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Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q 
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 27, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______
Commission file number: 1-11437 
LOCKHEED MARTIN CORPORATION
(Exact name of registrant as specified in its charter) 
Maryland 52-1893632
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer Identification No.)
6801 Rockledge Drive, Bethesda,Maryland 20817
(Address of principal executive offices) (Zip Code)
(301) 897-6000
(Registrant’s telephone number, including area code) 
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $1 par valueLMTNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non–accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b–2 of the Exchange Act.
Large accelerated filer Accelerated filer Non–accelerated filer Smaller reporting company Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
There were 279,783,747 shares of our common stock, $1 par value per share, outstanding as of October 15, 2020.



Table of Contents


Lockheed Martin Corporation
Form 10-Q
For the Quarterly Period Ended September 27, 2020
Table of Contents 
  Page
ITEM 1.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 6.



Table of Contents


PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
Lockheed Martin Corporation
Consolidated Statements of Earnings
(unaudited; in millions, except per share data)
 Quarters EndedNine Months Ended
September 27,
2020
September 29,
2019
September 27,
2020
September 29,
2019
Net sales
Products$13,869 $12,728 $40,607 $36,701 
Services2,626 2,443 7,759 7,233 
Total net sales16,495 15,171 48,366 43,934 
Cost of sales
Products(12,370)(11,339)(36,204)(32,638)
Services(2,363)(2,211)(6,915)(6,452)
Other unallocated, net374 442 1,193 1,400 
Total cost of sales(14,359)(13,108)(41,926)(37,690)
Gross profit2,136 2,063 6,440 6,244 
Other (expense) income, net11 42 (85)152 
Operating profit2,147 2,105 6,355 6,396 
Interest expense(145)(162)(442)(496)
Other non-operating income (expense), net54 (162)135 (491)
Earnings from continuing operations before income taxes
2,056 1,781 6,048 5,409 
Income tax expense(303)(173)(952)(677)
Net earnings from continuing operations
1,753 1,608 5,096 4,732 
Net loss from discontinued operations(55) (55) 
Net earnings$1,698 $1,608 $5,041 $4,732 
Earnings (loss) per common share  
Basic
Continuing operations$6.28 $5.70 $18.19 $16.77 
Discontinued operations(0.20) (0.20) 
Basic earnings per common share$6.08 $5.70 $17.99 $16.77 
Diluted
Continuing operations$6.25 $5.66 $18.12 $16.66 
Discontinued operations(0.20) (0.20) 
Diluted earnings per common share$6.05 $5.66 $17.92 $16.66 
Cash dividends paid per common share$2.40 $2.20 $7.20 $6.60 
The accompanying notes are an integral part of these unaudited consolidated financial statements.

3

Table of Contents


Lockheed Martin Corporation
Consolidated Statements of Comprehensive Income
(unaudited; in millions)
 Quarters EndedNine Months Ended
 September 27,
2020
September 29,
2019
September 27,
2020
September 29,
2019
Net earnings$1,698 $1,608 $5,041 $4,732 
Other comprehensive income, net of tax
Recognition of previously deferred postretirement
benefit plan amounts
110 227 330 681 
Other, net34 (41)(35)(13)
Other comprehensive income, net of tax144 186 295 668 
Comprehensive income$1,842 $1,794 $5,336 $5,400 
The accompanying notes are an integral part of these unaudited consolidated financial statements.

