Company: NOC
Filing Date: 2025-04-22
Form Type: 10-Q
Source: 0001133421-25-000023
Chunk: 58

Company: NORTHROP GRUMMAN CORP /DE/
Filing Date: 2025-04-22
Form: 10-Q
Item: Part I, Item 8
Chunk 58
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 above:Shares Repurchased(in millions)Repurchase ProgramAuthorization DateAmountAuthorized(in millions)TotalShares Retired(in millions)Average PricePer Share(1)Date CompletedThree Months Ended March 3120252024January 24, 2022$2,000 4.4 $455.01 February 2024— 2.1 December 6, 2023$2,500 3.9 $471.83 1.0 0.1 December 11, 2024$3,000 — $— — — (1)Excludes brokerage commissions and other costs of execution, including taxes.Dividends on Common StockIn May 2024, the company increased the quarterly common stock dividend 10 percent to $2.06 per share from the previous amount of $1.87 per share.

3.    INVENTORIED COSTS, NETInventoried costs, net consist of the following:$ in millionsMarch 31, 2025December 31, 2024Raw materials$307 $293 Work in process1,217 1,118 Finished goods54 44 Inventoried costs, net$1,578 $1,455 

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Table of ContentsNORTHROP GRUMMAN CORPORATION                        

4.    INCOME TAXES

 Three Months Ended March 31$ in millions20252024Federal and foreign income tax expense$97 $187 Effective income tax rate16.8 %16.5 %The company’s first quarter 2025 effective tax rate (ETR) increased to 16.8 percent from 16.5 percent in the prior year period. The increase in our ETR was driven by interest expense on unrecognized tax benefits and excess tax benefits for employee share-based compensation, partially offset by research credits. The first quarter 2025 ETR includes benefits of $34 million for research credits and $6 million for foreign derived intangible income (FDII), partially offset by $16 million of interest expense on unrecognized tax benefits. The first quarter 2024 ETR included benefits of $44 million for research credits and $15 million for FDII, partially offset by $21 million of interest expense on unrecognized tax benefits.During the first quarter of 2025, we increased our unrecognized tax benefits by approximately $100 million principally