informat41

Summary of Quarterly Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Summary of Quarterly Information	A summary of quarterly information is as follows (in millions, except per share data): 2016 Quarters First (b) Second Third (c)(d) Fourth (d) Net sales (a) $10,368 $11,577 $11,551 $13,752 Operating profit (a) 1,158 1,375 1,588 1,428 Net earnings from continuing operations 806 899 1,089 959 Net earnings from discontinued operations 92 122 1,306 29 Net earnings 898 1,021 2,395 988 Earnings per common share from continuing operations (f) Basic 2.65 2.97 3.64 3.29 Diluted 2.61 2.93 3.61 3.25 Earnings per common share from discontinued operations (f) Basic 0.30 0.40 4.38 0.10 Diluted 0.30 0.39 4.32 0.10 Basic earnings per common share (f) 2.95 3.37 8.02 3.39 Diluted earnings per common share (f) 2.91 3.32 7.93 3.35 2015 Quarters First Second Third Fourth (e) Net sales (a) $8,721 $10,235 $10,060 $11,520 Operating profit (a) 1,147 1,273 1,192 1,100 Net earnings from continuing operations 738 815 756 817 Net earnings from discontinued operations 140 114 109 116 Net earnings (g) 878 929 865 933 Earnings per common share from continuing operations (f) Basic 2.34 2.61 2.45 2.67 Diluted 2.30 2.58 2.42 2.63 Earnings per common share from discontinued operations (f) Basic 0.44 0.37 0.35 0.38 Diluted 0.44 0.36 0.35 0.38 Basic earnings per common share (f) 2.78 2.98 2.80 3.05 Diluted earnings per common share (f) 2.74 2.94 2.77 3.01 (a) Net sales and operating profit vary from the amounts previously reported on Form 10-Q (b) The first quarter of 2016 varies from the amounts previously reported on Form 10-Q No. 2016-09 (c) The third quarter of 2016 includes a net gain of $1.2 billion related to the divestiture of our former IS&GS business. (d) The third quarter of 2016 includes the results of AWE from August 26, 2016, the date we obtained controlling interest, including approximately $103 million in net sales and $104 million in net earnings. Third quarter net earnings includes a non-cash (e) The fourth quarter of 2015 includes the results of Sikorsky since the November 6, 2015 acquisition date through December 31, 2015, including approximately $400 million in net sales and about $45 million in operating loss, inclusive of intangible amortization and adjustments required to account for the acquisition. (f) The sum of the quarterly earnings per share amounts do not equal the earnings per share amounts included on our consolidated statements of earnings, primarily due to the timing of our share repurchases during each respective year. (g) The third and fourth quarters of 2015 include charges for workforce reductions of $15 million and $67 million ($10 million and $44 million after tax). The fourth quarter of 2015 includes a tax benefit of about $71 million due to the retroactive reinstatement of the R&D tax credit in 2015.

Significant Accounting Polici42

Significant Accounting Policies - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions

Aug. 24, 2016

Nov. 06, 2015

Dec. 31, 2016

Sep. 25, 2016

[2],[3]

Jun. 26, 2016

Mar. 27, 2016

[4]

Dec. 31, 2015

Sep. 27, 2015

Jun. 28, 2015

Mar. 29, 2015

Dec. 31, 2014

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Significant Accounting Policies [Line Items]

Acquisitions of businesses and investments in affiliates

$ 9,003

$ 898

Operating profit

$ 1,428

[1],[2]

$ 1,588

[1]

$ 1,375

[1]

$ 1,158

[1]

$ 1,100

[5],[6]

$ 1,192

[5]

$ 1,273

[5]

$ 1,147

[5]

$ 5,549

4,712

5,012

Net earnings

$ 988

[2]

$ 2,395

$ 1,021

$ 898

$ 933

[6],[7]

$ 865

[7]

$ 929

[7]

$ 878

[7]

$ 5,302

$ 3,605

$ 3,614

Diluted earnings per share

$ 3.35

[2],[8]

$ 7.93

[8]

$ 3.32

[8]

$ 2.91

[8]

$ 3.01

[6],[8]

$ 2.77

[8]

$ 2.94

[8]

$ 2.74

[8]

$ 17.49

$ 11.46

$ 11.21

Independent research and development costs charged to cost of sales

$ 988

$ 817

$ 733

Number of years over which stock awards vest

3 years

Depreciation

$ 747

716

713

Capitalized internal-use software, net

$ 427

$ 473

427

473

Capitalized internal-use software accumulated amortization

1,900

1,900

$ 1,900

1,900

Non-cash goodwill impairment charge

$ 119

119

Percentage of gains and losses recognition to the extent exciding greater of plan assets or obligations

10.00%

Average future service period of employees expected to receive benefits under the plans

9 years

Time period environmental costs and recovery of environmental costs are projected over, years

20 years

Fair value of trading securities

1,200

1,100

$ 1,200

1,100

Net gains (losses) on marketable securities

66

(11)

65

Total equity method investments

1,400

1,300

1,400

1,300

Net earnings from equity method investments

443

320

327

Deferred income taxes assets, noncurrent

6,625

6,068

6,625

6,068

Accounting Standards Update 2016-09 | Restatement Adjustment | Adjustments for New Accounting Principle, Early Adoption

Significant Accounting Policies [Line Items]

Additional income tax benefit

$ 152

Additional income tax benefit, per share

$ 0.50

Excess income tax benefit from share-based compensation, operating activities

$ 152

Accounting Standards Update 2015-17 | Restatement Adjustment

Significant Accounting Policies [Line Items]

Deferred income taxes assets, noncurrent

1,600

1,600

Deferred income taxes liabilities, noncurrent

140

140

Accounting Standards Update 2015-17 | Scenario, Previously Reported

Significant Accounting Policies [Line Items]

Deferred income taxes assets, current

1,600

1,600

Deferred income taxes liabilities, current

140

140

Contracts Accounted for under Percentage of Completion

Significant Accounting Policies [Line Items]

Operating profit

1,500

1,700

1,600

Net earnings

$ 950

$ 1,100

$ 1,100

Diluted earnings per share

$ 3.13

$ 3.50

$ 3.41

Minimum

Significant Accounting Policies [Line Items]

Acquired finite-lived intangible assets are amortized

3 years

Minimum | Customer relationships

Significant Accounting Policies [Line Items]

Acquired finite-lived intangible assets are amortized

4 years

Minimum | Customer Programs

Significant Accounting Policies [Line Items]

Acquired finite-lived intangible assets are amortized

9 years

Minimum | Technology-Based Intangible Assets

Significant Accounting Policies [Line Items]

Acquired finite-lived intangible assets are amortized

5 years

Minimum | Trademarks

Significant Accounting Policies [Line Items]

Acquired finite-lived intangible assets are amortized

2 years

Maximum

Significant Accounting Policies [Line Items]

Acquired finite-lived intangible assets are amortized

20 years

Maximum | Customer relationships

Significant Accounting Policies [Line Items]

Acquired finite-lived intangible assets are amortized

10 years

Maximum | Customer Programs

Significant Accounting Policies [Line Items]

Acquired finite-lived intangible assets are amortized

20 years

Maximum | Technology-Based Intangible Assets

Significant Accounting Policies [Line Items]

Acquired finite-lived intangible assets are amortized

7 years

Maximum | Trademarks

Significant Accounting Policies [Line Items]

Acquired finite-lived intangible assets are amortized

5 years

Interest rate swaps | Designated as hedges

Significant Accounting Policies [Line Items]

Aggregate notional amount of derivatives

1,200

1,500

$ 1,200

$ 1,500

Foreign currency contracts | Designated as hedges

Significant Accounting Policies [Line Items]

Aggregate notional amount of derivatives

$ 4,000

$ 4,100

4,000

4,100

Space Systems

Significant Accounting Policies [Line Items]

Net earnings from equity method investments

$ 325

245

$ 280

Buildings | Minimum

Significant Accounting Policies [Line Items]

Property, plant and equipment, estimated life (years)

10 years

Buildings | Maximum

Significant Accounting Policies [Line Items]

Property, plant and equipment, estimated life (years)

40 years

Machinery and equipment | Minimum

Significant Accounting Policies [Line Items]

Property, plant and equipment, estimated life (years)

5 years

Machinery and equipment | Maximum

Significant Accounting Policies [Line Items]

Property, plant and equipment, estimated life (years)

15 years

Capitalized Software

Significant Accounting Policies [Line Items]

Capitalized internal-use software amortization

$ 136

$ 161

$ 194

Capitalized Software | Minimum

Significant Accounting Policies [Line Items]

Property, plant and equipment, estimated life (years)

2 years

Capitalized Software | Maximum

Significant Accounting Policies [Line Items]

Property, plant and equipment, estimated life (years)

6 years

Sikorsky Aircraft Corporation

Significant Accounting Policies [Line Items]

Acquisitions of businesses and investments in affiliates

$ 9,000

AWE Management Limited

Significant Accounting Policies [Line Items]

Ownership interest percentage acquired

18.00%

Noncontrolling Interest, Ownership Percentage by Parent

51.00%

AWE Management Limited | Customer relationships

Significant Accounting Policies [Line Items]

Acquired finite-lived intangible assets are amortized

8 years

[1]

Net sales and operating profit vary from the amounts previously reported on Form 10-Q as a result of our former IS&GS business being classified as discontinued operations in the third quarter of 2016, which is reflected for all periods presented.

[2]

The third quarter of 2016 includes the results of AWE from August 26, 2016, the date we obtained controlling interest, including approximately $103 million in net sales and $104 million in net earnings. Third quarter net earnings includes a non-cash gain on the step acquisition of AWE (see "Note 3 - Acquisitions and Divestitures"). The fourth quarter of 2016 includes the results of AWE for the entire quarter, including approximately $307 million in net sales and $2.9 million in net earnings.

[3]

The third quarter of 2016 includes a net gain of $1.2 billion related to the divestiture of our former IS&GS business.

[4]

The first quarter of 2016 varies from the amounts previously reported on Form 10-Q as a result of adopting ASU No. 2016-09 (see "Note 1 - Significant Accounting Policies").

[5]

AOCL related to postretirement benefit plans is shown net of tax benefits at December 31, 2016, 2015 and 2014 of $6.5 billion, $6.2 billion and $6.4 billion. These tax benefits include amounts recognized on our income tax returns as current deductions and deferred income taxes, which will be recognized on our tax returns in future years. See "Note 9 - Income Taxes" and "Note 11 -Postretirement Plans" for more information on our income taxes and postretirement benefit plans.

[6]

The fourth quarter of 2015 includes the results of Sikorsky since the November 6, 2015 acquisition date through December 31, 2015, including approximately $400 million in net sales and about $45 million in operating loss, inclusive of intangible amortization and adjustments required to account for the acquisition.

[7]

The third and fourth quarters of 2015 include charges for workforce reductions of $15 million and $67 million ($10 million and $44 million after tax). The fourth quarter of 2015 includes a tax benefit of about $71 million due to the retroactive reinstatement of the R&D tax credit in 2015.

[8]

The sum of the quarterly earnings per share amounts do not equal the earnings per share amounts included on our consolidated statements of earnings, primarily due to the timing of our share repurchases during each respective year.

