2023 Q1 Form 10-K Financial Statement

#000113342123000006 Filed on January 26, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $9.301B $10.03B $36.60B
YoY Change 5.73% 16.14% 2.62%
Cost Of Revenue $7.316B $8.209B $29.13B
YoY Change 5.66% 15.82% 2.57%
Gross Profit $1.985B $1.824B $7.474B
YoY Change 5.98% 17.6% 2.83%
Gross Profit Margin 21.34% 18.18% 20.42%
Selling, General & Admin $1.038B $918.0M $2.673B
YoY Change 6.35% 13.47% 7.05%
% of Gross Profit 52.29% 50.33% 35.76%
Research & Development $1.200B
YoY Change 9.09%
% of Gross Profit 16.06%
Depreciation & Amortization $298.0M $382.0M $1.342B
YoY Change -1.65% 15.41% 8.31%
% of Gross Profit 15.01% 20.94% 17.96%
Operating Expenses $8.354B $918.0M $33.00B
YoY Change 5.75% 13.47% 3.14%
Operating Profit $947.0M $906.0M $3.601B
YoY Change 5.57% 22.1% -36.28%
Interest Expense -$129.0M -$120.0M -$506.0M
YoY Change -3.01% -9.77% -8.99%
% of Operating Profit -13.62% -13.25% -14.05%
Other Income/Expense, Net $48.00M $1.666B $4.000M
YoY Change 1100.0% -39.11% -78.95%
Pretax Income $998.0M $2.452B $5.836B
YoY Change -12.76% -26.7% -34.71%
Income Tax $156.0M $372.0M $940.0M
% Of Pretax Income 15.63% 15.17% 16.11%
Net Earnings $842.0M $2.080B $4.896B
YoY Change -11.83% -23.25% -30.11%
Net Earnings / Revenue 9.05% 20.73% 13.38%
Basic Earnings Per Share $5.52 $31.61
Diluted Earnings Per Share $5.50 $13.45M $31.47
COMMON SHARES
Basic Shares Outstanding 153.1M shares 153.9M shares 154.9M shares
Diluted Shares Outstanding 153.2M shares 155.6M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.829B $2.909B $2.577B
YoY Change 9.74% -26.32% -27.0%
Cash & Equivalents $2.495B $2.577B $2.577B
Short-Term Investments $334.0M $332.0M
Other Short-Term Assets $924.0M $1.439B $1.439B
YoY Change 29.59% 27.8% 27.8%
Inventory $1.115B $978.0M $978.0M
Prepaid Expenses
Receivables $2.061B $1.511B $7.494B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $12.81B $12.49B $12.49B
YoY Change 10.85% 0.5% 0.5%
LONG-TERM ASSETS
Property, Plant & Equipment $8.838B $8.800B $10.61B
YoY Change 10.24% 11.48% 11.12%
Goodwill $17.52B $17.52B
YoY Change -0.04% 0.01%
Intangibles $364.0M $384.0M
YoY Change -31.71% -33.56%
Long-Term Investments $334.0M $332.0M $332.0M
YoY Change -17.33% -20.57% -20.57%
Other Assets $2.703B $2.594B $2.424B
YoY Change 14.92% 12.25% 15.81%
Total Long-Term Assets $31.43B $31.27B $31.27B
YoY Change 3.58% 3.69% 3.69%
TOTAL ASSETS
Total Short-Term Assets $12.81B $12.49B $12.49B
Total Long-Term Assets $31.43B $31.27B $31.27B
Total Assets $44.24B $43.76B $43.76B
YoY Change 5.59% 2.76% 2.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.136B $2.587B $2.587B
YoY Change 4.2% 17.75% 17.75%
Accrued Expenses $1.846B $2.255B $2.554B
YoY Change 7.76% 2.45% 2.78%
Deferred Revenue $3.211B $3.609B
YoY Change 11.65% 19.27%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.082B $1.072B $1.072B
YoY Change 15357.14% 17766.67% 17766.67%
Total Short-Term Liabilities $10.48B $11.59B $11.59B
YoY Change 18.45% 21.58% 21.58%
