$NOC
NORTHROP GRUMMAN CORP /DE/

2017 Q3 Form 10-Q Financial Statement

#000113342117000045 Filed on October 25, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $6.569B $6.155B
YoY Change 6.73% 2.94%
Cost Of Revenue $1.863B $1.907B
YoY Change -2.31% 0.95%
Gross Profit $4.706B $4.248B
YoY Change 10.78% 3.86%
Gross Profit Margin 71.64% 69.02%
Selling, General & Admin $679.0M $662.0M
YoY Change 2.57% -0.15%
% of Gross Profit 14.43% 15.58%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $111.0M $113.0M
YoY Change -1.77% 0.0%
% of Gross Profit 2.36% 2.66%
Operating Expenses $679.0M $662.0M
YoY Change 2.57% -0.15%
Operating Profit $829.0M $826.0M
YoY Change 0.36% 4.03%
Interest Expense -$73.00M -$74.00M
YoY Change -1.35% -1.33%
% of Operating Profit -8.81% -8.96%
Other Income/Expense, Net $16.00M $17.00M
YoY Change -5.88% 70.0%
Pretax Income $782.0M $769.0M
YoY Change 1.69% 5.49%
Income Tax $139.0M $167.0M
% Of Pretax Income 17.77% 21.72%
Net Earnings $750.0M $602.0M
YoY Change 24.58% 16.67%
Net Earnings / Revenue 11.42% 9.78%
Basic Earnings Per Share $4.31 $3.38
Diluted Earnings Per Share $4.28 $3.35
COMMON SHARES
Basic Shares Outstanding 174.2M shares 178.1M shares
Diluted Shares Outstanding 175.3M shares 179.6M shares

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.878B $1.103B
YoY Change 70.26% -14.63%
Cash & Equivalents $1.878B $1.103B
Short-Term Investments
Other Short-Term Assets $300.0M $212.0M
YoY Change 41.51% 6.53%
Inventory $1.007B $797.0M
Prepaid Expenses
Receivables $4.414B $3.659B
Other Receivables $0.00 $0.00
Total Short-Term Assets $7.599B $5.771B
YoY Change 31.68% -3.02%
LONG-TERM ASSETS
Property, Plant & Equipment $3.925B $3.334B
YoY Change 17.73% 10.95%
Goodwill $12.46B $12.46B
YoY Change -0.06% 0.05%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.333B $1.292B
YoY Change 3.17% 7.67%
Total Long-Term Assets $18.91B $18.33B
YoY Change 3.19% 1.74%
TOTAL ASSETS
Total Short-Term Assets $7.599B $5.771B
Total Long-Term Assets $18.91B $18.33B
Total Assets $26.51B $24.10B
YoY Change 10.01% 0.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.507B $1.325B
YoY Change 13.74% 10.97%
Accrued Expenses $1.309B $1.257B
YoY Change 4.14% 4.06%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $863.0M
YoY Change
Total Short-Term Liabilities $6.300B $5.106B
YoY Change 23.38% -0.53%
LONG-TERM LIABILITIES
Long-Term Debt $6.227B $6.387B
YoY Change -2.51% -0.47%
Other Long-Term Liabilities $914.0M $831.0M
YoY Change 9.99% -11.69%
Total Long-Term Liabilities $914.0M $831.0M
YoY Change 9.99% -11.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.300B $5.106B
Total Long-Term Liabilities $914.0M $831.0M
Total Liabilities $20.02B $18.33B
YoY Change 9.2% 0.35%
SHAREHOLDERS EQUITY
Retained Earnings $11.55B $10.63B
YoY Change 8.64% 0.14%
Common Stock $190.0M $177.0M
YoY Change 7.34% -3.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.608B $5.767B
YoY Change
Total Liabilities & Shareholders Equity $26.51B $24.10B
YoY Change 10.01% 0.56%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $750.0M $602.0M
YoY Change 24.58% 16.67%
Depreciation, Depletion And Amortization $111.0M $113.0M
YoY Change -1.77% 0.0%
Cash From Operating Activities $938.0M $738.0M
YoY Change 27.1% 32.5%
INVESTING ACTIVITIES
Capital Expenditures -$217.0M -$137.0M
YoY Change 58.39% 34.31%
Acquisitions
YoY Change
Other Investing Activities $14.00M $1.000M
YoY Change 1300.0% -97.37%
Cash From Investing Activities -$203.0M -$136.0M
YoY Change 49.26% 112.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -240.0M -638.0M
YoY Change -62.38% -42.42%
NET CHANGE
Cash From Operating Activities 938.0M 738.0M
Cash From Investing Activities -203.0M -136.0M
Cash From Financing Activities -240.0M -638.0M
Net Change In Cash 495.0M -36.00M
YoY Change -1475.0% -94.15%
FREE CASH FLOW
Cash From Operating Activities $938.0M $738.0M
Capital Expenditures -$217.0M -$137.0M
Free Cash Flow $1.155B $875.0M
YoY Change 32.0% 32.78%

