Corporate activities

Owned
Aeronautics 5.50
Missiles and Fire Control 7.70
Rotary and Mission Systems 11.30
Space 9.20
Corporate activities 2.40
Total 36.10
Leased
3.00
2.80
5.40
2.90
1.00
15.10
Government-
Owned
14.70
2.20
0.20
0.90
—
18.00
Total
23.20
12.70
16.90
13.00
3.40
69.20
Purchases of Equity Securities

Total
Number of
Shares
Period (a) Purchased

September 27, 2021 – October 31 3,886,168

November 1, 2021 – November —
November 29, 2021 – December 31, 2021 10,786
Total (c)(d) 3,896,954
 Total Number of
Shares Purchased
Average as Part of Publicly
Price Paid Announced Plans
Per Share or Programs

$ 329.66 3,885,811
$— —
$ 333.81 —
$ 329.83 3,885,811
mber of
urchased
f Publicly
ed Plans
ams Approximate Dollar Value of Shares That May Yet be Purchased Under the Plans or Programs (b)
(in millions)
$ 3,923
$ 3,923
$ 3,923
ITEM 6.

(In millions, except per share da 2021

Operating results
Net sales $ 67,044
Operating profit (a)(b) 9,123
Net earnings from continuing oper 6,315
Net (loss) earnings from discon —
Net earnings (a)(b)(c)(d)(e)(f)(g) 6,315
Earnings from continuing opera
Basic (a)(b)(c)(d)(e)(f)(g)(i) 22.85
Diluted (a)(b)(c)(d)(e)(f)(g)(i) 22.76
Earnings (loss) earnings from d
Basic —
Diluted —
Earnings per common share
Basic (a)(b)(c)(d)(e)(f)(g)(i) 22.85
Diluted (a)(b)(c)(d)(e)(f)(g)(i) 22.76
Cash dividends declared per c $ 10.60
Balance sheet
Cash, cash equivalents and shor $ 3,604
Total current assets 19,815
Goodwill 10,813
Total assets (h) 50,873
Total current liabilities 13,997
Total debt, net 11,676
Total liabilities (c)(h) 39,914
Total equity (deficit) (c)(i) 10,959
Common shares in stockholders’ 271
Cash flow information
Net cash provided by operating ac $ 9,221
Net cash used for investing activ (1,161)
Net cash used for financing activ (7,616)
Backlog $ 135,355
2020 2019

$ 65,398 $ 59,812
8,644 8,545
6,888 6,230
(55) —
6,833 6,230

24.60 22.09
24.50 21.95

(0.20) —
(0.20) —

24.40 22.09
24.30 21.95
$ 9.80 $ 9.00

$ 3,160 $ 1,514
19,378 17,095
10,806 10,604
50,710 47,528
13,933 13,972
12,169 12,654
44,672 44,357
6,038 3,171
279 280

$ 8,183 $ 7,311
(2,010) (1,241)
(4,527) (5,328)
$ 147,131 $ 143,981
2018

$ 53,762
7,334
5,046
—
5,046

17.74
17.59

—
—

17.74
17.59
$ 8.20

$ 772
16,103
10,769
44,876
14,398
14,104
43,427
1,449
281

$ 3,138
(1,075)
(4,152)
$ 130,468
2017

$ 49,960
6,744
1,890
73
1,963

6.56
6.50

0.26
0.25

6.82
6.75
$ 7.46

$ 2,861
17,505
10,807
46,620
12,913
14,263
47,396
(776)
284

$ 6,476
(1,147)
(4,305)
$ 105,493
Consolidated Results of Operations

2021
Net sales $ 67,044
Cost of sales (57,983)
Gross profit 9,061
Other income (expense), net 62
Operating profit 9,123
Interest expense (569)
Non-service FAS pension (expen (1,292)
Other non-operating income (ex 288
Earnings from continuing operat 7,550
Income tax expense (1,235)
Net earnings from continuing op 6,315
Net loss from discontinued oper —
Net earnings $ 6,315
Diluted earnings (loss) per com
Continuing operations $ 22.76
Discontinued operations —
Total diluted earnings per com $ 22.76
2020 2019
$ 65,398 $ 59,812
(56,744) (51,445)
8,654 8,367
(10) 178
8,644 8,545
(591) (653)
219 (577)
(37) (74)
8,235 7,241
(1,347) (1,011)
6,888 6,230
(55) —
$ 6,833 $ 6,230

$ 24.50 $ 21.95
(0.20) —
$ 24.30 $ 21.95
Net Sales

2021
Products $ 56,435
% of total net sales 84.20 %
Services 10,609
% of total net sales 15.80 %
Total net sales $ 67,044
 2020
$ 54,928
% 84.00 %
10,470
% 16.00 %
$ 65,398
2019
$ 50,053
83.70 %
9,759
16.30 %
$ 59,812
Cost of Sales

2021
Cost of sales – products ($50,273)
% of product sales 89.10 %
Cost of sales – services (9,463)
% of service sales 89.20 %
Severance and restructuring cha (36)
Other unallocated, net 1,789
Total cost of sales ($57,983)
 2020
($48,996)
% 89.20 %
(9,371)
% 89.50 %
(27)
1,650
($56,744)
2019
($44,589)
89.10 %
(8,731)
89.50 %
—
1,875
($51,445)
Business Segment Results of Operations

