0001133421-24-000052 | 10-Q | XBRL Viewer

Inventory

6 Months Ended

Jun. 30, 2024

3. INVENTORIED COSTS, NET

Inventoried costs, net consist of the following:


$ in millions	June 30, 2024		December 31, 2023
Contracts in process	$	973	$	647
Product inventory:
Raw materials	365		338
Work in process	103		72
Finished goods	63		52
Total product inventory	531		462
Inventoried costs, net	$	1,504	$	1,109

Insider Trading Arrangements - Mark A. Welsh III [Member]	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Sale of 397 shares of common stock
Name	Mark A. Welsh III
Title	(Director)
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 30, 2024
Termination Date	Until August 29, 2025 or such earlier date upon the completion of all trades under the plan or the occurrence of such other termination events as specified in the plan.

Commitments and Contingencies (Unaudited) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Site Contingency [Line Items]
Accrual for Environmental Remediation Costs	$ 574	$ 584
Loss Contingency, Range of Possible Loss, Portion Not Accrued	382	387
Recorded Third-Party Environmental Recoveries, Amount	535	$ 518
Financial Arrangements
Standby Unused Letters Of Credit and bank guarantees	365
Surety Bond Outstanding	$ 272
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
Line of Credit Outstanding	0
Other Current Liabilities [Member]
Site Contingency [Line Items]
Accrual for Environmental Remediation Costs	223
Other Noncurrent Liabilities [Member]
Site Contingency [Line Items]
Accrual for Environmental Remediation Costs	351
Other Current Assets [Member]
Site Contingency [Line Items]
Recorded Third-Party Environmental Recoveries, Amount	212
Other Noncurrent Assets [Member]
Site Contingency [Line Items]
Recorded Third-Party Environmental Recoveries, Amount	323
Environmental Remediation Expense, Recovery	26
Commercial Paper [Member]
Line of Credit Facility [Line Items]
Commercial Paper, Maximum Borrowing Capacity	$ 2,500

Condensed Consolidated Statements of Earnings and Comprehensive Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues	$ 10,218	$ 9,576	$ 20,351	$ 18,877
Operating costs and expenses
General and administrative expenses	1,101	1,073	2,163	2,111
Total operating costs and expenses	9,128	8,609	18,190	16,963
Operating income	1,090	967	2,161	1,914
Other (expense) income
Interest expense	(154)	(147)	(300)	(276)
Non-operating FAS pension benefit	167	133	335	265
Other, net	43	34	81	82
Earnings before income taxes	1,146	987	2,277	1,985
Federal and foreign income tax expense	206	175	393	331
Net earnings	$ 940	$ 812	$ 1,884	$ 1,654
Basic earnings per share
Basic earnings per share	$ 6.37	$ 5.35	$ 12.72	$ 10.87
Weighted-average common shares outstanding, in millions	147.5	151.7	148.1	152.1
Diluted earnings per share
Diluted earnings per share	$ 6.36	$ 5.34	$ 12.69	$ 10.83
Weighted-average diluted shares outstanding, in millions	147.7	152.2	148.5	152.7
Net earnings (from above)	$ 940	$ 812	$ 1,884	$ 1,654
Change in cumulative translation adjustment	1	(3)	0	(5)
Change in other, net	(2)	(2)	(18)	(2)
Other comprehensive (loss) income, net of tax	(3)	1	(18)	3
Comprehensive income	937	813	1,866	1,657
Product [Member]
Revenues	8,076	7,441	16,178	14,712
Cost of Sales	6,388	5,876	12,799	11,603
Service [Member]
Revenues	2,142	2,135	4,173	4,165
Cost of Sales	$ 1,639	$ 1,660	$ 3,228	$ 3,249

Basis of Presentation (Unaudited) (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30				Six Months Ended June 30
$ in millions, except per share data	2024		2023		2024		2023
Revenue	$	37	$	95	$	111	$	157
Operating income	38		76		132		122
Net earnings(1)	30		60		104		96
Diluted earnings per share(1)	0.20		0.39		0.70		0.63

(1)Based on a 21 percent federal statutory tax rate

Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss, net of tax, are as follows:


$ in millions	June 30, 2024		December 31, 2023
Cumulative translation adjustment	$	(138)	$	(138)
Other, net	(8)		10
Total accumulated other comprehensive loss	$	(146)	$	(128)

Income Taxes (Unaudited)

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES


	Three Months Ended June 30						Six Months Ended June 30
$ in millions	2024			2023			2024			2023
Federal and foreign income tax expense	$	206		$	175		$	393		$	331
Effective income tax rate	18.0		%	17.7		%	17.3		%	16.7		%

Current Quarter

The company’s second quarter 2024 effective tax rate (ETR) increased to 18.0 percent from 17.7 percent in the prior year period principally due to higher interest expense on unrecognized tax benefits. The second quarter 2024 ETR includes benefits of $46 million for research credits and $15 million for foreign derived intangible income (FDII), partially offset by $25 million of interest expense on unrecognized tax benefits. The second quarter 2023 ETR included benefits of $38 million for research credits and $14 million for FDII, partially offset by $14 million of interest expense on unrecognized tax benefits.

Year to Date

The company’s year to date 2024 ETR increased to 17.3 percent from 16.7 percent in the prior year period principally due to higher interest expense on unrecognized tax benefits. The year to date 2024 ETR includes benefits of $90 million for research credits and $30 million for FDII, partially offset by $46 million of interest expense on unrecognized tax benefits. The year to date 2023 ETR included benefits of $78 million for research credits and $29 million for FDII, partially offset by $27 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 $583 million as of June 30, 2024 and $1.5 billion as of December 31, 2023.

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 June 30, 2024, we have approximately $2.1 billion in unrecognized tax benefits, including $901 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 $60 million.

