United Launch Alliance’s corporate parents have guaranteed a loan to the company as it addresses “financial challenges” caused by the grounding of its Vulcan Centaur rocket

[https://www.sec.gov/ix?doc=/Archives/edgar/data/0000936468/000162828026049411/lmt-20260628.htm](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000936468/000162828026049411/lmt-20260628.htm)

>We hold a 50% membership interest in United Launch Alliance (ULA), with The Boeing Company (Boeing) holding the other 50% interest. We account for this investment under the equity method, with $617 million and $551 million recorded in other noncurrent assets on our consolidated balance sheets at June 28, 2026 and December 31, 2025, respectively. During the first quarter of 2026, ULA’s Vulcan Centaur rocket experienced performance challenges that are negatively affecting ULA’s financial condition and results of operations. In the second quarter of 2026, we agreed to guarantee certain ULA borrowings under which maximum potential future payments amount to $500 million. The fair value of the guarantee obligation we recognized in the second quarter of 2026 amounts to $64 million and our investment in ULA has increased by a corresponding amount. We and Boeing expect to provide additional financial support to ULA to support its liquidity or ongoing operations and could incur impairment and operating losses if the Vulcan Centaur rocket does not perform consistent with ULA’s assumptions.