Lockheed Martin (LMT) 10-Q23 Jul 242024 Q2 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Jul. 19, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	1-11437
Entity Registrant Name	LOCKHEED MARTIN CORPORATION
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	52-1893632
Entity Address, Address Line One	6801 Rockledge Drive,
Entity Address, City or Town	Bethesda,
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20817
City Area Code	301
Local Phone Number	897-6000
Title of 12(b) Security	Common Stock, $1 par value
Trading Symbol	LMT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		238,358,003
Entity Central Index Key	0000936468
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Consolidated Statements of Earnings - USD ($) $ in Millions	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Net sales
Total net sales	$ 18,122	$ 16,693	$ 35,317	$ 31,819
Cost of sales
Impairment and severance charges	(87)	0	(87)	0
Other unallocated, net	197	277	482	632
Total cost of sales	(15,992)	(14,603)	(31,194)	(27,683)
Gross profit	2,130	2,090	4,123	4,136
Other income, net	18	45	54	36
Operating profit	2,148	2,135	4,177	4,172
Interest expense	(261)	(223)	(516)	(425)
Non-service FAS pension income	15	111	31	221
Other non-operating income (expense), net	46	(17)	91	32
Earnings before income taxes	1,948	2,006	3,783	4,000
Income tax expense	(307)	(325)	(597)	(630)
Net earnings	$ 1,641	$ 1,681	$ 3,186	$ 3,370
Earnings per common share
Basic (in dollars per share)	$ 6.87	$ 6.65	$ 13.29	$ 13.28
Diluted (in dollars per share)	6.85	6.63	13.24	13.24
Cash dividends paid per common share (in dollars per share)	$ 3.15	$ 3	$ 6.30	$ 6
Products
Net sales
Total net sales	$ 15,109	$ 13,758	$ 29,305	$ 26,284
Cost of sales
Total cost of sales	(13,520)	(12,238)	(26,404)	(23,389)
Services
Net sales
Total net sales	3,013	2,935	6,012	5,535
Cost of sales
Total cost of sales	$ (2,582)	$ (2,642)	$ (5,185)	$ (4,926)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Statement of Comprehensive Income [Abstract]
Net earnings	$ 1,641	$ 1,681	$ 3,186	$ 3,370
Postretirement benefit plans
Amortization of actuarial losses and prior service credits, net of tax of $5 million and $10 million in 2024 and $10 million and $20 million in 2023	19	(37)	38	(74)
Other, net, net of tax of $8 million in 2024 and $4 million and $8 million in 2023	23	44	(4)	18
Other comprehensive income (loss), net of tax	42	7	34	(56)
Comprehensive income	$ 1,683	$ 1,688	$ 3,220	$ 3,314

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Statement of Comprehensive Income [Abstract]
Amortization of actuarial losses and prior service credits, tax	$ 5	$ 10	$ 10	$ 20
Other, net, tax	$ 8	$ 4	$ 8	$ 8

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 2,523	$ 1,442
Receivables, net	2,930	2,132
Contract assets	13,907	13,183
Inventories	3,097	3,132
Other current assets	510	632
Total current assets	22,967	20,521
Property, plant and equipment, net	8,394	8,370
Goodwill	10,787	10,799
Intangible assets, net	2,040	2,212
Deferred income taxes	3,080	2,953
Other noncurrent assets	7,808	7,601
Total assets	55,076	52,456
Current liabilities
Accounts payable	3,282	2,312
Salaries, benefits and payroll taxes	2,871	3,133
Contract liabilities	9,181	9,190
Current maturities of long-term debt	142	168
Other current liabilities	3,017	2,134
Total current liabilities	18,493	16,937
Long-term debt, net	19,115	17,291
Accrued pension liabilities	6,105	6,162
Other noncurrent liabilities	5,188	5,231
Total liabilities	48,901	45,621
Stockholders’ equity
Common stock, $1 par value per share	237	240
Additional paid-in capital	0	0
Retained earnings	14,707	15,398
Accumulated other comprehensive loss	(8,769)	(8,803)
Total stockholders’ equity	6,175	6,835
Total liabilities and equity	$ 55,076	$ 52,456

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 1	$ 1

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023
Operating activities
Net earnings	$ 3,186	$ 3,370
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization	710	659
Stock-based compensation	154	146
Deferred income taxes	(145)	(234)
Impairment and severance charges	87	0
Changes in assets and liabilities
Receivables, net	(798)	(922)
Contract assets	(724)	(690)
Inventories	35	(410)
Accounts payable	1,052	1,397
Contract liabilities	(9)	(304)
Income taxes	21	(46)
Qualified defined benefit pension plans	(1)	(189)
Other, net	(57)	(113)
Net cash provided by operating activities	3,511	2,664
Investing activities
Capital expenditures	(748)	(623)
Other, net	4	30
Net cash used for investing activities	(744)	(593)
Financing activities
Issuance of long-term debt, net of related costs	1,980	1,975
Repayments of long-term debt	(168)	0
Repurchases of common stock	(1,850)	(1,250)
Dividends paid	(1,532)	(1,542)
Other, net	(116)	(128)
Net cash used for financing activities	(1,686)	(945)
Net change in cash and cash equivalents	1,081	1,126
Cash and cash equivalents at beginning of period	1,442	2,547
Cash and cash equivalents at end of period	$ 2,523	$ 3,673

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning Balance at Dec. 31, 2022	$ 9,266	$ 254	$ 92	$ 16,943	$ (8,023)
Increase (Decrease) in Stockholders' Equity
Net earnings	3,370			3,370
Other comprehensive income, net of tax	(56)				(56)
Dividends declared	(2,291)			(2,291)
Repurchases of common stock	(1,250)	(4)	(292)	(954)
Stock-based awards, ESOP activity and other	201	1	200
Ending Balance at Jun. 25, 2023	9,240	251	0	17,068	(8,079)
Beginning Balance at Mar. 26, 2023	9,646	254	0	17,478	(8,086)
Increase (Decrease) in Stockholders' Equity
Net earnings	1,681			1,681
Other comprehensive income, net of tax	7				7
Dividends declared	(1,523)			(1,523)
Repurchases of common stock	(750)	(3)	(179)	(568)
Stock-based awards, ESOP activity and other	179		179
Ending Balance at Jun. 25, 2023	9,240	251	0	17,068	(8,079)
Beginning Balance at Dec. 31, 2023	6,835	240	0	15,398	(8,803)
Increase (Decrease) in Stockholders' Equity
Net earnings	3,186			3,186
Other comprehensive income, net of tax	34				34
Dividends declared	(2,277)			(2,277)
Repurchases of common stock	(1,850)	(4)	(246)	(1,600)
Stock-based awards, ESOP activity and other	247	1	246
Ending Balance at Jun. 30, 2024	6,175	237	0	14,707	(8,769)
Beginning Balance at Mar. 31, 2024	6,650	239	0	15,222	(8,811)
Increase (Decrease) in Stockholders' Equity
Net earnings	1,641			1,641
Other comprehensive income, net of tax	42				42
Dividends declared	(1,514)			(1,514)
Repurchases of common stock	(850)	(2)	(206)	(642)
Stock-based awards, ESOP activity and other	206		206
Ending Balance at Jun. 30, 2024	$ 6,175	$ 237	$ 0	$ 14,707	$ (8,769)

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
BASIS OF PRESENTATION	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION We prepared these consolidated financial statements in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information, the instructions to Form 10-Q and Article 10 of U.S. Securities and Exchange Commission (SEC) Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these consolidated financial statements reflect all adjustments that are of a normal recurring nature necessary for a fair presentation of our results of operations, financial condition, and cash flows for the interim periods presented. The preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We base these estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Our actual results may differ materially from these estimates. Significant estimates inherent in the preparation of our consolidated financial statements include, but are not limited to, accounting for sales and cost recognition; postretirement benefit plans; environmental liabilities and assets for the portion of environmental costs that are probable of future recovery; evaluation of goodwill, intangible assets, investments and other assets for impairment; income taxes including deferred tax assets; fair value measurements; and contingencies. The consolidated financial statements include the accounts of subsidiaries we control and variable interest entities if we are the primary beneficiary. We eliminate intercompany balances and transactions in consolidation. We close our books and records on the last Sunday of the interim calendar quarter, which was on June 30 for the second quarter of 2024 and June 25 for the second quarter of 2023, to align our financial closing with our business processes. The consolidated financial statements and tables of financial information included herein are labeled based on that convention. This practice only affects interim periods as our fiscal year ends on December 31. The results of operations for the interim periods presented are not necessarily indicative of results to be expected for the full year or future periods. Unless otherwise noted, we present all per share amounts cited in these consolidated financial statements on a “per diluted share” basis. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023 (2023 Form 10-K).

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	6 Months Ended
EARNINGS PER COMMON SHARE	Jun. 30, 2024
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	EARNINGS PER COMMON SHARE The weighted average number of shares outstanding used to compute earnings per common share were as follows (in millions): Quarters Ended Six Months Ended June 30, June 25, June 30, June 25, Weighted average common shares outstanding for basic computations 238.9 252.8 239.8 253.7 Weighted average dilutive effect of equity awards 0.7 0.8 0.8 0.9 Weighted average common shares outstanding for diluted computations 239.6 253.6 240.6 254.6

