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Lockheed Martin Corporation
2010 Annual Report
Littoral Combat Ship: Freedom At Sea

Table of contents

  • Page 1
    Lockheed Martin Corporation 2010 Annual Report Littoral Combat Ship: Freedom At Sea

  • Page 2
    ...Earnings Cash Dividends Per Common Share Average Diluted Common Shares Outstanding Cash, Cash Equivalents and Short-Term Investments Total Assets Total Debt Stockholders' Equity Common Shares Outstanding at Year-End Net Cash Provided by Operating Activities Return on Invested Capital 2010 2009 2008...

  • Page 3
    ... business strategy in 2010 and the efforts of the dedicated professionals who work for this industry-leading enterprise, we can confidently report that Lockheed Martin remains on course both operationally and financially. For 2010 we met or exceeded our expectations for financial performance. Sales...

  • Page 4
    ...-level management ranks contributes to a leaner operation and benefits talented individuals in the company who can expect expanded opportunities for growth and development. F-35C Carrier Variant of the Joint Strike Fighter In addition, we further shaped Lockheed Martin's portfolio of businesses to...

  • Page 5
    ...of the Joint Strike Fighter information technology systems that deliver government services to millions of citizens. For them, and for us, there is no substitute for flawless execution. Our achievements last year reflect the can-do spirit that the employees of Lockheed Martin bring to the job every...

  • Page 6
    ... modernization program. This aircraft is the only strategic transport capable of flying directly from the United States to any area of operations without refueling. Our ongoing efforts to win business from a mix of global customers led to a number of significant new orders internationally in 2010...

  • Page 7
    ...leaders and advancing a leadership culture at Lockheed Martin is absolutely necessary for this company to succeed. As we lead this company through a rapidly changing business environment in 2011 and beyond, only excellence will suffice. Our customers, shareholders, employees, and our country and our...

  • Page 8
    ..., Chairman, President and Chief Executive Officer Carpenter Technology Corporation Robert J. Stevens Chairman and Chief Executive Officer Lockheed Martin Corporation EXECUTIVE OFFICERS Linda R. Gooden Executive Vice President Information Systems & Global Solutions Christopher J. Gregoire Vice...

  • Page 9
    ... 20549 Form 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2010 Commission file number 1-11437 LOCKHEED MARTIN CORPORATION (Exact name of registrant as specified in its charter) Maryland (State or other jurisdiction...

  • Page 10
    LOCKHEED MARTIN CORPORATION FORM 10-K For the Fiscal Year Ended December 31, 2010 CONTENTS Part I Item 1 Business ...Item 1A Risk Factors ...Item 1B Unresolved Staff Comments...Item 2 Properties ...Item 3 Legal Proceedings ...Item 4 (Removed and Reserved) ...Item 4(a)Executive Officers of the ...

  • Page 11
    ... and Financial Statement Schedules ...Signatures ...Exhibits 82 86 Directors, Executive Officers and Corporate Governance ...Executive Compensation ...Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters ...Certain Relationships and Related Transactions, and...

  • Page 12
    ... quarter of 2011, subject to satisfaction of closing conditions. PAE's and EIG's operating results have been removed from our Information Systems & Global Solutions (IS&GS) segment and are reported in discontinued operations. In 2010, our Electronic Systems segment realigned its lines of business...

  • Page 13
    ..., support, and upgrade of advanced military aircraft, including combat and air mobility aircraft, unmanned air vehicles, and related technologies. In 2010, net sales at Aeronautics of $13.2 billion represented 29% of our total net sales. Aeronautics has three principal lines of business, and...

  • Page 14
    ... 2010 net sales was: In 2010, U.S. Government customers accounted for approximately 95% of IS&GS's net sales. Civil Our Civil line of business supports the nation's needs in the areas of human capital, data protection and sharing, financial services, energy and environment, health, security, space...

  • Page 15
    ... missile systems, and space transportation systems, including activities related to the planned replacement of the Space Shuttle. In 2010, net sales of $8.2 billion at Space Systems represented approximately 18% of our total net sales. Space Systems has three principal lines of business, and...

  • Page 16
    ... to manage raw materials supply risk through long-term contracts and by maintaining a stock of key materials in inventory. Aluminum and titanium are important raw materials used in certain of our Aeronautics and Space Systems programs. Long-term agreements have helped enable a continued supply of...

