LMT 10-K Annual Report Dec. 31, 2024 | Alphaminr
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LMT 10-K Fiscal year ended Dec. 31, 2024

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LOCKHEED MARTIN CORP
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 		Fiscal year ended Dec. 31, 2024
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TABLE OF CONTENTS
Part IprintItem 1. BusinessprintItem 1A. Risk FactorsprintItem 1B. Unresolved Staff CommentsprintItem 1C. CybersecurityprintItem 2. PropertiesprintItem 3. Legal ProceedingsprintItem 4. Mine Safety DisclosuresprintPart IIprintItem 5. Market For Registrant S Common Equity, Related Stockholder Matters and Issuer Purchases Of Equity SecuritiesprintItem 6. [reserved]printItem 7. Management S Discussion and Analysis Of Financial Condition and Results Of OperationsprintNote 10 DebtprintItem 7A. Quantitative and Qualitative Disclosures About Market RiskprintItem 8. Financial Statements and Supplementary DataprintNote 1 Organization and Significant Accounting PoliciesprintNote 2 Earnings Per ShareprintNote 3 Information on Business SegmentsprintNote 16 Impairment and Severance ChargesprintNote 4 Receivables, Net, Contract Assets and Contract LiabilitiesprintNote 5 InventoriesprintNote 6 Property, Plant and Equipment, NetprintNote 7 Goodwill and Acquired IntangiblesprintNote 8 LeasesprintNote 9 Income TaxesprintNote 11 Postretirement Benefit PlansprintNote 12 Stockholders EquityprintNote 13 Stock-based CompensationprintNote 14 Legal Proceedings, Commitments and ContingenciesprintNote 15 Fair Value MeasurementsprintItem 9. Changes in and Disagreements with Accountants on Accounting and Financial DisclosureprintItem 9A. Controls and ProceduresprintItem 9B. Other InformationprintItem 9C. Disclosure Regarding Foreign Jurisdictions That Prevent InspectionsprintPart IIIprintItem 10. Directors, Executive Officers and Corporate GovernanceprintItem 11. Executive CompensationprintItem 12. Security Ownership Of Certain Beneficial Owners and Management and Related Stockholder MattersprintItem 13. Certain Relationships and Related Transactions, and Director IndependenceprintItem 14. Principal Accounting Fees and ServicesprintPart IVprintItem 15. Exhibits and Financial Statement SchedulesprintItem 16. Form 10-k Summaryprint

Exhibits

3.1 Charter of Lockheed Martin Corporation, as amended by Articles of Amendment dated April23, 2009 (incorporated by reference to Exhibit 3.1 to Lockheed Martin Corporations Annual Report on Form 10-K for the year ended December 31, 2010). 3.2 Bylaws of Lockheed Martin Corporation, as amended and restated effective February 22, 2023 (incorporated by reference to Exhibit 3.1 to Lockheed Martin Corporations Current Report on Form 8-K filed with the SEC on February 23, 2023). 4.1 Description of Lockheed Martin Corporation Common Stock (incorporated by reference to Exhibit 4.1 to Lockheed Martin Corporations Annual Report on Form 10-K for the year ended December 31, 2021). 4.2 Indenture, dated May 15, 1996, among Lockheed Martin Corporation, Lockheed Martin Tactical Systems, Inc. and First Trust of Illinois, National Association as Trustee (incorporated by reference to Exhibit 4.1 to Lockheed Martin Corporations Annual Report on Form 10-K for the year ended December 31, 2017). 4.3 Indenture, dated as of August 30, 2006, between Lockheed Martin Corporation and The Bank of New York (incorporated by reference to Exhibit 99.1 to Lockheed Martin Corporations Current Report on Form 8-K filed with the SEC on August 31, 2006). 4.4 Indenture, dated as of March 11, 2008, between Lockheed Martin Corporation and The Bank of New York (incorporated by reference to Exhibit 4.1 to Lockheed Martin Corporations Current Report on Form 8-K filed with the SEC on March 12, 2008). 4.5 Indenture, dated as of May 25, 2010, between Lockheed Martin Corporation and U.S. Bank National Association (incorporated by reference to Exhibit 99.1 to Lockheed Martin Corporations Current Report on Form 8-K filed with the SEC on May 25, 2010). 