$NOC
NORTHROP GRUMMAN CORP /DE/

2024 Q2 Form 10-Q Financial Statement

#000113342124000026 Filed on April 25, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $10.22B $10.13B $9.301B
YoY Change 6.7% 8.95% 5.73%
Cost Of Revenue $8.027B $8.000B $7.316B
YoY Change 6.52% 9.35% 5.66%
Gross Profit $2.191B $2.133B $1.985B
YoY Change 7.4% 7.46% 5.98%
Gross Profit Margin 21.44% 21.05% 21.34%
Selling, General & Admin $1.101B $1.062B $1.038B
YoY Change 2.61% 2.31% 6.35%
% of Gross Profit 50.25% 49.79% 52.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $326.0M $299.0M $298.0M
YoY Change 0.93% 0.34% -1.65%
% of Gross Profit 14.88% 14.02% 15.01%
Operating Expenses $9.128B $9.062B $8.354B
YoY Change 750.7% 8.47% 5.75%
Operating Profit $1.090B $1.071B $947.0M
YoY Change 12.72% 13.09% 5.57%
Interest Expense -$154.0M -$146.0M -$129.0M
YoY Change 4.76% 13.18% -3.01%
% of Operating Profit -14.13% -13.63% -13.62%
Other Income/Expense, Net $43.00M $38.00M $48.00M
YoY Change -74.25% -20.83% 1100.0%
Pretax Income $1.146B $1.131B $998.0M
YoY Change 16.11% 13.33% -12.76%
Income Tax $206.0M $187.0M $156.0M
% Of Pretax Income 17.98% 16.53% 15.63%
Net Earnings $940.0M $944.0M $842.0M
YoY Change 15.76% 12.11% -11.83%
Net Earnings / Revenue 9.2% 9.32% 9.05%
Basic Earnings Per Share $6.37 $6.34 $5.52
Diluted Earnings Per Share $6.36 $6.32 $5.50
COMMON SHARES
Basic Shares Outstanding 148.0M shares 150.0M shares 153.1M shares
Diluted Shares Outstanding 147.7M shares 149.3M shares 153.2M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.611B $3.404B $2.829B
YoY Change 6.71% 20.33% 9.74%
Cash & Equivalents $3.272B $3.061B $2.495B
Short-Term Investments $339.0M $343.0M $334.0M
Other Short-Term Assets $1.363B $2.083B $924.0M
YoY Change 10.63% 125.43% 29.59%
Inventory $1.504B $1.370B $1.115B
Prepaid Expenses
Receivables $1.694B $1.832B $2.061B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $14.27B $14.80B $12.81B
YoY Change 2.87% 15.5% 10.85%
LONG-TERM ASSETS
Property, Plant & Equipment $9.771B $9.690B $8.838B
YoY Change -9.01% 9.64% 10.24%
Goodwill $17.52B $17.52B $17.52B
YoY Change -0.01% -0.01% -0.04%
Intangibles $282.0M $290.0M $364.0M
YoY Change -18.02% -20.33% -31.71%
Long-Term Investments $339.0M $343.0M $334.0M
YoY Change 1.5% 2.69% -17.33%
Other Assets $2.761B $2.641B $2.703B
YoY Change -1.6% -2.29% 14.92%
Total Long-Term Assets $33.40B $33.02B $31.43B
YoY Change 5.24% 5.05% 3.58%
TOTAL ASSETS
Total Short-Term Assets $14.27B $14.80B $12.81B
Total Long-Term Assets $33.40B $33.02B $31.43B
Total Assets $47.67B $47.82B $44.24B
YoY Change 4.52% 8.08% 5.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.352B $2.580B $2.136B
YoY Change 14.4% 20.79% 4.2%
Accrued Expenses $1.903B $1.927B $1.846B
YoY Change -8.51% 4.39% 7.76%
Deferred Revenue $3.292B $3.530B $3.211B
YoY Change -3.09% 9.93% 11.65%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.590B $1.582B $1.082B
YoY Change 44.94% 46.21% 15357.14%
Total Short-Term Liabilities $12.91B $13.13B $10.48B
YoY Change 11.69% 25.27% 18.45%
LONG-TERM LIABILITIES
Long-Term Debt $14.71B $14.74B $13.77B
YoY Change 6.6% 7.06% 7.37%
Other Long-Term Liabilities $2.674B $2.641B $1.893B
YoY Change -43.94% 39.51% -4.92%
Total Long-Term Liabilities $17.38B $17.38B $15.66B
YoY Change -6.39% 10.98% 5.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.91B $13.13B $10.48B
Total Long-Term Liabilities $17.38B $17.38B $15.66B
Total Liabilities $33.37B $33.60B $29.11B
YoY Change 10.78% 15.42% 1.72%
SHAREHOLDERS EQUITY
Retained Earnings $14.30B $14.22B $15.14B
YoY Change -7.65% -6.06% 13.99%
Common Stock $146.0M $148.0M $152.0M
YoY Change -3.31% -2.63% -2.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.30B $14.22B $15.14B
YoY Change
Total Liabilities & Shareholders Equity $47.67B $47.82B $44.24B
YoY Change 4.52% 8.08% 5.59%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $940.0M $944.0M $842.0M
YoY Change 15.76% 12.11% -11.83%
Depreciation, Depletion And Amortization $326.0M $299.0M $298.0M
YoY Change 0.93% 0.34% -1.65%
Cash From Operating Activities $1.425B -$706.0M -$702.0M
YoY Change 55.06% 0.57% 43.85%
INVESTING ACTIVITIES
Capital Expenditures $320.0M $270.0M $309.0M
YoY Change 5.26% -12.62% 26.64%
Acquisitions
YoY Change
Other Investing Activities -$1.000M -$1.000M $0.00
YoY Change -200.0% -100.0%
Cash From Investing Activities -$321.0M -$269.0M -$309.0M
YoY Change 5.94% -12.94% 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 -893.0M $927.0M $929.0M
YoY Change -427.11% -0.22% -250.08%
NET CHANGE
Cash From Operating Activities 1.425B -$706.0M -$702.0M
Cash From Investing Activities -321.0M -$269.0M -$309.0M
Cash From Financing Activities -893.0M $927.0M $929.0M
Net Change In Cash 211.0M -$48.00M -$82.00M
YoY Change -76.27% -41.46% -93.95%
FREE CASH FLOW
