Company: NOC
Filing Date: 2025-07-22
Form Type: 10-Q
Source: 0001133421-25-000049
Chunk: 67

Company: NORTHROP GRUMMAN CORP /DE/
Filing Date: 2025-07-22
Form: 10-Q
Item: Part I, Item 8
Chunk 67
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million shares from Morgan Stanley. The final average purchase price was $455.73 per share.Share repurchases take place from time to time, subject to market and regulatory conditions and management’s discretion, in the open market or in privately negotiated transactions. The company retires its common stock upon repurchase and, in the periods presented, has not made any purchases of common stock other than in connection with these publicly announced repurchase programs.The table below summarizes the company’s share repurchases to date under the authorizations described above:Shares Repurchased(in millions)Repurchase ProgramAuthorization DateAmountAuthorized(in millions)TotalShares Retired(in millions)Average PricePer Share(1)Date CompletedSix Months Ended June 3020252024January 24, 2022$2,000 4.4 $455.01 February 2024— 2.5 December 6, 2023$2,500 4.7 $474.22 1.8 1.4 December 11, 2024$3,000 — $— — — (1)Excludes brokerage commissions and other costs of execution, including taxes.Dividends on Common StockIn May 2025, the company increased the quarterly common stock dividend 12 percent to $2.31 per share from the previous amount of $2.06 per share.

3.    INVENTORIED COSTS, NETInventoried costs, net consist of the following:$ in millionsJune 30, 2025December 31, 2024Raw materials$350 $293 Work in process1,133 1,118 Finished goods70 44 Inventoried costs, net$1,553 $1,455 

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Table of ContentsNORTHROP GRUMMAN CORPORATION                        

4.    INCOME TAXES

 Three Months Ended June 30Six Months Ended June 30$ in millions2025202420252024Federal and foreign income tax expense$253 $206 $350 $393 Effective income tax rate17.7 %18.0 %17.5 %17.3 %Current QuarterSecond quarter 2025 income tax expense increased $47 million, or 23 percent, due to higher earnings before income taxes, partially offset by a lower effective tax rate (ETR). The second quarter 2025 ETR