2021
Net sales
Aeronautics $ 26,748
Missiles and Fire Control 11,693
Rotary and Mission Systems 16,789
Space 11,814
Total net sales $ 67,044
Operating profit
Aeronautics $ 2,799
Missiles and Fire Control 1,648
Rotary and Mission Systems 1,798
Space 1,134
Total business segment operatin 7,379
Unallocated items
FAS/CAS operating adjustment 1,960
Stock-based compensation (227)
Severance and restructuring char (36)
Other, net (b) 47
Total unallocated, net 1,744
Total consolidated operating pro $ 9,123
2020 2019

$ 26,266 $ 23,693
11,257 10,131
15,995 15,128
11,880 10,860
$ 65,398 $ 59,812

$ 2,843 $ 2,521
1,545 1,441
1,615 1,421
1,149 1,191
7,152 6,574

1,876 2,049
(221) (189)
(27) —
(136) 111
1,492 1,971
$ 8,644 $ 8,545
 2021
Total FAS (expense) income and
FAS pension (expense) income ($1,398)
Less: CAS pension cost 2,066
Net FAS/CAS pension adjustmen $ 668

Service and non-service cost rec

FAS pension service cost (106)
Less: CAS pension cost 2,066
FAS/CAS operating adjustment 1,960
Non-service FAS pension (expen (1,292)
Net FAS/CAS pension adjustmen $ 668
2020 2019

$ 118 ($1,093)
1,977 2,565
$ 2,095 $ 1,472

(101) (516)
1,977 2,565
1,876 2,049
219 (577)
$ 2,095 $ 1,472
Aeronautics

2021
Net sales $ 26,748
Operating profit 2,799
Operating margin 10.50 %
Backlog at year-end $ 49,118
 2020
$ 26,266
2,843
% 10.80 %
$ 56,551
2019
$ 23,693
2,521
10.60 %
$ 55,636
Missiles and Fire Control

2021
Net sales $ 11,693
Operating profit 1,648
Operating margin 14.10 %
Backlog at year-end $ 27,021
 2020
$ 11,257
1,545
% 13.70 %
$ 29,183
2019
$ 10,131
1,441
14.20 %
$ 25,796
Rotary and Mission Systems

2021
Net sales $ 16,789
Operating profit 1,798
Operating margin 10.70 %
Backlog at year-end $ 33,700
 2020
$ 15,995
1,615
% 10.10 %
$ 36,249
2019
$ 15,128
1,421
9.40 %
$ 34,296
Space

2021
Net sales $ 11,814
Operating profit 1,134
Operating margin 9.60 %
Backlog at year-end $ 25,516
 2020
$ 11,880
1,149
% 9.70 %
$ 25,148
2019
$ 10,860
1,191
11.00 %
$ 28,253
Liquidity and Cash Flows

2021
Cash and cash equivalents at be $ 3,160
Operating activities
Net earnings 6,315
Noncash adjustments 3,109
Changes in working capital 9
Other, net (212)
Net cash provided by operating a 9,221
Net cash used for investing activ (1,161)
Net cash used for financing activ (7,616)
Net change in cash and cash equ 444
Cash and cash equivalents at en $ 3,604
2020 2019
$ 1,514 $ 772

6,833 6,230
1,726 1,549
101 (672)
(477) 204
8,183 7,311
(2,010) (1,241)
(4,527) (5,328)
1,646 742
$ 3,160 $ 1,514
Contractual Commitments

Total
Total debt $ 12,799
Interest payments 8,827
Other liabilities 2,503
Operating lease obligations 1,566
Purchase obligations:
Operating activities 56,923
Capital expenditures 737
Total contractual cash obligatio $ 83,355
Due Within
 1 Year
$ 6
537
242
325

25,139
582
$ 26,831
,

Total      
Commitment
Standby letters of credit (a) $ 2,439
Surety bonds 342
Third-party Guarantees 838
Total commitments $ 3,619
Less Than
1 Year
$ 1,035
319
428
$ 1,782
Consolidated Statements of Earnings

Years Ended December 31,

2021
Net sales
Products $ 56,435
Services 10,609
Total net sales 67,044
Cost of sales
Products (50,273)
Services (9,463)
Severance and restructuring cha (36)
Other unallocated, net 1,789
Total cost of sales (57,983)
Gross profit 9,061
Other income (expense), net 62
Operating profit 9,123
Interest expense (569)
Non-service FAS pension (expen (1,292)
Other non-operating income (ex 288
Earnings from continuing operat 7,550
Income tax expense (1,235)
Net earnings from continuing op 6,315
Net loss from discontinued oper —
Net earnings $ 6,315

Earnings (loss) per common sha

Basic
Continuing operations $ 22.85
Discontinued operations —
Basic earnings per common shar $ 22.85
Diluted
Continuing operations $ 22.76
Discontinued operations —
Diluted earnings per common s $ 22.76
2020 2019

$ 54,928 $ 50,053
10,470 9,759
65,398 59,812

(48,996) (44,589)
(9,371) (8,731)
(27) —
1,650 1,875
(56,744) (51,445)
8,654 8,367
(10) 178
8,644 8,545
(591) (653)
219 (577)
(37) (74)
8,235 7,241
(1,347) (1,011)
6,888 6,230
(55) —
$ 6,833 $ 6,230

$ 24.60 $ 22.09
(0.20) —
$ 24.40 $ 22.09

$ 24.50 $ 21.95
(0.20) —
$ 24.30 $ 21.95
Consolidated Statements of Comprehensive Income

Years Ended December 31,

2021
Net earnings $ 6,315
Other comprehensive income (los
Postretirement benefit plans
Net other comprehensive income (loss) recognized during the period, net of tax 3,404
of $925 million in 2021, $292 million in 2020
Amounts reclassified from accumu 477
Pension settlement charge, net o 1,310
Other, net (76)
Other comprehensive income (los 5,115
Comprehensive income $ 11,430
2020 2019
$ 6,833 $ 6,230