Schedule of Weighted Average Sh

Schedule of Weighted Average Shares Outstanding Used to Compute Earnings Per Common Share (Detail) - shares shares in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Weighted Average Shares Used In Computing Earnings Per Share [Line Items]
Weighted average common shares outstanding for basic computations	299.3	310.3	316.8
Weighted average dilutive effect of equity awards	3.8	4.4	5.6
Weighted average common shares outstanding for diluted computations	303.1	314.7	322.4

Acquisitions and Divestitures -

Acquisitions and Divestitures - Additional Information (Detail) - USD ($)	Aug. 24, 2016	Aug. 16, 2016	Nov. 06, 2015	Dec. 31, 2015	Dec. 31, 2016	Sep. 25, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014		Nov. 23, 2015
Acquisitions And Divestitures [Line Items]
Acquisitions of businesses and investments in affiliates									$ 9,003,000,000	$ 898,000,000
Proceeds from borrowings under revolving credit facilities									6,000,000,000
Proceeds from issuance of fixed interest-rate long-term notes									9,101,000,000
Aggregate amount of goodwill arising from acquisitions				$ 10,695,000,000	$ 10,764,000,000		$ 10,695,000,000	$ 10,764,000,000	10,695,000,000	7,964,000,000	[1]
Non-recoverable transaction costs									38,000,000
Income tax charge related to historic earnings of foreign subsidiaries				310,000,000	386,000,000		310,000,000	386,000,000	310,000,000	249,000,000
Amortization of intangible assets								284,000,000	68,000,000	20,000,000
Gain on step acquisition of AWE, net of tax								104,000,000
One-time special cash payment received from Abacus		$ 1,800,000,000						1,800,000,000
Net gain on divestiture of business segment								1,242,000,000
Fair value of shares of common stock tendered and retired								2,497,000,000
Severance charges								99,000,000	102,000,000
Net deferred tax (benefit)								(231,000,000)	(473,000,000)	(351,000,000)
Space Systems
Acquisitions And Divestitures [Line Items]
Aggregate amount of goodwill arising from acquisitions				1,588,000,000	1,585,000,000		1,588,000,000	1,585,000,000	1,588,000,000	1,590,000,000	[1]
November 2015 Notes
Acquisitions And Divestitures [Line Items]
Amount of issued debt												$ 7,000,000,000
Abacus | Term Loan Facilities
Acquisitions And Divestitures [Line Items]
Amount of issued debt		$ 1,840,000,000
Information Systems & Global Solutions
Acquisitions And Divestitures [Line Items]
Percentage of reduction in common stock outstanding		3.00%
Net gain on divestiture of business segment		$ 1,242,000,000
Fair value of shares of common stock tendered and retired		2,500,000,000
Net book value		3,000,000,000
Other adjustments		$ 100,000,000
Information Systems & Global Solutions | Lockheed Martin
Acquisitions And Divestitures [Line Items]
Number of common stock exchanged		9,369,694
Information Systems & Global Solutions | Discontinued Operations
Acquisitions And Divestitures [Line Items]
Severance charges								19,000,000	20,000,000
Information Systems & Global Solutions | Continuing Operations
Acquisitions And Divestitures [Line Items]
Pension costs								54,000,000	71,000,000	59,000,000
Information Systems & Global Solutions | Restatement Adjustment
Acquisitions And Divestitures [Line Items]
Corporate overhead costs								(82,000,000)	(165,000,000)	(169,000,000)
Lockheed Martin Commercial Flight Training | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Acquisitions And Divestitures [Line Items]
Asset impairment charges									90,000,000
Net deferred tax (benefit)									(80,000,000)
Reduction in net earnings									10,000,000
Sikorsky Aircraft Corporation
Acquisitions And Divestitures [Line Items]
Acquisitions of businesses and investments in affiliates			$ 9,000,000,000
Cash on hand			2,000,000,000
Proceeds from Issuance of Commercial Paper			$ 1,000,000,000
Repayment of commercial paper							1,000,000,000
Goodwill					78,000,000
Inventories					(185,000,000)
Acquired intangible assets, weighted average period of amortization			15 years
Customer contractual obligations			$ 507,000,000
Customer contractual obligations due in 2017					110,000,000			110,000,000
Customer contractual obligations due in 2018					70,000,000			70,000,000
Customer contractual obligations due in 2019					70,000,000			70,000,000
Customer contractual obligations due in 2020					60,000,000			60,000,000
Customer contractual obligations due in 2021					40,000,000			40,000,000
Customer contractual obligations due after 2021					27,000,000			27,000,000
Sales related to customer contractual obligations, to date					130,000,000			$ 130,000,000
Aggregate amount of goodwill arising from acquisitions			2,842,000,000
Net sales				400,000,000
Operating profit				(45,000,000)
Costs associated with issuance of fixed interest-rate long-term notes				48,000,000
Net liabilities			2,989,000,000
Sikorsky Aircraft Corporation | Three Hundred And Sixty Four Day Revolving Credit Facility And Five Year Revolving Credit Facility
Acquisitions And Divestitures [Line Items]
Proceeds from borrowings under revolving credit facilities			6,000,000,000
Non-recoverable transaction costs				38,000,000
Sikorsky Aircraft Corporation | November 2015 Notes
Acquisitions And Divestitures [Line Items]
Proceeds from issuance of fixed interest-rate long-term notes							7,000,000,000
Sikorsky Aircraft Corporation | Pro Forma Adjustment
Acquisitions And Divestitures [Line Items]
Pension curtailment loss									72,000,000
Income tax charge related to historic earnings of foreign subsidiaries				$ 58,000,000			$ 58,000,000		58,000,000
Amortization of intangible assets									125,000,000	150,000,000
Interest expense, debt									40,000,000	50,000,000
Sikorsky Aircraft Corporation | Unaudited Supplemental Pro Forma Financial Information
Acquisitions And Divestitures [Line Items]
Increase in interest expense, net of tax									$ 110,000,000	$ 120,000,000
Sikorsky Aircraft Corporation | Trademarks
Acquisitions And Divestitures [Line Items]
Intangible assets					71,000,000
Aggregate amount allocated to other intangibles arising from acquisitions			887,000,000
Sikorsky Aircraft Corporation | Customer Programs
Acquisitions And Divestitures [Line Items]
Intangible assets					57,000,000
Aggregate amount allocated to other intangibles arising from acquisitions			$ 3,184,000,000
AWE Management Limited
Acquisitions And Divestitures [Line Items]
Net sales					307,000,000	$ 103,000,000
Operating profit					$ 2,900,000	104,000,000
Ownership interest percentage acquired	18.00%
Noncontrolling Interest, Ownership Percentage by Parent	51.00%
Net liabilities	$ 32,000,000
Business combination, acquisition of less than 100 percent, noncontrolling interest, fair value	107,000,000
AWE Management Limited | Net Sales | Segment Concentration Risk | Space Systems
Acquisitions And Divestitures [Line Items]
Concentration percentage								100.00%
AWE Management Limited | Net Sales | Equity Method Investment Risk | Space Systems
Acquisitions And Divestitures [Line Items]
Concentration percentage								0.00%
AWE Management Limited | Operating profit | Segment Concentration Risk | Space Systems
Acquisitions And Divestitures [Line Items]
Concentration percentage								51.00%
AWE Management Limited | Net Earnings | Equity Method Investment Risk | Space Systems
Acquisitions And Divestitures [Line Items]
Concentration percentage								33.00%
AWE Management Limited | Other income, net
Acquisitions And Divestitures [Line Items]
Gain on step acquisition of AWE, net of tax						104,000,000
Pre tax gain on step acquisition of AWE						127,000,000
Tax on gain on step acquisition of AWE						$ 23,000,000
AWE Management Limited | Customer relationships
Acquisitions And Divestitures [Line Items]
Intangible assets	$ 243,000,000
Acquired finite-lived intangible assets are amortized	8 years
Zeta
Acquisitions And Divestitures [Line Items]
Acquired intangible assets, weighted average period of amortization										10 years
Aggregate amount of goodwill arising from acquisitions										$ 290,000,000
Aggregate amount allocated to other intangibles arising from acquisitions										100
Business Acquisitions
Acquisitions And Divestitures [Line Items]
Aggregate amount of goodwill arising from acquisitions										370,000,000
Aggregate amount allocated to other intangibles arising from acquisitions										$ 125,000,000
[1]	Includes reclassifications of goodwill among our business segments as a result of our program realignment, which occurred during the fourth quarter of 2015 (see "Note 1 - Significant Accounting Policies").

Summary of Estimated Fair Value

Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed at Acquisition Date (Detail) - USD ($) $ in Millions		Dec. 31, 2016	Dec. 31, 2015	Nov. 06, 2015	Dec. 31, 2014	[1]
Business Acquisition [Line Items]
Goodwill		$ 10,764	$ 10,695		$ 7,964
Sikorsky Aircraft Corporation
Business Acquisition [Line Items]
Cash and cash equivalents				$ 75
Receivables, net				1,924
Inventories, net				1,632
Other current assets				46
Property, plant and equipment				649
Goodwill				2,842
Other noncurrent assets				572
Deferred income taxes, noncurrent				256
Total identifiable assets and goodwill				12,067
Accounts payable				(565)
Customer advances and amounts in excess of costs incurred				(1,197)
Salaries, benefits, and payroll taxes				(105)
Other current liabilities				(430)
Customer contractual obligations	[2]			(507)
Other noncurrent liabilities				(185)
Total liabilities assumed				(2,989)
Total consideration				9,078
Sikorsky Aircraft Corporation | Customer Programs
Business Acquisition [Line Items]
Intangible assets				3,184
Sikorsky Aircraft Corporation | Trademarks
Business Acquisition [Line Items]
Intangible assets				$ 887
[1]	Includes reclassifications of goodwill among our business segments as a result of our program realignment, which occurred during the fourth quarter of 2015 (see "Note 1 - Significant Accounting Policies").
[2]	Recorded in other noncurrent liabilities on our consolidated balance sheets.

Summary of Pro Forma Financial

Summary of Pro Forma Financial Information as if Included in Financial Results (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Net sales	$ 45,366	$ 47,369
Net earnings	$ 3,534	$ 3,475
Basic earnings per common share	$ 11.39	$ 10.97
Diluted earnings per common share	$ 11.23	$ 10.78

Carrying Amounts of Major Class

Carrying Amounts of Major Classes of Business Assets and Liabilities Classified as Discontinued Operations (Detail) - Information Systems & Global Solutions $ in Millions	Dec. 31, 2015USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Receivables, net	$ 807
Inventories, net	143
Other current assets	19
Property, plant and equipment, net	101
Goodwill	2,881
Intangible assets	125
Other noncurrent assets	54
Total assets of the disposal group	4,130
Accounts payable	(229)
Customer advances and amounts in excess of costs incurred	(285)
Salaries, benefits and payroll taxes	(209)
Other current liabilities	(225)
Deferred income taxes	(145)
Other noncurrent liabilities	(60)
Total liabilities of the disposal group	$ (1,153)

Operating Results Reflected wit

Operating Results Reflected within Earnings from Discontinued Operations, Net of Tax (Detail) - USD ($) $ in Millions		3 Months Ended												12 Months Ended
		Dec. 31, 2016	[1]	Sep. 25, 2016	[1],[2]	Jun. 26, 2016	Mar. 27, 2016	[3]	Dec. 31, 2015	[4]	Sep. 27, 2015	Jun. 28, 2015	Mar. 29, 2015	Dec. 31, 2016		Dec. 31, 2015	Dec. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net earnings from discontinued operations		$ 29		$ 1,306		$ 122	$ 92		$ 116		$ 109	$ 114	$ 140	$ 1,549		$ 479	$ 361
Information Systems & Global Solutions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales														3,410	[5]	5,596	5,654
Cost of sales														(2,953)	[5]	(4,868)	(4,963)
Goodwill impairment charges																	(119)
Severance charges														(19)	[5]	(20)
Gross profit														438	[5]	708	572
Other income, net														16	[5]	16	8
Operating profit														454	[5]	724	580
Other non-operating income, net																	1
Earnings from discontinued operations before income taxes														454	[5]	724	581
Income tax expense														(147)	[5]	(245)	(220)
Net gain on divestiture of discontinued operations	[5]													1,242
Net earnings from discontinued operations														$ 1,549	[5]	$ 479	$ 361
[1]	The third quarter of 2016 includes the results of AWE from August 26, 2016, the date we obtained controlling interest, including approximately $103 million in net sales and $104 million in net earnings. Third quarter net earnings includes a non-cash gain on the step acquisition of AWE (see "Note 3 - Acquisitions and Divestitures"). The fourth quarter of 2016 includes the results of AWE for the entire quarter, including approximately $307 million in net sales and $2.9 million in net earnings.
[2]	The third quarter of 2016 includes a net gain of $1.2 billion related to the divestiture of our former IS&GS business.
[3]	The first quarter of 2016 varies from the amounts previously reported on Form 10-Q as a result of adopting ASU No. 2016-09 (see "Note 1 - Significant Accounting Policies").
[4]	The fourth quarter of 2015 includes the results of Sikorsky since the November 6, 2015 acquisition date through December 31, 2015, including approximately $400 million in net sales and about $45 million in operating loss, inclusive of intangible amortization and adjustments required to account for the acquisition.
[5]	Operating results for the year ended December 31, 2016 reflect operating results prior to the August 16, 2016 divestiture date, not the full year as shown for the prior years.

