UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended December 31, 2012 | Commission File No. 1-11437 |
A. | Full title of the plan and the address of the plan, if different from that of the issuer named below: |
LOCKHEED MARTIN CORPORATION
SALARIED SAVINGS PLAN
B. | Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: |
LOCKHEED MARTIN CORPORATION
6801 Rockledge Drive
Bethesda, MD 20817
Salaried Savings Plan
Financial Statements and Supplemental Schedule
Year ended December 31, 2012
Contents
1 | ||||
Financial Statements for the Lockheed Martin Corporation Salaried Savings Plan |
||||
2-3 | ||||
4 | ||||
5 | ||||
Supplemental Schedule |
||||
Schedule H, Line 4i - Schedule of Assets (Held at End of Year) |
14 | |||
33 | ||||
34 |
Report of Independent Registered Public Accounting Firm
Plan Administrator
Lockheed Martin Corporation
Salaried Savings Plan
We have audited the accompanying statements of net assets available for benefits of the Lockheed Martin Corporation Salaried Savings Plan as of December 31, 2012 and 2011, and the related statement of changes in net assets available for benefits for the year ended December 31, 2012. These financial statements are the responsibility of the Plans management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Plans internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plans internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Lockheed Martin Corporation Salaried Savings Plan at December 31, 2012 and 2011, and the changes in its net assets available for benefits for the year ended December 31, 2012, in conformity with U.S. generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2012, is presented for purposes of additional analysis and is not a required part of the financial statements but is supplementary information required by the Department of Labors Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. Such information is the responsibility of the Plans management. The information has been subjected to the auditing procedures applied in our audits of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
/s/ Mitchell & Titus, LLP
Washington, DC
June 21, 2013
1
Lockheed Martin Corporation Salaried Savings Plan
Statement of Net Assets Available for Benefits
December 31, 2012
ESOP Fund |
401(h) Trust |
Participant- Directed Investments |
Total | |||||||||||||
(In thousands) | ||||||||||||||||
Assets |
||||||||||||||||
Investments: |
||||||||||||||||
Interest in Lockheed Martin Corporation Defined Contribution Plans Master Trust |
$ | 3,201,786 | $ | | $ | 18,612,961 | $ | 21,814,747 | ||||||||
Net assets held in 401(h) trust |
| 340,745 | | 340,745 | ||||||||||||
Receivables: |
||||||||||||||||
Participant contributions |
| | 15,173 | 15,173 | ||||||||||||
Lockheed Martin Corporation contributions |
5,179 | | | 5,179 | ||||||||||||
Notes receivable from participants |
| | 234,353 | 234,353 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total assets |
3,206,965 | 340,745 | 18,862,487 | 22,410,197 | ||||||||||||
Liabilities |
||||||||||||||||
Administrative expenses payable |
| | 2,246 | 2,246 | ||||||||||||
Amounts related to obligation of 401(h) trust |
| 340,745 | | 340,745 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total liabilities |
| 340,745 | 2,246 | 342,991 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net assets reflecting investments at fair value |
3,206,965 | | 18,860,241 | 22,067,206 | ||||||||||||
Adjustment from fair value to contract value for fully benefit-responsive investment contracts |
| | (87,819 | ) | (87,819 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total net assets available for benefits |
$ | 3,206,965 | $ | | $ | 18,772,422 | $ | 21,979,387 | ||||||||
|
|
|
|
|
|
|
|
See accompanying notes to financial statements.
2
Lockheed Martin Corporation Salaried Savings Plan
Statement of Net Assets Available for Benefits
December 31, 2011
ESOP Fund |
401(h) Trust |
Participant- Directed Investments |
Total | |||||||||||||
(In thousands) | ||||||||||||||||
Assets |
||||||||||||||||
Investments: |
||||||||||||||||
Interest in Lockheed Martin Corporation Defined Contribution Plans Master Trust |
$ | 2,982,608 | $ | | $ | 16,688,089 | $ | 19,670,697 | ||||||||
Net assets held in 401(h) trust |
| 313,907 | | 313,907 | ||||||||||||
Receivables: |
||||||||||||||||
Participant contributions |
| | 15,195 | 15,195 | ||||||||||||
Lockheed Martin Corporation contributions |
5,193 | | | 5,193 | ||||||||||||
Notes receivable from participants |
| | 238,436 | 238,436 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total assets |
2,987,801 | 313,907 | 16,941,720 | 20,243,428 | ||||||||||||
Liabilities |
||||||||||||||||
Administrative expenses payable |
| | 2,861 | 2,861 | ||||||||||||
Amounts related to obligation of 401(h) trust |
| 313,907 | | 313,907 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total liabilities |
| 313,907 | 2,861 | 316,768 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net assets reflecting investments at fair value |
2,987,801 | | 16,938,859 | 19,926,660 | ||||||||||||
Adjustment from fair value to contract value for fully benefit-responsive investment contracts |
| | (67,300 | ) | (67,300 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total net assets available for benefits |
$ | 2,987,801 | $ | | $ | 16,871,559 | $ | 19,859,360 | ||||||||
|
|
|
|
|
|
|
|
See accompanying notes to financial statements.
3
Lockheed Martin Corporation Salaried Savings Plan
Statement of Changes in Net Assets Available for Benefits
Year ended December 31, 2012
ESOP Fund |
Participant- Directed Investments |
Total | ||||||||||
(In thousands) | ||||||||||||
Net assets available for benefits at beginning of year |
$ | 2,987,801 | $ | 16,871,559 | $ | 19,859,360 | ||||||
|
|
|
|
|
|
|||||||
Additions to net assets: |
||||||||||||
Contributions: |
||||||||||||
Participant |
34,763 | 853,454 | 888,217 | |||||||||
Lockheed Martin Corporation |
286,917 | | 286,917 | |||||||||
|
|
|
|
|
|
|||||||
Total contributions |
321,680 | 853,454 | 1,175,134 | |||||||||
Interest income on notes receivable from participants |
| 21,430 | 21,430 | |||||||||
Net investment gain from participation in Lockheed Martin Corporation Defined Contribution Plans Master Trust |
563,112 | 1,889,283 | 2,452,395 | |||||||||
|
|
|
|
|
|
|||||||
Total additions |
884,792 | 2,764,167 | 3,648,959 | |||||||||
Deductions from net assets: |
||||||||||||
Distributions and withdrawals |
665,454 | 837,959 | 1,503,413 | |||||||||
Administrative expenses |
174 | 29,053 | 29,227 | |||||||||
|
|
|
|
|
|
|||||||
Total deductions |
665,628 | 867,012 | 1,532,640 | |||||||||
|
|
|
|
|
|
|||||||
Change in net assets |
219,164 | 1,897,155 | 2,116,319 | |||||||||
Transfers from other plans |
| 3,708 | 3,708 | |||||||||
|
|
|
|
|
|
|||||||
Net assets available for benefits at end of year |
$ | 3,206,965 | $ | 18,772,422 | $ | 21,979,387 | ||||||
|
|
|
|
|
|
See accompanying notes to financial statements.
4
Lockheed Martin Corporation Salaried Savings Plan
Notes to Financial Statements
1. | Description of the Plan |
The following description of the Lockheed Martin Corporation Salaried Savings Plan (the Plan) provides only general information. Participants should refer to the Summary Plan Description for a more complete description of the Plans provisions.
General
The Plan is a defined contribution plan covering all salaried employees of Lockheed Martin Corporation (Lockheed Martin or the Corporation) in groups to which Plan participation is extended by the Corporation, including employees in the United States and certain U.S. citizens working abroad.
The assets of the Plan, excluding the receivables, are held and invested on a commingled basis in the Lockheed Martin Corporation Defined Contribution Plans Master Trust (the Master Trust) under an agreement between Lockheed Martin and State Street Bank and Trust Company (the Trustee). The recordkeeper is ING. Lockheed Martin is the Plan Sponsor and the Plan Administrator.
The Plan includes an Employee Stock Ownership Plan (ESOP) feature. Cash dividends declared on Lockheed Martin common stock allocated to participants accounts under the Employee Stock Ownership Plan Fund (ESOP Fund) and dividends received related to the Lockheed Martin Stock Fund may be reinvested in the participants account or distributed to the participant, at the discretion of the participant. In the event the participant does not make an election, the allocated dividends will be reinvested in the participants account. In order for dividends to be distributed to a participant, the participants balances in the Corporations stock must be held under the ESOP Fund or the Lockheed Martin Stock Fund as of the close of business on the day before the ex-dividend date. Any distribution of dividends to a participant must not occur later than 90 days following the plan year in which the dividend was paid.
Contributions
Eligible employees are automatically enrolled in the Plan at a rate of 3% of their base salary in before-tax contributions. The Plan has an auto-escalation feature whereby contributions for those automatically enrolled are increased 1% each year up to 8%. The Plan allows eligible employees to make contributions on a before-tax, after-tax, or Roth 401(k) basis. Each year, eligible employees can make contributions of up to 25% of the employees base salary, subject to regulatory limitations. The Corporation generally contributes an amount equal to 50% of the first 8% of the participants basic contribution. Participants are immediately vested in all employer contributions. Substantially all employer contributions to the Plan consist of the Corporations common stock invested in the ESOP Fund.
Participant contributions may be invested in one or more of the available investment funds at the participants election. Participants may change the investment mix of their account balance up to 12 times during a calendar year. In addition, the participant will always be provided at least one trading opportunity each calendar quarter regardless of the number of prior investment trades they placed for the year. The participant will have one final opportunity to transfer all or part of their transferable account balance to the Stable Value Fund during the fourth quarter of the year. Amounts that are transferred out of the Stable Value Fund must remain invested in a Core or Target Date Fund for at least 90 days before they are eligible to be transferred into the Government Short Term Fund, the Treasury Inflation-Protected Securities (TIPS) Fund, or the Self-Managed Account (SMA). Participants may make an unlimited number of transfers out of the Lockheed Martin Stock Fund or the ESOP Fund.
An option available to participants is the SMA, whereby a participant may elect to invest up to 75% of the participants transferable account balance in stocks, mutual funds, bonds, or other investments offered by the Plan at the participants direction. No investment contribution may be made directly to the SMA. A participants initial transfer to the SMA must be at least $3,000, and subsequent transfers must be at least $1,000. No distribution, withdrawal, or loan may be made directly from the assets in the SMA.
The Plan permits catch-up contributions for participants age 50 or older as permitted by the provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001.
Participant Accounts
Each participants account is credited with the participants contribution, the employers matching contribution and the respective investment earnings or losses, less expenses, of the individual funds in which the account is invested.
5
Lockheed Martin Corporation Salaried Savings Plan
Notes to Financial Statements
Notes Receivable from Participants
Each participant may borrow from their total account balance a minimum of $500 and up to a maximum amount equal to the lesser of 50% of their account balance or $50,000 (minus their highest outstanding loan balance from the past 12 months, if any). The loans are secured by the balance in the participants account and bear interest of 1% over a published prime rate. Principal and interest are paid ratably through weekly payroll deductions. Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest.
Payment of Benefits
On termination of service due to death, disability or retirement, a participant or beneficiary may elect to receive his or her account balance through a number of payout options. A participant is entitled to the account balance at the time his or her employment with the Corporation ends.
Plan Termination
Although it has not expressed any intent to do so, the Board of Directors of Lockheed Martin has the right to amend, suspend or terminate the Plan at any time, subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). In the event of Plan termination, participants will receive a payment equal to the total value of their accounts.