Cash From Operating Activities $1.425B -$706.0M -$702.0M
Capital Expenditures $320.0M $270.0M $309.0M
Free Cash Flow $1.105B -$976.0M -$1.011B
YoY Change 79.67% -3.46% 38.11%

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55000000 usd
CY2023Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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CY2024Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-40000000 usd
CY2023Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-26000000 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
927000000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-48000000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-82000000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3109000000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2577000000 usd
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
3061000000 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2495000000 usd
CY2024Q1 us-gaap Stockholders Equity
StockholdersEquity
14223000000 usd
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
15136000000 usd
CY2024Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.87
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.73
CY2024Q1 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.
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<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%">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.</span></div>
CY2024Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
78900000000 usd
CY2024Q1 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.40
CY2024Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2024Q1 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.65
CY2024Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P24M
CY2024Q1 noc Backlog Reduction Due To Contract Termination
BacklogReductionDueToContractTermination
1600000000 usd
CY2024Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1900000000 usd
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1700000000 usd
CY2024Q1 us-gaap Noncash Investing And Financing Activities Related Text
NoncashInvestingAndFinancingActivitiesRelatedText
Non-cash investing activities include capital expenditures incurred but not yet paid of $63 million and $43 million as of March 31, 2024 and 2023, respectively.
CY2024Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
63000000 usd
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
43000000 usd
CY2024Q1 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-137000000 usd
CY2023Q4 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-138000000 usd
CY2024Q1 noc Accumulated Other Comprehensive Income Loss Other Components Net Of Tax
AccumulatedOtherComprehensiveIncomeLossOtherComponentsNetOfTax
-6000000 usd
CY2023Q4 noc Accumulated Other Comprehensive Income Loss Other Components Net Of Tax
AccumulatedOtherComprehensiveIncomeLossOtherComponentsNetOfTax
10000000 usd
CY2024Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-143000000 usd
CY2023Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-128000000 usd
CY2023Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
52000000 usd
CY2024Q1 noc Total Product Inventory
TotalProductInventory
508000000 usd
CY2024Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
400000 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
600000 shares
CY2023Q2 noc Increase Decreasein Stock Dividend Percentage
IncreaseDecreaseinStockDividendPercentage
0.08
CY2024Q1 us-gaap Inventory For Long Term Contracts Or Programs
InventoryForLongTermContractsOrPrograms
862000000 usd
CY2023Q4 us-gaap Inventory For Long Term Contracts Or Programs
InventoryForLongTermContractsOrPrograms
647000000 usd
CY2024Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
357000000 usd
CY2023Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
338000000 usd
CY2024Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
92000000 usd
CY2023Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
72000000 usd
CY2024Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
59000000 usd
CY2023Q4 noc Total Product Inventory
TotalProductInventory
462000000 usd
CY2024Q1 us-gaap Inventory Net
InventoryNet
1370000000 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
1109000000 usd
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
187000000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
156000000 usd
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.165
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.156
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.165
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.156
CY2024Q1 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
44000000 usd
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation Fdii Amount
