2014 Q3 Form 10-Q Financial Statement
#000113342114000056 Filed on October 22, 2014
Income Statement
| Concept | 2014 Q3 | 2013 Q3 |
|---|---|---|
| Revenue | $5.984B | $6.106B |
| YoY Change | -2.0% | -2.62% |
| Cost Of Revenue | $2.021B | $2.262B |
| YoY Change | -10.65% | -3.04% |
| Gross Profit | $3.963B | $3.844B |
| YoY Change | 3.1% | -2.36% |
| Gross Profit Margin | 66.23% | 62.95% |
| Selling, General & Admin | $580.0M | $555.0M |
| YoY Change | 4.5% | -2.97% |
| % of Gross Profit | 14.64% | 14.44% |
| Research & Development | ||
| YoY Change | ||
| % of Gross Profit | ||
| Depreciation & Amortization | $105.0M | $120.0M |
| YoY Change | -12.5% | |
| % of Gross Profit | 2.65% | 3.12% |
| Operating Expenses | $580.0M | $555.0M |
| YoY Change | 4.5% | -2.97% |
| Operating Profit | $769.0M | $790.0M |
| YoY Change | -2.66% | 7.34% |
| Interest Expense | -$69.00M | -$70.00M |
| YoY Change | -1.43% | 32.08% |
| % of Operating Profit | -8.97% | -8.86% |
| Other Income/Expense, Net | -$6.000M | $0.00 |
| YoY Change | -100.0% | |
| Pretax Income | $694.0M | $720.0M |
| YoY Change | -3.61% | 3.6% |
| Income Tax | $221.0M | $223.0M |
| % Of Pretax Income | 31.84% | 30.97% |
| Net Earnings | $473.0M | $497.0M |
| YoY Change | -4.83% | 8.28% |
| Net Earnings / Revenue | 7.9% | 8.14% |
| Basic Earnings Per Share | $2.29 | $2.18 |
| Diluted Earnings Per Share | $2.26 | $2.14 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 206.2M shares | 228.2M shares |
| Diluted Shares Outstanding | 209.2M shares | 232.6M shares |
Balance Sheet
| Concept | 2014 Q3 | 2013 Q3 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $3.402B | $4.944B |
| YoY Change | -31.19% | 40.26% |
| Cash & Equivalents | $3.402B | $4.944B |
| Short-Term Investments | ||
| Other Short-Term Assets | $290.0M | $264.0M |
| YoY Change | 9.85% | 21.66% |
| Inventory | $671.0M | $784.0M |
| Prepaid Expenses | ||
| Receivables | $3.233B | $3.003B |
| Other Receivables | $0.00 | $0.00 |
| Total Short-Term Assets | $8.122B | $9.591B |
| YoY Change | -15.32% | 21.37% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $2.845B | $2.763B |
| YoY Change | 2.97% | -4.56% |
| Goodwill | $12.46B | $12.44B |
| YoY Change | 0.2% | 0.53% |
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | $287.0M | |
| YoY Change | ||
| Other Assets | $1.484B | $1.339B |
| YoY Change | 10.83% | -5.17% |
| Total Long-Term Assets | $16.92B | $17.81B |
| YoY Change | -5.01% | 2.62% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $8.122B | $9.591B |
| Total Long-Term Assets | $16.92B | $17.81B |
| Total Assets | $25.04B | $27.41B |
| YoY Change | -8.62% | 8.48% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $1.193B | $1.221B |
| YoY Change | -2.29% | 2.26% |
| Accrued Expenses | $1.225B | $1.058B |
| YoY Change | 15.78% | 2.12% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $5.511B | $5.762B |
| YoY Change | -4.36% | 1.27% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $5.926B | $5.928B |
| YoY Change | -0.03% | 50.8% |
| Other Long-Term Liabilities | $938.0M | $985.0M |
| YoY Change | -4.77% | 4.79% |
| Total Long-Term Liabilities | $938.0M | $985.0M |
| YoY Change | -4.77% | 4.79% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $5.511B | $5.762B |
| Total Long-Term Liabilities | $938.0M | $985.0M |
| Total Liabilities | $15.15B | $18.05B |
| YoY Change | -16.06% | 26.08% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | $12.57B | $12.20B |
| YoY Change | 3.05% | 13.57% |
| Common Stock | $203.0M | $1.703B |
| YoY Change | -88.08% | -51.92% |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $9.893B | $9.356B |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $25.04B | $27.41B |
| YoY Change | -8.62% | 8.48% |
Cashflow Statement
| Concept | 2014 Q3 | 2013 Q3 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | $473.0M | $497.0M |
| YoY Change | -4.83% | 8.28% |
| Depreciation, Depletion And Amortization | $105.0M | $120.0M |
| YoY Change | -12.5% | |
| Cash From Operating Activities | $933.0M | $950.0M |
| YoY Change | -1.79% | 17.0% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | -$109.0M | -$90.00M |
| YoY Change | 21.11% | 40.63% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $0.00 | $3.000M |
| YoY Change | -100.0% | -108.11% |
| Cash From Investing Activities | -$109.0M | -$87.00M |
| YoY Change | 25.29% | -13.86% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | -898.0M | -823.0M |
| YoY Change | 9.11% | 146.41% |
| NET CHANGE | ||
| Cash From Operating Activities | 933.0M | 950.0M |
| Cash From Investing Activities | -109.0M | -87.00M |
| Cash From Financing Activities | -898.0M | -823.0M |
| Net Change In Cash | -74.00M | 40.00M |
| YoY Change | -285.0% | -89.39% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | $933.0M | $950.0M |
| Capital Expenditures | -$109.0M | -$90.00M |