Transfer of Assets
Effective January 1, 2010, most salaried employees in the Corporations Information Systems & Global Solutions business area who were participating in the Lockheed Martin Corporation Operations Support Savings Plan (OSSP) stopped participating in the OSSP and began participating in the Plan. In 2011, most of these employees had their account balances transferred from the OSSP to the Plan. Account balances of these employees with outstanding loans in the OSSP were not transferred; however, these account balances are subject to transfer to the Plan when the loans are repaid. During 2012, assets of the OSSP in amount of $3,417,000 were transferred to the Plan.
In 2012, net assets of $291,000 were transferred to the Plan from the Resource Management, Inc. 401(k) Plan. This amount reflects the participant account balances of current and former employees of Procerus Technologies, L.C., a business that was acquired by the Corporation in 2012.
ESOP Feature
There were 34,653,315 and 36,469,315 shares of Lockheed Martin common stock in the ESOP Fund as of December 31, 2012 and 2011, respectively.
401(h) Arrangement
The Plan has an arrangement that qualifies under Section 401(h) of the Internal Revenue Code (the IRC). The 401(h) arrangement is used by the Corporation to fund in part the Corporations portion of post-retirement medical expenses incurred under various medical plans sponsored by the Corporation for salaried employees who retired on or after January 1, 1993. In accordance with Section 401(h) of the IRC, the Plans investment in the 401(h) account may not be used, or diverted for any purpose other than providing health and welfare benefits for retirees. Plan participants do not contribute to the 401(h) account. Employer contributions or qualified transfers to the 401(h) account are determined annually at the discretion of the Corporation. The assets of the 401(h) account are held by the Northern Trust Company.
2. | Summary of Significant Accounting Policies |
Basis of Accounting
The financial statements of the Plan are prepared based on the accrual basis of accounting.
6
Lockheed Martin Corporation Salaried Savings Plan
Notes to Financial Statements
Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
Payment of Benefits
Benefits are recorded when paid.
Risks and Uncertainties
The Plan, through the Master Trust, invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants account balances and the amounts reported in the Statements of Net Assets Available for Benefits.
Investment Valuation and Income Recognition
Investments in the Master Trust are reported at fair value. Fair value is the price that would have been received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 7 for additional disclosure of fair value measurements. Purchases and sales of securities in the Master Trust are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net realized and unrealized gain/loss on investments bought and sold as well as held during the year are included in net investment gain from the Master Trust on the Statement of Changes in Net Assets Available for Benefits.
Administrative Expenses
Direct administrative expenses are paid by the Master Trust and generally allocated to the Plan either on a pro rata basis or directly if specifically related to the Plan. Other indirect administrative expenses are paid by the Corporation.
Recent Accounting Pronouncements
In May 2011, the FASB issued amended guidance to converge the fair value measurement guidance in GAAP with International Financial Reporting Standards. Some of the amendments clarify the application of existing fair value measurement requirements, while other amendments change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements. The amended guidance became effective for the Plan on January 1, 2012 and did not have a material impact on the Plans financial statements and disclosures.
3. | Reconciliation of Financial Statements to Form 5500 |
The Plans interest in the Master Trust on the Statement of Net Assets Available for Benefits exceeded the related amount on the Form 5500 as of December 31, 2012 and 2011 by $87,819,000 and $67,300,000, respectively, due to the adjustment from fair value to contract value for fully benefit responsive investment contracts.
The net assets of the 401(h) trust are reflected as net assets available for benefits on the Form 5500, but not in these financial statements as they may only be used to pay retiree medical benefits. Differences in the Plans interest in the net investment gain in the Master Trust and administrative expenses reported in the financial statements arose from the classification of certain administrative expenses and interest income on notes receivable from participants, which are included in the net investment gain in the Master Trust for Form 5500 reporting purposes.
December 31, | ||||||||
2012 | 2011 | |||||||
(In thousands) | ||||||||
Net assets available for benefits per the financial statements |
$ | 21,979,387 | $ | 19,859,360 | ||||
Add: Net assets held in 401(h) trust per Form 5500 |
340,745 | 313,907 | ||||||
|
|
|
|
|||||
Net assets available for benefits per the Form 5500 |
$ | 22,320,132 | $ | 20,173,267 | ||||
|
|
|
|
7
Lockheed Martin Corporation Salaried Savings Plan
Notes to Financial Statements
The following is a reconciliation of the changes in net assets available for benefits for the year ended December 31, 2012, per the financial statements to the Form 5500:
Amounts per Financial Statements |
401(h) Trust |
Amounts per Form 5500 |
||||||||||
(In thousands) | ||||||||||||
Interest and dividend income |
$ | | $ | 6,311 | $ | 6,311 | ||||||
Net realized and unrealized gain |
| 21,113 | 21,113 | |||||||||
Amounts per Financial Statements |
Differences | Amounts per Form 5500 |
||||||||||
(In thousands) | ||||||||||||
Net investment gain from participation in Lockheed Martin Corporation Defined Contribution |
$ | 2,452,359 | $ | (5,551 | ) | $ | 2,446,808 | |||||
Administrative expenses |
(29,227 | ) | 26,981 | (2,246 | ) | |||||||
Interest income on notes receivable from participants |
21,430 | (21,430 | ) | |
4. | Income Tax Status |
The Internal Revenue Service (IRS) has determined and informed the Corporation by letter dated July 20, 2011, that the Plan and related trust are designed in accordance with applicable sections of the IRC. The Plan has been amended since receiving the determination letter. However, the Plan Administrator and the Plans counsel believe that the Plan is designed and is currently being operated in compliance with the applicable provisions of the IRC. The Plan was submitted for an updated IRS determination letter on January 23, 2013.
GAAP requires plan management to evaluate uncertain tax positions taken by the Plan. The financial statement effects of a tax position are recognized when the position is more likely than not, based on the technical merits, to be sustained upon examination by the IRS. The Plan Administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2012, there are no uncertain positions taken or expected to be taken. The Plan has recognized no interest or penalties related to uncertain tax positions. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan Administrator believes it is no longer subject to income tax examinations for years prior to 2005.
5. | Legal Proceeding |
On September 11, 2006, the Corporation and Lockheed Martin Investment Management Company (LMIMCo), a wholly-owned subsidiary of the Corporation, were named as defendants in a lawsuit filed in the U.S. District Court for the Southern District of Illinois, seeking to represent a putative class of participants and beneficiaries in the Plan. Plaintiffs have alleged that the Corporation or LMIMCo caused the Plan to pay certain expenses that were higher than reasonable and breached fiduciary duties under ERISA by offering certain allegedly imprudent investment options and providing inadequate disclosures to the Plans participants. On March 31, 2009, the Court dismissed a number of plaintiffs claims, leaving three claims for trial: plaintiffs claims involving the company stock funds, the Stable Value Fund, and overall administrative fees. On September 24, 2012, following plaintiffs amended motion for class certification on these remaining claims, the Court denied class certification of the Stable Value Fund claims, granted class certification of the administrative fees claims, and partially granted class certification of the company stock funds claims. The U.S. Court of Appeals for the Seventh Circuit has granted plaintiffs petition seeking discretionary review of the class certification of the Stable Value Fund claim and a hearing was held on May 29, 2013. The complaint does not allege a specific calculation of damages, and the Corporation reasonably cannot estimate the possible loss, or range of loss, which could be incurred by the Corporation if plaintiffs were to prevail in their claims, but believe that the Corporation and LMIMCo have substantial defenses. The Corporation disputes the allegations and is defending against them. As a consequence of the Courts dismissal of a number of plaintiffs claims and related decisions by the Court on class certification with respect to the remaining claims, the Corporation believes that the proceedings are no longer material to the Corporation or LMIMCo. Additionally, an adverse decision would not result in any loss to the Plan. Accordingly, the Plan Sponsor does not anticipate reporting on this matter in future periods.
8
Lockheed Martin Corporation Salaried Savings Plan
Notes to Financial Statements
6. | Parties-in-Interest Transactions |
The Plan makes certain investments through the Master Trust, which are considered to be party-in-interest transactions for which a statutory exemption from the prohibited transaction regulation exists. The Master Trust owes direct reimbursements of $1,200,000 to the Corporation for certain expenses incurred by the Corporation in providing services to the Plan.
In addition, notes receivable from participants are considered to be party-in-interest transactions for which a statutory exemption from the prohibited transaction regulation exists.
Certain funds are sponsored by Northern Trust Investments, a wholly-owned subsidiary of The Northern Trust Company. The Northern Trust Company is the trustee of the 401(h) Account. Therefore, investments in these funds are considered to be party-in-interest transactions for which a statutory exemption from the prohibited transaction regulation exists.
The Master Trust invests in common stock of the Corporation, the Plan Sponsor. The Master Trust held 48,627,663 and 51,897,215 shares of the Companys common stock as of December 31, 2012 and 2011, respectively. Dividends earned by the Master Trust on the Companys common stock were $209,902,000 for the year ended December 31, 2012.
The Master Trust invests in certain investments that are sponsored by State Street, the Trustee. These investments include the following: Government Short Term Fund, S&P 500 Indexed Equity Fund, Small Mid-Cap Indexed Equity Fund, and MSCI EAFE Indexed Equity Fund.
The 401(h) account invests in common stock of the ING Groep NV, the parent company of the recordkeeper. Therefore, investments in ING Groep NV common stock are considered to be party-in-interest transactions for which a statutory exemption from the prohibited transaction regulation exists.
7. | Master Trust & 401(h) Account |
General
The Plans interest in the Master Trust is stated at the fair value of the underlying net assets in the Master Trust. The assets, realized and unrealized gains and losses, and investment income of the Master Trust are allocated among the plans included therein based on the number of participant units outstanding in each fund and other investment options in which the plans invest daily. The Plans interest in the Master Trusts net assets as of December 31, 2012 and 2011 was 90.22% and 90.15%, respectively.
The Master Trust invests in a Stable Value Fund that contains the following components: a managed separate account paired with a wrap contract to create a synthetic guaranteed investment contract (GIC), and a common/collective trust (CCT), the Invesco Institutional N.A., Inc. Group Trust Fund Retirement Savings (Invesco-CCT). In June 2012, the Stable Value Portfolio that resided in the portion of the Stable Value Fund managed by State Street Global Advisors (SSGA) for Employee Benefit Trusts (SSGA-CCT) contract was terminated and transferred to the Invesco-CCT. The Stable Value Fund investment components provide the Master Trust with a medium for collective investment and reinvestment in one or more bank, insurance company, or synthetic investment contracts that are considered fully benefit- responsive, as well as a significant investment in a Short-Term Investment Fund or a Government Short-Term Investment Fund.
A fully benefit-responsive investment contract provides a liquidity guarantee by a financially responsible third party, of principal and previously accrued interest for liquidations, transfers, loans or withdrawals initiated by plan participants exercising their rights to withdraw, borrow or transfer funds under the terms of the plan. Contract value is the relevant measurement attribute for that portion of net assets available for benefits of a defined contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the plan.