  • Page 17
    ...consolidated financial statements. The business risks associated with classified programs historically have not differed materially from those of our other government programs. Backlog At December 31, 2010, our total negotiated backlog was $78.2 billion compared with $77.2 billion at the end of 2009...

  • Page 18
    ... on January 6, 2011 (see "Status of the F-35 Program" in Management's Discussion and Analysis of Financial Condition and Results of Operations on page 26 of this Form 10-K). We offer a diverse range of defense, homeland security, and information technology products and services. We believe that...

  • Page 19
    ..., its internal control systems and policies, including the contractor's management, purchasing, property, estimating, EVMS, compensation, accounting, budgeting, billing, labor, and information systems (for discussion of the EVMS system at our Fort Worth location, see "Status of the F-35 Program" in...

  • Page 20
    ... liabilities that are unique to our products and services, including combat and air mobility aircraft, missile and space systems, command and control systems, air traffic control management systems, cyber security, homeland security, and training programs. In some, but not all circumstances, we may...

  • Page 21
    ... status. In 2010, we contributed $2.2 billion to our defined benefit pension plans. If we fail to manage acquisitions, divestitures, and other transactions successfully, our financial results, business, and future prospects could be harmed. In pursuing our business strategy, we routinely conduct...

  • Page 22
    ... information, threats to physical security of our facilities and employees, and terrorist acts, as well as the potential for business disruptions associated with information technology failures, natural disasters, or public health crises. The costs related to these events may not be fully insured...

  • Page 23
    ...; Owego and Syracuse, New York; Akron, Ohio; Grand Prairie, Texas; and Manassas, Virginia. • Information Systems & Global Solutions - Goodyear, Arizona; San Jose and Sunnyvale, California; Colorado Springs and Denver, Colorado; Gaithersburg and Rockville, Maryland and other locations within the...

  • Page 24
    ... occupation and business experience over the past five years. There were no family relationships among any of our executive officers and directors. All officers serve at the pleasure of the Board of Directors. Linda R. Gooden (57), Executive Vice President - Information Systems & Global Solutions Ms...

  • Page 25
    ... - Electronic Systems since January 2010. She previously served as President, Systems Integration - Owego from September 2008 to December 2009; Executive Vice President - Global Sustainment for Aeronautics from February 2007 to September 2008; President, Lockheed Martin Logistics Services Company...

  • Page 26
    ... common stock, par value $1 per share. Our common stock is traded on the New York Stock Exchange (NYSE) under the symbol LMT. Information concerning the stock prices based on intra-day trading prices as reported on the NYSE composite transaction tape and dividends paid during the past two years is...

  • Page 27
    ... approval of the new share repurchase program, our Board of Directors terminated our previous share repurchase program, which was substantially complete. Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Programs (a) 19

  • Page 28
    ... CASH DIVIDENDS PER COMMON SHARE BALANCE SHEET Cash, Cash Equivalents and Short-Term Investments Total Current Assets Goodwill Total Assets (c) Total Current Liabilities Long-Term Debt, Net (Including Current Maturities) Total Liabilities (c) Stockholders' Equity (c) COMMON SHARES AT YEAR-END CASH...

  • Page 29
    ...net sales was attributable to commercial and other customers. Our main areas of focus are in defense, space, intelligence, homeland security, and government information technology. We operate in four principal business segments: Aeronautics, Electronic Systems, Information Systems & Global Solutions...

  • Page 30
    ...logistical support activities to enhance the longevity and cost-effectiveness of the systems procured by our customers, and for improving global supply chain management. Non-Department of Defense Business Our experience in the defense arena, together with our core information technology and services...

  • Page 31
    ...Centers for Medicare and Medicaid Services (CMS). We also provide program management, business strategy and consulting, complex systems development and maintenance, complete life-cycle software support, information assurance, and enterprise solutions. In the civil arena, as with our defense business...

  • Page 32
    ... reviews related to program schedule, cost, requirements, and aircraft quantities as part of the DoD, Congressional, and international partners' oversight and budgeting processes. Current program challenges include completion of the flight testing, supply chain performance, and software development...

  • Page 33
    ... our ground vehicles programs, which were previously reported in the former Platforms & Training (P&T) line of business and included the Joint Light Tactical Vehicle program, with M&FC. We also realigned RSO and Savi Technology, Inc. with Electronic Systems' simulation, training and support business...