Changes in the Carrying Amount

Changes in the Carrying Amount of Goodwill by Segment (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Goodwill [Line Items]
Goodwill, beginning balance	$ 10,695	$ 7,964	[1]
Purchase accounting adjustments	78
Other	(9)	(33)
Goodwill, ending balance	10,764	10,695
Sikorsky Aircraft Corporation
Goodwill [Line Items]
Acquisitions		2,764
Aeronautics
Goodwill [Line Items]
Goodwill, beginning balance	171	171	[1]
Goodwill, ending balance	171	171
Missiles and Fire Control
Goodwill [Line Items]
Goodwill, beginning balance	2,198	2,181	[1]
Other	62	17
Goodwill, ending balance	2,260	2,198
Rotary and Mission Systems
Goodwill [Line Items]
Goodwill, beginning balance	6,738	4,022	[1]
Purchase accounting adjustments	78
Other	(68)	(48)
Goodwill, ending balance	6,748	6,738
Rotary and Mission Systems | Sikorsky Aircraft Corporation
Goodwill [Line Items]
Acquisitions		2,764
Space Systems
Goodwill [Line Items]
Goodwill, beginning balance	1,588	1,590	[1]
Other	(3)	(2)
Goodwill, ending balance	$ 1,585	$ 1,588
[1]	Includes reclassifications of goodwill among our business segments as a result of our program realignment, which occurred during the fourth quarter of 2015 (see "Note 1 - Significant Accounting Policies").

Acquired Intangible Assets (Det

Acquired Intangible Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Indefinite Lived And Finite Lived Intangible Assets [Line Items]
Finite-Lived, Gross Carrying Amount	$ 3,654	$ 3,375
Indefinite Lived, Trademarks, Gross Carrying Amount	887	816
Finite-Lived, Accumulated Amortization	(448)	(169)
Total acquired intangibles	4,541	4,191
Finite-Lived, Net Carrying Amount	3,206	3,206
Indefinite Lived, Trademarks, Net Carrying Amount	887	816
Total acquired intangibles, Net Carrying Amount	4,093	4,022
Customer Programs
Indefinite Lived And Finite Lived Intangible Assets [Line Items]
Finite-Lived, Gross Carrying Amount	3,184	3,127
Finite-Lived, Accumulated Amortization	(273)	(38)
Finite-Lived, Net Carrying Amount	2,911	3,089
Customer relationships
Indefinite Lived And Finite Lived Intangible Assets [Line Items]
Finite-Lived, Gross Carrying Amount	359	137
Finite-Lived, Accumulated Amortization	(92)	(59)
Finite-Lived, Net Carrying Amount	267	78
Other Finite-lived Intangibles
Indefinite Lived And Finite Lived Intangible Assets [Line Items]
Finite-Lived, Gross Carrying Amount	111	111
Finite-Lived, Accumulated Amortization	(83)	(72)
Finite-Lived, Net Carrying Amount	$ 28	$ 39

Goodwill and Acquired Intangi51

Goodwill and Acquired Intangibles - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Amortization expense for acquired finite lived intangible assets	$ 284	$ 68	$ 20
Amortization of finite lived intangible assets in 2017	318
Amortization of finite lived intangible assets in 2018	298
Amortization of finite lived intangible assets in 2019	285
Amortization of finite lived intangible assets in 2020	263
Amortization of finite lived intangible assets in 2021	256
Amortization of finite lived intangible assets after 2021	$ 1,786
Minimum
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets are amortized	3 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets are amortized	20 years
Customer Programs | Minimum
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets are amortized	9 years
Customer Programs | Maximum
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets are amortized	20 years
Customer relationships | Minimum
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets are amortized	4 years
Customer relationships | Maximum
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets are amortized	10 years
Other Finite-lived Intangibles | Minimum
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets are amortized	3 years
Other Finite-lived Intangibles | Maximum
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets are amortized	10 years
Technology-Based Intangible Assets | Minimum
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets are amortized	5 years
Technology-Based Intangible Assets | Maximum
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets are amortized	7 years
Trademarks | Minimum
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets are amortized	2 years
Trademarks | Maximum
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets are amortized	5 years

Information on Business Segme52

Information on Business Segments - Additional Information (Detail) - Segment	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Number of business segments	4
F-35 program | Aeronautics
Segment Reporting Information [Line Items]
Program net sales as percent of total net sales	23.00%	23.00%	20.00%

Summary of Financial Informatio

Summary of Financial Information for Each Business Segment (Detail) - USD ($) $ in Millions		3 Months Ended																12 Months Ended
		Dec. 31, 2016		Sep. 25, 2016	[1],[2],[3]	Jun. 26, 2016	[1]	Mar. 27, 2016	[1],[4]	Dec. 31, 2015		Sep. 27, 2015	[5]	Jun. 28, 2015	[5]	Mar. 29, 2015	[5]	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Total net sales		$ 13,752	[1],[2]	$ 11,551		$ 11,577		$ 10,368		$ 11,520	[5],[6]	$ 10,060		$ 10,235		$ 8,721		$ 47,248	$ 40,536	$ 39,946
Less: CAS pension cost	[7],[8]																	1,921	1,527	1,416
FAS/CAS pension adjustment																		902	400	317
Severance charges	[7],[9]																	(80)	(82)
Stock-based compensation																		(149)	(133)	(154)
Other, net	[10],[11]																	(224)	(451)	(267)
Total unallocated items																		449	(266)	(104)
Operating profit		1,428	[1],[2]	$ 1,588		$ 1,375		$ 1,158		1,100	[5],[6]	$ 1,192		$ 1,273		$ 1,147		5,549	4,712	5,012
Total depreciation and amortization	[12]																	1,167	945	927
Capitalized expenditures																		1,063	939	845
Total assets		47,806								49,304								47,806	49,304
Total customer advances and amounts in excess of costs incurred		6,776								6,703								6,776	6,703
Discontinued Operations
Segment Reporting Information [Line Items]
Total assets										4,130									4,130
Continuing Operations
Segment Reporting Information [Line Items]
Capitalized expenditures	[13]																	1,054	908	827
Qualified defined benefit pension plans
Segment Reporting Information [Line Items]
FAS pension expense	[7],[14]																	(1,019)	(1,127)	(1,099)
Operating Segments
Segment Reporting Information [Line Items]
Operating profit																		5,100	4,978	5,116
Total depreciation and amortization																		1,092	847	820
Capitalized expenditures																		979	848	761
Total assets	[15]	35,513								34,693								35,513	34,693
Operating Segments | Aeronautics
Segment Reporting Information [Line Items]
Total net sales																		17,769	15,570	14,920
Operating profit																		1,887	1,681	1,649
Total depreciation and amortization																		299	317	322
Capitalized expenditures																		358	387	283
Total assets	[15]	7,896								6,618								7,896	6,618
Total customer advances and amounts in excess of costs incurred		2,133								2,045								2,133	2,045
Operating Segments | Missiles and Fire Control
Segment Reporting Information [Line Items]
Total net sales																		6,608	6,770	7,092
Operating profit																		1,018	1,282	1,344
Total depreciation and amortization																		105	99	99
Capitalized expenditures																		167	120	142
Total assets	[15]	4,000								4,027								4,000	4,027
Total customer advances and amounts in excess of costs incurred		1,517								1,766								1,517	1,766
Operating Segments | Rotary and Mission Systems
Segment Reporting Information [Line Items]
Total net sales																		13,462	9,091	8,732
Operating profit																		906	844	936
Total depreciation and amortization																		476	211	167
Capitalized expenditures																		271	169	164
Total assets	[15]	18,367								19,187								18,367	19,187
Total customer advances and amounts in excess of costs incurred		2,590								2,415								2,590	2,415
Operating Segments | Space Systems
Segment Reporting Information [Line Items]
Total net sales																		9,409	9,105	9,202
Operating profit																		1,289	1,171	1,187
Total depreciation and amortization																		212	220	232
Capitalized expenditures																		183	172	172
Total assets	[15]	5,250								4,861								5,250	4,861
Total customer advances and amounts in excess of costs incurred		536								477								536	477
Intersegment elimination
Segment Reporting Information [Line Items]
Total intersegment sales																		2,368	2,096	1,741
Intersegment elimination | Aeronautics
Segment Reporting Information [Line Items]
Total intersegment sales																		137	102	103
Intersegment elimination | Missiles and Fire Control
Segment Reporting Information [Line Items]
Total intersegment sales																		305	315	256
Intersegment elimination | Rotary and Mission Systems
Segment Reporting Information [Line Items]
Total intersegment sales																		1,816	1,533	1,245
Intersegment elimination | Space Systems
Segment Reporting Information [Line Items]
Total intersegment sales																		110	146	137
Corporate
Segment Reporting Information [Line Items]
Total depreciation and amortization																		75	98	107
Capitalized expenditures																		75	60	$ 66
Total assets	[16]	$ 12,293								$ 10,481								$ 12,293	$ 10,481
[1]	Net sales and operating profit vary from the amounts previously reported on Form 10-Q as a result of our former IS&GS business being classified as discontinued operations in the third quarter of 2016, which is reflected for all periods presented.
[2]	The third quarter of 2016 includes the results of AWE from August 26, 2016, the date we obtained controlling interest, including approximately $103 million in net sales and $104 million in net earnings. Third quarter net earnings includes a non-cash gain on the step acquisition of AWE (see "Note 3 - Acquisitions and Divestitures"). The fourth quarter of 2016 includes the results of AWE for the entire quarter, including approximately $307 million in net sales and $2.9 million in net earnings.
[3]	The third quarter of 2016 includes a net gain of $1.2 billion related to the divestiture of our former IS&GS business.
[4]	The first quarter of 2016 varies from the amounts previously reported on Form 10-Q as a result of adopting ASU No. 2016-09 (see "Note 1 - Significant Accounting Policies").
[5]	AOCL related to postretirement benefit plans is shown net of tax benefits at December 31, 2016, 2015 and 2014 of $6.5 billion, $6.2 billion and $6.4 billion. These tax benefits include amounts recognized on our income tax returns as current deductions and deferred income taxes, which will be recognized on our tax returns in future years. See "Note 9 - Income Taxes" and "Note 11 -Postretirement Plans" for more information on our income taxes and postretirement benefit plans.
[6]	The fourth quarter of 2015 includes the results of Sikorsky since the November 6, 2015 acquisition date through December 31, 2015, including approximately $400 million in net sales and about $45 million in operating loss, inclusive of intangible amortization and adjustments required to account for the acquisition.
[7]	FAS pension expense, CAS pension costs and severance charges reflect the reclassification for discontinued operations presentation of benefits related to former IS&GS salaried employees (see "Note 11 - Postretirement Plans").
[8]	The higher CAS pension cost primarily reflects the impact of phasing in CAS Harmonization.
[9]	See "Note 15 - Restructuring Charges" for information on charges related to certain severance actions at our business segments. Severance charges for initiatives that are not significant are included in business segment operating profit.
[10]	Other, net in 2015 includes a non-cash asset impairment charge of approximately $90 million related to our decision in 2015 to divest our LMCFT business (see "Note 3 - Acquisitions and Divestitures"). This charge was partially offset by a net deferred tax benefit of about $80 million, which is recorded in income tax expense. The net impact reduced net earnings by about $10 million.
[11]	Other, net in 2015 includes approximately $38 million of non-recoverable transaction costs associated with the acquisition of Sikorsky.
[12]	Total depreciation and amortization in the table above excludes $48 million, $81 million and $67 million for the years ended December 31, 2016, 2015 and 2014 related to the former IS&GS business segment. These amounts are included in depreciation and amortization in our consolidated statements of cash flows as we did not reclassify our cash flows to exclude the IS&GS business segment. See "Note 3 - Acquisitions and Divestitures" for more information.
[13]	Total capital expenditures in the table above excludes $9 million, $31 million and $18 million for the years ended December 31, 2016, 2015 and 2014 related to the former IS&GS business segment. These amounts are included in capital expenditures in our consolidated statements of cash flows as we did not reclassify our cash flows to exclude the IS&GS business segment. See "Note 3 - Acquisitions and Divestitures" for more information.
[14]	Total net periodic benefit cost associated with our qualified defined benefit plans represents pension expense calculated in accordance with GAAP (FAS pension expense). We are required to calculate pension expense in accordance with both GAAP and CAS rules, each of which results in a different calculated amount of pension expense. The CAS pension cost is recovered through the pricing of our products and services on U.S. Government contracts and, therefore, is recognized in net sales and cost of sales for products and services. We include the difference between FAS pension expense and CAS pension cost, referred to as the FAS/CAS pension adjustment, as a component of other unallocated, net on our consolidated statements of earnings. The FAS/CAS pension adjustment, which was $902 million in 2016, $400 million in 2015, and $317 million in 2014, effectively adjusts the amount of CAS pension cost in the business segment operating profit so that pension expense recorded on our consolidated statements of earnings is equal to FAS pension expense. FAS pension expense and CAS pension costs reflect the reclassification for discontinued operations presentation of benefits related to former IS&GS salaried employees.
[15]	We have no long-lived assets with material carrying values located in foreign countries.
[16]	Corporate assets primarily include cash and cash equivalents, deferred income taxes, environmental receivables and investments held in a separate trust.