Our current unrecognized tax benefits, which are included in Other current liabilities in the unaudited condensed consolidated statements of financial position, were $1.1 billion and $964 million as of June 30, 2024 and December 31, 2023, respectively, with the remainder of our unrecognized tax benefits included within Other non-current liabilities.

We file income tax returns in the U.S. federal jurisdiction and in various state and foreign jurisdictions. The Northrop Grumman 2018-2020 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. The matters not addressed by the agreed RAR related to the company’s 2014-2017 federal income tax returns and refund claims related to its 2007-2016 federal tax returns are currently under review by the IRS Appeals Office.

The Organization for Economic Co-operation and Development has issued Pillar Two model rules for a new global minimum tax of 15% effective January 1, 2024. While it is uncertain whether the United States will enact legislation to adopt Pillar Two, certain countries in which we operate have adopted legislation, and other countries are in the process of introducing legislation to implement Pillar Two. Pillar Two had no impact on our second quarter or year to date 2024 effective tax rate, and we do not currently expect Pillar Two to significantly impact our effective tax rate going forward.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Inventory (Tables)

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory, Current [Table Text Block]


$ in millions	June 30, 2024		December 31, 2023
Contracts in process	$	973	$	647
Product inventory:
Raw materials	365		338
Work in process	103		72
Finished goods	63		52
Total product inventory	531		462
Inventoried costs, net	$	1,504	$	1,109

Basis of Presentation (Unaudited)

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PRESENTATION

1. BASIS OF PRESENTATION

Principles of Consolidation and Reporting

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.

Effective July 1, 2024, the company realigned the Strategic Deterrent Systems (SDS) division, which includes the Ground-Based Strategic Deterrent (“Sentinel”) program, from Space Systems to Defense Systems. The realignment is not reflected in the financial information contained in this report; it will be reflected in the company’s operating results beginning in the third quarter of 2024.

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. For classification of certain current assets and liabilities, we consider the duration of our customer contracts when defining our operating cycle, which is generally longer than one year.

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 2023 Annual Report on Form 10-K.

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 Recognition

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, requests for equitable adjustment (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.

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 obligation, the entire amount of the estimable future loss, including an allocation of general and administrative expense, is charged against income in the period the loss is identified.

B-21 Program

In 2015, the U.S. Air Force awarded Northrop Grumman the B-21 contract, which includes a base contract for engineering and manufacturing development (EMD) and five low-rate initial production (LRIP) options for a baseline total of 21 aircraft. 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 continue to be awarded and executed through

approximately the end of the decade. In addition to the five LRIP options, Northrop Grumman and the U.S. Air Force have established not to exceed (NTE) pricing for additional aircraft up to unit 40. The average NTE value for these subsequent lots is above the average unit price of the five LRIP lots, and the NTE lots include an economic price adjustment clause to protect against certain inflationary pressures. Final terms, quantity, and pricing for these subsequent lots are not fully negotiated.

During the fourth quarter of 2023, we recognized a projected loss of $1.56 billion across the five LRIP options. During the second quarter of 2024, we again reviewed our estimated profitability on the program and made no significant changes to the previously recognized loss. The company’s second quarter 2024 results reflect our current best estimate of our cost to complete the LRIP and NTE aircraft, as well as the outcome of ongoing discussions with our suppliers and our customer. If our estimated cost to complete the aircraft changes or our assumptions regarding contract performance, quantities, or funding to mitigate the impact of macroeconomic disruptions are resolved more or less favorably than what we have estimated, our financial position, results of operations and/or cash flows could be materially affected. As of June 30, 2024, the remaining loss accrual is $1.5 billion, of which $972 million is included in Other current liabilities with the remainder included in Other non-current liabilities.

Sentinel Program

In 2020, the U.S. Air Force awarded Northrop Grumman a $13.3 billion contract for the EMD phase of the Sentinel program. In January 2024, the U.S. Air Force provided congressional notification that the Sentinel program was under a Nunn-McCurdy breach review, which is required when total program cost estimates exceed certain defined thresholds. This notification, which had been driven primarily by increases in cost estimates for the Production and Deployment phases, commenced the process to achieve recertification for continuance of the program and update its baseline cost estimates. We are currently executing under a cost-type contract for the EMD phase, and the Production and Deployment phases are yet to be priced and negotiated.

In July 2024, the Sentinel program was recertified for continuation by the DoD upon completion of the Nunn-McCurdy breach review. In connection with the recertification, the DoD directed that the program be restructured, including plans for infrastructure related to the command and launch segment, which was the main driver of the increased cost estimates for the Production and Deployment phases. We are partnering with our customer to establish a new program baseline as part of the restructuring activities.

During the second quarter of 2024, we reviewed our estimated profitability on the Sentinel program and made no significant changes. The Sentinel EAC incorporates our best estimate of costs to complete the restructured EMD effort; however, if the outcome is more or less favorable than what we have estimated, our financial position, results of operations and/or cash flows could be materially affected.

Habitation and Logistics Outpost (HALO) Program
In 2021, the National Aeronautics and Space Administration (NASA) awarded Northrop Grumman Phase 5 of the HALO program to complete the design and development of HALO for NASA’s Gateway program. At the request of NASA, Space Systems submitted an engineering change proposal (ECP) during the fourth quarter of 2023 for scope increases and other aspects of the HALO contract largely stemming from evolving Lunar Gateway architecture and mission requirements. During the second quarter of 2024, the company and NASA made significant progress toward ECP resolution, and we updated our profitability estimate for the HALO contract accordingly. We currently expect negotiations to be completed by the end of the year.

