Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 23, 2023 | |
Document and Entity Information [Abstract] | ||
Entity Current Reporting Status | Yes | |
Document Type | 10-Q | |
Document Fiscal Period Focus | Q3 | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 1-16411 | |
Entity Registrant Name | NORTHROP GRUMMAN CORP /DE/ | |
Entity Central Index Key | 0001133421 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 80-0640649 | |
Entity Address, Line 1 | 2980 Fairview Park Drive | |
Entity Address, City Or Town | Falls Church, | |
Entity Address, State Or Province | VA | |
Entity Address, Postal ZIP Code | 22042 | |
City Area Code | 703 | |
Local Phone Number | 280-2900 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | NOC | |
Security Exchange Name | NYSE | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 150,792,605 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings and Comprehensive Income (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Sales | $ 9,775 | $ 8,971 | $ 28,652 | $ 26,569 |
Operating costs and expenses | ||||
General and administrative expenses | 1,025 | 974 | 3,136 | 2,955 |
Total operating costs and expenses | 8,759 | 8,127 | 25,722 | 23,874 |
Operating income | 1,016 | 844 | 2,930 | 2,695 |
Other (expense) income | ||||
Interest expense | (141) | (122) | (417) | (386) |
Non-operating FAS pension benefit | 132 | 376 | 397 | 1,129 |
Other, net | 111 | (8) | 193 | (54) |
Earnings before income taxes | 1,118 | 1,090 | 3,103 | 3,384 |
Federal and foreign income tax expense | 181 | 175 | 512 | 568 |
Net earnings | $ 937 | $ 915 | $ 2,591 | $ 2,816 |
Basic earnings per share | ||||
Basic earnings per share | $ 6.20 | $ 5.92 | $ 17.07 | $ 18.13 |
Weighted-average common shares outstanding, in millions | 151.2 | 154.6 | 151.8 | 155.3 |
Diluted earnings per share | ||||
Diluted earnings per share | $ 6.18 | $ 5.89 | $ 17 | $ 18.06 |
Weighted-average diluted shares outstanding, in millions | 151.7 | 155.3 | 152.4 | 155.9 |
Net earnings (from above) | $ 937 | $ 915 | $ 2,591 | $ 2,816 |
Change in cumulative translation adjustment | (6) | 7 | (11) | 22 |
Change in other, net | (3) | 0 | (5) | (1) |
Other comprehensive income (loss), net of tax | 3 | (7) | 6 | (23) |
Comprehensive income | 940 | 908 | 2,597 | 2,793 |
Product [Member] | ||||
Sales | 7,678 | 6,979 | 22,390 | 20,599 |
Cost of Sales | 6,135 | 5,589 | 17,738 | 16,250 |
Service [Member] | ||||
Sales | 2,097 | 1,992 | 6,262 | 5,970 |
Cost of Sales | $ 1,599 | $ 1,564 | $ 4,848 | $ 4,669 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and cash equivalents | $ 2,082 | $ 2,577 |
Accounts receivable, net | 1,764 | 1,511 |
Unbilled receivables, net | 6,270 | 5,983 |
Inventoried costs, net | 1,355 | 978 |
Prepaid expenses and other current assets | 1,679 | 1,439 |
Total current assets | 13,150 | 12,488 |
Property, plant and equipment, net of accumulated depreciation of $7,742 for 2023 and $7,258 for 2022 | 9,173 | 8,800 |
Operating lease right-of-use assets | 1,714 | 1,811 |
Goodwill | 17,514 | 17,516 |
Intangible assets, net | 324 | 384 |
Deferred tax assets | 330 | 162 |
Other non-current assets | 2,691 | 2,594 |
Total assets | 44,896 | 43,755 |
Liabilities | ||
Trade accounts payable | 2,260 | 2,587 |
Accrued employee compensation | 1,927 | 2,057 |
Advance payments and billings in excess of costs incurred | 3,458 | 3,609 |
Other current liabilities | 2,660 | 3,334 |
Total current liabilities | 10,305 | 11,587 |
Long-term debt, net of current portion of $64 for 2023 and $1,072 for 2022 | 13,793 | 11,805 |
Pension and other postretirement benefit plan liabilities | 1,147 | 1,188 |
Operating lease liabilities | 1,736 | 1,824 |
Other non-current liabilities | 1,987 | 2,039 |
Total liabilities | 28,968 | 28,443 |
Commitments and contingencies (Note 6) | ||
Shareholders’ equity | ||
Preferred stock, $1 par value; 10,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock, $1 par value; 800,000,000 shares authorized; issued and outstanding: 2023—150,864,851 and 2022—153,157,924 | 151 | 153 |
Paid-in capital | 0 | 0 |
Retained earnings | 15,924 | 15,312 |
Accumulated other comprehensive loss | (147) | (153) |
Total shareholders’ equity | 15,928 | 15,312 |
Total liabilities and shareholders’ equity | $ 44,896 | $ 43,755 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Financial Position (Unaudited) (Parentheticals) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Accumulated Depreciation | $ 7,742 | $ 7,258 |
Long-term Debt, Current Maturities | $ 64 | $ 1,072 |
Preferred Stock, Par Value | $ 1 | $ 1 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
Common Stock, Shares Authorized | 800,000,000 | 800,000,000 |
Common Stock, Shares, Issued | 150,864,851 | 153,157,924 |
Common Stock, Shares, Outstanding | 150,864,851 | 153,157,924 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating activities | ||
Net earnings | $ 2,591 | $ 2,816 |
Adjustments to reconcile to net cash provided by operating activities: | ||
Depreciation and amortization | 938 | 960 |
Stock-based compensation | 64 | 72 |
Deferred income taxes | (298) | (438) |
Net periodic pension and OPB income | (230) | (895) |
Pension and OPB contributions | (108) | (106) |
Changes in assets and liabilities: | ||
Accounts receivable, net | (256) | (469) |
Unbilled receivables, net | (287) | (1,038) |
Inventoried costs, net | (396) | (171) |
Prepaid expenses and other assets | (127) | (64) |
Accounts payable and other liabilities | (443) | (57) |
Income taxes payable, net | 40 | (56) |
Other operating activities, net | (43) | 96 |
Net cash provided by operating activities | 1,445 | 650 |
Investing activities | ||
Capital expenditures | (972) | (803) |
Proceeds from sale of equipment to a customer | 0 | 100 |
Proceeds from Sale, Maturity and Collection of Investments | 157 | 0 |
Other investing activities, net | 3 | 40 |
Net cash used in investing activities | (812) | (663) |
Financing activities | ||
Net proceeds from issuance of long-term debt | 1,995 | 0 |
Payments of long-term debt | (1,050) | 0 |
Common stock repurchases | (1,154) | (1,011) |
Cash dividends paid | (834) | (786) |
Payments of employee taxes withheld from share-based awards | (51) | (50) |
Other financing activities, net | (34) | (4) |
Net cash used in financing activities | (1,128) | (1,851) |
Decrease in cash and cash equivalents | (495) | (1,864) |
Cash and cash equivalents, beginning of year | 2,577 | 3,530 |
Cash and Cash Equivalents, at Carrying Value | $ 2,082 | $ 1,666 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Millions | Total | Common stock | Paid-in capital | Retained earnings | Accumulated other comprehensive loss |
Beginning of period at Dec. 31, 2021 | $ 156 | $ 0 | $ 12,913 | $ (143) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common stock repurchased | 3 | 1,012 | |||
Net earnings | $ 2,816 | 2,816 | |||
Dividends declared | (785) | ||||
Stock compensation | 1 | 23 | |||
Other comprehensive income (loss), net of tax | (23) | (23) | |||
End of period at Sep. 30, 2022 | $ 13,943 | 154 | 0 | 13,955 | (166) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cash dividends declared per share | $ 5.03 | ||||
Beginning of period at Jun. 30, 2022 | 155 | 0 | 13,655 | (159) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common stock repurchased | 1 | 374 | |||
Net earnings | $ 915 | 915 | |||
Dividends declared | (269) | ||||
Stock compensation | 0 | 28 | |||
Other comprehensive income (loss), net of tax | (7) | (7) | |||
End of period at Sep. 30, 2022 | $ 13,943 | 154 | 0 | 13,955 | (166) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cash dividends declared per share | $ 1.73 | ||||
Beginning of period at Dec. 31, 2022 | $ 15,312 | 153 | 0 | 15,312 | (153) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common stock repurchased | 2 | 1,162 | |||
Net earnings | 2,591 | 2,591 | |||
Dividends declared | (832) | ||||
Stock compensation | 0 | 15 | |||
Other comprehensive income (loss), net of tax | 6 | 6 | |||
End of period at Sep. 30, 2023 | $ 15,928 | 151 | 0 | 15,924 | (147) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cash dividends declared per share | $ 5.47 | ||||
Beginning of period at Jun. 30, 2023 | 151 | 0 | 15,485 | (150) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common stock repurchased | 0 | 232 | |||
Net earnings | $ 937 | 937 | |||
Dividends declared | (283) | ||||
Stock compensation | 0 | 17 | |||
Other comprehensive income (loss), net of tax | 3 | 3 | |||
End of period at Sep. 30, 2023 | $ 15,928 | $ 151 | $ 0 | $ 15,924 | $ (147) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cash dividends declared per share | $ 1.87 |
Earnings Per Share, Share Repur
Earnings Per Share, Share Repurchases and Dividends on Common Stock (Unaudited) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
EARNINGS PER SHARE, SHARE REPURCHASES AND DIVIDENDS ON COMMON STOCK | EARNINGS PER SHARE, SHARE REPURCHASES AND DIVIDENDS ON COMMON STOCK Basic Earnings Per Share We calculate basic earnings per share by dividing net earnings by the weighted-average number of shares of common stock outstanding during each period. Diluted Earnings Per Share Diluted earnings per share include the dilutive effect of awards granted to employees under stock-based compensation plans. The dilutive effect of these securities totaled 0.5 million shares and 0.6 million shares for the three and nine months ended September 30, 2023, respectively. The dilutive effect of these securities totaled 0.7 million shares and 0.6 million shares for the three and nine months ended September 30, 2022, respectively. Share Repurchases On January 25, 2021, the company’s board of directors authorized a share repurchase program of up to $3.0 billion of the company’s common stock (the “2021 Repurchase Program”). Repurchases under the 2021 Repurchase Program commenced in October 2021 and were completed in April 2023. On January 24, 2022, the company’s board of directors authorized a new share repurchase program of up to an additional $2.0 billion in share repurchases of the company’s common stock (the “2022 Repurchase Program”). Repurchases under the 2022 Repurchase Program commenced in April 2023 upon completion of the 2021 Repurchase Program. As of September 30, 2023, repurchases under the 2022 Repurchase Program totaled 0.5 billion; $1.5 billion remained under this share repurchase authorization. By its terms, the 2022 Repurchase Program will expire when we have used all authorized funds for repurchases. During the first quarter of 2023, the company entered into an accelerated share repurchase (ASR) agreement with Bank of America, N.A. (Bank of America) to repurchase $500 million of the company’s common stock as part of the 2021 and 2022 Repurchase Programs. Under the agreement, we made a payment of $500 million to Bank of America and received an initial delivery of 0.9 million shares valued at $400 million that were immediately canceled by the company. The remaining balance of $100 million was settled on April 27, 2023 with a final delivery of 0.2 million shares from Bank of America. The final average purchase price was $458.28 per share. Share repurchases take place from time to time, subject to market 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 Repurchase Program Amount Total Average (1) Date Completed Nine Months Ended September 30 2023 2022 January 25, 2021 $ 3,000 7.0 $ 431.05 April 2023 1.4 2.4 January 24, 2022 $ 2,000 1.1 $ 445.53 1.1 — (1) Includes commissions paid. Dividends on Common Stock In May 2023, the company increased the quarterly common stock dividend 8 percent to $1.87 per share from the previous amount of $1.73 per share. |
