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Postretirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Net Periodic Benefit Costs
The pretax FAS income (expense) related to our qualified defined benefit pension plans and retiree medical and life insurance plans included the following (in millions):
 Qualified Defined
Benefit Pension Plans 		Retiree Medical and
Life Insurance Plans
202320222021202320222021
Operating:
Service cost$(65)$(87)$(106)$(5)$(9)$(13)
Non-operating:
Interest cost(1,459)(1,289)(1,220)(68)(49)(53)
Expected return on plan assets1,722 1,854 2,146 103 136 141 
Recognized net actuarial (losses) gains(168)(425)(902)31 46 — 
Amortization of prior service credits (costs) 348 359 349 (10)(27)(37)
Settlement charge— (1,470)(1,665)— — — 
Non-service FAS income (expense) 443 (971)(1,292)56 106 51 
Total FAS income (expense) $378 $(1,058)$(1,398)$51 $97 $38 
Schedule of Reconciliation of Benefit Obligations, Plan Assets, and Unfunded or Funded Status
The following table provides a reconciliation of benefit obligations, plan assets and net (unfunded) funded status of 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
2023202220232022
Change in benefit obligation
Beginning balance (a)
$28,698 $43,447 $1,359 $1,839 
Service cost65 87 5 9 
Interest cost1,459 1,289 68 49 
Actuarial losses (gains) (b)
731 (10,270)27 (396)
Settlements (c)
(414)(4,309)— — 
Plan amendments6 186 1 1 
Benefits paid
(1,586)(1,732)(192)(207)
Medicare Part D subsidy— — 1 3 
Participants’ contributions— — 59 61 
Ending balance (a)
$28,959 $28,698 $1,328 $1,359 
Change in plan assets
Beginning balance at fair value$23,228 $35,192 $1,656 $2,169 
Actual return on plan assets (d)
1,572 (5,923)190 (381)
Settlements (c)
(414)(4,309)— — 
Benefits paid
(1,586)(1,732)(192)(207)
Company contributions— — 1 11 
Medicare Part D subsidy— — 1 3 
Participants’ contributions— — 59 61 
Ending balance at fair value$22,800 $23,228 $1,715 $1,656 
(Unfunded) funded status of the plans$(6,159)$(5,470)$387 $297 
(a)Benefit obligation balances represent the projected benefit obligation for our qualified defined benefit pension plans, which is approximately equal to accumulated benefit obligation, and accumulated benefit obligation for our retiree medical and life insurance plans.
(b)Actuarial losses for our qualified defined benefit pension plans in 2023 primarily reflect a decrease in the discount rate from 5.25% at December 31, 2022 to 5.00% at December 31, 2023, which increased benefit obligations by approximately $765 million. Actuarial losses for our retiree medical and life insurance plans in 2023 reflect a decrease in the discount rate from 5.25% at December 31, 2022 to 5.00% at December 31, 2023. Actuarial gains for our qualified defined benefit pension plans in 2022 primarily reflect an increase in the discount rate from 2.875% at December 31, 2021 to 5.25% at December 31, 2022, which decreased benefit obligations by $10.2 billion. Actuarial gains for our retiree medical and life insurance plans in 2022 reflect an increase in the discount rate from 2.750% at December 31, 2021 to 5.25% at December 31, 2022, which decreased benefit obligations by $335 million.
(c)Qualified defined benefit pension plans settlements in 2023 include $414 million in the form of lump-sum settlement payments to former employees who had not commenced receiving their vested benefit payments. The settlement payments had no impact on year 2023 FAS pension income. Qualified defined benefit pension plan settlements in 2022 represent the transfer of gross defined benefit pension obligations and related plan assets to insurance companies pursuant to group annuity contracts purchased in the second quarter of 2022 as described above.
(d)Actual return on plan assets for our qualified defined benefit pension plans was approximately 7% in 2023 and (18)% in 2022.