9
Lockheed Martin Corporation Salaried Savings Plan
Notes to Financial Statements
The following table summarizes the adjustments from fair value to contract value related to fully benefit-responsive investment contracts included in the Stable Value Fund:
2012 | 2011 | |||||||||||||||||||||||
Type |
Investment at Fair Value |
Wrap Contract at Fair Value |
Adjustment to Contract Value |
Investments at Fair Value |
Wrap Contract at Fair Value |
Adjustment to Contract Value |
||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||
SSGA - CCT |
N/A | N/A | N/A | $ | 736,195 | $ | 82 | $ | (2,179 | ) | ||||||||||||||
Invesco - CCT |
$ | 4,227,585 | $ | 1,279 | $ | (97,353 | ) | $ | 1,817,045 | $ | 455 | $ | (72,481 | ) |
A synthetic GIC is a wrap contract paired with an underlying investment or investments, usually a portfolio of high-quality, intermediate term fixed income securities. The wrap contract in the managed separate accounts purchased from certain banks and insurance companies credits a stated interest rate for a specified period of time. Investment gains and losses are amortized over the expected duration through the calculation of the interest rate applicable to the Plan on a prospective basis. The synthetic GIC provides for a variable crediting rate and the issuer of the wrap contract provides assurance that future adjustments to the crediting rate cannot result in a crediting rate less than zero. The crediting rate is primarily based on the current yield-to-maturity of the covered investments, plus or minus amortization of the difference between the market value and contract value of the covered investments over the duration of the covered investments at the time of computation. The crediting rate is most impacted by the change in the annual effective yield-to-maturity of the underlying securities, but is also affected by the differential between the contract value and the market value of the covered investments. This difference is amortized over the duration of the covered investments. Depending on the change in duration from reset period to reset period, the magnitude of the impact to the crediting rate of the contract to market difference is heightened or lessened. The crediting rate can be adjusted periodically.
The Master Trust invests in a Short-Term Investment Fund or Government Short-Term Investment Fund, consisting of U.S. Treasury obligations and commercial paper, that is used as a temporary investment to hold contributions from the day the cash is transferred from the Corporation to the Trustee until the day the cash is invested in a particular fund. Occasionally, the fund may invest in unleveraged securities, which may be considered derivatives, for liquidity or asset allocation purposes. At December 31, 2012 and 2011, there were no material investments in derivatives. The related earnings from the Short-Term Investment Fund or Government Short-Term Investment Fund are used to pay certain expenses related to participant accounts.
In order to provide appropriate liquidity to meet ongoing daily cash outflow requirements for the Lockheed Martin stock funds and the other investment funds that are investment alternatives for the Plan that are beneficiaries of the Master Trust, the Master Trust may be able to receive advances from the Stable Value Fund or the Corporation. The Stable Value Fund may make an advance only after considering its own liquidity needs. Any investment fund that receives an advance will compensate the Stable Value Fund for income lost due to any such advance by paying interest on such advance calculated on a compounded daily basis based on an annual rate equal to the interest crediting rate to the Short Term Investment Fund or the Government Short-Term Investment Fund portion of the Stable Value Fund, as appropriate. The Lockheed Martin stock funds may borrow, without interest, up to $200,000,000 from the Corporation, as evidenced by a promissory note, which requires repayment within three business days after the advance. As of December 31, 2012 and 2011, there were no such advances payable to the Corporation.
Fair Value of Assets
The accounting standard for fair value measurements defines fair value, establishes a market-based framework or hierarchy for measuring fair value, and expands disclosures about fair value measurements. The standard is applicable whenever assets and liabilities are measured and included in the financial statements at fair value.
The fair value hierarchy established in the standard prioritizes the inputs used in valuation techniques into three levels as follows:
| Level 1 Observable inputs quoted prices in active markets for identical assets and liabilities; |
| Level 2 Observable inputs other than the quoted prices in active markets for identical assets and liabilities includes quoted prices for similar instruments, quoted prices for identical or similar instruments in inactive markets, and amounts derived from valuation models where all significant inputs are observable in active markets; and |
10
Lockheed Martin Corporation Salaried Savings Plan
Notes to Financial Statements
| Level 3 Unobservable inputs includes amounts derived from valuation models where one or more significant inputs are unobservable and require us to develop relevant assumptions. |
The following table presents the fair value of the assets in the Master Trust by asset category and their level within the fair value hierarchy as of December 31, 2012 and their appreciation (depreciation) for the year ended December 31, 2012:
Level 1 | Level 2 | Level 3 | Total | Appreciation (Depreciation) |
||||||||||||||||
(In thousands) | ||||||||||||||||||||
Cash and cash equivalents |
$ | 801,678 | $ | | $ | | $ | 801,678 | $ | (188 | ) | |||||||||
Equity: |
||||||||||||||||||||
U.S. equity securities |
2,318,655 | | | 2,318,655 | 266,486 | |||||||||||||||
U.S. equity securities - Lockheed Martin |
4,491,512 | | | 4,491,512 | 584,318 | |||||||||||||||
International equity securities |
479,775 | | | 479,775 | 58,833 | |||||||||||||||
Commingled equity funds |
2,537,140 | 8,632,264 | | 11,169,404 | 1,343,668 | |||||||||||||||
Fixed income: |
||||||||||||||||||||
Corporate debt securities |
| 95,215 | | 95,215 | 5,151 | |||||||||||||||
U.S. Government securities |
| 1,701,640 | | 1,701,640 | 30,062 | |||||||||||||||
Other fixed income securities |
6,763 | 3,156,228 | | 3,162,991 | 4,201 | |||||||||||||||
Alternative investments: |
||||||||||||||||||||
Wrap contract |
| | 1,279 | 1,279 | 824 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Investment Assets at Fair Value |
$ | 10,635,523 | $ | 13,585,347 | $ | 1,279 | $ | 24,222,149 | $ | 2,293,355 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Unsettled trades, net |
(33,312 | ) | ||||||||||||||||||
Adjustment from fair value to contract value for fully benefit-responsive investment contracts |
(97,353 | ) | ||||||||||||||||||
|
|
|||||||||||||||||||
Total net assets |
$ | 24,091,484 | ||||||||||||||||||
|
|
Interest and dividend income earned by the Master Trust for the year ended December 31, 2012 was $454,183,000.
The following table presents the fair value of the assets in the Master Trust by asset category and their level within the fair value hierarchy as of December 31, 2011:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In thousands) | ||||||||||||||||
Cash and cash equivalents |
$ | 959,819 | $ | | $ | | $ | 959,819 | ||||||||
Equity: |
||||||||||||||||
U.S. equity securities |
2,373,144 | | | 2,373,144 | ||||||||||||
U.S. equity securities - Lockheed Martin |
4,201,589 | | | 4,201,589 | ||||||||||||
International equity securities |
283,363 | 454 | | 283,817 | ||||||||||||
Commingled equity funds |
2,165,399 | 5,311,893 | | 7,477,292 | ||||||||||||
Fixed income: |
||||||||||||||||
Corporate debt securities |
| 99,242 | | 99,242 | ||||||||||||
U.S. Government securities |
| 1,875,380 | | 1,875,380 | ||||||||||||
Other fixed income securities |
4,361 | 4,539,437 | | 4,543,798 | ||||||||||||
Alternative investments: |
||||||||||||||||
Wrap contracts |
| | 537 | 537 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investment Assets at Fair Value |
$ | 9,987,675 | $ | 11,826,406 | $ | 537 | $ | 21,814,618 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Unsettled trades, net |
(10,757 | ) | ||||||||||||||
Adjustment from fair value to contract value for fully benefit-responsive investment contracts |
(74,660 | ) | ||||||||||||||
|
|
|||||||||||||||
Total net assets |
$ | 21,729,201 | ||||||||||||||
|
|
11
Lockheed Martin Corporation Salaried Savings Plan
Notes to Financial Statements
The fair value of the wrap contracts of $1,279,000 and $537,000 at December 31, 2012 and 2011, respectively, are considered Level 3 investments due to certain unobservable inputs as described below. The change in the fair value during 2012 was primarily due to unrealized gains.
The Master Trust recognizes transfers between the Levels 1, 2, and 3 fair value classifications as of the date of the change in circumstances that causes the transfer. During 2012, there were no transfers between Levels 1, 2, and 3.
401(h) Account
The assets in the 401(h) account are held outside the Master Trust in a separate trust. The following table presents the fair value of the assets in the 401(h) account by asset category and their level within the fair value hierarchy as of December 31, 2012 and their appreciation for the year ended December 31, 2012:
Level 1 | Level 2 | Level 3 | Total | Appreciation | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Cash and cash equivalents |
$ | 20,883 | $ | | $ | | $ | 20,883 | $ | 76 | ||||||||||
Equity: |
||||||||||||||||||||
U.S. equity securities |
53,127 | | | 53,127 | 7,876 | |||||||||||||||
International equity securities |
36,277 | 18 | | 36,295 | 5,638 | |||||||||||||||
Commingled equity funds |
112,073 | | | 112,073 | 4,350 | |||||||||||||||
Fixed income: |
||||||||||||||||||||
U.S. Government securities |
| 114,776 | | 114,776 | 2,825 | |||||||||||||||
Other fixed income securities |
| 322 | 2,162 | 2,484 | 242 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total assets |
$ | 222,360 | $ | 115,116 | $ | 2,162 | $ | 339,638 | $ | 21,007 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Receivables, net |
1,107 | |||||||||||||||||||
|
|
|||||||||||||||||||
Total net assets |
$ | 340,745 | ||||||||||||||||||
|
|
The following table presents the fair value of the assets in the 401(h) account by asset category and their level within the fair value hierarchy as of December 31, 2011:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In thousands) | ||||||||||||||||
Cash and cash equivalents |
$ | 13,496 | $ | | $ | | $ | 13,496 | ||||||||
Equity: |
||||||||||||||||
U.S. equity securities |
46,588 | | | 46,588 | ||||||||||||
International equity securities |
45,568 | | | 45,568 | ||||||||||||
Commingled equity funds |
86,178 | 899 | | 87,077 | ||||||||||||
Fixed income: |
||||||||||||||||
Corporate debt securities |
| 59 | | 59 | ||||||||||||
U.S. Government securities |
| 113,876 | | 113,876 | ||||||||||||
Other fixed income securities |
| | 1,209 | 1,209 | ||||||||||||
Alternative investments: |
||||||||||||||||
Commodities |
4,349 | | | 4,349 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total assets |
$ | 196,179 | $ | 114,834 | $ | 1,209 | $ | 312,222 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Receivables, net |
1,685 | |||||||||||||||
|
|
|||||||||||||||
Total net assets |
$ | 313,907 | ||||||||||||||
|
|
12
Lockheed Martin Corporation Salaried Savings Plan
Notes to Financial Statements
The following table presents the changes during 2012 in the fair value of 401(h) account assets categorized as Level 3 in the preceding tables:
Balance, beginning of year |
Realized gains | Unrealized gains |
Purchases | Sales | Settlements | Balance, end of year |
||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Other fixed income securities |
$ | 1,209 | $ | 2 | $ | 159 | $ | 2,321 | $ | (1,228 | ) | $ | (301 | ) | $ | 2,162 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The 401(h) account recognizes transfers between the Levels 1, 2, and 3 fair value classifications as of the date of the change in circumstances that causes the transfer. During 2012, there were no transfers between Levels 1, 2 and 3.
Valuation Techniques
Cash equivalents are mostly comprised of short-term money-market instruments and are valued at cost, which approximates fair value.
U.S. equity securities and international equity securities categorized as Level 1 are traded on active national and international exchanges and are valued at their closing prices on the last trading day of the year. International equity securities categorized as Level 2 are not traded on an active exchange, or if the closing price is not available, the trustee obtains corroborated, indicative quotes from a pricing vendor, broker, or investment manager.
Commingled equity funds are public investment vehicles valued using the Net Asset Value (NAV) provided by the fund manager. The NAV is the total value of the fund divided by the number of shares outstanding. Commingled equity funds are categorized as Level 1 if traded at their NAV on a nationally recognized securities exchange or categorized as Level 2 if the NAV is corroborated by observable market data (e.g., purchases or sales activity).
