Company: NOC
Filing Date: 2025-10-21
Form Type: 10-Q
Source: 0001133421-25-000053
Chunk: 20

Company: NORTHROP GRUMMAN CORP /DE/
Filing Date: 2025-10-21
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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 $1.0 billion of the company’s common stock as part of the 2022 Repurchase Program. Under the agreement, we made a payment of $1.0 billion to Morgan Stanley and received an initial delivery of 1.8 million shares valued at $800 million that were immediately canceled by the company. The remaining balance of $200 million was settled on May 1, 2024 with a final delivery of 0.4 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 CompletedNine Months Ended September 3020252024January 24, 2022$2,000 4.4 $455.01 February 2024— 2.5 December 6, 2023$2,500 5.2 $482.41 September 20252.3 2.0 December 11, 2024$3,000 — $589.50 — — (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.

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Table of ContentsNORTHROP GRUMMAN CORPORATION                        

3.    INVENTORIED COSTS, NETInventoried costs, net consist of the following:$ in millionsSeptember 30, 2025December 31, 2024Raw materials$340 $293 Work in process1,203 1,118 Finished goods72 44 Inventoried costs, net$1,615 $1,455 

4.    INCOME TAXES

On July 4, 2025, the