Summary of Financial Informat54

Summary of Financial Information for Each Business Segment (Parenthetical) (Detail) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Net deferred tax (benefit)		$ (231)	$ (473)	$ (351)
Non-recoverable transaction costs			38
Total depreciation and amortization	[1]	1,167	945	927
Capital expenditures		1,063	939	845
Lockheed Martin Commercial Flight Training
Segment Reporting Information [Line Items]
Asset impairment charges			90
Net deferred tax (benefit)			(80)
Reduction in net earnings			10
Information Systems & Global Solutions
Segment Reporting Information [Line Items]
Total depreciation and amortization		48	81	67
Capital expenditures		$ 9	$ 31	$ 18
[1]	Total depreciation and amortization in the table above excludes $48 million, $81 million and $67 million for the years ended December 31, 2016, 2015 and 2014 related to the former IS&GS business segment. These amounts are included in depreciation and amortization in our consolidated statements of cash flows as we did not reclassify our cash flows to exclude the IS&GS business segment. See "Note 3 - Acquisitions and Divestitures" for more information.

Net Sales By Customer (Detail)

Net Sales By Customer (Detail) - USD ($) $ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2016

[1],[2]

Sep. 25, 2016

[1],[2],[3]

Jun. 26, 2016

[1]

Mar. 27, 2016

[1],[4]

Dec. 31, 2015

[5],[6]

Sep. 27, 2015

[5]

Jun. 28, 2015

[5]

Mar. 29, 2015

[5]

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Segment Reporting Information [Line Items]

Total net sales

$ 13,752

$ 11,551

$ 11,577

$ 10,368

$ 11,520

$ 10,060

$ 10,235

$ 8,721

$ 47,248

$ 40,536

$ 39,946

U.S. Government

Segment Reporting Information [Line Items]

Total net sales

33,470

31,151

30,886

U.S. Government | Aeronautics

Segment Reporting Information [Line Items]

Total net sales

11,714

11,195

10,704

U.S. Government | Missiles and Fire Control

Segment Reporting Information [Line Items]

Total net sales

4,026

4,150

4,509

U.S. Government | Rotary and Mission Systems

Segment Reporting Information [Line Items]

Total net sales

9,187

6,961

6,752

U.S. Government | Space Systems

Segment Reporting Information [Line Items]

Total net sales

8,543

8,845

8,921

International

Segment Reporting Information [Line Items]

Total net sales

[7]

12,703

9,011

8,614

International | Aeronautics

Segment Reporting Information [Line Items]

Total net sales

[7]

5,973

4,328

4,183

International | Missiles and Fire Control

Segment Reporting Information [Line Items]

Total net sales

[7]

2,444

2,449

2,421

International | Rotary and Mission Systems

Segment Reporting Information [Line Items]

Total net sales

[7]

3,798

2,016

1,921

International | Space Systems

Segment Reporting Information [Line Items]

Total net sales

[7]

488

218

89

United States Commercial and Other

Segment Reporting Information [Line Items]

Total net sales

1,075

374

446

United States Commercial and Other | Aeronautics

Segment Reporting Information [Line Items]

Total net sales

82

47

33

United States Commercial and Other | Missiles and Fire Control

Segment Reporting Information [Line Items]

Total net sales

138

171

162

United States Commercial and Other | Rotary and Mission Systems

Segment Reporting Information [Line Items]

Total net sales

477

114

59

United States Commercial and Other | Space Systems

Segment Reporting Information [Line Items]

Total net sales

$ 378

$ 42

$ 192

[1]

Net sales and operating profit vary from the amounts previously reported on Form 10-Q as a result of our former IS&GS business being classified as discontinued operations in the third quarter of 2016, which is reflected for all periods presented.

[2]

The third quarter of 2016 includes the results of AWE from August 26, 2016, the date we obtained controlling interest, including approximately $103 million in net sales and $104 million in net earnings. Third quarter net earnings includes a non-cash gain on the step acquisition of AWE (see "Note 3 - Acquisitions and Divestitures"). The fourth quarter of 2016 includes the results of AWE for the entire quarter, including approximately $307 million in net sales and $2.9 million in net earnings.

[3]

The third quarter of 2016 includes a net gain of $1.2 billion related to the divestiture of our former IS&GS business.

[4]

The first quarter of 2016 varies from the amounts previously reported on Form 10-Q as a result of adopting ASU No. 2016-09 (see "Note 1 - Significant Accounting Policies").

[5]

AOCL related to postretirement benefit plans is shown net of tax benefits at December 31, 2016, 2015 and 2014 of $6.5 billion, $6.2 billion and $6.4 billion. These tax benefits include amounts recognized on our income tax returns as current deductions and deferred income taxes, which will be recognized on our tax returns in future years. See "Note 9 - Income Taxes" and "Note 11 -Postretirement Plans" for more information on our income taxes and postretirement benefit plans.

[6]

The fourth quarter of 2015 includes the results of Sikorsky since the November 6, 2015 acquisition date through December 31, 2015, including approximately $400 million in net sales and about $45 million in operating loss, inclusive of intangible amortization and adjustments required to account for the acquisition.

[7]

International sales include foreign military sales contracted through the U.S. Government, direct commercial sales with international governments and commercial and other sales to international customers.

Receivables (Detail)

Receivables (Detail) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, net	$ 8,202	$ 7,254
U.S. Government
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amounts billed	792	1,205
Unbilled costs and accrued profits	6,877	5,243
Less: customer advances and progress payments	(1,346)	(1,193)
Receivables, net	6,323	5,255
Other governments and commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amounts billed	546	704
Unbilled costs and accrued profits	1,847	1,888
Less: customer advances and progress payments	(514)	(593)
Receivables, net	$ 1,879	$ 1,999

Inventories (Detail)

Inventories (Detail) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Inventory [Line Items]
Work-in-process, primarily related to long-term contracts and programs in progress	$ 7,864	$ 8,081
Spare parts, used aircraft and general stock materials	833	1,030
Other inventories	719	740
Total inventories	9,416	9,851
Less: customer advances and progress payments	(4,746)	(5,032)
Total inventories, net	$ 4,670	$ 4,819

Inventories, Net - Additional I

Inventories, Net - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Inventory [Line Items]
General and administrative costs included in work-in-process inventories	$ 529	$ 565
General and administrative costs incurred and recorded in inventories	3,300	2,700	$ 2,500
General and administrative costs charged to cost of sales from inventories	$ 3,300	$ 2,800	$ 2,500

Property, Plant and Equipment (

Property, Plant and Equipment (Detail) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Property, Plant, and Equipment [Line Items]
Property, plant, and equipment, gross	$ 14,877	$ 14,266
Less: accumulated depreciation and amortization	(9,328)	(8,877)
Total property, plant, and equipment, net	5,549	5,389
Land
Property, Plant, and Equipment [Line Items]
Property, plant, and equipment, gross	127	112
Buildings
Property, Plant, and Equipment [Line Items]
Property, plant, and equipment, gross	6,385	6,007
Machinery and equipment
Property, Plant, and Equipment [Line Items]
Property, plant, and equipment, gross	7,389	7,261
Construction in progress
Property, Plant, and Equipment [Line Items]
Property, plant, and equipment, gross	$ 976	$ 886

Provision for Federal & Foreign

Provision for Federal & Foreign Income Tax Expense (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Federal income tax expense (benefit):
Current	$ 1,327	$ 1,573	$ 1,770
Deferred	(231)	(473)	(351)
Total federal income tax expense	1,096	1,100	1,419
Foreign income tax expense (benefit):
Current	56	39	13
Deferred	(19)	34	(8)
Total foreign income tax expense	37	73	5
Total income tax expense	$ 1,133	$ 1,173	$ 1,424

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Taxes [Line Items]
Total net state income tax expense	$ 112	$ 106	$ 149
U.S. federal statutory income tax rate	35.00%	35.00%	35.00%
Recognized tax benefit for the impact of the tax credit	$ 107	$ 70	$ 63
Net deferred tax (benefit)	(231)	(473)	(351)
Undistributed earnings of foreign subsidiaries not taxed to U.S. income taxes and foreign withholding taxes	386	310	249
Estimated additional income tax expense after foreign tax credits on undistributed earnings of foreign companies if remitted	64	49	52
Federal and foreign income tax payments made, net of refunds received	1,300	1,800	1,500
Refund received from the IRS			200
Lockheed Martin Commercial Flight Training
Income Taxes [Line Items]
Asset impairment charge		90
Net deferred tax (benefit)		$ (80)
Tax benefit reduced the effective income tax rate		1.20%
Accounting Standards Update 2016-09 | Restatement Adjustment | Adjustments for New Accounting Principle, Early Adoption
Income Taxes [Line Items]
Excess income tax benefit from share-based compensation, operating activities	$ 152
Tax Year 2014
Income Taxes [Line Items]
Recognized tax benefit for the impact of the tax credit			$ 45
Earliest Tax Year | Internal Revenue Service (IRS)
Income Taxes [Line Items]
Tax years subject to examination	2,015
Latest Tax Year | Internal Revenue Service (IRS)
Income Taxes [Line Items]
Tax years subject to examination	2,016

Reconciliation of Income Tax Ex

Reconciliation of Income Tax Expense Computed Using U.S. Statutory Federal Tax Rate to Actual Income Tax Expense (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reconciliation Of Income Taxes [Line Items]
Income tax expense at the U.S. federal statutory tax rate	$ 1,710	$ 1,505	$ 1,637
Adoption of stock-based compensation ASU	(152)
U.S. manufacturing deduction benefit	(117)	(123)	(124)
Research and development tax credit	(107)	(70)	(63)
Tax deductible dividends	(92)	(87)	(82)
Other, net	(109)	(52)	56
Total income tax expense	$ 1,133	$ 1,173	$ 1,424
Income tax expense at the U.S. federal statutory tax rate	35.00%	35.00%	35.00%
Adoption of stock-based compensation ASU, rate	(3.10%)
U.S. manufacturing deduction benefit, rate	(2.40%)	(2.90%)	(2.60%)
Research and development tax credit, rate	(2.20%)	(1.60%)	(1.30%)
Tax deductible dividends, rate	(1.90%)	(2.00%)	(1.80%)
Other, net, rate	(2.20%)	(1.20%)	1.10%
Total Income tax expense, rate	23.20%	27.30%	30.40%

Components of Federal and Forei

Components of Federal and Foreign Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions		Dec. 31, 2016	Dec. 31, 2015
Deferred tax assets related to:
Accrued compensation and benefits		$ 1,012	$ 919
Pensions	[1]	5,197	4,462
Other postretirement benefit obligations		302	375
Contract accounting methods		878	1,039
Foreign company operating losses and credits		30	62
Other		327	418
Valuation allowance	[2]	(15)	(73)
Deferred tax assets, net		7,731	7,202
Deferred tax liabilities related to:
Goodwill and purchased intangibles		378	274
Property, plant and equipment		346	457
Exchanged debt securities and other	[3]	418	408
Deferred tax liabilities		1,142	1,139
Net deferred tax assets		$ 6,589	$ 6,063
[1]	The increase in 2016 was primarily due to the reduction in the discount rate used to measure our postretirement benefit plans (see "Note 11 - Postretirement Plans").
[2]	A valuation allowance was provided against certain foreign company deferred tax assets arising from carryforwards of unused tax benefits.
[3]	Includes deferred taxes associated with the exchange of debt securities in prior years.