  • Page 34
    ... of dividends related to certain of our defined contribution plans with an employee stock ownership plan feature, and the research and development (R&D) tax credit. The 2010 effective tax rate was affected by the enactment of the Patient Protection and Affordable Care Act and the Health Care and...

  • Page 35
    ...the business segments to operating profit in our Statements of Earnings. The charges related to the VESP and MS2 consolidation plan are presented together as a separate reconciling item. (In millions) Net Sales Aeronautics Electronic Systems Information Systems & Global Solutions Space Systems Total...

  • Page 36
    ... C-130J Super Hercules and the C-5M Super Galaxy. Aeronautics provides logistics support, sustainment, and upgrade modification services for its aircraft. Aeronautics' operating results included the following: (In millions) Net sales Operating profit Operating margin Backlog at year-end 2010 13,235...

  • Page 37
    ...more development and initial production work on the F-35 program and is performing less work on more mature programs such as the F-22 and F-16, even though sales are expected to increase in 2011 relative to 2010. Electronic Systems Our Electronic Systems business segment manages complex programs and...

  • Page 38
    ... offset by growth in readiness and stability contracts. Operating profit is expected to decline in line with sales, with operating margins expected to be similar to those in 2010. Information Systems & Global Solutions Our IS&GS business segment provides management services, Information Technology...

  • Page 39
    ...$ $ Net sales for Space Systems decreased by 5% in 2010 compared to 2009. Sales declined in all three lines of business during the year. The $253 million decrease in Space Transportation principally was due to lower volume on the space shuttle external tank, commercial launch vehicle activity and...

  • Page 40
    ... Orion program in Space Transportation and on government satellite programs in Satellites. We expect Space Systems' sales for 2011 will be comparable with the 2010 results. Sales are expected to decline due to the end of our production of the external tank for the space shuttle, offset by growth in...

  • Page 41
    ... facilities. We also incur capital expenditures for IT to support programs and general enterprise IT infrastructure. We have a balanced cash deployment and disciplined growth strategy to enhance shareholder value and position ourselves to take advantage of new business opportunities when they arise...

  • Page 42
    ... payments in 2009 as compared to 2008 in the amount of $319 million. The decline in cash provided by operating working capital primarily was due to growth of receivables on various programs in the MS2 and GT&L lines of business at Electronic Systems and an increase in inventories on Combat Aircraft...

  • Page 43
    ... end of 2010, our long-term debt bears interest at fixed rates and mainly is in the form of publicly-issued notes and debentures. We issued $728 million of new 5.72% Notes due 2040 (the New Notes) in May 2010 in exchange for $611 million of our then outstanding debt securities (see Note 10). We paid...

  • Page 44
    ... to 2009. We define ROIC as net earnings plus after-tax interest expense divided by average invested capital (stockholders' equity plus debt), after adjusting stockholders' equity by adding back amounts related to postretirement benefit plans. We believe that reporting ROIC provides investors with...

  • Page 45
    ... mainly include expected payments under deferred compensation plans, non-qualified pension plans, environmental liabilities, and business acquisition agreements. Obligations related to environmental liabilities represent our estimate of obligations for sites at which we are performing remediation...

  • Page 46
    ...of our long-term contracts are denominated in U.S. dollars, including contracts for sales of military products and services to foreign governments conducted through the U.S. Government. We record sales for both DD&P activities and services under cost-reimbursable, fixed-price, and time-and-materials...

  • Page 47
    ... payments or incur financial penalties based on our performance. Under time-and-materials contracts, which accounted for about 5% of our total net sales over the last three years, we are paid a fixed hourly rate for each direct labor hour expended, and we are reimbursed for allowable material costs...

  • Page 48
    ... Government regulations by our personnel, and are subject to audit by the Defense Contract Audit Agency. Postretirement Benefit Plans Most of our employees are covered by defined benefit pension plans, and we provide certain health care and life insurance benefits to eligible retirees (collectively...

  • Page 49
    ... primarily related to investment losses in 2008 on the assets held in trust to support our postretirement benefit plans, partially offset by the effects of investment gains in 2009 and 2010 (each as compared to our 8.50% long-term rate of return assumption). We also expect that our 2011 pension...

  • Page 50
    ... under contracts with the U.S. Government. Funded amounts are recovered over time through the pricing of our products and services on U.S. Government contracts, and are recognized in our net sales. The amount of funding required under CAS for our qualified defined benefit pension plans for 2010, and...

