Attached files

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EX-23 - EX-23 - LOCKHEED MARTIN CORPd62685dex23.htm
EX-32 - EX-32 - LOCKHEED MARTIN CORPd62685dex32.htm
EX-21 - EX-21 - LOCKHEED MARTIN CORPd62685dex21.htm
EX-24 - EX-24 - LOCKHEED MARTIN CORPd62685dex24.htm
EX-31.1 - EX-31.1 - LOCKHEED MARTIN CORPd62685dex311.htm
EX-31.2 - EX-31.2 - LOCKHEED MARTIN CORPd62685dex312.htm
EX-10.22 - EX-10.22 - LOCKHEED MARTIN CORPd62685dex1022.htm
10-K - FORM 10-K - LOCKHEED MARTIN CORPd62685d10k.htm

Exhibit 12

Lockheed Martin Corporation

Computation of Ratio of Earnings to Fixed Charges

(in millions, except ratios)

 

     Years ended December 31,  
     2015     2014     2013     2012      2011  

Earnings

           

Earnings from continuing operations before income taxes

   $ 5,023      $ 5,258      $ 4,155      $ 4,072         3,631   

Interest expense

     443        340        350        383         354   

Undistributed earnings from equity investees, net

     (83     (91     (91     20         (104

Portion of rents representative of the interest factor

     36        41        48        48         59   
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Earnings from continuing operations before income taxes, as adjusted

   $ 5,419      $ 5,548      $ 4,462      $ 4,523         3,940   
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Fixed Charges

           

Interest expense

   $ 443      $ 340      $ 350      $ 383         354   

Portion of rents representative of the interest factor

     36        41        48        48         59   
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Total fixed charges

   $ 479      $ 381      $ 398      $ 431         413   
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Ratio of Earnings to Fixed Charges

     11.3        14.6        11.2        10.5         9.5   
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

The ratio of earnings to fixed charges is a measure of our ability to meet the interest requirements of our outstanding debt securities and leases with current period earnings. A high ratio indicates that earnings are sufficient to cover our current interest requirements.