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Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Net Periodic Benefit Costs
The pretax FAS (expense) income related to our qualified defined benefit pension plans and retiree medical and life insurance plans included the following (in millions):
 Qualified Defined
Benefit Pension Plans 		Retiree Medical and
Life Insurance Plans
202520242023202520242023
Operating:
Service cost$(50)$(60)$(65)$(3)$(5)$(5)
Non-operating:
Interest cost(1,472)(1,398)(1,459)(58)(63)(68)
Expected return on plan assets1,439 1,572 1,722 105 107 103 
Amortization of actuarial (losses) gains(313)(259)(168)49 35 31 
Amortization of prior service (costs) credits(49)147 348 — (4)(10)
Settlement charge (479)— — — — — 
Non-service FAS (expense) income(874)62 443 96 75 56 
Total FAS (expense) income$(924)$2 $378 $93 $70 $51 
Schedule of Reconciliation of Benefit Obligations, Plan Assets, and Unfunded or Funded Status
The following table provides a reconciliation of benefit obligations, plan assets and net (unfunded) funded status of 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
2025202420252024
Change in benefit obligation
Beginning balance (a)
$27,199 $28,959 $1,114 $1,328 
Service cost50 60 3 5 
Interest cost1,472 1,398 58 63 
Actuarial losses (gains) (b)
685 (1,556)42 (158)
Settlements (c)
(943)— — — 
Plan amendments5 2 — — 
Benefits paid
(1,733)(1,664)(176)(178)
Medicare Part D subsidy— — 4 2 
Participants’ contributions— — 47 52 
Ending balance (a)
$26,735 $27,199 $1,092 $1,114 
Change in plan assets
Beginning balance at fair value$22,414 $22,800 $1,678 $1,715 
Actual return on plan assets (d)
2,252 288 205 86 
Settlements (c)
(943)— — — 
Benefits paid
(1,733)(1,664)(176)(178)
Company contributions860 990 — 1 
Medicare Part D subsidy— — 4 2 
Participants’ contributions— — 47 52 
Ending balance at fair value$22,850 $22,414 $1,758 $1,678 
(Unfunded) funded status of the plans$(3,885)$(4,785)$666 $564 
(a)Benefit obligation balances represent the projected benefit obligation for our qualified defined benefit pension plans, which is approximately equal to accumulated benefit obligation, and accumulated benefit obligation for our retiree medical and life insurance plans.
(b)Actuarial losses for our qualified defined benefit pension plans in 2025 primarily reflect a decrease in the discount rate from 5.625% at December 31, 2024 to 5.375% at December 31, 2025, which increased benefit obligations by approximately $700 million. Actuarial losses for our retiree medical and life insurance plans in 2025 primarily reflect a decrease in the discount rate from 5.50% at December 31, 2024 to 5.25% at December 31, 2025. Actuarial gains for our qualified defined benefit pension plans in 2024 primarily reflect an increase in the discount rate from 5.00% at December 31, 2023 to 5.625% at December 31, 2024, which decreased benefit obligations by approximately $1.8 billion offset by net losses of approximately $250 million due to changes in demographic data and assumptions. Actuarial gains for our retiree medical and life insurance plans in 2024 primarily reflect an increase in the discount rate from 5.00% at December 31, 2023 to 5.50% at December 31, 2024 and gains due to changes in demographic data and assumptions.
(c)Qualified defined benefit pension plan settlements in 2025 represent the transfer of gross defined benefit pension obligations and related plan assets to insurance companies as described above.
(d)Actual return on plan assets for our qualified defined benefit pension plans was approximately 10.5% in 2025 and 1% in 2024 versus the 6.50% long-term rate of return assumption.
