(Bloomberg) — Lockheed Martin Corp.’s F-35 jet, the world’s costliest weapons program, just got even costlier. The estimated total price for research and procurement has increased by $22 billion in current dollars adjusted for inflation, according to the Pentagon’s latest annual cost assessment of major projects. The estimate for operating and supporting the fleet of fighters over more than six decades grew by almost $73 billion to $1.196 trillion. The increase to $428.4 billion from $406.2 billion in acquisition costs, about a 5.5 percent increase, isn’t due to poor performance, delays or excessive costs for labor or materials, according to the Defense Department’s latest Selected Acquisition Report sent to Congress last week and obtained by Bloomberg News. Instead, the increase reflects for the first time the current cost estimates for a major set of upgrades planned in coming “Block 4” modifications, according to the report. “Ensuring our Block 4 efforts are captured in our acquisition baseline and now in our SAR help us to provide full transparency and status on our F-35 modernization progress,” the Pentagon’s F-35 program office said in an emailed statement. “The F-35 program remains within all cost, schedule and performance thresholds and continues to make steady progress,” the program office said in its statement.
F-35 Fighters Will Cost $22 Billion More Than Expected, Pentagon Says
Tony Capaccio / Bloomberg, Time
Mon, 04/22/2019 - 11:36am
Topics: lockheed martin corp.&rsquo department&rsquo news ldquo;block ldquo;ensuring sar ldquo;the f-35 scrutiny expected ellen lord acting defense secretary pat shanahan f-35s ldquo;at lockheed&rsquo view carolyn nelson bethesda maryland-based lockheed the u.s air force marines navy bloomberg lockheed pentagon selected acquisition report block f-35 u.s fighters cost billion program chain supply increase office latest fleet current trillion estimate planned reduce projected statement operations sustainment major parts contractor support progress,&rdquo modifications total operating ldquo;is potential include spare performance percent estimates
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