Lockheed Martin 2015 Annual Report Download - page 3
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2015 Annual Report
I
ϮϬϭϱǁĂƐĂŚŝƐƚŽƌŝĐLJĞĂƌĨŽƌ>ŽĐŬŚĞĞĚDĂƌƟŶ͕ĂƐǁĞƚŽŽŬĂŶƵŵďĞƌŽĨƐƚĞƉƐƚŽƐĞĐƵƌĞŽƵƌƉŽƐŝƟŽŶĂƐĂůĞĂĚĞƌŝŶ
ĂĞƌŽƐƉĂĐĞĂŶĚŐůŽďĂůƐĞĐƵƌŝƚLJ͘tĞĞŶŚĂŶĐĞĚŽƵƌƉŽƌƞŽůŝŽĂŶĚĐŽŶƟŶƵĞĚƚŽĚƌŝǀĞŝŶŶŽǀĂƟŽŶĂĐƌŽƐƐƚŚĞĐŽŵƉĂŶLJ͘tĞ
ĂĐŚŝĞǀĞĚĐƌŝƟĐĂůŵŝůĞƐƚŽŶĞƐŽŶŵĂũŽƌƉƌŽŐƌĂŵƐĂŶĚĞdžƉĂŶĚĞĚĐŽƌĞĐĂƉĂďŝůŝƟĞƐŝŶƚŽŶĞǁŵĂƌŬĞƚƐ͘ŶĚǁĞƐƚƌĞŶŐƚŚĞŶĞĚ
ŽƵƌŐůŽďĂůŽƉĞƌĂƟŽŶƐǁŚŝůĞƉƵƌƐƵŝŶŐŐƌĞĂƚĞƌĞĸĐŝĞŶĐLJ͕ǀĂůƵĞĂŶĚĂīŽƌĚĂďŝůŝƚLJ͘
/ŶEŽǀĞŵďĞƌ͕ǁĞƐŝŐŶŝĮĐĂŶƚůLJĞdžƉĂŶĚĞĚŽƵƌƉŽƌƞŽůŝŽďLJĂĐƋƵŝƌŝŶŐ^ŝŬŽƌƐŬLJ͕ĂǁŽƌůĚůĞĂĚĞƌŝŶŵŝůŝƚĂƌLJĂŶĚĐŽŵŵĞƌĐŝĂů
ŚĞůŝĐŽƉƚĞƌƐ͘^ŝŬŽƌƐŬLJŝƐĂŶĂƚƵƌĂůĮƚĨŽƌ>ŽĐŬŚĞĞĚDĂƌƟŶĂŶĚǁŝůůŚĞůƉƐŚĂƉĞŽƵƌĨƵƚƵƌĞŐƌŽǁƚŚĨŽƌĚĞĐĂĚĞƐ͘
tŝƚŚŇĂŐƐŚŝƉƉƌŽĚƵĐƚƐůŝŬĞƚŚĞůĂĐŬ,ĂǁŬ͕^ĞĂŚĂǁŬĂŶĚ,Ͳϱϯ͕ƚŚĞĂĐƋƵŝƐŝƟŽŶƐƚƌĞŶŐƚŚĞŶƐŽƵƌƉŽƐŝƟŽŶŝŶŽƵƌĐŽƌĞ
ĚĞĨĞŶƐĞďƵƐŝŶĞƐƐ͘ŶĚ^ŝŬŽƌƐŬLJ͛ƐĞdžƚĞŶƐŝǀĞŐůŽďĂůŽƉĞƌĂƟŽŶƐĂŶĚƐƚƌŽŶŐŝŶƚĞƌŶĂƟŽŶĂůƐĂůĞƐƐŝŐŶŝĮĐĂŶƚůLJĞdžƉĂŶĚŽƵƌ
ŝŶƚĞƌŶĂƟŽŶĂůďƵƐŝŶĞƐƐ͘
ƵĞƚŽĐŚĂŶŐŝŶŐŵĂƌŬĞƚĚLJŶĂŵŝĐƐ͕ǁĞĐŽŶĚƵĐƚĞĚĂƐƚƌĂƚĞŐŝĐƌĞǀŝĞǁŽĨŽƵƌŐŽǀĞƌŶŵĞŶƚ/dƐĞƌǀŝĐĞƐǁŽƌŬŝŶ/ŶĨŽƌŵĂƟŽŶ
^LJƐƚĞŵƐΘ'ůŽďĂů^ŽůƵƟŽŶƐĂŶĚŽƵƌƚĞĐŚŶŝĐĂůƐĞƌǀŝĐĞƐďƵƐŝŶĞƐƐŝŶDŝƐƐŝůĞƐĂŶĚ&ŝƌĞŽŶƚƌŽů͘/ŶĞĂƌůLJϮϬϭϲ͕ǁĞ
ĂŶŶŽƵŶĐĞĚƚŚĂƚǁĞƌĞĂĐŚĞĚĂŐƌĞĞŵĞŶƚƚŽĐŽŵďŝŶĞƚŚĞƐĞŐŽǀĞƌŶŵĞŶƚ/dĂŶĚƚĞĐŚŶŝĐĂůƐĞƌǀŝĐĞƐďƵƐŝŶĞƐƐĞƐǁŝƚŚ>ĞŝĚŽƐ͕
ĂƐƉĂƌƚŽĨĂƚĂdžͲĞĸĐŝĞŶƚZĞǀĞƌƐĞDŽƌƌŝƐdƌƵƐƚƚƌĂŶƐĂĐƟŽŶ͕ǁŚŝĐŚǁŝůůƉŽƐŝƟŽŶƚŚĞƐĞďƵƐŝŶĞƐƐĞƐǁŝƚŚĂƐƚĂŶĚĂůŽŶĞƉƵďůŝĐ