(1,067) (2,182)
440 908
— —
60 41
(567) (1,233)
$ 6,266 $ 4,997
Consolidated Balance Sheets

December 31,
2021
Assets
Current assets
Cash and cash equivalents $ 3,604
Receivables, net 1,963
Contract assets 10,579
Inventories 2,981
Other current assets 688
Total current assets 19,815
Property, plant and equipment, 7,597
Goodwill 10,813
Intangible assets, net 2,706
Deferred income taxes 2,290
Other noncurrent assets 7,652
Total assets $ 50,873
Liabilities and equity
Current liabilities
Accounts payable $ 780
Salaries, benefits and payroll ta 3,108
Contract liabilities 8,107
Current maturities of long-term 6
Other current liabilities 1,996
Total current liabilities 13,997
Long-term debt, net 11,670
Accrued pension liabilities 8,319
Other noncurrent liabilities 5,928
Total liabilities 39,914
Stockholders’ equity
Common stock, $1 par value per 271
Additional paid-in capital 94
Retained earnings 21,600
Accumulated other comprehensi (11,006)
Total stockholders’ equity 10,959
Noncontrolling interests in subsi —
Total equity 10,959
Total liabilities and equity $ 50,873
2020

$ 3,160
1,978
9,545
3,545
1,150
19,378
7,213
10,806
3,012
3,475
6,826
$ 50,710

$ 880
3,163
7,545
500
1,845
13,933
11,669
12,874
6,196
44,672

279
221
21,636
(16,121)
6,015
23
6,038
$ 50,710
Consolidated Statements of Cash Flows

Years Ended December 31,

2021
Operating activities
Net earnings $ 6,315
Adjustments to reconcile net ear
Depreciation and amortization 1,364
Stock-based compensation 227
Equity method investment impa —
Tax resolution related to forme —
Deferred income taxes (183)
Pension settlement charge 1,665
Severance and restructuring cha 36
Gain on property sale —

Changes in assets and liabilities

Receivables, net 15
Contract assets (1,034)
Inventories 564
Accounts payable (98)
Contract liabilities 562
Income taxes 45
Postretirement benefit plans (267)
Other, net 10
Net cash provided by operating a 9,221
Investing activities
Capital expenditures (1,522)
Acquisitions of businesses —
Other, net 361
Net cash used for investing activ (1,161)
Financing activities
Repayment of commercial paper —
Issuance of long-term debt, net —
Repayments of long-term debt (500)
Repurchases of common stock (4,087)
Dividends paid (2,940)

Other, net (89)

Net cash used for financing activ (7,616)
Net change in cash and cash equ 444
Cash and cash equivalents at be 3,160
Cash and cash equivalents at en $ 3,604
2020 2019

$ 6,833 $ 6,230

1,290 1,189
221 189
128 —
55 —
5 222
— —
27 —
— (51)

359 107
(451) 378
74 (622)
(372) (1,098)
491 563
(19) (151)
(1,197) 81
739 274
8,183 7,311

(1,766) (1,484)
(282) —
38 243
(2,010) (1,241)

— (600)
1,131 —
(1,650) (900)
(1,100) (1,200)
(2,764) (2,556)

(144) (72)
 (4,527) (5,328)
1,646 742
1,514 772
$ 3,160 $ 1,514
Consolidated Statements of Equity

Common   Additional  Paid-In
Stock Capital
Balance at December 31, 2018 $ 281 $—
Net earnings — —
Other comprehensive loss, net o— —
Repurchases of common stock (4) (483)
Dividends declared ($9.00 per s — —
Stock-based awards, ESOP activi 3 483

Net decrease in noncontrolling i — —

Balance at December 31, 2019 $ 280 $—
Net earnings — —
Other comprehensive loss, net o— —
Repurchases of common stock (3) (256)
Dividends declared ($9.80 per s — —
Stock-based awards, ESOP activi 2 477

Net decrease in noncontrolling i — —

Balance at December 31, 2020 $ 279 $ 221
Net earnings — —
Other comprehensive loss, net o— —
Repurchases of common stock (9) (671)
Dividends declared ($10.60 per — —
Stock-based awards, ESOP activi 1 544
Net decrease in noncontrolling i — —
Balance at December 31, 2021 $ 271 $ 94
 Accumulated
Other
Retained Comprehensive 
Earnings Loss
$ 15,434 ($14,321)
6,230 —
— (1,233)
(713) —
(2,550) —
— —

— —
$ 18,401 ($15,554)
6,833 —
— (567)
(841) —
(2,757) —
— —

— —
$ 21,636 ($16,121)
6,315 —
— 5,115
(3,407) —
(2,944) —
— —
— —
$ 21,600 ($11,006)
Total Noncontrolling
Stockholders’ Interests in
Equity Subsidiary
$ 1,394 $ 55
6,230 —
(1,233) —
(1,200) —
(2,550) —
486 —

— (11)
$ 3,127 $ 44
6,833 —
(567) —
(1,100) —
(2,757) —
479 —

— (21)
$ 6,015 $ 23
6,315 —
5,115 —
(4,087) —
(2,944) —
545 —
— (23)
$ 10,959 $—
Total
Equity
$ 1,449
6,230
(1,233)
(1,200)
(2,550)
486

