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INFORMATION ON BUSINESS SEGMENTS (Tables)

9 Months Ended

Sep. 25, 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															Nine Months Ended
						September 25, 2022									September 26, 2021						September 25, 2022									September 26, 2021
Net sales
Aeronautics						$	7,089								$	6,568					$	19,352								$	19,621
Missiles and Fire Control						2,831									2,781						8,030									8,474
Rotary and Mission Systems						3,781									3,980						11,345									12,329
Space						2,882									2,699						8,266									8,891
Total net sales						$	16,583								$	16,028					$	46,993								$	49,315
Operating profit
Aeronautics						$	759								$	714					$	2,050								$	1,979
Missiles and Fire Control						382									413						1,184									1,210
Rotary and Mission Systems						414									459						1,165									1,350
Space						301									264						814									826
Total business segment operating profit						1,856									1,850						5,213									5,365
Unallocated items
FAS/CAS pension operating adjustment						430									491						1,281									1,469
Severance and restructuring charges						—									—						—									(36)
Other, net						(127)									(47)						(439)									(130)
Total unallocated items						303									444						842									1,303
Total consolidated operating profit						$	2,159								$	2,294					$	6,055								$	6,668
Intersegment sales
Aeronautics						$	63								$	60					$	181								$	165
Missiles and Fire Control						146									153						463									449
Rotary and Mission Systems						503									455						1,411									1,381
Space						102									95						284									269
Total intersegment sales						$	814								$	763					$	2,339								$	2,264
Amortization of purchased intangibles
Aeronautics						$	—								$	—					$	(1)								$	(1)
Missiles and Fire Control						(1)									(1)						(2)									(2)
Rotary and Mission Systems						(58)									(58)						(174)									(174)
Space						(3)									(2)						(9)									(46)
Total amortization of purchased intangibles						$	(62)								$	(61)					$	(186)								$	(223)

The total FAS/CAS pension adjustment for the quarters and nine months ended September 25, 2022 and September 26, 2021, including the service and non-service cost components of FAS pension income (expense) for our qualified defined benefit pension plans, were as follows (in millions):

						Quarters Ended															Nine Months Ended
						September 25, 2022									September 26, 2021						September 25, 2022												September 26, 2021
Total FAS income (expense) and CAS cost
FAS pension income (expense)						$	91								$	(1,598)								$	(1,148)								$	(1,465)
Less: CAS pension cost						450									517									1,349									1,549
Total FAS/CAS pension adjustment						$	541								$	(1,081)								$	201								$	84
Service and non-service cost reconciliation
FAS pension service cost						$	(20)								$	(26)								$	(68)								$	(80)
Less: CAS pension cost						450									517									1,349									1,549
Total FAS/CAS pension operating adjustment						430									491									1,281									1,469
Non-service FAS pension income (expense)						111									(1,572)									(1,080)									(1,385)
Total FAS/CAS pension adjustment						$	541								$	(1,081)								$	201								$	84

Net sales by products and services, contract type, customer, and geographic region were as follows (in millions):

						Quarter Ended September 25, 2022
						Aeronautics						MFC						RMS						Space						Total
Net sales
Products						$	6,072					$	2,530					$	2,968					$	2,441					$	14,011
Services						1,017						301						813						441						2,572
Total net sales						$	7,089					$	2,831					$	3,781					$	2,882					$	16,583
Net sales by contract type
Fixed-price						$	5,217					$	2,005					$	2,436					$	722					$	10,380
Cost-reimbursable						1,872						826						1,345						2,160						6,203
Total net sales						$	7,089					$	2,831					$	3,781					$	2,882					$	16,583
Net sales by customer
U.S. Government						$	4,728					$	2,086					$	2,721					$	2,842					$	12,377
International (a)						2,326						744						1,002						34						4,106
U.S. commercial and other						35						1						58						6						100
Total net sales						$	7,089					$	2,831					$	3,781					$	2,882					$	16,583
Net sales by geographic region
United States						$	4,763					$	2,087					$	2,779					$	2,848					$	12,477
Europe						1,184						228						199						21						1,632
Asia Pacific						785						100						440						10						1,335
Middle East						255						374						181						3						813
Other						102						42						182						—						326
Total net sales						$	7,089					$	2,831					$	3,781					$	2,882					$	16,583