INFORMATION ON BUSINESS SEGMENT

INFORMATION ON BUSINESS SEGMENTS	6 Months Ended
INFORMATION ON BUSINESS SEGMENTS	Jun. 30, 2024
Segment Reporting [Abstract]
INFORMATION ON BUSINESS SEGMENTS	INFORMATION ON BUSINESS SEGMENTS Overview We operate in four business segments: Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS) and Space. We organize our business segments based on the nature of products and services offered. Selected Financial Data by Business Segment Net sales and operating profit of our business segments exclude intersegment sales, cost of sales and profit as these activities are eliminated in consolidation and thus are not included in management’s evaluation of performance of each segment. Business segment operating profit includes our share of earnings or losses from equity method investees as the operating activities of the equity method investees are closely aligned with the operations of our business segments. Summary operating results for each of our business segments were as follows (in millions): Quarters Ended Six Months Ended June 30, June 25, June 30, June 25, Net sales Aeronautics $ 7,277 $ 6,875 $ 14,122 $ 13,144 Missiles and Fire Control 3,102 2,755 6,095 5,143 Rotary and Mission Systems 4,548 3,897 8,636 7,407 Space 3,195 3,166 6,464 6,125 Total net sales $ 18,122 $ 16,693 $ 35,317 $ 31,819 Operating profit Aeronautics $ 751 $ 718 $ 1,430 $ 1,393 Missiles and Fire Control 450 371 761 748 Rotary and Mission Systems 495 454 925 804 Space 346 312 671 592 Total business segment operating profit 2,042 1,855 3,787 3,537 Unallocated items FAS/CAS pension operating adjustment 406 416 812 831 Impairment and severance charges (a) (87) — (87) — Intangible asset amortization expense (61) (62) (122) (124) Other, net (152) (74) (213) (72) Total unallocated items 106 280 390 635 Total consolidated operating profit $ 2,148 $ 2,135 $ 4,177 $ 4,172 Intersegment sales Aeronautics $ 67 $ 71 $ 137 $ 124 Missiles and Fire Control 204 159 406 305 Rotary and Mission Systems 574 505 1,160 994 Space 99 92 206 178 Total intersegment sales $ 944 $ 827 $ 1,909 $ 1,601 (a) Impairment and severance charges of $87 million ($69 million, or $0.29 per share, after-tax) include trademark and fixed asset impairments as well as severance c osts. See “Note 10 - Other” below for additional information. Unallocated Items Business segment operating profit excludes the FAS/CAS pension operating adjustment, a portion of corporate costs not considered allowable or allocable to contracts with the U.S. Government under the applicable U.S. Government cost accounting standards (CAS) or federal acquisition regulations (FAR), and other items not considered part of management’s evaluation of segment operating performance such as a portion of management and administration costs, legal fees and settlements, stock-based compensation expense, changes in the fair value of assets and liabilities for deferred compensation plans, retiree benefits, significant severance charges, significant asset impairments, gains or losses from divestitures, intangible asset amortization expense, and other miscellaneous corporate activities. Excluded items are included in the reconciling item “Unallocated items” between operating profit from our business segments and our consolidated operating profit. See “Note 10 - Other” for a discussion related to certain factors that may impact the comparability of net sales and operating profit of our business segments. FAS/CAS Pension Operating Adjustment Our business segments’ results of operations include pension expense only as calculated under U.S. Government Cost Accounting Standards (CAS), which we refer to as CAS pension cost. We recover CAS pension and other postretirement benefit plan cost through the pricing of our products and services on U.S. Government contracts and, therefore, recognize CAS pension cost in each of our business segment’s net sales and cost of sales. Our consolidated financial statements must present pension and other postretirement benefit plan income calculated in accordance with Financial Accounting Standards (FAS) requirements under U.S. GAAP. The operating portion of the total FAS/CAS pension adjustment represents the difference between the service cost component of FAS pension income (expense) and total CAS pension cost. The non-service FAS pension income components are included in non-service FAS pension income in our consolidated statements of earnings. As a result, to the extent that CAS pension cost exceeds the service cost component of FAS pension income (expense) we have a favorable FAS/CAS pension operating adjustment. Disaggregation of Net Sales Net sales by products and services, contract type, customer, and geographic region were as follows (in millions): Quarter Ended June 30, 2024 Aeronautics MFC RMS Space Total Net sales Products $ 5,971 $ 2,742 $ 3,705 $ 2,691 $ 15,109 Services 1,306 360 843 504 3,013 Total net sales $ 7,277 $ 3,102 $ 4,548 $ 3,195 $ 18,122 Net sales by contract type Fixed-price $ 4,945 $ 2,124 $ 2,812 $ 925 $ 10,806 Cost-reimbursable 2,332 978 1,736 2,270 7,316 Total net sales $ 7,277 $ 3,102 $ 4,548 $ 3,195 $ 18,122 Net sales by customer U.S. Government $ 4,941 $ 2,241 $ 2,999 $ 3,107 $ 13,288 International (a) 2,297 856 1,470 45 4,668 U.S. commercial and other 39 5 79 43 166 Total net sales $ 7,277 $ 3,102 $ 4,548 $ 3,195 $ 18,122 Net sales by geographic region United States $ 4,980 $ 2,246 $ 3,078 $ 3,150 $ 13,454 Europe 1,270 209 282 19 1,780 Asia Pacific 685 180 750 25 1,640 Middle East 194 450 200 1 845 Other 148 17 238 — 403 Total net sales $ 7,277 $ 3,102 $ 4,548 $ 3,195 $ 18,122 Six Months Ended June 30, 2024 Aeronautics MFC RMS Space Total Net sales Products $ 11,563 $ 5,406 $ 6,946 $ 5,390 $ 29,305 Services 2,559 689 1,690 1,074 6,012 Total net sales $ 14,122 $ 6,095 $ 8,636 $ 6,464 $ 35,317 Net sales by contract type Fixed-price $ 9,529 $ 4,120 $ 5,289 $ 1,825 $ 20,763 Cost-reimbursable 4,593 1,975 3,347 4,639 14,554 Total net sales $ 14,122 $ 6,095 $ 8,636 $ 6,464 $ 35,317 Net sales by customer U.S. Government $ 9,607 $ 4,408 $ 5,839 $ 6,269 $ 26,123 International (a) 4,449 1,680 2,632 113 8,874 U.S. commercial and other 66 7 165 82 320 Total net sales $ 14,122 $ 6,095 $ 8,636 $ 6,464 $ 35,317 Net sales by geographic region United States $ 9,673 $ 4,415 $ 6,004 $ 6,351 $ 26,443 Europe 2,481 454 551 37 3,523 Asia Pacific 1,321 367 1,290 71 3,049 Middle East 397 820 362 5 1,584 Other 250 39 429 — 718 Total net sales $ 14,122 $ 6,095 $ 8,636 $ 6,464 $ 35,317 Quarter Ended June 25, 2023 Aeronautics MFC RMS Space Total Net sales Products $ 5,645 $ 2,412 $ 3,041 $ 2,660 $ 13,758 Services 1,230 343 856 506 2,935 Total net sales $ 6,875 $ 2,755 $ 3,897 $ 3,166 $ 16,693 Net sales by contract type Fixed-price $ 4,656 $ 1,863 $ 2,451 $ 799 $ 9,769 Cost-reimbursable 2,219 892 1,446 2,367 6,924 Total net sales $ 6,875 $ 2,755 $ 3,897 $ 3,166 $ 16,693 Net sales by customer U.S. Government $ 4,621 $ 1,911 $ 2,754 $ 3,121 $ 12,407 International (a) 2,169 841 1,075 41 4,126 U.S. commercial and other 85 3 68 4 160 Total net sales $ 6,875 $ 2,755 $ 3,897 $ 3,166 $ 16,693 Net sales by geographic region United States $ 4,706 $ 1,914 $ 2,822 $ 3,125 $ 12,567 Europe 1,146 174 212 24 1,556 Asia Pacific 690 215 554 16 1,475 Middle East 226 411 155 1 793 Other 107 41 154 — 302 Total net sales $ 6,875 $ 2,755 $ 3,897 $ 3,166 $ 16,693 Six Months Ended June 25, 2023 Aeronautics MFC RMS Space Total Net sales Products $ 10,801 $ 4,501 $ 5,833 $ 5,149 $ 26,284 Services 2,343 642 1,574 976 5,535 Total net sales $ 13,144 $ 5,143 $ 7,407 $ 6,125 $ 31,819 Net sales by contract type Fixed-price $ 8,968 $ 3,481 $ 4,659 $ 1,563 $ 18,671 Cost-reimbursable 4,176 1,662 2,748 4,562 13,148 Total net sales $ 13,144 $ 5,143 $ 7,407 $ 6,125 $ 31,819 Net sales by customer U.S. Government $ 8,738 $ 3,492 $ 5,177 $ 6,029 $ 23,436 International (a) 4,283 1,646 2,095 86 8,110 U.S. commercial and other 123 5 135 10 273 Total net sales $ 13,144 $ 5,143 $ 7,407 $ 6,125 $ 31,819 Net sales by geographic region United States $ 8,861 $ 3,497 $ 5,312 $ 6,039 $ 23,709 Europe 2,276 385 437 47 3,145 Asia Pacific 1,365 317 992 38 2,712 Middle East 451 866 341 1 1,659 Other 191 78 325 — 594 Total net sales $ 13,144 $ 5,143 $ 7,407 $ 6,125 $ 31,819 (a) International sales include foreign military sales (FMS) contracted through the U.S. Government and direct commercial sales to international governments and other international customers. Our Aeronautics business segment includes our largest program, the F-35 Lightning II, an international multi-role, multi-variant, stealth fighter aircraft. Net sales for the F-35 program represented approximately 26% and 25% of our total consolidated net sales for the quarter and six months ended June 30, 2024 and 26% of our total consolidated net sales for both the quarter and six months ended June 25, 2023. Assets Total assets for each of our business segments were as follows (in millions): June 30, December 31, Assets Aeronautics $ 13,913 $ 13,167 Missiles and Fire Control 5,938 5,703 Rotary and Mission Systems 17,612 17,521 Space 6,717 6,560 Total business segment assets 44,180 42,951 Corporate assets (a) 10,896 9,505 Total assets $ 55,076 $ 52,456 (a) Corporate assets primarily include cash and cash equivalents, deferred income taxes, assets for the portion of environmental costs that are probable of future recovery, property, plant and equipment used in our corporate operations, assets held in a trust for deferred compensation plans, and investments in early-stage companies.

CONTRACT ASSETS AND LIABILITIES

CONTRACT ASSETS AND LIABILITIES	6 Months Ended
CONTRACT ASSETS AND LIABILITIES	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
CONTRACT ASSETS AND LIABILITIES	CONTRACT ASSETS AND LIABILITIES Contract assets include unbilled amounts typically resulting from sales under contracts when the percentage-of-completion cost-to-cost method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer. Contract liabilities include advance payments and billings in excess of revenue recognized. Contract assets and contract liabilities were as follows (in millions): June 30, December 31, Contract assets $ 13,907 $ 13,183 Contract liabilities 9,181 9,190 Contract assets increased $724 million during the six months ended June 30, 2024, due to the recognition of revenue related to the satisfaction or partial satisfaction of performance obligations during the six months ended June 30, 2024 for which we have not yet billed our customers. There were no significant credit or impairment losses related to our contract assets during the quarters and six months ended June 30, 2024 and June 25, 2023. Contract liabilities decreased $9 million during the six months ended June 30, 2024, primarily due to revenue recognized in excess of payments received on these performance obligations. During the quarter and six months ended June 30, 2024, we recognized $1.7 billion and $4.1 billion of our contract liabilities at December 31, 2023 as revenue. During the quarter and six months ended June 25, 2023, we recognized $1.1 billion and $3.3 billion of our contract liabilities at December 31, 2022 as revenue.

INVENTORIES

INVENTORIES	6 Months Ended
INVENTORIES	Jun. 30, 2024
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consisted of the following (in millions): June 30, December 31, Materials, spares and supplies $ 651 $ 606 Work-in-process 2,259 2,338 Finished goods 187 188 Total inventories $ 3,097 $ 3,132 Costs incurred to fulfill a contract in advance of the contract being awarded are included in inventories as work-in-process if we determine that those costs relate directly to a contract or to an anticipated contract that we can specifically identify and determine that contract award is probable, the costs generate or enhance resources that will be used in satisfying performance obligations, and the costs are recoverable (referred to as pre-contract costs). These advanced procurement costs are generally incurred in order to enhance our ability to achieve schedule and certain customer milestones. Pre-contract costs that are initially capitalized in inventory are generally recognized as cost of sales consistent with the transfer of products and services to the customer upon the receipt of the anticipated contract. All other pre-contract costs, including start-up costs, are expensed as incurred. As of June 30, 2024 and December 31, 2023, $1.2 billion and $989 million of pre-contract costs (primarily the F-35 program and classified contracts at our Aeronautics business segment) were included in inventories.

POSTRETIREMENT BENEFIT PLANS

POSTRETIREMENT BENEFIT PLANS	6 Months Ended
POSTRETIREMENT BENEFIT PLANS	Jun. 30, 2024
Retirement Benefits [Abstract]
POSTRETIREMENT BENEFIT PLANS	POSTRETIREMENT BENEFIT PLANS FAS income The pretax FAS income related to our qualified defined benefit pension plans and retiree medical and life insurance plans consisted of the following (in millions): Quarters Ended Six Months Ended June 30, June 25 June 30, June 25 Qualified defined benefit pension plans Operating: Service cost $ (15) $ (16) $ (30) $ (32) Non-operating: Interest cost (350) (365) (699) (730) Expected return on plan assets 393 431 786 861 Amortization of actuarial losses (65) (42) (130) (84) Amortization of prior service credits 37 87 74 174 Non-service FAS pension income 15 111 31 221 Total FAS pension income $ — $ 95 $ 1 $ 189 Retiree medical and life insurance plans Operating: Service cost $ (1) $ (2) $ (2) $ (3) Non-operating: Interest cost (16) (17) (32) (34) Expected return on plan assets 27 26 54 52 Amortization of actuarial gains 9 8 18 16 Amortization of prior service costs (1) (2) (2) (5) Non-service FAS retiree medical and life income 19 15 38 29 Total FAS retiree medical and life income $ 18 $ 13 $ 36 $ 26 We record the service cost component of FAS income for our qualified defined benefit pension plans and retiree medical and life insurance plans in the cost of sales accounts; the non-service components of our FAS income for our qualified defined benefit pension plans in the non-service FAS pension income account; and the non-service components of our FAS income for our retiree medical and life insurance plans as part of the other non-operating income, net account on our consolidated statements of earnings. The amortization of net actuarial losses or gains and prior service credits or costs in the table above, along with similar costs related to our other postretirement benefit plans ($4 million and $8 million for the quarter and six months ended June 30, 2024 and $4 million and $7 million for the quarter and six months ended June 25, 2023) were reclassified from accumulated other comprehensive loss (AOCL) and recorded as a component of FAS income for the periods presented. These costs totaled $24 million ($19 million, net of tax) and $48 million, ($38 million, net of tax) during the quarter and six months ended June 30, 2024, and $(47) million ($(37) million, net of tax) and $(94) million ($(74) million, net of tax) during the quarter and six months ended June 25, 2023. Funding Requirements The required funding of our qualified defined benefit pension plans is determined in accordance with the Employee Retirement Income Security Act of 1974 (ERISA), as amended, along with consideration of CAS and Internal Revenue Code rules. We made no contributions to our qualified defined benefit pension plans during the quarters and six months ended June 30, 2024 and June 25, 2023.