Income Taxes (Unaudited)
Income Taxes (Unaudited) | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Three Months Ended September 30 Nine Months Ended September 30 $ in millions 2023 2022 2023 2022 Federal and foreign income tax expense $ 181 $ 175 $ 512 $ 568 Effective income tax rate 16.2 % 16.1 % 16.5 % 16.8 % Current Quarter The company’s third quarter 2023 effective tax rate (ETR) of 16.2 percent was comparable with the prior year period and reflects an increase in research credits, partially offset by higher interest expense on unrecognized tax benefits. The third quarter 2023 ETR includes benefits of $62 million for research credits and $19 million for foreign derived intangible income (FDII), partially offset by $21 million of interest expense on unrecognized tax benefits. The third quarter 2022 ETR included benefits of $42 million for research credits and $16 million for FDII, partially offset by $11 million of interest expense on unrecognized tax benefits. Year to Date The company’s year to date 2023 ETR decreased to 16.5 percent from 16.8 percent in the prior year period principally due to an increase in research credits as well as more favorable returns on tax-exempt marketable securities, partially offset by higher interest expense on unrecognized tax benefits. The year to date 2023 ETR includes benefits of $140 million for research credits and $48 million for FDII, partially offset by $48 million of interest expense on unrecognized tax benefits. The year to date 2022 ETR included benefits of $124 million for research credits and $46 million for FDII, partially offset by $26 million of interest expense on unrecognized tax benefits. Taxes receivable, which are included in Prepaid expenses and other current assets in the unaudited condensed consolidated statements of financial position, were $810 million as of September 30, 2023 and $850 million as of December 31, 2022. The company has recorded unrecognized tax benefits related to our methods of accounting associated with the timing of revenue recognition and related costs and the 2017 Tax Cuts and Jobs Act, which includes related final revenue recognition regulations issued in December 2020 under IRC Section 451(b) and procedural guidance issued in August 2021. As of September 30, 2023, we have approximately $1.9 billion in unrecognized tax benefits, including $807 million related to our position on IRC Section 451(b). If these matters, including our position on IRC Section 451(b), are unfavorably resolved, there could be a material impact on our future cash flows. It is reasonably possible that within the next 12 months our unrecognized tax benefits related to these matters may increase by approximately $120 million. In the second quarter of 2023, the California Franchise Tax Board approved a resolution of the state examination primarily related to California state apportionment in the company’s 2007 to 2016 tax years, resulting in a $95 million reduction to our unrecognized tax benefits and an $11 million reduction to unallocated corporate expense. We file income tax returns in the U.S. federal jurisdiction and in various state and foreign jurisdictions. The Northrop Grumman 2014-2020 federal tax returns and refund claims related to its 2007-2016 federal tax returns are currently under Internal Revenue Service (IRS) examination. During the second quarter of 2023, the company entered into an agreed Revenue Agent’s Report (“RAR”) for certain matters related to the company’s 2014-2017 federal income tax returns, resulting in a $90 million reduction to our unrecognized tax benefits and an immaterial impact to income tax expense. Our current unrecognized tax benefits, which are included in Other current liabilities in the unaudited condensed consolidated statements of financial position, were $909 million and $728 million as of September 30, 2023 and December 31, 2022, respectively, with the remainder of our unrecognized tax benefits included within Other non-current liabilities. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments (Unaudited) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS The company holds a portfolio of marketable securities to partially fund non-qualified employee benefit plans. A portion of these securities are held in common/collective trust funds and are measured at fair value using net asset value (NAV) per share as a practical expedient; therefore, they are not categorized in the fair value hierarchy table below. Marketable securities are included in Other non-current assets in the unaudited condensed consolidated statements of financial position. The company’s derivative portfolio consists primarily of foreign currency forward contracts. Where model-derived valuations are appropriate, the company utilizes the income approach to determine the fair value using internal models based on observable market inputs. The following table presents the financial assets and liabilities the company records at fair value on a recurring basis identified by the level of inputs used to determine fair value: September 30, 2023 December 31, 2022 $ in millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial Assets Marketable securities $ 301 $ — $ 8 $ 309 $ 310 $ 1 $ 8 $ 319 Marketable securities valued using NAV 9 13 Total marketable securities 301 — 8 318 310 1 8 332 Derivatives — 1 — 1 — 7 — 7 The notional value of the company’s foreign currency forward contracts at September 30, 2023 and December 31, 2022 was $215 million and $221 million, respectively. The portion of notional value designated as a cash flow hedge at September 30, 2023 and December 31, 2022 was $88 million and $87 million, respectively. The derivative fair values and related unrealized gains/losses at September 30, 2023 and December 31, 2022 were not material. There were no transfers of financial instruments into or out of Level 3 of the fair value hierarchy during the nine months ended September 30, 2023. The carrying value of cash and cash equivalents approximates fair value. Long-term Debt The estimated fair value of long-term debt was $12.5 billion and $12.1 billion as of September 30, 2023 and December 31, 2022, 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. Unsecured Senior Notes In February 2023, the company issued $2.0 billion of unsecured senior notes for general corporate purposes, including debt repayment, share repurchases, and working capital, as follows: • $1.0 billion of 4.70% senior notes due 2033 (the “2033 Notes”) and • $1.0 billion of 4.95% senior notes due 2053 (the “2053 Notes”). We refer to the 2033 Notes and the 2053 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, prior to maturity at a redemption price equal to the greater of 100% of the principal amount of the notes to be redeemed or an applicable “make-whole” amount, plus accrued and unpaid interest. In August 2023, the company repaid $1.05 billion of 3.25 percent unsecured senior notes upon maturity. |
Long-Term Debt | Long-term Debt The estimated fair value of long-term debt was $12.5 billion and $12.1 billion as of September 30, 2023 and December 31, 2022, 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. Unsecured Senior Notes In February 2023, the company issued $2.0 billion of unsecured senior notes for general corporate purposes, including debt repayment, share repurchases, and working capital, as follows: • $1.0 billion of 4.70% senior notes due 2033 (the “2033 Notes”) and • $1.0 billion of 4.95% senior notes due 2053 (the “2053 Notes”). We refer to the 2033 Notes and the 2053 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, prior to maturity at a redemption price equal to the greater of 100% of the principal amount of the notes to be redeemed or an applicable “make-whole” amount, plus accrued and unpaid interest. In August 2023, the company repaid $1.05 billion of 3.25 percent unsecured senior notes upon maturity. |
Investigations, Claims and Liti
Investigations, Claims and Litigation (Unaudited) | 9 Months Ended |
Sep. 30, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
INVESTIGATIONS, CLAIMS AND LITIGATION | INVESTIGATIONS, CLAIMS AND LITIGATION The company is engaged in remediation activities relating to environmental conditions allegedly resulting from historic operations at the former United States Navy and Grumman facilities in Bethpage, New York. For over 20 years, the company has worked closely with the United States Navy, the United States Environmental Protection Agency, the New York State Department of Environmental Conservation (NYSDEC), the New York State Department of Health and other federal, state and local governmental authorities, to address legacy environmental conditions in Bethpage. In December 2019, the State of New York issued an Amended Record of Decision seeking to impose additional remedial requirements beyond measures the company previously had been taking. In December 2020, the parties reached a tentative agreement regarding the steps the company would take to implement the State’s Amended Record of Decision and to resolve certain potential other claims, including for natural resource damages. On September 22, 2021, the State of New York issued for public comment a new consent decree reflecting the agreement. On December 7, 2021, the public comment period closed. On August 3, 2022, the court approved the consent decree. We have also reached agreements with the Department of Defense and the Bethpage and South Farmingdale Water Districts to resolve claims involving these parties. Those agreements have also been approved by the courts as necessary. The company continues to be involved in related disputes with the Towns of Oyster Bay and Hempstead. We have incurred, and expect to continue to incur, as included in Note 6, substantial remediation costs related to the legacy Bethpage environmental conditions. It is also possible that applicable remediation standards and other requirements to which we are subject may continue to change, and that our costs may increase materially. In addition to disputes and legal proceedings related to environmental conditions and remediation at the site, we are a party to various individual lawsuits and a putative class action alleging personal injury and property damage in the Eastern District of New York. The filed individual lawsuits have been stayed, pending a court decision on class certification. We are also a party, and may become a party, to other lawsuits brought by or against insurance carriers, and by other individual plaintiffs and/or putative classes, as well as other parties. We cannot at this time predict or reasonably estimate the potential cumulative outcomes or ranges of possible liability of these Bethpage lawsuits. In June 2018, the FTC issued