  • Page 51
    ... sales and operating costs, based primarily on existing firm orders, expected future orders, contracts with suppliers, labor agreements, and general market conditions. The discount rate applied to our forecasts of future cash flows is based on our estimated weighted average cost of capital. Changes...

  • Page 52
    ... securities that are exposed to price changes and changes in interest rates. Changes in the value of the Rabbi Trust are recognized on our Statement of Earnings in other non-operating income (expense), net. During the year ended December 31, 2010, we recorded earnings totaling $56 million related...

  • Page 53
    ...and the Board of Directors approved, that the audited consolidated financial statements be included in the Corporation's Annual Report on Form 10-K for filing with the Securities and Exchange Commission. /s/ Robert J. Stevens ROBERT J. STEVENS Chairman and Chief Executive Officer /s/ Bruce L. Tanner...

  • Page 54
    ...of Lockheed Martin Corporation as of December 31, 2010 and 2009, and the related consolidated statements of earnings, stockholders' equity, and cash flows for each of the three years in the period ended December 31, 2010 of Lockheed Martin Corporation and our report dated February 24, 2011 expressed...

  • Page 55
    ... three years in the period ended December 31, 2010, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Lockheed Martin Corporation's internal control over financial...

  • Page 56
    Lockheed Martin Corporation Consolidated Statements of Earnings Year ended December 31, 2010 2009 2008 $ 36,448 $ 9,355 45,803 35,763 $ 8,232 43,995 34,091 7,281 41,372 (30,220) (6,517) - (61) (36,798) 4,574 475 5,049 (332) (91) 4,626 (1,459) 3,167 50 3,217 (In millions, except per share data) Net ...

  • Page 57
    ...for Sale Other Current Liabilities Total Current Liabilities Long-term Debt, Net Accrued Pension Liabilities Other Postretirement Benefit Liabilities Other Liabilities Total Liabilities Stockholders' Equity Common Stock, $1 Par Value Per Share Additional Paid-in Capital Retained Earnings Accumulated...

  • Page 58
    ...investment transactions Other Net cash used for investing activities Financing Activities Repurchases of common stock Common stock dividends Issuance of long-term debt, net of related costs Repayments of long-term debt Other, net Net cash used for financing activities Effect of exchange rate changes...

  • Page 59
    Lockheed Martin Corporation Consolidated Statements of Stockholders' Equity Additional Paid-In Capital - - (796) - 738 58 $ (In millions, except per share data) Balance at December 31, 2007 Net earnings Repurchases of common stock Common stock dividends declared ($1.83 per share) Stock-based awards...

  • Page 60
    ... direct costs associated with the development or purchase of internal-use software. Expenditures are included in operating activities on our Statements of Cash Flows. The amounts capitalized are included in other assets on our Balance Sheets and amortized on a straight-line basis over the estimated...

  • Page 61
    ...discount rate, the expected long-term rate of return on plan assets, the rates of increase in future compensation levels, and health care cost trend rates, each as appropriate based on the nature of the plans. We recognize on a plan-by-plan basis the funded status of our postretirement benefit plans...

  • Page 62
    ... of our foreign currency exchange contracts are designated as cash flow hedges. We also may use derivative financial instruments to manage our exposure to changes in interest rates. Our financial instruments that are subject to interest rate risk principally include fixed rate long-term debt. We do...

  • Page 63
    ... Operations In June 2010, we announced plans to divest Pacific Architects and Engineers, Inc. (PAE) and most of our Enterprise Integration Group (EIG), two businesses within our Information Systems & Global Solutions (IS&GS) reporting segment. On November 22, 2010, we closed on the sale of EIG for...

  • Page 64
    ...-sum special payments to be made within 90 days from separation of service. In the fourth quarter of 2010, the Mission Systems & Sensors (MS2) line of business in Electronic Systems announced a plan to consolidate certain of its operations. Accordingly, we recorded a charge to cost of sales, net of...

  • Page 65
    ...advanced military aircraft, including combat and air mobility aircraft, unmanned air vehicles, and related technologies. Major products and programs include design, development, production and sustainment of the F-35 international multi-role, stealth fighter; the F-22 air dominance and multi-mission...

  • Page 66
    ... and development, engineering, and production of satellites, strategic and defensive missile systems, and space transportation systems, including activities related to the planned replacement of the Space Shuttle. The Satellite line of business includes both government and commercial satellites...