LEGAL PROCEEDINGS AND CONTINGEN

LEGAL PROCEEDINGS AND CONTINGENCIES	6 Months Ended
LEGAL PROCEEDINGS AND CONTINGENCIES	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
LEGAL PROCEEDINGS AND CONTINGENCIES	LEGAL PROCEEDINGS AND CONTINGENCIES Legal Proceedings We are a party to litigation and other proceedings that arise in the ordinary course of our business, including matters arising under provisions relating to the protection of the environment, and are subject to contingencies related to certain businesses we previously owned. These types of matters could result in fines, penalties, cost reimbursements or contributions, compensatory or treble damages or non-monetary sanctions or relief. We believe the probability is remote that the outcome of each of these matters, including the legal proceedings described below, will have a material adverse effect on the company as a whole, notwithstanding that the unfavorable resolution of any matter may have a material effect on our net earnings and cash flows in any particular interim reporting period. Among the factors that we consider in this assessment are the nature of existing legal proceedings and claims, the asserted or possible damages or loss contingency (if estimable), the progress of the case, existing law and precedent, the opinions or views of legal counsel and other advisers, our experience in similar cases and the experience of other companies, the facts available to us at the time of assessment and how we intend to respond to the proceeding or claim. Our assessment of these factors may change over time as individual proceedings or claims progress. Although we cannot predict the outcome of legal or other proceedings with certainty, where there is at least a reasonable possibility that a loss may have been incurred, GAAP requires us to disclose an estimate of the reasonably possible loss or range of loss or make a statement that such an estimate cannot be made. We follow a thorough process in which we seek to estimate the reasonably possible loss or range of loss, and only if we are unable to make such an estimate do we conclude and disclose that an estimate cannot be made. Accordingly, unless otherwise indicated below in our discussion of legal proceedings, a reasonably possible loss or range of loss associated with any individual legal proceeding cannot be estimated. United States of America, ex rel. Patzer; Cimma v. Sikorsky Aircraft Corp., et al. As a result of our acquisition of Sikorsky Aircraft Corporation (Sikorsky) in 2015, we assumed the defense of and any potential liability for two civil False Claims Act lawsuits pending in the U.S. District Court for the Eastern District of Wisconsin. In October 2014, the U.S. Government filed a complaint in intervention in the first suit, which was brought by qui tam relator Mary Patzer, a former Derco Aerospace (Derco) employee. In May 2017, the U.S. Government filed a complaint in intervention in a second suit, which was brought by qui tam relator Peter Cimma, a former Sikorsky Support Services, Inc. (SSSI) employee. In November 2017, the Court consolidated the cases into a single action for discovery and trial. The U.S. Government alleged that Sikorsky and two of its wholly-owned subsidiaries, Derco and SSSI, violated the civil False Claims Act and the Truth in Negotiations Act in connection with a contract the U.S. Navy awarded to SSSI in June 2006 to support the Navy’s T-34 and T-44 fixed-wing turboprop training aircraft. SSSI subcontracted with Derco, primarily to procure and manage spare parts for the training aircraft. The U.S. Government contended that SSSI overbilled the Navy on the contract as the result of Derco’s use of prohibited cost-plus-percentage-of-cost (CPPC) pricing to add profit and overhead costs as a percentage of the price of the spare parts that Derco procured and then sold to SSSI. The U.S. Government also alleged that Derco’s claims to SSSI, SSSI’s claims to the Navy, and SSSI’s yearly Certificates of Final Indirect Costs from 2006 through 2012 were false and that SSSI submitted inaccurate cost or pricing data in violation of the Truth in Negotiations Act for a sole-sourced, follow-on “bridge” contract. The U.S. Government’s complaints asserted common law claims for breach of contract and unjust enrichment. On November 29, 2021, the District Court granted the U.S. Government’s motion for partial summary judgment, finding that the Derco-SSSI agreement was a CPPC contract. On October 17, 2023, the District Court ruled on the parties’ cross motions for summary judgment, granting some motions and denying others. Trial on the U.S. Government’s remaining claims was scheduled for May 6, 2024 before being stayed pending negotiation of a settlement agreement. On June 21, 2024, SSSI and Derco settled with the U.S. Government and relator to avoid the delay, uncertainty, inconvenience and expense of further protracted litigation. Under the terms of the settlement, we paid $70 million to the U.S. Government with no admission of liability or finding of wrongdoing, resulting in an immaterial charge to earnings in the quarter ending June 30, 2024 for the portion of the settlement payment in excess of the previously estimated liability. The alleged conduct at issue in the lawsuit occurred between 2006 and 2012, prior to our acquisition of Sikorsky. The case was dismissed on July 3, 2024, as a result of the settlement agreement. Lockheed Martin v. Metropolitan Transportation Authority On April 24, 2009, we filed a declaratory judgment action against the New York Metropolitan Transportation Authority and its Capital Construction Company (collectively, the MTA) asking the U.S. District Court for the Southern District of New York to find that the MTA is in material breach of our agreement based on the MTA’s failure to provide access to sites where work must be performed and the customer-furnished equipment necessary to complete the contract. The MTA filed an answer and counterclaim alleging that we breached the contract and subsequently terminated the contract for alleged default. The primary damages sought by the MTA are the costs to complete the contract and potential re-procurement costs. While we are unable to estimate the cost of another contractor to complete the contract and the costs of re-procurement, we note that our contract with the MTA had a total value of $323 million, of which $241 million was paid to us, and that the MTA is seeking damages of approximately $190 million. We dispute the MTA’s allegations and are defending against them. Additionally, following an investigation, our sureties on a performance bond related to this matter, who were represented by independent counsel, concluded that the MTA’s termination of the contract was improper. Finally, our declaratory judgment action was later amended to include claims for monetary damages against the MTA of approximately $95 million. This matter was taken under submission by the District Court in December 2014, after a five-week bench trial and the filing of post-trial pleadings by the parties. We continue to await a decision from the District Court. Although this matter relates to our former Information Systems & Global Solutions (IS&GS) business, we retained responsibility for the litigation when we divested IS&GS in 2016. Environmental Matters We are involved in proceedings and potential proceedings relating to soil, sediment, surface water, and groundwater contamination, disposal of hazardous substances, and other environmental matters at several of our current or former facilities, facilities for which we may have contractual responsibility, and at third-party sites where we have been designated as a potentially responsible party (PRP). A substantial portion of environmental costs will be included in our net sales and cost of sales in future periods pursuant to U.S. Government regulations. At the time a liability is recorded for future environmental costs, we record assets for estimated future recovery considered probable through the pricing of products and services to agencies of the U.S. Government, regardless of the contract form (e.g., cost-reimbursable, fixed-price). We continually evaluate the recoverability of our assets for the portion of environmental costs that are probable of future recovery by assessing, among other factors, U.S. Government regulations, our U.S. Government business base and contract mix, and our history of receiving reimbursement of such costs. We include the portions of those environmental costs expected to be allocated to our non-U.S. government contracts, or determined not to be recoverable under U.S. Government contracts, in our cost of sales at the time the liability is established or adjusted. At June 30, 2024 and December 31, 2023, the aggregate amount of liabilities recorded relative to environmental matters was $687 million and $680 million, most of which are recorded in other noncurrent liabilities Environmental remediation activities usually span many years, which makes estimating liabilities a matter of judgment because of uncertainties with respect to assessing the extent of the contamination as well as such factors as changing remediation technologies and changing regulatory environmental standards. We are monitoring or investigating a number of former and present operating facilities for potential future remediation. We perform quarterly reviews of the status of our environmental remediation sites and the related liabilities and receivables. Additionally, in our quarterly reviews, we consider these and other factors in estimating the timing and amount of any future costs that may be required for remediation activities, and we record a liability when it is probable that a loss has occurred or will occur for a particular site and the loss can be reasonably estimated. The amount of liability recorded is based on our estimate of the costs to be incurred for remediation for that site. We do not discount the recorded liabilities, as the amount and timing of future cash payments are not fixed or cannot be reliably determined. We cannot reasonably determine the extent of our financial exposure in all cases as, although a loss may be probable or reasonably possible, in some cases it is not possible at this time to estimate the reasonably possible loss or range of loss. We project costs and recovery of costs over approximately 20 years. We also pursue claims for recovery of costs incurred or for contribution to site remediation costs against other PRPs, including the U.S. Government, and are conducting remediation activities under various consent decrees, orders, and agreements relating to soil, groundwater, sediment, or surface water contamination at certain sites of former or current operations. Under agreements related to certain sites in California, New York, United States Virgin Islands and Washington, the U.S. Government and/or a private party reimburses us an amount equal to a percentage, specific to each site, of expenditures for certain remediation activities in their capacity as PRPs under the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA). In addition to the proceedings and potential proceedings discussed above, potential new regulations concerning perchlorate and hexavalent chromium at the federal and state level could increase our cleanup costs. If substantially lower cleanup standards are adopted for perchlorate or for hexavalent chromium, we expect a material increase in both our estimates for environmental liabilities and the related assets for the portion of costs that are probable of future recovery. The amount that would be allocable to our non-U.S. government contracts or that is determined not to be recoverable under U.S. Government contracts would be expensed, which may have a material effect on our earnings in any particular interim reporting period. We also are evaluating the potential impact of new, existing, and contemplated requirements addressing a class of chemicals known generally as per- and polyfluoroalkyl substances (PFAS). PFAS are common and appear in products such as fire-fighting foams and stain- and stick-resistant products (e.g., Teflon, stain-resistant fabrics) and have been used in manufacturing processes. Regulations requiring very low PFAS contaminant levels in drinking water could eventually lead to increased cleanup costs at a number of our environmental remediation sites. Letters of Credit, Surety Bonds and Third-Party Guarantees We have entered into standby letters of credit and surety bonds issued on our behalf by financial institutions, and we have directly issued guarantees to third parties primarily relating to advances received from customers and the guarantee of future performance on certain contracts. Letters of credit and surety bonds generally are available for draw down in the event we do not perform. We had total outstanding letters of credit and surety bonds aggregating $2.8 billion and $2.9 billion at June 30, 2024 and December 31, 2023. Additionally, we may guarantee the contractual performance of third parties such as joint venture partners. At June 30, 2024 and December 31, 2023, third-party guarantees totaled $347 million and $1.0 billion, of which approximately 26% and 75% related to guarantees of contractual performance of joint ventures to which we currently are or previously were a party. These amounts represent our estimate of the maximum amounts we would expect to incur upon the contractual non-performance of the joint venture, joint venture partners or divested businesses. Generally, we also have cross-indemnities in place that may enable us to recover amounts that may be paid on behalf of a joint venture partner. Third-party guarantees do not include guarantees issued on behalf of subsidiaries and other consolidated entities. In determining our exposures, we evaluate the reputation, performance on contractual obligations, technical capabilities and credit quality of our current and former joint venture partners and the transferee under novation agreements all of which include a guarantee as required by the FAR. At June 30, 2024 and December 31, 2023, there were no material amounts recorded in our financial statements related to third-party guarantees or novation agreements. Other Contingencies On April 22, 2024, the Armed Services Board of Contract Appeals (ASBCA) sustained our appeal associated with a contract to modernize and install new engines in C-5 Galaxy aircraft. The ASBCA ruled that we are entitled to $132 million for impacts due to excessive “over and above” work performed under the contract plus interest on the amount since the date of our claim in October 2018. We have not recognized the impacts resulting from the ASBCA decision through June 30, 2024, given the matter may be appealed by the Government until August 21, 2024, and the uncertain grounds for any potential appeal. Independent of this matter and as a U.S. Government contractor, we are subject to various audits and investigations by the U.S. Government to determine whether our operations are being conducted in accordance with applicable regulatory requirements. U.S. Government investigations of us, whether relating to government contracts or conducted for other reasons, could result in administrative, civil, or criminal liabilities, including repayments, fines or penalties being imposed upon us, suspension, proposed debarment, debarment from eligibility for future U.S. Government contracting, or suspension of export privileges. Suspension or debarment could have a material adverse effect on us because of our dependence on contracts with the U.S. Government. U.S. Government investigations often take years to complete and many result in no adverse action against us. We also provide products and services to customers outside of the U.S., which are subject to U.S. and foreign laws and regulations and foreign procurement policies and practices. Our compliance with local regulations or applicable U.S. Government regulations also may be audited or investigated. Additionally, in the normal course of business, we provide warranties to our customers associated with certain product sales. We record estimated warranty costs in the period in which the related products are delivered. The warranty liability is generally based on the number of months of warranty coverage remaining for the products delivered and the average historical monthly warranty payments. Warranty obligations incurred in connection with long-term production contracts are accounted for within the contract estimates at completion.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
FAIR VALUE MEASUREMENTS	Jun. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Assets and liabilities measured and recorded at fair value on a recurring basis consisted of the following (in millions): June 30, 2024 December 31, 2023 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets Mutual funds $ 1,002 $ 1,002 $ — $ — $ 1,025 $ 1,025 $ — $ — U.S. Government securities 101 — 101 — 119 — 119 — Other securities 695 333 319 43 679 333 301 45 Derivatives 15 — 15 — 32 — 32 — Liabilities Derivatives 178 — 178 — 200 — 200 — Substantially all assets measured at fair value, other than derivatives, represent assets held in a trust to fund certain of our non-qualified deferred compensation plans and are recorded in other noncurrent assets on our consolidated balance sheets. The fair values of mutual funds and certain other securities are determined by reference to the quoted market price per unit in active markets multiplied by the number of units held without consideration of transaction costs. The fair values of U.S. Government and certain other securities are determined using pricing models that use observable inputs (e.g., interest rates and yield curves observable at commonly quoted intervals), bids provided by brokers or dealers or quoted prices of securities with similar characteristics. The fair values of derivative instruments, which consist of foreign currency forward contracts, including embedded derivatives, and interest rate swap contracts, are primarily determined based on the present value of future cash flows using model-derived valuations that use observable inputs such as interest rates, credit spreads and foreign currency exchange rates. We also make investments in early-stage companies that we believe are advancing or developing new technologies applicable to our business. Investments that have quoted market prices in active markets (Level 1) are recorded at fair value and reflected in other securities while certain investments are categorized as Level 3 when valuations using observable inputs are unavailable. See “Note 10 - Other - Investments” for more information. We use derivative instruments principally to reduce our exposure to market risks from changes in foreign currency exchange rates and interest rates. We transact business globally and are subject to risks associated with changing foreign currency exchange rates. We do not enter into or hold derivative instruments for speculative trading purposes. These contracts hedge forecasted foreign currency transactions in order to minimize fluctuations in our earnings and cash flows associated with changes in foreign currency exchange rates. We designate foreign currency hedges as cash flow hedges. We enter into foreign currency hedges such as forward and option contracts that change in value as foreign currency exchange rates change. Our most significant foreign currency exposures relate to the British pound sterling, the euro, the Canadian dollar, the Australian dollar, the Norwegian kroner and the Polish zloty. We also are exposed to the impact of interest rate changes primarily through our borrowing activities. For fixed rate borrowings, we may use variable interest rate swaps, effectively converting fixed rate borrowings to variable rate borrowings in order to hedge changes in the fair value of the debt. These swaps are designated as fair value hedges. For variable rate borrowings, we may use fixed interest rate swaps, effectively converting variable rate borrowings to fixed rate borrowings in order to minimize the impact of interest rate changes on earnings. These swaps are designated as cash flow hedges. We also may enter into derivative instruments that are not designated as hedges and do not qualify for hedge accounting, which are intended to minimize certain economic exposures. The aggregate notional amount of our outstanding interest rate swaps was $1.3 billion at both June 30, 2024 and December 31, 2023. The aggregate notional amount of our outstanding foreign currency hedges was $6.1 billion and $6.5 billion at June 30, 2024 and December 31, 2023. The fair values of our outstanding interest rate swaps and foreign currency hedges at June 30, 2024 and December 31, 2023 were not significant. Derivative instruments did not have a material impact on net earnings and comprehensive income during the quarters and six months ended June 30, 2024 and June 25, 2023. The impact of derivative instruments on our consolidated statements of cash flows is included in net cash provided by operating activities. Substantially all of our derivatives are designated for hedge accounting. In addition to the financial instruments listed in the table above, we hold other financial instruments, including cash and cash equivalents, receivables, accounts payable and debt. The carrying amounts for cash and cash equivalents, receivables and accounts payable approximated their fair values. The estimated fair value of our outstanding debt was $19.3 billion and $18.5 billion at June 30, 2024 and December 31, 2023. The outstanding principal amount of debt, including short-term and long-term debt, was $20.6 billion and $18.7 billion at June 30, 2024 and December 31, 2023, excluding $1.3 billion of unamortized discounts and issuance costs at both June 30, 2024 and December 31, 2023. The estimated fair values of our outstanding debt were determined based on the present value of future cash flows using model-derived valuations that use observable inputs such as interest rates and credit spreads (Level 2).