Other fixed income securities categorized as Level 1 are traded on active national and international exchanges and are valued at their closing prices on the last trading day of the year. Corporate debt securities, U.S. Government securities, and other fixed income securities categorized as Level 2 are valued by the trustee using pricing models that use verifiable observable market data (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. Other fixed income securities are categorized at Level 3 when valuations using observable inputs are unavailable. The trustee obtains pricing based on indicative quotes or bid evaluations from vendors, brokers or the investment manager.
Other fixed income securities in the Master Trust categorized as Level 2 also include the Stable Value Fund. Securities within the Stable Value Fund for which market quotations are readily available are valued in accordance with such market quotations. If market quotations are not available with respect to any such security, the fair value of the security is determined in good faith by the issuer of the Stable Value Fund.
Individual assets of the synthetic GIC categorized as Level 2 are valued at representative quoted market prices. The fair value of the wrap contracts associated with the synthetic GIC is categorized as Level 3 and is determined using the income approach methodology. Each wrap contract is valued at fair value by discounting the related cash flows based on current yields of similar instruments with comparable durations considering the credit-worthiness of the issuer.
Commodities are traded on an active commodity exchange and are valued at their closing prices on the last trading day of the year.
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while management believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
13
Lockheed Martin Corporation Salaried Savings Plan
Employer Identification Number 52-1893632, Plan Number 017
Schedule H, Line 4i Schedule of Assets (Held at End of Year)***
December 31, 2012
(c) Description of Investment, Including Maturity Date, Rate of |
(e) | |||||||||||||
(b) | Interest, Collateral, Par, | (d) | Current | |||||||||||
(a) |
Identity of Issue, Borrower, Lessor, or Similar Party |
or Maturity Value | Cost | Value | ||||||||||
(In thousands) | ||||||||||||||
401(h) Trust ** |
||||||||||||||
U.S. Government Securities |
||||||||||||||
CMO Small Business Admin Gtd Dev Partn Ctf 5.49% 02/01/27 |
345,276 | $ | 345 | $ | 397 | |||||||||
Small Business Admin Gtd Dev Partn CD 5.24% Due 1-23/02-1-10 |
204,255 | 204 | 228 | |||||||||||
Small Business Admin Gtd Dev Partn Ctf 5.31% Due 08-01-2022 |
132,841 | 137 | 146 | |||||||||||
Small Business Admin Gtd Dev Partn Ctf 5.1% Due 09-01-2023 |
152,509 | 153 | 169 | |||||||||||
Small Business Admin Gtd Dev Partn Ctf 5.35% Due 02-01-2026 |
294,403 | 294 | 336 | |||||||||||
U.S. Treasury Inflation Indexed Bonds 0.75% Due 02-15-2042 |
755,000 | 787 | 846 | |||||||||||
U.S. Treasury Bonds 5.081% Due 04-15-2028 |
1,565,000 | 2,788 | 3,548 | |||||||||||
U.S. Treasury Bonds 2.75% Due 08-15-2042 |
1,775,000 | 1,772 | 1,714 | |||||||||||
U.S. Treasury Inflation Indexed Notes 1.375% Due 01-15-2020 |
2,425,000 | 2,553 | 3,075 | |||||||||||
U.S. Treasury Bonds 2.125% Due 02-15-2041 |
1,705,000 | 2,331 | 2,659 | |||||||||||
U.S. Treasury Bonds Dated 8-15-2010 3.875% Due 08-15-2040 |
27,025,000 | 28,437 | 32,481 | |||||||||||
U.S. Treasury Bonds 4.25% Due 11-15-2040 |
4,735,000 | 4,662 | 6,046 | |||||||||||
U.S. Treasury Bonds Dated 02-15-1996 6% Due 02-15-2026 |
2,875,000 | 3,828 | 4,160 | |||||||||||
U.S. Treasury Bonds Dated 02-15-2000 6.25% Due 05-15-2030 |
2,460,000 | 3,330 | 3,804 | |||||||||||
U.S. Treasury Bonds Dated 02-15-2001 5.375% 02-15-2031 |
2,905,000 | 3,765 | 4,147 | |||||||||||
U.S. Treasury Bonds Dated 08-15-1993 6.25% Due 08-15-2023 |
2,540,000 | 3,337 | 3,642 | |||||||||||
U.S. Treasury Bonds Dated 08-15-1997 6.375% Due 08-15-2027 |
2,640,000 | 3,673 | 4,000 | |||||||||||
U.S. Treasury Bonds Dated 11-15-2012 2.75% Due 11-15-2042 |
3,700,000 | 3,655 | 3,565 | |||||||||||
U.S. Treasury Inflation Indexed Bonds 1.75% Due 01-15-2028 |
1,495,000 | 1,588 | 2,137 | |||||||||||
U.S. Treasury Inflation Indexed Notes 1.25% Due 07-15-2020 |
2,935,000 | 3,022 | 3,693 | |||||||||||
U.S. Treasury Bonds 4.375% Due 05-15-2040 |
4,975,000 | 5,371 | 6,476 | |||||||||||
U.S. Treasury Bonds 4.75% Due 02-15-2041 |
2,340,000 | 2,960 | 3,226 | |||||||||||
U.S. Treasury Bonds Dated 05-16-2011 4.375% Due 05-15-2041 |
6,865,000 | 8,271 | 8,944 | |||||||||||
U.S. Treasury Inflation Indexed Bonds 2.00% Due 01-15-2026 |
1,015,000 | 1,219 | 1,551 | |||||||||||
U.S. Treasury Inflation Indexed Bonds 2.375% Due 01-15-2025 |
1,055,000 | 1,398 | 1,746 | |||||||||||
U.S. Treasury Notes Dated 8/15/2011 2.125% Due 08-15-2021 |
720,000 | 741 | 757 | |||||||||||
U.S. Treasury Inflation Indexed Notes 2.00% Due 01-15-2016 |
910,000 | 1,086 | 1,176 | |||||||||||
U.S. Treasury Inflation Indexed Notes 0.125% Due 01-15-2022 |
1,115,000 | 1,187 | 1,237 | |||||||||||
U.S. Treasury Inflation Indexed Notes 2.00% Due 07-15-2014 |
1,460,000 | 1,813 | 1,891 | |||||||||||
U.S. Treasury Inflation Indexed Notes Dated 07-15-2011 Due 07-15-2021 |
1,020,000 | 1,130 | 1,190 | |||||||||||
U.S. Treasury Inflation Indexed Notes 04-15-2016 |
1,895,000 | 1,928 | 2,091 | |||||||||||
U.S. Treasury Inflation Indexed Bonds 2.625% Due 07-15-2017 |
2,765,000 | 3,325 | 3,698 | |||||||||||
|
|
|
|
|||||||||||
Total U.S. Government Securities |
$ | 101,090 | $ | 114,776 |
14
Lockheed Martin Corporation Salaried Savings Plan
Employer Identification Number 52-1893632, Plan Number 017
Schedule H, Line 4i Schedule of Assets (Held at End of Year)***
December 31, 2012
(c) Description of Investment, Including Maturity Date, Rate of |
(e) | |||||||||||||
(b) | Interest, Collateral, Par, | (d) | Current | |||||||||||
(a) |
Identity of Issue, Borrower, Lessor, or Similar Party |
or Maturity Value | Cost | Value | ||||||||||
(In thousands) | ||||||||||||||
Common Stock |
||||||||||||||
1st Quantum Minerals LTD |
1,286 | $ | 29 | $ | 28 | |||||||||
Abb LTD |
7,726 | 147 | 158 | |||||||||||
Abbott Laboratories |
15,900 | 804 | 1,041 | |||||||||||
Accenture PLC |
4,400 | 211 | 293 | |||||||||||
Adecco SA |
668 | 36 | 35 | |||||||||||
Adidas AG |
589 | 40 | 52 | |||||||||||
Aeon Co. LTD |
2,900 | 35 | 33 | |||||||||||
AFLAC Inc |
2,000 | 91 | 106 | |||||||||||
AGL Energy LTD |
3,989 | 60 | 64 | |||||||||||
Agnico Eagle Mines |
1,125 | 53 | 59 | |||||||||||
Agrium Inc |
2,161 | 165 | 215 | |||||||||||
AIA Group LTD |
60,400 | 207 | 236 | |||||||||||
Air Products & Chemicals Inc |
118 | 11 | 10 | |||||||||||
Air Water Inc |
946 | 11 | 12 | |||||||||||
Akzo Nobel NV |
779 | 39 | 51 | |||||||||||
Alimentation Couch |
1,679 | 47 | 82 | |||||||||||
Allegheny Technologies Inc |
3,383 | 108 | 103 | |||||||||||
Allergan Inc |
6,800 | 437 | 624 | |||||||||||
Allianz SE |
925 | 112 | 128 | |||||||||||
Alstom |
1,309 | 64 | 52 | |||||||||||
Amer Movil SAB |
286 | 7 | 7 | |||||||||||
American Express Co |
4,600 | 205 | 264 | |||||||||||
American International Group Inc |
2,700 | 95 | 95 | |||||||||||
Ameriprise Financial Inc |
1,500 | 95 | 94 | |||||||||||
Amerisourcebergen Corp |
9,900 | 390 | 427 | |||||||||||
Anadarko Petro Corp |
547 | 42 | 41 | |||||||||||
Analog Devices Inc |
11,744 | 466 | 494 | |||||||||||
Andritz AG |
2,060 | 79 | 132 | |||||||||||
Anglo American |
1,221 | 40 | 38 | |||||||||||
Anglogold Ashanti LTD |
299 | 11 | 9 |
15
Lockheed Martin Corporation Salaried Savings Plan
Employer Identification Number 52-1893632, Plan Number 017
Schedule H, Line 4i Schedule of Assets (Held at End of Year)***
December 31, 2012
(c) Description of Investment, Including Maturity Date, Rate of |
(e) | |||||||||||||
(b) | Interest, Collateral, Par, | (d) | Current | |||||||||||
(a) |
Identity of Issue, Borrower, Lessor, or Similar Party |
or Maturity Value | Cost | Value | ||||||||||
(In thousands) | ||||||||||||||
Common Stock (continued) |
||||||||||||||
Anheuser Busch InBev |
7,879 | $ | 449 | $ | 686 | |||||||||
Antofagasta |
1,073 | 22 | 23 | |||||||||||
Apache Corp |
4,100 | 389 | 322 | |||||||||||
Aperam SA |
1,568 | 24 | 24 | |||||||||||
Apple Inc |
3,954 | 1,421 | 2,108 | |||||||||||
Arcelormittal |
2,319 | 35 | 40 | |||||||||||
Asahi Group Holdings LTD |
2,900 | 61 | 62 | |||||||||||
Asahi Kasei Corp |
8,242 | 52 | 48 | |||||||||||