| Free Cash Flow | $1.042B | $1.040B |
| YoY Change | 0.19% | 18.72% |
Facts In Submission
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|---|---|---|---|---|
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Accounts Payable Current
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Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
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Accumulated Other Comprehensive Income Loss Net Of Tax
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Assets
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Q3 | ||
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2014 | ||
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10-Q | ||
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Cash And Cash Equivalents At Carrying Value
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Cash And Cash Equivalents At Carrying Value
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Common Stock Value
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Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:normal;">On May 28, 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers</font><font style="font-family:inherit;font-size:10pt;">.</font><font style="font-family:inherit;font-size:10pt;"> ASU 2014-09 supersedes existing revenue recognition guidance, including Accounting Standards Codification (ASC) No. 605-35,</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue Recognition - Construction-Type and Production-Type Contracts.</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">ASU 2014-09 outlines a single set of comprehensive principles for recognizing revenue under U.S. GAAP. Among other things, it requires companies to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time. These concepts, as well as other aspects of ASU 2014-09, may change the method and/or timing of revenue recognition for certain of our contracts.</font><font style="font-family:inherit;font-size:10pt;"> ASU 2014-09 will be effective January 1, 2017, and may be applied either retrospectively or through the use of a modified-retrospective method. We are currently evaluating both methods of adoption as well as the effect ASU 2014-09 will have on the company’s consolidated financial position, results of operations and cash flows.</font><font style="font-family:inherit;font-size:10pt;"> </font></div></div> | ||
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Earnings Per Share Basic
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Earnings Per Share Basic
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Earnings Per Share Basic
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Goodwill
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General And Administrative Expense
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Earnings Per Share Basic
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Fiscal Period
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The quarterly information is labeled using a calendar convention; that is, first quarter is consistently labeled as ending on March 31, second quarter as ending on June 30, and third quarter as ending on September 30. It is the company's long-standing practice to establish actual interim closing dates using a “fiscal” calendar, in which we close our books on a Friday near these quarter-end dates in order to normalize the potentially disruptive effects of quarterly closings on business processes. This practice is only used at interim periods within a reporting year.</font></div></div> | ||
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General And Administrative Expense
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Guarantees Indemnifications And Warranties Policies
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Guarantees of Subsidiary Performance Obligations</font></div><div style="line-height:120%;padding-bottom:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">From time to time in the ordinary course of business, the company guarantees obligations of its subsidiaries under certain contracts. Generally, the company is liable under such an arrangement only if its subsidiary is unable to perform under its contract. Historically, the company has not incurred any substantial liabilities resulting from these guarantees.</font></div><div style="line-height:120%;padding-bottom:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In addition, the company’s subsidiaries may enter into joint ventures, teaming and other business arrangements (collectively, Business Arrangements) to support the company’s products and services in domestic and international markets. The company generally strives to limit its exposure under these arrangements to its subsidiary’s investment in the Business Arrangements or to the extent of such subsidiary’s obligations under the applicable contract. In some cases, however, the company may be required to guarantee performance by the Business Arrangements and, in such cases, the company generally strives to obtain cross-indemnification from the other members of the Business Arrangements.</font></div></div> | ||
