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Postretirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Schedule of Net Periodic Benefit Costs
The net periodic benefit cost (income) recognized for our qualified defined benefit pension plans and our retiree medical and life insurance plans each year included the following (in millions):
 
Qualified Defined
Benefit Pension Plans (a)
Retiree Medical and
Life Insurance Plans
202020192018202020192018
Service cost$101 $516 $630 $13 $14 $19 
Interest cost1,538 1,806 1,740 70 97 91 
Expected return on plan assets(2,264)(2,300)(2,395)(127)(110)(135)
Recognized net actuarial losses (gains)849 1,404 1,777 (4)2 5 
Amortization of net prior service (credit) cost (342)(333)(321)39 42 15 
Total net periodic benefit cost (income)$(118)$1,093 $1,431 $(9)$45 $(5)
(a)Total net periodic benefit cost (income) associated with our qualified defined benefit plans represents pension expense calculated in accordance with GAAP (FAS pension expense). We are required to calculate pension expense in accordance with both GAAP and CAS rules, each of which results in a different calculated amount of pension expense. The CAS pension cost is recovered through the pricing of our products and services on U.S. Government contracts and, therefore, is recognized in net sales and cost of sales for products and services. We include the difference between FAS pension service cost and CAS pension cost, referred to as the FAS/CAS operating adjustment, as a component of other unallocated, net on our consolidated statements of earnings (see Note 5 – Information on Business Segments).
Reconciliation of Benefit Obligations, Plan Assets, and Unfunded or Funded Status
The following table provides a reconciliation of benefit obligations, plan assets and unfunded status related to our qualified defined benefit pension plans and our retiree medical and life insurance plans (in millions):
 Qualified Defined 
Benefit Pension Plans		Retiree Medical and
Life Insurance Plans
2020201920202019
Change in benefit obligation
Beginning balance$48,674 $43,305 $2,226 $2,348 
Service cost101 516 13 14 
Interest cost1,538 1,806 70 97 
Benefits paid(2,188)(2,294)(220)(229)
Settlements(1,392)(1,933)— — 
Actuarial losses (gains)5,036 6,403 135 (1)
Changes in longevity assumptions (426)860 (18)(70)
Plan amendments and curtailments9 11 (8)(6)
Medicare Part D subsidy— — 3 2 
Participants’ contributions— — 70 71 
Ending balance$51,352 $48,674 $2,271 $2,226 
Change in plan assets
Beginning balance at fair value$35,442 $32,002 $1,889 $1,644 
Actual return on plan assets5,594 6,667 298 342 
Benefits paid(2,188)(2,294)(220)(229)
Settlements(1,392)(1,933)— — 
Company contributions1,025 1,000 45 59 
Medicare Part D subsidy— — 3 2 
Participants’ contributions— — 70 71 
Ending balance at fair value$38,481 $35,442 $2,085 $1,889 
Unfunded status of the plans$(12,871)$(13,232)$(186)$(337)
Amounts Recognized on Balance Sheets Related to Qualified Defined Benefit Pension Plans and Retiree Medical and Life Insurance Plans
The following table provides amounts recognized on our consolidated balance sheets related to our qualified defined benefit pension plans and our retiree medical and life insurance plans (in millions):
 Qualified Defined 
Benefit Pension Plans		Retiree Medical and
Life Insurance Plans
2020201920202019
Prepaid pension asset$3 $2 $— $— 
Accrued postretirement benefit liabilities(12,874)(13,234)(186)(337)
Accumulated other comprehensive loss (pre-tax) related to:
Net actuarial losses
21,040 20,609 (119)(69)
Prior service (credit) cost
(1,235)(1,586)73 120 
Total (a)
$19,805 $19,023 $(46)$51 
(a)Accumulated other comprehensive loss related to postretirement benefit plans, after-tax, of $16.2 billion and $15.5 billion at December 31, 2020 and 2019 (see “Note 13 – Stockholders’ Equity”) includes $19.8 billion ($15.6 billion, net of tax) and $19.0 billion ($15.0 billion, net of tax) for qualified defined benefit pension plans, $(46) million ($(37) million, net of tax) and $51 million ($39 million, net of tax) for retiree medical and life insurance plans and $782 million ($617 million, net of tax) and $667 million ($527 million, net of tax) for other plans.