The following table presents the effect of aggregate net EAC adjustments:


	Three Months Ended June 30				Six Months Ended June 30
$ in millions, except per share data	2024		2023		2024		2023
Revenue	$	37	$	95	$	111	$	157
Operating income	38		76		132		122
Net earnings(1)	30		60		104		96
Diluted earnings per share(1)	0.20		0.39		0.70		0.63

(1)Based on a 21 percent federal statutory tax rate.

EAC adjustments on a single performance obligation can have a significant effect on the company’s financial statements. When such adjustments occur, we generally disclose the nature, underlying conditions and financial impact of the adjustments. No EAC adjustments on a single performance obligation had a significant impact on the

financial statements during the six months ended June 30, 2024. During the three months ended June 30, 2023, we recorded a $36 million unfavorable EAC adjustment on the HALO program at Space Systems.

Backlog

Backlog represents the future sales we expect to recognize on firm orders received by the company and is equivalent to the company’s remaining performance obligations at the end of each period. It comprises both funded backlog (firm orders for which funding is authorized and appropriated) and unfunded backlog. Unexercised contract options and indefinite delivery indefinite quantity (IDIQ) contracts are not included in backlog until the time an option or IDIQ task order is exercised or awarded. Backlog is converted into sales as costs are incurred or deliveries are made.

Company backlog as of June 30, 2024 was $83.1 billion. Of our June 30, 2024 backlog, we expect to recognize approximately 40 percent as revenue over the next 12 months and 65 percent as revenue over the next 24 months, with the remainder to be recognized thereafter.

During the first quarter of 2024, the company reduced unfunded backlog by $1.6 billion related to a termination for convenience in our restricted space business.

During the second quarter of 2024, the company reduced unfunded backlog by $0.7 billion related to a termination for convenience on the Next Generation Interceptor (NGI) program at Space Systems.

Contract Assets and Liabilities

For each of the company’s contracts, the timing of revenue recognition, customer billings, and cash collections results in a net contract asset or liability at the end of each reporting period. Contract assets are equivalent to and reflected as Unbilled receivables in the unaudited condensed consolidated statements of financial position and are primarily related to long-term contracts where revenue recognized under the cost-to-cost method exceeds amounts billed to customers. Contract liabilities are equivalent to and reflected as Advance payments and billings in excess of costs incurred in the unaudited condensed consolidated statements of financial position. The amount of revenue recognized for the three and six months ended June 30, 2024 that was included in the December 31, 2023 contract liability balance was $1.1 billion and $3.0 billion, respectively. The amount of revenue recognized for the three and six months ended June 30, 2023 that was included in the December 31, 2022 contract liability balance was $899 million and $2.6 billion, respectively.

Disaggregation of Revenue

See Note 10 for information regarding the company’s sales by customer type, contract type and geographic region for each of our segments. We believe those categories best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors.

Property, Plant, and Equipment

Non-cash investing activities include capital expenditures incurred but not yet paid of $77 million and $62 million as of June 30, 2024 and 2023, respectively.

Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss, net of tax, are as follows:


$ in millions	June 30, 2024		December 31, 2023
Cumulative translation adjustment	$	(138)	$	(138)
Other, net	(8)		10
Total accumulated other comprehensive loss	$	(146)	$	(128)

Related Party Transactions

For all periods presented, the company had no material related party transactions.

Accounting Standards Updates

On November 27, 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Among other new disclosure requirements, ASU 2023-07 requires companies to disclose significant segment expenses that are regularly provided to the chief operating decision maker. ASU 2023-07 will be effective for annual periods beginning on January 1, 2024 and interim periods beginning on January 1, 2025. ASU 2023-07 must be applied retrospectively to all prior periods presented in the financial statements. We are continuing to evaluate the disclosure impact of ASU 2023-07; however, the standard will not have an impact on the company’s consolidated financial position, results of operations and/or cash flows.

On December 14, 2023, the FASB issued ASU No. 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires companies to disclose, on an annual basis, specific categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires companies to disclose additional information about income taxes paid. ASU 2023-09 will be effective for annual periods beginning January 1, 2025 and will be applied on a prospective basis with the option to apply the standard retrospectively. We are continuing to evaluate the disclosure impact of ASU 2023-09; however, the standard will not have an impact on the company’s consolidated financial position, results of operations and/or cash flows.

On March 6, 2024, the SEC issued its final climate disclosure rule, which requires registrants to include climate-related disclosures in registration statements and annual reports. The final rule requires registrants to provide information about the financial statement impacts of severe weather events and other natural conditions. The final rule also requires certain disclosures related to risk management and governance over climate-related risks, material climate targets and goals, and material Scope 1 and Scope 2 greenhouse gas emissions. The requirements would be phased in beginning with fiscal year 2025. On April 4, 2024, the SEC voluntarily stayed the final rule pending the completion of judicial review of cases pending in the Eighth Circuit. We are continuing to evaluate the disclosure impact of the final rule.

Other accounting standards updates adopted and/or issued, but not effective until after June 30, 2024, are not expected to have a material effect on the company’s consolidated financial position, results of operations and/or cash flows.