Facts In Submission

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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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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;">On May 28, 2014, the FASB issued 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;">. ASU 2014-09 supersedes existing revenue recognition guidance, including ASC 605-35, </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;">and 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. On July 9, 2015, the FASB approved a one year deferral of the effective date of ASU 2014-09 to annual reporting periods beginning after December 15, 2017. ASU 2014-09 may be applied either retrospectively or through the use of a modified-retrospective method. We expect to adopt the standard on January 1, 2018 and apply it retrospectively to all periods presented.</font></div><div style="line-height:120%;padding-bottom:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During 2016, we substantially completed our evaluation of ASU 2014-09, including the expected impact on our business processes, systems and controls, and potential differences in the timing and/or method of revenue recognition for our contracts. As a result of our evaluation, we identified changes to and are modifying certain of our accounting policies and practices. We also designed and implemented specific controls over our evaluation of the impact of ASU 2014-09, including our calculation of the cumulative effect of adopting ASU 2014-09. Although we do not expect significant changes to our accounting systems or controls upon adoption of ASU 2014-09, we have modified certain of our current controls to incorporate the revisions we have made to our accounting policies and practices.</font></div><div style="line-height:120%;padding-bottom:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Based on our evaluation of ASU 2014-09, we currently do not expect it to have a material impact on our results of operations or cash flows in the periods after adoption. Under ASU 2014-09, revenue is recognized as control transfers to the customer. As such, revenue for our contracts will generally be recognized over time using the cost-to-cost method, which is consistent with the revenue recognition model we currently use for the majority of our contracts. For those contracts where we currently recognize revenue as units are delivered, in most cases the accounting for those contracts will change under ASU 2014-09 such that we will recognize revenue as costs are incurred. This change will generally result in an acceleration of revenue as compared with our current revenue recognition method for those contracts. In addition, for certain of our contracts, we expect the number of performance obligations to change under ASU 2014-09, which may alter the timing of revenue and margin recognition.</font></div><div style="line-height:120%;padding-bottom:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">ASU 2014-09 also requires expanded disclosure regarding the nature, timing, and uncertainty of revenue, cash flow and customer contract balances, including how and when we satisfy our performance obligations and the relationship between revenue recognized and changes in contract balances during a reporting period. We have evaluated these disclosure requirements and are incorporating the collection of relevant data into our quarterly processes.</font></div><div style="line-height:120%;padding-bottom:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the second quarter of 2017, we completed our assessment of the cumulative effect of adopting ASU 2014-09. Under the full retrospective method, we expect to recognize the cumulative effect of adoption as an increase in unbilled accounts receivable, a reduction in inventoried costs, an increase in advance payments and amounts in excess of costs incurred and a net increase in retained earnings as of January 1, 2016. During the second quarter of 2017, we also completed our assessment of the impact of adoption on our 2016 results. We currently expect adopting ASU 2014-09 to result in an increase in revenue of approximately </font><font style="font-family:inherit;font-size:10pt;">$200 million</font><font style="font-family:inherit;font-size:10pt;"> and a decrease in operating income of approximately </font><font style="font-family:inherit;font-size:10pt;">$70 million</font><font style="font-family:inherit;font-size:10pt;"> for the year ended December 31, 2016. These changes principally reflect the impact of converting contracts to the cost-to-cost method of accounting as well as changes in the number of performance obligations for certain of our contracts. The impact of adopting ASU 2014-09 on our 2016 results of operations may not be indicative of the impact in future years. We will continue our evaluation of ASU 2014-09 (including how it may impact new contracts we receive as well as new or emerging interpretations of the standard) through the date of adoption.</font></div></div><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;">We expect adoption of ASU 2017-07 to result in a change in our net FAS/CAS pension adjustment within operating income, which will be offset by a corresponding change in Other, net to reflect the impact of presenting the interest cost, expected return on plan assets, and amortization of prior service credit and net actuarial loss components of net periodic benefit costs outside of operating income. In addition, interest on service cost and plan administrative expenses, which, in some cases, are currently included within service cost, will be presented in the interest cost and amortization of net actuarial loss components, respectively, in Other, net. We expect to adopt ASU 2017-07 on January 1, 2018 using the retrospective method and do not anticipate a material change to our 2017 net FAS/CAS pension adjustment or other, net when they are recast to reflect the standard. </font></div></div><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;">On February 25, 2016, the FASB issued ASU No. 2016-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases (Topic 842)</font><font style="font-family:inherit;font-size:10pt;">. ASU 2016-02 supersedes existing lease guidance, including Accounting Standards Codification (ASC) 840 - </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases</font><font style="font-family:inherit;font-size:10pt;">. Among other things, ASU 2016-02 requires recognition of a right-of-use asset and liability for future lease payments for contracts that meet the definition of a lease and requires disclosure of certain information about leasing arrangements. ASU 2016-02 will be effective January 1, 2019, although early adoption is permitted, and it is to be applied using a modified retrospective approach. We expect to adopt the standard on January 1, 2019.