$NOC
NORTHROP GRUMMAN CORP /DE/

2023 Q2 Form 10-Q Financial Statement

#000113342123000027 Filed on April 27, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $9.576B $9.301B
YoY Change 8.81% 5.73%
Cost Of Revenue $7.536B $7.316B
YoY Change 10.14% 5.66%
Gross Profit $2.040B $1.985B
YoY Change 4.13% 5.98%
Gross Profit Margin 21.3% 21.34%
Selling, General & Admin $1.073B $1.038B
YoY Change 6.77% 6.35%
% of Gross Profit 52.6% 52.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $323.0M $298.0M
YoY Change -2.12% -1.65%
% of Gross Profit 15.83% 15.01%
Operating Expenses $1.073B $8.354B
YoY Change -86.33% 5.75%
Operating Profit $967.0M $947.0M
YoY Change 1.36% 5.57%
Interest Expense -$147.0M -$129.0M
YoY Change 12.21% -3.01%
% of Operating Profit -15.2% -13.62%
Other Income/Expense, Net $167.0M $48.00M
YoY Change -434.0% 1100.0%
Pretax Income $987.0M $998.0M
YoY Change -14.17% -12.76%
Income Tax $175.0M $156.0M
% Of Pretax Income 17.73% 15.63%
Net Earnings $812.0M $842.0M
YoY Change -14.16% -11.83%
Net Earnings / Revenue 8.48% 9.05%
Basic Earnings Per Share $5.35 $5.52
Diluted Earnings Per Share $5.34 $5.50
COMMON SHARES
Basic Shares Outstanding 151.9M shares 153.1M shares
Diluted Shares Outstanding 152.2M shares 153.2M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.384B $2.829B
YoY Change 122.78% 9.74%
Cash & Equivalents $3.384B $2.495B
Short-Term Investments $334.0M $334.0M
Other Short-Term Assets $1.232B $924.0M
YoY Change 28.2% 29.59%
Inventory $1.287B $1.115B
Prepaid Expenses
Receivables $7.966B $2.061B
Other Receivables $0.00 $0.00
Total Short-Term Assets $13.87B $12.81B
YoY Change 19.18% 10.85%
LONG-TERM ASSETS
Property, Plant & Equipment $10.74B $8.838B
YoY Change 32.17% 10.24%
Goodwill $17.52B $17.52B
YoY Change -0.01% -0.04%
Intangibles $344.0M $364.0M
YoY Change -28.78% -31.71%
Long-Term Investments $334.0M $334.0M
YoY Change -4.57% -17.33%
Other Assets $2.806B $2.703B
YoY Change 25.1% 14.92%
Total Long-Term Assets $31.74B $31.43B
YoY Change 4.83% 3.58%
TOTAL ASSETS
Total Short-Term Assets $13.87B $12.81B
Total Long-Term Assets $31.74B $31.43B
Total Assets $45.61B $44.24B
YoY Change 8.82% 5.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.056B $2.136B
YoY Change -2.0% 4.2%
Accrued Expenses $2.080B $1.846B
YoY Change 7.88% 7.76%
Deferred Revenue $3.397B $3.211B
YoY Change 24.25% 11.65%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.097B $1.082B
YoY Change 7735.71% 15357.14%
Total Short-Term Liabilities $11.56B $10.48B
YoY Change 28.75% 18.45%
LONG-TERM LIABILITIES
Long-Term Debt $13.80B $13.77B
YoY Change 7.5% 7.37%
Other Long-Term Liabilities $4.770B $1.893B
YoY Change 141.4% -4.92%
Total Long-Term Liabilities $18.57B $15.66B
YoY Change 25.36% 5.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.56B $10.48B
Total Long-Term Liabilities $18.57B $15.66B
Total Liabilities $30.12B $29.11B
YoY Change 6.58% 1.72%
SHAREHOLDERS EQUITY
Retained Earnings $15.49B $15.14B
YoY Change 13.4% 13.99%
Common Stock $151.0M $152.0M
YoY Change -2.58% -2.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.49B $15.14B
YoY Change
Total Liabilities & Shareholders Equity $45.61B $44.24B
YoY Change 8.82% 5.59%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $812.0M $842.0M
YoY Change -14.16% -11.83%
Depreciation, Depletion And Amortization $323.0M $298.0M
YoY Change -2.12% -1.65%
Cash From Operating Activities $919.0M -$702.0M
YoY Change -566.5% 43.85%
INVESTING ACTIVITIES
Capital Expenditures $304.0M $309.0M
YoY Change -215.59% 26.64%
Acquisitions
YoY Change
Other Investing Activities $1.000M $0.00
YoY Change -97.73% -100.0%
Cash From Investing Activities -$303.0M -$309.0M
YoY Change 38.36% 24.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 273.0M $929.0M
YoY Change -146.35% -250.08%
NET CHANGE
Cash From Operating Activities 919.0M -$702.0M
Cash From Investing Activities -303.0M -$309.0M
Cash From Financing Activities 273.0M $929.0M
Net Change In Cash 889.0M -$82.00M
YoY Change -188.46% -93.95%
FREE CASH FLOW
Cash From Operating Activities $919.0M -$702.0M
Capital Expenditures $304.0M $309.0M
Free Cash Flow $615.0M -$1.011B
YoY Change 831.82% 38.11%

