Lockheed Martin — Jan 28, 2025 release

(in millions) 2025 Outlook Business segment operating profit (non-GAAP) ~$8,100 - $8,200 FAS/CAS operating adjustment 1 ~1,520 Intangible asset amortization expense ~(240) Other, net ~(465) Consolidated operating profit (GAAP) ~$8,915 - $9,015 1 Reflects the amount by which total CAS pension cost of $1.6 billion exceeds FAS pension service cost and excludes non-service FAS pension expense. Refer to the supplemental table "Selected Financial Data" included in this news release for a detail of the FAS/CAS operating adjustment. Free cash flow Free cash flow is cash from operations less capital expenditures. The company's capital expenditures are comprised of equipment and facilities infrastructure and information technology (inclusive of costs for the development or purchase of internal-use software that are capitalized). The company uses free cash flow to evaluate its business performance and overall liquidity and it is a performance goal in the company's annual and long-term incentive plans. The company believes free cash flow is a useful measure for investors because it represents the amount of cash generated from operations after reinvesting in the business and that may be available to return to stockholders and creditors (through dividends, stock repurchases and debt repayments) or available to fund acquisitions or other investments. The entire free cash flow amount is not necessarily available for discretionary expen