EffectiveIncomeTaxRateReconciliationFdiiAmount
15000000 usd
CY2024Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
21000000 usd
CY2023Q1 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
40000000 usd
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation Fdii Amount
EffectiveIncomeTaxRateReconciliationFdiiAmount
15000000 usd
CY2023Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
13000000 usd
CY2024Q1 us-gaap Income Tax Receivable
IncomeTaxReceivable
1300000000 usd
CY2023Q4 us-gaap Income Tax Receivable
IncomeTaxReceivable
1500000000 usd
CY2024Q1 noc Unrecognized Tax Benefit Related To Methods Of Accounting
UnrecognizedTaxBenefitRelatedToMethodsOfAccounting
2100000000 usd
CY2024Q1 noc Unrecognized Tax Benefits Related To Methods Of Accounting451b
UnrecognizedTaxBenefitsRelatedToMethodsOfAccounting451b
872000000 usd
CY2024Q1 us-gaap Increase In Unrecognized Tax Benefits Is Reasonably Possible
IncreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
90000000 usd
CY2024Q1 noc Current Unrecognized Tax Benefits
CurrentUnrecognizedTaxBenefits
1000000000 usd
CY2023Q4 noc Current Unrecognized Tax Benefits
CurrentUnrecognizedTaxBenefits
964000000 usd
CY2024Q1 us-gaap Marketable Securities
MarketableSecurities
343000000 usd
CY2023Q4 us-gaap Marketable Securities
MarketableSecurities
339000000 usd
CY2024Q1 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
15500000000 usd
CY2023Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
13400000000 usd
CY2024Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
2500000000 usd
CY2023Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
2000000000 usd
CY2024Q1 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
587000000 usd
CY2024Q1 us-gaap Loss Contingency Range Of Possible Loss Portion Not Accrued
LossContingencyRangeOfPossibleLossPortionNotAccrued
381000000 usd
CY2024Q1 us-gaap Recorded Third Party Environmental Recoveries Amount
RecordedThirdPartyEnvironmentalRecoveriesAmount
520000000 usd
CY2023Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
584000000 usd
CY2023Q4 us-gaap Loss Contingency Range Of Possible Loss Portion Not Accrued
LossContingencyRangeOfPossibleLossPortionNotAccrued
387000000 usd
CY2023Q4 us-gaap Recorded Third Party Environmental Recoveries Amount
RecordedThirdPartyEnvironmentalRecoveriesAmount
518000000 usd
CY2024Q1 noc Standby Unused Letters Of Creditandbankguarantees
StandbyUnusedLettersOfCreditandbankguarantees
363000000 usd
CY2024Q1 noc Surety Bond Outstanding
SuretyBondOutstanding
263000000 usd
CY2024Q1 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.
CY2024Q1 us-gaap Debt Instrument Covenant Compliance
DebtInstrumentCovenantCompliance
the company was in compliance with all covenants under its credit agreements.
CY2024Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
230000000 usd
CY2023Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
215000000 usd
CY2024Q1 noc Restricted Stock Rightsand Restricted Performance Stock Rights Grant Date Aggregate Fair Value
RestrictedStockRightsandRestrictedPerformanceStockRightsGrantDateAggregateFairValue
104000000 usd
CY2023Q1 noc Restricted Stock Rightsand Restricted Performance Stock Rights Grant Date Aggregate Fair Value
RestrictedStockRightsandRestrictedPerformanceStockRightsGrantDateAggregateFairValue
100000000 usd
CY2024Q1 us-gaap Revenues
Revenues
10133000000 usd
CY2023Q1 us-gaap Revenues
Revenues
9301000000 usd
CY2024Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
1071000000 usd
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
947000000 usd
CY2024Q1 us-gaap Interest And Debt Expense
InterestAndDebtExpense
146000000 usd
CY2023Q1 us-gaap Interest And Debt Expense
InterestAndDebtExpense
129000000 usd
CY2024Q1 noc Non Operating Fas Pension Benefit
NonOperatingFASPensionBenefit
168000000 usd
CY2023Q1 noc Non Operating Fas Pension Benefit
NonOperatingFASPensionBenefit
132000000 usd
CY2024Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
38000000 usd
CY2023Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
48000000 usd
CY2024Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1131000000 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
998000000 usd
CY2024Q1 us-gaap Revenues
Revenues
10133000000 usd
CY2024Q1 noc Revenuefrom Contractwith Customer Percentage
RevenuefromContractwithCustomerPercentage
1
CY2023Q1 us-gaap Revenues
Revenues
9301000000 usd
CY2023Q1 noc Revenuefrom Contractwith Customer Percentage
RevenuefromContractwithCustomerPercentage
1
CY2024Q1 us-gaap Revenues
Revenues
10133000000 usd
CY2023Q1 us-gaap Revenues
Revenues
9301000000 usd
CY2024Q1 us-gaap Revenues
Revenues
10133000000 usd
CY2023Q1 us-gaap Revenues
Revenues
9301000000 usd

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