What was the primary purpose of this 8-K/A filing?

The primary purpose of this 8-K/A filing was to amend a previous 8-K filing by replacing an incorrect version of the press release announcing the final results of the exchange offer for the IS&GS business separation and merger with Leidos.

What is a Reverse Morris Trust transaction?

A Reverse Morris Trust transaction is a tax-efficient way for a company to spin off a business segment. Typically, the company contributes the business to a subsidiary, spins off the subsidiary to its shareholders (creating a new, independent company), and then merges that new company with a third-party acquirer. This structure allows the transaction to be treated as a sale rather than a taxable event for the original company's shareholders.

What are the implications of this transaction for Lockheed Martin?

This transaction allows Lockheed Martin to separate its Information Systems & Global Solutions business and merge it with Leidos. This strategic move enables Lockheed Martin to focus more intently on its core aerospace and defense operations, potentially streamlining its business and enhancing its strategic positioning in those key markets.

When was the exchange offer completed?

The exchange offer, which was part of the larger transaction, expired on August 16, 2016, and the overall transaction was completed on August 16, 2016.

LMT 8-K SEC Disclosure — Aug 23, 2016

Summary

Lockheed Martin Corporation (LMT) filed an 8-K/A amendment on August 22, 2016, to correct a previously filed press release. The core event reported is the completion of a Reverse Morris Trust transaction on August 16, 2016, involving the separation of its Information Systems & Global Solutions (IS&GS) business segment and its merger with Leidos Holdings, Inc. This transaction is significant for investors as it represents a strategic divestiture that will reshape Lockheed Martin's operational focus. The completion of the exchange offer, which concluded on August 16, 2016, marks a crucial step in this restructuring, allowing LMT to concentrate on its core aerospace and defense businesses. Investors should monitor the ongoing financial performance and strategic direction of the company post-divestiture.

Key Highlights

1Lockheed Martin completed a Reverse Morris Trust transaction on August 16, 2016.
2The transaction involved the separation of the Information Systems & Global Solutions (IS&GS) business.
3The IS&GS business was merged with Leidos Holdings, Inc.
4The purpose of the filing is to amend a previous 8-K with a corrected press release regarding the transaction's final results.
5The exchange offer related to this transaction expired on August 16, 2016.
6The company is focused on its core aerospace and defense segments following this divestiture.

LOCKHEED MARTIN CORP 8-K/A Report, Corporate Update (Aug 23, 2016)

Summary

Key Highlights

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