Amounts Recognized in Other Comprehensive Income (Loss) Related to Postretirement Benefit Plans, Net of Tax
The following table provides the amounts recognized in other comprehensive income (loss) related to postretirement benefit plans, net of tax, for the years ended December 31, 2020, 2019 and 2018 (in millions):
 Incurred but Not Yet
Recognized in Net
Periodic Benefit Cost		Recognition of
Previously
Deferred Amounts
202020192018202020192018
 Gains (losses)(Gains) losses
Actuarial gains and losses
Qualified defined benefit pension plans$(1,005)$(2,283)$(570)$668 $1,104 $1,396 
Retiree medical and life insurance plans43 238 71 (3)2 4 
Other plans(104)(133)83 24 42 55 
 (1,066)(2,178)(416)689 1,148 1,455 
 Credit (cost)(Credit) cost
Net prior service credit and cost
Qualified defined benefit pension plans(7)(8)(6)(269)(263)(255)
Retiree medical and life insurance plans6 4 (79)30 33 12 
Other plans— — — (10)(10)(10)
 (1)(4)(85)(249)(240)(253)
 $(1,067)$(2,182)$(501)$440 $908 $1,202 
Actuarial Assumptions Used to Determine Net Periodic Benefit Cost
The actuarial assumptions used to determine the benefit obligations at December 31 of each year and to determine the net periodic benefit cost for each subsequent year, were as follows:
 Qualified Defined Benefit
Pension Plans		Retiree Medical and
Life Insurance Plans
202020192018202020192018
Weighted average discount rate2.500 %3.250 %4.250 %2.375 %3.250 %4.250 %
Expected long-term rate of return on assets7.00 %7.00 %7.00 %7.00 %7.00 %7.00 %
Health care trend rate assumed for next year7.75 %8.00 %8.25 %
Ultimate health care trend rate4.50 %4.50 %5.00 %
Year that the ultimate health care trend rate is reached
   203420342032
Schedule of Allocation of Plan Assets
LMIMCo’s investment policies require that asset allocations of postretirement benefit plans be maintained within the following approximate ranges:
Asset ClassAsset Allocation
Ranges
Cash and cash equivalents
0-20%
Equity
15-65%
Fixed income
10-60%
Alternative investments:
Private equity funds
0-15%
Real estate funds
0-10%
Hedge funds
0-20%
Commodities
0-15%
Fair value measurements – The rules related to accounting for postretirement benefit plans under GAAP require certain fair value disclosures related to postretirement benefit plan assets, even though those assets are not separately presented on our consolidated balance sheets. The following table presents the fair value of the assets (in millions) of our qualified defined benefit pension plans and retiree medical and life insurance plans by asset category and their level within the fair value hierarchy, which has three levels based on the ability to observe inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets, Level 2 refers to fair values estimated using significant other observable inputs and Level 3 includes fair values estimated using significant unobservable inputs. Certain other investments are measured at their Net Asset Value (NAV) per share and do not have readily determined values and are thus not subject to leveling in the fair value hierarchy. The NAV is the total value of the fund divided by the number of the fund’s shares outstanding. We recognize transfers between levels of the fair value hierarchy as of the date of the change in circumstances that causes the transfer.
 December 31, 2020December 31, 2019
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Investments measured at fair value
Cash and cash equivalents (a)
$1,109 $1,109 $— $— $1,961 $1,961 $— $— 
Equity (a):
U.S. equity securities7,535 7,467 8 60 7,189 7,182 — 7 
International equity securities6,844 6,836 — 8 7,244 7,217 23 4 
Commingled equity funds1,671 442 1,228 1 1,933 582 1,351 — 
Fixed income (a):
Corporate debt securities5,732 — 5,730 2 5,208 — 5,206 2 
U.S. Government securities2,506 — 2,506 — 2,260 — 2,260 — 
U.S. Government-sponsored enterprise securities
230 — 230 — 530 — 530 — 
Other fixed income investments (b)
5,873 37 4,063 1,773 3,134 35 2,135 964 
Total$31,500 $15,891 $13,765 $1,844 $29,459 $16,977 $11,505 $977 
Investments measured at NAV (c)
Commingled equity funds92 181 
Other fixed income investments541 32 
Private equity funds4,672 4,019 
Real estate funds2,650 2,493 
Hedge funds1,111    1,069    
Total investments measured at NAV
9,066    7,794    
Receivables, net—    78    
Total$40,566    $37,331    
(a)Cash and cash equivalents, equity securities and fixed income securities included derivative assets and liabilities whose fair values were not material as of December 31, 2020 and 2019. LMIMCo’s investment policies restrict the use of derivatives to either establish long or short exposures for purposes consistent with applicable investment mandate guidelines or to hedge risks to the extent of a plan’s current exposure to such risks. Most derivative transactions are settled on a daily basis.
(b)Level 3 investments include $1.7 billion at December 31, 2020 and $857 million at December 31, 2019 related to the buy-in contracts discussed above.
(c)Certain investments that are valued using the NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy and are included in the table to permit reconciliation of the fair value hierarchy to the aggregate postretirement benefit plan assets.
Estimated Future Benefit Payments
The following table presents estimated future benefit payments, which reflect expected future employee service, as of December 31, 2020 (in millions):
202120222023202420252026 – 2030
Qualified defined benefit pension plans$2,290 $2,350 $2,440 $2,510 $2,570 $13,190 
Retiree medical and life insurance plans160 150 150 150 150 660