(11)
$ 3,171
6,833
(567)
(1,100)
(2,757)
479

(21)
$ 6,038
6,315
5,115
(4,087)
(2,944)
545
(23)
$ 10,959
Note 3 Earnings Per Share

2021
Weighted average common share 276.40
Weighted average dilutive effec 1.00
Weighted average common share 277.40
2020 2019
280.00 282.00
1.20 1.80
281.20 283.80
Summary Operating Results

2021
Net sales
Aeronautics $ 26,748
Missiles and Fire Control 11,693
Rotary and Mission Systems 16,789
Space 11,814
Total net sales $ 67,044
Operating profit
Aeronautics $ 2,799
Missiles and Fire Control 1,648
Rotary and Mission Systems 1,798
Space 1,134
Total business segment operatin 7,379
Unallocated items
FAS/CAS operating adjustment 1,960
Stock-based compensation (227)
Severance and restructuring char (36)
Other, net (b) 47
Total unallocated, net 1,744
Total consolidated operating pro $ 9,123
2020 2019

$ 26,266 $ 23,693
11,257 10,131
15,995 15,128
11,880 10,860
$ 65,398 $ 59,812

$ 2,843 $ 2,521
1,545 1,441
1,615 1,421
1,149 1,191
7,152 6,574

1,876 2,049
(221) (189)
(27) —
(136) 111
1,492 1,971
$ 8,644 $ 8,545
FAS/CAS Operating Adjustment

2021
Total FAS (expense) income and
FAS pension (expense) income ($1,398)
Less: CAS pension cost 2,066
Net FAS/CAS pension adjustmen $ 668

Service and non-service cost rec

FAS pension service cost ($106)
Less: CAS pension cost 2,066
FAS/CAS operating adjustment 1,960
Non-service FAS pension (expen (1,292)
Net FAS/CAS pension adjustmen $ 668
2020 2019

$ 118 ($1,093)
1,977 2,565
$ 2,095 $ 1,472

($101) ($516)
1,977 2,565
1,876 2,049
219 (577)
$ 2,095 $ 1,472
Intersegment Sales

2021
Intersegment sales
Aeronautics $ 219
Missiles and Fire Control 618
Rotary and Mission Systems 1,895
Space 360
Total intersegment sales $ 3,092
2020 2019

$ 243 $ 217
562 515
1,903 1,872
377 352
$ 3,085 $ 2,956
Dissaggregation of Net Sales

2021
Aeronautics
Net sales
Products $ 22,631
Services 4,117
Total net sales $ 26,748
Net sales by contract type
Fixed-price $ 19,734
Cost-reimbursable 7,014
Total net sales $ 26,748
Net sales by customer
U.S. Government $ 17,262
International (a) 9,403
U.S. commercial and other 83
Total net sales $ 26,748
Net sales by geographic region
United States $ 17,345
Europe 3,973
Asia Pacific 3,644
Middle East 1,351
Other 435
Total net sales $ 26,748
MFC RMS

$ 10,269 $ 13,483
1,424 3,306
$ 11,693 $ 16,789

$ 8,079 $ 11,125
3,614 5,664
$ 11,693 $ 16,789

$ 8,341 $ 11,736
3,346 4,719
6 334
$ 11,693 $ 16,789

$ 8,347 $ 12,070
910 909
292 2,178
2,066 827
78 805
$ 11,693 $ 16,789
Space

$ 10,052
1,762
$ 11,814

$ 2,671
9,143
$ 11,814

$ 10,811
971
32
$ 11,814

$ 10,843
968
(6)
9
—
$ 11,814
Total

$ 56,435
10,609
$ 67,044

$ 41,609
25,435
$ 67,044

$ 48,150
18,439
455
$ 67,044

$ 48,605
6,760
6,108
4,253
1,318
$ 67,044
 2020
Aeronautics
Net sales
Products $ 22,327
Services 3,939
Total net sales $ 26,266
Net sales by contract type
Fixed-price $ 18,477
Cost-reimbursable 7,789
Total net sales $ 26,266
Net sales by customer
U.S. Government $ 18,175
International (a) 8,012
U.S. commercial and other 79
Total net sales $ 26,266
Net sales by geographic region
United States $ 18,254
Europe 3,283
Asia Pacific 3,162
Middle East 1,344
Other 223
Total net sales $ 26,266
MFC RMS

$ 9,804 $ 12,748
1,453 3,247
$ 11,257 $ 15,995

$ 7,587 $ 10,795
3,670 5,200
$ 11,257 $ 15,995

$ 8,404 $ 11,596
2,842 3,986
11 413
$ 11,257 $ 15,995

$ 8,415 $ 12,009
767 806
280 1,666
1,749 847
46 667
$ 11,257 $ 15,995
Space

$ 10,049
1,831
$ 11,880

$ 2,247
9,633
$ 11,880

$ 10,293
1,546
41
$ 11,880

$ 10,334
1,478
68
—
—
$ 11,880
Total

$ 54,928
10,470
$ 65,398

$ 39,106
26,292
$ 65,398

$ 48,468
16,386
544
$ 65,398

$ 49,012
6,334
5,176
3,940
936
$ 65,398
 2019
Aeronautics
Net sales
Products $ 20,319
Services 3,374
Total net sales $ 23,693
Net sales by contract type
Fixed-price $ 17,239
Cost-reimbursable 6,454
Total net sales $ 23,693
Net sales by customer
U.S. Government $ 14,776
International (a) 8,733
U.S. commercial and other 184
Total net sales $ 23,693
Net sales by geographic region
United States $ 14,960
Europe 3,224
Asia Pacific 3,882
Middle East 1,465
Other 162
Total net sales $ 23,693
MFC RMS

