“We expect these demand trends to endure and drive requirements to closely match with Lockheed Martin's advanced technology and systems integration capabilities.”

In context

“ilestone achievement to billings and collections. We maintained our commitment to shareholders by returning $3.8 billion through dividends and share repurchases this quarter and over $9 billion for the year or 145% of our free cash flow. Before getting into the segments, let me pause here to put the numbers in perspective. The key takeaway is that industry growth is crystallizing based on three converging demand cycles. First, to meet support requirements of the near and midterm security environment; second, to strengthen the effectiveness of existing security platforms and systems with improved sensing, connectivity, interoperability and embedded intelligence. And lastly, to recapitalize platforms and systems that maintain technological superiority in deterrence over a longer time frame. We expect these demand trends to endure and drive requirements to closely match with Lockheed Martin's advanced technology and systems integration capabilities. The long-cycle nature of Lockheed Martin Systems has in part, led to slower growth, but the 2023 results show that it is materializing as evidenced by our 7% increase in ending backlog to a record $161 billion as well as our return to top line growth a year earlier than originally expected. And we demonstrated our confidence in the company's positioning amongst these demand cycles and multiyear outlook by again delivering strong shareholder returns. Over the past two years, we have repurchased about 12% of the current market capitalization. Okay, back to the segment details and starting with Aeronautics on Chart 7. Fourth quarter sales at Aero were comparable year-over-year with higher volume at Skunk Works and the F-16 production ramp offset by lower volume on F-35 primarily production c”