10-Q Filing

NORTHROP GRUMMAN CORP /DE/ CIK: 1133421 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001133421-23-000027`
Period End Date	20230331
Filing Date	20230427
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	noc-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 84 Income Statement 38 Cash Flow Statement 55 Stockholders Equity 10

Balance Sheet 84 line items

Line Item	Tag	Value	Unit	Period
Accumulated Depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$7.45B	USD	Point-in-time
Accumulated Depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$7.26B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.17B	USD	Point-in-time
Long-term Debt, Current Maturities	`LongTermDebtCurrent`	$1.07B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.58B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.50B	USD	Point-in-time
Long-term Debt, Current Maturities	`LongTermDebtCurrent`	$1.08B	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$2.06B	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.51B	USD	Point-in-time
Preferred Stock, Par Value	`PreferredStockParOrStatedValuePerShare`	$1.00	USD	Point-in-time
Preferred Stock, Par Value	`PreferredStockParOrStatedValuePerShare`	$1.00	USD	Point-in-time
Unbilled receivables, net	`ContractWithCustomerAssetNetCurrent`	$5.98B	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Unbilled receivables, net	`ContractWithCustomerAssetNetCurrent`	$6.21B	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Inventoried costs, net	`InventoryNetOfAllowancesCustomerAdvancesAndProgressBillings`	$1.11B	USD	Point-in-time
Inventoried costs, net	`InventoryNetOfAllowancesCustomerAdvancesAndProgressBillings`	$978.00M	USD	Point-in-time
Prepaid expenses and other current assets	`OtherAssetsCurrent`	$1.44B	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expenses and other current assets	`OtherAssetsCurrent`	$924.00M	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$1.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$12.81B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$12.49B	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$1.00	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	800.00M	shares	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	800.00M	shares	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $7,448 for 2023 and $7,258 for 2022	`PropertyPlantAndEquipmentNet`	$8.80B	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $7,448 for 2023 and $7,258 for 2022	`PropertyPlantAndEquipmentNet`	$8.84B	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$1.78B	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	153.16M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	151.95M	shares	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$1.81B	USD	Point-in-time
Goodwill	`Goodwill`	$17.52B	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	153.16M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	151.95M	shares	Point-in-time
Goodwill	`Goodwill`	$17.52B	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$364.00M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$384.00M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$162.00M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$234.00M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$2.70B	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$2.59B	USD	Point-in-time
Total assets	`Assets`	$43.76B	USD	Point-in-time
Total assets	`Assets`	$44.24B	USD	Point-in-time
Trade accounts payable	`AccountsPayableCurrent`	$2.14B	USD	Point-in-time
Trade accounts payable	`AccountsPayableCurrent`	$2.59B	USD	Point-in-time
Accrued employee compensation	`EmployeeRelatedLiabilitiesCurrent`	$2.06B	USD	Point-in-time
Accrued employee compensation	`EmployeeRelatedLiabilitiesCurrent`	$1.65B	USD	Point-in-time
Advance payments and billings in excess of costs incurred	`ContractWithCustomerLiabilityCurrent`	$3.61B	USD	Point-in-time
Advance payments and billings in excess of costs incurred	`ContractWithCustomerLiabilityCurrent`	$3.21B	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$3.33B	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$3.49B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$11.59B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$10.48B	USD	Point-in-time
Long-term debt, net of current portion of $1,082 for 2023 and $1,072 for 2022	`LongTermDebtNoncurrent`	$11.80B	USD	Point-in-time
Long-term debt, net of current portion of $1,082 for 2023 and $1,072 for 2022	`LongTermDebtNoncurrent`	$13.77B	USD	Point-in-time
Pension and other postretirement benefit plan liabilities	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$1.19B	USD	Point-in-time