  • Page 67
    ... Financial Data by Business Segment (In millions) Net sales Aeronautics Electronic Systems Information Systems & Global Solutions Space Systems Total Operating profit Aeronautics Electronic Systems Information Systems & Global Solutions Space Systems Total business segments Voluntary executive...

  • Page 68
    ... operation held for sale Total Goodwill Aeronautics Electronic Systems Information Systems & Global Solutions Space Systems Total Customer advances and amounts in excess of costs incurred Aeronautics Electronic Systems Information Systems & Global Solutions Space Systems Total 2010 $ 5,230 $ 9,972...

  • Page 69
    ... Systems & Global Solutions Space Systems Total Foreign governments (a) (b) Aeronautics Electronic Systems Information Systems & Global Solutions Space Systems Total Commercial and Other (b) Aeronautics Electronic Systems Information Systems & Global Solutions Space Systems Total (a) 2010...

  • Page 70
    ... related to long-term contracts and programs in progress Less: customer advances and progress payments Other inventories $ 2010 6,523 $ (4,788) 1,735 643 2,378 $ 2009 5,565 (3,941) 1,624 559 2,183 $ Work-in-process inventories at December 31, 2010 and 2009 included general and administrative costs...

  • Page 71
    ... a tax benefit for the impact of the tax credit in 2010, which reduced our income tax expense by $43 million ($0.12 per share). This benefit is comparable to that recorded in 2009 and 2008. We participate in the Internal Revenue Service (IRS) Compliance Assurance Process (CAP) program. The year 2010...

  • Page 72
    ...assets related to: Accrued compensation and benefits Pensions Other postretirement benefit obligations Contract accounting methods Planned sale of PAE Foreign company operating losses and credits Valuation allowance Deferred tax assets, net Deferred tax liabilities related to: Goodwill and purchased...

  • Page 73
    from the IRS related to estimated taxes paid for the 2009 calendar year, and an $85 million advance payment related to matters pending with IRS Appeals are included in 2010 payments. Note 10 - Debt Our long-term debt is primarily in the form of publicly issued notes and debentures, as follows: (In ...

  • Page 74
    ... hourly savings plans has an ESOP Fund. This ESOP Fund held 1.8 million issued and outstanding shares of our common stock at December 31, 2010, all of which were allocated to participant accounts. Defined Benefit Pension Plans and Retiree Medical and Life Insurance Plans Most of our employees hired...

  • Page 75
    ... Sheets Prepaid pension asset Accrued postretirement benefit liabilities Accumulated other comprehensive (income) loss (pre-tax) related to: Net actuarial losses Prior service cost (credit) (a) Retiree Medical and Life Insurance Plans 2010 $ 2,938 $ 36 166 (352) 105 - (10) 18 145 3,046 $ 2009...

  • Page 76
    ... end of 2010 and expected to be recognized in net pension cost during 2011 is a cost of $82 million ($53 million net of income tax benefits) for our qualified defined benefit pension plans and a credit of $16 million ($10 million net of income taxes) for our retiree medical and life insurance plans...

  • Page 77
    ... to determine the net expense related to our postretirement benefit plans in 2010, 2009, and 2008 were as follows: Postretirement Benefit Plan Cost Assumptions Discount rate Expected long-term rate of return on assets Rate of increase in future compensation levels 2010 2009 5.875% 6.125% 8.500 8.500...

  • Page 78
    ... to eligible employers to offset the cost of prescription drug benefits provided to plan participants. During 2010 and 2009, we received $18 million and $36 million in subsidy payments. Plan Assets Investment policies and strategies - Lockheed Martin Investment Management Company (LMIMCo), our...

  • Page 79
    ... equity securities included shares of our issued and outstanding common stock purchased by investment managers in the amounts of $7 million (less than .03% of plan assets) as of December 31, 2009. As of December 31, 2010 and 2009, the assets associated with our foreign defined benefit pension plans...

  • Page 80
    ... are public investment vehicles valued using the Net Asset Value ("NAV") provided by the fund manager. The NAV is the total value of the fund divided by the number of shares outstanding. Commingled equity funds are categorized as Level 1 if traded at their NAV on a nationally recognized securities...

  • Page 81
    ...at least one year. We use the Black-Scholes option pricing model to estimate the fair value of stock options. We record restricted stock units (RSUs) issued under the Award Plan based on the market value of our common stock on the date of the award. We recognize the related compensation expense over...

