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INFORMATION ON BUSINESS SEGMENTS (Tables) | 3 Months Ended
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Mar. 27, 2022
Segment Reporting [Abstract] |
Summary of Operating Results and Total Assets for Each Business Segment | Summary operating results for each of our business segments were as follows (in millions):
|  |  | Quarters Ended
|  |  |  |  | March 27, 2022 |  | March 28, 2021
Net sales |  |  |  |  |  |  |  |  |  |  |
Aeronautics |  |  |  |  |  |  | $ | 6,401 |  |  |  | $ | 6,387 |  |
Missiles and Fire Control |  |  |  |  |  |  | 2,452 |  |  |  | 2,749 |  |
Rotary and Mission Systems |  |  |  |  |  |  | 3,552 |  |  |  | 4,107 |  |
Space |  |  |  |  |  |  | 2,559 |  |  |  | 3,015 |  |
Total net sales |  |  |  |  |  |  | $ | 14,964 |  |  |  | $ | 16,258 |  |
Operating profit |  |  |  |  |  |  |  |  |  |  |
Aeronautics |  |  |  |  |  |  | $ | 679 |  |  |  | $ | 693 |  |
Missiles and Fire Control |  |  |  |  |  |  | 384 |  |  |  | 396 |  |
Rotary and Mission Systems |  |  |  |  |  |  | 348 |  |  |  | 433 |  |
Space |  |  |  |  |  |  | 245 |  |  |  | 227 |  |
Total business segment operating profit |  |  |  |  |  |  | 1,656 |  |  |  | 1,749 |  |
Unallocated items |  |  |  |  |  |  |  |  |  |  |
FAS/CAS pension operating adjustment |  |  |  |  |  |  | 426 |  |  |  | 489 |  |
Severance and restructuring charges |  |  |  |  |  |  | — |  |  |  | (36) |  |
Other, net |  |  |  |  |  |  | (149) |  |  |  | (20) |  |
Total unallocated items |  |  |  |  |  |  | 277 |  |  |  | 433 |  |
Total consolidated operating profit |  |  |  |  |  |  | $ | 1,933 |  |  |  | $ | 2,182 |  |
Intersegment sales |  |  |  |  |  |  |  |  |  |  |
Aeronautics |  |  |  |  |  |  | $ | 60 |  |  |  | $ | 53 |  |
Missiles and Fire Control |  |  |  |  |  |  | 156 |  |  |  | 129 |  |
Rotary and Mission Systems |  |  |  |  |  |  | 455 |  |  |  | 478 |  |
Space |  |  |  |  |  |  | 83 |  |  |  | 82 |  |
Total intersegment sales |  |  |  |  |  |  | $ | 754 |  |  |  | $ | 742 |  |
Amortization of purchased intangibles |  |  |  |  |  |  |  |  |  |  |
Aeronautics |  |  |  |  |  |  | $ | — |  |  |  | $ | — |  |
Missiles and Fire Control |  |  |  |  |  |  | (1) |  |  |  | (1) |  |
Rotary and Mission Systems |  |  |  |  |  |  | (58) |  |  |  | (58) |  |
Space |  |  |  |  |  |  | (3) |  |  |  | (22) |  |
Total amortization of purchased intangibles |  |  |  |  |  |  | $ | (62) |  |  |  | $ | (81) |  |
Total FAS/CAS pension adjustment for the quarters ended March 27, 2022 and March 28, 2021, including the service and non-service cost components of FAS pension (expense) income for our qualified defined benefit pension plans, were as follows (in millions):
|  |  | Quarters Ended |
|  |  |  |  | March 27, 2022 |  | March 28, 2021 |
Total FAS income and CAS cost |  |  |  |  |  |  |  |  |  |  |  |
Total FAS pension income |  |  |  |  |  |  |  | $ | 116 |  |  |  | $ | 66 |  |
Less: CAS pension cost |  |  |  |  |  |  |  | 450 |  |  |  | 516 |  |
Total FAS/CAS pension adjustment |  |  |  |  |  |  |  | $ | 566 |  |  |  | $ | 582 |  |
Service and non-service cost reconciliation |  |  |  |  |  |  |  |  |  |  |
FAS pension service cost |  |  |  |  |  |  |  | $ | (24) |  |  |  | $ | (27) |  |
Less: CAS pension cost |  |  |  |  |  |  |  | 450 |  |  |  | 516 |  |
Total FAS/CAS pension operating adjustment |  |  |  |  |  |  |  | 426 |  |  |  | 489 |  |
Non-service FAS pension income |  |  |  |  |  |  |  | 140 |  |  |  | 93 |  |
Total FAS/CAS pension adjustment |  |  |  |  |  |  |  | $ | 566 |  |  |  | $ | 582 |  |
Net sales by products and services, contract type, customer, and geographic region were as follows (in millions):
|  | Quarter Ended March 27, 2022
|  | Aeronautics |  | MFC |  | RMS |  | Space |  | Total
Net sales |  |  |  |  |  |  |  |  |  |
Products |  | $ | 5,417 |  |  | $ | 2,173 |  |  | $ | 2,788 |  |  | $ | 2,116 |  |  | $ | 12,494 |
Services |  | 984 |  |  | 279 |  |  | 764 |  |  | 443 |  |  | 2,470 |
Total net sales |  | $ | 6,401 |  |  | $ | 2,452 |  |  | $ | 3,552 |  |  | $ | 2,559 |  |  | $ | 14,964 |