Schedule of 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
2025202420252024
Other noncurrent assets$30 $6 $666 $564 
Accrued pension liabilities(3,915)(4,791)— — 
Net (unfunded) funded status of the plans$(3,885)$(4,785)$666 $564 
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) Related to Postretirement Benefit Plans, Net of Tax
The following table provides the amount of actuarial losses or gains, and prior service costs or credits, recognized in accumulated other comprehensive loss related to qualified defined benefit pension plans and retiree medical and life insurance plans at December 31 (in millions):
 Qualified Defined 
Benefit Pension Plans		Retiree Medical and
Life Insurance Plans
2025202420252024
Accumulated other comprehensive (loss) pre-tax related to:
Actuarial (losses) gains$(9,549)$(10,469)$526 $518 
Prior service (costs) credits(120)(164)2 2 
Total
$(9,669)$(10,633)$528 $520 
Estimated tax2,048 2,255 (112)(110)
Net amount recognized in accumulated other comprehensive (loss)$(7,621)$(8,378)$416 $410 
The following table provides the changes recognized in accumulated other comprehensive loss, net of tax, for actuarial losses or gains and prior service costs or credits due to differences between the actual return and expected return on plan assets and changes in the fair value of the benefit obligation recognized in connection with our annual remeasurement and the amortization during the year for our qualified defined benefit pension plans, retiree medical and life insurance plans, and certain other plans (in millions):
 Incurred but Not Yet
Recognized in
FAS Expense		Recognition of
Previously
Deferred Amounts
202520242023202520242023
Actuarial (losses) and gains
Qualified defined benefit pension plans$99 $211 $(698)$(623)$(204)$(133)
Retiree medical and life insurance plans45 108 47 39 28 25 
Other plans(41)23 (33)(11)(12)(8)
 103 342 (684)(595)(188)(116)
Prior service (costs) and credits
Qualified defined benefit pension plans(4)(2)(5)(39)116 274 
Retiree medical and life insurance plans— — (1)— (3)(8)
Other plans— — 1 — (1)(1)
 (4)(2)(5)(39)112 265 
Total$99 $340 $(689)$(634)$(76)$149 
Schedule of Actuarial Assumptions Used to Determine Net Periodic Benefit Cost The assumptions used to determine the benefit obligations at December 31 of each year and FAS expense for each subsequent year were as follows:
 Qualified Defined Benefit
Pension Plans		Retiree Medical and
Life Insurance Plans
202520242023202520242023
Weighted average discount rate
5.375 %5.625 %5.000 %5.250 %5.500 %5.000 %
Expected long-term rate of return on assets
6.50 %6.50 %6.50 %6.50 %6.50 %6.50 %
Health care trend rate assumed for next year8.25 %8.50 %8.00 %
Ultimate health care trend rate4.50 %4.50 %4.50 %
Year ultimate health care trend rate is reached   204120412038
Schedule of Allocation of Plan Assets
LMIMCo’s investment policies require that asset allocations be maintained within the following approximate ranges:
Asset ClassAsset Allocation
Ranges
Cash and cash equivalents
0-20%
Global Equity
10-65%
Fixed income
10-60%
Alternative investments:
Private equity funds
5-30%
Real estate funds
0-20%
Hedge funds
0-20%
Commodities
0-10%
The following table presents the fair value of the assets of our qualified defined benefit pension plans and retiree medical and life insurance plans by asset category and their level within the fair value hierarchy (see “Note 1 – Organization and Significant Accounting Policies - Investments” for definition of these levels), which we are required to disclose even though these assets are not separately recorded on our consolidated balance sheet. Certain investments are measured at their Net Asset Value (NAV) per share because such investments do not have readily determinable fair values and, therefore, are not required to be categorized in the fair value hierarchy. Assets measured at NAV have been included in the table below to permit reconciliation of the fair value hierarchy to amounts presented in the funded status table above.
 December 31, 2025December 31, 2024
(in millions)
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Investments measured at fair value
Cash and cash equivalents (a)
$1,116 $1,116 $— $— $2,425 $2,425 $— $— 
Equity (a):
U.S. equity securities3,363 3,309 — 54 3,232 3,158 — 74 
International equity securities2,551 2,538 — 13 1,827 1,810 — 17 
Commingled equity funds423 252 171 — 382 170 212 — 
Fixed income (b):
Corporate debt securities3,913 — 3,771 142 4,159 — 4,099 60 
U.S. Government securities2,267 — 2,267 — 2,483 — 2,483 — 
U.S. Government-sponsored enterprise securities
1,903 — 1,903 — 1,134 — 1,134 — 
Interest rate swaps, net61 61 — (1,878)(1,878)
Other fixed income investments (c)
469 64 296 109 2,050 60 882 1,108 
Total$16,066 $7,279 $8,469 $318 $15,814 $7,623 $6,932 $1,259 
Investments measured at NAV
Other fixed income investments552 552 
Private equity funds5,001 4,863 
Real estate funds2,707 3,088 
Hedge funds1,223    1,028    
Total investments measured at NAV
9,483    9,531    
Loan, net (d)
(372)(473)
(Payables) Receivables, net(569)   (780)   
Total$24,608    $24,092    
(a)Cash and cash equivalents and equity securities include derivative assets and liabilities with fair values that were not material as of December 31, 2025 and 2024. LMIMCo’s investment policies restrict the use of derivatives to either establish long or short exposures for purposes consistent with applicable investment mandate guidelines 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)Fixed income securities include (i) derivative exposure for the liability hedge, which constitutes the value in interest rate swaps, and (ii) other derivative exposure with fair values that were not material as of December 31, 2025 and 2024. Interest rate swaps were refreshed to market levels and cumulative loss was realized. In 2025, $1.9 billion of cash was used to settle market-to-market loss.
(c)Level 3 investments include $0 at December 31, 2025 and $1.0 billion at December 31, 2024 related to buy-in contracts. The decrease in fair value of plan assets categorized as Level 3 in 2025 compared to 2024 was primarily due to the conversion of buy-in contracts to buy-out.
(d)The Lockheed Martin Corporation Master Retirement Trust (MRT) obtained a loan from a third-party financial institution, collateralized by private equity investments, to invest in fixed income securities.
Schedule of Estimated Future Benefit Payments
The following table presents estimated future benefit payments as of December 31, 2025 (in millions):
202620272028202920302031 – 2035
Qualified defined benefit pension plans$1,760 $1,810 $1,860 $1,890 $1,920 $9,590 
Retiree medical and life insurance plans110 110 100 100 100 420