$ 8,424 $ 12,206
1,707 2,922
$ 10,131 $ 15,128

$ 6,449 $ 10,382
3,682 4,746
$ 10,131 $ 15,128

$ 7,524 $ 10,803
2,465 3,822
142 503
$ 10,131 $ 15,128

$ 7,666 $ 11,306
516 769
420 1,451
1,481 979
48 623
$ 10,131 $ 15,128
Space

$ 9,104
1,756
$ 10,860

$ 2,135
8,725
$ 10,860

$ 9,322
1,511
27
$ 10,860

$ 9,349
1,419
73
19
—
$ 10,860
Total

$ 50,053
9,759
$ 59,812

$ 36,205
23,607
$ 59,812

$ 42,425
16,531
856
$ 59,812

$ 43,281
5,928
5,826
3,944
833
$ 59,812
Capital Expenditures, PP&E Depreciation and Software Amortiza

2021
Capital expenditures
Aeronautics $ 477
Missiles and Fire Control 304
Rotary and Mission Systems 279
Space 305
Total business segment capital 1,365
Corporate activities 157
Total capital expenditures $ 1,522
PP&E depreciation and software
Aeronautics $ 348
Missiles and Fire Control 153
Rotary and Mission Systems 250
Space 205
Total business segment depreci 956
Corporate activities 123
Total depreciation and amortiza $ 1,079
Amortization of purchased inta
Aeronautics $ 1
Missiles and Fire Control 2
Rotary and Mission Systems 232
Space 50
Total amortization of purchased $ 285
2020 2019

$ 534 $ 526
391 300
311 272
403 258
1,639 1,356
127 128
$ 1,766 $ 1,484

$ 348 $ 318
136 122
244 232
182 164
910 836
109 70
$ 1,019 $ 906

$— $—
2 2
232 232
37 50
$ 271 $ 284
Assets

2021
Assets
Aeronautics $ 10,756
Missiles and Fire Control 5,243
Rotary and Mission Systems 17,664
Space 6,199
Total business segment assets 39,862
Corporate assets (a) 11,011
Total assets $ 50,873
2020

$ 9,903
4,966
18,035
6,451
39,355
11,355
$ 50,710
Note 5 Receivables, net, Contract Assets and Contract Liabiliti

2021
Receivables, net $ 1,963
Contract assets 10,579
Contract liabilities 8,107
2020
$ 1,978
9,545
7,545
Note 6 Inventories

2021
Materials, spares and supplies $ 624
Work-in-process 2,163
Finished goods 194
Total inventories $ 2,981
2020
$ 612
2,693
240
$ 3,545
Note 7 Property, Plant and Equipment, net

2021
Land $ 144
Buildings 8,003
Machinery and equipment 9,053
Construction in progress 1,900
Total property, plant and equi 19,100
Less: accumulated depreciation (11,503)
Total property, plant and equip $ 7,597
2020
$ 142
7,425
8,661
1,921
18,149
(10,936)
$ 7,213
Note 8 Goodwill and Acquired Intangibles

Aeronautics
Balance at December 31, 2019 $ 171

Acquisitions 16
Other —
Balance at December 31, 2020 187
Acquisitions —
Other —
Balance at December 31, 2021 $ 187
MFC RMS
$ 2,089 $ 6,758

— —
2 10
2,091 6,768
— —
(1) (9)
$ 2,090 $ 6,759
Space
$ 1,586

173
1
1,760
17
—
$ 1,777
Total
$ 10,604

189
13
10,806
17
(10)
$ 10,813
 2021
Gross
Carrying
Amount
Finite-Lived:
Customer programs $ 3,184
Customer relationships 120
Other 76
Total finite-lived intangibles 3,380
Indefinite-Lived:
Trademark 887
Total acquired intangibles $ 4,267
Accumulated
Amortization

($1,431)
(96)
(34)
(1,561)

—
($1,561)
Net
Carrying
Amount

$ 1,753
24
42
1,819

887
$ 2,706
2020
Gross
Carrying Accumulated
Amount Amortization

$ 3,184 ($1,199)
366 (287)
85 (24)
3,635 (1,510)

887 —
$ 4,522 ($1,510)
Net
Carrying
Amount

$ 1,985
79
61
2,125

887
$ 3,012
Note 9 Leases

Total 2022
Operating leases $ 1,566 $ 325
Less: imputed interest 140
Total $ 1,426
2022 2023
$ 325 $ 225
2024 2025
$ 196 $ 151
2026 Thereafter
$ 108 $ 561
Thereafter
$ 561
Income Tax Provisions

2021
Federal income tax expense (ben
Current $ 1,325

Deferred (194)
Total federal income tax expen 1,131
Foreign income tax expense (ben
Current 93
Deferred 11
Total foreign income tax expen 104
Total federal and foreign incom $ 1,235
2020 2019

$ 1,292 $ 698

21 235
1,313 933

50 91
(16) (13)
34 78
$ 1,347 $ 1,011
 2021
Amount
Income tax expense at the U.S. f $ 1,585
Foreign derived intangible inco (170)
Research and development tax c (118)
Tax deductible dividends (65)
Excess tax benefits for stock-b (28)
Other, net (a) 31
Income tax expense $ 1,235
 2020
Rate Amount
21.0% $ 1,729
(2.30) (170)
(1.60) (97)
(0.90) (64)
(0.40) (52)
0.60 1
16.4% $ 1,347
Rate
21.0%
(2.10)
(1.20)
(0.80)
(0.60)
0.10
16.4%
2019
Amount Rate
$ 1,521 21.0%
(122) (1.70)
(148) (2.00)
(62) (0.90)
(63) (0.90)
(115) (1.50)
$ 1,011 14.0%
Deferred Income Taxes