Pension and other postretirement benefit plan liabilities	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$1.17B	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$1.79B	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$1.82B	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$2.04B	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$1.89B	USD	Point-in-time
Total liabilities	`Liabilities`	$28.44B	USD	Point-in-time
Total liabilities	`Liabilities`	$29.11B	USD	Point-in-time
Commitments and contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $1 par value; 10,000,000 shares authorized; no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $1 par value; 10,000,000 shares authorized; no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $1 par value; 800,000,000 shares authorized; issued and outstanding: 2023151,950,074 and 2022153,157,924	`CommonStockValue`	$152.00M	USD	Point-in-time
Common stock, $1 par value; 800,000,000 shares authorized; issued and outstanding: 2023151,950,074 and 2022153,157,924	`CommonStockValue`	$153.00M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapitalCommonStock`	-	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapitalCommonStock`	-	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$15.31B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$15.13B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-151.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-153.00M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$13.29B	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$15.14B	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$15.31B	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$44.24B	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$43.76B	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Sales	`Revenues`	$9.30B	USD	1 Quarter
Sales	`Revenues`	$8.80B	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.04B	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$976.00M	USD	1 Quarter
Total operating costs and expenses	`OperatingExpenses`	$7.90B	USD	1 Quarter
Total operating costs and expenses	`OperatingExpenses`	$8.35B	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$897.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$947.00M	USD	1 Quarter
Interest expense	`InterestAndDebtExpense`	$133.00M	USD	1 Quarter
Interest expense	`InterestAndDebtExpense`	$129.00M	USD	1 Quarter
Non-operating FAS pension benefit	`NonOperatingFASPensionBenefit`	$132.00M	USD	1 Quarter
Non-operating FAS pension benefit	`NonOperatingFASPensionBenefit`	$376.00M	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$4.00M	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$48.00M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$998.00M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.14B	USD	1 Quarter
Federal and foreign income tax expense	`IncomeTaxExpenseBenefit`	$156.00M	USD	1 Quarter
Federal and foreign income tax expense	`IncomeTaxExpenseBenefit`	$189.00M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$842.00M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$955.00M	USD	1 Quarter
Basic earnings per share	`EarningsPerShareBasic`	$5.52	USD	1 Quarter
Basic earnings per share	`EarningsPerShareBasic`	$6.12	USD	1 Quarter
Weighted-average common shares outstanding, in millions	`WeightedAverageNumberOfSharesOutstandingBasic`	156.00M	shares	1 Quarter
Weighted-average common shares outstanding, in millions	`WeightedAverageNumberOfSharesOutstandingBasic`	152.60M	shares	1 Quarter
Diluted earnings per share	`EarningsPerShareDiluted`	$6.10	USD	1 Quarter
Diluted earnings per share	`EarningsPerShareDiluted`	$5.50	USD	1 Quarter
Weighted-average diluted shares outstanding, in millions	`WeightedAverageNumberOfDilutedSharesOutstanding`	156.60M	shares	1 Quarter
Weighted-average diluted shares outstanding, in millions	`WeightedAverageNumberOfDilutedSharesOutstanding`	153.20M	shares	1 Quarter
Net earnings (from above)	`NetIncomeLoss`	$842.00M	USD	1 Quarter
Net earnings (from above)	`NetIncomeLoss`	$955.00M	USD	1 Quarter
Change in cumulative translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.00M	USD	1 Quarter
Change in cumulative translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$2.00M	USD	1 Quarter
Change in other, net	`OtherComprehensiveIncomeLossOtherComponentsNetOfTax`	-	USD	1 Quarter
Change in other, net	`OtherComprehensiveIncomeLossOtherComponentsNetOfTax`	$-1.00M	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$2.00M	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-3.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$952.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$844.00M	USD	1 Quarter