a Decision and Order enabling the company’s acquisition of OATK to proceed and providing generally for the company to continue to make solid rocket motors available to competing missile primes on a non-discriminatory basis. The company has taken and continues to take robust actions to help ensure compliance with the terms of the Order. Similarly, the Compliance Officer, appointed under the Order, and the FTC have taken and continue to take various actions to oversee compliance. In October 2019, the company received a civil investigative demand (CID) from the FTC requesting certain information relating to a potential issue regarding the company’s compliance with the Order in connection with a then pending missile competition. The company promptly provided information in response to the request. In late 2021, the company resumed discussions with staff at the FTC regarding our response and their views on compliance issues. In late 2022, the company received a follow-on CID; the company responded to it earlier this year. On October 20, 2023, the FTC informed the company that the FTC has now closed the investigation with no further action. The company received from the U.S. Department of Justice (DOJ) a criminal subpoena on December 9, 2022, and a civil investigative demand on February 2, 2023, both seeking information regarding financial and cost accounting and controls that appears focused on the interest rate assumptions the company used to determine our CAS pension expense, which we have previously discussed in Note 6 below. The company is engaging with the government and responding to the requests. We cannot at this point predict the outcome of these matters. |
Commitments and Contingencies (
Commitments and Contingencies (Unaudited) | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES U.S. Government Cost Claims and Contingencies From time to time, the company is advised of claims by the U.S. government concerning certain potential disallowed costs, plus, at times, penalties and interest. When such findings are presented, the company and U.S. government representatives engage in discussions to enable the company to evaluate the merits of these claims, as well as to assess the amounts being claimed. Where appropriate, provisions are made to reflect the company’s estimated exposure for such potential disallowed costs. Such provisions are reviewed periodically using the most recent information available. The company believes it has adequately reserved for disputed amounts that are probable and reasonably estimable, and that the outcome of any such matters would not have a material adverse effect on its unaudited condensed consolidated financial position as of September 30, 2023, or its annual results of operations and/or cash flows. In 2019, the Defense Contract Management Agency (DCMA) raised questions about an interest rate assumption used by the company to determine our CAS pension expense. On June 1, 2020, DCMA provided written notice that the assumptions the company used during the period 2013-2019 were potentially noncompliant with CAS. We submitted a formal response on July 31, 2020, which we believed demonstrates the appropriateness of the assumptions used. On November 24, 2020, DCMA replied to the company’s response, disagreeing with our position and requesting additional input, which we provided on February 22, 2021. We have continued to exchange correspondence and engage with DCMA and DoD on this matter, including responding to requests for and providing additional information. As noted in Note 5 above, the company received from the DOJ a criminal subpoena on December 9, 2022 and a CID on February 2, 2023, both seeking information that appears related to the interest rate assumptions at issue in our discussions with DCMA. The company is engaging with the government and responding to the requests. We cannot at this point predict the outcome of these matters. The company is also continuing to engage with DCMA/DoD. As previously described, the sensitivity to changes in interest rate assumptions makes it reasonably possible the outcome of the DCMA matter could have a material adverse effect on our financial position, results of operations and/or cash flows, although we are not currently able to estimate a range of any potential loss. B-21 Low-Rate Initial Production Options In 2015, the U.S. Air Force awarded to Northrop Grumman the B-21 contract, including a base contract for engineering, manufacturing, and design (EMD) and five low-rate initial production (LRIP) options. The EMD phase of the program is largely cost type and began at contract award. The LRIP options are largely fixed price and are expected to be awarded and executed through approximately the end of the decade. In the third quarter of 2023, we again reviewed our estimated cost to complete the LRIP phase of the B-21 program. Principally due to the company’s estimate of the impact macroeconomic factors may have on our cost to complete the LRIP options, as well as ongoing discussions with our suppliers and our customer, we continue to believe it is reasonably possible one or more of the LRIP options could be performed at a loss and the range of such loss across the five LRIP options is between $0 and $1.2 billion. As we do not currently believe a loss is probable on any of the LRIP options, we have not recognized any such loss in our financial results for the period ended September 30, 2023. Environmental Matters The table below summarizes the amount accrued for environmental remediation costs, management’s estimate of the amount of reasonably possible future costs in excess of accrued costs and the deferred costs expected to be recoverable through overhead charges on U.S. government contracts as of September 30, 2023 and December 31, 2022: $ in millions Accrued Costs (1)(2) Reasonably Possible Future Costs in Excess of Accrued Costs (2) Deferred Costs (3) September 30, 2023 $ 574 $ 368 $ 511 December 31, 2022 565 353 486 (1) As of September 30, 2023, $217 million is recorded in Other current liabilities and $357 million is recorded in Other non-current liabilities. (2) Estimated remediation costs are not discounted to present value. The reasonably possible future costs in excess of accrued costs do not take into consideration amounts expected to be recoverable through overhead charges on U.S. government contracts. (3) As of September 30, 2023, $201 million is deferred in Prepaid expenses and other current assets and $310 million is deferred in Other non-current assets. These amounts are evaluated for recoverability on a routine basis. Although management cannot predict whether (i) new information gained as our environmental remediation projects progress, (ii) changes in remediation standards or other requirements to which we are subject, or (iii) other changes in facts and circumstances will materially affect the estimated liability accrued, we do not anticipate that future remediation expenditures associated with our currently identified projects will have a material adverse effect on the company’s unaudited condensed consolidated financial position as of September 30, 2023, or its annual results of operations and/or cash flows. Financial Arrangements In the ordinary course of business, the company uses standby letters of credit and guarantees issued by commercial banks and surety bonds issued principally by insurance companies to guarantee the performance on certain obligations. At September 30, 2023, there were $374 million of stand-by letters of credit and guarantees and $78 million of surety bonds outstanding. Commercial Paper The company maintains a commercial paper program that serves as a source of short-term financing with capacity to issue unsecured commercial paper notes up to $2.5 billion. At September 30, 2023, there were no commercial paper borrowings outstanding. Credit Facilities The company maintains a five-year senior unsecured credit facility in an aggregate principal amount of $2.5 billion (the “2022 Credit Agreement”) that matures in August 2027 and is intended to support the company's commercial paper program and other general corporate purposes. Commercial paper borrowings reduce the amount available for borrowing under the 2022 Credit Agreement. At September 30, 2023, there were no borrowings outstanding under this facility. The 2022 Credit Agreement contains generally customary terms and conditions, including covenants restricting the company’s ability to sell all or substantially all of its assets, merge or consolidate with another entity or undertake other fundamental changes and incur liens. The company also cannot permit the ratio of its debt to capitalization (as set forth in the credit agreement) to exceed 65 percent. At September 30, 2023, the company was in compliance with all covenants under its credit agreements. |
Retirement Benefits (Unaudited)
Retirement Benefits (Unaudited) | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
RETIREMENT BENEFITS | RETIREMENT BENEFITS The cost to the company of its pension and other postretirement benefit (OPB) plans is shown in the following table: Three Months Ended September 30 Nine Months Ended September 30 Pension OPB Pension OPB $ in millions 2023 2022 2023 2022 2023 2022 2023 2022 Components of net periodic benefit cost (benefit) Service cost $ 59 $ 92 $ 2 $ 2 $ 177 $ 276 $ 4 $ 6 Interest cost 392 285 17 12 1,176 853 50 36 Expected return on plan assets (524) (661) (22) (28) (1,573) (1,982) (64) (83) Amortization of prior service (credit) cost — — — — — — — (1) Net periodic benefit cost (benefit) $ (73) $ (284) $ (3) $ (14) $ (220) $ (853) $ (10) $ (42) Employer Contributions The company sponsors defined benefit pension and OPB plans, as well as defined contribution plans. We fund our defined benefit pension plans annually in a manner consistent with the Employee Retirement Income Security Act of 1974, as amended by the Pension Protection Act of 2006. Contributions made by the company to its retirement plans are as follows: Three Months Ended September 30 Nine Months Ended September 30 $ in millions 2023 2022 2023 2022 Defined benefit pension plans $ 26 $ 26 $ 80 $ 77 OPB plans 7 9 28 29 Defined contribution plans 126 108 487 429 |
Stock Compensation Plans and Ot
Stock Compensation Plans and Other Compensation Arrangements (Unaudited) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK COMPENSATION PLANS AND OTHER COMPENSATION ARRANGEMENTS | STOCK COMPENSATION PLANS AND OTHER COMPENSATION ARRANGEMENTS Stock Awards The following table presents the number of restricted stock rights (RSRs) and restricted performance stock rights (RPSRs) granted to employees under the company’s long-term incentive stock plan and the grant date aggregate fair value of those stock awards for the periods presented: Nine Months Ended September 30 in millions 2023 2022 RSRs granted 0.1 0.1 RPSRs granted 0.1 0.2 Grant date aggregate fair value $ 102 $ 94 RSRs typically vest on the third anniversary of the grant date, while RPSRs generally vest and pay out based on the achievement of certain performance metrics over a three-year period. Cash Awards The following table presents the minimum and maximum aggregate payout amounts related to cash units (CUs) and cash performance units (CPUs) granted to employees in the periods presented: Nine Months Ended September 30 $ in millions 2023 2022 Minimum aggregate payout amount $ 34 $ 32 Maximum aggregate payout amount 192 183 CUs typically vest and settle in cash on the third anniversary of the grant date, while CPUs generally vest and pay out in cash based on the achievement of certain performance metrics over a three-year period. |
