<SEC-DOCUMENT>0000936468-24-000044.txt : 20240510
<SEC-HEADER>0000936468-24-000044.hdr.sgml : 20240510
<ACCEPTANCE-DATETIME>20240409084043
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000936468-24-000044
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240409

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LOCKHEED MARTIN CORP
		CENTRAL INDEX KEY:			0000936468
		STANDARD INDUSTRIAL CLASSIFICATION:	GUIDED MISSILES & SPACE VEHICLES & PARTS [3760]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				521893632
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		6801 ROCKLEDGE DR
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20817
		BUSINESS PHONE:		3018976000

	MAIL ADDRESS:	
		STREET 1:		6801 ROCKLEDGE DRIVE
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20817
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<title>Document</title></head><body><div id="id3e7c271ee0c4d41bf34114e62070156_1"></div><div style="min-height:114.48pt;width:100%"><div style="margin-bottom:10pt"><font><br></font></div></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:115%">Lockheed Martin Corporation </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:115%">6801 Rockledge Drive   Bethesda, MD 20817</font></div><div style="padding-left:252pt;text-align:right"><img alt="image_0a.jpg" src="image_0a.jpg" style="height:44px;margin-bottom:5pt;vertical-align:text-bottom;width:289px"></div><div><font><br></font></div><div style="padding-left:252pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">April 9, 2024</font></div><div style="padding-right:-4.5pt"><font><br></font></div><div style="padding-right:-4.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%;text-decoration:underline">Via EDGAR</font></div><div style="padding-right:-4.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Division of Corporation Finance</font></div><div style="padding-right:-4.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Office of Manufacturing</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">United States Securities and Exchange Commission</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">100 F Street, N.E.</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Washington, D.C. 20549</font></div><div style="padding-right:-4.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Attn&#58; Ms. Mindy Hooker and </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Mr. Kevin Stertzel</font></div><div><font><br></font></div><div style="margin-bottom:10pt"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Re&#58;&#160;&#160;&#160;&#160;Lockheed Martin Corporation</font></div><div style="padding-left:27pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Form 10-K for Fiscal Year Ended December 31, 2023</font></div><div style="padding-left:27pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Filed on January 23, 2024</font></div><div style="padding-left:27pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">File No. 001-11437</font></div><div><font><br></font></div><div style="padding-right:-4.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Dear Ms. Hooker and Mr. Stertzel&#58;</font></div><div style="padding-right:-4.5pt"><font><br></font></div><div style="text-indent:27.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">This letter responds to the comments of the Staff of the Division of Corporation Finance (the &#8220;Staff&#8221;) of the U.S. Securities and Exchange Commission (the &#8220;Commission&#8221;) regarding Lockheed Martin Corporation&#8217;s (&#8220;we&#8221; or the &#8220;Company&#8221;) Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the &#8220;2023 Form 10-K&#8221;), communicated in your letter dated March 28, 2024.  We appreciate the Staff&#8217;s comments aimed at enhancing our Management&#8217;s Discussion and Analysis (MD&#38;A) in our future filings. For convenience of reference, we have repeated the Staff&#8217;s original comments in bold text followed by our response.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;text-decoration:underline">Form 10-K for Fiscal Year Ended December 31, 2023</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;text-decoration:underline">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;text-decoration:underline">Geopolitical and Economic Environment, Page 30</font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:-36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">1.&#160;&#160;&#160;&#160;Your disclosure indicates that you continue to work to minimize the impact of supply chain challenges. In future filings, please describe the actions you have taken, or expect to take, to mitigate supply chain challenges. Additionally, we note that supply chain challenges have adversely impacted your performance and your 2023 financial results. To the extent there have been material impacts to your results of operations, revise future results of operations discussions to quantify such impacts.</font></div><div style="height:57.6pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:10pt"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:114.48pt;width:100%"><div><font><br></font></div></div><div style="padding-left:18pt;text-indent:27.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">We proactively manage our supply chain as part of our normal and recurring operations and at any given point in time we are taking actions with our supply chain to manage technical requirements, quality, delivery schedules, and prices, among other factors.  Our disclosures on page 14 of the 2023 Form 10-K describe some of the actions we take to manage our supply chain.  In future filings, beginning with our Form 10-Q for the first quarter of 2024, we will expand our disclosures describing the actions we have taken, or expect to take, to mitigate significant supply chain challenges.  Additionally, in future filings, beginning with our Form 10-Q for the first quarter of 2024, we will quantify the impacts of significant supply chain challenges to the extent such impacts are material to an understanding of our results of operations for the periods presented.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;text-decoration:underline">Business Segment Results of Operations, Page 36</font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:-36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">2.&#160;&#160;&#160;&#160;Your disclosures on pages 39 and 64 identify several factors which may favorably or unfavorably impact your profit booking rates while your discussion regarding cost of sales merely cites changes in profit booking rates as the primary reason for changes in cost of sales. In future filings revise your discussion to identify the contributing factors driving the profit booking rate adjustments and the material factors contributing to the changes in the profit booking rate in the periods presented.</font></div><div><font><br></font></div><div style="padding-left:18pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">As disclosed in the 2023 Form 10-K, profit booking rate adjustments are a normal and recurring result of using the percentage of completion method of accounting for substantially all of our contracts. Our disclosures on pages 64-65 of the 2023 Form 10-K describe profit adjustments that have materially impacted, or may materially impact, our results of operations (our disclosures on page 39 also cross reference the disclosures on pages 64-65).  In future filings, beginning with our Form 10-Q for the first quarter of 2024, we will expand our disclosures to identify the primary factor(s) contributing to material changes in profit booking rate adjustments reported for the periods presented.</font></div><div style="padding-left:18pt;text-indent:36pt"><font><br></font></div><div style="padding-left:9pt;padding-right:9pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">* * * * *</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:27pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If you have any questions or further comments, please contact me at the number provided under separate cover.</font></div><div><font><br></font></div><div style="padding-left:252pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Sincerely,</font></div><div style="padding-left:252pt"><font><br></font></div><div style="padding-left:252pt"><font><br></font></div><div style="padding-left:252pt"><font><br></font></div><div style="padding-left:252pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">H. Edward Paul, III</font></div><div style="padding-left:252pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Vice President and Controller</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">cc&#58;&#160;&#160;&#160;&#160;Jesus Malave, Chief Financial Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;John E. Stevens, Vice President, Associate General Counsel</font></div><div style="height:57.6pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:10pt"><font><br></font></div></div></div></body></html>
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