4

Table of Contents


Lockheed Martin Corporation
Consolidated Balance Sheets
(in millions, except par value)
September 27,
2020
December 31,
2019
(unaudited)
Assets
Current assets
Cash and cash equivalents$3,585 $1,514 
Receivables, net2,480 2,337 
Contract assets10,388 9,094 
Inventories3,293 3,619 
Other current assets544 531 
Total current assets20,290 17,095 
Property, plant and equipment, net6,803 6,591 
Goodwill10,589 10,604 
Intangible assets, net3,013 3,213 
Deferred income taxes3,198 3,319 
Other noncurrent assets6,880 6,706 
Total assets$50,773 $47,528 
Liabilities and equity
Current liabilities
Accounts payable$1,491 $1,281 
Contract liabilities7,354 7,054 
Salaries, benefits and payroll taxes2,818 2,466 
Current maturities of long-term debt1,000 1,250 
Other current liabilities2,538 1,921 
Total current liabilities15,201 13,972 
Long-term debt, net11,675 11,404 
Accrued pension liabilities12,765 13,234 
Other noncurrent liabilities6,146 5,747 
Total liabilities45,787 44,357 
Stockholders’ equity
Common stock, $1 par value per share
278 280 
Additional paid-in capital90  
Retained earnings19,844 18,401 
Accumulated other comprehensive loss(15,259)(15,554)
Total stockholders’ equity 4,953 3,127 
Noncontrolling interests in subsidiary33 44 
Total equity 4,986 3,171 
Total liabilities and equity$50,773 $47,528 
The accompanying notes are an integral part of these unaudited consolidated financial statements.

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Lockheed Martin Corporation
Consolidated Statements of Cash Flows
(unaudited; in millions)
 Nine Months Ended
September 27,
2020
September 29,
2019
Operating activities
Net earnings$5,041 $4,732 
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization927 867 
Stock-based compensation182 158 
Equity method investment impairment128  
Tax resolution related to former IS&GS business55  
Gain on property sale  (51)
Changes in assets and liabilities
Receivables, net(143)60 
Contract assets(1,294)(1,532)
Inventories326 (477)
Accounts payable247 524 
Contract liabilities300 286 
Postretirement benefit plans(130)828 
Income taxes58 (117)
Other, net679 543 
Net cash provided by operating activities6,376 5,821 
Investing activities
Capital expenditures(1,044)(841)
Other, net27 38 
Net cash used for investing activities(1,017)(803)
Financing activities
Dividends paid(2,036)(1,881)
Repurchases of common stock(1,100)(710)
Issuance of long-term debt, net of related costs1,131  
Repayments of current and long-term debt(1,150) 
Repayments of commercial paper, net (600)
Other, net(133)(60)
Net cash used for financing activities(3,288)(3,251)
Net change in cash and cash equivalents2,071 1,767 
Cash and cash equivalents at beginning of period1,514 772 
Cash and cash equivalents at end of period$3,585 $2,539 
The accompanying notes are an integral part of these unaudited consolidated financial statements.

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Lockheed Martin Corporation
Consolidated Statements of Equity
For the Quarters Ended September 27, 2020 and September 29, 2019
(unaudited; in millions)
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Stockholders’
Equity
Noncontrolling
Interests in
Subsidiary
Total
Equity
Balance at June 28, 2020$278 $ $18,876 $(15,403)$3,751 $35 $3,786 
Net earnings  1,698  1,698  1,698 
Other comprehensive income, net of tax
   144 144  144 
Repurchases of common stock (59)  (59) (59)
Dividends declared  (730) (730) (730)
Stock-based awards, ESOP activity and other
 149   149  149 
Net decrease in noncontrolling interests in subsidiary     (2)(2)
Balance at September 27, 2020$278 $90 $19,844 $(15,259)$4,953 $33 $4,986 
Balance at June 30, 2019$281 $ $16,408 $(13,839)$2,850 $46 $2,896 
Net earnings— — 1,608 — 1,608 — 1,608 
Other comprehensive income, net of tax
— — — 186 186 — 186 
Repurchases of common stock— (146)(72)— (218)— (218)
Dividends declared— — (679)— (679)— (679)
Stock-based awards, ESOP activity and other
— 146 — — 146 — 146 
Net decrease in noncontrolling interests in subsidiary
— — — — — (2)(2)
Balance at September 29, 2019$281 $ $17,265 $(13,653)$3,893 $44 $3,937 
The accompanying notes are an integral part of these unaudited consolidated financial statements.