Long Term Debt (Detail)

Long Term Debt (Detail) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Total debt	$ 15,294	$ 16,296
Less: unamortized discounts and issuance costs	(1,012)	(1,035)
Total debt, net	14,282	15,261
Less: current portion		(956)
Long-term debt, net	14,282	14,305
2.13% and 7.65% due 2016
Debt Instrument [Line Items]
Total debt		952
1.85% due 2018
Debt Instrument [Line Items]
Total debt	750	750
4.25% due 2019
Debt Instrument [Line Items]
Total debt	900	900
2.50% due 2020
Debt Instrument [Line Items]
Total debt	1,250	1,250
3.35% due 2021
Debt Instrument [Line Items]
Total debt	900	900
3.10% due 2023
Debt Instrument [Line Items]
Total debt	500	500
2.90% Due 2025
Debt Instrument [Line Items]
Total debt	750	750
3.55% due 2026
Debt Instrument [Line Items]
Total debt	2,000	2,000
3.60% Due 2035
Debt Instrument [Line Items]
Total debt	500	500
4.50% and 6.15% due 2036
Debt Instrument [Line Items]
Total debt	1,152	1,152
4.85% due 2041
Debt Instrument [Line Items]
Total debt	600	600
4.07% due 2042
Debt Instrument [Line Items]
Total debt	1,336	1,336
3.80% due 2045
Debt Instrument [Line Items]
Total debt	1,000	1,000
4.70% due 2046
Debt Instrument [Line Items]
Total debt	2,000	2,000
Other notes with rates from 5.50% to 8.50%, due 2023 to 2040
Debt Instrument [Line Items]
Total debt	$ 1,656	$ 1,706

Long Term Debt (Parenthetical)

Long Term Debt (Parenthetical) (Detail)	Nov. 23, 2015	Feb. 20, 2015	Dec. 31, 2016	Dec. 31, 2015
2.13% and 7.65% due 2016
Debt Instrument [Line Items]
Long-term debt maturity year			2,016	2,016
2.13% and 7.65% due 2016 | Minimum
Debt Instrument [Line Items]
Interest Rate			2.13%	2.13%
2.13% and 7.65% due 2016 | Maximum
Debt Instrument [Line Items]
Interest Rate			7.65%	7.65%
1.85% due 2018
Debt Instrument [Line Items]
Interest Rate	1.85%		1.85%	1.85%
Long-term debt maturity year	2,018		2,018	2,018
4.25% due 2019
Debt Instrument [Line Items]
Interest Rate			4.25%	4.25%
Long-term debt maturity year			2,019	2,019
2.50% due 2020
Debt Instrument [Line Items]
Interest Rate	2.50%		2.50%	2.50%
Long-term debt maturity year	2,020		2,020	2,020
3.35% due 2021
Debt Instrument [Line Items]
Interest Rate			3.35%	3.35%
Long-term debt maturity year			2,021	2,021
3.10% due 2023
Debt Instrument [Line Items]
Interest Rate	3.10%		3.10%	3.10%
Long-term debt maturity year	2,023		2,023	2,023
2.90% Due 2025
Debt Instrument [Line Items]
Interest Rate		2.90%	2.90%	2.90%
Long-term debt maturity year		2,025	2,025	2,025
3.55% due 2026
Debt Instrument [Line Items]
Interest Rate	3.55%		3.55%	3.55%
Long-term debt maturity year	2,026		2,026	2,026
3.60% Due 2035
Debt Instrument [Line Items]
Interest Rate		3.60%	3.60%	3.60%
Long-term debt maturity year		2,035	2,035	2,035
4.50% and 6.15% due 2036
Debt Instrument [Line Items]
Long-term debt maturity year			2,036	2,036
4.50% and 6.15% due 2036 | Minimum
Debt Instrument [Line Items]
Interest Rate			4.50%	4.50%
4.50% and 6.15% due 2036 | Maximum
Debt Instrument [Line Items]
Interest Rate			6.15%	6.15%
4.85% due 2041
Debt Instrument [Line Items]
Interest Rate			4.85%	4.85%
Long-term debt maturity year			2,041	2,041
4.07% due 2042
Debt Instrument [Line Items]
Interest Rate			4.07%	4.07%
Long-term debt maturity year			2,042	2,042
3.80% due 2045
Debt Instrument [Line Items]
Interest Rate		3.80%	3.80%	3.80%
Long-term debt maturity year		2,045	2,045	2,045
4.70% due 2046
Debt Instrument [Line Items]
Interest Rate	4.70%		4.70%	4.70%
Long-term debt maturity year	2,046		2,046	2,046
Other notes with rates from 5.50% to 8.50%, due 2023 to 2040 | Minimum
Debt Instrument [Line Items]
Interest Rate			5.50%	5.50%
Long-term debt maturity year			2,023	2,023
Other notes with rates from 5.50% to 8.50%, due 2023 to 2040 | Maximum
Debt Instrument [Line Items]
Interest Rate			8.50%	8.50%
Long-term debt maturity year			2,040	2,040

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	Nov. 23, 2015	Oct. 09, 2015	Feb. 20, 2015	Sep. 25, 2016	May 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Repayment of long-term notes							$ 952,000,000
Interest payments							600,000,000	$ 375,000,000	$ 325,000,000
Repayment of line of credit facility								6,000,000,000
Repayment of commercial paper						$ 1,000,000,000
Borrowings under commercial paper						$ 0	$ 0	$ 0
Variable Interest Rate Swap | Designated as hedges
Debt Instrument [Line Items]
Aggregate notional amount of derivatives					$ 450,000,000
November 2015 Notes
Debt Instrument [Line Items]
Amount of issued debt	$ 7,000,000,000
Net proceeds from notes offering	6,900,000,000
1.85% due 2018
Debt Instrument [Line Items]
Amount of issued debt	$ 750,000,000
Long-term debt maturity year	2,018						2,018	2,018
Interest Rate	1.85%					1.85%	1.85%	1.85%
Notes interest payment dates							May 23 and November 23 of each year
2.50% due 2020
Debt Instrument [Line Items]
Amount of issued debt	$ 1,250,000,000
Long-term debt maturity year	2,020						2,020	2,020
Interest Rate	2.50%					2.50%	2.50%	2.50%
Notes interest payment dates							May 23 and November 23 of each year
3.10% due 2023
Debt Instrument [Line Items]
Amount of issued debt	$ 500,000,000
Long-term debt maturity year	2,023						2,023	2,023
Interest Rate	3.10%					3.10%	3.10%	3.10%
Notes interest payment dates							January 15 and July 15 of each year
3.55% due 2026
Debt Instrument [Line Items]
Amount of issued debt	$ 2,000,000,000
Long-term debt maturity year	2,026						2,026	2,026
Interest Rate	3.55%					3.55%	3.55%	3.55%
Notes interest payment dates							January 15 and July 15 of each year
2036 Notes
Debt Instrument [Line Items]
Amount of issued debt	$ 500,000,000
Long-term debt maturity year	2,036
Interest Rate	4.50%
Notes interest payment dates							May 15 and November 15 of each year
4.70% due 2046
Debt Instrument [Line Items]
Amount of issued debt	$ 2,000,000,000
Long-term debt maturity year	2,046						2,046	2,046
Interest Rate	4.70%					4.70%	4.70%	4.70%
Notes interest payment dates							May 15 and November 15 of each year
2.13% Long-term notes
Debt Instrument [Line Items]
Repayment of long-term notes				$ 500,000,000
Interest Rate				2.13%
7.65% Long-term notes
Debt Instrument [Line Items]
Repayment of long-term notes					$ 452,000,000
Interest Rate					7.65%
February 2015 Notes
Debt Instrument [Line Items]
Amount of issued debt			$ 2,250,000,000
Net proceeds from notes offering			2,210,000,000
Notes interest payment dates							March 1 and September 1 of each year
2.90% Due 2025
Debt Instrument [Line Items]
Amount of issued debt			$ 750,000,000
Long-term debt maturity year			2,025				2,025	2,025
Interest Rate			2.90%			2.90%	2.90%	2.90%
3.60% Due 2035
Debt Instrument [Line Items]
Amount of issued debt			$ 500,000,000
Long-term debt maturity year			2,035				2,035	2,035
Interest Rate			3.60%			3.60%	3.60%	3.60%
3.80% due 2045
Debt Instrument [Line Items]
Amount of issued debt			$ 1,000,000,000
Long-term debt maturity year			2,045				2,045	2,045
Interest Rate			3.80%			3.80%	3.80%	3.80%
Unsecured Debt | Five Year Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility		$ 2,500,000,000				$ 0	$ 0	$ 0
Line of credit facility expiration period		5 years
Line of credit facility extended expiration period		1 year
Line of credit facility expiration date		Oct. 9, 2020					Oct. 9, 2021
Terminated revolving credit facility		$ 1,500,000,000
Additional amount to increase credit facility, granted at banks' discretion		500,000,000
Unsecured Debt | Three Hundred And Sixty Four Day Revolving Credit Facility And Five Year Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility		$ 7,000,000,000
Line of credit facility expiration period		364 days
Line of credit facility expiration date		Nov. 23, 2015
Line of credit facility, amount outstanding		$ 6,000,000,000
Repayment of line of credit facility	$ 6,000,000,000

Schedule of Net Periodic Benefi

Schedule of Net Periodic Benefit Costs (Detail) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Qualified defined benefit pension plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	[1]	$ 827	$ 836	$ 841
Interest cost	[1]	1,861	1,791	1,912
Expected return on plan assets	[1]	(2,666)	(2,734)	(2,693)
Recognized net actuarial losses	[1]	1,359	1,599	1,173
Amortization of net prior service (credit) cost	[1],[2]	(362)	(365)	(134)
Total net periodic benefit cost	[1],[3]	1,019	1,127	1,099
Retiree medical and life insurance plans
Defined Benefit Plan Disclosure [Line Items]
Service cost		24	21	22
Interest cost		119	110	123
Expected return on plan assets		(138)	(147)	(146)
Recognized net actuarial losses		34	43	23
Amortization of net prior service (credit) cost	[2]	22	4	4
Total net periodic benefit cost		$ 61	$ 31	$ 26
[1]	Total net periodic benefit cost associated with our qualified defined benefit plans represents pension expense calculated in accordance with GAAP (FAS pension expense). We are required to calculate pension expense in accordance with both GAAP and CAS rules, each of which results in a different calculated amount of pension expense. The CAS pension cost is recovered through the pricing of our products and services on U.S. Government contracts and, therefore, is recognized in net sales and cost of sales for products and services. We include the difference between FAS pension expense and CAS pension cost, referred to as the FAS/CAS pension adjustment, as a component of other unallocated, net on our consolidated statements of earnings. The FAS/CAS pension adjustment, which was $902 million in 2016, $400 million in 2015, and $317 million in 2014, effectively adjusts the amount of CAS pension cost in the business segment operating profit so that pension expense recorded on our consolidated statements of earnings is equal to FAS pension expense. FAS pension expense and CAS pension costs reflect the reclassification for discontinued operations presentation of benefits related to former IS&GS salaried employees.
[2]	Net of the reclassification for discontinued operations presentation of pension benefits related to former IS&GS salaried employees ($14 million in 2016, $24 million in 2015 and $17 million in 2014).
[3]	FAS pension expense, CAS pension costs and severance charges reflect the reclassification for discontinued operations presentation of benefits related to former IS&GS salaried employees (see "Note 11 - Postretirement Plans").