Investigations, Claims and Litigation (Unaudited)	6 Months Ended
Investigations, Claims and Litigation (Unaudited)	Jun. 30, 2024
Disclosure Text Block Supplement [Abstract]
INVESTIGATIONS, CLAIMS AND LITIGATION	INVESTIGATIONS, CLAIMS AND LITIGATION For over 25 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, the New York State Department of Health and other federal, state and local governmental authorities, to address environmental conditions allegedly resulting from historic operations at the former United States Navy and Grumman facilities in Bethpage, New York. We have incurred, and expect to continue to incur, as included in Note 7, substantial remediation costs related to these Bethpage environmental conditions, including potential costs relating to unanticipated developments such as new discoveries of potential contaminants. 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 2022, we resolved several disputes and regulatory proceedings concerning the scope and allocation of remediation responsibilities and costs related to this site and we continue remediation consistent with agreements through which those disputes were resolved. The company continues to be involved in other remediation-related disputes, none of which are material individually or in the aggregate. We are also a party to various individual lawsuits and a putative class action in the Eastern District of New York alleging personal injury and property damage related to the legacy Bethpage environmental conditions. The court has stayed the filed individual lawsuits, pending its decision on class certification, which the court will undertake if an ongoing mediation between the parties is unsuccessful. 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. The company received from the U.S. Department of Justice (DOJ) a criminal subpoena on December 9, 2022, and a civil investigative demand (CID) 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 U.S. Government Cost Accounting Standards (CAS) pension expense, which we discuss in Note 7 below. 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 a party to various other investigations, lawsuits, arbitration, claims, enforcement actions and other legal proceedings, including government investigations and claims, that arise in the ordinary course of our business. The nature of legal proceedings is such that we cannot assure the outcome of any particular matter. However, based on information available to the company to date, the company does not believe that the outcome of any of these other matters pending against the company is likely to have a material adverse effect on the company’s unaudited condensed consolidated financial position as of June 30, 2024, or its annual results of operations and/or cash flows.

Retirement Benefits (Unaudited)

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

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 June 30								Six Months Ended June 30
	Pension Benefits				OPB				Pension Benefits				OPB
$ in millions	2024		2023		2024		2023		2024		2023		2024		2023
Components of net periodic benefit cost (benefit)
Service cost	$	59	$	59	$	1	$	1	$	119	$	118	$	2	$	2
Interest cost	382		392		16		16		763		784		31		33
Expected return on plan assets	(549)		(525)		(22)		(21)		(1,098)		(1,049)		(43)		(42)
Net periodic benefit cost (benefit)	$	(108)	$	(74)	$	(5)	$	(4)	$	(216)	$	(147)	$	(10)	$	(7)

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 June 30				Six Months Ended June 30
$ in millions	2024		2023		2024		2023
Defined benefit pension plans	$	24	$	25	$	49	$	54
OPB plans	9		10		20		21
Defined contribution plans	151		146		381		361

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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+ Details

Document and Entity Information Document - shares	6 Months Ended
Document and Entity Information Document - shares	Jun. 30, 2024	Jul. 22, 2024
Document and Entity Information [Abstract]
Entity Current Reporting Status	Yes
Document Type	10-Q
Document Fiscal Period Focus	Q2
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Amendment Flag	false
Document Fiscal Year Focus	2024
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		146,245,264

Segment Information (Unaudited) Sales by Contract Type (Details 3) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue, Contract Type [Line Items]
Revenues	$ 10,218	$ 9,576	$ 20,351	$ 18,877
Sales percentage	100.00%	100.00%	100.00%	100.00%
Cost-type [Member]
Revenue, Contract Type [Line Items]
Revenues	$ 5,293	$ 5,252	$ 10,490	$ 10,313
Sales percentage	52.00%	55.00%	52.00%	55.00%
Cost-type [Member] \| Aeronautics Systems [Member]
Revenue, Contract Type [Line Items]
Revenues	$ 1,381	$ 1,319	$ 2,694	$ 2,550
Sales percentage	48.00%	52.00%	46.00%	51.00%
Cost-type [Member] \| Defense Systems [Member]
Revenue, Contract Type [Line Items]
Revenues	$ 353	$ 404	$ 713	$ 827
Sales percentage	27.00%	33.00%	28.00%	34.00%
Cost-type [Member] \| Mission Systems [Member]
Revenue, Contract Type [Line Items]
Revenues	$ 1,107	$ 957	$ 2,174	$ 1,918
Sales percentage	45.00%	41.00%	45.00%	41.00%
Cost-type [Member] \| Space Systems [Member]
Revenue, Contract Type [Line Items]
Revenues	$ 2,452	$ 2,572	$ 4,909	$ 5,018
Sales percentage	69.00%	74.00%	68.00%	74.00%
Fixed-price [Member]
Revenue, Contract Type [Line Items]
Revenues	$ 4,925	$ 4,324	$ 9,861	$ 8,564
Sales percentage	48.00%	45.00%	48.00%	45.00%
Fixed-price [Member] \| Aeronautics Systems [Member]
Revenue, Contract Type [Line Items]
Revenues	$ 1,523	$ 1,212	$ 3,120	$ 2,431
Sales percentage	52.00%	48.00%	54.00%	49.00%
Fixed-price [Member] \| Defense Systems [Member]
Revenue, Contract Type [Line Items]
Revenues	$ 937	$ 821	$ 1,790	$ 1,605
Sales percentage	73.00%	67.00%	72.00%	66.00%
Fixed-price [Member] \| Mission Systems [Member]
Revenue, Contract Type [Line Items]
Revenues	$ 1,369	$ 1,401	$ 2,684	$ 2,766
Sales percentage	55.00%	59.00%	55.00%	59.00%
Fixed-price [Member] \| Space Systems [Member]
Revenue, Contract Type [Line Items]
Revenues	$ 1,096	$ 890	$ 2,267	$ 1,762
Sales percentage	31.00%	26.00%	32.00%	26.00%
Intersegment sales \| Aeronautics Systems [Member]
Revenue, Contract Type [Line Items]
Revenues	$ 59	$ 64	$ 118	$ 129
Intersegment sales \| Defense Systems [Member]
Revenue, Contract Type [Line Items]
Revenues	223	195	422	364
Intersegment sales \| Mission Systems [Member]
Revenue, Contract Type [Line Items]
Revenues	297	283	574	520
Intersegment sales \| Space Systems [Member]
Revenue, Contract Type [Line Items]
Revenues	25	26	52	58
Operating Segments [Member] \| Aeronautics Systems [Member]
Revenue, Contract Type [Line Items]
Revenues	$ 2,963	$ 2,595	$ 5,932	$ 5,110
Sales percentage	100.00%	100.00%	100.00%	100.00%
Operating Segments [Member] \| Defense Systems [Member]
Revenue, Contract Type [Line Items]
Revenues	$ 1,513	$ 1,420	$ 2,925	$ 2,796
Sales percentage	100.00%	100.00%	100.00%	100.00%
Operating Segments [Member] \| Mission Systems [Member]
Revenue, Contract Type [Line Items]
Revenues	$ 2,773	$ 2,641	$ 5,432	$ 5,204
Sales percentage	100.00%	100.00%	100.00%	100.00%
Operating Segments [Member] \| Space Systems [Member]
Revenue, Contract Type [Line Items]
Revenues	$ 3,573	$ 3,488	$ 7,228	$ 6,838
Sales percentage	100.00%	100.00%	100.00%	100.00%

