EX-12 5 d221578dex12.htm EXHIBIT 12 Exhibit 12

Exhibit 12

Lockheed Martin Corporation

Computation of Ratio of Earnings to Fixed Charges

 

     Year ended December 31,  
    (In millions, except ratios)    2011     2010     2009     2008     2007  

Earnings

           

Earnings from continuing operations before income taxes(1)

    $ 3,631      $ 3,778      $ 4,182      $ 4,564      $ 4,292   

Interest expense

      354        345        308        332        341   

Undistributed earnings from equity investees, net

      (104 )      (81 )      (60 )      (43 )      (57 ) 

Portion of rents representative of the interest factor

      59        48        53        48        44   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings from continuing operations before income taxes, as adjusted

    $ 3,940      $ 4,090      $ 4,483      $ 4,901      $ 4,620   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges

           

Interest expense

    $ 354      $ 345      $ 308      $ 332      $ 341   

Portion of rents representative of the interest factor

      59        48        53        48        44   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

    $ 413      $ 393      $ 361      $ 380      $ 385   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of Earnings to Fixed Charges

      9.5        10.4        12.4        12.9        12.0   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) Earnings from continuing operations before income taxes for years prior to 2011 have been adjusted to conform to the current year’s presentation (see Note 1 and Note 14 in “Notes to Consolidated Financial Statements” within Item 8 of this Form 10-K).