Segment Information (Unaudited)
Segment Information (Unaudited) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION The following table presents sales and operating income by segment: Three Months Ended September 30 Nine Months Ended September 30 $ in millions 2023 2022 2023 2022 Sales Aeronautics Systems $ 2,766 $ 2,537 $ 7,876 $ 7,774 Defense Systems 1,421 1,345 4,217 3,922 Mission Systems 2,628 2,456 7,832 7,469 Space Systems 3,506 3,163 10,344 8,997 Intersegment eliminations (546) (530) (1,617) (1,593) Total sales 9,775 8,971 28,652 26,569 Operating income Aeronautics Systems 283 262 798 827 Defense Systems 182 158 508 481 Mission Systems 386 368 1,147 1,166 Space Systems 312 290 908 861 Intersegment eliminations (74) (71) (218) (218) Total segment operating income 1,089 1,007 3,143 3,117 FAS/CAS operating adjustment (20) (55) (62) (152) Unallocated corporate expense (53) (108) (151) (270) Total operating income $ 1,016 $ 844 $ 2,930 $ 2,695 FAS/CAS Operating Adjustment For financial statement purposes, we account for our employee pension plans in accordance with FAS. However, the cost of these plans is charged to our contracts in accordance with applicable Federal Acquisition Regulation (FAR) and U.S. Government Cost Accounting Standards (CAS) requirements. The FAS/CAS operating adjustment reflects the difference between CAS pension expense included as cost in segment operating income and the service cost component of FAS expense included in total operating income. Unallocated Corporate Expense Unallocated corporate expense includes the portion of corporate costs not considered allowable or allocable under the applicable FAR and CAS requirements, and therefore not allocated to the segments, such as changes in deferred state income taxes and a portion of management and administration, legal, environmental, compensation, retiree benefits, advertising and other corporate unallowable costs. Unallocated corporate expense also includes costs not considered part of management’s evaluation of segment operating performance, such as amortization of purchased intangible assets and the additional depreciation expense related to the step-up in fair value of property, plant and equipment acquired through business combinations, as well as certain compensation and other costs. Disaggregation of Revenue Sales by Customer Type Three Months Ended September 30 Nine Months Ended September 30 2023 2022 2023 2022 $ in millions $ % (3) $ % (3) $ % (3) $ % (3) Aeronautics Systems U.S. government (1) $ 2,331 84 % $ 2,138 85 % $ 6,654 85 % $ 6,564 85 % International (2) 377 14 % 341 13 % 1,016 13 % 1,012 13 % Other customers 4 — % — — % 23 — % 17 — % Intersegment sales 54 2 % 58 2 % 183 2 % 181 2 % Aeronautics Systems sales 2,766 100 % 2,537 100 % 7,876 100 % 7,774 100 % Defense Systems U.S. government (1) 841 60 % 820 62 % 2,492 60 % 2,369 61 % International (2) 358 25 % 312 23 % 1,103 26 % 933 24 % Other customers 19 1 % 19 1 % 55 1 % 53 1 % Intersegment sales 203 14 % 194 14 % 567 13 % 567 14 % Defense Systems sales 1,421 100 % 1,345 100 % 4,217 100 % 3,922 100 % Mission Systems U.S. government (1) 1,917 73 % 1,729 71 % 5,729 73 % 5,325 72 % International (2) 432 16 % 452 18 % 1,262 16 % 1,300 17 % Other customers 16 1 % 25 1 % 58 1 % 89 1 % Intersegment sales 263 10 % 250 10 % 783 10 % 755 10 % Mission Systems sales 2,628 100 % 2,456 100 % 7,832 100 % 7,469 100 % Space Systems U.S. government (1) 3,342 95 % 2,967 94 % 9,822 95 % 8,473 94 % International (2) 72 2 % 105 3 % 226 2 % 261 3 % Other customers 66 2 % 63 2 % 212 2 % 173 2 % Intersegment sales 26 1 % 28 1 % 84 1 % 90 1 % Space Systems sales 3,506 100 % 3,163 100 % 10,344 100 % 8,997 100 % Total U.S. government (1) 8,431 86 % 7,654 86 % 24,697 86 % 22,731 86 % International (2) 1,239 13 % 1,210 13 % 3,607 13 % 3,506 13 % Other customers 105 1 % 107 1 % 348 1 % 332 1 % Total Sales $ 9,775 100 % $ 8,971 100 % $ 28,652 100 % $ 26,569 100 % (1) Sales to the U.S. government include sales from contracts for which we are the prime contractor, as well as those for which we are a subcontractor and the ultimate customer is the U.S. government. Each of the company’s segments derives substantial revenue from the U.S. government. (2) International sales include sales from contracts for which we are the prime contractor, as well as those for which we are a subcontractor and the ultimate customer is an international customer. These sales include foreign military sales contracted through the U.S. government. (3) Percentages calculated based on total segment sales. Sales by Contract Type Three Months Ended September 30 Nine Months Ended September 30 2023 2022 2023 2022 $ in millions $ % (1) $ % (1) $ % (1) $ % (1) Aeronautics Systems Cost-type $ 1,370 51 % $ 1,185 48 % $ 3,920 51 % $ 3,678 48 % Fixed-price 1,342 49 % 1,294 52 % 3,773 49 % 3,915 52 % Intersegment sales 54 58 183 181 Aeronautics Systems sales 2,766 2,537 7,876 7,774 Defense Systems Cost-type 378 31 % 366 32 % 1,205 33 % 1,075 32 % Fixed-price 840 69 % 785 68 % 2,445 67 % 2,280 68 % Intersegment sales 203 194 567 567 Defense Systems sales 1,421 1,345 4,217 3,922 Mission Systems Cost-type 1,002 42 % 881 40 % 2,920 41 % 2,591 39 % Fixed-price 1,363 58 % 1,325 60 % 4,129 59 % 4,123 61 % Intersegment sales 263 250 783 755 Mission Systems sales 2,628 2,456 7,832 7,469 Space Systems Cost-type 2,511 72 % 2,192 70 % 7,529 73 % 6,271 70 % Fixed-price 969 28 % 943 30 % 2,731 27 % 2,636 30 % Intersegment sales 26 28 84 90 Space Systems sales 3,506 3,163 10,344 8,997 Total Cost-type 5,261 54 % 4,624 52 % 15,574 54 % 13,615 51 % Fixed-price 4,514 46 % 4,347 48 % 13,078 46 % 12,954 49 % Total Sales $ 9,775 $ 8,971 $ 28,652 $ 26,569 (1) Percentages calculated based on external customer sales. Sales by Geographic Region Three Months Ended September 30 Nine Months Ended September 30 2023 2022 2023 2022 $ in millions $ % (2) $ % (2) $ % (2) $ % (2) Aeronautics Systems United States $ 2,335 86 % $ 2,138 85 % $ 6,677 87 % $ 6,581 87 % Asia/Pacific 163 6 % 165 7 % 448 6 % 560 7 % Europe 204 8 % 163 7 % 543 7 % 413 5 % All other (1) 10 — % 13 1 % 25 — % 39 1 % Intersegment sales 54 58 183 181 Aeronautics Systems sales 2,766 2,537 7,876 7,774 Defense Systems United States 860 70 % 839 72 % 2,547 70 % 2,422 72 % Asia/Pacific 93 8 % 112 10 % 324 9 % 340 10 % Europe 146 12 % 101 9 % 406 11 % 297 9 % All other (1) 119 10 % 99 9 % 373 10 % 296 9 % Intersegment sales 203 194 567 567 Defense Systems sales 1,421 1,345 4,217 3,922 Mission Systems United States 1,933 82 % 1,754 79 % 5,787 83 % 5,414 81 % Asia/Pacific 98 4 % 159 7 % 310 4 % 435 6 % Europe 246 10 % 210 10 % 712 10 % 654 10 % All other (1) 88 4 % 83 4 % 240 3 % 211 3 % Intersegment sales 263 250 783 755 Mission Systems sales 2,628 2,456 7,832 7,469 Space Systems United States 3,408 98 % 3,030 97 % 10,034 98 % 8,646 97 % Asia/Pacific 22 1 % 33 1 % 67 1 % 86 1 % Europe 44 1 % 69 2 % 127 1 % 165 2 % All other (1) 6 — % 3 — % 32 — % 10 — % Intersegment sales 26 28 84 90 Space Systems sales 3,506 3,163 10,344 8,997 Total United States 8,536 87 % 7,761 87 % 25,045 87 % 23,063 87 % Asia/Pacific 376 4 % 469 5 % 1,149 4 % 1,421 5 % Europe 640 7 % 543 6 % 1,788 7 % 1,529 6 % All other (1) 223 2 % 198 2 % 670 2 % 556 2 % Total Sales $ 9,775 $ 8,971 $ 28,652 $ 26,569 (1) All other is principally comprised of the Middle East. (2) Percentages calculated based on external customer sales. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net earnings | $ 937 | $ 915 | $ 2,591 | $ 2,816 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | These unaudited condensed consolidated financial statements (the “financial statements”) include the accounts of Northrop Grumman Corporation and its subsidiaries and joint ventures or other investments for which we consolidate the financial results (herein referred to as “Northrop Grumman,” the “company,” “we,” “us,” or “our”). Intercompany accounts, transactions and profits are eliminated in consolidation. Investments in equity securities and joint ventures where the company has significant influence, but not control, are accounted for using the equity method. |
Basis of Presentation | These financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP” or “FAS”) and in accordance with the rules of the Securities and Exchange Commission (SEC) for interim reporting. The financial statements include adjustments of a normal recurring nature considered necessary by management for a fair presentation of the company’s unaudited condensed consolidated financial position, results of operations and cash flows. Results reported in these financial statements are not necessarily indicative of results that may be expected for the entire year. These financial statements should be read in conjunction with the information contained in the company’s 2022 Annual Report on Form 10-K. During the first quarter of 2023, we changed the presentation of the components of other comprehensive income (loss), net of tax in the Unaudited condensed consolidated statements of earnings and comprehensive income. Prior period amounts have been recast to conform to current period presentation. This change in presentation had no impact on our previously reported comprehensive income in total. |
Fiscal Period Policy | Quarterly information is labeled using a calendar convention; that is, first quarter is consistently labeled as ending on March 31, second quarter as ending on June 30 and third quarter as ending on September 30. It is the company’s long-standing practice to establish actual interim closing dates using a “fiscal” calendar, in which we close our books on a Friday near these quarter-end dates in order to normalize the potentially disruptive effects of quarterly closings on business processes. This practice is only used at interim periods within a reporting year. |
Accounting Estimates | Preparation of the financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingencies at the date of the financial statements, as well as the reported amounts of sales and expenses during the reporting period. Estimates have been prepared using the most current and best available information; however, actual results could differ materially from those estimates. |