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PaymentsForRepurchaseOfCommonStock
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CY2022Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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CY2023Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
270000000 usd
CY2022Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
251000000 usd
CY2023Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
47000000 usd
CY2022Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
48000000 usd
CY2023Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-26000000 usd
CY2022Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-2000000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
929000000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-82000000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1356000000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2577000000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3530000000 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2495000000 usd
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2174000000 usd
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
15136000000 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
13287000000 usd
CY2022Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.73
CY2021Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.57
CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
77500000000 usd
CY2023Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionExplanation
Of our March 31, 2023 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.
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1700000000 usd
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1400000000 usd
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation Fdii Amount
EffectiveIncomeTaxRateReconciliationFdiiAmount
15000000 usd
CY2023Q1 us-gaap Fiscal Period
FiscalPeriod
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.
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
Preparation of the financial statements 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.
CY2023Q1 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
62000000 usd
CY2022Q1 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
209000000 usd
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
600000 shares
CY2023Q1 us-gaap Noncash Investing And Financing Activities Related Text
NoncashInvestingAndFinancingActivitiesRelatedText
During the three months ended March 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. Non-cash investing activities also include capital expenditures incurred but not yet paid of $43 million and $56 million as of March 31, 2023 and 2022, respectively.
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
43000000 usd
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
56000000 usd
CY2023Q1 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-159000000 usd
CY2022Q4 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-161000000 usd
CY2023Q1 noc Accumulated Other Comprehensive Income Loss Other Components Net Of Tax
AccumulatedOtherComprehensiveIncomeLossOtherComponentsNetOfTax
8000000 usd
CY2022Q4 noc Accumulated Other Comprehensive Income Loss Other Components Net Of Tax
AccumulatedOtherComprehensiveIncomeLossOtherComponentsNetOfTax
8000000 usd
CY2023Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-151000000 usd
CY2022Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-153000000 usd
CY2022Q2 noc Increase Decreasein Stock Dividend Percentage
IncreaseDecreaseinStockDividendPercentage
0.10
CY2022Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.73
CY2021Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.57
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
156000000 usd
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
189000000 usd
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.156
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.165
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.156
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.165
CY2023Q1 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