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
STOCKHOLDERS' EQUITY	Jun. 30, 2024
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY Repurchases of Common Stock During the six months ended June 30, 2024, we repurchased 4.2 million shares of our common stock for $1.9 billion in open market purchases. The total remaining authorization for future common stock repurchases under our share repurchase program was $8.2 billion as of June 30, 2024. As we repurchase our common shares, we reduce common stock for the $1 of par value of the shares repurchased, with the excess purchase price over par value recorded as a reduction of additional paid-in capital. If additional paid-in capital is reduced to zero, we record the remainder of the excess purchase price over par value as a reduction of retained earnings. Dividends We paid cash dividends of $1.5 billion ($6.30 per share) during the six months ended June 30, 2024. Additionally, we declared a third quarter 2024 dividend totaling approximately $751 million ($3.15 per share), which will be paid in September 2024 . The total amount of dividends declared may differ from the total amount of dividends paid during a period due to the timing of dividend-equivalents paid on RSUs and PSUs. These dividend-equivalents are accrued during the vesting period and are paid upon the vesting of the RSUs and PSUs, which primarily occurs in the first quarter each year. Accumulated Other Comprehensive Loss Changes in the balance of AOCL, net of tax, consisted of the following (in millions): Postretirement Other, net AOCL Balance at December 31, 2023 $ (8,704) $ (99) $ (8,803) Other comprehensive income (loss) before reclassifications — (32) (32) Amounts reclassified from AOCL Amortization of net actuarial losses (a) 94 — 94 Amortization of net prior service credits (a) (56) — (56) Other — 28 28 Total reclassified from AOCL 38 28 66 Total other comprehensive income (loss) 38 (4) 34 Balance at June 30, 2024 $ (8,666) $ (103) $ (8,769) Balance at December 31, 2022 $ (7,866) $ (157) $ (8,023) Other comprehensive income (loss) before reclassifications — 5 5 Amounts reclassified from AOCL Amortization of net actuarial losses (a) 58 — 58 Amortization of net prior service credits (a) (132) — (132) Other — 13 13 Total reclassified from AOCL (74) 13 (61) Total other comprehensive income (loss) (74) 18 (56) Balance at June 25, 2023 $ (7,940) $ (139) $ (8,079) (a)