4.6 Indenture, dated as of September6, 2011, between Lockheed Martin Corporation and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 to Lockheed Martin Corporations Registration Statement on Form S-3 filed with the SEC on April 24, 2020). 4.7 Supplemental Indenture, dated as of April 21, 2022, between Lockheed Martin Corporation and U.S. Bank Trust Company, National Association, to the Indenture dated September 6, 2011 (incorporated by reference to Exhibit 4.1 to Lockheed Martin Corporations Current Report on Form 8-K filed with the SEC on April 21, 2022). 4.8 Indenture, dated as of December 14, 2012, between Lockheed Martin Corporation and U.S. Bank National Association (incorporated by reference to Exhibit 99.1 to Lockheed Martin Corporations Current Report on Form 8-K filed with the SEC on December 17, 2012). 4.9 Indenture dated as of September 7, 2017, between Lockheed Martin Corporation and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 99.1 of Lockheed Martin's Current Report on Form 8-K filed with the SEC on September 7, 2012). 4.10 Indenture, dated as of April 18, 2023, between Lockheed Martin Corporation and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to Lockheed Martin Corporations Registration Statement on Form S-3 filed with the SEC on April 18, 2023). 10.1 Revolving Credit Agreement dated as of August 24, 2022, among Lockheed Martin Corporation, the lenders listed therein, and Bank of America, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 to Lockheed Martin Corporations Current Report on Form 8-K filed with the SEC on August 24, 2022). 10.2 Extension Agreement dated as of August 24, 2023, among Lockheed Martin Corporation, the lenders listed therein, and Bank of America, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 to Lockheed Martin Corporations Current Report on Form 8-K filed with the SEC on August 24, 2023). 10.3 Amendment No.1 to Credit Agreement, by and among Lockheed Martin Corporation, the lenders listed therein, and Bank of America, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 to Lockheed Martin Corporations Current Report on Form 8-K filed with the SEC on August 23, 2024). 10.4 Non-Employee Director Compensation Summary (incorporated by reference to Exhibit 10.3 to Lockheed Martin Corporations Quarterly Report on Form 10-Q for the quarter ended September 25, 2022). 10.5 Lockheed Martin Corporation Directors Deferred Compensation Plan, as amended (incorporated by reference to Exhibit 10.2 to Lockheed Martin Corporations Quarterly Report on Form 10-Q for the quarter ended September24,2023). 10.6 Lockheed Martin Corporation Directors Equity Plan, as amended (incorporated by reference to Exhibit 10.1 to Lockheed Martin Corporations Current Report on Form 8-K filed with the SEC on November 2, 2006). 10.7 Lockheed Martin Corporation Amended and Restated Directors Equity Plan (incorporated by reference to Exhibit 10.1 to Lockheed Martin Corporations Current Report on Form 8-K filed with the SEC on April 26, 2018). 10.8 Form of Indemnification Agreement (incorporated by reference to Exhibit 10.34 to Lockheed Martin Corporations Annual Report on Form 10-K for the year ended December 31, 2009). 10.9 Lockheed Martin Corporation Supplemental Savings Plan, as amended and restated effective January 1, 2015 (incorporated by reference to Exhibit 10.4 to Lockheed Martin Corporations Quarterly Report on Form 10-Q for the quarter ended March 29, 2015). 10.10 Amendment to Lockheed Martin Corporation Supplemental Savings Plan and Lockheed Martin Corporation Nonqualified Capital Accumulation Program, dated December 18, 2019 (incorporated by reference to Exhibit 10.31 to Lockheed Martin Corporations Annual Report on Form 10-K for the year ended December 31, 2019). 10.11 Lockheed Martin Corporation Nonqualified Capital Accumulation Plan, as amended and restated generally effective as of December 18, 2015 (incorporated by reference to Exhibit 10.22 to Lockheed Martin Corporations Annual Report on Form 10-K for the year ended December 31, 2015). 