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Dear FellowStockholders:In 2021, Lockheed Martin positioned itself for long-termleadership with our customers to address new threats bybringing 21st Century digital world technologies to foster rapidinnovation in national defense, for driving digital transformationefficiencies throughout our own operations, and for opening upnew opportunities for future growth to benefit our shareholders.James D. TaicletOur work in 2021 built upon the vision we articulated in 2020 –Chairman, President and Chief Executive Officera vision to transform the future of the defense enterprise. Wemade strides in forming strategic partnerships with commercialtechnology companies to harness their innovation for the benefit of our customers. In turn, we augmented theability of our four business areas to deliver networked and interoperable solutions. And throughout the year, weshowed the power and potential of One Lockheed Martin in numerous multi-domain customer demonstrationsand exercises. In addition, we continued to fulfill our goal to modernize and streamline our operations byincorporating new digital tools and processes into every aspect of our products’ lifecycles – enhancing our speed,agility, insights, and competitiveness.We took strategic actions to prioritize value creation for our stockholders. The central tenet of our value creationstrategy is using a disciplined and dynamic capital allocation process. This includes reinvesting in our businessto meet our customers’ needs and to drive organic growth as demonstrated by 1.5 billion in capital expendituresand 1.5 billion of independent research and development spending in 2021. We expanded our commitment toreturn cash to stockholders, demonstrated by our increased dividend payout and share repurchase program.Thanks to our team members’ dedication and resilience in 2021, Lockheed Martin produced world-class productsand services across our business areas – from rotary- and fixed-wing aircraft to precision fires, integrated airand missile defense systems, radars, surveillance and reconnaissance, and state-of-the-art spacecraft. Wedrew upon the breadth and depth of Lockheed Martin’s industry-leading portfolio of interoperable platforms andsystems to enable customers’ Joint All-Domain Operations. And we also delivered more customer capabilitiesthrough our integration of emerging technologies such as autonomy, artificial intelligence, and directed energy.In the pages that follow, you will find more detail on the financial, operational, and strategic successes our teamdelivered last year.2021 FINANCIAL METRICS REFLECT SOLID PERFORMANCEIn 2021, we delivered solid results across all our key financial metrics, including: Sales of 67.0 billion, up 3% versus 2020Cash from Operations 9.2 billion 8.2 billion Segment operating profit* of 7.4 billion, up 3% versus 2020 Segment margin* of 11.0% Net earnings from continuing operations of approximately 6.3billion, after a noncash pension settlement charge of 1.7 billion( 1.3 billion, or 4.72/share, after tax) 7.3 billion Diluted earnings per share from continuing operations of 22.76201920202021 Orders of 53.4 billion and a year-end backlog of 135.4 billion
We returned 7 billion to shareholders in the year paying cash dividends of 2.9 billion and increased thequarterly dividend by 0.20 per share, or approximately 8%, in the third quarter to 2.80 per share or 11.20per share annually. We also made 4.1 billion in share repurchases.Like many other businesses in our industry and throughout the greater economy, supply chain disruptions –particularly during the second half of 2021 – adversely impacted our revenue. Our supply chain team workedquickly to assess the challenges and took swift actions to address them. As we have done since the firstquarter of 2020, we accelerated payments to our suppliers, prioritizing small- and medium-sized businessesas well as large businesses that have been negatively affected by the pandemic. Given the continued stress onthe supply chain and surging virus variants, we made a strategic decision to ramp up our accelerated paymentsin the fourth quarter to further mitigate risks.OPERATIONAL HIGHLIGHTS SHOW THE STRENGTH ANDDIVERSITY OF OUR INDUSTRY-LEADING PORTFOLIOFrom product deliveries, to successful tests, to newcontract awards, each of Lockheed Martin’s fourbusiness areas achieved key milestones in 2021.provide sustainment support and depot-overflowservices for the fighter.After a nearly three-year effort, the F-22 programcompleted its Increment 3.2B Modernization (F-22Inc 3.2B Mod), which included sensor upgrades,radar and avionics improvements, the integrationof faster computer processors, and enhancementsto weapons technology. The successful completionof F-22 Inc 3.2B Mod paves the way for upcomingmodernization programs such as Raptor Release 1,which will significantly enhance the capabilities ofthe Raptor fleet to ensure it remains relevant, ready,and dominant.Aeronautics