Lockheed Payments Held by U.S. Increase to $195 Million
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The U.S. Defense Department has withheld $195 million in payments from Lockheed Martin Corp. because of flaws in the company’s system of tracking costs and schedules for F-35 jet contracts.
The amount held back through August is equal to as much as 5 percent of periodic billings by the Bethesda, Maryland-based company. It has swelled from $47 million in 2012, when the Pentagon started holding back the funds.