Schedule of Net Periodic Bene68

Schedule of Net Periodic Benefit Costs (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
FAS/CAS pension adjustment	$ 902	$ 400	$ 317
Discontinued Operations | Information Systems & Global Solutions
Defined Benefit Plan Disclosure [Line Items]
Total net periodic benefit cost	$ 14	$ 24	$ 17

Reconciliation of Benefit Oblig

Reconciliation of Benefit Obligations, Plan Assets, and Unfunded or Funded Status (Detail) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Change in plan assets
Fair value of plan assets at beginning of year		$ 33,909
Fair value of plan assets at end of year		33,204	$ 33,909
Qualified defined benefit pension plans
Change in benefit obligation
Benefit obligations at beginning of year		43,702	45,882
Service cost	[1]	827	836	$ 841
Interest cost	[1]	1,861	1,791	1,912
Benefits paid		(2,172)	(2,055)
Actuarial losses (gains)		1,402	(1,988)
New longevity assumptions	[2]	(687)	(834)
Plan amendments and acquisitions	[3]	110	31
Service cost related to discontinued operations		21	39
Benefit obligations at end of year		45,064	43,702	45,882
Change in plan assets
Fair value of plan assets at beginning of year		32,096	34,673
Actual return on plan assets		1,470	(527)
Benefits paid		(2,172)	(2,055)
Company contributions		23	5
Fair value of plan assets at end of year		31,417	32,096	34,673
Unfunded status of the plans		(13,647)	(11,606)
Retiree medical and life insurance plans
Change in benefit obligation
Benefit obligations at beginning of year		2,883	3,034
Service cost		24	21	22
Interest cost		119	110	123
Benefits paid		(222)	(307)
Actuarial losses (gains)		(135)	(170)
New longevity assumptions	[2]	(53)	(77)
Plan amendments and acquisitions	[3]	(32)	157
Medicare Part D subsidy		4	14
Participants' contributions		61	101
Benefit obligations at end of year		2,649	2,883	3,034
Change in plan assets
Fair value of plan assets at beginning of year		1,813	1,932
Actual return on plan assets		95	(27)
Benefits paid		(222)	(307)
Company contributions		36	100
Medicare Part D subsidy		4	14
Participants' contributions		61	101
Fair value of plan assets at end of year		1,787	1,813	$ 1,932
Unfunded status of the plans		$ (862)	$ (1,070)
[1]	Total net periodic benefit cost associated with our qualified defined benefit plans represents pension expense calculated in accordance with GAAP (FAS pension expense). We are required to calculate pension expense in accordance with both GAAP and CAS rules, each of which results in a different calculated amount of pension expense. The CAS pension cost is recovered through the pricing of our products and services on U.S. Government contracts and, therefore, is recognized in net sales and cost of sales for products and services. We include the difference between FAS pension expense and CAS pension cost, referred to as the FAS/CAS pension adjustment, as a component of other unallocated, net on our consolidated statements of earnings. The FAS/CAS pension adjustment, which was $902 million in 2016, $400 million in 2015, and $317 million in 2014, effectively adjusts the amount of CAS pension cost in the business segment operating profit so that pension expense recorded on our consolidated statements of earnings is equal to FAS pension expense. FAS pension expense and CAS pension costs reflect the reclassification for discontinued operations presentation of benefits related to former IS&GS salaried employees.
[2]	We adopted new longevity assumptions originally published by the Society of Actuaries in October 2014. The Society of Actuaries refined their original publication in October 2015 and again in October 2016.
[3]	Includes special termination benefits of $27 million for qualified pension and $9 million for retiree medical recognized in 2016 related to former IS&GS salaried employees. The November 2015 acquisition of Sikorsky increased our qualified defined benefit pension obligations by about $30 million.

Reconciliation of Benefit Obl70

Reconciliation of Benefit Obligations, Plan Assets, and Unfunded or Funded Status (Parenthetical) (Detail) - USD ($) $ in Millions	Nov. 06, 2015	Dec. 31, 2016
Qualified defined benefit pension plans
Defined Benefit Plan Disclosure [Line Items]
Acquisition increased qualified defined benefit pension obligation	$ 30
Qualified defined benefit pension plans | Information Systems & Global Solutions
Defined Benefit Plan Disclosure [Line Items]
Special termination benefits		$ 27
Retiree medical and life insurance plans | Information Systems & Global Solutions
Defined Benefit Plan Disclosure [Line Items]
Special termination benefits		$ 9

Amounts Recognized on Balance S

Amounts Recognized on Balance Sheets Related to Qualified Defined Benefit Pension Plans and Retiree Medical and Life Insurance Plans (Detail) - USD ($) $ in Millions		Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Accrued postretirement benefit liabilities		$ (13,855)	$ (11,807)
Qualified defined benefit pension plans
Defined Benefit Plan Disclosure [Line Items]
Prepaid pension asset		208	201
Accrued postretirement benefit liabilities		(13,855)	(11,807)
Accumulated other comprehensive loss (pre-tax) related to net actuarial losses		20,184	19,632
Accumulated other comprehensive loss (pre-tax) related to prior service (credit) cost	[1]	(2,896)	(3,565)
Total	[2]	17,288	16,067
Retiree medical and life insurance plans
Defined Benefit Plan Disclosure [Line Items]
Accrued postretirement benefit liabilities		(862)	(1,070)
Accumulated other comprehensive loss (pre-tax) related to net actuarial losses		447	627
Accumulated other comprehensive loss (pre-tax) related to prior service (credit) cost	[1]	96	167
Total	[2]	$ 543	$ 794
[1]	Pre-tax amounts of $210 million for qualified pension prior service credits and $9 million for retiree medical prior service costs were recognized from the divestiture of our IS&GS business (combined $134 million, net of tax).
[2]	Accumulated other comprehensive loss related to postretirement benefit plans, after tax, of $12.0 billion and $11.3 billion at December 31, 2016 and 2015 (see "Note 12 - Stockholders' Equity") includes $17.3 billion ($11.2 billion after tax) and $16.1 billion ($10.4 billion after tax) for qualified defined benefit pension plans, $543 million ($351 million after tax) and $794 million ($514 million after tax) for retiree medical and life insurance plans and $677 million ($448 million after tax) and $620 million ($408 million after tax) for other plans.

Amounts Recognized on Balance72

Amounts Recognized on Balance Sheets Related to Qualified Defined Benefit Pension Plans and Retiree Medical and Life Insurance Plans (Parenthetical) (Detail) - USD ($) $ in Millions		Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Accumulated other comprehensive loss, after tax		$ (12,102)	$ (11,444)
Information Systems & Global Solutions
Defined Benefit Plan Disclosure [Line Items]
Accumulated other comprehensive loss (net of tax) related to prior service (credit) cost		(134)
Qualified defined benefit pension plans
Defined Benefit Plan Disclosure [Line Items]
Accumulated other comprehensive loss (pre-tax) related to prior service (credit) cost	[1]	(2,896)	(3,565)
Accumulated other comprehensive loss before tax	[2]	(17,288)	(16,067)
Accumulated other comprehensive loss after tax		(11,200)	(10,400)
Qualified defined benefit pension plans | Information Systems & Global Solutions
Defined Benefit Plan Disclosure [Line Items]
Accumulated other comprehensive loss (pre-tax) related to prior service (credit) cost		(210)
Retiree medical and life insurance plans
Defined Benefit Plan Disclosure [Line Items]
Accumulated other comprehensive loss (pre-tax) related to prior service (credit) cost	[1]	96	167
Accumulated other comprehensive loss before tax	[2]	(543)	(794)
Accumulated other comprehensive loss after tax		(351)	(514)
Retiree medical and life insurance plans | Information Systems & Global Solutions
Defined Benefit Plan Disclosure [Line Items]
Accumulated other comprehensive loss (pre-tax) related to prior service (credit) cost		9
Other Plans
Defined Benefit Plan Disclosure [Line Items]
Accumulated other comprehensive loss before tax		(677)	(620)
Accumulated other comprehensive loss after tax		(448)	(408)
Postretirement Benefit Plan Adjustments
Defined Benefit Plan Disclosure [Line Items]
Accumulated other comprehensive loss, after tax		$ (11,981)	$ (11,314)
[1]	Pre-tax amounts of $210 million for qualified pension prior service credits and $9 million for retiree medical prior service costs were recognized from the divestiture of our IS&GS business (combined $134 million, net of tax).
[2]	Accumulated other comprehensive loss related to postretirement benefit plans, after tax, of $12.0 billion and $11.3 billion at December 31, 2016 and 2015 (see "Note 12 - Stockholders' Equity") includes $17.3 billion ($11.2 billion after tax) and $16.1 billion ($10.4 billion after tax) for qualified defined benefit pension plans, $543 million ($351 million after tax) and $794 million ($514 million after tax) for retiree medical and life insurance plans and $677 million ($448 million after tax) and $620 million ($408 million after tax) for other plans.

Postretirement Plans - Addition

Postretirement Plans - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Assets set aside expected to be used to pay obligations of defined benefit pension plans and retiree medical and life insurance plans	$ 33,204	$ 33,909
Aggregate liability for postemployment plans	63	70
Actuarial losses and net prior service cost related to postretirement benefit plans expected to be recognized in net periodic benefit cost during 2017	1,200
Actuarial losses and net prior service cost related to postretirement benefit plans expected to be recognized in net periodic benefit cost during 2017, net of tax	800
Expected pension plan expenses during next fiscal year	1,400
Contributions made to defined contribution plans	$ 617	$ 393	$ 385
Shares of our stock held in defined contribution plans we sponsor	36.9	40
Non-Qualified Pension Plans, Defined Benefit
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plan, liabilities	$ 1,200	$ 1,200
Assets set aside expected to be used to pay obligations of defined benefit pension plans and retiree medical and life insurance plans	460	421
Unrecognized net actuarial losses	642	632
Benefit plan expense	125	117	115
Unrecognized prior service credit	74	95
Qualified defined benefit pension plans
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation for defined benefit pension plans	44,900	43,500
Accumulated benefit obligation in excess of plan assets	44,800	43,400
Assets set aside expected to be used to pay obligations of defined benefit pension plans and retiree medical and life insurance plans	31,417	32,096	$ 34,673
Unrecognized net actuarial losses	20,184	19,632
Actuarial losses related to postretirement benefit plans expected to be recognized in net periodic benefit cost during 2017	1,100
Actuarial losses related to postretirement benefit plans expected to be recognized in net periodic benefit cost during 2017, net of tax	743
Increase (decrease) in projected benefit obligations due to a change in discount rate	1,400	(2,100)
Contributions made by the employer	23	$ 5
Contributions expected to made by employer in 2017	$ 45

Accumulated Benefit Obligations

Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets (Detail) - Qualified defined benefit pension plans - USD ($) $ in Millions		Dec. 31, 2016	Dec. 31, 2015
Plans where ABO was in excess of plan assets
Projected benefit obligation		$ 44,946	$ 43,575
Less: fair value of plan assets		31,091	31,768
Unfunded status of plans	[1]	(13,855)	(11,807)
Plans where ABO was less than plan assets
Projected benefit obligation		118	127
Less: fair value of plan assets		326	328
Funded status of plans	[2]	$ 208	$ 201
[1]	Represents accrued pension liabilities, which are included on our consolidated balance sheets.
[2]	Represents prepaid pension assets, which are included on our consolidated balance sheets in other noncurrent assets.

Amounts Recognized in Other Com

Amounts Recognized in Other Comprehensive Income (Loss) Related to Postretirement Benefit Plans, Net of Tax (Detail) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Actuarial gains and (losses) - Incurred but Not Yet Recognized in Net Periodic Benefit Cost		$ (1,204)	$ (224)	$ (5,910)
Net prior service credit and (cost) - Incurred but Not Yet Recognized in Net Periodic Benefit Cost		(28)	(127)	3,040
Total Incurred but Not Recognized		(1,232)	(351)	(2,870)
Actuarial (gains) and losses - Recognition of Previously Deferred Amounts		938	1,109	806
Net prior service (credit) and cost - Recognition of Previously Deferred Amounts	[1]	(230)	(243)	(89)
Total Reclassification Adjustment for Prior Period Amounts Recognized	[1]	708	866	717
Qualified defined benefit pension plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Actuarial gains and (losses) - Incurred but Not Yet Recognized in Net Periodic Benefit Cost		(1,236)	(291)	(5,505)
Net prior service credit and (cost) - Incurred but Not Yet Recognized in Net Periodic Benefit Cost		(54)	(18)	2,959
Actuarial (gains) and losses - Recognition of Previously Deferred Amounts		879	1,034	758
Net prior service (credit) and cost - Recognition of Previously Deferred Amounts	[1]	(235)	(235)	(87)
Retiree medical and life insurance plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Actuarial gains and (losses) - Incurred but Not Yet Recognized in Net Periodic Benefit Cost		94	46	(160)
Net prior service credit and (cost) - Incurred but Not Yet Recognized in Net Periodic Benefit Cost		27	(102)	(3)
Actuarial (gains) and losses - Recognition of Previously Deferred Amounts		22	28	15
Net prior service (credit) and cost - Recognition of Previously Deferred Amounts	[1]	14	2	3
Other Plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Actuarial gains and (losses) - Incurred but Not Yet Recognized in Net Periodic Benefit Cost		(62)	21	(245)
Net prior service credit and (cost) - Incurred but Not Yet Recognized in Net Periodic Benefit Cost		(1)	(7)	84
Actuarial (gains) and losses - Recognition of Previously Deferred Amounts		37	47	33
Net prior service (credit) and cost - Recognition of Previously Deferred Amounts	[1]	$ (9)	$ (10)	$ (5)
[1]	Reflects the reclassification for discontinued operations presentation of benefits related to former IS&GS salaried employees ($9 million in 2016, $16 million in 2015 and $11 million in 2014). In addition, we recognized $134 million of prior service credits from the divestiture of our IS&GS business, which were reclassified as discontinued operations.