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net earnings	$ 1,884	$ 1,654
Adjustments to reconcile to net cash provided by operating activities:
Depreciation and amortization	625	621
Stock-based compensation	46	47
Deferred income taxes	(230)	(423)
Net periodic pension and OPB income	(226)	(154)
Pension and OPB contributions	(69)	(75)
Changes in assets and liabilities:
Accounts receivable, net	(240)	(591)
Unbilled receivables, net	(741)	110
Inventoried costs, net	(398)	(331)
Prepaid expenses and other assets	45	66
Accounts payable and other liabilities	(918)	(1,043)
Income taxes payable, net	925	285
Other operating activities, net	16	51
Net cash provided by operating activities	719	217
Investing activities
Capital expenditures	(590)	(613)
Other investing activities, net	0	1
Net cash used in investing activities	(590)	(612)
Financing activities
Net proceeds from issuance of long-term debt	2,495	1,995
Proceeds from (Repayments of) Commercial Paper	0	768
Common stock repurchases	(1,752)	(931)
Cash dividends paid	(586)	(554)
Payments of employee taxes withheld from share-based awards	(57)	(50)
Other financing activities, net	(66)	(26)
Net cash provided by financing activities	34	1,202
Increase in cash and cash equivalents	163	807
Cash and cash equivalents, beginning of year	3,109	2,577
Cash and Cash Equivalents, at Carrying Value	$ 3,272	$ 3,384

Retirement Benefits (Unaudited) (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30								Six Months Ended June 30
	Pension Benefits				OPB				Pension Benefits				OPB
$ in millions	2024		2023		2024		2023		2024		2023		2024		2023
Components of net periodic benefit cost (benefit)
Service cost	$	59	$	59	$	1	$	1	$	119	$	118	$	2	$	2
Interest cost	382		392		16		16		763		784		31		33
Expected return on plan assets	(549)		(525)		(22)		(21)		(1,098)		(1,049)		(43)		(42)
Net periodic benefit cost (benefit)	$	(108)	$	(74)	$	(5)	$	(4)	$	(216)	$	(147)	$	(10)	$	(7)

Employer contributions to retirement plans

Contributions made by the company to its retirement plans are as follows:


	Three Months Ended June 30				Six Months Ended June 30
$ in millions	2024		2023		2024		2023
Defined benefit pension plans	$	24	$	25	$	49	$	54
OPB plans	9		10		20		21
Defined contribution plans	151		146		381		361

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	Principles of Consolidation and Reporting 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	Effective July 1, 2024, the company realigned the Strategic Deterrent Systems (SDS) division, which includes the Ground-Based Strategic Deterrent (“Sentinel”) program, from Space Systems to Defense Systems. The realignment is not reflected in the financial information contained in this report; it will be reflected in the company’s operating results beginning in the third quarter of 2024. 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. For classification of certain current assets and liabilities, we consider the duration of our customer contracts when defining our operating cycle, which is generally longer than one year. 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 2023 Annual Report on Form 10-K.
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, requests for equitable adjustment (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. 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 obligation, the entire amount of the estimable future loss, including an allocation of general and administrative expense, is charged against income in the period the loss is identified. Contract Assets and Liabilities For each of the company’s contracts, the timing of revenue recognition, customer billings, and cash collections results in a net contract asset or liability at the end of each reporting period. Contract assets are equivalent to and reflected as Unbilled receivables in the unaudited condensed consolidated statements of financial position and are primarily related to long-term contracts where revenue recognized under the cost-to-cost method exceeds amounts billed to customers. Contract liabilities are equivalent to and reflected as Advance payments and billings in excess of costs incurred in the unaudited condensed consolidated statements of financial position. The amount of revenue recognized for the three and six months ended June 30, 2024 that was included in the December 31, 2023 contract liability balance was $1.1 billion and $3.0 billion, respectively. The amount of revenue recognized for the three and six months ended June 30, 2023 that was included in the December 31, 2022 contract liability balance was $899 million and $2.6 billion, respectively.
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 below. Marketable securities are included in Other non-current assets in the unaudited condensed consolidated statements of financial position.
Derivative Financial Instruments and Hedging Activities	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.
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. The current portion of long-term debt is recorded in Other current liabilities in the unaudited condensed consolidated statements of financial position.
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 On November 27, 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Among other new disclosure requirements, ASU 2023-07 requires companies to disclose significant segment expenses that are regularly provided to the chief operating decision maker. ASU 2023-07 will be effective for annual periods beginning on January 1, 2024 and interim periods beginning on January 1, 2025. ASU 2023-07 must be applied retrospectively to all prior periods presented in the financial statements. We are continuing to evaluate the disclosure impact of ASU 2023-07; however, the standard will not have an impact on the company’s consolidated financial position, results of operations and/or cash flows. On December 14, 2023, the FASB issued ASU No. 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires companies to disclose, on an annual basis, specific categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires companies to disclose additional information about income taxes paid. ASU 2023-09 will be effective for annual periods beginning January 1, 2025 and will be applied on a prospective basis with the option to apply the standard retrospectively. We are continuing to evaluate the disclosure impact of ASU 2023-09; however, the standard will not have an impact on the company’s consolidated financial position, results of operations and/or cash flows. On March 6, 2024, the SEC issued its final climate disclosure rule, which requires registrants to include climate-related disclosures in registration statements and annual reports. The final rule requires registrants to provide information about the financial statement impacts of severe weather events and other natural conditions. The final rule also requires certain disclosures related to risk management and governance over climate-related risks, material climate targets and goals, and material Scope 1 and Scope 2 greenhouse gas emissions. The requirements would be phased in beginning with fiscal year 2025. On April 4, 2024, the SEC voluntarily stayed the final rule pending the completion of judicial review of cases pending in the Eighth Circuit. We are continuing to evaluate the disclosure impact of the final rule. Other accounting standards updates adopted and/or issued, but not effective until after June 30, 2024, are not expected to have a material effect on the company’s consolidated financial position, results of operations and/or cash flows.