Net sales by contract type |  |  |  |  |  |  |  |  |  |
Fixed-price |  | $ | 4,686 |  |  | $ | 1,713 |  |  | $ | 2,218 |  |  | $ | 637 |  |  | $ | 9,254 |
Cost-reimbursable |  | 1,715 |  |  | 739 |  |  | 1,334 |  |  | 1,922 |  |  | 5,710 |
Total net sales |  | $ | 6,401 |  |  | $ | 2,452 |  |  | $ | 3,552 |  |  | $ | 2,559 |  |  | $ | 14,964 |
Net sales by customer |  |  |  |  |  |  |  |  |  |
U.S. Government |  | $ | 4,213 |  |  | $ | 1,595 |  |  | $ | 2,511 |  |  | $ | 2,516 |  |  | $ | 10,835 |
International (a) |  | 2,150 |  |  | 852 |  |  | 971 |  |  | 34 |  |  | 4,007 |
U.S. commercial and other |  | 38 |  |  | 5 |  |  | 70 |  |  | 9 |  |  | 122 |
Total net sales |  | $ | 6,401 |  |  | $ | 2,452 |  |  | $ | 3,552 |  |  | $ | 2,559 |  |  | $ | 14,964 |
Net sales by geographic region |  |  |  |  |  |  |  |  |  |
United States |  | $ | 4,251 |  |  | $ | 1,600 |  |  | $ | 2,581 |  |  | $ | 2,525 |  |  | $ | 10,957 |
Europe |  | 1,023 |  |  | 256 |  |  | 187 |  |  | 24 |  |  | 1,490 |
Asia Pacific |  | 721 |  |  | 106 |  |  | 432 |  |  | 7 |  |  | 1,266 |
Middle East |  | 262 |  |  | 465 |  |  | 176 |  |  | 3 |  |  | 906 |
Other |  | 144 |  |  | 25 |  |  | 176 |  |  | — |  |  | 345 |
Total net sales |  | $ | 6,401 |  |  | $ | 2,452 |  |  | $ | 3,552 |  |  | $ | 2,559 |  |  | $ | 14,964 |
|  | Quarter Ended March 28, 2021
|  | Aeronautics |  | MFC |  | RMS |  | Space |  | Total
Net sales |  |  |  |  |  |  |  |  |  |
Products |  | $ | 5,479 |  |  | $ | 2,410 |  |  | $ | 3,300 |  |  | $ | 2,564 |  |  | $ | 13,753 |
Services |  | 908 |  |  | 339 |  |  | 807 |  |  | 451 |  |  | 2,505 |
Total net sales |  | $ | 6,387 |  |  | $ | 2,749 |  |  | $ | 4,107 |  |  | $ | 3,015 |  |  | $ | 16,258 |
Net sales by contract type |  |  |  |  |  |  |  |  |  |
Fixed-price |  | $ | 4,734 |  |  | $ | 1,878 |  |  | $ | 2,677 |  |  | $ | 614 |  |  | $ | 9,903 |
Cost-reimbursable |  | 1,653 |  |  | 871 |  |  | 1,430 |  |  | 2,401 |  |  | 6,355 |
Total net sales |  | $ | 6,387 |  |  | $ | 2,749 |  |  | $ | 4,107 |  |  | $ | 3,015 |  |  | $ | 16,258 |
Net sales by customer |  |  |  |  |  |  |  |  |  |
U.S. Government |  | $ | 4,273 |  |  | $ | 2,041 |  |  | $ | 2,810 |  |  | $ | 2,551 |  |  | $ | 11,675 |
International (a) |  | 2,099 |  |  | 703 |  |  | 1,220 |  |  | 457 |  |  | 4,479 |
U.S. commercial and other |  | 15 |  |  | 5 |  |  | 77 |  |  | 7 |  |  | 104 |
Total net sales |  | $ | 6,387 |  |  | $ | 2,749 |  |  | $ | 4,107 |  |  | $ | 3,015 |  |  | $ | 16,258 |
Net sales by geographic region |  |  |  |  |  |  |  |  |  |
United States |  | $ | 4,288 |  |  | $ | 2,046 |  |  | $ | 2,887 |  |  | $ | 2,558 |  |  | $ | 11,779 |
Europe |  | 854 |  |  | 182 |  |  | 201 |  |  | 455 |  |  | 1,692 |
Asia Pacific |  | 893 |  |  | 51 |  |  | 650 |  |  | 2 |  |  | 1,596 |
Middle East |  | 284 |  |  | 458 |  |  | 170 |  |  | — |  |  | 912 |
Other |  | 68 |  |  | 12 |  |  | 199 |  |  | — |  |  | 279 |
Total net sales |  | $ | 6,387 |  |  | $ | 2,749 |  |  | $ | 4,107 |  |  | $ | 3,015 |  |  | $ | 16,258 |
(a)International sales include foreign military sales (FMS) contracted through the U.S. Government and direct commercial sales to international governments and other international customers. Total assets for each of our business segments were as follows (in millions):
|  | March 27, 2022 |  | December 31, 2021
Assets |  |  |  |  |  |
Aeronautics |  | $ | 12,232 |  |  |  | $ | 10,756 |  |
Missiles and Fire Control |  | 5,410 |  |  |  | 5,243 |  |
Rotary and Mission Systems |  | 17,569 |  |  |  | 17,664 |  |
Space |  | 6,315 |  |  |  | 6,199 |  |
Total business segment assets |  | 41,526 |  |  |  | 39,862 |  |
Corporate assets (a) |  | 9,984 |  |  |  | 11,011 |  |
Total assets |  | $ | 51,510 |  |  |  | $ | 50,873 |  |
(a)Corporate assets primarily include cash and cash equivalents, deferred income taxes, assets for the portion of environmental costs that are probable of future recovery, investments held in a separate trust and investments held in Lockheed Martin Ventures Fund.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
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