ĐŽŵƉĂŶLJŝŶĚĞƉĞŶĚĞŶƚŽĨ>ŽĐŬŚĞĞĚDĂƌƟŶ͘tĞĂƌĞĐŽŶĮĚĞŶƚƚŚĂƚƚŚĞŶĞǁĞŶƟƚLJǁŝůůďĞďĞƩĞƌƉŽƐŝƟŽŶĞĚĨŽƌŐƌŽǁƚŚ
ĂŶĚůŽŶŐͲƚĞƌŵƐƵĐĐĞƐƐ͕ĂŶĚƉƌŽǀŝĚĞĂďƌŝŐŚƚĨƵƚƵƌĞĨŽƌƚŚĞƚĂůĞŶƚĞĚƉĞŽƉůĞŽĨƚŚŝƐŝŵƉŽƌƚĂŶƚďƵƐŝŶĞƐƐ͘
ŶŽƚŚĞƌƐƚƌĂƚĞŐŝĐĂĐƟŽŶǁĂƐƚŚĞƌĞĂůŝŐŶŵĞŶƚŽĨŽƵƌĞŶĞƌŐLJƉŽƌƞŽůŝŽ͘&ŽƌĚĞĐĂĚĞƐ͕ǁĞŚĂǀĞďĞĞŶŝŶǀĞƐƟŶŐŝŶƐŵĂƌƚ͕
ŶĂƚƵƌĂůĂŶĚƐĂĨĞĞŶĞƌŐLJƚĞĐŚŶŽůŽŐŝĞƐ͘/ŶϮϬϭϱ͕ǁĞĐŽŵďŝŶĞĚƚŚĞƐĞƉƌŽĚƵĐƚƐĂŶĚƚĞĐŚŶŽůŽŐŝĞƐŝŶƚŽĂƐŝŶŐůĞŽƌŐĂŶŝnjĂƟŽŶ
ǁŝƚŚŝŶDŝƐƐŝůĞƐĂŶĚ&ŝƌĞŽŶƚƌŽů͕ƐŽƚŚĂƚǁĞǁŝůůďĞŵŽƌĞĐŽŵƉĞƟƟǀĞŝŶƚŚĞĨĂƐƚͲƉĂĐĞĚĂŶĚĞdžƉĂŶĚŝŶŐĞŶĞƌŐLJďƵƐŝŶĞƐƐ͘
ƐǁĞŵĂĚĞƚŚĞƐĞƐƚƌĂƚĞŐŝĐŵŽǀĞƐƚŽƉŽƐŝƟŽŶ>ŽĐŬŚĞĞĚDĂƌƟŶĨŽƌƐƵƐƚĂŝŶĂďůĞŐƌŽǁƚŚ͕ǁĞĐŽŶƟŶƵĞĚƚŽĚĞůŝǀĞƌ
ŽƵƚƐƚĂŶĚŝŶŐƉĞƌĨŽƌŵĂŶĐĞŝŶϮϬϭϱ͘ĐƌŽƐƐƚŚĞŽƌƉŽƌĂƟŽŶ͕ŽƵƌƉĞŽƉůĞ͕ƉƌŽĚƵĐƚƐĂŶĚƐĞƌǀŝĐĞƐĚĞůŝǀĞƌĞĚĞdžĐĞƉƟŽŶĂů
ǀĂůƵĞĨŽƌŽƵƌĐƵƐƚŽŵĞƌƐĂŶĚŽƵƌƐƚŽĐŬŚŽůĚĞƌƐ͘
DEAR FELLOW STOCKHOLDERS:
Our Leadership Team (from left to right): Sondra L. Barbour, Executive Vice President, Information Systems & Global Solutions; Richard F. Ambrose, Executive Vice
President, Space Systems; Bruce L. Tanner, Executive Vice President and Chief Financial Officer; Marillyn A. Hewson, Chairman, President and Chief Executive Officer;
Richard H. Edwards, Executive Vice President, Missiles and Fire Control; Orlando P. Carvalho, Executive Vice President, Aeronautics; and Dale P. Bennett, Executive
Vice President, Mission Systems and Training.