OTHER

OTHER	6 Months Ended
OTHER	Jun. 30, 2024
Accounting Policies [Abstract]
OTHER	OTHER Contract Estimates Significant estimates and assumptions are made in estimating contract sales, costs, and profit. We estimate profit as the difference between estimated revenues and total estimated costs to complete the contract. At the outset of a long-term contract, we identify and monitor risks to the achievement of the technical, schedule and cost aspects of the contract, as well as our ability to earn variable consideration, and assess the effects of those risks on our estimates of sales and total costs to complete the contract. The estimates consider the technical requirements (e.g., a newly-developed product versus a mature product), the schedule and associated tasks (e.g., the number and type of milestone events) and costs (e.g., material, labor, subcontractor, overhead, general and administrative and the estimated costs to fulfill our industrial cooperation agreements, sometimes referred to as offset or localization agreements, required under certain contracts with international customers). The initial profit booking rate of each contract considers risks surrounding the ability to achieve the technical requirements, schedule and costs in the initial estimated total costs to complete the contract. Profit booking rates may increase during the performance of the contract if we successfully retire risks related to technical, schedule and cost aspects of the contract, which decreases the estimated total costs to complete the contract or may increase the variable consideration we expect to receive on the contract. Conversely, our profit booking rates may decrease if the estimated total costs to complete the contract increase or our estimates of variable consideration we expect to receive decrease. All of the estimates are subject to change during the performance of the contract and may affect the profit booking rate. When estimates of total costs to be incurred on a contract exceed total estimates of the transaction price, a provision for the entire loss is determined at the contract level and is recorded in the period in which the loss is evident, which we refer to as a reach-forward loss. Comparability of our segment sales, operating profit and operating margin may be impacted favorably or unfavorably by changes in profit booking rates on our contracts. Increases in the profit booking rates, typically referred to as favorable profit booking rate adjustments, usually relate to revisions in the estimated total costs to fulfill the performance obligations that reflect improved conditions on a particular contract. Conversely, conditions on a particular contract may deteriorate, resulting in an increase in the estimated total costs to fulfill the performance obligations and a reduction in the profit booking rate and are typically referred to as unfavorable profit booking rate adjustments. Increases or decreases in profit booking rates are recognized in the current period they are determined and reflect the inception-to-date effect of such changes. Segment operating profit and margin can be impacted favorably or unfavorably by, for example, certain items listed below, which may or may not impact sales. Favorable items include the positive resolution of contractual matters, cost recoveries on severance and restructuring, insurance recoveries and gains on sales of assets. Unfavorable items include the adverse resolution of contractual matters; supply chain disruptions; restructuring charges (except for significant severance actions, which are excluded from segment operating results); reserves for disputes; certain asset impairments; and losses on sales of certain assets. Our consolidated net profit booking rate adjustments increased sales by $383 million and $655 million during the quarter and six months ended June 30, 2024 and $359 million and $792 million during the quarter and six months ended June 25, 2023. These adjustments increased segment operating profit by approximately $420 million ($332 million, or $1.39 per share, after tax) and $615 million ($486 million, or $2.02 per share, after tax) during the quarter and six months ended June 30, 2024, and $365 million ($288 million, or $1.14 per share, after tax) and $780 million ($616 million, or $2.42 per share, after tax) during the quarter and six months ended June 25, 2023. During the three months ended March 31, 2024, we recognized a reach-forward loss of $100 million on a classified program at our MFC business segment described below. During the three months ended June 25, 2023, we recognized a favorable profit adjustment of $65 million on an international surveillance and control program due to the positive resolution of a contractual matter, and a reach-forward loss of $100 million on the Canadian Maritime Helicopter Program (CMHP) as a result of increased costs and lower than planned revenues described below. We have various development programs for new and upgraded products, services, and related technologies which have complex design and technical challenges. This development work is inherently uncertain and subject to significant variability in estimates of the cost and time required to complete the work by us and our suppliers. Many of these programs have cost-type contracting arrangements (e.g. cost-reimbursable or cost-plus-fee). In such cases, the associated financial risks are primarily in reduced fees, lower profit rates, or program cancellation if cost, schedule, or technical performance issues arise. However, some of our existing development programs are contracted on a fixed-price basis or include cost-type contracting for the development phase with fixed-price production options and our customers still continue to implement procurement strategies such as these that shift risk to contractors. Competitively bid programs with fixed-price development work or fixed-price production options increase the risk of a reach-forward loss upon contract award and during the period of contract performance. Due to the complex and often experimental nature of development programs, we may experience (and have experienced in the past) technical and quality issues during the development of new products or technologies for a variety of reasons. Our development programs are ongoing, and while we believe the cost and fee estimates incorporated in the financial statements are appropriate, the technical complexity of these programs and fixed-price contract structure creates financial risk as estimated completion costs may exceed the current contract value, which could trigger earnings charges, termination provisions, or other financially significant exposures. These programs have risk for reach-forward losses if our estimated costs exceed our estimated contract revenues, and such losses could be significant to our financial results, cash flows, or financial condition. Any such losses are recorded in the period in which the loss is evident. We have experienced performance issues on a classified fixed-price incentive fee contract at our Aeronautics business segment. Phases within the contract involve highly complex design and systems integration and we have periodically recognized reach-forward losses. During the second quarter of 2024, we recognized losses of $45 million related to higher than anticipated costs to maintain program objectives, increasing the cumulative losses to approximately $335 million. We will continue to monitor the technical requirements and our performance, the remaining work and any future changes in scope or schedule, and estimated costs to complete the program and may have to record additional losses in future periods if we experience further performance issues, increases in scope, or cost growth, which could be material to our financial results. Additionally, we will continue to assess the likelihood of losses for future phases. We will be required to recognize additional losses for such phases if they are probable and such loss becomes evident. Lastly, we and our industry team will continue to incur advanced procurement costs (also referred to as pre-contract costs) in order to enhance our ability to achieve the schedule and certain milestones. We will monitor the recoverability of pre-contract costs, which could be impacted by the customer’s decision regarding future phases of the program. We have contracted with the Canadian Government for the Canadian Maritime Helicopter Program (CMHP) at our RMS business segment that provides for design, development, and production of CH-148 aircraft (the Original Equipment contract), which is a military variant of the S-92 helicopter, and for logistical support to the fleet (the In Service Support contract) over an extended time period. We are currently in discussions with the Canadian Government to potentially restructure certain contractual terms and conditions that may be beneficial to both parties. The program has experienced performance issues, including delays in the final aircraft deliveries from the original contract requirement, and the Royal Canadian Air Force’s flight hours have been significantly less than originally anticipated, which has impacted program revenues and the recovery of our costs under this program. We have incurred significant costs and recognized the related sales, of which about $970 million are currently included in contract assets on the balance sheet which could become at risk for future recovery. Such assets are recovered based on flight hours. Future sales and recovery of costs under the program are highly dependent upon achieving a certain number of flight hours, which are not entirely in our control and dependent on aircraft availability and performance, the availability of Canadian government resources, and potential restructured contract terms and conditions to better align with the current needs of the Canadian government and allow for cost recovery. As of June 30, 2024, cumulative losses remained at approximately $100 million. Future performance issues, lower than forecast flight hours, or changes in our estimates due to the outcome of restructuring discussions may further affect our ability to recover our costs, including recovery of the contract assets recognized on the balance sheet and our assessment of the reach-forward loss, which could be material to our operating results. We also have a number of contracts with Türkish industry for the Türkish Utility Helicopter Program (TUHP), which anticipates co-production with Türkish industry for production of T70 helicopters for use in Türkiye, as well as the related provision of Türkish goods and services under buy-back or offset obligations, to include the future sales of helicopters built in Türkiye for sale globally. In 2020, the U.S. Government imposed certain sanctions on Türkish entities and persons that have affected our ability to perform under the TUHP contracts and we have provided force majeure notices under the affected contracts. As of June 30, 2024, cumulative losses related to development work for the program remained insignificant and the program remains in a contract liability position on the balance sheet. The TUHP contracts may be negotiated to be restructured or terminated, either in whole or in part and as a result, we could be at risk of recording significant reach-forward losses in future periods. Additionally, we could elect to pursue other relief or remedies, which could result in a further reduction in sales, the imposition of penalties or assessment of damages, and increased unrecoverable costs, which could be material to our financial results. Our MFC business segment was previously awarded a competitively bid classified contract, which includes a cost-reimbursable base contract for the initial phase of the program and multiple fixed price options for additional phases. The options for additional phases may be exercised over the next several years and if performed we expect they would each be at a loss. During the first quarter of 2024, we concluded it was probable that an option would be exercised based on progress made on the program and discussions with the customer. Accordingly, in the first quarter of 2024 we recognized a reach forward loss of approximately $100 million, bringing the cumulative losses recognized on the program to approximately $150 million, including charges for precontract costs recognized in prior periods. During the second quarter of 2024, there were no significant changes to the previously recognized losses. We will continue to assess the likelihood that additional options will be exercised, utilizing factors such as our performance, future requirements of the program, discussions with the customer and suppliers, customer funding, experience with other customer programs, among other factors. We will be required to recognize additional losses for the remaining options if they become probable of being exercised. The potential total loss across the additional options is up to approximately $1.3 billion. The ultimate amount of additional loss recognized, if any, will depend on how many of the additional options are exercised or become probable of being exercised and performance on those options. Backlog Backlog (i.e., unfulfilled or remaining performance obligations) represents the sales we expect to recognize for our products and services for which control has not yet transferred to the customer. It is converted into sales in future periods as work is performed or deliveries are made. For our cost-reimbursable and fixed-priced-incentive contracts, the estimated consideration we expect to receive pursuant to the terms of the contract may exceed the contractual award amount. The estimated consideration is determined at the outset of the contract and is continuously reviewed throughout the contract period. In determining the estimated consideration, we consider the risks related to the technical, schedule and cost impacts to complete the contract and an estimate of any variable consideration. Periodically, we review these risks and may increase or decrease backlog accordingly. As the risks on such contracts are successfully retired, the estimated consideration from customers may be reduced, resulting in a reduction of backlog without a corresponding recognition of sales. As of June 30, 2024, our ending backlog was $158.3 billion. We expect to recognize approximately 36% of our backlog over the next 12 months and approximately 60% over the next 24 months as revenue with the remainder recognized thereafter. Income Taxes Our effective income tax rates were 15.8% for the quarter and six months ended June 30, 2024 and 16.2% and 15.8% for the quarter and six months ended June 25, 2023. The rates for all periods benefited from research and development tax credits, tax deductions for foreign derived intangible income and dividends paid to our defined contribution plans with an employee stock ownership plan feature. Investments We make investments in companies that we believe are advancing or developing new technologies applicable to our business. These investments are primarily in early-stage companies and may be in the form of common or preferred stock, warrants, convertible debt securities, investments in funds or equity method investments. Most of these investments are in equity securities without readily determinable fair values (privately held securities), which are measured initially at cost and are then adjusted to fair value only if there is an observable price change or reduced for impairment, if applicable. The carrying amounts of the investments were $604 million and $581 million at June 30, 2024 and December 31, 2023. Due to changes in fair value and/or sales of investments, we recorded net gains of $9 million ($7 million, or $0.03 per share, after-tax) and $14 million ($11 million, or $0.04 per share, after-tax) during the quarter and six months ended June 30, 2024 and net losses of $40 million ($30 million, or $0.12 per share, after-tax) and $11 million ($8 million, or $0.03 per share, after-tax) during the quarter and six months ended June 25, 2023. These gains or losses are reflected in the other non-operating income (expense), net account on our consolidated statements of earnings. Debt Issuance On January 29, 2024, we issued a total of $2.0 billion of senior unsecured notes, consisting of $650 million aggregate principal amount of 4.50% Notes due 2029 (the “2029 Notes”), $600 million aggregate principal amount of 4.80% Notes due 2034 (the “2034 Notes”) and $750 million aggregate principal amount of 5.20% Notes due 2064 (the “2064 Notes” and, together with the 2029 Notes and 2034 Notes, the “Notes”). Net proceeds of $1.98 billion were received from the offering after deducting pricing discounts and debt issuance costs, which are being amortized and recorded as interest expense over the term of the Notes. We may, at our option, redeem the Notes of any series in whole or in part at any time and from time to time at a redemption price equal to the greater of 100% of the principal amount of the Notes to be redeemed or an applicable make-whole amount, plus accrued and unpaid interest to the date of redemption. The Notes rank equally in right of payment with all of our existing unsecured and unsubordinated indebtedness. Impairment and Severance Charges During the second quarter of 2024, we recorded charges totaling $87 million ($69 million, or $0.29 per share, after-tax) for trademark and fixed asset impairments as well as severance costs resulting from the strategic review of our Sikorsky business during the second quarter of 2024 due, in part, to the impacts of the U.S. Army announcement to cancel the Future Attack Reconnaissance Aircraft (FARA) program at the conclusion of fiscal year 2024, for which our Sikorsky business was competing.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS In March 2024, the SEC issued a final rule under SEC Release Nos. 33-11275 and 34-99678, The Enhancement and Standardization of Climate-Related Disclosures for Investors, that will require us to provide climate-related disclosures in our annual reports and registration statements beginning with our annual report for the year ending December 31, 2025. The rule requires disclosure of material climate-related risks, our governance and risk management of climate-related risks and any material climate-related targets or goals, greenhouse gas emissions as well as disclosure of the financial statement effects, such as costs and losses resulting from severe weather events and other natural conditions. In April 2024, the SEC released an order staying this final rule pending judicial review of all the petitions challenging the rule. We are in the process of analyzing the impact of the rules on our disclosures. In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Additionally, it requires a public entity to disclose the title and position of the Chief Operating Decision Maker (CODM). The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. A public entity should apply the amendments in this ASU retrospectively to all prior periods presented in the financial statements. We expect this ASU to impact only our disclosures with no impacts to our results of operations, cash flows and financial condition. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which focuses on the rate reconciliation and income taxes paid. ASU No. 2023-09 requires a public business entity (PBE) to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. For PBEs, the new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. An entity may apply the amendments in this ASU prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU disclosures for the prior periods, or may apply the amendments retrospectively by providing the revised disclosures for all periods presented. We expect this ASU to impact only our disclosures with no impacts to our results of operations, cash flows, and financial condition.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 1,641	$ 1,681	$ 3,186	$ 3,370

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

RECENT ACCOUNTING PRONOUNCEME_2

RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	6 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]
EARNINGS PER COMMON SHARE	We compute basic and diluted earnings per common share by dividing net earnings by the respective weighted average number of common shares outstanding for the periods presented. Our calculation of diluted earnings per common share also includes the dilutive effects for the assumed vesting of outstanding restricted stock units (RSUs) and performance stock units (PSUs) based on the treasury stock method. There were no significant anti-dilutive equity awards during the quarters and six months ended June 30, 2024 and June 25, 2023. Basic and diluted weighted average common shares outstanding decreased in 2024 compared to 2023 due to share repurchases.
INVENTORIES	Costs incurred to fulfill a contract in advance of the contract being awarded are included in inventories as work-in-process if we determine that those costs relate directly to a contract or to an anticipated contract that we can specifically identify and determine that contract award is probable, the costs generate or enhance resources that will be used in satisfying performance obligations, and the costs are recoverable (referred to as pre-contract costs). These advanced procurement costs are generally incurred in order to enhance our ability to achieve schedule and certain customer milestones. Pre-contract costs that are initially capitalized in inventory are generally recognized as cost of sales consistent with the transfer of products and services to the customer upon the receipt of the anticipated contract. All other pre-contract costs, including start-up costs, are expensed as incurred.
RECENT ACCOUNTING PRONOUNCEMENTS	In March 2024, the SEC issued a final rule under SEC Release Nos. 33-11275 and 34-99678, The Enhancement and Standardization of Climate-Related Disclosures for Investors, that will require us to provide climate-related disclosures in our annual reports and registration statements beginning with our annual report for the year ending December 31, 2025. The rule requires disclosure of material climate-related risks, our governance and risk management of climate-related risks and any material climate-related targets or goals, greenhouse gas emissions as well as disclosure of the financial statement effects, such as costs and losses resulting from severe weather events and other natural conditions. In April 2024, the SEC released an order staying this final rule pending judicial review of all the petitions challenging the rule. We are in the process of analyzing the impact of the rules on our disclosures. In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Additionally, it requires a public entity to disclose the title and position of the Chief Operating Decision Maker (CODM). The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. A public entity should apply the amendments in this ASU retrospectively to all prior periods presented in the financial statements. We expect this ASU to impact only our disclosures with no impacts to our results of operations, cash flows and financial condition. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which focuses on the rate reconciliation and income taxes paid. ASU No. 2023-09 requires a public business entity (PBE) to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. For PBEs, the new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. An entity may apply the amendments in this ASU prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU disclosures for the prior periods, or may apply the amendments retrospectively by providing the revised disclosures for all periods presented. We expect this ASU to impact only our disclosures with no impacts to our results of operations, cash flows, and financial condition.