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Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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2156000000 | USD | |
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Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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2236000000 | USD | |
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
682000000 | USD | |
| CY2013Q3 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
223000000 | USD |
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
673000000 | USD | |
| CY2014Q3 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
221000000 | USD |
| us-gaap |
Income Tax Reconciliation Tax Settlements
IncomeTaxReconciliationTaxSettlements
|
-51000000 | USD | |
| us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-296000000 | USD | |
| us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-514000000 | USD | |
| us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
531000000 | USD | |
| us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
147000000 | USD | |
| us-gaap |
Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
|
92000000 | USD | |
| us-gaap |
Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
|
201000000 | USD | |
| us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
-43000000 | USD | |
| us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
-10000000 | USD | |
| us-gaap |
Increase Decrease In Pension And Postretirement Obligations
IncreaseDecreaseInPensionAndPostretirementObligations
|
5000000 | USD | |
| us-gaap |
Increase Decrease In Pension And Postretirement Obligations
IncreaseDecreaseInPensionAndPostretirementObligations
|
-331000000 | USD | |
| us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
53000000 | USD | |
| us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
30000000 | USD | |
| us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
4200000 | shares | |
| CY2014Q3 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
3000000 | shares |
| us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
3200000 | shares | |
| CY2013Q3 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
4400000 | shares |
| CY2013Q3 | us-gaap |
Interest And Debt Expense
InterestAndDebtExpense
|
70000000 | USD |
| CY2014Q3 | us-gaap |
Interest And Debt Expense
InterestAndDebtExpense
|
69000000 | USD |
| us-gaap |
Interest And Debt Expense
InterestAndDebtExpense
|
183000000 | USD | |
| us-gaap |
Interest And Debt Expense
InterestAndDebtExpense
|
208000000 | USD | |
| CY2014Q3 | us-gaap |
Inventory For Long Term Contracts Or Programs
InventoryForLongTermContractsOrPrograms
|
671000000 | USD |
| CY2013Q4 | us-gaap |
Inventory For Long Term Contracts Or Programs
InventoryForLongTermContractsOrPrograms
|
698000000 | USD |
| us-gaap |
Lease And Rental Expense
LeaseAndRentalExpense
|
223000000 | USD | |
| CY2014Q3 | us-gaap |
Lease And Rental Expense
LeaseAndRentalExpense
|
84000000 | USD |
| us-gaap |
Lease And Rental Expense
LeaseAndRentalExpense
|
229000000 | USD | |
| CY2013Q3 | us-gaap |
Lease And Rental Expense
LeaseAndRentalExpense
|
75000000 | USD |
| CY2013Q4 | us-gaap |
Liabilities
Liabilities
|
15761000000 | USD |
| CY2014Q3 | us-gaap |
Liabilities
Liabilities
|
15150000000 | USD |
| CY2013Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
26381000000 | USD |
| CY2014Q3 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
25043000000 | USD |
| CY2013Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
5815000000 | USD |
| CY2014Q3 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
5511000000 | USD |
| CY2014Q3 | us-gaap |
Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
|
5926000000 | USD |
| CY2013Q4 | us-gaap |
Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
|
5928000000 | USD |
| CY2014Q3 | us-gaap |
Loss Contingency Range Of Possible Loss Maximum
LossContingencyRangeOfPossibleLossMaximum
|
798000000 | USD |
| CY2014Q3 | us-gaap |
Loss Contingency Range Of Possible Loss Minimum
LossContingencyRangeOfPossibleLossMinimum
|
363000000 | USD |
| CY2014Q3 | us-gaap |
Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
|
325000000 | USD |
| CY2013Q4 | us-gaap |
Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
|
310000000 | USD |
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-2494000000 | USD | |
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-28000000 | USD | |
| us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-169000000 | USD | |
| us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-357000000 | USD | |