LONG-TERM LIABILITIES
Long-Term Debt $13.77B $11.81B $11.81B
YoY Change 7.37% -7.61% -7.61%
Other Long-Term Liabilities $1.893B $1.907B $4.919B
YoY Change -4.92% -4.51% -28.25%
Total Long-Term Liabilities $15.66B $13.71B $16.72B
YoY Change 5.72% -7.19% -14.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.48B $11.59B $11.59B
Total Long-Term Liabilities $15.66B $13.71B $16.72B
Total Liabilities $29.11B $28.44B $28.44B
YoY Change 1.72% -4.08% -4.08%
SHAREHOLDERS EQUITY
Retained Earnings $15.14B $15.31B
YoY Change 13.99% 18.58%
Common Stock $152.0M $153.0M
YoY Change -2.56% -1.92%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.14B $15.31B $15.31B
YoY Change
Total Liabilities & Shareholders Equity $44.24B $43.76B $43.76B
YoY Change 5.59% 2.76% 2.76%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $842.0M $2.080B $4.896B
YoY Change -11.83% -23.25% -30.11%
Depreciation, Depletion And Amortization $298.0M $382.0M $1.342B
YoY Change -1.65% 15.41% 8.31%
Cash From Operating Activities -$702.0M $2.251B $2.901B
YoY Change 43.85% 56.1% -18.67%
INVESTING ACTIVITIES
Capital Expenditures $309.0M -$632.0M $1.435B
YoY Change 26.64% -13.78% 1.41%
Acquisitions
YoY Change
Other Investing Activities $0.00 $54.00M -$39.00M
YoY Change -100.0% -775.0% -454.55%
Cash From Investing Activities -$309.0M -$578.0M -$1.241B
YoY Change 24.1% -22.0% -160.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.504B
YoY Change -59.41%
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities $929.0M -762.0M -$2.613B
YoY Change -250.08% -37.85% -62.68%
NET CHANGE
Cash From Operating Activities -$702.0M 2.251B $2.901B
Cash From Investing Activities -$309.0M -578.0M -$1.241B
Cash From Financing Activities $929.0M -762.0M -$2.613B
Net Change In Cash -$82.00M 911.0M -$953.0M
YoY Change -93.95% -273.52% -30.79%
FREE CASH FLOW
Cash From Operating Activities -$702.0M $2.251B $2.901B
Capital Expenditures $309.0M -$632.0M $1.435B
Free Cash Flow -$1.011B $2.883B $1.466B
YoY Change 38.11% 32.55% -31.88%

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CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2021 noc Pre Tax Gain On Sale Of Business
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CY2022 us-gaap Use Of Estimates
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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Accounting Estimates</span></div><div style="margin-bottom:5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The company’s consolidated financial statements are prepared in conformity with U.S. 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 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.</span></div>
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CY2022 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionExplanation
Of our December 31, 2022 backlog, we expect to recognize approximately 40 percent as revenue over the next 12 months and 65 percent as revenue over the next 24 months, with the remainder to be recognized thereafter.
