Cover and table of contents

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Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2019

or

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission file number 1-11437

LOCKHEED MARTIN CORPORATION

(Exact name of registrant as specified in its charter)

Maryland52-1893632
(State or other jurisdiction of incorporation 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 classTrading SymbolName of each exchange on which registered
Common Stock, $1 par valueLMTNew York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate 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 during the 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 for the 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 of Regulation 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 an emerging 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 or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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 such stock, as of the last business day of the registrant’s most recently completed second fiscal quarter, which was June 28, 2019, was approximately $102.1 billion.

There were 281,937,366 shares of our common stock, $1 par value per share, outstanding as of January 31, 2020.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of Lockheed Martin Corporation’s 2020 Definitive Proxy Statement are incorporated by reference into Part III of this Form 10‑K. The 2020 Definitive Proxy 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 Corporation

Form 10-K

For the Year Ended December 31, 2019

Table of Contents

PART IPage
ITEM 1.Business3
ITEM 1A.Risk Factors9
ITEM 1B.Unresolved Staff Comments20
ITEM 2.Properties20
ITEM 3.Legal Proceedings21
ITEM 4.Mine Safety Disclosures21
ITEM 4(a).Information about our Executive Officers22
PART II
ITEM 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities23
ITEM 6.Selected Financial Data25
ITEM 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations27
ITEM 7A.Quantitative and Qualitative Disclosures About Market Risk55
ITEM 8.Financial Statements and Supplementary Data56
ITEM 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure99
ITEM 9A.Controls and Procedures99
ITEM 9B.Other Information101
PART III
ITEM 10.Directors, Executive Officers and Corporate Governance101
ITEM 11.Executive Compensation101
ITEM 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters101
ITEM 13.Certain Relationships and Related Transactions, and Director Independence101
ITEM 14.Principal Accounting Fees and Services101
PART IV
ITEM 15.Exhibits and Financial Statement Schedules102
ITEM 16.Form 10-K Summary105
SIGNATURES106

PART I

Next: Item 1. Business