Revenue from Contract with Customer | Contract Estimates Contract sales may include estimates of variable consideration, including cost or performance incentives (such as award and incentive fees), un-priced change orders, REAs and contract claims. Variable consideration is included in total estimated sales to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. We estimate variable consideration as the most likely amount to which we expect to be entitled. At the request of the National Aeronautics and Space Administration (NASA), Space Systems is preparing engineering change proposals (ECPs) for scope increases and other aspects of the Habitation and Logistics Outpost (HALO) contract largely stemming from evolving Lunar Gateway architecture and mission requirements. We expect the ECPs will address both work performed and work expected to be performed by the company resulting from scope changes previously approved by NASA, as well as changes NASA has requested the company to propose but has not yet directed the company to perform. The company plans to submit an ECP prior to the end of the year and begin negotiating with NASA on these various changes and other aspects of the HALO contract. The company’s third quarter results reflect our current best estimate of the outcome of the ECP negotiations assuming the terms of the current contract; however, if the outcome is less favorable than what we have assumed, it could have an adverse effect on our financial position, results of operations and/or cash flows. We recognize changes in estimated contract sales or costs and the resulting changes in contract profit on a cumulative basis. Net estimate-at-completion (EAC) adjustments represent the cumulative effect of the changes on current and prior periods; sales and operating margins in future periods are recognized as if the revised estimates had been used since contract inception. If it is determined that a loss is expected to result on an individual performance |
Earnings Per Share | We calculate basic earnings per share by dividing net earnings by the weighted-average number of shares of common stock outstanding during each period.Diluted earnings per share include the dilutive effect of awards granted to employees under stock-based compensation plans. |
Investments in Marketable Securities | The company holds a portfolio of marketable securities to partially fund non-qualified employee benefit plans. A portion of these securities are held in common/collective trust funds and are measured at fair value using net asset value (NAV) per share as a practical expedient; therefore, they are not categorized in the fair value hierarchy table |
Derivative Financial Instruments and Hedging Activities | Where model-derived valuations are appropriate, the company utilizes the income approach to determine the fair value using internal models based on observable market inputs. |
Fair Value of Long-term Debt | 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. |
U.S. Government Cost Claims | From time to time, the company is advised of claims by the U.S. government concerning certain potential disallowed costs, plus, at times, penalties and interest. When such findings are presented, the company and U.S. government representatives engage in discussions to enable the company to evaluate the merits of these claims, as well as to assess the amounts being claimed. Where appropriate, provisions are made to reflect the company’s estimated exposure for such potential disallowed costs. Such provisions are reviewed periodically using the most recent information available. |
Pension and Other Postretirement Plans | We fund our defined benefit pension plans annually in a manner consistent with the Employee Retirement Income Security Act of 1974, as amended by the Pension Protection Act of 2006 |
New Accounting Pronouncements, Policy | Accounting standards updates adopted and/or issued, but not effective until after September 30, 2023, are not expected to have a material effect on the company’s unaudited condensed consolidated financial position, annual results of operations and/or cash flows. |
Basis of Presentation (Unaudite
Basis of Presentation (Unaudited) (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Change in Accounting Estimate [Table Text Block] | The following table presents the effect of aggregate net EAC adjustments: Three Months Ended September 30 Nine Months Ended September 30 $ in millions, except per share data 2023 2022 2023 2022 Revenue $ 95 $ 59 $ 252 $ 363 Operating income 58 45 180 310 Net earnings (1) 46 36 142 245 Diluted earnings per share (1) 0.30 0.23 0.93 1.57 |
Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss, net of tax, are as follows: $ in millions September 30, 2023 December 31, 2022 Cumulative translation adjustment $ (150) $ (161) Other, net 3 8 Total accumulated other comprehensive loss $ (147) $ (153) |
Earnings Per Share, Share Rep_2
Earnings Per Share, Share Repurchases and Dividends on Common Stock (Unaudited) (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Share Repurchases | The table below summarizes the company’s share repurchases to date under the authorizations described above: Shares Repurchased Repurchase Program Amount Total Average (1) Date Completed Nine Months Ended September 30 2023 2022 January 25, 2021 $ 3,000 7.0 $ 431.05 April 2023 1.4 2.4 January 24, 2022 $ 2,000 1.1 $ 445.53 1.1 — (1) Includes commissions paid. |
Income Taxes (Unaudited) (Table
Income Taxes (Unaudited) (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense and Effective Income Tax Rates | Three Months Ended September 30 Nine Months Ended September 30 $ in millions 2023 2022 2023 2022 Federal and foreign income tax expense $ 181 $ 175 $ 512 $ 568 Effective income tax rate 16.2 % 16.1 % 16.5 % 16.8 % |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Unaudited) (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair value information of assets and liabilities measured at fair value on a recurring basis | The following table presents the financial assets and liabilities the company records at fair value on a recurring basis identified by the level of inputs used to determine fair value: September 30, 2023 December 31, 2022 $ in millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial Assets Marketable securities $ 301 $ — $ 8 $ 309 $ 310 $ 1 $ 8 $ 319 Marketable securities valued using NAV 9 13 Total marketable securities 301 — 8 318 310 1 8 332 Derivatives — 1 — 1 — 7 — 7 |
Commitments and Contingencies_2
Commitments and Contingencies (Unaudited) (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Environmental Remediation Range of Future Costs [Line Items] | |
Environmental Remediation [Table Text Block] | The table below summarizes the amount accrued for environmental remediation costs, management’s estimate of the amount of reasonably possible future costs in excess of accrued costs and the deferred costs expected to be recoverable through overhead charges on U.S. government contracts as of September 30, 2023 and December 31, 2022: $ in millions Accrued Costs (1)(2) Reasonably Possible Future Costs in Excess of Accrued Costs (2) Deferred Costs (3) September 30, 2023 $ 574 $ 368 $ 511 December 31, 2022 565 353 486 (1) As of September 30, 2023, $217 million is recorded in Other current liabilities and $357 million is recorded in Other non-current liabilities. (2) Estimated remediation costs are not discounted to present value. The reasonably possible future costs in excess of accrued costs do not take into consideration amounts expected to be recoverable through overhead charges on U.S. government contracts. (3) As of September 30, 2023, $201 million is deferred in Prepaid expenses and other current assets and $310 million is deferred in Other non-current assets. These amounts are evaluated for recoverability on a routine basis. |
Retirement Benefits (Unaudite_2
Retirement Benefits (Unaudited) (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Components of net periodic benefit cost | The cost to the company of its pension and other postretirement benefit (OPB) plans is shown in the following table: Three Months Ended September 30 Nine Months Ended September 30 Pension OPB Pension OPB $ in millions 2023 2022 2023 2022 2023 2022 2023 2022 Components of net periodic benefit cost (benefit) Service cost $ 59 $ 92 $ 2 $ 2 $ 177 $ 276 $ 4 $ 6 Interest cost 392 285 17 12 1,176 853 50 36 Expected return on plan assets (524) (661) (22) (28) (1,573) (1,982) (64) (83) Amortization of prior service (credit) cost — — — — — — — (1) Net periodic benefit cost (benefit) $ (73) $ (284) $ (3) $ (14) $ (220) $ (853) $ (10) $ (42) |
Employer contributions to retirement plans | Contributions made by the company to its retirement plans are as follows: Three Months Ended September 30 Nine Months Ended September 30 $ in millions 2023 2022 2023 2022 Defined benefit pension plans $ 26 $ 26 $ 80 $ 77 OPB plans 7 9 28 29 Defined contribution plans 126 108 487 429 |
Stock Compensation Plans and _2
Stock Compensation Plans and Other Compensation Arrangements (Unaudited) (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Nonvested Restricted Stock Shares Activity [Table Text Block] | The following table presents the number of restricted stock rights (RSRs) and restricted performance stock rights (RPSRs) granted to employees under the company’s long-term incentive stock plan and the grant date aggregate fair value of those stock awards for the periods presented: Nine Months Ended September 30 in millions 2023 2022 RSRs granted 0.1 0.1 RPSRs granted 0.1 0.2 Grant date aggregate fair value $ 102 $ 94 |
Cash Units and Cash Performance Units Aggregate Payout Amount [Table Text Block] | The following table presents the minimum and maximum aggregate payout amounts related to cash units (CUs) and cash performance units (CPUs) granted to employees in the periods presented: Nine Months Ended September 30 $ in millions 2023 2022 Minimum aggregate payout amount $ 34 $ 32 Maximum aggregate payout amount 192 183 |
Segment Information (Unaudite_2
Segment Information (Unaudited) (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Sales and operating income by segment | The following table presents sales and operating income by segment: Three Months Ended September 30 Nine Months Ended September 30 $ in millions 2023 2022 2023 2022 Sales Aeronautics Systems $ 2,766 $ 2,537 $ 7,876 $ 7,774 Defense Systems 1,421 1,345 4,217 3,922 Mission Systems 2,628 2,456 7,832 7,469 Space Systems 3,506 3,163 10,344 8,997 Intersegment eliminations (546) (530) (1,617) (1,593) Total sales 9,775 8,971 28,652 26,569 Operating income Aeronautics Systems 283 262 798 827 Defense Systems 182 158 508 481 Mission Systems 386 368 1,147 1,166 Space Systems 312 290 908 861 Intersegment eliminations (74) (71) (218) (218) Total segment operating income 1,089 1,007 3,143 3,117 FAS/CAS operating adjustment (20) (55) (62) (152) Unallocated corporate expense (53) (108) (151) (270) Total operating income $ 1,016 $ 844 $ 2,930 $ 2,695 |