Amounts Recognized in Other C76

Amounts Recognized in Other Comprehensive Income (Loss) Related to Postretirement Benefit Plans, Net of Tax (Parenthetical) (Detail) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net prior service (credit) and cost - Recognition of Previously Deferred Amounts		$ (239)	$ (259)	$ (100)
Recognition of net prior service credits from divestiture of IS&GS segment	[1]	134
Discontinued Operations | Information Systems & Global Solutions
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net prior service (credit) and cost - Recognition of Previously Deferred Amounts		9	$ 16	$ 11
Recognition of net prior service credits from divestiture of IS&GS segment		$ 134
[1]	Associated with the divesture of the IS&GS business and included in net gain on divestiture of discontinued operations.

Actuarial Assumptions Used to D

Actuarial Assumptions Used to Determine Net Periodic Benefit Cost (Detail)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Qualified defined benefit pension plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.125%	4.375%	4.00%
Expected long-term rate of return on assets	7.50%	8.00%	8.00%
Rate of increase in future compensation levels	4.50%	4.50%	4.30%
Retiree medical and life insurance plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.00%	4.25%	3.75%
Expected long-term rate of return on assets	7.50%	8.00%	8.00%
Health care trend rate assumed for next year	8.75%	9.00%	8.50%
Ultimate health care trend rate	5.00%	5.00%	5.00%
Year that the ultimate health care trend rate is reached	2,032	2,032	2,029

Asset Allocations of Postretire

Asset Allocations of Postretirement Benefit Plans (Detail)	12 Months Ended
	Dec. 31, 2016
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation percentage of assets, range minimum	0.00%
Defined benefit plan, target allocation percentage of assets, range maximum	20.00%
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation percentage of assets, range minimum	15.00%
Defined benefit plan, target allocation percentage of assets, range maximum	65.00%
Fixed income
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation percentage of assets, range minimum	10.00%
Defined benefit plan, target allocation percentage of assets, range maximum	60.00%
Private equity funds
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation percentage of assets, range minimum	0.00%
Defined benefit plan, target allocation percentage of assets, range maximum	15.00%
Real estate funds
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation percentage of assets, range minimum	0.00%
Defined benefit plan, target allocation percentage of assets, range maximum	10.00%
Hedge funds
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation percentage of assets, range minimum	0.00%
Defined benefit plan, target allocation percentage of assets, range maximum	20.00%
Commodities
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation percentage of assets, range minimum	0.00%
Defined benefit plan, target allocation percentage of assets, range maximum	25.00%

Qualified Defined Benefit Pensi

Qualified Defined Benefit Pension Plans and Retiree Medical and Life Insurance Plans by Asset Category (Detail) - USD ($) $ in Millions		Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year		$ 33,204	$ 33,909
Receivables, net
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year		53	43
Investments Measured at Fair Value
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year		27,604	29,221
Investments Measured at Fair Value | Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	[1]	2,301	2,658
Investments Measured at Fair Value | U.S. equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	[1]	4,166	4,790
Investments Measured at Fair Value | International equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	[1]	3,971	6,121
Investments Measured at Fair Value | Commingled equity funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	[1]	2,332	1,794
Investments Measured at Fair Value | Corporate debt securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	[1]	4,333	3,929
Investments Measured at Fair Value | U.S. Government securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	[1]	6,811	5,069
Investments Measured at Fair Value | U.S. Government-sponsored enterprise securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	[1]	919	1,377
Investments Measured at Fair Value | Other fixed income investments
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	[1]	2,215	3,252
Investments Measured at Fair Value | Private equity funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year			200
Investments Measured at Fair Value | Commodities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	[1]	523	(26)
Investments Measured at Fair Value | Hedge funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year		33	57
Investments Measured at Net Asset Value
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	[2]	5,547	4,645
Investments Measured at Net Asset Value | Private equity funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	[2]	3,614	2,931
Investments Measured at Net Asset Value | Commingled Funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	[2]	60	141
Investments Measured at Net Asset Value | Real estate funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	[2]	1,411	1,108
Investments Measured at Net Asset Value | Hedge funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	[2]	462	465
Fair value, inputs, level 1 | Investments Measured at Fair Value
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year		11,680	14,131
Fair value, inputs, level 1 | Investments Measured at Fair Value | Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	[1]	2,301	2,658
Fair value, inputs, level 1 | Investments Measured at Fair Value | U.S. equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	[1]	4,139	4,771
Fair value, inputs, level 1 | Investments Measured at Fair Value | International equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	[1]	3,927	6,087
Fair value, inputs, level 1 | Investments Measured at Fair Value | Commingled equity funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	[1]	788	614
Fair value, inputs, level 1 | Investments Measured at Fair Value | Commodities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	[1]	525	1
Fair value, inputs, level 2 | Investments Measured at Fair Value
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year		15,898	14,859
Fair value, inputs, level 2 | Investments Measured at Fair Value | U.S. equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	[1]	23	19
Fair value, inputs, level 2 | Investments Measured at Fair Value | International equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	[1]	40	24
Fair value, inputs, level 2 | Investments Measured at Fair Value | Commingled equity funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	[1]	1,544	1,180
Fair value, inputs, level 2 | Investments Measured at Fair Value | Corporate debt securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	[1]	4,316	3,914
Fair value, inputs, level 2 | Investments Measured at Fair Value | U.S. Government securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	[1]	6,811	5,069
Fair value, inputs, level 2 | Investments Measured at Fair Value | U.S. Government-sponsored enterprise securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	[1]	919	1,377
Fair value, inputs, level 2 | Investments Measured at Fair Value | Other fixed income investments
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	[1]	2,214	3,246
Fair value, inputs, level 2 | Investments Measured at Fair Value | Commodities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	[1]	(2)	(27)
Fair value, inputs, level 2 | Investments Measured at Fair Value | Hedge funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year		33	57
Fair value, inputs, level 3 | Investments Measured at Fair Value
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year		26	231
Fair value, inputs, level 3 | Investments Measured at Fair Value | U.S. equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	[1]	4
Fair value, inputs, level 3 | Investments Measured at Fair Value | International equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	[1]	4	10
Fair value, inputs, level 3 | Investments Measured at Fair Value | Corporate debt securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	[1]	17	15
Fair value, inputs, level 3 | Investments Measured at Fair Value | Other fixed income investments
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	[1]	$ 1	6
Fair value, inputs, level 3 | Investments Measured at Fair Value | Private equity funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year			$ 200
[1]	Cash and cash equivalents, equity securities, fixed income securities and commodities included derivative assets and liabilities whose fair values were not material as of December 31, 2016 and 2015. LMIMCo's investment policies restrict the use of derivatives to either establish long exposures for purposes of expediency or capital efficiency or to hedge risks to the extent of a plan's current exposure to such risks. Most derivative transactions are settled on a daily basis.
[2]	Certain investments that are valued using the net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy and are included in the table to permit reconciliation of the fair value hierarchy to the aggregate postretirement benefit plan assets.

Changes in Fair Value of Level

Changes in Fair Value of Level 3 Plan Assets (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Beginning Balance	$ 231	$ 61
Realized losses, net	(6)	(12)
Unrealized gains, net	3	7
Purchases, sales and settlements, net	(207)	(22)
Transfers into (out of) Level 3, net	5	197
Ending Balance	26	231
Private equity funds
Defined Benefit Plan Disclosure [Line Items]
Beginning Balance	200
Purchases, sales and settlements, net	(200)
Transfers into (out of) Level 3, net		200
Ending Balance		200
Other
Defined Benefit Plan Disclosure [Line Items]
Beginning Balance	31	61
Realized losses, net	(6)	(12)
Unrealized gains, net	3	7
Purchases, sales and settlements, net	(7)	(22)
Transfers into (out of) Level 3, net	5	(3)
Ending Balance	$ 26	$ 31

Estimated Future Benefit Paymen

Estimated Future Benefit Payments (Detail) $ in Millions	Dec. 31, 2016USD ($)
Qualified defined benefit pension plans
Defined Benefit Plan Disclosure [Line Items]
Payments in 2017	$ 2,260
Payments in 2018	2,340
Payments in 2019	2,420
Payments in 2020	2,510
Payments in 2021	2,590
Payments in 2022 - 2026	13,920
Retiree medical and life insurance plans
Defined Benefit Plan Disclosure [Line Items]
Payments in 2017	180
Payments in 2018	180
Payments in 2019	190
Payments in 2020	190
Payments in 2021	190
Payments in 2022 - 2026	$ 870

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	3 Months Ended												12 Months Ended
	Dec. 31, 2016	Sep. 25, 2016	Jun. 26, 2016	Mar. 27, 2016	Dec. 31, 2015	Sep. 27, 2015	Jun. 28, 2015	Mar. 29, 2015	Dec. 31, 2014	Sep. 28, 2014	Jun. 29, 2014	Mar. 30, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Sep. 22, 2016
Shareholders Equity [Line Items]
Common stock, shares authorized	1,500,000,000				1,500,000,000								1,500,000,000	1,500,000,000
Preferred stock, shares authorized	50,000,000				50,000,000								50,000,000	50,000,000
Common stock, shares issued and outstanding	290,000,000				305,000,000								290,000,000	305,000,000
Common stock, shares outstanding for Balance Sheet presentation purposes	289,000,000				303,000,000								289,000,000	303,000,000
Preferred stock, shares issued and outstanding	0				0								0	0
Cash paid for repurchases of common stock													$ 2,096,000,000	$ 3,071,000,000	$ 1,900,000,000
Number of shares of common stock repurchased with cash													8,900,000	15,200,000	11,500,000
Additional share repurchase program authorized amount																$ 2,000,000,000
Remaining authorized repurchase amount under share repurchase program	$ 3,500,000,000												$ 3,500,000,000
Common stock par value, per share	$ 1				$ 1								$ 1	$ 1
Additional paid-in capital	$ 0				$ 0								$ 0	$ 0
Reduction to stockholder's equity due to repurchases of common stock													2,096,000,000	3,071,000,000	$ 1,900,000,000
Dividends preferred stock cash													$ 2,000,000,000	$ 1,900,000,000	$ 1,800,000,000
Dividends, per share													$ 6.77	$ 6.15	$ 5.49
Quarterly increase dividend rate													10.00%	10.00%	10.00%
Common stock dividends per share declared	$ 1.82	$ 1.65	$ 1.65	$ 1.65	$ 1.65	$ 1.50	$ 1.50	$ 1.50	$ 1.50	$ 1.33	$ 1.33	$ 1.33	$ 6.77	$ 6.15	$ 5.49
Retained Earnings
Shareholders Equity [Line Items]
Reduction to stockholder's equity due to repurchases of common stock													$ 1,692,000,000	$ 2,400,000,000	$ 1,096,000,000

Changes in Balance of Accumulat

Changes in Balance of Accumulated Other Comprehensive Loss, Net of Income Taxes (Detail) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2016		Dec. 31, 2015		Dec. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance		$ 3,097		$ 3,400		$ 4,918
Other comprehensive loss before reclassifications		(1,232)		(424)		(2,973)
Amounts reclassified from AOCL
Recognition of net actuarial losses		938		1,109		806
Amortization of net prior service credits		(239)		(259)		(100)
Recognition of net prior service credits from divestiture of IS&GS segment	[1]	(134)
Other		9	[1]			(2)
Total reclassified from AOCL		574		850		704
Other comprehensive (loss) income, net of tax		(658)		426		(2,269)
Ending Balance		1,606		3,097		3,400
Postretirement Benefit Plan Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance		(11,314)		(11,813)	[2]	(9,649)	[2]
Other comprehensive loss before reclassifications		(1,232)		(351)		(2,870)
Amounts reclassified from AOCL
Recognition of net actuarial losses		938		1,109		806
Amortization of net prior service credits		(239)		(259)		(100)
Recognition of net prior service credits from divestiture of IS&GS segment	[1]	(134)
Total reclassified from AOCL		565		850		706
Other comprehensive (loss) income, net of tax		(667)		499		(2,164)
Ending Balance		(11,981)	[2]	(11,314)		(11,813)	[2]
Other, net
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance		(130)		(57)	[2]	48	[2]
Other comprehensive loss before reclassifications				(73)		(103)
Amounts reclassified from AOCL
Other		9	[1]			(2)
Total reclassified from AOCL		9				(2)
Other comprehensive (loss) income, net of tax		9		(73)		(105)
Ending Balance		(121)	[2]	(130)		(57)	[2]
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance		(11,444)		(11,870)	[2]	(9,601)	[2]
Amounts reclassified from AOCL
Other comprehensive (loss) income, net of tax		(658)		426		(2,269)
Ending Balance		$ (12,102)	[2]	$ (11,444)		$ (11,870)	[2]
[1]	Associated with the divesture of the IS&GS business and included in net gain on divestiture of discontinued operations.
[2]	AOCL related to postretirement benefit plans is shown net of tax benefits at December 31, 2016, 2015 and 2014 of $6.5 billion, $6.2 billion and $6.4 billion. These tax benefits include amounts recognized on our income tax returns as current deductions and deferred income taxes, which will be recognized on our tax returns in future years. See "Note 9 - Income Taxes" and "Note 11 -Postretirement Plans" for more information on our income taxes and postretirement benefit plans.