</font><font style="font-family:inherit;font-size:10pt;"> We are reviewing our leases to determine the effect ASU 2016-02 will have on the company&#8217;s consolidated financial position, annual results of operations and/or cash flows. We currently expect the right-of-use assets and lease liabilities recognized upon adoption will each approximate our future minimum lease payments, as disclosed in our 2016 Annual Report on Form 10-K. We do not expect ASU 2016-02 to have a material impact on our annual results of operations and/or cash flows.</font></div></div><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;">On March 10, 2017, the </font><font style="font-family:inherit;font-size:10pt;">Financial Accounting Standards Board (FASB)</font><font style="font-family:inherit;font-size:10pt;"> issued </font><font style="font-family:inherit;font-size:10pt;">Accounting Standards Update (ASU) </font><font style="font-family:inherit;font-size:10pt;">No. 2017-07 </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Compensation Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost</font><font style="font-family:inherit;font-size:10pt;">. ASU 2017-07 requires employers that sponsor defined benefit pension and/or other post-retirement benefit plans to report the service cost component of net benefit cost in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. Employers are required to present the other components of net benefit costs in the income statement separately from the service cost component and outside a subtotal of income from operations. Additionally, only the service cost component of net periodic pension cost will be eligible for asset capitalization.</font></div></div>
us-gaap Fiscal Period
FiscalPeriod
<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&#160;31, second quarter as ending on June&#160;30 and third quarter as ending on September&#160;30. It is the company&#8217;s long-standing practice to establish actual interim closing dates using a &#8220;fiscal&#8221; 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>
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 sales are derived from long-term contracts with the U.S. Government for the production of goods, the provision of services, or a combination of both. In accounting for these contracts, we utilize either the cost-to-cost method or the units-of-delivery method of percentage-of-completion accounting, with cost-to-cost being the predominant method. The company estimates profit on contracts as the difference between total estimated sales and total estimated cost at completion and recognizes that profit either as costs are incurred (cost-to-cost) or as units are delivered (units-of-delivery). The company classifies sales as product or service depending upon the predominant attributes of the contract.</font></div><div style="line-height:120%;padding-bottom:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Contract sales may include estimated amounts not contractually agreed to or yet funded by the customer, including cost or performance incentives (such as award and incentive fees), un-priced change orders, contract claims and requests for equitable adjustment (REAs). Further, as contracts are performed, change orders can be a regular occurrence and may be un-priced until negotiated with the customer. Un-priced change orders, contract claims (including change orders unapproved as to both scope and price) and REAs are included in estimated contract sales when management believes it is probable the un-priced change order, claim and/or REA will result in additional contract revenue and the amount can be reliably estimated considering the facts and circumstances known to us at the time. </font></div></div><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;font-style:italic;">Net Estimate-At-Completion (EAC) Adjustments</font><font style="font-family:inherit;font-size:10pt;"> - We recognize changes in estimated contract sales or costs and the resulting changes in contract operating margins using the cumulative catch-up method of accounting. This method recognizes, in current period operating margin, the cumulative effect of the changes on current and prior periods as net EAC adjustments; sales and operating margins in future periods of contract performance are recognized as if the revised estimates had been used since contract inception. If it is determined that a loss will result from the performance of a contract, the entire amount of the estimable future loss, including an allocation of general and administrative costs, is charged against income in the period the loss is identified. Each loss provision is first offset against costs included in unbilled accounts receivable or inventoried costs; remaining amounts are reflected in current liabilities.</font></div><div style="line-height:120%;padding-bottom:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Significant EAC adjustments on a single contract could have a material effect on the company&#8217;s unaudited condensed consolidated financial position or results of operations. When such adjustments occur, we generally disclose the nature, underlying conditions and financial impact of the adjustments.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<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;">These unaudited condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221; or &#8220;FAS&#8221;). 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 sales 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>

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