Defines What’s Next in 21st-CenturyAirpower InnovationLockheed Martin’s largest program, the F-35Lighting II, matured and expanded around the globewith the delivery of 142 aircraft.The F-35 Joint Program Office awarded theLockheed Martin industry team annualizedcontracts covering fiscal years 2021-2023 to supportoperations and sustainment of the global F-35 fleet,supporting mission readiness and further reducingcosts.Indonesia became the 22nd country to selectthe C-130J Super Hercules to meet its tacticalairlift needs by agreeing to acquire five C-130J-30airlifters to complement the Indonesian Air Force’sexisting C-130H fleet.Denmark's first F-35 Lightning II production aircraftflew its inaugural flight and was delivered in aceremony at Lockheed Martin’s Fort Worth, Texas,production facility.We also revealed the LMXT as our offering for theU.S. Air Force’s KC-Y “Bridge Tanker” program.Designed to meet the Air Force’s immediate andlong-term mission requirements, the LMXT wouldalso be built and modified in the United States,creating American jobs and promoting economicgrowth.Switzerland and Finland selected the F-35 as theirnew fighter aircraft, joining several Europeannations in further strengthening global airpowerand security.In August, the F-35C deployed operationally on anaircraft carrier for the first time when the U.S. NavyStrike Fighter Squadron 147 joined the Carrier AirWing 2 aboard USS Carl Vinson.Missiles and Fire Control Delivers PrecisionCapabilitiesIn 2021, we delivered Sweden’s first PAC-3 MissileSegment Enhancement (MSE) interceptors. TheNetherlands also signed an agreement to jointhe program, becoming the 12th customer toacquire PAC-3 MSE. The reliability, readiness andThe resurgence of the F-16 program continuedto materialize in 2021 with the arrival of the firstaircraft in Greenville, South Carolina, as part of the 900 million indefinite delivery/indefinite quantitycontract the company received in late 2020 toLockheed Martin CorporationII
interoperability of PAC-3 MSE were demonstratedduring test flights where the missiles integratedwith the U.S. Army Integrated Air and MissileDefense Battle Command System (IBCS) to intercepttactical ballistic missile threats over White SandsMissile Range in New Mexico. To meet demand forthis vital technology, Lockheed Martin has producedover 1,000 PAC-3 MSE to date with plans to reach aproduction rate of 500 missiles per year by 2024.nine helicopters for a total of 878.7 million andreduces the per-aircraft price by more than 4%when compared to the Lot 4 contract. We alsoreceived long-lead funding for 19 aircraft for LRIPLots 6 and 7. A significant milestone was reachedin 2021 when the first production aircraft rolledoff the line in Stratford, Connecticut. In addition,the Israeli Ministry of Defense became the firstcustomer outside the U.S. to sign a letter of offerand acceptance to procure the CH-53K.The Army renewed its commitment to the GuidedMultiple Launch Rocket System (GMLRS) programby awarding us a 1.12 billion contract to buildmore than 9,000 additional rockets and associatedequipment. The award follows another successfultest of the next-generation, extended-range versionof the system, known as ER GMLRS.In 2021, our company took another step forward indefining the future of vertical lift. We are proud ofour work on the proposals submitted for the U.S.Army’s Future Long-Range Assault Aircraft (FLRAA)program. These proposals are the culmination ofmany years of hard work alongside our industrypartners to provide soldiers with the speed,capability, and affordability they need in a nextgeneration helicopter.The Precision Strike Missile (PrSM) program alsoachieved several milestones in 2021. It completedits fourth, fifth and sixth consecutive successfulflight tests and exceeded its maximum rangethreshold. The U.S. Army awarded us a 444 millionEngineering and Manufacturing Development (EMD)contract for the next phase of the program that willinclude system qualification and manufacturingreadiness activities culminating in a fully qualifiedsystem. Additionally, the U.S. Army awarded acontract for 26 Early Operational Capability (EOC)missiles to be delivered in 2023.In addition to our successes with rotorcrafttechnologies, we also advanced our growth inspectrum warfare with a new franchise programwin. The U.S. Army announced its selection ofLockheed Martin to advance to phase two of theTerrestrial Layer System – Brigade Combat Team(TLS – BCT) program. Designed for tactical vehicles,TLS will deliver an integrated suite of signalsintelligence, electronic warfare, and cyberspaceoperations capabilities to enable the joint alldomain operations (JADO) capable force.Rapid Dragon, a U.S. Air Force program to developpalletized munition concepts, continued to matureat lightning speed. Just 15 months after contractaward, a live cruise missile was successfullydeployed from an MC-130 aircraft during a livefire demonstration, showcasing Lockheed Martin’sability