Asciano LTD |
6,282 | 31 | 30 | |||||||||||
ASML Holding NV |
1,952 | 93 | 124 | |||||||||||
Astellas Pharma |
3,100 | 124 | 139 | |||||||||||
Astral Media Inc |
1,360 | 47 | 63 | |||||||||||
Astrazeneca |
6,096 | 293 | 288 | |||||||||||
AT&T Inc |
8,700 | 229 | 293 | |||||||||||
Aurico Gold Inc |
5,496 | 36 | 45 | |||||||||||
Australia & New Zealand Bank Group |
6,938 | 166 | 180 | |||||||||||
Autogrill SPA |
6,216 | 83 | 71 | |||||||||||
Aviva |
7,091 | 45 | 43 | |||||||||||
Azbil Corp |
1,700 | 39 | 34 | |||||||||||
BAE Systems |
10,683 | 59 | 59 | |||||||||||
Balfour Beatty |
4,704 | 16 | 21 | |||||||||||
Banco Bradesco |
8,368 | 141 | 145 | |||||||||||
Banco Santander |
15,278 | 106 | 123 | |||||||||||
Bank Of China |
34,000 | 13 | 15 | |||||||||||
Bank of New York Mellon Corp |
6,300 | 166 | 162 | |||||||||||
Bank of Yokohama |
10,000 | 47 | 46 | |||||||||||
Barclays |
14,936 | 60 | 64 | |||||||||||
Barrick Gold Corp |
3,633 | 169 | 127 | |||||||||||
BASF |
1,197 | 94 | 112 | |||||||||||
Bauer AG |
1,303 | 60 | 33 |
16
Lockheed Martin Corporation Salaried Savings Plan
Employer Identification Number 52-1893632, Plan Number 017
Schedule H, Line 4i Schedule of Assets (Held at End of Year)***
December 31, 2012
(c) Description of Investment, Including Maturity Date, Rate of |
(e) | |||||||||||||
(b) | Interest, Collateral, Par, | (d) | Current | |||||||||||
(a) |
Identity of Issue, Borrower, Lessor, or Similar Party |
or Maturity Value | Cost | Value | ||||||||||
(In thousands) | ||||||||||||||
Common Stock (continued) |
||||||||||||||
Baxter International Inc |
4,178 | $ | 176 | $ | 279 | |||||||||
Bayer AG |
3,890 | 289 | 369 | |||||||||||
BBVA |
11,433 | 89 | 105 | |||||||||||
BCE Inc |
1,217 | 49 | 52 | |||||||||||
Bed Bath & Beyond Inc |
4,700 | 258 | 263 | |||||||||||
Belgacom SA |
1,246 | 45 | 36 | |||||||||||
Bell Aliant Inc |
2,855 | 81 | 75 | |||||||||||
Berkshire Hathaway Inc |
8,495 | 665 | 762 | |||||||||||
BG Group PLC |
22,351 | 497 | 368 | |||||||||||
BHP Billiton LTD |
5,646 | 218 | 217 | |||||||||||
BHP Billiton PLC |
4,399 | 132 | 152 | |||||||||||
Bilfinger Berger |
1,047 | 76 | 101 | |||||||||||
Biogen Idec Inc |
1,300 | 184 | 191 | |||||||||||
BK Mandiri |
209,000 | 159 | 176 | |||||||||||
Blackrock Inc |
862 | 150 | 178 | |||||||||||
Bluescope Steel |
5,516 | 16 | 20 | |||||||||||
BNP Paribas |
3,232 | 136 | 181 | |||||||||||
Bouygues |
910 | 40 | 27 | |||||||||||
BP PLC |
53,103 | 383 | 367 | |||||||||||
Brambles LTD |
5,844 | 42 | 46 | |||||||||||
Bridgestone Corp |
2,700 | 64 | 69 | |||||||||||
British American Tobacco |
3,514 | 181 | 178 | |||||||||||
British Sky Broadcasting Group |
4,512 | 47 | 56 | |||||||||||
BT Group |
30,640 | 78 | 115 | |||||||||||
Cairn Energy PLC |
990 | 12 | 4 | |||||||||||
Cameron International Corp |
9,465 | 421 | 534 | |||||||||||
Canadian Imperial Bank |
2,667 | 203 | 214 | |||||||||||
Canadian Natural Resource |
3,543 | 135 | 102 | |||||||||||
Canadian Pacific Railway LTD |
6,571 | 619 | 668 | |||||||||||
Canon Inc |
6,000 | 278 | 232 |
17
Lockheed Martin Corporation Salaried Savings Plan
Employer Identification Number 52-1893632, Plan Number 017
Schedule H, Line 4i Schedule of Assets (Held at End of Year)***
December 31, 2012
(c) Description of Investment, Including Maturity Date, Rate of |
(e) | |||||||||||||
(b) | Interest, Collateral, Par, | (d) | Current | |||||||||||
(a) |
Identity of Issue, Borrower, Lessor, or Similar Party |
or Maturity Value | Cost | Value | ||||||||||
(In thousands) | ||||||||||||||
Common Stock (continued) |
||||||||||||||
Casino Guich-Perrachon |
511 | $ | 48 | $ | 49 | |||||||||
Celanese Corp |
606 | 23 | 27 | |||||||||||
Centerra Gold Inc |
1,102 | 10 | 10 | |||||||||||
Central Japan Railway |
500 | 40 | 40 | |||||||||||
Centrica |
8,875 | 49 | 48 | |||||||||||
Cheung Kong (Holdings) |
5,000 | 61 | 77 | |||||||||||
Chevron Corp |
6,163 | 458 | 666 | |||||||||||
China Life Insurance Co. LTD |
184 | 8 | 9 | |||||||||||
China Mobile LTD |
3,239 | 160 | 190 | |||||||||||
China ShenHua Energy |
7,638 | 30 | 33 | |||||||||||
Chubb Corp |
3,800 | 208 | 286 | |||||||||||
Chubu Electric Power Co Inc |
3,600 | 81 | 48 | |||||||||||
Chugai Pharmacy Co. LTD |
1,800 | 31 | 34 | |||||||||||
Chunghwa Telecom Co. LTD |
358 | 11 | 12 | |||||||||||
Cie Financie Richemont |
5,492 | 284 | 428 | |||||||||||
Cisco Systems Inc |
19,400 | 353 | 381 | |||||||||||
Citigroup Inc |
8,993 | 334 | 356 | |||||||||||
Cobalt International Energy Inc |
441 | 14 | 11 | |||||||||||
Coca Cola Co |
40,155 | 1,276 | 1,456 | |||||||||||
Coca-Cola Amatil LTD |
3,827 | 48 | 53 | |||||||||||
Colgate-Palmolive Co |
10,463 | 908 | 1,094 | |||||||||||
Coloplast |
535 | 18 | 26 | |||||||||||
Comerica Inc |
5,900 | 183 | 179 | |||||||||||
Commonwealth Bank Of Australia |
2,798 | 139 | 181 | |||||||||||
Compass Group |
7,198 | 71 | 85 | |||||||||||
Concho Resources Inc |
143 | 13 | 12 | |||||||||||
Consol Energy Inc |
363 | 16 | 12 | |||||||||||
Costco Wholesale Corp New |
6,600 | 441 | 652 | |||||||||||
Covidien PLC |
12,690 | 613 | 733 | |||||||||||
Credit Suisse AG |
13,076 | 423 | 318 |
18
Lockheed Martin Corporation Salaried Savings Plan
Employer Identification Number 52-1893632, Plan Number 017
Schedule H, Line 4i Schedule of Assets (Held at End of Year)***
December 31, 2012
(c) Description of Investment, Including Maturity Date, Rate of |
(e) | |||||||||||||
(b) | Interest, Collateral, Par, | (d) | Current | |||||||||||
(a) |
Identity of Issue, Borrower, Lessor, or Similar Party |
or Maturity Value | Cost | Value | ||||||||||
(In thousands) | ||||||||||||||
Common Stock (continued) |
||||||||||||||
Crown Holdings Inc |
863 | $ | 31 | $ | 32 | |||||||||
Crown LTD |
5,682 | 50 | 63 | |||||||||||
CVS Caremark Corp |
8,400 | 269 | 406 | |||||||||||
Daiichi Sankyo |
4,200 | 80 | 64 | |||||||||||
Daimler AG |
573 | 30 | 31 | |||||||||||
Danone SA |
2,623 | 167 | 173 | |||||||||||
DBS Group Holdings |
9,426 | 107 | 115 | |||||||||||
Delhaize Group |
828 | 61 | 33 | |||||||||||
Denison Mines Corp |
3,538 | 5 | 4 | |||||||||||
Denso Corp |
1,600 | 49 | 55 | |||||||||||
Deutsche Bank AG |
833 | 36 | 36 | |||||||||||
Deutsche Telekom |
5,751 | 72 | 65 | |||||||||||
Devon Energy Corp |
6,700 | 456 | 349 | |||||||||||
Diageo PLC |
14,197 | 310 | 412 | |||||||||||
DNB ASA |
4,989 | 51 | 63 | |||||||||||
Don Quijote |
3,800 | 145 | 139 | |||||||||||
Doutor Nichires Ho |
2,900 | 37 | 38 | |||||||||||
DR Horton Inc |
6,942 | 136 | 137 | |||||||||||
Dril-Quip Inc |
201 | 15 | 15 | |||||||||||
Du Pont E I De Nemours & Co |
855 | 39 | 38 | |||||||||||
E. On AG |
3,200 | 69 | 59 | |||||||||||
East Japan Railway Co |
1,800 | 107 | 116 | |||||||||||
Ebay Inc |
8,100 | 306 | 413 | |||||||||||
Ecolab Inc |
2,520 | 167 | 181 | |||||||||||
Eldorado Gold Corp |
5,006 | 82 | 64 | |||||||||||
Eli Lilly & Co |
2,596 | 95 | 128 | |||||||||||
EMC Corp |
6,700 | 175 | 170 | |||||||||||
Emerson Electric Co |
4,800 | 230 | 254 | |||||||||||
Enel Spa |
10,326 | 43 | 43 |
19
Lockheed Martin Corporation Salaried Savings Plan
Employer Identification Number 52-1893632, Plan Number 017
Schedule H, Line 4i Schedule of Assets (Held at End of Year)***
December 31, 2012
(c) Description of Investment, Including Maturity Date, Rate of |
(e) | |||||||||||||
(b) | Interest, Collateral, Par, | (d) | Current | |||||||||||
(a) |
Identity of Issue, Borrower, Lessor, or Similar Party |
or Maturity Value | Cost | Value | ||||||||||
(In thousands) | ||||||||||||||
Common Stock (continued) |
||||||||||||||
Eni Spa |
1,801 | $ | 40 | $ | 44 | |||||||||
Ensco PLC |
115 | 6 | 7 | |||||||||||
EOG Resources Inc |
207 | 21 | 25 | |||||||||||
Ericsson |
7,731 | 85 | 77 | |||||||||||
Eros International |
10,600 | 37 | 40 | |||||||||||
Essilor International SA |
721 | 65 | 72 | |||||||||||
Eutelsat Communications SA |
829 | 31 | 27 | |||||||||||
Evs Broadcast Equipment |
1,244 | 78 | 73 | |||||||||||
Express Scripts Holding Co |
10,413 | 589 | 562 | |||||||||||
Exxon Mobil Corp |
13,073 | 974 | 1,131 | |||||||||||
Familymart Co |
1,600 | 58 | 66 | |||||||||||
Ford Motor Co |
16,000 | 182 | 207 | |||||||||||
Fortescue Metals Group LTD |
6,027 | 24 | 29 | |||||||||||
France Telecom |
10,390 | 215 | 114 | |||||||||||
Freeport-Mcmoran Copper & Gold Inc |
3,700 | 137 | 127 | |||||||||||
Fresenius SE & KGAA |
1,620 | 145 | 186 | |||||||||||
Fuji Oil Co LTD |
2,300 | 32 | 33 | |||||||||||
Gazprom Sponsor |
1,612 | 18 | 15 | |||||||||||
