Lockheed transfers $4.3B pension obligations to Athene; expects $1.5B settlement charge

LOCKHEED MARTIN CORP

Lockheed transferred ~$4.3B in pension obligations and assets to Athene for ~13,600 retirees.
No additional funding was required; retiree benefits remain unchanged.
Expects non-cash settlement charge of ~$1.5B ($1.2B after-tax, $4.50/sh) in Q2 2022.
Prior 2022 outlook excluded the charge; updated outlook will accompany Q2 earnings release.
Athene will begin paying and administering benefits on Jan. 1, 2023.

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