| us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
1103000000 | USD | |
| us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
1279000000 | USD | |
| us-gaap |
Net Income Loss
NetIncomeLoss
|
1474000000 | USD | |
| CY2014Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
473000000 | USD |
| CY2013Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
497000000 | USD |
| us-gaap |
Net Income Loss
NetIncomeLoss
|
1563000000 | USD | |
| us-gaap |
Number Of Reportable Segments
NumberOfReportableSegments
|
4 | segment | |
| us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
2355000000 | USD | |
| CY2013Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
790000000 | USD |
| CY2014Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
769000000 | USD |
| us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
2434000000 | USD | |
| CY2014Q3 | us-gaap |
Other Assets Current
OtherAssetsCurrent
|
290000000 | USD |
| CY2013Q4 | us-gaap |
Other Assets Current
OtherAssetsCurrent
|
350000000 | USD |
| CY2013Q4 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
1440000000 | USD |
| CY2014Q3 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
1484000000 | USD |
| us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
8000000 | USD | |
| CY2014Q3 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
-26000000 | USD |
| us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
-24000000 | USD | |
| CY2013Q3 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
15000000 | USD |
| us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
106000000 | USD | |
| us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
244000000 | USD | |
| CY2014Q3 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
8000000 | USD |
| CY2013Q3 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
92000000 | USD |
| CY2014Q3 | us-gaap |
Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
|
-31000000 | USD |
| us-gaap |
Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
|
-127000000 | USD | |
| us-gaap |
Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
|
-237000000 | USD | |
| CY2013Q3 | us-gaap |
Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
|
-78000000 | USD |
| us-gaap |
Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax
|
237000000 | USD | |
| us-gaap |
Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax
|
108000000 | USD | |
| CY2013Q3 | us-gaap |
Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax
|
78000000 | USD |
| CY2014Q3 | us-gaap |
Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax
|
35000000 | USD |
| CY2014Q3 | us-gaap |
Other Liabilities Current
OtherLiabilitiesCurrent
|
1483000000 | USD |
| CY2013Q4 | us-gaap |
Other Liabilities Current
OtherLiabilitiesCurrent
|
1418000000 | USD |
| CY2014Q3 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
938000000 | USD |
| CY2013Q4 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
1064000000 | USD |
| us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
50000000 | USD | |
| us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
-15000000 | USD | |
| CY2014Q3 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-6000000 | USD |
| us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-16000000 | USD | |
| us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
10000000 | USD | |
| CY2013Q3 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
0 | USD |
| us-gaap |
Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
|
72000000 | USD | |
| us-gaap |
Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
|
-9000000 | USD | |
| us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
1661000000 | USD | |
| us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
2058000000 | USD | |
| us-gaap |
Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
|
423000000 | USD | |
| us-gaap |
Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
|
411000000 | USD | |
| us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
178000000 | USD | |
| us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
285000000 | USD | |
| CY2013Q4 | us-gaap |
Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
|
2954000000 | USD |
| CY2014Q3 | us-gaap |
Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
|
2775000000 | USD |
| CY2013Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
1 | |
| CY2014Q3 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
1 | |
| CY2014Q3 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
10000000 | shares |
| CY2013Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
10000000 | shares |
| CY2014Q3 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
| CY2013Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
| CY2014Q3 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
| CY2013Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
| CY2014Q3 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
0 | USD |