Changes in Balance of Accumul84

Changes in Balance of Accumulated Other Comprehensive Loss, Net of Income Taxes (Parenthetical) (Detail) - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Post retirement benefit plan adjustments, tax benefits	$ 6.5	$ 6.2	$ 6.4

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 149	$ 133	$ 154
Share-based compensation, net of tax	97	86	100
Unrecognized compensation cost	$ 83
Period over which unrecognized compensation costs are expected to be recognized (years)	1 year 9 months 18 days
Cash received from exercise of stock options	$ 106	174	308
Realized tax benefits from stock-based compensation activities	$ 219	$ 213	$ 215
Number of years over which equity awards expire	10 years
Share-based compensation arrangement by share-based payment award, number of shares authorized	12,000,000
Shares reserved for issuance	6,000,000
Number of years over which equity awards vest	3 years
Number of Stock Options, Outstanding	3,000,000	4,200,000
Weighted Average Exercise Price, Outstanding	$ 85.82	$ 86.61
Weighted Average Remaining Contractual Life, Outstanding	3 years
Aggregate Intrinsic Value, Outstanding	$ 491
Number of Stock Options, Vested	1,200,000
Weighted Average Exercise Price, Vested	$ 88.61
Weighted Average Remaining Contractual Life, Vested	3 years
Risk-free interest rate				0.78%
Dividend yield				5.40%
Volatility factors				0.28
Expected option life (in years)				5 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock units, granted, in shares	679,000	595,000	745,000
Average grant date fair value per unit	$ 206.69	$ 192.47	$ 146.85
Number of years over which equity awards vest	3 years
Performance Stock Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock units, granted, in shares	100,000
Number of years over which equity awards vest	3 years
Performance Stock Units (PSUs) | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of shares that can be earned from stock awards, as a percentage of the target award	0.00%
Performance Stock Units (PSUs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of shares that can be earned from stock awards, as a percentage of the target award	200.00%
Performance Stock Units (PSUs) | Half Of PSUs Granted In Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average grant date fair value per unit	$ 206.37
Performance Stock Units (PSUs) | Remaining Half Of PSUs Granted In Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average grant date fair value per unit	$ 212.37

Summary of Stock Based Compensa

Summary of Stock Based Compensation Activity Related to Nonvested RSUs (Detail) - Restricted Stock Units (RSUs) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of RSUs, beginning balance, in shares	1,236	2,326	3,859
Number of RSUs, Granted, in shares	679	595	745
Number of RSUs, Vested, in shares	(1,009)	(1,642)	(2,194)
Number of RSUs, Forfeited, in shares	(118)	(43)	(84)
Number of RSUs, ending balance, in shares	788	1,236	2,326
Nonvested beginning balance, in dollars per share	$ 134.87	$ 97.80	$ 82.42
Granted, in dollars per share	206.69	192.47	146.85
Vested, in dollars per share	137.62	103.30	87.66
Forfeited, in dollars per share	203.65	132.28	91.11
Nonvested Ending balance, in dollars per share	$ 183	$ 134.87	$ 97.80

Stock Options (Detail)

Stock Options (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant-date fair value of all stock options that vested		$ 8	$ 18
Intrinsic value of all stock options exercised	$ 172	$ 265	$ 297

Legal Proceedings, Commitment88

Legal Proceedings, Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Apr. 30, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Apr. 24, 2009
Legal Proceedings And Contingencies [Line Items]
Damages sought by plaintiff	$ 45
Liabilities recorded relative to environmental matters		$ 1,000	$ 1,000
Environmental costs eligible for future recovery		$ 870	858
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%
Total rental expense under operating leases		$ 202	195	$ 197
Future minimum lease commitments, total		762
Future minimum lease commitments, due in 2017		179
Future minimum lease commitments, due in 2018		150
Future minimum lease commitments, due in 2019		131
Future minimum lease commitments, due in 2020		103
Future minimum lease commitments, due in 2021		78
Future minimum lease commitments, due in later years		121
Outstanding letters of credit, surety bonds, and third-party guarantees		3,700	3,800
Third-party guarantees outstanding		$ 709	$ 678
Percentage of total guarantees that relate to guarantees of contractual performance of joint ventures		56.00%	79.00%
Amortization of intangible assets		$ 284	$ 68	$ 20
Total equity method investment		1,400	1,300
N.Y. Metropolitan Transportation Authority
Legal Proceedings And Contingencies [Line Items]
Damages sought by plaintiff		190
Contract value					$ 323
Contract payments received to date		241
Claims for monetary damages against the plaintiff		$ 95
United Launch Alliance
Legal Proceedings And Contingencies [Line Items]
Percentage of ownership interest in affiliated entity		50.00%
Inventory supply agreement		$ 120
Amount of net assets that exceeded book value of investment that is being recognized		395
Amortization of intangible assets		40
Total equity method investment		$ 788	$ 748

Restructuring Charges - Additio

Restructuring Charges - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Restructuring Cost and Reserve [Line Items]
Severance charges	$ 99	$ 102
Sikorsky Aircraft Corporation
Restructuring Cost and Reserve [Line Items]
Severance payments	40
Aeronautics
Restructuring Cost and Reserve [Line Items]
Severance charges	80
Severance payments	70
Information Systems & Global Solutions
Restructuring Cost and Reserve [Line Items]
Severance charges		15
Rotary and Mission Systems & Information System and Global Solutions
Restructuring Cost and Reserve [Line Items]
Severance charges		82
Severance payments	$ 64
Rotary and Mission Systems
Restructuring Cost and Reserve [Line Items]
Severance charges		$ 67

Fair Value, Assets and Liabilit

Fair Value, Assets and Liabilities Measured on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 27	$ 15
Derivative liabilities	85	35
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments measured on recurring basis	79	89
Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments measured on recurring basis	856	745
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	113	119
Other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments measured on recurring basis	151	147
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	79	89
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	856	745
Fair value, inputs, level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	27	15
Derivative liabilities	85	35
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	113	119
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	$ 151	$ 147

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair values of debt instruments	$ 16,200	$ 16,600
Outstanding principal amount of debt instruments	15,294	16,296
Unamortized discounts and issuance costs	$ 1,012	$ 1,035

Summary of Quarterly Informat92

Summary of Quarterly Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended																12 Months Ended
	Dec. 31, 2016	[2]	Sep. 25, 2016	[2],[3]	Jun. 26, 2016		Mar. 27, 2016	[4]	Dec. 31, 2015	[6]	Sep. 27, 2015		Jun. 28, 2015		Mar. 29, 2015		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information [Line Items]
Net sales	$ 13,752	[1]	$ 11,551	[1]	$ 11,577	[1]	$ 10,368	[1]	$ 11,520	[5]	$ 10,060	[5]	$ 10,235	[5]	$ 8,721	[5]	$ 47,248	$ 40,536	$ 39,946
Operating profit	1,428	[1]	1,588	[1]	1,375	[1]	1,158	[1]	1,100	[5]	1,192	[5]	1,273	[5]	1,147	[5]	5,549	4,712	5,012
Net earnings from continuing operations	959		1,089		899		806		817		756		815		738		3,753	3,126	3,253
Net earnings from discontinued operations	29		1,306		122		92		116		109		114		140		1,549	479	361
Net earnings	$ 988		$ 2,395		$ 1,021		$ 898		$ 933	[7]	$ 865	[7]	$ 929	[7]	$ 878	[7]	$ 5,302	$ 3,605	$ 3,614
Earnings per common share from continuing operations:
Basic	$ 3.29	[8]	$ 3.64	[8]	$ 2.97	[8]	$ 2.65	[8]	$ 2.67	[8]	$ 2.45	[8]	$ 2.61	[8]	$ 2.34	[8]	$ 12.54	$ 10.07	$ 10.27
Diluted	3.25	[8]	3.61	[8]	2.93	[8]	2.61	[8]	2.63	[8]	2.42	[8]	2.58	[8]	2.30	[8]	12.38	9.93	10.09
Earnings per common share from discontinued operations:
Basic	0.10	[8]	4.38	[8]	0.40	[8]	0.30	[8]	0.38	[8]	0.35	[8]	0.37	[8]	0.44	[8]	5.17	1.55	1.14
Diluted	0.10	[8]	4.32	[8]	0.39	[8]	0.30	[8]	0.38	[8]	0.35	[8]	0.36	[8]	0.44	[8]	5.11	1.53	1.12
Basic earnings per common share	3.39	[8]	8.02	[8]	3.37	[8]	2.95	[8]	3.05	[8]	2.80	[8]	2.98	[8]	2.78	[8]	17.71	11.62	11.41
Diluted earnings per common share	$ 3.35	[8]	$ 7.93	[8]	$ 3.32	[8]	$ 2.91	[8]	$ 3.01	[8]	$ 2.77	[8]	$ 2.94	[8]	$ 2.74	[8]	$ 17.49	$ 11.46	$ 11.21
[1]	Net sales and operating profit vary from the amounts previously reported on Form 10-Q as a result of our former IS&GS business being classified as discontinued operations in the third quarter of 2016, which is reflected for all periods presented.
[2]	The third quarter of 2016 includes the results of AWE from August 26, 2016, the date we obtained controlling interest, including approximately $103 million in net sales and $104 million in net earnings. Third quarter net earnings includes a non-cash gain on the step acquisition of AWE (see "Note 3 - Acquisitions and Divestitures"). The fourth quarter of 2016 includes the results of AWE for the entire quarter, including approximately $307 million in net sales and $2.9 million in net earnings.
[3]	The third quarter of 2016 includes a net gain of $1.2 billion related to the divestiture of our former IS&GS business.
[4]	The first quarter of 2016 varies from the amounts previously reported on Form 10-Q as a result of adopting ASU No. 2016-09 (see "Note 1 - Significant Accounting Policies").
[5]	AOCL related to postretirement benefit plans is shown net of tax benefits at December 31, 2016, 2015 and 2014 of $6.5 billion, $6.2 billion and $6.4 billion. These tax benefits include amounts recognized on our income tax returns as current deductions and deferred income taxes, which will be recognized on our tax returns in future years. See "Note 9 - Income Taxes" and "Note 11 -Postretirement Plans" for more information on our income taxes and postretirement benefit plans.
[6]	The fourth quarter of 2015 includes the results of Sikorsky since the November 6, 2015 acquisition date through December 31, 2015, including approximately $400 million in net sales and about $45 million in operating loss, inclusive of intangible amortization and adjustments required to account for the acquisition.
[7]	The third and fourth quarters of 2015 include charges for workforce reductions of $15 million and $67 million ($10 million and $44 million after tax). The fourth quarter of 2015 includes a tax benefit of about $71 million due to the retroactive reinstatement of the R&D tax credit in 2015.
[8]	The sum of the quarterly earnings per share amounts do not equal the earnings per share amounts included on our consolidated statements of earnings, primarily due to the timing of our share repurchases during each respective year.

Summary of Quarterly Informat93

Summary of Quarterly Information (Parenthetical) (Detail) - USD ($) $ in Millions	Aug. 16, 2016	Dec. 31, 2015	Dec. 31, 2016	Sep. 25, 2016	Dec. 31, 2015	Sep. 27, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information [Line Items]
Net gain on divestiture of business segment							$ 1,242
Recognized tax benefit for the impact of the tax credit							$ 107	$ 70	$ 63
Workforce Reductions
Quarterly Financial Information [Line Items]
Restructuring charges					$ 67	$ 15
Restructuring charges, after tax					44	$ 10
AWE Management Limited
Quarterly Financial Information [Line Items]
Net sales			$ 307	$ 103
Net earnings			$ 2.9	$ 104
Sikorsky Aircraft Corporation
Quarterly Financial Information [Line Items]
Net sales		$ 400
Net earnings		$ (45)
Information Systems & Global Solutions
Quarterly Financial Information [Line Items]
Net gain on divestiture of business segment	$ 1,242
Tax Year 2015
Quarterly Financial Information [Line Items]
Recognized tax benefit for the impact of the tax credit					$ 71