Basis of Presentation (Unaudited) Backlog and Contract Assets and Liabilities (Details 3) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Change in Contract with Customer, Liability [Abstract]
Contract with Customer, Liability, Revenue Recognized		$ 1,100	$ 899	$ 3,000	$ 2,600
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Amount		83,100		$ 83,100
Restricted Space [Member] \| Space Systems [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Backlog Reduction due to Contract Termination	$ 1,600
NGI Program [Member] \| Space Systems [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Backlog Reduction due to Contract Termination		$ 700
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-06-30
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Percentage		40.00%		40.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		12 months		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Percentage		65.00%		65.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		24 months		24 months

Stock Compensation Plans and Other Compensation Arrangements (Unaudited) (Tables)

6 Months Ended

Jun. 30, 2024

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:


	Six Months Ended June 30
in millions	2024		2023
RSRs granted	0.1		0.1
RPSRs granted	0.2		0.1
Grant date aggregate fair value	$	105	$	101

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:


	Six Months Ended June 30
$ in millions	2024		2023
Minimum aggregate payout amount	$	35	$	34
Maximum aggregate payout amount	200		192

Income Taxes (Unaudited) Unrecognized Tax Benefit (Details 2) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Increase in Unrecognized Tax Benefits is Reasonably Possible	$ 60		$ 60
Current unrecognized tax benefits	1,100		1,100		$ 964
Unrecognized Tax Benefit Related to Methods of Accounting	2,100		2,100
Unrecognized Tax Benefits Related to Methods of Accounting - 451(b)	901		901
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense	$ 25	$ 14	$ 46	$ 27
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

Amounts in Paragraphs - Fair Value of Financial Instruments (Unaudited) (Details 2) - Foreign Exchange Forward [Member] - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Derivative, Notional Amount	$ 379	$ 286
Designated as Hedging Instrument [Member]
Debt Instrument [Line Items]
Derivative, Notional Amount	$ 245	$ 162

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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+ Details

Basis of Presentation (Unaudited) Accumulated Other Comprehensive Income (Loss) (Details 5) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	$ (138)	$ (138)
Accumulated Other Comprehensive Income (Loss), Other Components, Net of Tax	(8)	10
Accumulated other comprehensive loss	$ (146)	$ (128)

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

Segment Information (Unaudited)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION

The following table presents sales and operating income by segment:


	Three Months Ended June 30				Six Months Ended June 30
$ in millions	2024		2023		2024		2023
Sales
Aeronautics Systems	$	2,963	$	2,595	$	5,932	$	5,110
Defense Systems	1,513		1,420		2,925		2,796
Mission Systems	2,773		2,641		5,432		5,204
Space Systems	3,573		3,488		7,228		6,838
Intersegment eliminations	(604)		(568)		(1,166)		(1,071)
Total sales	10,218		9,576		20,351		18,877
Operating income
Aeronautics Systems	295		278		592		515
Defense Systems	204		166		381		326
Mission Systems	361		401		739		761
Space Systems	324		283		656		596
Intersegment eliminations	(83)		(76)		(163)		(144)
Total segment operating income	1,101		1,052		2,205		2,054
FAS/CAS operating adjustment	6		(21)		12		(42)
Unallocated corporate expense	(17)		(64)		(56)		(98)
Total operating income	$	1,090	$	967	$	2,161	$	1,914
Other (expense) income
Interest expense	(154)		(147)		(300)		(276)
Non-operating FAS pension benefit	167		133		335		265
Other, net	43		34		81		82
Earnings before income taxes	$	1,146	$	987	$	2,277	$	1,985