GDF SUEZ |
5,122 | 147 | 105 | |||||||||||
Geberit AG |
77 | 16 | 17 | |||||||||||
General Dynamics Corp |
4,100 | 279 | 284 | |||||||||||
General Electric Co |
46,500 | 876 | 976 | |||||||||||
Gerresheimer AG |
1,927 | 76 | 102 | |||||||||||
Givaudan AG |
40 | 30 | 42 | |||||||||||
Glaxosmithkline |
9,449 | 201 | 205 | |||||||||||
Goldcorp Inc |
3,650 | 174 | 134 | |||||||||||
Goldman Sachs Group Inc |
1,700 | 283 | 217 | |||||||||||
Google Inc |
1,231 | 798 | 873 | |||||||||||
HCC Insurance Holdings Inc |
4,300 | 120 | 160 | |||||||||||
Heidelbergcement AG |
487 | 25 | 29 |
20
Lockheed Martin Corporation Salaried Savings Plan
Employer Identification Number 52-1893632, Plan Number 017
Schedule H, Line 4i Schedule of Assets (Held at End of Year)***
December 31, 2012
(c) Description of Investment, Including Maturity Date, Rate of |
(e) | |||||||||||||
(b) | Interest, Collateral, Par, | (d) | Current | |||||||||||
(a) |
Identity of Issue, Borrower, Lessor, or Similar Party |
or Maturity Value | Cost | Value | ||||||||||
(In thousands) | ||||||||||||||
Common Stock (continued) |
||||||||||||||
Heineken NV |
1,288 | $ | 65 | $ | 86 | |||||||||
Hennes & Mauritz AB |
3,830 | 126 | 132 | |||||||||||
Hollyfrontier Corp |
687 | 24 | 32 | |||||||||||
Home Depot Inc |
9,411 | 305 | 582 | |||||||||||
Hon Hai Precision |
1,510 | 10 | 9 | |||||||||||
Honda Motor Co |
800 | 30 | 29 | |||||||||||
Honeywell International Inc |
7,249 | 397 | 460 | |||||||||||
Hoya Corp |
2,700 | 67 | 53 | |||||||||||
HSBC Holdings |
29,734 | 284 | 313 | |||||||||||
Iamgold Corp |
9,117 | 127 | 104 | |||||||||||
Iberdrola SA |
4,234 | 27 | 23 | |||||||||||
Imperial Tobacco |
3,235 | 128 | 125 | |||||||||||
Indo Tambangray |
4,536 | 21 | 20 | |||||||||||
Industrial & Commercial Bank China |
192,000 | 128 | 136 | |||||||||||
Infineon Technologies |
14,590 | 112 | 118 | |||||||||||
* |
ING Groep NV |
6,155 | 54 | 57 | ||||||||||
Inmarsat |
3,614 | 25 | 34 | |||||||||||
Inmet Mining Corp |
355 | 20 | 26 | |||||||||||
Inpex Corporation |
11 | 72 | 58 | |||||||||||
Intesa Sanpaolo |
28,275 | 47 | 48 | |||||||||||
Investor AB |
2,712 | 55 | 71 | |||||||||||
IT Holdings Corp |
3,200 | 35 | 39 | |||||||||||
Itochu Corp |
3,400 | 31 | 36 | |||||||||||
Itoham Foods Inc |
10,000 | 32 | 44 | |||||||||||
ITV |
72,000 | 107 | 123 | |||||||||||
Jardine Matheson Holdings |
2,000 | 109 | 124 | |||||||||||
JB Hi-Fi |
8,100 | 226 | 229 | |||||||||||
JCDecaux SA |
771 | 22 | 18 | |||||||||||
JFE Holdings Inc |
1,770 | 25 | 33 | |||||||||||
Johnson & Johnson |
7,322 | 442 | 513 |
21
Lockheed Martin Corporation Salaried Savings Plan
Employer Identification Number 52-1893632, Plan Number 017
Schedule H, Line 4i Schedule of Assets (Held at End of Year)***
December 31, 2012
(c) Description of Investment, Including Maturity Date, Rate of |
(e) | |||||||||||||
(b) | Interest, Collateral, Par, | (d) | Current | |||||||||||
(a) |
Identity of Issue, Borrower, Lessor, or Similar Party |
or Maturity Value | Cost | Value | ||||||||||
(In thousands) | ||||||||||||||
Common Stock (continued) |
||||||||||||||
Johnson Controls Inc |
3,146 | $ | 88 | $ | 97 | |||||||||
JP Morgan Chase & Co |
15,400 | 625 | 677 | |||||||||||
JSC MMC Norilsk Nickel |
810 | 14 | 15 | |||||||||||
Julius Baer Gruppe |
1,256 | 46 | 44 | |||||||||||
Juniper Networks Inc |
22,700 | 418 | 447 | |||||||||||
Kaiser Alum Corp |
638 | 33 | 39 | |||||||||||
Kansai Electric Power Co |
3,900 | 85 | 41 | |||||||||||
Kao Corp |
2,400 | 62 | 62 | |||||||||||
Kazakhmys |
1,522 | 16 | 19 | |||||||||||
KBC Groep |
4,600 | 137 | 159 | |||||||||||
Kddi Corp |
1,600 | 106 | 113 | |||||||||||
Keppel Corp |
23,900 | 167 | 215 | |||||||||||
Keyence Corp |
518 | 133 | 143 | |||||||||||
Kingfisher |
7,672 | 30 | 35 | |||||||||||
Kinross Gold Corp |
16,069 | 186 | 156 | |||||||||||
Kirin Holdings Co |
8,000 | 106 | 94 | |||||||||||
Kissei Pharm Co |
2,100 | 41 | 39 | |||||||||||
Kodiak Oil & Gas Corp |
3,884 | 37 | 34 | |||||||||||
Komatsu |
2,900 | 63 | 73 | |||||||||||
Koninklijke Ahold |
2,077 | 28 | 28 | |||||||||||
Koninklijke DSM NV |
909 | 45 | 55 | |||||||||||
Koninklijke KPN |
8,495 | 119 | 42 | |||||||||||
Korea Electric Power Corp |
737 | 8 | 10 | |||||||||||
Kraft Foods Inc |
4,356 | 155 | 198 | |||||||||||
Kubota Corp |
21,000 | 191 | 239 | |||||||||||
Kyocera Corp |
600 | 51 | 54 | |||||||||||
L-3 Communications Holding Corp |
1,800 | 134 | 138 | |||||||||||
Lagardere SCA |
1,994 | 82 | 66 | |||||||||||
Lanxess AG |
446 | 33 | 39 | |||||||||||
Las Vegas Sands Corp |
3,600 | 193 | 166 |
22
Lockheed Martin Corporation Salaried Savings Plan
Employer Identification Number 52-1893632, Plan Number 017
Schedule H, Line 4i Schedule of Assets (Held at End of Year)***
December 31, 2012
(c) Description of Investment, Including Maturity Date, Rate of |
(e) | |||||||||||||
(b) | Interest, Collateral, Par, | (d) | Current | |||||||||||
(a) |
Identity of Issue, Borrower, Lessor, or Similar Party |
or Maturity Value | Cost | Value | ||||||||||
(In thousands) | ||||||||||||||
Common Stock (continued) |
||||||||||||||
Lawson Inc |
1,000 | $ | 49 | $ | 68 | |||||||||
Legrand SA |
2,800 | 114 | 118 | |||||||||||
Linde AG |
156 | 23 | 27 | |||||||||||
Lloyds Banking Group |
172,000 | 114 | 134 | |||||||||||
LOreal |
892 | 105 | 123 | |||||||||||
LVMH Moet Hennessy Louis Vuitton |
970 | 158 | 178 | |||||||||||
Lyondellbasell Industries NV |
311 | 17 | 18 | |||||||||||
Makita Corp |
5,500 | 195 | 253 | |||||||||||
Man Group |
10,237 | 40 | 14 | |||||||||||
Marathon Oil Corp |
1,485 | 42 | 46 | |||||||||||
Marathon Petroleum Corp |
4,870 | 197 | 307 | |||||||||||
Markel Corp Holding Co |
833 | 346 | 361 | |||||||||||
Maruwa Co LTD |
900 | 26 | 30 | |||||||||||
McDonalds Corp |
5,300 | 344 | 468 | |||||||||||
Mead Westvaco Corp |
1,116 | 31 | 36 | |||||||||||
Merck & Co Inc New |
8,300 | 295 | 340 | |||||||||||
Merck KGAA |
160 | 14 | 21 | |||||||||||
Metro AG |
726 | 21 | 20 | |||||||||||
Michelin (CGDE) |
3,228 | 239 | 305 | |||||||||||
Microsoft Corp |
23,575 | 638 | 630 | |||||||||||
Mitsubishi Corp |
3,900 | 92 | 74 | |||||||||||
Mitsubishi Electric CP |
7,000 | 65 | 59 | |||||||||||
Mitsubishi UFJ Financial |
44,199 | 201 | 236 | |||||||||||
Mitsui & Co LTD |
7,800 | 114 | 116 | |||||||||||
Mitusbishi Tanabe |
3,000 | 44 | 39 | |||||||||||
Mizuho Financial Group |
98,900 | 157 | 180 | |||||||||||
Mondelez International Inc |
45,347 | 1,035 | 1,155 | |||||||||||
Monsanto Co New |
8,513 | 591 | 806 | |||||||||||
Mosaic Co |
387 | 22 | 22 | |||||||||||
MTN Group LTD |
874 | 17 | 18 |
23
Lockheed Martin Corporation Salaried Savings Plan
Employer Identification Number 52-1893632, Plan Number 017
Schedule H, Line 4i Schedule of Assets (Held at End of Year)***
December 31, 2012
(c) Description of Investment, Including Maturity Date, Rate of |
(e) | |||||||||||||
(b) | Interest, Collateral, Par, | (d) | Current | |||||||||||
(a) |
Identity of Issue, Borrower, Lessor, or Similar Party |
or Maturity Value | Cost | Value | ||||||||||
(In thousands) | ||||||||||||||
Common Stock (continued) |
||||||||||||||
National Australia Bank |
3,498 | $ | 86 | $ | 91 | |||||||||
National Oilwell Varco |
1,924 | 150 | 132 | |||||||||||
Neopost |
303 | 26 | 16 | |||||||||||
Nestle SA |
7,556 | 431 | 492 | |||||||||||
Newcrest Mining LTD |
4,125 | 127 | 95 | |||||||||||
Newmont Mining Corp New |
1,700 | 91 | 79 | |||||||||||
News Corp |
4,000 | 82 | 102 | |||||||||||
Nexen Inc |
1,122 | 26 | 30 | |||||||||||
Nextera Energy Inc |
5,200 | 287 | 360 | |||||||||||
Nidec Corporation |
800 | 81 | 46 | |||||||||||
Nike Inc |
15,038 | 585 | 776 | |||||||||||
Nippon Steel Corp |
15,514 | 39 | 38 | |||||||||||
Nippon Telegraph & Telephone Corp |
4,500 | 213 | 189 | |||||||||||
Nissan Motor Co LTD |
4,800 | 42 | 45 | |||||||||||
Noble Energy Inc |
243 | 24 | 25 | |||||||||||
Nokia OYJ |
8,191 | 80 | 32 | |||||||||||
Nordea Bank AB |
11,620 | 117 | 111 | |||||||||||
Nordstrom Inc |
2,500 | 94 | 134 | |||||||||||
Norfolk Southern Corp |
3,800 | 232 | 235 | |||||||||||
Norsk Hydro ASA |
4,420 | 22 | 22 | |||||||||||
Novartis AG |
10,051 | 599 | 631 | |||||||||||
Novo-Nordisk |
528 | 59 | 86 | |||||||||||
NTT Docomo Inc |
111 | 189 | 159 | |||||||||||
NTT Urban Development Corp |
29 | 20 | 28 | |||||||||||
O Reilly Automotive Inc |
5,541 | 467 | 495 | |||||||||||
Oasis Pete Inc |
469 | 14 | 15 | |||||||||||
Occidental Petroleum Corp |
17,147 | 1,342 | 1,314 | |||||||||||