10.12 Lockheed Martin Corporation Deferred Management Incentive Compensation Plan, as amended and restated effective January 1, 2020 (incorporated by reference to Exhibit 10.8 to Lockheed Martin Corporations Annual Report on Form 10-K for the year ended December 31, 2019). 10.13 Amendment No.1 to Lockheed Martin Corporation Deferred Management Incentive Compensation Plan, as amended and restated effective January 1, 2020 (incorporated by reference to Exhibit 10.12 to Lockheed Martin Corporations Annual Report on Form 10-K for the year ended December 31, 2020). 10.14 Amendment No. 2 to Lockheed Martin Corporation Deferred Management Incentive Compensation Plan, as amended and restated effective January 1, 2020 (incorporated by reference to Exhibit 10.8 to Lockheed Martin Corporations Quarterly Report on Form 10-Q for the quarter ended March 27, 2022). 10.15 Amendment No. 3 to Lockheed Martin Corporation Deferred Management Incentive Compensation Plan, as amended and restated generally effective January 1, 2020 (incorporated by reference to Exhibit 10.13 to Lockheed Martin Corporation's Annual Report on Form 10-K for the year ended December 31, 2022). 10.16 Lockheed Martin Corporation Amended and Restated 2021 Management Incentive Compensation Plan (incorporated by reference to Exhibit 10.5 to Lockheed Martin Corporations Quarterly Report on Form 10-Q for the quarter ended March 26, 2023). 10.17 Lockheed Martin Corporation 2020 Incentive Performance Award Plan (incorporated by reference to Exhibit 10.1 to Lockheed Martin Corporations Current Report on Form 8-K filed with the SEC on April 23, 2020). 10.18 Form of 2022 Annual Restricted Stock Unit Award Agreement under the Lockheed Martin Corporation 2020 Incentive Performance Award Plan (incorporated by reference to Exhibit 10.1 to Lockheed Martin Corporations Quarterly Report on Form 10-Q for the quarter ended March 27, 2022). 10.19 Form of Performance Stock Unit Award Agreement (2022 - 2024 Performance Period) under the Lockheed Martin Corporation 2020 Incentive Performance Award Plan (incorporated by reference to Exhibit 10.2 to Lockheed Martin Corporations Quarterly Report on Form 10-Q for the quarter ended March 27, 2022). 10.20 Form of Long Term Incentive Performance Award Agreement (2022 - 2024 Performance Period) under the Lockheed Martin Corporation 2020 Incentive Performance Award Plan (incorporated by reference to Exhibit 10.3 to Lockheed Martin Corporations Quarterly Report on Form 10-Q for the quarter ended March 27, 2022). 10.21 Form of 2023 Annual Restricted Stock Unit Award Agreement under the Lockheed Martin Corporation 2020 Incentive Performance Award Plan (incorporated by reference to Exhibit 10.1 to Lockheed Martin Corporations Quarterly Report on Form 10-Q for the quarter ended March 26, 2023). 10.22 Form of Performance Stock Unit Award Agreement (2023 - 2025 Performance Period) under the Lockheed Martin Corporation 2020 Incentive Performance Award Plan (incorporated by reference to Exhibit 10.2 to Lockheed Martin Corporations Quarterly Report on Form 10-Q for the quarter ended March 26, 2023). 10.23 Form of Long Term Incentive Performance Award Agreement (2023 - 2025 Performance Period) under the Lockheed Martin Corporation 2020 Incentive Performance Award Plan (incorporated by reference to Exhibit 10.3 to Lockheed Martin Corporations Quarterly Report on Form 10-Q for the quarter ended March 26, 2023). 10.24 Amendment to Outstanding Long-Term Incentive Performance and Performance Stock Unit Award Agreements (effective June 24, 2021) (incorporated by reference to Exhibit 10.1 to Lockheed Martin Corporations Quarterly Report on Form 10-Q for the quarter ended June 27, 2021). 10.25 Amendment to Outstanding Long-Term Incentive Performance and Performance Stock Unit Award Agreements (effective February 22, 2023) (incorporated by reference to Exhibit 10.4 to Lockheed Martin Corporations Quarterly Report on Form 10-Q for the quarter ended March 26, 2023). 