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 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 June 30								Six Months Ended June 30
	2024				2023				2024				2023
$ in millions	$		%(3)		$		%(3)		$		%(3)		$		%(3)
Aeronautics Systems
U.S. government(1)	$	2,536	86	%	$	2,215	86	%	$	5,061	85	%	$	4,323	85	%
International(2)	363		12	%	308		12	%	744		13	%	639		12	%
Other customers	5		—	%	8		—	%	9		—	%	19		—	%
Intersegment sales	59		2	%	64		2	%	118		2	%	129		3	%
Aeronautics Systems sales	2,963		100	%	2,595		100	%	5,932		100	%	5,110		100	%
Defense Systems
U.S. government(1)	932		62	%	848		60	%	1,862		64	%	1,651		59	%
International(2)	339		22	%	357		25	%	601		21	%	745		27	%
Other customers	19		1	%	20		1	%	40		1	%	36		1	%
Intersegment sales	223		15	%	195		14	%	422		14	%	364		13	%
Defense Systems sales	1,513		100	%	1,420		100	%	2,925		100	%	2,796		100	%
Mission Systems
U.S. government(1)	2,028		73	%	1,877		71	%	3,940		72	%	3,812		73	%
International(2)	427		15	%	454		17	%	881		16	%	830		16	%
Other customers	21		1	%	27		1	%	37		1	%	42		1	%
Intersegment sales	297		11	%	283		11	%	574		11	%	520		10	%
Mission Systems sales	2,773		100	%	2,641		100	%	5,432		100	%	5,204		100	%
Space Systems
U.S. government(1)	3,392		95	%	3,314		95	%	6,869		95	%	6,480		95	%
International(2)	56		2	%	83		2	%	121		2	%	154		2	%
Other customers	100		2	%	65		2	%	186		2	%	146		2	%
Intersegment sales	25		1	%	26		1	%	52		1	%	58		1	%
Space Systems sales	3,573		100	%	3,488		100	%	7,228		100	%	6,838		100	%
Total
U.S. government(1)	8,888		87	%	8,254		86	%	17,732		87	%	16,266		86	%
International(2)	1,185		12	%	1,202		13	%	2,347		12	%	2,368		13	%
Other customers	145		1	%	120		1	%	272		1	%	243		1	%
Total Sales	$	10,218	100	%	$	9,576	100	%	$	20,351	100	%	$	18,877	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 June 30								Six Months Ended June 30
	2024				2023				2024				2023
$ in millions	$		%(1)		$		%(1)		$		%(1)		$		%(1)
Aeronautics Systems
Cost-type	$	1,381	48	%	$	1,319	52	%	$	2,694	46	%	$	2,550	51	%
Fixed-price	1,523		52	%	1,212		48	%	3,120		54	%	2,431		49	%
Intersegment sales	59				64				118				129
Aeronautics Systems sales	2,963				2,595				5,932				5,110
Defense Systems
Cost-type	353		27	%	404		33	%	713		28	%	827		34	%
Fixed-price	937		73	%	821		67	%	1,790		72	%	1,605		66	%
Intersegment sales	223				195				422				364
Defense Systems sales	1,513				1,420				2,925				2,796
Mission Systems
Cost-type	1,107		45	%	957		41	%	2,174		45	%	1,918		41	%
Fixed-price	1,369		55	%	1,401		59	%	2,684		55	%	2,766		59	%
Intersegment sales	297				283				574				520
Mission Systems sales	2,773				2,641				5,432				5,204
Space Systems
Cost-type	2,452		69	%	2,572		74	%	4,909		68	%	5,018		74	%
Fixed-price	1,096		31	%	890		26	%	2,267		32	%	1,762		26	%
Intersegment sales	25				26				52				58
Space Systems sales	3,573				3,488				7,228				6,838
Total
Cost-type	5,293		52	%	5,252		55	%	10,490		52	%	10,313		55	%
Fixed-price	4,925		48	%	4,324		45	%	9,861		48	%	8,564		45	%
Total Sales	$	10,218			$	9,576			$	20,351			$	18,877

(1)Percentages calculated based on external customer sales.


Sales by Geographic Region	Three Months Ended June 30								Six Months Ended June 30
	2024				2023				2024				2023
$ in millions	$		%(2)		$		%(2)		$		%(2)		$		%(2)
Aeronautics Systems
United States	$	2,541	88	%	$	2,223	88	%	$	5,070	87	%	$	4,342	87	%
Asia/Pacific	151		5	%	138		5	%	300		5	%	285		6	%
Europe	204		7	%	165		7	%	429		8	%	339		7	%
All other(1)	8		—	%	5		—	%	15		—	%	15		—	%
Intersegment sales	59				64				118				129
Aeronautics Systems sales	2,963				2,595				5,932				5,110
Defense Systems
United States	951		74	%	868		71	%	1,902		76	%	1,687		70	%
Asia/Pacific	93		7	%	114		9	%	164		7	%	231		9	%
Europe	203		16	%	132		11	%	357		14	%	260		11	%
All other(1)	43		3	%	111		9	%	80		3	%	254		10	%
Intersegment sales	223				195				422				364
Defense Systems sales	1,513				1,420				2,925				2,796
Mission Systems
United States	2,049		83	%	1,904		81	%	3,977		82	%	3,854		82	%
Asia/Pacific	122		5	%	120		5	%	248		5	%	212		5	%
Europe	226		9	%	266		11	%	481		10	%	466		10	%
All other(1)	79		3	%	68		3	%	152		3	%	152		3	%
Intersegment sales	297				283				574				520
Mission Systems sales	2,773				2,641				5,432				5,204
Space Systems
United States	3,492		98	%	3,379		97	%	7,055		98	%	6,626		98	%
Asia/Pacific	11		1	%	25		1	%	24		1	%	45		1	%
Europe	34		1	%	38		1	%	76		1	%	83		1	%
All other(1)	11		—	%	20		1	%	21		—	%	26		—	%
Intersegment sales	25				26				52				58
Space Systems sales	3,573				3,488				7,228				6,838
Total
United States	9,033		88	%	8,374		88	%	18,004		88	%	16,509		88	%
Asia/Pacific	377		4	%	397		4	%	736		4	%	773		4	%
Europe	667		7	%	601		6	%	1,343		7	%	1,148		6	%
All other(1)	141		1	%	204		2	%	268		1	%	447		2	%
Total Sales	$	10,218			$	9,576			$	20,351			$	18,877

(1)All other is principally comprised of the Middle East.