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	6 Months Ended
EARNINGS PER COMMON SHARE (Tables)	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Weighted Average Shares Outstanding Used to Compute Earnings Per Common Share	The weighted average number of shares outstanding used to compute earnings per common share were as follows (in millions): Quarters Ended Six Months Ended June 30, June 25, June 30, June 25, Weighted average common shares outstanding for basic computations 238.9 252.8 239.8 253.7 Weighted average dilutive effect of equity awards 0.7 0.8 0.8 0.9 Weighted average common shares outstanding for diluted computations 239.6 253.6 240.6 254.6

INFORMATION ON BUSINESS SEGME_2

INFORMATION ON BUSINESS SEGMENTS (Tables)	6 Months Ended
INFORMATION ON BUSINESS SEGMENTS (Tables)	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Operating Results and Total Assets for Each Business Segment	Summary operating results for each of our business segments were as follows (in millions): Quarters Ended Six Months Ended June 30, June 25, June 30, June 25, Net sales Aeronautics $ 7,277 $ 6,875 $ 14,122 $ 13,144 Missiles and Fire Control 3,102 2,755 6,095 5,143 Rotary and Mission Systems 4,548 3,897 8,636 7,407 Space 3,195 3,166 6,464 6,125 Total net sales $ 18,122 $ 16,693 $ 35,317 $ 31,819 Operating profit Aeronautics $ 751 $ 718 $ 1,430 $ 1,393 Missiles and Fire Control 450 371 761 748 Rotary and Mission Systems 495 454 925 804 Space 346 312 671 592 Total business segment operating profit 2,042 1,855 3,787 3,537 Unallocated items FAS/CAS pension operating adjustment 406 416 812 831 Impairment and severance charges (a) (87) — (87) — Intangible asset amortization expense (61) (62) (122) (124) Other, net (152) (74) (213) (72) Total unallocated items 106 280 390 635 Total consolidated operating profit $ 2,148 $ 2,135 $ 4,177 $ 4,172 Intersegment sales Aeronautics $ 67 $ 71 $ 137 $ 124 Missiles and Fire Control 204 159 406 305 Rotary and Mission Systems 574 505 1,160 994 Space 99 92 206 178 Total intersegment sales $ 944 $ 827 $ 1,909 $ 1,601 (a) Impairment and severance charges of $87 million ($69 million, or $0.29 per share, after-tax) include trademark and fixed asset impairments as well as severance c osts. See “Note 10 - Other” below for additional information. Net sales by products and services, contract type, customer, and geographic region were as follows (in millions): Quarter Ended June 30, 2024 Aeronautics MFC RMS Space Total Net sales Products $ 5,971 $ 2,742 $ 3,705 $ 2,691 $ 15,109 Services 1,306 360 843 504 3,013 Total net sales $ 7,277 $ 3,102 $ 4,548 $ 3,195 $ 18,122 Net sales by contract type Fixed-price $ 4,945 $ 2,124 $ 2,812 $ 925 $ 10,806 Cost-reimbursable 2,332 978 1,736 2,270 7,316 Total net sales $ 7,277 $ 3,102 $ 4,548 $ 3,195 $ 18,122 Net sales by customer U.S. Government $ 4,941 $ 2,241 $ 2,999 $ 3,107 $ 13,288 International (a) 2,297 856 1,470 45 4,668 U.S. commercial and other 39 5 79 43 166 Total net sales $ 7,277 $ 3,102 $ 4,548 $ 3,195 $ 18,122 Net sales by geographic region United States $ 4,980 $ 2,246 $ 3,078 $ 3,150 $ 13,454 Europe 1,270 209 282 19 1,780 Asia Pacific 685 180 750 25 1,640 Middle East 194 450 200 1 845 Other 148 17 238 — 403 Total net sales $ 7,277 $ 3,102 $ 4,548 $ 3,195 $ 18,122 Six Months Ended June 30, 2024 Aeronautics MFC RMS Space Total Net sales Products $ 11,563 $ 5,406 $ 6,946 $ 5,390 $ 29,305 Services 2,559 689 1,690 1,074 6,012 Total net sales $ 14,122 $ 6,095 $ 8,636 $ 6,464 $ 35,317 Net sales by contract type Fixed-price $ 9,529 $ 4,120 $ 5,289 $ 1,825 $ 20,763 Cost-reimbursable 4,593 1,975 3,347 4,639 14,554 Total net sales $ 14,122 $ 6,095 $ 8,636 $ 6,464 $ 35,317 Net sales by customer U.S. Government $ 9,607 $ 4,408 $ 5,839 $ 6,269 $ 26,123 International (a) 4,449 1,680 2,632 113 8,874 U.S. commercial and other 66 7 165 82 320 Total net sales $ 14,122 $ 6,095 $ 8,636 $ 6,464 $ 35,317 Net sales by geographic region United States $ 9,673 $ 4,415 $ 6,004 $ 6,351 $ 26,443 Europe 2,481 454 551 37 3,523 Asia Pacific 1,321 367 1,290 71 3,049 Middle East 397 820 362 5 1,584 Other 250 39 429 — 718 Total net sales $ 14,122 $ 6,095 $ 8,636 $ 6,464 $ 35,317 Quarter Ended June 25, 2023 Aeronautics MFC RMS Space Total Net sales Products $ 5,645 $ 2,412 $ 3,041 $ 2,660 $ 13,758 Services 1,230 343 856 506 2,935 Total net sales $ 6,875 $ 2,755 $ 3,897 $ 3,166 $ 16,693 Net sales by contract type Fixed-price $ 4,656 $ 1,863 $ 2,451 $ 799 $ 9,769 Cost-reimbursable 2,219 892 1,446 2,367 6,924 Total net sales $ 6,875 $ 2,755 $ 3,897 $ 3,166 $ 16,693 Net sales by customer U.S. Government $ 4,621 $ 1,911 $ 2,754 $ 3,121 $ 12,407 International (a) 2,169 841 1,075 41 4,126 U.S. commercial and other 85 3 68 4 160 Total net sales $ 6,875 $ 2,755 $ 3,897 $ 3,166 $ 16,693 Net sales by geographic region United States $ 4,706 $ 1,914 $ 2,822 $ 3,125 $ 12,567 Europe 1,146 174 212 24 1,556 Asia Pacific 690 215 554 16 1,475 Middle East 226 411 155 1 793 Other 107 41 154 — 302 Total net sales $ 6,875 $ 2,755 $ 3,897 $ 3,166 $ 16,693 Six Months Ended June 25, 2023 Aeronautics MFC RMS Space Total Net sales Products $ 10,801 $ 4,501 $ 5,833 $ 5,149 $ 26,284 Services 2,343 642 1,574 976 5,535 Total net sales $ 13,144 $ 5,143 $ 7,407 $ 6,125 $ 31,819 Net sales by contract type Fixed-price $ 8,968 $ 3,481 $ 4,659 $ 1,563 $ 18,671 Cost-reimbursable 4,176 1,662 2,748 4,562 13,148 Total net sales $ 13,144 $ 5,143 $ 7,407 $ 6,125 $ 31,819 Net sales by customer U.S. Government $ 8,738 $ 3,492 $ 5,177 $ 6,029 $ 23,436 International (a) 4,283 1,646 2,095 86 8,110 U.S. commercial and other 123 5 135 10 273 Total net sales $ 13,144 $ 5,143 $ 7,407 $ 6,125 $ 31,819 Net sales by geographic region United States $ 8,861 $ 3,497 $ 5,312 $ 6,039 $ 23,709 Europe 2,276 385 437 47 3,145 Asia Pacific 1,365 317 992 38 2,712 Middle East 451 866 341 1 1,659 Other 191 78 325 — 594 Total net sales $ 13,144 $ 5,143 $ 7,407 $ 6,125 $ 31,819 (a) International sales include foreign military sales (FMS) contracted through the U.S. Government and direct commercial sales to international governments and other international customers. Total assets for each of our business segments were as follows (in millions): June 30, December 31, Assets Aeronautics $ 13,913 $ 13,167 Missiles and Fire Control 5,938 5,703 Rotary and Mission Systems 17,612 17,521 Space 6,717 6,560 Total business segment assets 44,180 42,951 Corporate assets (a) 10,896 9,505 Total assets $ 55,076 $ 52,456 (a) Corporate assets primarily include cash and cash equivalents, deferred income taxes, assets for the portion of environmental costs that are probable of future recovery, property, plant and equipment used in our corporate operations, assets held in a trust for deferred compensation plans, and investments in early-stage companies.

CONTRACT ASSETS AND LIABILITI_2

CONTRACT ASSETS AND LIABILITIES (Tables)	6 Months Ended
CONTRACT ASSETS AND LIABILITIES (Tables)	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Contract Assets and Liabilities	Contract assets and contract liabilities were as follows (in millions): June 30, December 31, Contract assets $ 13,907 $ 13,183 Contract liabilities 9,181 9,190

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
INVENTORIES (Tables)	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories, Net	Inventories consisted of the following (in millions): June 30, December 31, Materials, spares and supplies $ 651 $ 606 Work-in-process 2,259 2,338 Finished goods 187 188 Total inventories $ 3,097 $ 3,132

POSTRETIREMENT BENEFIT PLANS (T

POSTRETIREMENT BENEFIT PLANS (Tables)	6 Months Ended
POSTRETIREMENT BENEFIT PLANS (Tables)	Jun. 30, 2024
Retirement Benefits [Abstract]
Schedule of Pretax Net Periodic Benefit Cost	The pretax FAS income related to our qualified defined benefit pension plans and retiree medical and life insurance plans consisted of the following (in millions): Quarters Ended Six Months Ended June 30, June 25 June 30, June 25 Qualified defined benefit pension plans Operating: Service cost $ (15) $ (16) $ (30) $ (32) Non-operating: Interest cost (350) (365) (699) (730) Expected return on plan assets 393 431 786 861 Amortization of actuarial losses (65) (42) (130) (84) Amortization of prior service credits 37 87 74 174 Non-service FAS pension income 15 111 31 221 Total FAS pension income $ — $ 95 $ 1 $ 189 Retiree medical and life insurance plans Operating: Service cost $ (1) $ (2) $ (2) $ (3) Non-operating: Interest cost (16) (17) (32) (34) Expected return on plan assets 27 26 54 52 Amortization of actuarial gains 9 8 18 16 Amortization of prior service costs (1) (2) (2) (5) Non-service FAS retiree medical and life income 19 15 38 29 Total FAS retiree medical and life income $ 18 $ 13 $ 36 $ 26