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CY2022 us-gaap Contract With Customer Liability Revenue Recognized
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CY2022 noc Researchand Developmentasa Percentof Sales
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CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2022Q4 us-gaap Cash Surrender Value Of Life Insurance
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CY2022Q4 us-gaap Property Plant And Equipment Gross
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CY2021Q4 us-gaap Property Plant And Equipment Gross
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CY2020 noc Revenue From Sale Of Equipment To A Customer
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CY2022 noc Cash Flow From Sale Of Equipment To A Customer
CashFlowFromSaleOfEquipmentToACustomer
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CY2020 noc Cash Flow From Sale Of Equipment To A Customer
CashFlowFromSaleOfEquipmentToACustomer
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CY2022 us-gaap Noncash Investing And Financing Activities Related Text
NoncashInvestingAndFinancingActivitiesRelatedText
During the year ended December 31, 2022, the company acquired $46 million of internal use software through long-term financing directly with the supplier. The software was recorded in PP&E as a non-cash investing activity and the related liability was recorded in long-term debt as a non-cash financing activity. During the years ended December 31, 2022 and 2021, the company received lease incentives for landlord funded leasehold improvements of $96 million and $150 million, respectively, related to a Space Systems real estate lease, which were recorded in PP&E and included in non-cash investing activities. On December 28, 2022 the company acquired certain leased land in exchange for company-owned land, which had been used previously for production-related activities at Space Systems. The exchange was accounted for as a nonmonetary transaction, and the acquired land, valued at approximately $155 million, was recorded in PP&E as a non-cash investing activity. The transaction resulted in a $96 million gain, which was reflected in operating costs and expenses in the consolidated statements of earnings and comprehensive income.Non-cash investing activities also include capital expenditures incurred but not yet paid of $113 million, $91 million and $72 million as of December 31, 2022, 2021 and 2020, respectively.
CY2022 us-gaap Gain Loss On Disposition Of Assets1
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CY2020 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
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CY2021Q4 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
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CY2022Q4 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
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CY2021Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2021Q1 us-gaap Disposal Group Including Discontinued Operation Consideration
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CY2021 noc Pre Tax Gain On Sale Of Business
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CY2021 us-gaap Income Loss From Individually Significant Component Disposed Of Or Held For Sale Excluding Discontinued Operations Attributable To Parent Before Income Tax
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CY2020 us-gaap Income Loss From Individually Significant Component Disposed Of Or Held For Sale Excluding Discontinued Operations Attributable To Parent Before Income Tax
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CY2022 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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CY2021 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
600000 shares
CY2020 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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CY2021Q1 noc Accelerated Share Repurchase
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CY2021Q1 noc Accelerated Share Repurchases Payment
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CY2021Q1 noc Acceleratedsharerepurchaseinitialreceiptshares
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CY2021Q1 noc Accelerated Share Repurchase Initial Receipt Monetary
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CY2021Q2 noc Accelerated Share Repurchase Remaining Amount
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CY2021Q2 noc Accelerated Share Repurchase Final Delivery Possible Settlement Shares
AcceleratedShareRepurchaseFinalDeliveryPossibleSettlementShares
200000 shares
CY2021Q2 noc Accelerated Share Repurchase Share Price
AcceleratedShareRepurchaseSharePrice
327.29 usd
CY2021Q4 noc Accelerated Share Repurchase
AcceleratedShareRepurchase
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CY2021Q4 noc Accelerated Share Repurchases Payment
AcceleratedShareRepurchasesPayment
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CY2021Q4 noc Acceleratedsharerepurchaseinitialreceiptshares
Acceleratedsharerepurchaseinitialreceiptshares
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CY2021Q4 noc Accelerated Share Repurchase Initial Receipt Monetary
AcceleratedShareRepurchaseInitialReceiptMonetary
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CY2022Q1 noc Accelerated Share Repurchase Remaining Amount
AcceleratedShareRepurchaseRemainingAmount
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CY2022Q1 noc Accelerated Share Repurchase Final Delivery Possible Settlement Shares
AcceleratedShareRepurchaseFinalDeliveryPossibleSettlementShares
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CY2022Q1 noc Accelerated Share Repurchase Share Price
AcceleratedShareRepurchaseSharePrice
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CY2022 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
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CY2021 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
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CY2020 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
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CY2022Q2 noc Increase Decreasein Stock Dividend Percentage
IncreaseDecreaseinStockDividendPercentage
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CY2022Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.73
CY2021Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.57
CY2021Q2 noc Increase Decreasein Stock Dividend Percentage
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CY2021Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.57
CY2020Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.45
CY2020Q2 noc Increase Decreasein Stock Dividend Percentage
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CY2020Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.45
CY2019Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
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CY2022Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
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CY2021Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
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