Oceaneering International Inc |
502 | 25 | 27 | |||||||||||
OMV AG |
222 | 8 | 8 | |||||||||||
Ophir Energy PLC |
1,938 | 17 | 16 |
24
Lockheed Martin Corporation Salaried Savings Plan
Employer Identification Number 52-1893632, Plan Number 017
Schedule H, Line 4i Schedule of Assets (Held at End of Year)***
December 31, 2012
(c) Description of Investment, Including Maturity Date, Rate of |
(e) | |||||||||||||
(b) | Interest, Collateral, Par, | (d) | Current | |||||||||||
(a) |
Identity of Issue, Borrower, Lessor, or Similar Party |
or Maturity Value | Cost | Value | ||||||||||
(In thousands) | ||||||||||||||
Common Stock (continued) |
||||||||||||||
Oracle Corp |
53,891 | $ | 1,469 | $ | 1,796 | |||||||||
Osaka Gas Co LTD |
18,000 | 74 | 65 | |||||||||||
Overseas Union Enterprise |
54,000 | 136 | 123 | |||||||||||
Packaging Corp of America |
1,504 | 45 | 58 | |||||||||||
Pan American Silver Corp |
1,776 | 36 | 33 | |||||||||||
Panasonic Corp |
4,500 | 63 | 27 | |||||||||||
Parker-Hannifin Corp |
1,700 | 138 | 145 | |||||||||||
Partners Group Holding |
116 | 21 | 27 | |||||||||||
Pearson |
2,424 | 38 | 47 | |||||||||||
Pepsico Inc |
16,606 | 1,087 | 1,136 | |||||||||||
Pernod Ricard |
1,118 | 115 | 129 | |||||||||||
Petroleo Brasileiro SA Petrobras |
2,800 | 95 | 55 | |||||||||||
Petrologistics LP |
1,074 | 15 | 15 | |||||||||||
Petsmart Inc |
1,400 | 59 | 96 | |||||||||||
Pfizer Inc |
14,000 | 255 | 351 | |||||||||||
Philip Morris International |
11,100 | 888 | 928 | |||||||||||
Philips Eleconics NV (Koninhlijke) |
5,387 | 124 | 141 | |||||||||||
Phillips 66 |
464 | 23 | 25 | |||||||||||
Pioneer Natural Resources Co |
208 | 21 | 22 | |||||||||||
Potash Corporation of Saskatchewan Inc |
3,700 | 177 | 151 | |||||||||||
PPG Industries Inc |
126 | 11 | 17 | |||||||||||
Prada SPA |
17,600 | 101 | 168 | |||||||||||
Praxair Inc |
3,738 | 309 | 409 | |||||||||||
Proassurance Corp |
2,000 | 87 | 84 | |||||||||||
Procter & Gamble |
22,165 | 1,356 | 1,505 | |||||||||||
Prudential PLC |
22,976 | 248 | 323 | |||||||||||
Prudential Financial Inc |
4,600 | 255 | 245 | |||||||||||
QBE Insurance Group LTD |
2,527 | 41 | 29 | |||||||||||
Qualcomm Inc |
25,206 | 1,117 | 1,563 | |||||||||||
Quebecor Inc |
2,194 | 75 | 85 |
25
Lockheed Martin Corporation Salaried Savings Plan
Employer Identification Number 52-1893632, Plan Number 017
Schedule H, Line 4i Schedule of Assets (Held at End of Year)***
December 31, 2012
(c) Description of Investment, Including Maturity Date, Rate of |
(e) | |||||||||||||
(b) | Interest, Collateral, Par, | (d) | Current | |||||||||||
(a) |
Identity of Issue, Borrower, Lessor, or Similar Party |
or Maturity Value | Cost | Value | ||||||||||
(In thousands) | ||||||||||||||
Common Stock (continued) |
||||||||||||||
Raffles Medical |
28,195 | $ | 50 | $ | 60 | |||||||||
Reckitt Benckiser Group PLC |
3,311 | 182 | 209 | |||||||||||
Reed Elsevier |
7,618 | 64 | 79 | |||||||||||
Repsol SA |
1,054 | 28 | 22 | |||||||||||
Research In Motion |
3,476 | 109 | 41 | |||||||||||
Rio Tinto |
9,492 | 548 | 549 | |||||||||||
Roche Holdings AG Genusscheine |
1,916 | 314 | 385 | |||||||||||
Rogers Commnications Inc |
2,046 | 78 | 93 | |||||||||||
Ross Stores Inc |
3,200 | 113 | 173 | |||||||||||
Round One Corp |
11,300 | 57 | 65 | |||||||||||
Royal Bank of Canada |
3,150 | 172 | 189 | |||||||||||
Royal Dutch Shell A |
4,980 | 167 | 171 | |||||||||||
Royal Dutch Shell B |
7,526 | 258 | 266 | |||||||||||
RPM International Inc |
1,036 | 28 | 30 | |||||||||||
Sabmiller |
1,815 | 66 | 83 | |||||||||||
Sainsbury PLC |
4,251 | 27 | 24 | |||||||||||
Saipem |
5,559 | 251 | 215 | |||||||||||
Sampo OYJ SerA |
1,526 | 43 | 49 | |||||||||||
Samsung Electronic |
18 | 11 | 13 | |||||||||||
Sanofi |
7,446 | 549 | 701 | |||||||||||
Santen Pharm Co |
1,100 | 40 | 42 | |||||||||||
SAP AG Ord |
19,648 | 127 | 187 | |||||||||||
Schlumberger LTD |
19,057 | 1,308 | 1,320 | |||||||||||
Schneider Electric |
906 | 61 | 65 | |||||||||||
Schoeller Bleckman |
933 | 68 | 98 | |||||||||||
Seadrill LTD |
4,847 | 164 | 177 | |||||||||||
Semafo Inc |
4,192 | 17 | 14 | |||||||||||
Semen Indonesia (Persero) |
84,500 | 108 | 139 | |||||||||||
Sempra Energy Inc |
3,000 | 166 | 213 |
26
Lockheed Martin Corporation Salaried Savings Plan
Employer Identification Number 52-1893632, Plan Number 017
Schedule H, Line 4i Schedule of Assets (Held at End of Year)***
December 31, 2012
(c) Description of Investment, Including Maturity Date, Rate of |
(e) | |||||||||||||
(b) | Interest, Collateral, Par, | (d) | Current | |||||||||||
(a) |
Identity of Issue, Borrower, Lessor, or Similar Party |
or Maturity Value | Cost | Value | ||||||||||
(In thousands) | ||||||||||||||
Common Stock (continued) |
||||||||||||||
Seven & I Holdings Co LTD |
4,200 | $ | 114 | $ | 118 | |||||||||
SGS SA |
136 | 221 | 301 | |||||||||||
Shin-Etsu Chemical |
2,130 | 115 | 129 | |||||||||||
Shire PLC |
3,835 | 111 | 118 | |||||||||||
Shoppers Drug Mart Inc |
792 | 34 | 34 | |||||||||||
Siemens AG |
3,072 | 302 | 334 | |||||||||||
Silver Standard Resources Inc |
734 | 11 | 11 | |||||||||||
Silver Wheaton Corp |
105 | 4 | 4 | |||||||||||
Singapore Telecommunications |
47,000 | 114 | 127 | |||||||||||
Skand Enskilda Banken |
1,547 | 11 | 13 | |||||||||||
Skanska AB |
2,570 | 47 | 42 | |||||||||||
SMC Corp |
1,100 | 168 | 198 | |||||||||||
Smith & Nephew |
8,540 | 79 | 94 | |||||||||||
Sodexho Eur4 |
632 | 46 | 53 | |||||||||||
Softbank Corp |
5,500 | 177 | 200 | |||||||||||
Sony Financial Holdings |
2,700 | 43 | 48 | |||||||||||
Spectris |
3,648 | 66 | 122 | |||||||||||
St. Jude Medical Inc |
7,748 | 292 | 280 | |||||||||||
Standard Chartered |
14,279 | 356 | 365 | |||||||||||
Stanley Black & Decker Inc |
2,000 | 134 | 148 | |||||||||||
Starbucks Corp |
16,599 | 795 | 890 | |||||||||||
Statoilhydro ASA |
5,450 | 125 | 136 | |||||||||||
Stryker Corp |
7,600 | 418 | 417 | |||||||||||
Sumitomo Corp |
5,300 | 68 | 67 | |||||||||||
Sumitomo Mitsui Financial Group |
4,699 | 142 | 169 | |||||||||||
Sumitomo Mitsui Trust Holdings Inc |
37,840 | 123 | 132 | |||||||||||
Suncor Energy Inc |
4,349 | 159 | 143 | |||||||||||
Suncorp Group LTD |
5,583 | 48 | 59 | |||||||||||
Swedbank AG |
2,181 | 36 | 43 |
27
Lockheed Martin Corporation Salaried Savings Plan
Employer Identification Number 52-1893632, Plan Number 017
Schedule H, Line 4i Schedule of Assets (Held at End of Year)***
December 31, 2012
(c) Description of Investment, Including Maturity Date, Rate of |
(e) | |||||||||||||
(b) | Interest, Collateral, Par, | (d) | Current | |||||||||||
(a) |
Identity of Issue, Borrower, Lessor, or Similar Party |
or Maturity Value | Cost | Value | ||||||||||
(In thousands) | ||||||||||||||
Common Stock (continued) |
||||||||||||||
Swedish Match |
1,185 | $ | 38 | $ | 40 | |||||||||
Swisscom AG |
281 | 116 | 121 | |||||||||||
Symantec Corp |
15,400 | 271 | 290 | |||||||||||
Syngenta AG |
1,201 | 376 | 481 | |||||||||||
Tabcorp Holdings LTD |
11,642 | 34 | 37 | |||||||||||
Tahoe Resources Inc |
438 | 10 | 8 | |||||||||||
Taiwan Semiconductor Mfg Co LTD |
849 | 13 | 15 | |||||||||||
Takeda Pharmaceutical Co |
3,100 | 143 | 138 | |||||||||||
Target Corp |
5,799 | 302 | 343 | |||||||||||
Tatts Group LTD |
14,212 | 37 | 44 | |||||||||||
Teck Resources LTD |
3,722 | 138 | 135 | |||||||||||
Telefonica SA |
6,090 | 105 | 82 | |||||||||||
Telenor ASA |
6,149 | 100 | 124 | |||||||||||
Teliasonera AB |
18,456 | 147 | 125 | |||||||||||
Telstra Corp LTD |
21,274 | 66 | 97 | |||||||||||
Telus Corporation |
768 | 44 | 50 | |||||||||||
Tesco |
32,707 | 201 | 179 | |||||||||||
Teva Pharmaceutical Industries |
6,990 | 364 | 261 | |||||||||||
Thermo Fisher Corp |
10,481 | 542 | 668 | |||||||||||
Tiffany & Co |
1,300 | 82 | 75 | |||||||||||
Time Warner Cable Inc |
2,100 | 149 | 204 | |||||||||||
Timken Co |
1,200 | 46 | 57 | |||||||||||
TJX Companies Inc |
5,800 | 115 | 246 | |||||||||||
Tokio Marine Holdings Inc |
7,300 | 202 | 201 | |||||||||||
Tokyo Gas Co LTD |
18,000 | 88 | 82 | |||||||||||
Tokyo Steel Manufacturing Co LTD |
2,900 | 31 | 14 | |||||||||||
Toll Holdings LTD |
5,317 | 27 | 25 | |||||||||||
Toray Inds Inc |
2,396 | 14 | 15 | |||||||||||
Toshiba Corp |
13,000 | 47 | 51 | |||||||||||
Total SA |
4,048 | 216 | 208 |
28
Lockheed Martin Corporation Salaried Savings Plan
Employer Identification Number 52-1893632, Plan Number 017
Schedule H, Line 4i Schedule of Assets (Held at End of Year)***
December 31, 2012