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured and Recorded at Fair Value	Assets and liabilities measured and recorded at fair value on a recurring basis consisted of the following (in millions): June 30, 2024 December 31, 2023 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets Mutual funds $ 1,002 $ 1,002 $ — $ — $ 1,025 $ 1,025 $ — $ — U.S. Government securities 101 — 101 — 119 — 119 — Other securities 695 333 319 43 679 333 301 45 Derivatives 15 — 15 — 32 — 32 — Liabilities Derivatives 178 — 178 — 200 — 200 —

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
STOCKHOLDERS' EQUITY (Tables)	Jun. 30, 2024
Equity [Abstract]
Schedule of Changes in the Balance of AOCL, Net of Tax	Changes in the balance of AOCL, net of tax, consisted of the following (in millions): Postretirement Other, net AOCL Balance at December 31, 2023 $ (8,704) $ (99) $ (8,803) Other comprehensive income (loss) before reclassifications — (32) (32) Amounts reclassified from AOCL Amortization of net actuarial losses (a) 94 — 94 Amortization of net prior service credits (a) (56) — (56) Other — 28 28 Total reclassified from AOCL 38 28 66 Total other comprehensive income (loss) 38 (4) 34 Balance at June 30, 2024 $ (8,666) $ (103) $ (8,769) Balance at December 31, 2022 $ (7,866) $ (157) $ (8,023) Other comprehensive income (loss) before reclassifications — 5 5 Amounts reclassified from AOCL Amortization of net actuarial losses (a) 58 — 58 Amortization of net prior service credits (a) (132) — (132) Other — 13 13 Total reclassified from AOCL (74) 13 (61) Total other comprehensive income (loss) (74) 18 (56) Balance at June 25, 2023 $ (7,940) $ (139) $ (8,079) (a)

EARNINGS PER COMMON SHARE - Sch

EARNINGS PER COMMON SHARE - Schedule of Weighted Average Shares Outstanding Used to Compute Earnings Per Common Share (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Earnings Per Share [Abstract]
Weighted average common shares outstanding for basic computations (in shares)	238.9	252.8	239.8	253.7
Weighted average dilutive effect of equity awards (in shares)	0.7	0.8	0.8	0.9
Weighted average common shares outstanding for diluted computations (in shares)	239.6	253.6	240.6	254.6

EARNINGS PER COMMON SHARE - Nar

EARNINGS PER COMMON SHARE - Narrative (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Earnings Per Share [Abstract]
Significant anti-dilutive equity awards (in shares)	0	0	0	0

INFORMATION ON BUSINESS SEGME_3

INFORMATION ON BUSINESS SEGMENTS - Narrative (Details) - segment	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Segment Reporting [Abstract]
Number of business segments			4
Product Concentration Risk \| Sales Revenue, Net \| F-35 Program \| Aeronautics
Segment Reporting Information [Line Items]
Net sales for the F-35 program representing total consolidated net sales (as a percent)	26%	26%	25%	26%

INFORMATION ON BUSINESS SEGME_4

INFORMATION ON BUSINESS SEGMENTS - Summary Operating Results For Each Business Segment (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Net sales
Total net sales	$ 18,122	$ 16,693	$ 35,317	$ 31,819
Operating profit
Total operating profit	2,148	2,135	4,177	4,172
Unallocated items
Impairment and severance charges	(87)	0	(87)	0
Impairment and severance charges	87	0	87	0
Impairment and severance charges, after-tax	$ 69
Impairment and severance charges, after-tax (in dollars per share)	$ 0.29
Aeronautics
Net sales
Total net sales	$ 7,277	6,875	14,122	13,144
Missiles and Fire Control
Net sales
Total net sales	3,102	2,755	6,095	5,143
Rotary and Mission Systems
Net sales
Total net sales	4,548	3,897	8,636	7,407
Space
Net sales
Total net sales	3,195	3,166	6,464	6,125
Business Segments
Net sales
Total net sales	18,122	16,693	35,317	31,819
Operating profit
Total operating profit	2,042	1,855	3,787	3,537
Business Segments \| Aeronautics
Net sales
Total net sales	7,277	6,875	14,122	13,144
Operating profit
Total operating profit	751	718	1,430	1,393
Business Segments \| Missiles and Fire Control
Net sales
Total net sales	3,102	2,755	6,095	5,143
Operating profit
Total operating profit	450	371	761	748
Business Segments \| Rotary and Mission Systems
Net sales
Total net sales	4,548	3,897	8,636	7,407
Operating profit
Total operating profit	495	454	925	804
Business Segments \| Space
Net sales
Total net sales	3,195	3,166	6,464	6,125
Operating profit
Total operating profit	346	312	671	592
Unallocated items
Unallocated items
FAS/CAS pension operating adjustment	406	416	812	831
Impairment and severance charges	(87)	0	(87)	0
Intangible asset amortization expense	(61)	(62)	(122)	(124)
Other, net	(152)	(74)	(213)	(72)
Total unallocated items	106	280	390	635
Impairment and severance charges	87	0	87	0
Intersegment sales
Net sales
Total net sales	944	827	1,909	1,601
Intersegment sales \| Aeronautics
Net sales
Total net sales	67	71	137	124
Intersegment sales \| Missiles and Fire Control
Net sales
Total net sales	204	159	406	305
Intersegment sales \| Rotary and Mission Systems
Net sales
Total net sales	574	505	1,160	994
Intersegment sales \| Space
Net sales
Total net sales	$ 99	$ 92	$ 206	$ 178

INFORMATION ON BUSINESS SEGME_5

INFORMATION ON BUSINESS SEGMENTS - Income Statement Information For Each Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Net sales
Net sales	$ 18,122	$ 16,693	$ 35,317	$ 31,819
United States
Net sales
Net sales	13,454	12,567	26,443	23,709
Europe
Net sales
Net sales	1,780	1,556	3,523	3,145
Asia Pacific
Net sales
Net sales	1,640	1,475	3,049	2,712
Middle East
Net sales
Net sales	845	793	1,584	1,659
Other
Net sales
Net sales	403	302	718	594
U.S. Government
Net sales
Net sales	13,288	12,407	26,123	23,436
International
Net sales
Net sales	4,668	4,126	8,874	8,110
U.S. commercial and other
Net sales
Net sales	166	160	320	273
Fixed-price
Net sales
Net sales	10,806	9,769	20,763	18,671
Cost-reimbursable
Net sales
Net sales	7,316	6,924	14,554	13,148
Products
Net sales
Net sales	15,109	13,758	29,305	26,284
Services
Net sales
Net sales	3,013	2,935	6,012	5,535
Aeronautics
Net sales
Net sales	7,277	6,875	14,122	13,144
Aeronautics \| United States
Net sales
Net sales	4,980	4,706	9,673	8,861
Aeronautics \| Europe
Net sales
Net sales	1,270	1,146	2,481	2,276
Aeronautics \| Asia Pacific
Net sales
Net sales	685	690	1,321	1,365
Aeronautics \| Middle East
Net sales
Net sales	194	226	397	451
Aeronautics \| Other
Net sales
Net sales	148	107	250	191
Aeronautics \| U.S. Government
Net sales
Net sales	4,941	4,621	9,607	8,738
Aeronautics \| International
Net sales
Net sales	2,297	2,169	4,449	4,283
Aeronautics \| U.S. commercial and other
Net sales
Net sales	39	85	66	123
Aeronautics \| Fixed-price
Net sales
Net sales	4,945	4,656	9,529	8,968
Aeronautics \| Cost-reimbursable
Net sales
Net sales	2,332	2,219	4,593	4,176
Aeronautics \| Products
Net sales
Net sales	5,971	5,645	11,563	10,801
Aeronautics \| Services
Net sales
Net sales	1,306	1,230	2,559	2,343
MFC
Net sales
Net sales	3,102	2,755	6,095	5,143
MFC \| United States
Net sales
Net sales	2,246	1,914	4,415	3,497
MFC \| Europe
Net sales
Net sales	209	174	454	385
MFC \| Asia Pacific
Net sales
Net sales	180	215	367	317
MFC \| Middle East
Net sales
Net sales	450	411	820	866
MFC \| Other
Net sales
Net sales	17	41	39	78
MFC \| U.S. Government
Net sales
Net sales	2,241	1,911	4,408	3,492
MFC \| International
Net sales
Net sales	856	841	1,680	1,646
MFC \| U.S. commercial and other
Net sales
Net sales	5	3	7	5
MFC \| Fixed-price
Net sales
Net sales	2,124	1,863	4,120	3,481
MFC \| Cost-reimbursable
Net sales
Net sales	978	892	1,975	1,662
MFC \| Products
Net sales
Net sales	2,742	2,412	5,406	4,501
MFC \| Services
Net sales
Net sales	360	343	689	642
RMS
Net sales
Net sales	4,548	3,897	8,636	7,407
RMS \| United States
Net sales
Net sales	3,078	2,822	6,004	5,312
RMS \| Europe
Net sales
Net sales	282	212	551	437
RMS \| Asia Pacific
Net sales
Net sales	750	554	1,290	992
RMS \| Middle East
Net sales
Net sales	200	155	362	341
RMS \| Other
Net sales
Net sales	238	154	429	325
RMS \| U.S. Government
Net sales
Net sales	2,999	2,754	5,839	5,177
RMS \| International
Net sales
Net sales	1,470	1,075	2,632	2,095
RMS \| U.S. commercial and other
Net sales
Net sales	79	68	165	135
RMS \| Fixed-price
Net sales
Net sales	2,812	2,451	5,289	4,659
RMS \| Cost-reimbursable
Net sales
Net sales	1,736	1,446	3,347	2,748
RMS \| Products
Net sales
Net sales	3,705	3,041	6,946	5,833
RMS \| Services
Net sales
Net sales	843	856	1,690	1,574
Space
Net sales
Net sales	3,195	3,166	6,464	6,125
Space \| United States
Net sales
Net sales	3,150	3,125	6,351	6,039
Space \| Europe
Net sales
Net sales	19	24	37	47
Space \| Asia Pacific
Net sales
Net sales	25	16	71	38
Space \| Middle East
Net sales
Net sales	1	1	5	1
Space \| Other
Net sales
Net sales	0	0	0	0
Space \| U.S. Government
Net sales
Net sales	3,107	3,121	6,269	6,029
Space \| International
Net sales
Net sales	45	41	113	86
Space \| U.S. commercial and other
Net sales
Net sales	43	4	82	10
Space \| Fixed-price
Net sales
Net sales	925	799	1,825	1,563
Space \| Cost-reimbursable
Net sales
Net sales	2,270	2,367	4,639	4,562
Space \| Products
Net sales
Net sales	2,691	2,660	5,390	5,149
Space \| Services
Net sales
Net sales	$ 504	$ 506	$ 1,074	$ 976

INFORMATION ON BUSINESS SEGME_6

INFORMATION ON BUSINESS SEGMENTS - Total Assets For Each Business Segment (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total assets	$ 55,076	$ 52,456
Business Segments
Segment Reporting Information [Line Items]
Total assets	44,180	42,951
Business Segments \| Aeronautics
Segment Reporting Information [Line Items]
Total assets	13,913	13,167
Business Segments \| Missiles and Fire Control
Segment Reporting Information [Line Items]
Total assets	5,938	5,703
Business Segments \| Rotary and Mission Systems
Segment Reporting Information [Line Items]
Total assets	17,612	17,521
Business Segments \| Space
Segment Reporting Information [Line Items]
Total assets	6,717	6,560
Corporate
Segment Reporting Information [Line Items]
Total assets	$ 10,896	$ 9,505

CONTRACT ASSETS AND LIABILITI_3

CONTRACT ASSETS AND LIABILITIES - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract assets	$ 13,907	$ 13,183
Contract liabilities	$ 9,181	$ 9,190

CONTRACT ASSETS AND LIABILITI_4

CONTRACT ASSETS AND LIABILITIES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Revenue from Contract with Customer [Abstract]
Increase in contract assets			$ 724	$ 690
Impairment loss	$ 0	$ 0	0	0
Decrease in contract liabilities			9	304
Liability, revenue recognized	$ 1,700	$ 1,100	$ 4,100	$ 3,300