10.26 Form of 2024 Annual Restricted Stock Unit Award Agreement under the Lockheed Martin Corporation 2020 Incentive Performance Award Plan (incorporated by reference to Exhibit 10.1 to Lockheed Martin Corporations Quarterly Report on Form 10-Q for the quarter ended March 31, 2024). 10.27 Form of Performance Stock Unit Award Agreement (2024 - 2026 Performance Period) under the Lockheed Martin Corporation 2020 Incentive Performance Award Plan (incorporated by reference to Exhibit 10.2 to Lockheed Martin Corporations Quarterly Report on Form 10-Q for the quarter ended March 31, 2024). 10.28 Form of Long Term Incentive Performance Award Agreement (2024 - 2026 Performance Period) under the Lockheed Martin Corporation 2020 Incentive Performance Award Plan (incorporated by reference to Exhibit 10.3to Lockheed Martin Corporations Quarterly Report on Form 10-Q for the quarter ended March 31, 2024). 10.29 Amendment to Outstanding Long-Term Incentive Performance and Performance Stock Unit Award Agreements (effective December 13, 2024). 10.30 Lockheed Martin Corporation Consolidated Supplemental Retirement Benefit Plan, as amended and restated effective October 5, 2018 (incorporated by reference to Exhibit 10.26 to Lockheed Martin Corporations Annual Report on Form 10-K for the year ended December 31, 2018). 10.31 Amendment to Lockheed Martin Corporation Consolidated Supplemental Retirement Benefit Plan, as amended and restated effective October 5, 2018 (incorporated by reference to Exhibit 10.9 to Lockheed Martin Corporations Quarterly Report on Form 10-Q for the quarter ended March 27, 2022). 10.32 Lockheed Martin Corporation Executive Severance Plan, as amended and restated effective December 1, 2016 (incorporated by reference to Exhibit 10.26 to Lockheed Martin Corporations Annual Report on Form 10-K for the year ended December 31, 2016). 10.33 Amendment No. 1 to Lockheed Martin Corporation Executive Severance Plan, as amended and restated effective December 1, 2016 (incorporated by reference to Exhibit 10.1 to Lockheed Martin Corporations Quarterly Report on Form 10-Q for the quarter ended June 24, 2018). 10.34 Amendment No. 2 to Lockheed Martin Corporation Executive Severance Plan, as amended and restated effective December 1, 2016 (incorporated by reference to Exhibit 10.6 to Lockheed Martin Corporations Quarterly Report on Form 10-Q for the quarter ended June 28, 2020). 10.35 Amendment No. 3 to Lockheed Martin Corporation Executive Severance Plan, as amended and restated effective December 1, 2016 (incorporated by reference to Exhibit 10.1 to Lockheed Martin Corporations Quarterly Report on Form 10-Q for the quarter ended September 27, 2020). 10.36 Amendment No. 4 to Lockheed Martin Corporation Executive Severance Plan, as amended and restated effective December 1, 2016 (incorporated by reference to Exhibit 10.1 to Lockheed Martin Corporations Quarterly Report on Form 10-Q for the quarter ended September 25, 2022). 10.37 Amendment No. 5 to Lockheed Martin Corporation Executive Severance Plan, as amended and restated effective December 1, 2016 (incorporated by reference to Exhibit 10.40 to Lockheed Martin Corporations Annual Report Form 10-K for the year ended December 31, 2022). 19 Policy on Compliance with United States Securities Laws. 21 Subsidiaries of Lockheed Martin Corporation. 23 Consent of Independent Registered Public Accounting Firm. 24 Powers of Attorney. 31.1 Certification of James D. Taiclet pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 31.2 Certification of Jesus Malave pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 32 Certification of James D. Taiclet and Jesus Malave pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 97 Recovery of Incentive-Based Compensation from Executive Officers in Event of Accounting Restatement (incorporated by reference to Exhibit 97 to Lockheed Martin Corporations Annual Report on Form 10-K for the year ended December 31, 2023).