Schedule of 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
2023202220232022
Other noncurrent assets$3 $2 $387 $297 
Accrued pension liabilities(6,162)(5,472)— — 
Net (unfunded) funded status of the plans$(6,159)$(5,470)$387 $297 
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) Related to Postretirement Benefit Plans, Net of Tax
The following table provides the amount of actuarial gains or losses, and prior service costs or credits, recognized in accumulated other comprehensive loss related to qualified defined benefit pension plans and retiree medical and life insurance plans at December 31 (in millions):
 Qualified Defined 
Benefit Pension Plans		Retiree Medical and
Life Insurance Plans
2023202220232022
Accumulated other comprehensive (loss) pre-tax related to:
Net actuarial (losses) gains$(10,999)$(10,287)$416 $387 
Prior service (costs) credits(15)339 (2)(10)
Total
$(11,014)$(9,948)$414 $377 
Estimated tax2,339 2,117 (87)(79)
Net amount recognized in accumulated other comprehensive (loss)$(8,675)$(7,831)$327 $298 
The following table provides the changes recognized in accumulated other comprehensive loss, net of tax, for actuarial gains or losses and prior service costs or credits due to differences between the actual return and expected return on plan assets and changes in the fair value of the benefit obligation recognized in connection with our annual remeasurement and the amortization during the year for our qualified defined benefit pension plans, retiree medical and life insurance plans, and certain other plans (in millions):
 Incurred but Not Yet
Recognized in
FAS Expense		Recognition of
Previously
Deferred Amounts
202320222021202320222021
Actuarial gains and (losses)
Qualified defined benefit pension plans$(698)$1,952 $2,987 $(133)$(1,490)$(2,019)
Retiree medical and life insurance plans47 (95)342 25 36 — 
Other plans(33)165 76 (8)(39)(24)
 (684)2,022 3,405 (116)(1,493)(2,043)
Net prior service credit and (cost)
Qualified defined benefit pension plans(5)(146)(1)274 283 274 
Retiree medical and life insurance plans(1)(1)— (8)(22)(29)
Other plans1 (2)— (1)7 11 
 (5)(149)(1)265 268 256 
Total$(689)$1,873 $3,404 $149 $(1,225)$(1,787)
Schedule of Actuarial Assumptions Used to Determine Net Periodic Benefit Cost The assumptions used to determine the benefit obligations at December 31 of each year and FAS expense for each subsequent year were as follows:
 Qualified Defined Benefit
Pension Plans		Retiree Medical and
Life Insurance Plans
202320222021202320222021
Weighted average discount rate (a)
5.000 %5.250 %2.875 %5.000 %5.250 %2.750 %
Expected long-term rate of return on assets (a)
6.50 %6.50 %6.50 %6.50 %6.50 %6.50 %
Health care trend rate assumed for next year8.00 %7.25 %7.50 %
Ultimate health care trend rate4.50 %4.50 %4.50 %
Year ultimate health care trend rate is reached   203820342034
(a)A pension discount rate of 4.75% was used for the applicable plans following the transaction and remeasurement recognized in the second quarter of 2022.
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%
Global Equity
15-65%
Fixed income
10-60%
Alternative investments:
Private equity funds
5-25%
Real estate funds
5-15%
Hedge funds
0-20%
Commodities
0-10%
The following table presents the fair value of the assets 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 (see “Note 1 – Organization and Significant Accounting Policies - Investments” for definition of these levels), which we are required to disclose even though these assets are not separately recorded on our consolidated balance sheet. Certain investments are measured at their Net Asset Value (NAV) per share because such investments do not have readily determinable fair values and, therefore, are not required to be categorized in the fair value hierarchy. Assets measured at NAV have been included in the table below to permit reconciliation of the fair value hierarchy to amounts presented in the funded status table above.
 December 31, 2023December 31, 2022
(in millions)
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Investments measured at fair value
Cash and cash equivalents (a)
$1,789 $1,789 $— $— $1,952 $1,952 $— $— 
Equity (a):
U.S. equity securities2,802 2,715 8 79 3,162 3,060 6 96 
International equity securities1,875 1,853 — 22 2,298 2,245 17 36 
Commingled equity funds423 163 260 — 459 183 276 — 
Fixed income (a):
Corporate debt securities4,510 — 4,495 15 4,491 — 4,272 219 
U.S. Government securities2,376 — 2,376 — 2,219 — 2,219 — 
U.S. Government-sponsored enterprise securities
1,120 — 1,120 — 572 — 572 — 
Interest rate swaps, net(1,284)(1,284)(1,165)— (1,165)— 
Other fixed income investments (b)
1,949 63 725 1,161 1,980 81 680 1,219 
Total$15,560 $6,583 $7,700 $1,277 $15,968 $7,521 $6,877 $1,570 
Investments measured at NAV
Commingled equity funds— — 
Other fixed income investments826 730 
Private equity funds4,951 4,703 
Real estate funds3,267 3,383 
Hedge funds847    689    
Total investments measured at NAV
9,891    9,505    
Loan, net (c)
(497)(497)
(Payables) Receivables, net(439)   (92)   
Total$24,515    $24,884    
(a)Cash and cash equivalents, equity securities and fixed income securities include derivative assets and liabilities with fair values that were not material as of December 31, 2023 and 2022. 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 $1.1 billion at both December 31, 2023 and at December 31, 2022 related to buy-in contracts.
(c)The Lockheed Martin Corporation Master Retirement Trust (MRT) obtained a loan from a third-party financial institution, collateralized by private equity investments, to invest in fixed income securities.
Schedule of Estimated Future Benefit Payments
The following table presents estimated future benefit payments as of December 31, 2023 (in millions):
202420252026202720282029– 2033
Qualified defined benefit pension plans$1,790 $1,860 $1,920 $1,970 $2,000 $10,020 
Retiree medical and life insurance plans130 130 120 120 110 500