Revenue by Major Customers by Reporting Segments | Sales by Customer Type Three Months Ended September 30 Nine Months Ended September 30 2023 2022 2023 2022 $ in millions $ % (3) $ % (3) $ % (3) $ % (3) Aeronautics Systems U.S. government (1) $ 2,331 84 % $ 2,138 85 % $ 6,654 85 % $ 6,564 85 % International (2) 377 14 % 341 13 % 1,016 13 % 1,012 13 % Other customers 4 — % — — % 23 — % 17 — % Intersegment sales 54 2 % 58 2 % 183 2 % 181 2 % Aeronautics Systems sales 2,766 100 % 2,537 100 % 7,876 100 % 7,774 100 % Defense Systems U.S. government (1) 841 60 % 820 62 % 2,492 60 % 2,369 61 % International (2) 358 25 % 312 23 % 1,103 26 % 933 24 % Other customers 19 1 % 19 1 % 55 1 % 53 1 % Intersegment sales 203 14 % 194 14 % 567 13 % 567 14 % Defense Systems sales 1,421 100 % 1,345 100 % 4,217 100 % 3,922 100 % Mission Systems U.S. government (1) 1,917 73 % 1,729 71 % 5,729 73 % 5,325 72 % International (2) 432 16 % 452 18 % 1,262 16 % 1,300 17 % Other customers 16 1 % 25 1 % 58 1 % 89 1 % Intersegment sales 263 10 % 250 10 % 783 10 % 755 10 % Mission Systems sales 2,628 100 % 2,456 100 % 7,832 100 % 7,469 100 % Space Systems U.S. government (1) 3,342 95 % 2,967 94 % 9,822 95 % 8,473 94 % International (2) 72 2 % 105 3 % 226 2 % 261 3 % Other customers 66 2 % 63 2 % 212 2 % 173 2 % Intersegment sales 26 1 % 28 1 % 84 1 % 90 1 % Space Systems sales 3,506 100 % 3,163 100 % 10,344 100 % 8,997 100 % Total U.S. government (1) 8,431 86 % 7,654 86 % 24,697 86 % 22,731 86 % International (2) 1,239 13 % 1,210 13 % 3,607 13 % 3,506 13 % Other customers 105 1 % 107 1 % 348 1 % 332 1 % Total Sales $ 9,775 100 % $ 8,971 100 % $ 28,652 100 % $ 26,569 100 % (1) Sales to the U.S. government include sales from contracts for which we are the prime contractor, as well as those for which we are a subcontractor and the ultimate customer is the U.S. government. Each of the company’s segments derives substantial revenue from the U.S. government. (2) International sales include sales from contracts for which we are the prime contractor, as well as those for which we are a subcontractor and the ultimate customer is an international customer. These sales include foreign military sales contracted through the U.S. government. (3) Percentages calculated based on total segment sales. |
Revenue from External Customers by Contract Type | Sales by Contract Type Three Months Ended September 30 Nine Months Ended September 30 2023 2022 2023 2022 $ in millions $ % (1) $ % (1) $ % (1) $ % (1) Aeronautics Systems Cost-type $ 1,370 51 % $ 1,185 48 % $ 3,920 51 % $ 3,678 48 % Fixed-price 1,342 49 % 1,294 52 % 3,773 49 % 3,915 52 % Intersegment sales 54 58 183 181 Aeronautics Systems sales 2,766 2,537 7,876 7,774 Defense Systems Cost-type 378 31 % 366 32 % 1,205 33 % 1,075 32 % Fixed-price 840 69 % 785 68 % 2,445 67 % 2,280 68 % Intersegment sales 203 194 567 567 Defense Systems sales 1,421 1,345 4,217 3,922 Mission Systems Cost-type 1,002 42 % 881 40 % 2,920 41 % 2,591 39 % Fixed-price 1,363 58 % 1,325 60 % 4,129 59 % 4,123 61 % Intersegment sales 263 250 783 755 Mission Systems sales 2,628 2,456 7,832 7,469 Space Systems Cost-type 2,511 72 % 2,192 70 % 7,529 73 % 6,271 70 % Fixed-price 969 28 % 943 30 % 2,731 27 % 2,636 30 % Intersegment sales 26 28 84 90 Space Systems sales 3,506 3,163 10,344 8,997 Total Cost-type 5,261 54 % 4,624 52 % 15,574 54 % 13,615 51 % Fixed-price 4,514 46 % 4,347 48 % 13,078 46 % 12,954 49 % Total Sales $ 9,775 $ 8,971 $ 28,652 $ 26,569 (1) Percentages calculated based on external customer sales. |
Revenue from External Customers by Geographic Areas | Sales by Geographic Region Three Months Ended September 30 Nine Months Ended September 30 2023 2022 2023 2022 $ in millions $ % (2) $ % (2) $ % (2) $ % (2) Aeronautics Systems United States $ 2,335 86 % $ 2,138 85 % $ 6,677 87 % $ 6,581 87 % Asia/Pacific 163 6 % 165 7 % 448 6 % 560 7 % Europe 204 8 % 163 7 % 543 7 % 413 5 % All other (1) 10 — % 13 1 % 25 — % 39 1 % Intersegment sales 54 58 183 181 Aeronautics Systems sales 2,766 2,537 7,876 7,774 Defense Systems United States 860 70 % 839 72 % 2,547 70 % 2,422 72 % Asia/Pacific 93 8 % 112 10 % 324 9 % 340 10 % Europe 146 12 % 101 9 % 406 11 % 297 9 % All other (1) 119 10 % 99 9 % 373 10 % 296 9 % Intersegment sales 203 194 567 567 Defense Systems sales 1,421 1,345 4,217 3,922 Mission Systems United States 1,933 82 % 1,754 79 % 5,787 83 % 5,414 81 % Asia/Pacific 98 4 % 159 7 % 310 4 % 435 6 % Europe 246 10 % 210 10 % 712 10 % 654 10 % All other (1) 88 4 % 83 4 % 240 3 % 211 3 % Intersegment sales 263 250 783 755 Mission Systems sales 2,628 2,456 7,832 7,469 Space Systems United States 3,408 98 % 3,030 97 % 10,034 98 % 8,646 97 % Asia/Pacific 22 1 % 33 1 % 67 1 % 86 1 % Europe 44 1 % 69 2 % 127 1 % 165 2 % All other (1) 6 — % 3 — % 32 — % 10 — % Intersegment sales 26 28 84 90 Space Systems sales 3,506 3,163 10,344 8,997 Total United States 8,536 87 % 7,761 87 % 25,045 87 % 23,063 87 % Asia/Pacific 376 4 % 469 5 % 1,149 4 % 1,421 5 % Europe 640 7 % 543 6 % 1,788 7 % 1,529 6 % All other (1) 223 2 % 198 2 % 670 2 % 556 2 % Total Sales $ 9,775 $ 8,971 $ 28,652 $ 26,569 (1) All other is principally comprised of the Middle East. (2) Percentages calculated based on external customer sales. |
Basis of Presentation (Unaudi_2
Basis of Presentation (Unaudited) Contract Estimates (Details 2) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Change in Accounting Estimate [Line Items] | ||||
Operating income | $ 1,016 | $ 844 | $ 2,930 | $ 2,695 |
Net earnings | $ 937 | $ 915 | $ 2,591 | $ 2,816 |
Diluted earnings per share | $ 6.18 | $ 5.89 | $ 17 | $ 18.06 |
Contracts Accounted for under Percentage of Completion [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Revenue | $ 95 | $ 59 | $ 252 | $ 363 |
Operating income | 58 | 45 | 180 | 310 |
Net earnings | $ 46 | $ 36 | $ 142 | $ 245 |
Diluted earnings per share | $ 0.30 | $ 0.23 | $ 0.93 | $ 1.57 |
Basis of Presentation (Unaudi_3
Basis of Presentation (Unaudited) Backlog and Contract Assets and Liabilities (Details 3) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Change in Contract with Customer, Liability [Abstract] | ||||
Contract with Customer, Liability, Revenue Recognized | $ 358 | $ 303 | $ 2,900 | $ 2,200 |
Revenue from Contract with Customer [Abstract] | ||||
Revenue, Remaining Performance Obligation, Amount | $ 83,900 | $ 83,900 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-09-30 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue, Remaining Performance Obligation, Percentage | 40% | 40% | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months | 12 months | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue, Remaining Performance Obligation, Percentage | 65% | 65% | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 24 months | 24 months |
Basis of Presentation (Unaudi_4
Basis of Presentation (Unaudited) Property Plant and Equipment (Details 4) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Proceeds from sale of equipment to a customer | $ 0 | $ 100 |
Capital Expenditures Incurred but Not yet Paid | $ 134 | 118 |
Noncash Investing and Financing Activities Related Text | During the nine months ended September 30, 2022, the company received lease incentives for landlord funded leasehold improvements of $96 million related to a Space Systems real estate lease, which were recorded in PP&E and included in non-cash investing activities. During the nine months ended September 30, 2022, the company acquired $46 million of internal use software through long-term financing directly with the supplier. The software was recorded in PP&E as a non-cash investing activity and the related liability was recorded in long-term debt as a non-cash financing activity. Non-cash investing activities also include capital expenditures incurred but not yet paid of $134 million and $118 million as of September 30, 2023 and 2022, respectively. In the fourth quarter of 2020, the company completed a sale of equipment to a customer on a restricted Aeronautics Systems program. During the nine months ended September 30, 2022, the company received cash payments of $100 million related to the equipment sale and included it in Proceeds from sale of equipment to a customer in the unaudited condensed consolidated statement of cash flows. | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Noncash or Part Noncash Acquisition, Fixed Assets Acquired | 96 | |
Software and Software Development Costs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Noncash or Part Noncash Acquisition, Fixed Assets Acquired | $ 46 |
Basis of Presentation (Unaudi_5
Basis of Presentation (Unaudited) Accumulated Other Comprehensive Income (Loss) (Details 5) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ (150) | $ (161) |
Accumulated Other Comprehensive Income (Loss), Other Components, Net of Tax | 3 | 8 |
Accumulated other comprehensive loss | $ (147) | $ (153) |
Basis of Presentation (Unaudi_6
Basis of Presentation (Unaudited) EAC Change (Details 6) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Change in Accounting Estimate [Line Items] | ||||||
Operating income | $ 1,016 | $ 844 | $ 2,930 | $ 2,695 | ||
Contracts Accounted for under Percentage of Completion [Member] | ||||||
Change in Accounting Estimate [Line Items] | ||||||
Operating income | $ 58 | $ 45 | $ 180 | $ 310 | ||
Restricted Program [Member] | Contracts Accounted for under Percentage of Completion [Member] | Aeronautics Systems [Member] | ||||||
Change in Accounting Estimate [Line Items] | ||||||
Operating income | $ 67 | |||||
HALO Program | Contracts Accounted for under Percentage of Completion [Member] | Space Systems [Member] | ||||||
Change in Accounting Estimate [Line Items] | ||||||
Operating income | $ 36 |
Basis of Presentation (Unaudi_7
Basis of Presentation (Unaudited) Sale of Minority Investment (Details 7) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | |
Jul. 31, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | |
Gain (Loss) on Securities [Line Items] | |||
Proceeds from Sale, Maturity and Collection of Investments | $ 157 | $ 0 | |
United States of America, Dollars | |||
Gain (Loss) on Securities [Line Items] | |||
Gain on Sale of Investments | $ 97 | ||
Proceeds from Sale, Maturity and Collection of Investments | $ 157 | ||
Australia, Dollars | |||
Gain (Loss) on Securities [Line Items] | |||
Proceeds from Sale, Maturity and Collection of Investments | $ 235 |
Earnings Per Share, Share Rep_3
Earnings Per Share, Share Repurchases and Dividends on Common Stock (Unaudited) Earnings Per Share and Dividends (Details 1) - $ / shares shares in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
May 31, 2023 | May 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0.5 | 0.7 | 0.6 | 0.6 | ||
Common stock dividends per share, declared (in dollars per share) | $ 1.73 | $ 1.87 | $ 1.73 | $ 5.47 | $ 5.03 | |
Increase in quarterly common stock dividend (percent) | 8% |
Earnings Per Share, Share Rep_4
Earnings Per Share, Share Repurchases and Dividends on Common Stock (Unaudited) Share Repurchases (Details 2) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | 20 Months Ended | 29 Months Ended | ||||||
Apr. 06, 2023 | Feb. 02, 2023 | Apr. 25, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Jun. 30, 2023 | Apr. 27, 2023 | Jan. 24, 2022 | Jan. 25, 2021 | |
January 2021 Share Repurchase Program | ||||||||||
Share Repurchase [Line Items] | ||||||||||
Amount Authorized | $ 3,000 | |||||||||
Shares Retired | 7,000 | |||||||||
Average Cost Per Share | $ 431.05 | |||||||||
2021 Repurchase Program - Completion Date | April 2023 | |||||||||
Shares Repurchased | 1,400 | 2,400 | ||||||||
January 2022 Share Repurchase Program | ||||||||||
Share Repurchase [Line Items] | ||||||||||
Amount Authorized | $ 2,000 | |||||||||
Shares Retired | 1,100 | |||||||||
Average Cost Per Share | $ 445.53 | |||||||||
