2024 Q4 Form 10-Q Financial Statement

#000113342124000064 Filed on October 24, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $9.996B
YoY Change 2.26%
Cost Of Revenue $7.890B
YoY Change 2.02%
Gross Profit $2.106B
YoY Change 3.18%
Gross Profit Margin 21.07%
Selling, General & Admin $986.0M
YoY Change -3.8%
% of Gross Profit 46.82%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $331.0M
YoY Change 4.42%
% of Gross Profit 15.72%
Operating Expenses $8.876B
YoY Change 1.34%
Operating Profit $1.120B
YoY Change 10.24%
Interest Expense -$161.0M
YoY Change 14.18%
% of Operating Profit -14.38%
Other Income/Expense, Net $61.00M
YoY Change -45.05%
Pretax Income $1.188B
YoY Change 6.26%
Income Tax $162.0M
% Of Pretax Income 13.64%
Net Earnings $1.026B
YoY Change 9.5%
Net Earnings / Revenue 10.26%
Basic Earnings Per Share $7.02
Diluted Earnings Per Share $7.00
COMMON SHARES
Basic Shares Outstanding 145.7M shares 146.2M shares
Diluted Shares Outstanding 146.5M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.687B
YoY Change 53.63%
Cash & Equivalents $3.326B
Short-Term Investments $361.0M
Other Short-Term Assets $1.233B
YoY Change -26.56%
Inventory $1.646B
Prepaid Expenses
Receivables $1.609B
Other Receivables $0.00
Total Short-Term Assets $14.33B
YoY Change 8.99%
LONG-TERM ASSETS
Property, Plant & Equipment $10.08B
YoY Change 9.87%
Goodwill $17.52B
YoY Change 0.02%
Intangibles $268.0M
YoY Change -17.28%
Long-Term Investments $361.0M
YoY Change 13.52%
Other Assets $2.908B
YoY Change 8.06%
Total Long-Term Assets $33.96B
YoY Change 6.96%
TOTAL ASSETS
Total Short-Term Assets $14.33B
Total Long-Term Assets $33.96B
Total Assets $48.29B
YoY Change 7.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.518B
YoY Change 11.42%
Accrued Expenses $1.924B
YoY Change -10.26%
Deferred Revenue $3.157B
YoY Change -8.7%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $1.589B
YoY Change 2382.81%
Total Short-Term Liabilities $13.10B
YoY Change 27.13%
LONG-TERM LIABILITIES
Long-Term Debt $14.69B
YoY Change 6.5%
Other Long-Term Liabilities $2.744B
YoY Change 38.1%
Total Long-Term Liabilities $17.43B
YoY Change 10.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.10B
Total Long-Term Liabilities $17.43B
Total Liabilities $33.54B
YoY Change 15.79%
SHAREHOLDERS EQUITY
Retained Earnings $14.74B
YoY Change -7.45%
Common Stock $146.0M
YoY Change -3.31%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.75B
YoY Change
Total Liabilities & Shareholders Equity $48.29B
YoY Change 7.56%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income $1.026B
YoY Change 9.5%
Depreciation, Depletion And Amortization $331.0M
YoY Change 4.42%
Cash From Operating Activities $1.091B
YoY Change -11.16%
INVESTING ACTIVITIES
Capital Expenditures $361.0M
YoY Change 0.56%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$361.0M
YoY Change 80.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -676.0M
YoY Change -70.99%
NET CHANGE
Cash From Operating Activities 1.091B
Cash From Investing Activities -361.0M
Cash From Financing Activities -676.0M
Net Change In Cash 54.00M
YoY Change -104.15%
FREE CASH FLOW
Cash From Operating Activities $1.091B
Capital Expenditures $361.0M
Free Cash Flow $730.0M
YoY Change -16.0%