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Lockheed Martin Corporation
Consolidated Statements of Equity
For the Nine Months Ended September 27, 2020 and September 29, 2019
(unaudited; in millions)
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Stockholders’
Equity
Noncontrolling
Interests in
Subsidiary
Total
Equity
Balance at December 31, 2019$280 $ $18,401 $(15,554)$3,127 $44 $3,171 
Net earnings  5,041  5,041  5,041 
Other comprehensive income, net of tax
   295 295  295 
Repurchases of common stock(3)(256)(841) (1,100) (1,100)
Dividends declared  (2,757) (2,757) (2,757)
Stock-based awards, ESOP activity and other
1 346   347  347 
Net decrease in noncontrolling interests in subsidiary     (11)(11)
Balance at September 27, 2020$278 $90 $19,844 $(15,259)$4,953 $33 $4,986 
Balance at December 31, 2018$281 $ $15,434 $(14,321)$1,394 $55 $1,449 
Net earnings— — 4,732 — 4,732 — 4,732 
Other comprehensive income, net of tax
— — — 668 668 — 668 
Repurchases of common stock(2)(366)(350)— (718)— (718)
Dividends declared— — (2,551)— (2,551)— (2,551)
Stock-based awards, ESOP activity and other
2 366 — — 368 — 368 
Net decrease in noncontrolling interests in subsidiary
— — — — — (11)(11)
Balance at September 29, 2019$281 $ $17,265 $(13,653)$3,893 $44 $3,937 
The accompanying notes are an integral part of these unaudited consolidated financial statements.

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Lockheed Martin Corporation
Notes to Consolidated Financial Statements (unaudited)


NOTE 1 – BASIS OF PRESENTATION
We prepared these consolidated financial statements in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information, the instructions to Form 10-Q and Article 10 of U.S. Securities and Exchange Commission (SEC) Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements.
In the opinion of management, these consolidated financial statements reflect all adjustments that are of a normal recurring nature necessary for a fair presentation of our results of operations, financial condition, and cash flows for the interim periods presented. The preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We base these estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Our actual results may differ materially from these estimates. Significant estimates inherent in the preparation of our consolidated financial statements include, but are not limited to, accounting for sales and cost recognition, postretirement benefit plans, assets for the portion of environmental costs that are probable of future recovery and liabilities, evaluation of goodwill, investments and other assets for impairment, income taxes including deferred tax assets, fair value measurements and contingencies. The consolidated financial statements include the accounts of subsidiaries we control and variable interest entities if we are the primary beneficiary. We eliminate intercompany balances and transactions in consolidation.
We close our books and records on the last Sunday of the calendar quarter, which was on September 27 for the third quarter of 2020 and September 29 for the third quarter of 2019, to align our financial closing with our business processes. The consolidated financial statements and tables of financial information included herein are labeled based on that convention. This practice only affects interim periods as our fiscal year ends on December 31.
We adopted Accounting Standards Update (ASU) 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, effective January 1, 2020 using the modified retrospective approach. The new standard changes how we account for credit losses for financial assets and certain other instruments, including trade receivables and contract assets, that are not measured at fair value through net income. Under legacy standards, we recognized an impairment of receivables when it was probable that a loss had been incurred. Under the new standard, we are required to recognize estimated credit losses expected to occur over the estimated life or remaining contractual life of an asset (which includes losses that may be incurred in future periods) using a broader range of information including reasonable and supportable forecasts about future economic conditions. The adoption of the standard did not have a significant impact on our results of operations, financial position or cash flows.
We adopted ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Topic 715-20): Disclosure Framework—Changes to the Disclosure Requirements For Defined Benefit Plans, effective January 1, 2020. The new standard modifies the annual disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The guidance requires disclosure changes to be presented on a retrospective basis. As this standard relates only to financial disclosures, its adoption did not have an impact to our results of operations, financial position or cash flows.
The results of operations for the interim periods presented are not necessarily indicative of results to be expected for the full year or future periods. Unless otherwise noted, we present all per share amounts cited in these consolidated financial statements on a “per diluted share” basis. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019 (2019 Form 10-K).
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Lockheed Martin Corporation