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Materials, spares and supplies	$ 651	$ 606
Work-in-process	2,259	2,338
Finished goods	187	188
Total inventories	3,097	3,132
Capitalized contract cost	$ 1,200	$ 989

POSTRETIREMENT BENEFIT PLANS -

POSTRETIREMENT BENEFIT PLANS - Schedule of Pretax Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Qualified defined benefit pension plans
Operating:
Service cost	$ (15)	$ (16)	$ (30)	$ (32)
Non-operating:
Interest cost	(350)	(365)	(699)	(730)
Expected return on plan assets	393	431	786	861
Amortization of actuarial losses	(65)	(42)	(130)	(84)
Amortization of prior service credits	37	87	74	174
Non-service FAS pension/retiree medical and life income	15	111	31	221
Total FAS pension income	0	95	1	189
Retiree medical and life insurance plans
Operating:
Service cost	(1)	(2)	(2)	(3)
Non-operating:
Interest cost	(16)	(17)	(32)	(34)
Expected return on plan assets	27	26	54	52
Amortization of actuarial losses	9	8	18	16
Amortization of prior service credits	(1)	(2)	(2)	(5)
Non-service FAS pension/retiree medical and life income	19	15	38	29
Total FAS pension income	$ 18	$ 13	$ 36	$ 26

POSTRETIREMENT BENEFIT PLANS _2

POSTRETIREMENT BENEFIT PLANS - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Defined Benefit Plan Disclosure [Line Items]
Credit (cost) recognition of previously deferred postretirement benefit plan amounts, before tax	$ 24,000,000	$ (47,000,000)	$ 48,000,000	$ (94,000,000)
Amortization of actuarial gains (losses), net of tax	19,000,000	(37,000,000)	38,000,000	(74,000,000)
Material contributions to qualified defined benefit pension plans	0	0	0	0
Retiree medical and life insurance plans
Defined Benefit Plan Disclosure [Line Items]
Credit (cost) recognition of previously deferred postretirement benefit plan amounts, before tax	$ 4,000,000	$ 4,000,000	$ 8,000,000	$ 7,000,000

LEGAL PROCEEDINGS AND CONTING_2

LEGAL PROCEEDINGS AND CONTINGENCIES (Details) $ in Millions			1 Months Ended	6 Months Ended	12 Months Ended
LEGAL PROCEEDINGS AND CONTINGENCIES (Details) $ in Millions	Jun. 21, 2024 USD ($)	Apr. 24, 2009 USD ($)	Jun. 30, 2006 subsidiary	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Apr. 22, 2024 USD ($)	May 31, 2017 lawsuit
Loss Contingencies [Line Items]
Liabilities recorded relative to environmental matters				$ 687	$ 680
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]				Other noncurrent liabilities	Other noncurrent liabilities
Environmental costs eligible for future recovery				$ 620	$ 613
Period over which costs and recovery of costs is projected (in years)				20 years
Outstanding letters of credit, surety bonds, and third-party guarantees				$ 2,800	2,900
Third-party guarantees				$ 347	$ 1,000
Guarantees of contractual performance of joint ventures (as percent)				26%	75%
N.Y. Metropolitan Transportation Authority
Loss Contingencies [Line Items]
Contract value		$ 323
Contract payments received to date		241
Damages sought by plaintiff		190
Claims for monetary damages against the plaintiff		$ 95
Armed Services Board of Contract Appeals \| Pending Litigation
Loss Contingencies [Line Items]
Current estimated losses						$ 132
Sikorsky Aircraft Corporation
Loss Contingencies [Line Items]
Number of pending claims \| lawsuit							2
Number of entities involved in litigation \| subsidiary			2
Sikorsky Aircraft Corporation \| U.S. Government
Loss Contingencies [Line Items]
Litigation settlement paid	$ 70

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities Measured and Recorded at Fair Value (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Assets
Derivatives	$ 15	$ 32
Liabilities
Derivatives	178	200
Mutual funds
Assets
Fair Value of Investments	1,002	1,025
U.S. Government securities
Assets
Fair Value of Investments	101	119
Other securities
Assets
Fair Value of Investments	695	679
Level 1
Assets
Derivatives	0	0
Liabilities
Derivatives	0	0
Level 1 \| Mutual funds
Assets
Fair Value of Investments	1,002	1,025
Level 1 \| U.S. Government securities
Assets
Fair Value of Investments	0	0
Level 1 \| Other securities
Assets
Fair Value of Investments	333	333
Level 2
Assets
Derivatives	15	32
Liabilities
Derivatives	178	200
Level 2 \| Mutual funds
Assets
Fair Value of Investments	0	0
Level 2 \| U.S. Government securities
Assets
Fair Value of Investments	101	119
Level 2 \| Other securities
Assets
Fair Value of Investments	319	301
Level 3
Assets
Derivatives	0	0
Liabilities
Derivatives	0	0
Level 3 \| Mutual funds
Assets
Fair Value of Investments	0	0
Level 3 \| U.S. Government securities
Assets
Fair Value of Investments	0	0
Level 3 \| Other securities
Assets
Fair Value of Investments	$ 43	$ 45

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Billions	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding principal amount	$ 20.6	$ 18.7
Unamortized discounts and issuance costs	1.3	1.3
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of outstanding debt	19.3	18.5
Designated as Hedges \| Interest Rate Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate notional amount of outstanding interest rate swaps	1.3	1.3
Designated as Hedges \| Foreign Currency Hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate notional amount of outstanding interest rate swaps	$ 6.1	$ 6.5

STOCKHOLDERS' EQUITY - Repurcha

STOCKHOLDERS' EQUITY - Repurchases of Common Stock (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Dec. 31, 2023
Equity, Class of Treasury Stock [Line Items]
Repurchases of common stock	$ 1,850	$ 1,250
Common stock, par value (in dollars per share)	$ 1		$ 1
Accelerated Share Repurchase Agreement (ASR)
Equity, Class of Treasury Stock [Line Items]
Shares repurchased (in shares)	4.2
Total remaining authorization for future common share repurchases	$ 8,200

STOCKHOLDERS' EQUITY - Dividend

STOCKHOLDERS' EQUITY - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 23, 2024	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Dividends Payable [Line Items]
Dividends paid				$ 1,532	$ 1,542
Cash dividends paid per common share (in dollars per share)		$ 3.15	$ 3	$ 6.30	$ 6
Subsequent Event
Dividends Payable [Line Items]
Cash dividends declared	$ 751
Cash dividends declared (in dollars per share)	$ 3.15

STOCKHOLDERS' EQUITY - Schedule

STOCKHOLDERS' EQUITY - Schedule of Changes in the Balance of AOCL, Net of Tax (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning Balance	$ 6,650	$ 9,646	$ 6,835	$ 9,266
Other comprehensive income (loss) before reclassifications			(32)	5
Total reclassified from AOCL			66	(61)
Other comprehensive income (loss), net of tax	42	7	34	(56)
Ending Balance	6,175	9,240	6,175	9,240
Total reclassified from AOCL			66	(61)
Postretirement Benefit Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning Balance			(8,704)	(7,866)
Total reclassified from AOCL	19	(37)	38	(74)
Other comprehensive income (loss), net of tax			38	(74)
Ending Balance	(8,666)	(7,940)	(8,666)	(7,940)
Total reclassified from AOCL	19	(37)	38	(74)
Other, net
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning Balance			(99)	(157)
Other comprehensive income (loss) before reclassifications			(32)	5
Total reclassified from AOCL			28	13
Other comprehensive income (loss), net of tax			(4)	18
Ending Balance	(103)	(139)	(103)	(139)
Total reclassified from AOCL			28	13
AOCL
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning Balance	(8,811)	(8,086)	(8,803)	(8,023)
Other comprehensive income (loss), net of tax	42	7	34	(56)
Ending Balance	(8,769)	(8,079)	(8,769)	(8,079)
Amortization of net actuarial losses
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Total reclassified from AOCL	47	29	94	58
Total reclassified from AOCL	47	29	94	58
Amortization of net prior service credits
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Total reclassified from AOCL	28	66	(56)	(132)
Total reclassified from AOCL	$ 28	$ 66	(56)	(132)
Other
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Total reclassified from AOCL			28	13
Total reclassified from AOCL			$ 28	$ 13

OTHER - Contract Estimates (Det

OTHER - Contract Estimates (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023	Mar. 31, 2024
Change in Accounting Estimate [Line Items]
Net profit booking rate adjustments increased sales	$ 383	$ 359	$ 655	$ 792
Adjustments increased segment operating profit	420	365	615	780
Increase in net income (loss)	$ 332	$ 288	$ 486	$ 616
Increase in diluted earnings per common share due to profit rate adjustments (in dollars per share)	$ 1.39	$ 1.14	$ 2.02	$ 2.42
Contracts Accounted for under Percentage of Completion
Change in Accounting Estimate [Line Items]
Cumulative gain on development	$ 100		$ 100
Canadian Government
Change in Accounting Estimate [Line Items]
Contract assets	970		970
Canadian Maritime Helicopter Program
Change in Accounting Estimate [Line Items]
Reach-forward loss	100		100
Favorable profit adjustments		$ 65
Missiles and Fire Control
Change in Accounting Estimate [Line Items]
Reach-forward loss	100		100		$ 100
Cumulative gain on development	150		150
Additional options of potential loss			1,300
Aeronautics \| Classified Fixed-Price Incentive Fee Contract
Change in Accounting Estimate [Line Items]
Additional losses	45		45
Cumulative gain on development	$ 335		$ 335

OTHER - Backlog (Details)

OTHER - Backlog (Details) $ in Billions	Jun. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 158.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 \| Period One
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	36%
Expected time of satisfaction	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-06-30 \| Period Two
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	60%
Expected time of satisfaction	24 months

OTHER - Income Taxes (Details)

OTHER - Income Taxes (Details)	3 Months Ended		6 Months Ended
OTHER - Income Taxes (Details)	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Accounting Policies [Abstract]
Effective income tax rate (as percent)	15.80%	16.20%	15.80%	15.80%

OTHER - Investments (Details)

OTHER - Investments (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023	Dec. 31, 2023
Accounting Policies [Abstract]
Carrying amount of investments held in lockheed martin venture fund	$ 604		$ 604		$ 581
Realized gain (loss) reflected in other non-operating income	9	$ (40)	14	$ (11)
Realized gain (loss) recognized for changes in fair value, net of tax	$ 7	$ (30)	$ 11	$ (8)
Realized gain (loss) recognized for changes in fair value, net of tax (in dollars per share)	$ 0.03	$ (0.12)	$ 0.04	$ (0.03)

OTHER - Debt Issuance (Details)

OTHER - Debt Issuance (Details) - USD ($) $ in Millions		6 Months Ended
OTHER - Debt Issuance (Details) - USD ($) $ in Millions	Jan. 29, 2024	Jun. 30, 2024	Jun. 25, 2023
Debt Instrument [Line Items]
Issuance of long-term debt, net of related costs		$ 1,980	$ 1,975
Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 2,000
Issuance of long-term debt, net of related costs	$ 1,980
Debt instrument, redemption price, percentage	100%
Senior Notes \| 4.50% due 2029
Debt Instrument [Line Items]
Aggregate principal amount	$ 650
Interest percent	4.50%
Senior Notes \| 4.80% due 2034
Debt Instrument [Line Items]
Aggregate principal amount	$ 600
Interest percent	4.80%
Senior Notes \| 5.20% due 2064
Debt Instrument [Line Items]
Aggregate principal amount	$ 750
Interest percent	5.20%

OTHER - Impairment and Other Se

OTHER - Impairment and Other Severance Charges (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Accounting Policies [Abstract]
Impairment and severance charges	$ 87	$ 0	$ 87	$ 0
Impairment and severance charges, after-tax	$ 69
Impairment and severance charges, after-tax (in dollars per share)	$ 0.29