to partner with our military customers torapidly develop new capabilities.RMS also had significant accomplishments in itsefforts to provide customers with the radar systemsand command and control capabilities needed todetect and defend against modern threats.The Sentinel A4 radar program delivered ahead ofschedule, prompting the program office to grant usan accelerated contract award for the production forfive additional radar systems. Sentinel A4 is a highperformance missile defense radar that will providesignificant improvements to existing capabilityagainst cruise missiles, unmanned aerial systems,rotary-wing and fixed-wing threats.Rotary and Mission Systems Leverages BroadSpectrum of Advanced SolutionsWith a wide variety of platforms and systems thatspan nearly every domain, our Rotary and MissionSystems (RMS) business provided our customerswith state-of-the-art capabilities in 2021.Following the Japanese government’s confirmationof our SPY-7 radar solution for the Aegis SystemEquipped Vessel (ASEV) on June 18, 2021, ourLockheed Martin team successfully demonstratedSPY-7’s capability to engage ballistic missile threats.The CH-53K King Stallion heavy-lift helicoptercontinues to impress customers in the U.S. MarineCorps and in allied militaries. U.S. Naval AirSystems Command awarded us a contract for lowrate initial production (LRIP) Lot 5, which includesIII2021 Annual Report
The Missile Defense Agency also awarded LockheedMartin a 157 million contract to augmentthe Command, Control, Battle Management &Communications (C2BMC) system’s engagementsupport capability for the Ground-Based MidcourseDefense (GMD) system that protects the U.S. fromlong-range ballistic missile attacks.tests in support of the U.S. Navy’s ConventionalPrompt Strike (CPS) and U.S. Army’s Long RangeHypersonic Weapon (LRHW) programs. We alsodelivered critical ground equipment to the Army forthe LRHW system including the battery operationscenter and four launchers.Following a successful launch, the U.S. SpaceForce took control of the fifth Space Based InfraredSystem Geosynchronous Earth Orbit (SBIRS GEO5) satellite. SBIRS GEO-5 is the first military spacesatellite built on the LM 2100 Combat Bus and thelatest satellite to join the Space Force's orbitingOverhead Persistent Infrared missile warningconstellation.The Royal Australian Air Force announced itselected Lockheed Martin as one of two primesto participate in the next stage of the AIR6500competitive evaluation process. AIR6500 is a 21stcentury joint air battle management system thatwill revolutionize the Australian Defence Force byconnecting Australian systems and platforms thatoperate across air, space, land, sea, and cyberdomains.Lockheed Martin also upheld its record ofsupporting every mission to Mars in NASA historywhen the Perseverance rover safely touched downon the surface of the Red Planet in 2021 to collectsamples of rock and dirt that will be returned toEarth for study. The Lockheed Martin-built aeroshellprotected the spacecraft from extreme heat andpressure upon entry into the Martian atmosphere,and our Mars Helicopter Delivery System alsosuccessfully transported and deployed Ingenuity –the first-ever helicopter to operate on Mars.Space Business Deters Global Threats andEnhances Our Understanding of the UniverseThe U.S. Missile Defense Agency awarded us a 3.7billion contract to develop and demonstrate theNext Generation Interceptor (NGI) – America’s mostadvanced missile defense system. Just six monthsafter the initial NGI development and demonstrationcontract award, the MDA approved our SystemRequirements Review, demonstrating that ourcompany is ready to proceed with the initialsystem design.In preparation for NASA’s Artemis missions to themoon, we announced a teaming agreement withGeneral Motors to develop a Lunar Terrain Vehiclethat will enable astronauts to explore the lunarsurface farther than ever before. We will jointlydevelop a unique vehicle with innovative capabilities,drawing on our respective companies’ unparalleledengineering, performance, technology, andreliability legacies.Our Space business continued to accelerate thedevelopment of hypersonic capabilities, which is atop priority for our customers as they seek to deternear-peer adversaries in an accelerating threatenvironment.The Lockheed Martin and Northrop Grumman teamsuccessfully conducted three live-fire propulsionPOSITIONING LOCKHEED MARTIN FOR THE FUTURE5G-supported communications. Lockheed Martinsigned agreements with Verizon, Radisys, andKeysight Technologies, Inc., to collaborate on5G.MIL technologies to provide ultra-secure,reliable connections for U.S. Department of Defensesystems, bringing together high-tech platforms intoa cohesive network spanning air, land, sea, space,and cyber domains.Implementing Our Vision to Counter Threats withAdvanced Networked DeterrenceA key component of our vision is to create strategicarrangements with commercial companies andintegrate their technologies into our platforms andsystems. In 2021, we announced new partnershipswith multiple leading companies in the area ofLockheed Martin CorporationIV