2021
Deferred tax assets related to:
Pensions $ 1,985
Accrued compensation and bene 957
Contract accounting methods 470
Foreign company operating losse 40
Other (a) 473
Valuation allowance (15)
Deferred tax assets, net 3,910
Deferred tax liabilities related to
Goodwill and intangible assets 401
Property, plant and equipment 518
Exchanged debt securities and ot 709
Deferred tax liabilities 1,628
Net deferred tax assets $ 2,282
2020

$ 2,994
926
392
51
509
(13)
4,859

363
481
547
1,391
$ 3,468
Note 11 Debt

2021
Notes
3.35% due 2021 $—
3.10% due 2023 500
2.90% due 2025 750
3.55% due 2026 2,000
1.85% due 2030 400
3.60% due 2035 500
4.50% and 6.15% due 2036 1,054
4.07% due 2042 1,336
3.80% due 2045 1,000
4.70% due 2046 1,326
2.80% due 2050 750
4.09% due 2052 1,578
Other notes with rates from 4.8 1,605
Total debt 12,799
Less: unamortized discounts and (1,123)
Total debt, net 11,676
Less: current portion (6)
Long-term debt, net $ 11,670
2020

$ 500
500
750
2,000
400
500
1,054
1,336
1,000
1,326
750
1,578
1,605
13,299
(1,130)
12,169
(500)
$ 11,669
FAS Expense (Income)

Qualified Defined
Benefit Pension Plans
2021
Operating:
Service cost $ 106
Non-operating:
Interest cost 1,220
Expected return on plan assets (2,146)
Recognized net actuarial losses ( 902
Amortization of net prior service (349)
Settlement charge 1,665
Non-service FAS pension expens 1,292
Net periodic benefit expense (i $ 1,398
2020 2019

$ 101 $ 516

1,538 1,806
(2,264) (2,300)
849 1,404
(342) (333)
— —
(219) 577
($118) $ 1,093
Retiree Medical and
Life Insurance Plans
2021

$ 13

53
(141)
—
37
—
(51)
($38)
2020 2019

$ 13 $ 14

70 97
(127) (110)
(4) 2
39 42
— —
(22) 31
($9) $ 45
2019

$ 14

97
(110)
2
42
—
31
$ 45
Funded Status

Qualified Defined 
Benefit Pension Plans
2021
Change in benefit obligation
Beginning balance   (a) $ 51,352
Service cost 106
Interest cost 1,220
Actuarial (gains) losses (b) (2,045)
Settlements (c) (4,885)
Plan amendments and curtailme 2
Benefits paid (2,303)
Medicare Part D subsidy —

Participants’ contributions —
Ending balance (a) $ 43,447
Change in plan assets
Beginning balance at fair value $ 38,481
Actual return on plan assets (d) 3,899
Settlements   (c) (4,885)
Benefits paid (2,303)
Company contributions —
Medicare Part D subsidy —
Participants’ contributions —
Ending balance at fair value $ 35,192
Unfunded status of the plans ($8,255)
2020

$ 48,674
101
1,538
4,610
(1,392)
9
(2,188)
—

—
$ 51,352

$ 35,442
5,594
(1,392)
(2,188)
1,025
—
—
$ 38,481
($12,871)
Retiree Medical and
Life Insurance Plans
2021 2020

$ 2,271 $ 2,226
13 13
53 70
(352) 117
— —
— (8)
(217) (220)
4 3

67 70
$ 1,839 $ 2,271

$ 2,085 $ 1,889
224 298
— —
(217) (220)
6 45
4 3
67 70
$ 2,169 $ 2,085
$ 330 ($186)
 Qualified Defined 
Benefit Pension Plans
2021
Other noncurrent assets $ 64
Accrued pension liabilities (8,319)
Other noncurrent liabilities —
Net (unfunded) funded status of ($8,255)
2020
$ 3
(12,874)
—
($12,871)
Retiree Medical and
Life Insurance Plans
2021 2020
$ 330 $—
— —
— (186)
$ 330 ($186)

Accumulated other comprehensive
Net actuarial losses
Prior service (credit) cost
Total
Estimated tax
Net amount recognized in accum
Qualified Defined 
Benefit Pension Plans
2021
$ 14,675
(884)
$ 13,791
(2,947)
$ 10,844
2020

$ 21,040
(1,235)
$ 19,805
(4,230)
$ 15,575
Retiree Medical and
Life Insurance Plans
2021 2020

($554) ($119)
36 73
($518) ($46)
110 9
($408) ($37)
 Incurred but Not Yet
Recognized in
FAS Expense
2021
gains (losses)
Actuarial gains and losses
Qualified defined benefit pensio $ 2,987
Retiree medical and life insuran 342
Other plans 76
3,405
credit (cost)
Net prior service credit and cos
Qualified defined benefit pensio (1)
Retiree medical and life insuran —
Other plans —
(1)
$ 3,404
2020 2019

($1,005) ($2,283)
43 238
(104) (133)
(1,066) (2,178)

(7) (8)
6 4
— —
(1) (4)
($1,067) ($2,182)
Recognition of
Previously
Deferred Amounts
2021
(gains) losses

