Lockheed Martin transfers $900M pension obligations; expects $480M non-cash settlement charge

LOCKHEED MARTIN CORP

Executed buy-out conversions of group annuity contracts, transferring ~$900M of gross pension obligations to insurers for ~9,000 U.S. retirees.
Expects non-cash, non-operating pretax settlement charge of ~$480M in Q4 2025, not included in prior 2025 financial outlook.
No additional costs or funding contributions required from Lockheed Martin; benefit payments unchanged in nature, amount, or timing.
Insurance companies legally assumed pension obligations and will begin paying and administering benefits for covered retirees and beneficiaries.
Charge reflects accelerated recognition of actuarial losses for the affected plan that were included in stockholders’ equity.

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