| CY2013Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
0 | USD |
| CY2013 | us-gaap |
Prior Period Reclassification Adjustment
PriorPeriodReclassificationAdjustment
|
277000000 | USD |
| us-gaap |
Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
|
0 | USD | |
| us-gaap |
Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
|
2841000000 | USD | |
| us-gaap |
Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
|
-13000000 | USD | |
| us-gaap |
Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
|
80000000 | USD | |
| CY2013Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
2806000000 | USD |
| CY2014Q3 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
2845000000 | USD |
| CY2014Q3 | us-gaap |
Receivables Long Term Contracts Or Programs
ReceivablesLongTermContractsOrPrograms
|
3233000000 | USD |
| CY2013Q4 | us-gaap |
Receivables Long Term Contracts Or Programs
ReceivablesLongTermContractsOrPrograms
|
2685000000 | USD |
| us-gaap |
Reclassifications
Reclassifications
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;padding-bottom:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our unaudited condensed consolidated statements of cash flows for the </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September 30, 2014</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2013</font><font style="font-family:inherit;font-size:10pt;"> reflect cash flows from operating activities presented solely on the indirect method. The company previously presented both the direct method and indirect method for our cash flows from operating activities. This change in reporting method had no effect on the amount of our net cash flows from operating activities.</font></div><div style="line-height:120%;padding-bottom:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the first quarter of 2014, we reclassified our cash awards incentive compensation accrual from other current liabilities to accrued employee compensation, which are both reported within current liabilities on the unaudited condensed consolidated statement of financial position.</font></div></div> | ||
| us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
877000000 | USD | |
| us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
0 | USD | |
| CY2013Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
12538000000 | USD |
| CY2014Q3 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
12568000000 | USD |
| us-gaap |
Revenue Recognition Long Term Contracts
RevenueRecognitionLongTermContracts
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The majority of our contracts are accounted for under the percentage-of-completion method. For such contracts, changes in estimates of contract sales, costs or profits are recognized using the cumulative catch-up method of accounting. This method recognizes, in the current period, the cumulative effect of the changes on current and prior periods; revenue and profit in future periods of contract performance are recognized as if the revised estimates had been used since contract inception. Changes in estimates of contract revenue and cost occur for a variety of reasons, including changes in contract scope, the resolution of risk at lower or higher cost than anticipated, unanticipated risks affecting contract costs, changes in indirect cost allocations, such as overhead and general and administrative expenses, and changes in estimated award and incentive fees. We employ an extensive contract management process involving several functional organizations and numerous personnel who are skilled at managing contract activities. Changes in estimates are frequent; the company performs on a broad portfolio of long-term contracts, including the development of complex and customized military platforms and systems, as well as advanced electronic equipment and software, that often include technology at the forefront of science.</font></div></div> | ||
| CY2013Q3 | us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
3330000000 | USD |
| CY2014Q3 | us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
3494000000 | USD |
| us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
10344000000 | USD | |
| us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
10466000000 | USD | |
| us-gaap |
Sales Revenue Net
SalesRevenueNet
|
17871000000 | USD | |
| CY2013Q3 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
6106000000 | USD |
| CY2014Q3 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
5984000000 | USD |
| us-gaap |
Sales Revenue Net
SalesRevenueNet
|
18504000000 | USD | |
| us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
7405000000 | USD | |
| CY2013Q3 | us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
2776000000 | USD |
| us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
8160000000 | USD | |
| CY2014Q3 | us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