Facts In Submission

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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2023Q3 us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2024Q3 us-gaap Earnings Per Share Basic
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CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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dei Document Type
DocumentType
10-Q
dei Trading Symbol
TradingSymbol
NOC
dei Security Exchange Name
SecurityExchangeName
NYSE
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
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dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
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CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
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dei Entity Tax Identification Number
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CY2024Q3 us-gaap General And Administrative Expense
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us-gaap Interest And Debt Expense
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CY2024Q3 us-gaap Common Stock Shares Issued
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CY2024Q3 us-gaap Common Stock Shares Outstanding
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us-gaap Increase Decrease In Contract With Customer Asset
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us-gaap Increase Decrease In Accrued Income Taxes Payable
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us-gaap Increase Decrease In Accrued Income Taxes Payable
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CY2024Q3 us-gaap Stockholders Equity
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CY2023Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
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CY2023Q4 us-gaap Common Stock Shares Issued
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us-gaap Proceeds From Sale Maturity And Collections Of Investments
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us-gaap Proceeds From Sale Maturity And Collections Of Investments
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Issuance Of Long Term Debt
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ProceedsFromIssuanceOfLongTermDebt
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us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
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us-gaap Repayments Of Long Term Debt
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments Of Dividends Common Stock
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us-gaap Payments Of Dividends Common Stock
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2024Q3 us-gaap Stockholders Equity
StockholdersEquity
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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.
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>
CY2024Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
84800000000 usd
CY2024Q3 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.40
CY2024Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
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CY2024Q3 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.65
CY2024Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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us-gaap Contract With Customer Liability Revenue Recognized
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2900000000 usd
us-gaap Noncash Investing And Financing Activities Related Text
NoncashInvestingAndFinancingActivitiesRelatedText
Non-cash investing activities include capital expenditures incurred but not yet paid of $251 million and $134 million as of September 30, 2024 and 2023, respectively.
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
251000000 usd
CY2024Q3 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
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CY2024Q3 noc Accumulated Other Comprehensive Income Loss Other Components Net Of Tax
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AccumulatedOtherComprehensiveIncomeLossNetOfTax
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
300000 shares
CY2024Q2 noc Increase Decreasein Stock Dividend Percentage
IncreaseDecreaseinStockDividendPercentage
0.10
CY2024Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
2.06
CY2023Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.87
CY2024Q3 us-gaap Inventory For Long Term Contracts Or Programs
InventoryForLongTermContractsOrPrograms
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CY2023Q4 us-gaap Inventory For Long Term Contracts Or Programs
InventoryForLongTermContractsOrPrograms
647000000 usd
CY2024Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
388000000 usd
CY2023Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
338000000 usd
CY2024Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
115000000 usd
CY2023Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
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CY2024Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
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CY2023Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
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CY2024Q3 noc Total Product Inventory
TotalProductInventory
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CY2023Q4 noc Total Product Inventory
TotalProductInventory
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CY2024Q3 us-gaap Inventory Net
InventoryNet
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CY2023Q4 us-gaap Inventory Net
InventoryNet
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CY2024Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2024Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.136
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.162
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.160
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.165
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EffectiveIncomeTaxRateContinuingOperations
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CY2024Q3 us-gaap Income Tax Reconciliation Tax Credits Research
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CY2024Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
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CY2024Q3 us-gaap Effective Income Tax Rate Reconciliation Fdii Amount
EffectiveIncomeTaxRateReconciliationFdiiAmount
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CY2023Q3 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
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CY2023Q3 us-gaap Effective Income Tax Rate Reconciliation Fdii Amount
EffectiveIncomeTaxRateReconciliationFdiiAmount
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CY2023Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
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us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.16
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.165
us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
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us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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us-gaap Effective Income Tax Rate Reconciliation Fdii Amount
EffectiveIncomeTaxRateReconciliationFdiiAmount
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us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
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us-gaap Effective Income Tax Rate Reconciliation Fdii Amount
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us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
48000000 usd
CY2024Q3 us-gaap Income Tax Receivable
IncomeTaxReceivable
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CY2023Q4 us-gaap Income Tax Receivable
IncomeTaxReceivable
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CY2024Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2100000000 usd
CY2024Q3 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
700000000 usd
CY2024Q3 us-gaap Marketable Securities
MarketableSecurities
361000000 usd
CY2023Q4 us-gaap Marketable Securities
MarketableSecurities
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CY2024Q3 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
16100000000 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
CY2024Q3 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
568000000 usd
CY2024Q3 us-gaap Loss Contingency Range Of Possible Loss Portion Not Accrued
LossContingencyRangeOfPossibleLossPortionNotAccrued
380000000 usd
CY2024Q3 us-gaap Recorded Third Party Environmental Recoveries Amount
RecordedThirdPartyEnvironmentalRecoveriesAmount
530000000 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
CY2024Q3 noc Standby Unused Letters Of Creditandbankguarantees
StandbyUnusedLettersOfCreditandbankguarantees
469000000 usd
CY2024Q3 noc Surety Bond Outstanding
SuretyBondOutstanding
272000000 usd
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.
us-gaap Debt Instrument Covenant Compliance
DebtInstrumentCovenantCompliance
the company was in compliance with all covenants under its credit agreements.
CY2024Q3 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
136000000 usd
CY2023Q3 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
126000000 usd
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
517000000 usd
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
487000000 usd
CY2024Q3 noc Restricted Stock Rightsand Restricted Performance Stock Rights Grant Date Aggregate Fair Value
RestrictedStockRightsandRestrictedPerformanceStockRightsGrantDateAggregateFairValue
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CY2023Q3 noc Restricted Stock Rightsand Restricted Performance Stock Rights Grant Date Aggregate Fair Value
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CY2024Q3 us-gaap Revenues
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us-gaap Revenues
Revenues
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us-gaap Revenues
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CY2024Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
1120000000 usd
CY2023Q3 us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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CY2024Q3 us-gaap Interest And Debt Expense
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CY2023Q3 us-gaap Interest And Debt Expense
InterestAndDebtExpense
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us-gaap Interest And Debt Expense
InterestAndDebtExpense
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us-gaap Interest And Debt Expense
InterestAndDebtExpense
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CY2024Q3 noc Non Operating Fas Pension Benefit
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CY2023Q3 noc Non Operating Fas Pension Benefit
NonOperatingFASPensionBenefit
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noc Non Operating Fas Pension Benefit
NonOperatingFASPensionBenefit
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noc Non Operating Fas Pension Benefit
NonOperatingFASPensionBenefit
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CY2024Q3 us-gaap Other Nonoperating Income Expense
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CY2023Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
193000000 usd
CY2024Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1188000000 usd
CY2023Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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CY2024Q3 us-gaap Revenues
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CY2024Q3 noc Revenuefrom Contractwith Customer Percentage
RevenuefromContractwithCustomerPercentage
1
CY2023Q3 us-gaap Revenues
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CY2023Q3 noc Revenuefrom Contractwith Customer Percentage
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us-gaap Revenues
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noc Revenuefrom Contractwith Customer Percentage
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us-gaap Revenues
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noc Revenuefrom Contractwith Customer Percentage
RevenuefromContractwithCustomerPercentage
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CY2024Q3 us-gaap Revenues
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CY2024Q3 us-gaap Revenues
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us-gaap Revenues
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us-gaap Revenues
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