Creating a Competitive Advantage ThroughIntegrated SolutionsThroughout 2021, our business areas and programscame together as One Lockheed Martin to show ourcustomers the interoperability of our products andhow they can enable joint all-domain operations.In a test dubbed Project Hydra, Lockheed MartinSkunk Works , the Missile Defense Agency andthe U.S. Air Force successfully linked a U-2, fiveF-35s and an F-22 in air and provided real-time,5th-generation data to operators on the ground,introducing greater mission flexibility acrossdomains and an enhanced total operational picturefor the joint warfighter. In a separate test at WhiteSands Missile Range in New Mexico, an inflightF-35 operated as an elevated sensor for a PatriotAdvanced Capability-3 (PAC-3) missile to intercept asurrogate cruise missile threat.And during the Talisman Sabre military exercise bythe United States and Australia, the F-35 Lightning IIand the Virtual Aegis Weapon System demonstratedthe ability to share real-time sensor data from FortWorth, Texas, to Honolulu, Hawaii, and on to theAustralian Defence Force.STAYT ING TRUE TO OUR VALUESIN A CHALLENGING BUSINESSENVIRONMENTDespite the continued challenges presented by theeffects of COVID-19 and the subsequent public healthrestrictions and economic impacts, the 114,000 teammembers performed with excellence and continuedto push forward our customers’ critical readinessand modernization programs.Together in 2021, we contributed more than 32million to non-profit organizations and academicinstitutions that make positive social impacts. Thissupported economic and mental well-being forveterans and their families, made communitiesmore resilient to environmental and social harms,and helped us expand opportunities in science,technology, engineering and math for students andworkers of every background.As a company, we will remember 2021 as a yearof transformative action to position our businessfor growth.Harnessing Digital Transformation to ProduceMore Capable and Affordable ProductsOf our many digital transformation successes in2021, the most prominent was the opening of threenew advanced manufacturing facilities across thecountry:James D. TaicletChairman, President andChief Executive Officer The START (Spacecraft, Test, Assembly andResource) Center in Titusville, Florida. A new facility on our Skunk Works campusin Palmdale, California. And the MAB4 (Missile Assembly Building 4)in Courtland, Alabama.These “factories of the future” incorporate theInternet of Things to generate and leverage datathat can be used to reduce cycle time and improveefficiency and quality throughout the lifecycle of ourproducts, as well as robotics, smart torque tools,artificial intelligence, and augmented reality.* This letter includes references to segment operating profit andsegment margin, which are non-GAAP financial measures. Forreconciliations between our non-GAAP measures and the nearestGAAP measures, please refer to the page preceding the back cover ofthis Annual Report. As non-GAAP financial measures are not intendedto be considered in isolation or as a substitute for GAAP financialmeasures, you should carefully read the Form 10-K included in thisAnnual Report, which includes our consolidated financial statementsprepared in accordance with GAAP. Additionally, this letter includesstatements that, to the extent they are not recitations of historicalfact, constitute forward-looking statements within the meaning of thefederal securities laws, and are based on Lockheed Martin’s currentexpectations and assumptions. For a discussion identifying importantfactors that could cause actual results to differ materially from thoseanticipated in the forward-looking statements, see the corporation’sfilings with the Securities and Exchange Commission, including“Management’s Discussion and Analysis of Financial Condition andResults of Operations” and “Risk Factors” in the Form 10-K portion ofthis Annual Report.V2021 Annual Report
CORPORATE DIRECTORYAs of March 1, 2022BOARD OF DIRECTORSDaniel F. AkersonRetired Chairman andChief Executive OfficerGeneral Motors CompanyDavid B. BurrittPresident andChief Executive OfficerUnited States Steel CorporationBruce A. CarlsonRetired GeneralUnited States Air ForceJohn M. DonovanRetired Chief Executive OfficerAT&T Communications, LLCJoseph F. Dunford, Jr.Senior Managing Director & PartnerLiberty Strategic Capital andRetired GeneralUnited States Marine CorpsJames O. Ellis, Jr.Retired President andChief Executive OfficerInstitute of Nuclear PowerOperationsThomas J. FalkRetired Chairman andChief Executive OfficerKimberly-Clark CorporationIlene S. GordonRetired Chairman andChief Executive OfficerIngredion IncorporatedVicki A. HollubPresident andChief Executive OfficerOccidental Petroleum CorporationJeh C. JohnsonPartnerPaul, Weiss, Rifkind,Wharton & Garrison LLP andFormer