Defense Stocks

I keep wanting to (ahem) pull the trigger and buy a defense stock. I owned RTN last year and it did ok for me. Here are the big three on the list:

Sign	Category	RTN	LMT	GD
+	Operating Income After Depreciation	3,014.00	4,153.00	3,728.00
-	Minority Interest - Income Account	36.00	-	-
=	Income for Calculation	2,978.00	4,153.00	3,728.00
	Diluted Shares Outstanding	383.100	363.900	388.532
	Share Price	47.14	71.41	64.06
+	Market Cap Calc	18,059.33	25,986.10	24,889.36
+	Preferred Capital	-	-	-
+	Debt in Current Liabilities	-	-	703.00
+	Long-Term Debt	2,327.00	5,019.00	3,159.00
	Cash and Short-Term Investments	2,385.00	3,423.00	1,853.00
-	Excess Cash	2,045.00	2,301.00	1,853.00
=	Enterprise Value	18,341.33	28,704.10	26,898.36
+	Property Plant and Equipment - Net	1,953.00	4,347.00	2,850.00
+	Receivables	131.00	6,275.00	3,545.00
+	Inventories	4,791.00	2,093.00	6,860.00
+	Other Current Assests	413.00	2,148.00	908.00
+	Working Cash	340.00	1,122.00	-
-	Accounts Payable	1,330.00	2,352.00	2,396.00
-	Current Liabilities - Other	4,345.00	9,286.00	6,696.00
=	Invested Capital	1,953.00	4,347.00	5,071.00
	Dividend	3.0%	4.2%	2.6%
	Earnings Yield	16%	14%	14%
	ROIC	152%	96%	74%

I like them as they pay good dividends and they have a decent moat. My biggest issue with them is an area few people are talking about: pension plans. Employee benefits were a large part of what drove GM and Chrysler into bankruptcy. The plans have been too rich and many of them are way underwater with the crash in the markets. Finally many plans assume an unrealistic gain per year in today's low yield environment.

What do people think?