Company: NOC
Filing Date: 2025-07-22
Form Type: 10-Q
Source: 0001133421-25-000049
Chunk: 17

Company: NORTHROP GRUMMAN CORP /DE/
Filing Date: 2025-07-22
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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 the December 31, 2024 contract liability balance was $780 million and $2.7 billion, respectively. The amount of revenue recognized for the three and six months ended June 30, 2024 that was included in the December 31, 2023 contract liability balance was $1.1 billion and $3.0 billion, respectively.Disaggregation of RevenueSee Note 10 for information regarding the company’s sales by customer type, contract type and geographic region for each of our segments. We believe those categories best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. 

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Table of ContentsNORTHROP GRUMMAN CORPORATION                        

Property, Plant, and EquipmentNon-cash investing activities for the six months ended June 30, 2025 and 2024 include capital expenditures incurred but not yet paid of $134 million and $77 million, respectively.LeasesAs of June 30, 2025, we have approximately $1.3 billion in rental commitments for real estate leases that have not yet commenced. These leases are expected to commence between 2025 and 2027 with lease terms of 8 to 26 years.Accumulated Other Comprehensive LossThe components of accumulated other comprehensive loss, net of tax, are as follows:$ in millionsJune 30, 2025December 31, 2024Cumulative translation adjustment$(131)$(140)Other, net7 (12)Total accumulated other comprehensive loss$(124)$(152)Related Party TransactionsFor all periods presented, the company had no material related party transactions.Accounting Standards UpdatesOn December 14, 2023, the FASB issued ASU No. 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires companies to disclose, on an annual basis, specific categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires companies to disclose additional information about income taxes paid. ASU 2023-09 will be effective for annual periods beginning January 1, 2025 and will be applied on a prospective basis with the option to apply the standard retrospectively. We are evaluating the disclosure impact of ASU 2023-09; however, the standard will not have an impact on the company