Cash Flow Statement 55 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$842.00M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$955.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$303.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$298.00M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$18.00M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$19.00M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-201.00M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-205.00M	USD	1 Quarter
Net periodic pension and OPB income	`DefinedBenefitPlanNetPeriodicBenefitCost`	$-298.00M	USD	1 Quarter
Net periodic pension and OPB income	`DefinedBenefitPlanNetPeriodicBenefitCost`	$-76.00M	USD	1 Quarter
Pension and OPB contributions	`PensionAndOtherPostretirementBenefitContributions`	$40.00M	USD	1 Quarter
Pension and OPB contributions	`PensionAndOtherPostretirementBenefitContributions`	$36.00M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$550.00M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$246.00M	USD	1 Quarter
Unbilled receivables, net	`IncreaseDecreaseInContractWithCustomerAsset`	$626.00M	USD	1 Quarter
Unbilled receivables, net	`IncreaseDecreaseInContractWithCustomerAsset`	$232.00M	USD	1 Quarter
Inventoried costs, net	`IncreaseDecreaseInInventories`	$137.00M	USD	1 Quarter
Inventoried costs, net	`IncreaseDecreaseInInventories`	$27.00M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$54.00M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-16.00M	USD	1 Quarter
Accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-732.00M	USD	1 Quarter
Accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.13B	USD	1 Quarter
Income taxes payable, net	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$576.00M	USD	1 Quarter
Income taxes payable, net	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$361.00M	USD	1 Quarter
Other operating activities, net	`OtherNoncashIncomeExpense`	$15.00M	USD	1 Quarter
Other operating activities, net	`OtherNoncashIncomeExpense`	$-25.00M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-702.00M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-488.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$244.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$309.00M	USD	1 Quarter
Other investing activities, net	`PaymentsForProceedsFromOtherInvestingActivities`	-	USD	1 Quarter
Other investing activities, net	`PaymentsForProceedsFromOtherInvestingActivities`	$5.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-309.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-249.00M	USD	1 Quarter
Net proceeds from issuance of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$2.00B	USD	1 Quarter
Net proceeds from issuance of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	1 Quarter
Common stock repurchases	`PaymentsForRepurchaseOfCommonStock`	$318.00M	USD	1 Quarter
Common stock repurchases	`PaymentsForRepurchaseOfCommonStock`	$723.00M	USD	1 Quarter
Cash dividends paid	`PaymentsOfDividendsCommonStock`	$270.00M	USD	1 Quarter
Cash dividends paid	`PaymentsOfDividendsCommonStock`	$251.00M	USD	1 Quarter
Payments of employee taxes withheld from share-based awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$48.00M	USD	1 Quarter
Payments of employee taxes withheld from share-based awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$47.00M	USD	1 Quarter
Other financing activities, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-2.00M	USD	1 Quarter
Other financing activities, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-26.00M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-619.00M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$929.00M	USD	1 Quarter
Decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.36B	USD	1 Quarter
Decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-82.00M	USD	1 Quarter
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.53B	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.58B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.53B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.58B	USD	Point-in-time
Cash and Cash Equivalents, at Carrying Value	`CashAndCashEquivalentsAtCarryingValue`	$2.17B	USD	Point-in-time
Cash and Cash Equivalents, at Carrying Value	`CashAndCashEquivalentsAtCarryingValue`	$2.58B	USD	Point-in-time
Cash and Cash Equivalents, at Carrying Value	`CashAndCashEquivalentsAtCarryingValue`	$2.50B	USD	Point-in-time

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Beginning of period	`StockholdersEquity`	$13.29B	USD	Point-in-time
Beginning of period	`StockholdersEquity`	$15.14B	USD	Point-in-time
Beginning of period	`StockholdersEquity`	$15.31B	USD	Point-in-time
Net earnings	`NetIncomeLoss`	$842.00M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$955.00M	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$2.00M	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-3.00M	USD	1 Quarter
End of period	`StockholdersEquity`	$13.29B	USD	Point-in-time
End of period	`StockholdersEquity`	$15.14B	USD	Point-in-time
End of period	`StockholdersEquity`	$15.31B	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.