$ 2,019
—
24
2,043
(credit) cost

(274)
29
(11)
(256)
$ 1,787
2020 2019

$ 668 $ 1,104
(3) 2
24 42
689 1,148

(269) (263)
30 33
(10) (10)
(249) (240)
$ 440 $ 908
2019

$ 1,104
2
42
1,148

(263)
33
(10)
(240)
$ 908
Assumptions Used to Determine Benefit Obligations and FAS E

Qualified Defined Benefit
Pension Plans
2021
Weighted average discount rate 2.875%
Expected long-term rate of retu 6.50%
Health care trend rate assumed
Ultimate health care trend rate
Year ultimate health care trend
2020 2019
2.500% 3.250%
7.00% 7.00%
Retiree Medical and
Life Insurance Plans
2021
2.750%
6.50%
7.50%
4.50%
2,034
2020 2019
2.375% 3.250%
7.00% 7.00%
7.75% 8.00%
4.50% 4.50%
2,034 2,0
2019
3.250%
7.00%
8.00%
4.50%
2,034
Plan Assets

Asset Allocation
Asset Class Ranges
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 0-15%
 December 31, 2021
Total Level 1
Investments measured at fair v
Cash and cash equivalents (a) $ 991 $ 991
Equity (a) :
U.S. equity securities 6,479 6,444
International equity securities 4,882 4,880
Commingled equity funds 869 36
Fixed income (a) :
Corporate debt securities 6,397 —
U.S. Government securities 2,864 —
U.S. Government-sponsored ente 228 —
Other fixed income investments 4,736 49
Total $ 27,446 $ 12,400
Investments measured at NAV
Commingled equity funds 130
Other fixed income investments 701
Private equity funds 5,386
Real estate funds 3,059
Hedge funds 556
Total investments measured at 9,832
Receivables, net 83
Total $ 37,361
Level 1 Level 2

$ 991 $—

6,444 5
4,880 —
36 833

— 6,295
— 2,864
— 228
49 3,071
$ 12,400 $ 13,296
Level 3

$—

30
2
—

102
—
—
1,616
$ 1,750
December 31, 2020
Total Level 1

$ 1,109 $ 1,109

7,535 7,467
6,844 6,836
1,671 442

5,732 —
2,506 —
230 —
5,873 37
$ 31,500 $ 15,891

92
541
4,672
2,650
1,111
9,066
—
$ 40,566
Level 2 Level 3

$— $—

8 60
— 8
1,228 1

5,730 2
2,506 —
230 —
4,063 1,773
$ 13,765 $ 1,844
Contributions and Expected Benefit Payments

2022
Qualified defined benefit pensio $ 1,980
Retiree medical and life insuran 140
2023 2024
$ 2,080 $ 2,160
140 140
2025
$ 2,230
130
2026 2027 – 2031
$ 2,290 $ 11,700
130 570
Accumulated Other Comprehensive Loss

Postretirement   Benefit Plans (a)

Balance at December 31, 2018 ($14,254)
Other comprehensive (loss) inco (2,182)
Amounts reclassified from AOCL
Recognition of net actuarial loss 1,148
Amortization of net prior service (240)
Other —
Total reclassified from AOCL 908
Total other comprehensive (los (1,274)

Balance at December 31, 2019 (15,528)

Other comprehensive (loss) inco (1,067)
Amounts reclassified from AOCL
Recognition of net actuarial loss 689
Amortization of net prior service (249)
Other —
Total reclassified from AOCL 440
Total other comprehensive (los (627)
Balance at December 31, 2020 (16,155)
Other comprehensive income befo 3,404
Amounts reclassified from AOCL
Pension settlement charge (b) 1,310
Recognition of net actuarial loss 733
Amortization of net prior service (256)
Other —
Total reclassified from AOCL 1,787
Total other comprehensive inco 5,191
Balance at December 31, 2021 ($10,964)
Other, net AOCL
($67) ($14,321)
18 (2,164)

— 1,148
— (240)
23 23
23 931
41 (1,233)

(26) (15,554)
56 (1,011)

— 689
— (249)
4 4
4 444
60 (567)
34 (16,121)
(85) 3,319

1,310
— 733
— (256)
9 9
9 1,796
(76) 5,115
($42) ($11,006)
RSUs

Number
of RSUs
(In thousands)

Nonvested at December 31, 202 733

Granted 612
Vested (500)
Forfeited (35)
Nonvested at December 31, 202 810
Weighted Average
Grant-Date Fair
Value Per Share

$ 348.60
341.76
345.73
344.81
$ 345.37
Note 16 Fair Value Measurements

December 31, 2021

Total
Assets
Mutual funds $ 1,434
U.S. Government securities 121
Other securities 684
Derivatives 15
Liabilities
Derivatives 60
Assets measured at NAV
Other commingled funds 20
Level 1 Level 2

$ 1,434 $—
— 121
492 192
— 15

— 60
December 31, 2020
Total

$ 1,335
92
555
52

22

20
Level 1 Level 2

$ 1,335 $—
— 92
341 214
— 52

— 22
Summary Compensation

Plan category Number of securities to be issued upon exercise of outstanding options, war
Equity compensation plans appro 2,431,610
Equity compensation plans not approved by    security holders (2) 626,769
Total 3,058,379
e of outstanding options,Weighted-average
warrants and rights
exercise
(a) priceNumber
of outstanding
of securities
options,
remaining
warrants
available
and rights
for (b)
future issuance under equity com
$ 82.50 7,452,708
— 2,478,905
$ 82.50 9,931,613
re issuance under equity compensation plans (excluding securities reflected in column (a)) (c)
PART IV