  • Page 82
    ... in the Black-Scholes option pricing model to determine the fair values of stock-based compensation awards during 2010, 2009, and 2008: 2010 Risk-free interest rate Dividend yield Volatility factors Expected option life 2.49% 3.40% 0.272 5 years 2009 1.69% 2.30% 0.244 5 years 2008 2.83% 1.70% 0.195...

  • Page 83
    ... breach of our agreement based on the MTA's failure to provide access to sites where work must be performed and customer-furnished equipment necessary to complete the contract. The contract has a total value of $323 million, of which $241 million has been paid to date. The MTA filed an answer and...

  • Page 84
    ... in revenue sharing, paying investment management fees for the company stock funds, and causing the company stock funds to hold cash for liquidity, thus reducing the return on those funds. The plaintiffs further allege that we or LMIMCo failed to disclose information appropriately relating to the...

  • Page 85
    ... are pursuing claims for contribution to site cleanup costs against other PRPs, including the U.S. Government. In January 2011, both the U.S. Environmental Protection Agency and the California Office of Environmental Health Hazard Assessment announced plans to regulate two chemicals, perchlorate and...

  • Page 86
    ...-indemnified ULA related to certain financial support arrangements (e.g., letters of credit, surety bonds, or foreign exchange contracts provided by either party) and guarantees by us and Boeing of the performance and financial obligations of ULA under certain launch service contracts. We believe...

  • Page 87
    ...$351 million unamortized discount. The fair values were estimated based on quoted market prices of debt with terms and due dates similar to our long-term debt instruments. In the fourth quarter of 2010, we recorded an impairment charge of $109 million in connection with our decision to sell PAE (see...

  • Page 88
    ... to align our financial closing with our business processes. This practice only affects interim periods, as our fiscal year ends on December 31. The sum of the quarterly earnings per share amounts for 2010 and 2009 do not equal the earnings per share amount included on the Statements of Earnings...

  • Page 89
    ... without charge, by contacting Investor Relations, Lockheed Martin Corporation, 6801 Rockledge Drive, Bethesda, Maryland 20817. We are required to disclose any change to, or waiver from, our Code of Ethics and Business Conduct for our Chief Executive Officer and senior financial officers. We use our...

  • Page 90
    ...2010 (incorporated by reference to Exhibit 3.2 to Lockheed Martin Corporation's Annual Report on Form 10-K for the year ended December 31, 2009). Indenture, dated May 16, 1996, among Lockheed Martin Corporation, Lockheed Martin Tactical Systems, Inc. and First Trust of Illinois, National Association...

  • Page 91
    ... Exhibit 10.2 to Lockheed Martin Corporation's Annual Report on Form 10-K for the year ended December 31, 2008). Resolutions relating to Lockheed Martin Corporation Financial Counseling Program and personal liability and accidental death and dismemberment benefits for officers and company presidents...

  • Page 92
    ... 3, 2011). Form of Restricted Stock Unit Award Agreement under the Lockheed Martin Corporation 2003 Incentive Performance Award Plan (incorporated by reference to Exhibit 99.3 of Lockheed Martin Corporation's Current Report on Form 8-K filed with the SEC on February 3, 2011). Computation of ratio of...

  • Page 93
    ...Linkbase Document XBRL Taxonomy Extension Definition Linkbase Document XBRL Taxonomy Extension Label Linkbase Document XBRL Taxonomy Extension Presentation Linkbase Document Exhibits 10.1 through 10.17 and 10.22 through 10.35 constitute management contracts or compensatory plans or arrangements. 85

  • Page 94
    ... Act of 1934, the registrant has duly caused this Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized. LOCKHEED MARTIN CORPORATION /s/ Christopher J. Gregoire Christopher J. Gregoire Vice President and Controller (Chief Accounting Officer) Date: February 24, 2011 86

  • Page 95
    ...Officer Date February 24, 2011 February 24, 2011 Executive Vice President and Chief Financial Officer February 24, 2011 Director Director Director Director Director Director Director Director Director Director February 24, 2011 February 24, 2011 February 24, 2011 February 24, 2011 February 24, 2011...

  • Page 96
    Exhibit 12 Lockheed Martin Corporation Computation of Ratio of Earnings from Continuing Operations to Fixed Charges Year Ended December 31, 2010 (In millions, except ratio) Earnings Earnings from continuing operations before income taxes Interest expense Less: Undistributed earnings of 50% and less ...

