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Business/Financial

Lockheed Martin To Take $1.5 Billion Charge After Transferring Pension Obligations

By Cal Biesecker

Monday, June 27th, 2022

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Lockheed Martin To Take $1.5 Billion Charge After Transferring Pension Obligations

James Taiclet, chairman, president and CEO of Lockheed Martin. Photo: Lockheed Martin

Lockheed Martin [LMT] on Monday said it will take a $1.5 billion non-cash charge when it reports second quarter financial results after purchasing group annuity contracts that will see it transfer about $4.3 billion in gross pension obligations and related plan assets to Athene Holding Ltd. [ATH]. The non-operating charge will be about $1.2 billion after taxes and clip $4.50 from per share earnings. The company said the actual settlement charge will depend on final actuarial assumptions. The charge was…

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