Page
Consolidated Statements of Earnings – Years ended December 31,
66 2021, 2020 and 2019
Consolidated Statements of Comprehensive Income – Years ended
67 December 31, 2021, 2020 and 2019
Consolidated Balance Sheets – At December 31, 2021 and 2020
68
Consolidated Statements of Cash Flows – Years ended December 31,
69 2021, 2020 and 2019
Consolidated Statements of Equity – Years ended December 31,
70 2021, 2020 and 2019
Notes to Consolidated Financial 71
10.17 Form of Retention Restricted St

10.18 Form of 2020 Annual Restricted

10.19 Form of Performance Stock Unit

10.20 Form of Long Term Incentive Pe

10.21 Lockheed Martin Corporation 202

10.22 Form of 2020 Annual Restricted

10.23 Form of Performance Stock Unit

10.24 Form of Long Term Incentive Pe

10.25 CEO New Hire Restricted Stock U

10.26 Form of 2021 Annual Restricted

10.27 Form of Performance Stock Unit

10.28 Form of Long Term Incentive Pe

10.29 Amendment to Outstanding Long-

10.30 Amendment to Outstanding Long-

10.31 Amendment to Outstanding Long-

10.32 Lockheed Martin Corporation Con

10.33 Lockheed Martin Corporation Exe

10.34 Amendment No. 1 to Lockheed Mar

Signatures
/s/ James D. Taiclet
James D. Taiclet
/s/ John W. Mollard
John W. Mollard
/s/ Brian P. Colan
Brian P. Colan
*
Daniel F. Akerson
*
David B. Burritt
*
Bruce A. Carlson
*
John M. Donovan
*
Joseph F. Dunford, Jr.
*
James O. Ellis, Jr.
*
Thomas J. Falk
*
Ilene S. Gordon
*
Vicki A. Hollub
*
Jeh C. Johnson
*
Debra L. Reed-Klages
*
Patricia E. Yarrington
Titles Date
Chairman, President and Chief Ex January 25, 2022

Acting Chief Financial Officer (Pr January 25, 2022

Vice President, Controller, and Chief Accounting Officer (PrincipalJanuary

Accounting
25, 2022
Officer)

Director January 25, 2022

Director January 25, 2022

Director January 25, 2022

Director January 25, 2022

Director January 25, 2022

Director January 25, 2022

Director January 25, 2022

Director January 25, 2022

Director January 25, 2022

Director January 25, 2022

Director January 25, 2022

Director January 25, 2022

5, 2022

5, 2022

5, 2022

5, 2022

5, 2022

5, 2022

5, 2022

5, 2022

5, 2022

5, 2022

5, 2022

5, 2022

5, 2022

5, 2022

5, 2022
Subsidiaries of Lockheed Martin Corporation

Name of Subsidiary Place of Formation

Helicopter Support, Inc. Connecticut
Lockheed Martin Aerospace Syst Delaware
Lockheed Martin Australia Pty L Australia
Lockheed Martin Canada Inc. Canada
Lockheed Martin Global, Inc. Delaware
Lockheed Martin Investments In Delaware
Lockheed Martin Overseas, LLC Delaware
Lockheed Martin UK Ampthill Li United Kingdom
Lockheed Martin UK Limited United Kingdom
Polskie Zaklady Lotnicze Sp. Zo. Poland
Sikorsky Aircraft Corporation Delaware
Sikorsky International Operations Delaware
Zeta Associates, Inc. Virginia
LOCKHEED MARTIN CORPORATION

/s/ Daniel F. Akerson

DANIEL F. AKERSON Director
LOCKHEED MARTIN CORPORATION

/s/ David B. Burritt

DAVID B. BURRITT
Director
LOCKHEED MARTIN CORPORATION

/s/ Bruce A. Carlson

BRUCE A. CARLSON
Director
LOCKHEED MARTIN CORPORATION

/s/ John M. Donovan

JOHN M. DONOVAN
Director
LOCKHEED MARTIN CORPORATION

/s/ Joseph F. Dunford, Jr.

JOSEPH F. DUNFORD, JR.

Director
LOCKHEED MARTIN CORPORATION

/s/ James O. Ellis, Jr.

JAMES O. ELLIS, JR.

Director
LOCKHEED MARTIN CORPORATION

/s/ Thomas J. Falk

THOMAS J. FALK
Director
LOCKHEED MARTIN CORPORATION

/s/ Ilene S. Gordon

ILENE S. GORDON
Director
LOCKHEED MARTIN CORPORATION

/s/ Vicki A. Hollub

VICKI A. HOLLUB
Director
LOCKHEED MARTIN CORPORATION

/s/ Jeh C. Johnson

JEH C. JOHNSON
Director
LOCKHEED MARTIN CORPORATION

/s/ Debra L. Reed-Klages

DEBRA L. REED-KLAGES
Director
LOCKHEED MARTIN CORPORATION

/s/ Patricia E. Yarrington

PATRICIA E. YARRINGTON
Director
CERTIFICATION OF JAMES D. TAICLET PURSUANT TO

/s/ James D. Taiclet

James D. Taiclet
Chief Executive Officer
Date: January 25, 2022
CERTIFICATION OF JOHN W. MOLLARD PURSUANT TO

/s/ John W. Mollard

John W. Mollard
Acting Chief Financial Officer
Date: January 25, 2022
CERTIFICATION OF JAMES D. TAICLET AND JOHN W. MOLLARD P

/s/ James D. Taiclet

James D. Taiclet
Chief Executive Officer

/s/ John W. Mollard

John W. Mollard
Acting Chief Financial Officer