2490000000 | USD |
| dei |
Document Period End Date
DocumentPeriodEndDate
|
2014-09-30 | ||
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
93000000 | USD | |
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
118000000 | USD | |
| CY2014Q3 | us-gaap |
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Estimated Range Of Change Upper Bound
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleEstimatedRangeOfChangeUpperBound
|
75000000 | USD |
| CY2014Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
9893000000 | USD |
| CY2013Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
10620000000 | USD |
| CY2013Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
9356000000 | USD |
| us-gaap |
Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
|
59000000 | USD | |
| CY2014Q3 | us-gaap |
Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
|
-12000000 | USD |
| us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Accounting Estimates</font></div><div style="line-height:120%;padding-bottom:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The preparation thereof requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingencies at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Estimates have been prepared using the most current and best available information; however, actual results could differ materially from those estimates.</font></div></div> | ||
| CY2013Q3 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
232600000 | shares |
| us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
214800000 | shares | |
| CY2014Q3 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
209200000 | shares |
| us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
237000000 | shares | |
| us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
232800000 | shares | |
| CY2013Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
228200000 | shares |
| us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
211600000 | shares | |
| CY2014Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
206200000 | shares |
| CY2014Q3 | noc |
Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax And Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTaxAndAccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
|
1000000 | USD |
| CY2013Q4 | noc |
Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax And Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTaxAndAccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
|
-2000000 | USD |
| noc |
Current Period Impactof Reclassification
CurrentPeriodImpactofReclassification
|
196000000 | USD | |
| CY2013Q2 | noc |
Increase Decreasein Stock Dividend Percentage
IncreaseDecreaseinStockDividendPercentage
|
0.11 | |
| CY2014Q2 | noc |
Increase Decreasein Stock Dividend Percentage
IncreaseDecreaseinStockDividendPercentage
|
0.15 | |
| noc |
Other Comprehensive Income Loss Unrealized Gain Losson Securitiesand Derivatives Netof Tax
OtherComprehensiveIncomeLossUnrealizedGainLossonSecuritiesandDerivativesNetofTax
|
-1000000 | USD | |
| CY2014Q3 | noc |
Other Comprehensive Income Loss Unrealized Gain Losson Securitiesand Derivatives Netof Tax
OtherComprehensiveIncomeLossUnrealizedGainLossonSecuritiesandDerivativesNetofTax
|
3000000 | USD |
| noc |
Other Comprehensive Income Loss Unrealized Gain Losson Securitiesand Derivatives Netof Tax
OtherComprehensiveIncomeLossUnrealizedGainLossonSecuritiesandDerivativesNetofTax
|
3000000 | USD | |
| CY2013Q3 | noc |
Other Comprehensive Income Loss Unrealized Gain Losson Securitiesand Derivatives Netof Tax
OtherComprehensiveIncomeLossUnrealizedGainLossonSecuritiesandDerivativesNetofTax
|
-1000000 | USD |
| CY2014Q3 | noc |
Standby Unused Letters Of Creditandbankguarantees
StandbyUnusedLettersOfCreditandbankguarantees
|
298000000 | USD |
| CY2014Q3 | noc |
Surety Bond Outstanding
SuretyBondOutstanding
|
158000000 | USD |
| CY2013Q4 | noc |
Unamortizedbenefitplancosts Tax Benefitexpense
UnamortizedbenefitplancostsTaxBenefitexpense
|
1972000000 | USD |
| CY2014Q3 | noc |
Unamortizedbenefitplancosts Tax Benefitexpense
UnamortizedbenefitplancostsTaxBenefitexpense
|
1888000000 | USD |
| dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001133421 | ||
| CY2014Q4 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
201999289 | shares |
| dei |
Entity Current Reporting Status
EntityCurrentReportingStatus
|
Yes | ||
| dei |
Entity Filer Category
EntityFilerCategory
|
Large Accelerated Filer | ||
| dei |
Entity Registrant Name
EntityRegistrantName
|
NORTHROP GRUMMAN CORP /DE/ | ||
| dei |
Entity Voluntary Filers
EntityVoluntaryFilers
|
No | ||
| dei |
Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
|
Yes | ||
| CY2014Q3 | invest |
Derivative Notional Amount
DerivativeNotionalAmount
|
127000000 | USD |
| CY2013Q4 | invest |
Derivative Notional Amount
DerivativeNotionalAmount
|
161000000 | USD |
