Company: NOC
Filing Date: 2025-04-22
Form Type: 10-Q
Source: 0001133421-25-000023
Chunk: 60

Company: NORTHROP GRUMMAN CORP /DE/
Filing Date: 2025-04-22
Form: 10-Q
Item: Part I, Item 8
Chunk 60
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 NAV6 8 Total marketable securities329 — 14 349 325 — 14 347 Derivatives— (2)— (2)— (11)— (11)The notional value of the company’s foreign currency forward contracts at March 31, 2025 and December 31, 2024 was $408 million and $399 million, respectively. The portion of notional value designated as a cash flow hedge at March 31, 2025 and December 31, 2024 was $256 million and $273 million, respectively.

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Table of ContentsNORTHROP GRUMMAN CORPORATION                        

The derivative fair values and related unrealized gains/losses at March 31, 2025 and December 31, 2024 were not material. There were no transfers of financial instruments into or out of Level 3 of the fair value hierarchy during the three months ended March 31, 2025.The carrying value of cash and cash equivalents and commercial paper approximates fair value.Long-term DebtThe estimated fair value of the company’s long-term debt was $13.9 billion and $15.3 billion as of March 31, 2025 and December 31, 2024, respectively. We calculated the fair value of long-term debt using Level 2 inputs, based on interest rates available for debt with terms and maturities similar to the company’s existing debt arrangements. The current portion of long-term debt is recorded in Other current liabilities in the unaudited condensed consolidated statements of financial position.Issuance of Senior NotesIn January 2024, the company issued $2.5 billion of unsecured senior notes for general corporate purposes, including debt repayment, share repurchases, and working capital, as follows:•$500 million of 4.60% senior notes due 2029 (the “2029 Notes”),•$850 million of 4.90% senior notes due 2034 (the “2034 Notes”), and•$1.15 billion of 5.20% senior notes due 2054 (the “2054 Notes”).We refer to the 2029 Notes, 2034 Notes and 2054 Notes together, as the “notes.” Interest on the notes is payable semi-annually in arrears. The notes are generally subject to redemption, in whole or in part, at the company’s discretion at any time, or from time to time