  • Page 97
    ... dated February 24, 2011, with respect to the consolidated financial statements and the effectiveness of internal control over financial reporting of Lockheed Martin Corporation, included in this Annual Report (Form 10-K) for the year ended December 31, 2010, filed with the Securities and Exchange...

  • Page 98
    ... to, that listed below, to execute and file, or cause to be filed, with exhibits thereto and other documents in connection therewith, the Lockheed Martin Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2010 ("Form 10-K"), with the Securities and Exchange Commission...

  • Page 99
    ... to, that listed below, to execute and file, or cause to be filed, with exhibits thereto and other documents in connection therewith, the Lockheed Martin Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2010 ("Form 10-K"), with the Securities and Exchange Commission...

  • Page 100
    ... to, that listed below, to execute and file, or cause to be filed, with exhibits thereto and other documents in connection therewith, the Lockheed Martin Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2010 ("Form 10-K"), with the Securities and Exchange Commission...

  • Page 101
    ... to, that listed below, to execute and file, or cause to be filed, with exhibits thereto and other documents in connection therewith, the Lockheed Martin Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2010 ("Form 10-K"), with the Securities and Exchange Commission...

  • Page 102
    ... to, that listed below, to execute and file, or cause to be filed, with exhibits thereto and other documents in connection therewith, the Lockheed Martin Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2010 ("Form 10-K"), with the Securities and Exchange Commission...

  • Page 103
    ... to, that listed below, to execute and file, or cause to be filed, with exhibits thereto and other documents in connection therewith, the Lockheed Martin Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2010 ("Form 10-K"), with the Securities and Exchange Commission...

  • Page 104
    ... to, that listed below, to execute and file, or cause to be filed, with exhibits thereto and other documents in connection therewith, the Lockheed Martin Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2010 ("Form 10-K"), with the Securities and Exchange Commission...

  • Page 105
    ... to, that listed below, to execute and file, or cause to be filed, with exhibits thereto and other documents in connection therewith, the Lockheed Martin Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2010 ("Form 10-K"), with the Securities and Exchange Commission...

  • Page 106
    ... to, that listed below, to execute and file, or cause to be filed, with exhibits thereto and other documents in connection therewith, the Lockheed Martin Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2010 ("Form 10-K"), with the Securities and Exchange Commission...

  • Page 107
    ... to, that listed below, to execute and file, or cause to be filed, with exhibits thereto and other documents in connection therewith, the Lockheed Martin Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2010 ("Form 10-K"), with the Securities and Exchange Commission...

  • Page 108
    ... to, that listed below, to execute and file, or cause to be filed, with exhibits thereto and other documents in connection therewith, the Lockheed Martin Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2010 ("Form 10-K"), with the Securities and Exchange Commission...

  • Page 109
    ... to, that listed below, to execute and file, or cause to be filed, with exhibits thereto and other documents in connection therewith, the Lockheed Martin Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2010 ("Form 10-K"), with the Securities and Exchange Commission...

  • Page 110
    ... to, that listed below, to execute and file, or cause to be filed, with exhibits thereto and other documents in connection therewith, the Lockheed Martin Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2010 ("Form 10-K"), with the Securities and Exchange Commission...

  • Page 111
    ... to, that listed below, to execute and file, or cause to be filed, with exhibits thereto and other documents in connection therewith, the Lockheed Martin Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2010 ("Form 10-K"), with the Securities and Exchange Commission...

  • Page 112
    ...Chief Executive Officer, certify that: 1. 2. I have reviewed this annual report on Form 10-K of Lockheed Martin Corporation; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of...

  • Page 113
    Exhibit 31.2 I, Bruce L. Tanner, Executive Vice President and Chief Financial Officer, certify that: 1. 2. I have reviewed this annual report on Form 10-K of Lockheed Martin Corporation; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a ...

  • Page 114
    ... of the Securities Exchange Act of 1934; and The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Corporation. /s/ Robert J. Stevens ROBERT J. STEVENS Chairman and Chief Executive Officer Date: February 24, 2011...

  • Page 115
    ... with the Annual Report of Lockheed Martin Corporation (the "Corporation") on Form 10-K for the period ended December 31, 2010 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Bruce L. Tanner, Executive Vice President and Chief Financial Officer of the...

  • Page 116
    ... plan, provides new investors and current stockholders with a convenient, cost-effective way to purchase Lockheed Martin common stock, increase holdings and manage the investment. For more information about Lockheed Martin Direct Invest, contact our transfer agent, Computershare Trust Company...

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