Lockheed Martin Corp Files 2023 Annual Report (10-K)

TL;DR

<b>Lockheed Martin Corp filed its 2023 10-K annual report on January 23, 2024, detailing its financial performance and business operations.</b>

AI Summary

LOCKHEED MARTIN CORP (LMT) filed a Annual Report (10-K) with the SEC on January 23, 2024. The filing is a 10-K annual report for Lockheed Martin Corp for the fiscal year ending December 31, 2023. The report was filed on January 23, 2024. Lockheed Martin Corp is incorporated in Maryland (MD). The company's primary business is in Guided Missiles & Space Vehicles & Parts (SIC code 3760). The filing includes financial data for the fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking LOCKHEED MARTIN CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Lockheed Martin's financial health, operational performance, and strategic outlook for the fiscal year 2023, which is crucial for investors and stakeholders to assess the company's standing. As a major defense contractor, Lockheed Martin's annual report offers insights into the defense industry's trends, government spending, and geopolitical influences that impact its business and the broader aerospace and defense sector.

Risk Assessment

Risk Level: medium — LOCKHEED MARTIN CORP shows moderate risk based on this filing. The company operates in the highly regulated defense industry, subject to government contracts, geopolitical shifts, and technological advancements, which present inherent risks.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Lockheed Martin's performance and future outlook in the defense sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (Report period)
• 2024-01-23 — Filing Date (Date of submission)
• 3760 — SIC Code (Industry classification)

Key Players & Entities

• LOCKHEED MARTIN CORP (company) — Filer name
• 0000936468 (company) — Central Index Key
• MD (company) — State of Incorporation
• 3760 (company) — Standard Industrial Classification
• 2024-01-23 (date) — Filing Date
• 2023-12-31 (date) — Fiscal Year End

Forward-Looking Statements

• Lockheed Martin will continue to see stable product and service revenues in 2024, consistent with the trends observed in 2021-2023. (LOCKHEED MARTIN CORP) — medium confidence, target: 2024-12-31

FAQ

Industry Context

Lockheed Martin operates in the aerospace and defense industry, a sector characterized by significant government contracts, long product development cycles, and global geopolitical influences.

Regulatory Implications

As a major defense contractor, the company is subject to extensive regulations from government bodies like the Department of Defense and international trade laws.

What Investors Should Do

1. Analyze the detailed financial statements for revenue trends, profitability, and cash flow.
2. Review the risk factors section for potential challenges and mitigation strategies.
3. Assess the company's strategic priorities and outlook in the context of the global defense landscape.

Key Dates

• 2024-01-23: 10-K Filing — Annual report submission date
• 2023-12-31: Fiscal Year End — Period covered by the report

Year-Over-Year Comparison

This is the initial filing analyzed, so no comparison to a previous filing is available.

Key Financial Figures

• $1 — ange on which registered Common Stock, $1 par value LMT New York Stock Exchange

Filing Documents

• lmt-20231231.htm (10-K) — 2885KB
• ex21q42023.htm (EX-21) — 11KB
• ex23q42023.htm (EX-23) — 5KB
• ex24q42023.htm (EX-24) — 42KB
• ex311q42023.htm (EX-31.1) — 12KB
• ex312q42023.htm (EX-31.2) — 10KB
• ex32q42023.htm (EX-32) — 5KB
• ex97q42023.htm (EX-97) — 28KB
• image_0a.jpg (GRAPHIC) — 16KB
• image_1a.jpg (GRAPHIC) — 1KB
• lmt-20231231_g1.jpg (GRAPHIC) — 185KB
• 0000936468-24-000010.txt (&nbsp;) — 14987KB
• lmt-20231231.xsd (EX-101.SCH) — 75KB
• lmt-20231231_cal.xml (EX-101.CAL) — 107KB
• lmt-20231231_def.xml (EX-101.DEF) — 431KB
• lmt-20231231_lab.xml (EX-101.LAB) — 1002KB
• lmt-20231231_pre.xml (EX-101.PRE) — 682KB
• lmt-20231231_htm.xml (XML) — 2882KB

Risk Factors

ITEM 1A. Risk Factors 10

Unresolved Staff Comments

ITEM 1B. Unresolved Staff Comments 22

Cybersecurity

ITEM 1C. Cybersecurity 22

Properties

ITEM 2. Properties 24

Legal Proceedings

ITEM 3. Legal Proceedings 24

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 24

(a). Information about our Executive Officers

ITEM 4(a). Information about our Executive Officers 25 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 27

[Reserved]

ITEM 6. [Reserved] 28

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 29

Quantitative and Qualitative Disclosures About Market Risk

ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk 52

Financial Statements and Supplementary Data

ITEM 8. Financial Statements and Supplementary Data 53

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 97

Controls and Procedures

ITEM 9A. Controls and Procedures 97

Other Information

ITEM 9B. Other Information 99

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 99 PART III

Directors, Executive Officers and Corporate Governance

ITEM 10. Directors, Executive Officers and Corporate Governance 99

Executive Compensation

ITEM 11. Executive Compensation 99

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 100

Certain Relationships and Related Transactions, and Director Independence

ITEM 13. Certain Relationships and Related Transactions, and Director Independence 100

Principal Accounting Fees and Services

ITEM 14. Principal Accounting Fees and Services 100 PART IV

Exhibits and Financial Statement Schedules

ITEM 15. Exhibits and Financial Statement Schedules 101

Form 10-K Summary

ITEM 16. Form 10-K Summary 104

SIGNATURES

SIGNATURES 105 Table of Contents PART I

Business

ITEM 1. Business General We 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 of management, engineering, technical, scientific, logistics, system integration and cybersecurity services. Our main areas of focus are in defense, space, intelligence, homeland security and information technology, including cybersecurity. We serve both U.S. and international customers with products and services that have defense, civil and commercial applications, with our principal customers being agencies of the U.S. Government. We operate in a complex and evolving global security environment. Our strategy consists of the design and development of platforms and systems that meet the current needs of our customers and the future requirements of 21st Century Security. Our vision for 21st Century Security is to accelerate the adoption of advanced networking and leading-edge technologies into our national defense enterprise, while enhancing the performance and value of our platforms and products for our customers. The aim of 21st Century Security is to integrate new and existing systems across all domains with advanced, open-architecture networking and operational technologies to make defense forces more agile, adaptive and unpredictable. Twenty-first Century Security is an overarching vision that guides our investment and strategy. We are also focused on four elements for potential growth in the near to mid-term: current programs of record, classified programs, hypersonics and new awards. We have multiple programs of record from each business segment that are entering growth stages, including the F-35 sustainment activity (Aeronautics); increased Patriot Advanced Capability-3 (PAC-3) production rates and increased demand for High Mobility Artillery Rocket System (HIMARS ) and Guided Multiple Launch Rocket Syst

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View this 10-K filing on SEC EDGAR