40000000 usd
CY2022Q1 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
41000000 usd
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation Fdii Amount
EffectiveIncomeTaxRateReconciliationFdiiAmount
15000000 usd
CY2023Q1 us-gaap Income Tax Receivable
IncomeTaxReceivable
274000000 usd
CY2022Q4 us-gaap Income Tax Receivable
IncomeTaxReceivable
850000000 usd
CY2023Q1 noc Unrecognized Tax Benefit Related To Methods Of Accounting
UnrecognizedTaxBenefitRelatedToMethodsOfAccounting
1700000000 usd
CY2023Q1 noc Unrecognized Tax Benefits Related To Methods Of Accounting451b
UnrecognizedTaxBenefitsRelatedToMethodsOfAccounting451b
572000000 usd
CY2023Q1 us-gaap Increase In Unrecognized Tax Benefits Is Reasonably Possible
IncreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
120000000 usd
CY2023Q1 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
100000000 usd
CY2023Q1 noc Current Unrecognized Tax Benefits
CurrentUnrecognizedTaxBenefits
769000000 usd
CY2022Q4 noc Current Unrecognized Tax Benefits
CurrentUnrecognizedTaxBenefits
728000000 usd
CY2023Q1 us-gaap Recorded Third Party Environmental Recoveries Amount
RecordedThirdPartyEnvironmentalRecoveriesAmount
498000000 usd
CY2022Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
565000000 usd
CY2023Q1 us-gaap Marketable Securities
MarketableSecurities
334000000 usd
CY2022Q4 us-gaap Marketable Securities
MarketableSecurities
332000000 usd
CY2023Q1 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
14400000000 usd
CY2022Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
12100000000 usd
CY2023Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
2000000000 usd
CY2023Q1 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
570000000 usd
CY2023Q1 us-gaap Loss Contingency Range Of Possible Loss Portion Not Accrued
LossContingencyRangeOfPossibleLossPortionNotAccrued
357000000 usd
CY2022Q4 us-gaap Loss Contingency Range Of Possible Loss Portion Not Accrued
LossContingencyRangeOfPossibleLossPortionNotAccrued
353000000 usd
CY2022Q4 us-gaap Recorded Third Party Environmental Recoveries Amount
RecordedThirdPartyEnvironmentalRecoveriesAmount
486000000 usd
CY2023Q1 noc Standby Unused Letters Of Creditandbankguarantees
StandbyUnusedLettersOfCreditandbankguarantees
367000000 usd
CY2023Q1 noc Surety Bond Outstanding
SuretyBondOutstanding
79000000 usd
CY2023Q1 us-gaap Line Of Credit Facility Covenant Terms
LineOfCreditFacilityCovenantTerms
The company also cannot permit the ratio of its debt to capitalization (as set forth in the credit agreement) to exceed 65 percent.
CY2023Q1 us-gaap Debt Instrument Covenant Compliance
DebtInstrumentCovenantCompliance
the company was in compliance with all covenants under its credit agreements.
CY2023Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
215000000 usd
CY2022Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
199000000 usd
CY2023Q1 noc Restricted Stock Rightsand Restricted Performance Stock Rights Grant Date Aggregate Fair Value
RestrictedStockRightsandRestrictedPerformanceStockRightsGrantDateAggregateFairValue
100000000 usd
CY2022Q1 noc Restricted Stock Rightsand Restricted Performance Stock Rights Grant Date Aggregate Fair Value
RestrictedStockRightsandRestrictedPerformanceStockRightsGrantDateAggregateFairValue
88000000 usd
CY2023Q1 us-gaap Revenues
Revenues
9301000000 usd
CY2022Q1 us-gaap Revenues
Revenues
8797000000 usd
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
947000000 usd
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
897000000 usd
CY2023Q1 us-gaap Revenues
Revenues
9301000000 usd
CY2023Q1 noc Revenuefrom Contractwith Customer Percentage
RevenuefromContractwithCustomerPercentage
1
CY2022Q1 us-gaap Revenues
Revenues
8797000000 usd
CY2022Q1 noc Revenuefrom Contractwith Customer Percentage
RevenuefromContractwithCustomerPercentage
1
CY2023Q1 us-gaap Revenues
Revenues
9301000000 usd
CY2022Q1 us-gaap Revenues
Revenues
8797000000 usd
CY2023Q1 us-gaap Revenues
Revenues
9301000000 usd
CY2022Q1 us-gaap Revenues
Revenues
8797000000 usd
CY2023Q1 us-gaap Gain On Sale Of Investments
GainOnSaleOfInvestments
100000000 usd

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