Company: NOC
Filing Date: 2025-01-30
Form Type: 10-K
Source: 0001133421-25-000006
Chunk: 114

Company: NORTHROP GRUMMAN CORP /DE/
Filing Date: 2025-01-30
Form: 10-K
Item: Item 8
Chunk 114
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ating management’s ability to achieve the estimates of remaining revenue and costs by performing inquiries with the Company’s program and business management regarding their basis of estimates including work plans, engineering specifications, program labor and suppliers, challenges or opportunities related to the program, actual performance to date compared to plan, and any recent correspondence between the Company and the customer on changes in scope or contractual terms.

–Evaluating selected changes to the estimates of costs to completion and obtaining supporting documentation on the appropriateness of the timing and amounts of these changes in estimates.

–Testing the accuracy and completeness of the information used in developing estimates, as well as the mathematical accuracy of management’s calculation of revenue recognized during the period for the performance obligations. 

/s/Deloitte & Touche LLPMcLean, VirginiaJanuary 29, 2025We have served as the Company’s auditor since 1975.

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NORTHROP GRUMMAN CORPORATION                        

CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME

  Year Ended December 31$ in millions, except per share amounts202420232022SalesProduct$32,726 $30,897 $28,522 Service8,307 8,393 8,080 Total sales41,033 39,290 36,602 Operating costs and expensesProduct26,188 26,226 22,761 Service6,483 6,513 6,367 General and administrative expenses3,992 4,014 3,873 Total operating costs and expenses36,663 36,753 33,001 Operating income4,370 2,537 3,601 Other (expense) incomeInterest expense(621)(545)(506)Non-operating FAS pension benefit656 530 1,505 Mark-to-market pension and OPB benefit (expense)443 (422)1,232 Other, net168 246 4 Earnings before income taxes5,016 2,346 5,836 Federal and foreign income tax expense842 290 940 Net earnings$4,174 $2,056 $4,896 Basic earnings per share$28.39 $13.57 $31.61 Weighted-average common shares outstanding, in millions147.0 151.5 154.9 Diluted earnings per share$28.34 $13.53 $31