Secretary of HomelandSecurityDebra L. Reed-KlagesRetired Chairman, President andChief Executive OfficerSempra EnergyJames D. TaicletChairman, President andChief Executive OfficerLockheed Martin CorporationPatricia E. YarringtonRetired Chief Financial OfficerChevron CorporationEXECUTIVE OFFICERSBrian P. ColanVice President, Controllerand Chief Accounting OfficerScott T. GreeneExecutive Vice PresidentMissiles and Fire ControlStephanie C. HillExecutive Vice PresidentRotary & Mission SystemsLockheed Martin CorporationMaryanne R. LavanSenior Vice President,General Counsel andCorporate SecretaryRobert M. LightfootExecutive Vice PresidentSpaceJesus MalaveChief Financial OfficerVIJohn W. MollardVice President and TreasurerFrank A. St. JohnChief Operating OfficerJames D. TaicletChairman, President andChief Executive OfficerGregory M. UlmerExecutive Vice PresidentAeronautics
UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549FORM 10-K(Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2021or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from toCommission file number 1-11437LOCKHEED MARTIN CORPORATION(Exact name of registrant as specified in its charter)Maryland52-1893632(State or other jurisdiction ofincorporation or organization)(I.R.S. Employer Identification No.)6801 Rockledge Drive,Bethesda,Maryland20817(Address of principal executive offices)(Zip Code)(301) 897-6000(Registrant’s telephone number, including area code)Securities registered pursuant to Section 12(b) of the Act:Title of each classCommon Stock, 1 par valueTrading SymbolLMTName of each exchange on which registeredNew York Stock ExchangeSecurities registered pursuant to Section 12(g) of the Act: NoneIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 duringthe preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements forthe past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company”in Rule 12b-2 of the Exchange Act.Large accelerated filer Accelerated filer Non–accelerated filer Smaller reporting company Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new orrevised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal controlover financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued itsaudit report. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No The aggregate market value of voting and non-voting common stock held by non-affiliates of the registrant computed by reference to the last sales price of suchstock, as of the last business day of the registrant’s most recently completed second fiscal quarter, which was June 25, 2021, was approximately 105.3 billion.There were 272,326,925 shares of our common stock, 1 par value per share, outstanding as of January 19, 2022.DOCUMENTS INCORPORATED BY REFERENCEPortions of Lockheed Martin Corporation’s 2022 Definitive Proxy Statement are incorporated by reference into Part III of this Form 10‑K. The 2022 DefinitiveProxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
Lockheed Martin CorporationForm 10-KFor the Year Ended December 31, 2021Table of ContentsPART IITEM 1.ITEM 1A.ITEM 1B.ITEM 2.ITEM 3.ITEM 4.ITEM 4(a).PageBusiness .Risk Factors.Unresolved Staff Comments .Properties .Legal Proceedings .Mine Safety Disclosures .Information about our Executive Officers .3112525262627Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases ofEquity Securities .Selected Financial Data.Management’s Discussion and Analysis of Financial Condition and Results of Operations .Quantitative and Qualitative Disclosures About Market Risk.Financial Statements and Supplementary Data.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.Controls and Procedures .Other Information.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections .2830326163107107109109PART IIITEM 5.ITEM 6.ITEM 7.ITEM 7A.ITEM 8.ITEM 9.ITEM 9A.ITEM 9B.ITEM 9C.PART IIIITEM 10.ITEM 11.Directors, Executive Officers and Corporate Governance.Executive Compensation.Security Ownership of Certain Beneficial Owners and Management and Related StockholderMatters .Certain Relationships and Related Transactions, and Director Independence.Principal Accounting Fees and Services .109109Exhibits and Financial Statement Schedules.Form 10-K Summary .111114SIGNATURES .115ITEM 12.ITEM 13.ITEM 14.110110110PART IVITEM 15.ITEM 16.
PART IITEM 1.BusinessGeneralWe are a global security and aerospace company principally engaged in the research, design, development, manufacture,integration and sustainment of advanced technology systems, products and services. We also provide a broad range ofmanagement, engineering, technical, scientific, logistics, system integration and cybersecurity services. We serve b
Rapid Dragon, a U.S. Air Force program to develop palletized munition concepts, continued to mature at lightning speed. Just 15 months after contract award, a live cruise missile was successfully deployed from an MC-130 aircraft during a live-fire demonstration, showcasing Lockheed Martin's ability to partner with our military customers to