Shares Repurchased | 1,100 | 0 | ||||||||
Shares repurchased amount | $ 500 | |||||||||
Share Repurchases - Notes to Table | ||||||||||
Amount remaining under authorization for share repurchases | $ 1,500 | $ 1,500 | ||||||||
Q1'23 ASR [Domain] | ||||||||||
Accelerated Share Repurchases [Line Items] | ||||||||||
Accelerated Share Repurchases, Cash or Stock Settlement | 500 million | |||||||||
Accelerated Share Repurchases, Settlement (Payment) or Receipt | $ 500 | |||||||||
Accelerated Share Repurchase Initial Receipt (Shares) | 900 | |||||||||
Stock Repurchased and Retired During Period, Value | $ 400 | |||||||||
Accelerated Share Repurchases, Adjustment to Recorded Amount | $ 100 | |||||||||
Accelerated Share Repurchases, Final Price Paid Per Share | $ 458.28 | |||||||||
Accelerated Share Repurchase Final Receipt | 200 |
Income Taxes (Unaudited) Effect
Income Taxes (Unaudited) Effective Income Tax Rate Reconciliation (Details 1) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |||||
Federal and foreign income tax expense | $ 181 | $ 175 | $ 512 | $ 568 | |
Effective income tax rate | 16.20% | 16.10% | 16.50% | 16.80% | |
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | $ 62 | $ 42 | $ 140 | $ 124 | |
Income Tax Reconciliation Deductions FDII | 19 | 16 | 48 | 46 | |
Income Taxes Receivable | 810 | 810 | $ 850 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 21 | $ 11 | $ 48 | $ 26 |
Income Taxes (Unaudited) Unreco
Income Taxes (Unaudited) Unrecognized Tax Benefit (Details 2) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Increase in Unrecognized Tax Benefits is Reasonably Possible | $ 120 | |
Current unrecognized tax benefits | 909 | $ 728 |
Unrecognized Tax Benefit Related to Methods of Accounting | 1,900 | |
Unrecognized Tax Benefits Related to Methods of Accounting - 451(b) | 807 | |
Internal Revenue Service (IRS) | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 90 | |
California Franchise Tax Board | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 95 | |
Tax Adjustments, Settlements, and Unusual Provisions | $ 11 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Unaudited) (Details 1) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable Securities | $ 318 | $ 332 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable Securities | 301 | 310 |
Derivatives | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable Securities | 0 | 1 |
Derivatives | 1 | 7 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable Securities | 8 | 8 |
Derivatives | 0 | 0 |
Fair Value, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable Securities | 309 | 319 |
Derivatives | 1 | 7 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable Securities | 301 | 310 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable Securities | 0 | 1 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable Securities | 8 | 8 |
Fair Value, Nonrecurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable Securities | $ 9 | $ 13 |
Amounts in Paragraphs - Fair Va
Amounts in Paragraphs - Fair Value of Financial Instruments (Unaudited) (Details 2) - Foreign Exchange Forward [Member] - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Derivative, Notional Amount | $ 215 | $ 221 |
Designated as Hedging Instrument [Member] | ||
Debt Instrument [Line Items] | ||
Derivative, Notional Amount | $ 88 | $ 87 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Unaudited) Long-term Debt (Details 3) - USD ($) $ in Millions | Sep. 30, 2023 | Aug. 01, 2023 | Feb. 08, 2023 | Dec. 31, 2022 |
Debt Instruments [Abstract] | ||||
Long-term Debt, Fair Value | $ 12,500 | $ 12,100 | ||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 2,000 | |||
2033 Notes | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 1,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.70% | |||
2053 Notes | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 1,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.95% | |||
2023 Note | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 1,050 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% |
Commitments and Contingencies_3
Commitments and Contingencies (Unaudited) (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Site Contingency [Line Items] | ||
Accrual for Environmental Remediation Costs | $ 574,000,000 | $ 565,000,000 |
Loss Contingency, Range of Possible Loss, Portion Not Accrued | 368,000,000 | 353,000,000 |
Recorded Third-Party Environmental Recoveries, Amount | 511,000,000 | $ 486,000,000 |
Financial Arrangements | ||
Standby Unused Letters Of Credit and bank guarantees | 374,000,000 | |
Surety Bond Outstanding | $ 78,000,000 | |
Line of Credit Facility [Line Items] | ||
Debt Instrument, Covenant Compliance | the company was in compliance with all covenants under its credit agreements. | |
Line of Credit Facility [Table] | ||
Line of Credit Facility, Covenant Terms, Maximum Debt to Capitalization Ratio | The company also cannot permit the ratio of its debt to capitalization (as set forth in the credit agreement) to exceed 65 percent. | |
2022 Five Year Term | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,500,000,000 | |
Line of Credit Outstanding | 0 | |
Commercial Paper [Member] | ||
Line of Credit Facility [Line Items] | ||
Commercial Paper, Maximum Borrowing Capacity | 2,500,000,000 | |
Minimum Loss Contingency | Restricted Program [Member] | ||
Loss Contingencies | ||
Loss Contingency, Estimate of Possible Loss | 0 | |
Maximum Loss Contingency | Restricted Program [Member] | ||
Loss Contingencies | ||
Loss Contingency, Estimate of Possible Loss | 1,200,000,000 | |
Other Current Liabilities [Member] | ||
Site Contingency [Line Items] | ||
Accrual for Environmental Remediation Costs | 217,000,000 | |
Other Noncurrent Liabilities [Member] | ||
Site Contingency [Line Items] | ||
Accrual for Environmental Remediation Costs | 357,000,000 | |
Other Current Assets [Member] | ||
Site Contingency [Line Items] | ||
Recorded Third-Party Environmental Recoveries, Amount | 201,000,000 | |
Other Noncurrent Assets [Member] | ||
Site Contingency [Line Items] | ||
Recorded Third-Party Environmental Recoveries, Amount | $ 310,000,000 |
Retirement Benefits (Unaudite_3
Retirement Benefits (Unaudited) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Components of Net Periodic Benefit Cost | ||||
Net periodic benefit cost (benefit) | $ (230) | $ (895) | ||
Defined contribution plan, employer contributions | $ 126 | $ 108 | 487 | 429 |
Pension Benefits | ||||
Components of Net Periodic Benefit Cost | ||||
Service cost | 59 | 92 | 177 | 276 |
Interest cost | 392 | 285 | 1,176 | 853 |
Expected return on plan assets | (524) | (661) | (1,573) | (1,982) |
Amortization of prior service credit | 0 | 0 | 0 | 0 |
Net periodic benefit cost (benefit) | (73) | (284) | (220) | (853) |
Defined benefit plan, contributions by Employer | 26 | 26 | 80 | 77 |
OPB | ||||
Components of Net Periodic Benefit Cost | ||||
Service cost | 2 | 2 | 4 | 6 |
Interest cost | 17 | 12 | 50 | 36 |
Expected return on plan assets | (22) | (28) | (64) | (83) |
Amortization of prior service credit | 0 | 0 | 0 | (1) |
Net periodic benefit cost (benefit) | (3) | (14) | (10) | (42) |
Defined benefit plan, contributions by Employer | $ 7 | $ 9 | $ 28 | $ 29 |
Stock Compensation Plans and _3
Stock Compensation Plans and Other Compensation Arrangements (Unaudited) (Details) - USD ($) shares in Millions, $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted Stock Rights and Restricted Performance Stock Rights Grant Date Aggregate Fair Value | $ 102 | $ 94 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted | 0.1 | 0.1 |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted | 0.1 | 0.2 |
Vesting period | 3 years | |
Cash Units and Cash Performance Units | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Deferred Compensation Cash-based Arrangements, Liability, Current and Noncurrent | $ 34 | $ 32 |
Cash Units and Cash Performance Units | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Deferred Compensation Cash-based Arrangements, Liability, Current and Noncurrent | $ 192 | $ 183 |
Cash Performance Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years |
Segment Information (Unaudite_3
Segment Information (Unaudited) Reconciliation to Consolidated Operating Income (Details 1) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Sales | $ 9,775 | $ 8,971 | $ 28,652 | $ 26,569 |
Operating income | 1,016 | 844 | 2,930 | 2,695 |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | 1,089 | 1,007 | 3,143 | 3,117 |
Operating Segments [Member] | Aeronautics Systems [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 2,766 | 2,537 | 7,876 | 7,774 |
Operating income | 283 | 262 | 798 | 827 |
Operating Segments [Member] | Defense Systems [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 1,421 | 1,345 | 4,217 | 3,922 |
Operating income | 182 | 158 | 508 | 481 |
Operating Segments [Member] | Mission Systems [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 2,628 | 2,456 | 7,832 | 7,469 |
Operating income | 386 | 368 | 1,147 | 1,166 |
Operating Segments [Member] | Space Systems [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 3,506 | 3,163 | 10,344 | 8,997 |
Operating income | 312 | 290 | 908 | 861 |
Intersegment sales | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 546 | 530 | 1,617 | 1,593 |
Operating income | 74 | 71 | 218 | 218 |
Segment Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
FAS/CAS operating adjustment | (20) | (55) | (62) | (152) |
Corporate, Non-Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | $ (53) | $ (108) | $ (151) | $ (270) |
Segment Information (Unaudite_4
Segment Information (Unaudited) Sales by Customer Type (Details 2) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue, Major Customer [Line Items] | ||||
Sales | $ 9,775 | $ 8,971 | $ 28,652 | $ 26,569 |
Sales percentage | 100% | 100% | 100% | 100% |
US Government | ||||
Revenue, Major Customer [Line Items] | ||||
Sales | $ 8,431 | $ 7,654 | $ 24,697 | $ 22,731 |
Sales percentage | 86% | 86% | 86% | 86% |
US Government | Aeronautics Systems [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Sales | $ 2,331 | $ 2,138 | $ 6,654 | $ 6,564 |
Sales percentage | 84% | 85% | 85% | 85% |
US Government | Defense Systems [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Sales | $ 841 | $ 820 | $ 2,492 | $ 2,369 |
Sales percentage | 60% | 62% | 60% | 61% |
US Government | Mission Systems [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Sales | $ 1,917 | $ 1,729 | $ 5,729 | $ 5,325 |
Sales percentage | 73% | 71% | 73% | 72% |
US Government | Space Systems [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Sales | $ 3,342 | $ 2,967 | $ 9,822 | $ 8,473 |
Sales percentage | 95% | 94% | 95% | 94% |
International(2) | ||||
Revenue, Major Customer [Line Items] | ||||
Sales | $ 1,239 | $ 1,210 | $ 3,607 | $ 3,506 |
Sales percentage | 13% | 13% | 13% | 13% |
International(2) | Aeronautics Systems [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Sales | $ 377 | $ 341 | $ 1,016 | $ 1,012 |
Sales percentage | 14% | 13% | 13% | 13% |
International(2) | Defense Systems [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Sales | $ 358 | $ 312 | $ 1,103 | $ 933 |