						Nine Months Ended September 25, 2022
						Aeronautics						MFC						RMS						Space						Total
Net sales
Products						$	16,293					$	7,147					$	8,906					$	6,920					$	39,266
Services						3,059						883						2,439						1,346						7,727
Total net sales						$	19,352					$	8,030					$	11,345					$	8,266					$	46,993
Net sales by contract type
Fixed-price						$	13,819					$	5,661					$	7,243					$	2,112					$	28,835
Cost-reimbursable						5,533						2,369						4,102						6,154						18,158
Total net sales						$	19,352					$	8,030					$	11,345					$	8,266					$	46,993
Net sales by customer
U.S. Government						$	12,904					$	5,605					$	8,017					$	8,144					$	34,670
International (a)						6,344						2,419						3,102						97						11,962
U.S. commercial and other						104						6						226						25						361
Total net sales						$	19,352					$	8,030					$	11,345					$	8,266					$	46,993
Net sales by geographic region
United States						$	13,008					$	5,611					$	8,243					$	8,169					$	35,031
Europe						3,052						746						564						65						4,427
Asia Pacific						2,211						313						1,425						23						3,972
Middle East						739						1,256						558						9						2,562
Other						342						104						555						—						1,001
Total net sales						$	19,352					$	8,030					$	11,345					$	8,266					$	46,993

						Quarter Ended September 26, 2021
						Aeronautics						MFC						RMS						Space						Total
Net sales
Products						$	5,573					$	2,429					$	3,201					$	2,272					$	13,475
Services						995						352						779						427						2,553
Total net sales						$	6,568					$	2,781					$	3,980					$	2,699					$	16,028
Net sales by contract type
Fixed-price						$	4,819					$	1,900					$	2,617					$	631					$	9,967
Cost-reimbursable						1,749						881						1,363						2,068						6,061
Total net sales						$	6,568					$	2,781					$	3,980					$	2,699					$	16,028
Net sales by customer
U.S. Government						$	4,312					$	1,938					$	2,838					$	2,671					$	11,759
International (a)						2,229						847						1,047						22						4,145
U.S. commercial and other						27						(4)						95						6						124
Total net sales						$	6,568					$	2,781					$	3,980					$	2,699					$	16,028
Net sales by geographic region
United States						$	4,339					$	1,934					$	2,933					$	2,677					$	11,883
Europe						910						226						213						32						1,381
Asia Pacific						890						81						409						(14)						1,366
Middle East						360						527						246						4						1,137
Other						69						13						179						—						261
Total net sales						$	6,568					$	2,781					$	3,980					$	2,699					$	16,028

						Nine Months Ended September 26, 2021
						Aeronautics						MFC						RMS						Space						Total
Net sales
Products						$	16,635					$	7,410					$	9,870					$	7,571					$	41,486
Services						2,986						1,064						2,459						1,320						7,829
Total net sales						$	19,621					$	8,474					$	12,329					$	8,891					$	49,315
Net sales by contract type
Fixed-price						$	14,473					$	5,769					$	8,096					$	1,890					$	30,228
Cost-reimbursable						5,148						2,705						4,233						7,001						19,087
Total net sales						$	19,621					$	8,474					$	12,329					$	8,891					$	49,315
Net sales by customer
U.S. Government						$	12,952					$	6,155					$	8,711					$	7,941					$	35,759
International (a)						6,611						2,316						3,384						926						13,237
U.S. commercial and other						58						3						234						24						319
Total net sales						$	19,621					$	8,474					$	12,329					$	8,891					$	49,315
Net sales by geographic region
United States						$	13,010					$	6,158					$	8,945					$	7,965					$	36,078
Europe						2,708						640						637						931						4,916
Asia Pacific						2,697						188						1,593						(10)						4,468
Middle East						955						1,452						593						5						3,005
Other						251						36						561						—						848
Total net sales						$	19,621					$	8,474					$	12,329					$	8,891					$	49,315

(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):

						September 25, 2022									December 31, 2021
Assets
Aeronautics						$	12,080								$	10,756
Missiles and Fire Control						5,560									5,243
Rotary and Mission Systems						17,792									17,664
Space						6,517									6,199
Total business segment assets						41,949									39,862
Corporate assets (a)						10,081									11,011
Total assets						$	52,030								$	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, property, plant and equipment, investments held in a separate trust for deferred compensation plans and investments held in the 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

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