The F-35 program is the company's largest program, generating 26% of total consolidated net sales and 64% of Aeronautics' net sales in 2023. This highlights the program's importance to the company's revenue stream.

The company is engaged in significant classified development programs and hypersonics programs, expecting to transition to production over the next few years. This indicates a strategic focus on these areas for future growth.

The company emphasizes developing differentiating technologies, forging strategic partnerships, and executing a multi-year business transformation initiative. This suggests a focus on innovation and collaboration for future growth.

The company is executing a multi-year business transformation initiative to enhance digital infrastructure and increase efficiencies. This indicates a focus on improving operational effectiveness.

The company invests substantially in its people to ensure the workforce has the technical skills necessary to succeed. This highlights management's commitment to human capital development.

The company mentions maintaining fiscal discipline and implementing cost optimization initiatives, suggesting an awareness of the need to control expenses.

The company derived 73% of its total consolidated net sales from the U.S. Government in 2023, making it vulnerable to changes in government spending priorities and budget uncertainties.

The F-35 program, which is the company's largest program, faces risks related to performance, schedule, cost, and requirements, as well as potential reductions or delays in funding.

The company is facing supply chain challenges, supplier disputes, and inflationary pressures, which have resulted in delays and increased costs, and are expected to continue in 2024.

The company faces competition from traditional defense contractors, smaller competitors, startups, and non-U.S. defense contractors, indicating a highly competitive market.

Technological advances in areas such as additive manufacturing, data analytics, and artificial intelligence are enabling new forms of competition for both traditional and non-traditional competitors.

The company highlights technical excellence, reliability, and innovation as key factors of competition, indicating a focus on maintaining a competitive edge through these means.

The company is executing a multi-year business transformation initiative to enhance its digital infrastructure and increase efficiencies and collaboration, indicating a focus on improving operational effectiveness.

The company is working to minimize the impact of supply chain challenges, which suggests an ongoing effort to improve operational efficiency in this area.

The company recorded severance and other charges totaling $92 million in 2023 and $100 million in 2022, indicating efforts to reduce costs through workforce reductions and asset impairments.

The company is making investments in emerging technologies that it believes are needed to keep pace with rapid industry innovation, indicating a focus on technological advancement.

The company emphasizes implementing emerging digital and network technologies and capabilities, indicating a focus on modernizing its technological infrastructure.

The company conducts research and development activities to enhance existing products and services and to develop future technologies, indicating a commitment to innovation.

The Board of Directors authorized an increase of $6.0 billion to the share repurchase program in October 2023, bringing the total authorization to $10.0 billion, signaling a commitment to returning capital to shareholders.

The company paid dividends totaling $3.1 billion in 2023, indicating a consistent return of capital to shareholders through dividends.

The company is investing in its business and key technologies through capital expenditures, independent research and development, and selective business acquisitions and investments, indicating a focus on growth and future capabilities.

The company notes an increasing global regulatory focus on greenhouse gas (GHG) emissions, indicating a potential increase in compliance burdens and costs.

The company has a comprehensive sustainability program that seeks to mitigate its impact on the environment, including targets to reduce GHG emissions, indicating a commitment to sustainability.

The company has focused diversity and inclusion initiatives on employee recruitment, training, and engagement and has improved the diversity of its workforce and leadership positions.

The company's business is highly sensitive to geopolitical and security issues, including foreign policy actions, and global conflicts, such as Russia's invasion of Ukraine, have increased demand for some of its products and services.

China's Ministry of Commerce added Lockheed Martin to its 'unreliable entities list' and imposed sanctions, which could adversely affect international sales and operations.

Heightened levels of inflation, potential recession, changes to fiscal and monetary policy, and higher interest rates present a risk to the company, its suppliers and the broader defense industrial base.