Sales percentage | 25% | 23% | 26% | 24% |
International(2) | Mission Systems [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Sales | $ 432 | $ 452 | $ 1,262 | $ 1,300 |
Sales percentage | 16% | 18% | 16% | 17% |
International(2) | Space Systems [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Sales | $ 72 | $ 105 | $ 226 | $ 261 |
Sales percentage | 2% | 3% | 2% | 3% |
Other Customers [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Sales | $ 105 | $ 107 | $ 348 | $ 332 |
Sales percentage | 1% | 1% | 1% | 1% |
Other Customers [Member] | Aeronautics Systems [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Sales | $ 4 | $ 0 | $ 23 | $ 17 |
Sales percentage | 0% | 0% | 0% | 0% |
Other Customers [Member] | Defense Systems [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Sales | $ 19 | $ 19 | $ 55 | $ 53 |
Sales percentage | 1% | 1% | 1% | 1% |
Other Customers [Member] | Mission Systems [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Sales | $ 16 | $ 25 | $ 58 | $ 89 |
Sales percentage | 1% | 1% | 1% | 1% |
Other Customers [Member] | Space Systems [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Sales | $ 66 | $ 63 | $ 212 | $ 173 |
Sales percentage | 2% | 2% | 2% | 2% |
Intersegment Sales [Member] | Aeronautics Systems [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Sales | $ 54 | $ 58 | $ 183 | $ 181 |
Sales percentage | 2% | 2% | 2% | 2% |
Intersegment Sales [Member] | Defense Systems [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Sales | $ 203 | $ 194 | $ 567 | $ 567 |
Sales percentage | 14% | 14% | 13% | 14% |
Intersegment Sales [Member] | Mission Systems [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Sales | $ 263 | $ 250 | $ 783 | $ 755 |
Sales percentage | 10% | 10% | 10% | 10% |
Intersegment Sales [Member] | Space Systems [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Sales | $ 26 | $ 28 | $ 84 | $ 90 |
Sales percentage | 1% | 1% | 1% | 1% |
Operating Segments [Member] | Aeronautics Systems [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Sales | $ 2,766 | $ 2,537 | $ 7,876 | $ 7,774 |
Sales percentage | 100% | 100% | 100% | 100% |
Operating Segments [Member] | Defense Systems [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Sales | $ 1,421 | $ 1,345 | $ 4,217 | $ 3,922 |
Sales percentage | 100% | 100% | 100% | 100% |
Operating Segments [Member] | Mission Systems [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Sales | $ 2,628 | $ 2,456 | $ 7,832 | $ 7,469 |
Sales percentage | 100% | 100% | 100% | 100% |
Operating Segments [Member] | Space Systems [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Sales | $ 3,506 | $ 3,163 | $ 10,344 | $ 8,997 |
Sales percentage | 100% | 100% | 100% | 100% |
Segment Information (Unaudite_5
Segment Information (Unaudited) Sales by Contract Type (Details 3) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue, Contract Type [Line Items] | ||||
Sales | $ 9,775 | $ 8,971 | $ 28,652 | $ 26,569 |
Sales percentage | 100% | 100% | 100% | 100% |
Cost-type [Member] | ||||
Revenue, Contract Type [Line Items] | ||||
Sales | $ 5,261 | $ 4,624 | $ 15,574 | $ 13,615 |
Sales percentage | 54% | 52% | 54% | 51% |
Cost-type [Member] | Aeronautics Systems [Member] | ||||
Revenue, Contract Type [Line Items] | ||||
Sales | $ 1,370 | $ 1,185 | $ 3,920 | $ 3,678 |
Sales percentage | 51% | 48% | 51% | 48% |
Cost-type [Member] | Defense Systems [Member] | ||||
Revenue, Contract Type [Line Items] | ||||
Sales | $ 378 | $ 366 | $ 1,205 | $ 1,075 |
Sales percentage | 31% | 32% | 33% | 32% |
Cost-type [Member] | Mission Systems [Member] | ||||
Revenue, Contract Type [Line Items] | ||||
Sales | $ 1,002 | $ 881 | $ 2,920 | $ 2,591 |
Sales percentage | 42% | 40% | 41% | 39% |
Cost-type [Member] | Space Systems [Member] | ||||
Revenue, Contract Type [Line Items] | ||||
Sales | $ 2,511 | $ 2,192 | $ 7,529 | $ 6,271 |
Sales percentage | 72% | 70% | 73% | 70% |
Fixed-price [Member] | ||||
Revenue, Contract Type [Line Items] | ||||
Sales | $ 4,514 | $ 4,347 | $ 13,078 | $ 12,954 |
Sales percentage | 46% | 48% | 46% | 49% |
Fixed-price [Member] | Aeronautics Systems [Member] | ||||
Revenue, Contract Type [Line Items] | ||||
Sales | $ 1,342 | $ 1,294 | $ 3,773 | $ 3,915 |
Sales percentage | 49% | 52% | 49% | 52% |
Fixed-price [Member] | Defense Systems [Member] | ||||
Revenue, Contract Type [Line Items] | ||||
Sales | $ 840 | $ 785 | $ 2,445 | $ 2,280 |
Sales percentage | 69% | 68% | 67% | 68% |
Fixed-price [Member] | Mission Systems [Member] | ||||
Revenue, Contract Type [Line Items] | ||||
Sales | $ 1,363 | $ 1,325 | $ 4,129 | $ 4,123 |
Sales percentage | 58% | 60% | 59% | 61% |
Fixed-price [Member] | Space Systems [Member] | ||||
Revenue, Contract Type [Line Items] | ||||
Sales | $ 969 | $ 943 | $ 2,731 | $ 2,636 |
Sales percentage | 28% | 30% | 27% | 30% |
Intersegment sales | Aeronautics Systems [Member] | ||||
Revenue, Contract Type [Line Items] | ||||
Sales | $ 54 | $ 58 | $ 183 | $ 181 |
Intersegment sales | Defense Systems [Member] | ||||
Revenue, Contract Type [Line Items] | ||||
Sales | 203 | 194 | 567 | 567 |
Intersegment sales | Mission Systems [Member] | ||||
Revenue, Contract Type [Line Items] | ||||
Sales | 263 | 250 | 783 | 755 |
Intersegment sales | Space Systems [Member] | ||||
Revenue, Contract Type [Line Items] | ||||
Sales | 26 | 28 | 84 | 90 |
Operating Segments [Member] | Aeronautics Systems [Member] | ||||
Revenue, Contract Type [Line Items] | ||||
Sales | $ 2,766 | $ 2,537 | $ 7,876 | $ 7,774 |
Sales percentage | 100% | 100% | 100% | 100% |
Operating Segments [Member] | Defense Systems [Member] | ||||
Revenue, Contract Type [Line Items] | ||||
Sales | $ 1,421 | $ 1,345 | $ 4,217 | $ 3,922 |
Sales percentage | 100% | 100% | 100% | 100% |
Operating Segments [Member] | Mission Systems [Member] | ||||
Revenue, Contract Type [Line Items] | ||||
Sales | $ 2,628 | $ 2,456 | $ 7,832 | $ 7,469 |
Sales percentage | 100% | 100% | 100% | 100% |
Operating Segments [Member] | Space Systems [Member] | ||||
Revenue, Contract Type [Line Items] | ||||
Sales | $ 3,506 | $ 3,163 | $ 10,344 | $ 8,997 |
Sales percentage | 100% | 100% | 100% | 100% |
Segment Information (Unaudite_6
Segment Information (Unaudited) Sales by Geographic Location (Details 4) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue, Geographic Location [Line Items] | ||||
Sales | $ 9,775 | $ 8,971 | $ 28,652 | $ 26,569 |
Sales percentage | 100% | 100% | 100% | 100% |
United States | ||||
Revenue, Geographic Location [Line Items] | ||||
Sales | $ 8,536 | $ 7,761 | $ 25,045 | $ 23,063 |
Sales percentage | 87% | 87% | 87% | 87% |
United States | Aeronautics Systems [Member] | ||||
Revenue, Geographic Location [Line Items] | ||||
Sales | $ 2,335 | $ 2,138 | $ 6,677 | $ 6,581 |
Sales percentage | 86% | 85% | 87% | 87% |
United States | Defense Systems [Member] | ||||
Revenue, Geographic Location [Line Items] | ||||
Sales | $ 860 | $ 839 | $ 2,547 | $ 2,422 |
Sales percentage | 70% | 72% | 70% | 72% |
United States | Mission Systems [Member] | ||||
Revenue, Geographic Location [Line Items] | ||||
Sales | $ 1,933 | $ 1,754 | $ 5,787 | $ 5,414 |
Sales percentage | 82% | 79% | 83% | 81% |
United States | Space Systems [Member] | ||||
Revenue, Geographic Location [Line Items] | ||||
Sales | $ 3,408 | $ 3,030 | $ 10,034 | $ 8,646 |
Sales percentage | 98% | 97% | 98% | 97% |
Asia/Pacific | ||||
Revenue, Geographic Location [Line Items] | ||||
Sales | $ 376 | $ 469 | $ 1,149 | $ 1,421 |
Sales percentage | 4% | 5% | 4% | 5% |
Asia/Pacific | Aeronautics Systems [Member] | ||||
Revenue, Geographic Location [Line Items] | ||||
Sales | $ 163 | $ 165 | $ 448 | $ 560 |
Sales percentage | 6% | 7% | 6% | 7% |
Asia/Pacific | Defense Systems [Member] | ||||
Revenue, Geographic Location [Line Items] | ||||
Sales | $ 93 | $ 112 | $ 324 | $ 340 |
Sales percentage | 8% | 10% | 9% | 10% |
Asia/Pacific | Mission Systems [Member] | ||||
Revenue, Geographic Location [Line Items] | ||||
Sales | $ 98 | $ 159 | $ 310 | $ 435 |
Sales percentage | 4% | 7% | 4% | 6% |
Asia/Pacific | Space Systems [Member] | ||||
Revenue, Geographic Location [Line Items] | ||||
Sales | $ 22 | $ 33 | $ 67 | $ 86 |
Sales percentage | 1% | 1% | 1% | 1% |
Europe | ||||
Revenue, Geographic Location [Line Items] | ||||
Sales | $ 640 | $ 543 | $ 1,788 | $ 1,529 |
Sales percentage | 7% | 6% | 7% | 6% |
Europe | Aeronautics Systems [Member] | ||||
Revenue, Geographic Location [Line Items] | ||||
Sales | $ 204 | $ 163 | $ 543 | $ 413 |
Sales percentage | 8% | 7% | 7% | 5% |
Europe | Defense Systems [Member] | ||||
Revenue, Geographic Location [Line Items] | ||||
Sales | $ 146 | $ 101 | $ 406 | $ 297 |
Sales percentage | 12% | 9% | 11% | 9% |
Europe | Mission Systems [Member] | ||||
Revenue, Geographic Location [Line Items] | ||||
Sales | $ 246 | $ 210 | $ 712 | $ 654 |
Sales percentage | 10% | 10% | 10% | 10% |
Europe | Space Systems [Member] | ||||
Revenue, Geographic Location [Line Items] | ||||
Sales | $ 44 | $ 69 | $ 127 | $ 165 |
Sales percentage | 1% | 2% | 1% | 2% |
All other | ||||
Revenue, Geographic Location [Line Items] | ||||
Sales | $ 223 | $ 198 | $ 670 | $ 556 |
Sales percentage | 2% | 2% | 2% | 2% |
All other | Aeronautics Systems [Member] | ||||
Revenue, Geographic Location [Line Items] | ||||
Sales | $ 10 | $ 13 | $ 25 | $ 39 |
Sales percentage | 0% | 1% | 0% | 1% |
All other | Defense Systems [Member] | ||||
Revenue, Geographic Location [Line Items] | ||||
Sales | $ 119 | $ 99 | $ 373 | $ 296 |
Sales percentage | 10% | 9% | 10% | 9% |
All other | Mission Systems [Member] | ||||
Revenue, Geographic Location [Line Items] | ||||
Sales | $ 88 | $ 83 | $ 240 | $ 211 |
Sales percentage | 4% | 4% | 3% | 3% |
All other | Space Systems [Member] | ||||
Revenue, Geographic Location [Line Items] | ||||
Sales | $ 6 | $ 3 | $ 32 | $ 10 |
Sales percentage | 0% | 0% | 0% | 0% |
Intersegment sales | Aeronautics Systems [Member] | ||||
Revenue, Geographic Location [Line Items] | ||||
Sales | $ 54 | $ 58 | $ 183 | $ 181 |
Intersegment sales | Defense Systems [Member] | ||||
Revenue, Geographic Location [Line Items] | ||||
Sales | 203 | 194 | 567 | 567 |
Intersegment sales | Mission Systems [Member] | ||||
Revenue, Geographic Location [Line Items] | ||||
Sales | 263 | 250 | 783 | 755 |
Intersegment sales | Space Systems [Member] | ||||
Revenue, Geographic Location [Line Items] | ||||
Sales | 26 | 28 | 84 | 90 |
Operating Segments [Member] | Aeronautics Systems [Member] | ||||
Revenue, Geographic Location [Line Items] | ||||
Sales | $ 2,766 | $ 2,537 | $ 7,876 | $ 7,774 |
Sales percentage | 100% | 100% | 100% | 100% |
Operating Segments [Member] | Defense Systems [Member] | ||||
Revenue, Geographic Location [Line Items] | ||||
Sales | $ 1,421 | $ 1,345 | $ 4,217 | $ 3,922 |
Sales percentage | 100% | 100% | 100% | 100% |
Operating Segments [Member] | Mission Systems [Member] | ||||
Revenue, Geographic Location [Line Items] | ||||
Sales | $ 2,628 | $ 2,456 | $ 7,832 | $ 7,469 |
Sales percentage | 100% | 100% | 100% | 100% |
Operating Segments [Member] | Space Systems [Member] | ||||
Revenue, Geographic Location [Line Items] | ||||
Sales | $ 3,506 | $ 3,163 | $ 10,344 | $ 8,997 |
Sales percentage | 100% | 100% | 100% | 100% |