(c) Description of Investment, Including Maturity Date, Rate of |
(e) | |||||||||||||
(b) | Interest, Collateral, Par, | (d) | Current | |||||||||||
(a) |
Identity of Issue, Borrower, Lessor, or Similar Party |
or Maturity Value | Cost | Value | ||||||||||
(In thousands) | ||||||||||||||
Common Stock (continued) |
||||||||||||||
Toyota Motor Corp |
3,600 | $ | 131 | $ | 167 | |||||||||
Transalta Corp |
8,423 | 161 | 128 | |||||||||||
Transcanada Corp |
3,664 | 153 | 173 | |||||||||||
Transcontinental |
2,819 | 27 | 32 | |||||||||||
TSI Holdings Co LTD |
6,095 | 46 | 35 | |||||||||||
Turkiye Garanti Bankasi |
1,081 | 5 | 6 | |||||||||||
Turkiye Halk Banka Try1 |
12,250 | 108 | 120 | |||||||||||
UBS AG |
4,129 | 69 | 64 | |||||||||||
Unicredit SPA |
10,239 | 56 | 50 | |||||||||||
Unilever N V New York |
10,500 | 349 | 402 | |||||||||||
Unilever NV CVA |
5,624 | 185 | 214 | |||||||||||
Unilever PLC |
8,919 | 259 | 343 | |||||||||||
Union Pacific Corp |
2,465 | 243 | 310 | |||||||||||
United Health Group Inc |
7,500 | 274 | 407 | |||||||||||
United Parcel Service Inc |
8,500 | 582 | 627 | |||||||||||
United Technologies Corp |
6,042 | 428 | 496 | |||||||||||
UPM-Kymmene Corp |
2,730 | 35 | 32 | |||||||||||
US Bancorp |
11,400 | 283 | 364 | |||||||||||
Vale SA |
780 | 14 | 16 | |||||||||||
Vinci SA |
867 | 46 | 41 | |||||||||||
Visa Inc |
9,120 | 727 | 1,382 | |||||||||||
Vivendi SA |
7,546 | 193 | 169 | |||||||||||
Vodafone Group |
251,296 | 685 | 631 | |||||||||||
Wal-Mart De Mexico |
222 | 6 | 7 | |||||||||||
Walt Disney Co |
16,764 | 601 | 835 | |||||||||||
Wells Fargo & Co |
32,400 | 1,074 | 1,107 | |||||||||||
Wesfarmers LTD |
2,918 | 93 | 112 | |||||||||||
West Japan Railway |
2,100 | 90 | 83 | |||||||||||
Westpac Banking Corp |
5,193 | 115 | 140 | |||||||||||
Wirecard AG |
5,584 | 83 | 137 |
29
Lockheed Martin Corporation Salaried Savings Plan
Employer Identification Number 52-1893632, Plan Number 017
Schedule H, Line 4i Schedule of Assets (Held at End of Year)***
December 31, 2012
(c) Description of Investment, Including Maturity Date, Rate of |
(e) | |||||||||||||
(b) | Interest, Collateral, Par, | (d) | Current | |||||||||||
(a) |
Identity of Issue, Borrower, Lessor, or Similar Party |
or Maturity Value | Cost | Value | ||||||||||
(In thousands) | ||||||||||||||
Common Stock (continued) |
||||||||||||||
WIS Energy |
7,364 | $ | 184 | $ | 271 | |||||||||
WM Morrison Supermarkets PLC |
9,589 | 43 | 41 | |||||||||||
Woodside Petroleum |
1,129 | 42 | 40 | |||||||||||
Woolworths LTD |
4,626 | 125 | 141 | |||||||||||
WPP PLC |
24,077 | 269 | 348 | |||||||||||
Xstrata PLC |
15,413 | 313 | 265 | |||||||||||
Yamana Gold Inc |
4,971 | 82 | 85 | |||||||||||
Yamato Holdings |
2,600 | 40 | 39 | |||||||||||
Yara International |
648 | 30 | 32 | |||||||||||
Zurich Financial Services |
293 | 58 | 78 | |||||||||||
|
|
|
|
|||||||||||
Total Common Stock |
$ | 77,853 | $ | 87,725 | ||||||||||
Preferred Stock |
||||||||||||||
Companhia De Bebidas Das Americas ADR |
399 | $ | 15 | $ | 17 | |||||||||
Itau Unibanco Holding SA ADR |
595 | 10 | 10 | |||||||||||
Klabin SA |
2,547 | 9 | 16 | |||||||||||
Petroleo Brasileiro Petrobras SA ADR |
430 | 10 | 8 | |||||||||||
Volkswagen AG |
716 | 129 | 162 | |||||||||||
|
|
|
|
|||||||||||
Total Preferred Stock |
$ | 173 | $ | 213 | ||||||||||
Partnership/Joint Venture Interests |
||||||||||||||
Enterprise Products Partners LP |
554 | $ | 28 | $ | 28 | |||||||||
Memorial Prodtn Partnerships LP |
523 | 14 | 16 | |||||||||||
Plains All American Pipeline LP |
928 | 37 | 42 | |||||||||||
|
|
|
|
|||||||||||
Total Partnership/Joint Venture Interests |
$ | 79 | $ | 86 |
30
Lockheed Martin Corporation Salaried Savings Plan
Employer Identification Number 52-1893632, Plan Number 017
Schedule H, Line 4i Schedule of Assets (Held at End of Year)***
December 31, 2012
(c) Description of Investment, Including Maturity Date, Rate of |
(e) | |||||||||||||
(b) | Interest, Collateral, Par, | (d) | Current | |||||||||||
(a) |
Identity of Issue, Borrower, Lessor, or Similar Party |
or Maturity Value | Cost | Value | ||||||||||
(In thousands) | ||||||||||||||
Value of Interest in Registered Investment Companies |
||||||||||||||
FTSE China 25 Index Fund |
216 | $ | 8 | $ | 9 | |||||||||
Market Vectors Gold Miners ETF |
12,685 | 647 | 588 | |||||||||||
MSCI Emerging Markets Index Fund |
1,865 | 76 | 83 | |||||||||||
MSCI Malaysia Free Index Fund |
1,061 | 16 | 16 | |||||||||||
MSCI South Korea Capped Index Fund |
606 | 36 | 38 | |||||||||||
MSCI Switzerland Capped Index Fund |
1,295 | 29 | 35 | |||||||||||
Northern Institutional Funds Government Portfolio |
79,688,272 | 79,688 | 79,688 | |||||||||||
Palladium Tracking Shares Ben Int |
1,556 | 102 | 108 | |||||||||||
Powershares DB Commodity Index Tracking Fund |
238,069 | 6,582 | 6,613 | |||||||||||
S&P India Nifty 50 Index Fund |
317 | 8 | 8 | |||||||||||
S&P Latin America 40 Index Fund |
109 | 5 | 5 | |||||||||||
S&P/TSX 60 Index Fund |
1,646 | 27 | 29 | |||||||||||
S&P/TSX Global Gold Index Fund |
26,849 | 534 | 509 | |||||||||||
SPDR Gold Trust Gold Shares |
203 | 31 | 33 | |||||||||||
Van Eck International Investor Gold Fund |
103 | 3 | 2 | |||||||||||
Vanguard FTSE Emerging Markets ETF |
208,734 | 8,776 | 9,295 | |||||||||||
Vanguard Tax-Managed International Fund |
426,000 | 13,835 | 15,008 | |||||||||||
Vision Opportunity China Fund LTD |
50,000 | 19 | 6 | |||||||||||
|
|
|
|
|||||||||||
Total Value of Interest in Registered Investment Companies |
|
$ | 110,422 | $ | 112,073 |
31
Lockheed Martin Corporation Salaried Savings Plan
Employer Identification Number 52-1893632, Plan Number 017
Schedule H, Line 4i Schedule of Assets (Held at End of Year)***
December 31, 2012
(c) Description of Investment, Including Maturity Date, Rate of |
(e) | |||||||||||||
(b) | Interest, Collateral, Par, | (d) | Current | |||||||||||
(a) |
Identity of Issue, Borrower, Lessor, or Similar Party |
or Maturity Value | Cost | Value | ||||||||||
(In thousands) | ||||||||||||||
Cash and Cash Equivalents |
20,882,532 | $ | 20,883 | $ | 20,883 | |||||||||
Other Investments |
||||||||||||||
American Tower Corp |
6,290 | $ | 284 | $ | 486 | |||||||||
Brazil Indexed Notes due 05/15/2045 |
120 | 156 | 180 | |||||||||||
Bundesrepub. Deutschlan 2.5% Bonds due 04/07/2044 |
100,000 | 134 | 142 | |||||||||||
Dexus Property Group Stapled |
47,501 | 44 | 50 | |||||||||||
Digital Realty Trust Inc |
2,158 | 158 | 146 | |||||||||||
Malaysia 0% T-Bills 2/15/2013 |
810,000 | 261 | 264 | |||||||||||
Malaysia 0% T-Bills 1/31/2013 |
940,000 | 299 | 307 | |||||||||||
Mexico 3.5% Bonds 12/14/2017 |
16,240 | 671 | 678 | |||||||||||
Mexico 8.5% Bonds 11/18/2038 |
93,950 | 885 | 914 | |||||||||||
Mirvac Group Stapled Securities |
49,406 | 60 | 76 | |||||||||||
SCA Property Group Stapled |
925 | 1 | 1 | |||||||||||
Simon Property Group Inc |
1,600 | 153 | 253 | |||||||||||
Stockland NPV Stapled Units |
23,974 | 89 | 88 | |||||||||||
Westfield Group NPV Stapled Units |
11,706 | 110 | 128 | |||||||||||
Westfield Retail T Units NPV Stapled Units |
20,924 | 55 | 66 | |||||||||||
Weyerhaeuser Co |
3,700 | 93 | 103 | |||||||||||
|
|
|
|
|||||||||||
Total Other Investments |
$ | 3,453 | $ | 3,882 | ||||||||||
|
|
|
|
|||||||||||
Total 401(h) Trust** |
$ | 313,953 | $ | 339,638 | ||||||||||
|
|
|
|
|||||||||||
* |
Notes receivable from participants (Interest rates ranging from 3.25% to 10.50%; varying maturities) |
| $ | 234,353 |
* | Party-in-interest for which a statutory exemption exists. |
** | 401(h) Trust net assets include interest and dividends receivable of $9,443,000 and pending trades receivable of $1,313,000 and payable of $9,649,000 |
*** | Schedule reflects the assets held in the 401(h) account and notes receivable from participants and excludes assets held in the Lockheed Martin Corporation Defined Contribution Plans Master Trust. |
32
Pursuant to the requirements of the Securities Exchange Act of 1934, Lockheed Martin Corporation, as Plan Administrator, has duly caused this annual report to be signed on its behalf of the Plan by the undersigned hereunto duly authorized.
Lockheed Martin Corporation Salaried Savings Plan, by Lockheed Martin Corporation as Plan Administrator | ||||||||
Date | June 21, 2013 |
by: | /s/ David Filomeo | |||||
David Filomeo, Vice President, | ||||||||
Total Rewards & Performance Management |
33
Exhibit |
Description | |
23 | Consent of Independent Registered Public Accounting Firm |
34