(2)Percentages calculated based on external customer sales.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

Income Taxes (Unaudited) (Tables)

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense and Effective Income Tax Rates


	Three Months Ended June 30						Six Months Ended June 30
$ in millions	2024			2023			2024			2023
Federal and foreign income tax expense	$	206		$	175		$	393		$	331
Effective income tax rate	18.0		%	17.7		%	17.3		%	16.7		%

Segment Information (Unaudited) Reconciliation to Consolidated Operating Income (Details 1) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenues	$ 10,218	$ 9,576	$ 20,351	$ 18,877
Operating income	1,090	967	2,161	1,914
Total operating costs and expenses	9,128	8,609	18,190	16,963
Interest and Debt Expense	(154)	(147)	(300)	(276)
Non-operating FAS pension benefit	167	133	335	265
Other, net	43	34	81	82
Earnings before income taxes	1,146	987	2,277	1,985
Operating Segments [Member]
Segment Reporting Information [Line Items]
Operating income	1,101	1,052	2,205	2,054
Operating Segments [Member] \| Aeronautics Systems [Member]
Segment Reporting Information [Line Items]
Revenues	2,963	2,595	5,932	5,110
Operating income	295	278	592	515
Operating Segments [Member] \| Defense Systems [Member]
Segment Reporting Information [Line Items]
Revenues	1,513	1,420	2,925	2,796
Operating income	204	166	381	326
Operating Segments [Member] \| Mission Systems [Member]
Segment Reporting Information [Line Items]
Revenues	2,773	2,641	5,432	5,204
Operating income	361	401	739	761
Operating Segments [Member] \| Space Systems [Member]
Segment Reporting Information [Line Items]
Revenues	3,573	3,488	7,228	6,838
Operating income	324	283	656	596
Intersegment sales
Segment Reporting Information [Line Items]
Revenues	604	568	1,166	1,071
Operating income	83	76	163	144
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
FAS/CAS operating adjustment	6	(21)	12	(42)
Total operating costs and expenses	$ (17)	$ (64)	$ (56)	$ (98)

Fair Value of Financial Instruments (Unaudited) (Tables)

6 Months Ended

Jun. 30, 2024

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:


	June 30, 2024								December 31, 2023
$ in millions	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Financial Assets
Marketable securities	$	317	$	—	$	14	$	331	$	321	$	1	$	8	$	330
Marketable securities valued using NAV							8								9
Total marketable securities	317		—		14		339		321		1		8		339
Derivatives	—		2		—		2		—		5		—		5

Fair Value of Financial Instruments (Unaudited) (Details 1) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	$ 339	$ 339
Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	317	321
Derivatives	0	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	0	1
Derivatives	2	5
Fair Value, Inputs, Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	14	8
Derivatives	0	0
Fair Value, Recurring [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	331	330
Derivatives	2	5
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	317	321
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	14	8
Fair Value, Nonrecurring [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	$ 8	$ 9

Commitments and Contingencies (Unaudited)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

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 June 30, 2024, 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 subsequently continued to exchange correspondence and engage with DCMA on this matter, including responding to requests for and providing additional information. On February 15, 2024, DCMA sent to the company a Contracting Officer’s determination of noncompliance with CAS, which is an interim, non-final determination, and the parties are engaged in ongoing discussions. As noted in Note 6 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 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.

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 June 30, 2024 and December 31, 2023:


$ in millions	Accrued Costs(1)(2)		Reasonably Possible Future Costs in Excess of Accrued Costs(2)		Deferred Costs(3)
June 30, 2024	$	574	$	382	$	535
December 31, 2023	584		387		518

(1) As of June 30, 2024, $223 million is recorded in Other current liabilities and $351 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 June 30, 2024, $212 million is deferred in Prepaid expenses and other current assets and $323 million is deferred in Other non-current assets. These amounts reflect a $26 million increase during the second quarter of 2024 in our estimated recovery of certain environmental remediation costs and 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 June 30, 2024, 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 June 30, 2024, there were $365 million of stand-by letters of credit and guarantees and $272 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 June 30, 2024, 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 June 30, 2024, 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 June 30, 2024, the company was in compliance with all covenants under its credit agreements.

Income Taxes (Unaudited) Effective Income Tax Rate Reconciliation (Details 1) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Federal and foreign income tax expense	$ 206	$ 175	$ 393	$ 331
Effective income tax rate	18.00%	17.70%	17.30%	16.70%
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount	$ 46	$ 38	$ 90	$ 78
Income Tax Reconciliation Deductions FDII	15	14	30	29
Income Taxes Receivable	583		583		$ 1,500
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense	$ 25	$ 14	$ 46	$ 27

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Inventory (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventory [Line Items]
Contracts in process	$ 973	$ 647
Inventory, Raw Materials, Net of Reserves	365	338
Inventory, Work in Process, Net of Reserves	103	72
Inventory, Finished Goods, Net of Reserves	63	52
Total product inventory	531	462
Inventoried costs, net	$ 1,504	$ 1,109

Segment Information (Unaudited) Sales by Geographic Location (Details 4) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue, Geographic Location [Line Items]
Revenues	$ 10,218	$ 9,576	$ 20,351	$ 18,877
Sales percentage	100.00%	100.00%	100.00%	100.00%
United States
Revenue, Geographic Location [Line Items]
Revenues	$ 9,033	$ 8,374	$ 18,004	$ 16,509
Sales percentage	88.00%	88.00%	88.00%	88.00%
United States \| Aeronautics Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 2,541	$ 2,223	$ 5,070	$ 4,342
Sales percentage	88.00%	88.00%	87.00%	87.00%
United States \| Defense Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 951	$ 868	$ 1,902	$ 1,687
Sales percentage	74.00%	71.00%	76.00%	70.00%
United States \| Mission Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 2,049	$ 1,904	$ 3,977	$ 3,854
Sales percentage	83.00%	81.00%	82.00%	82.00%
United States \| Space Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 3,492	$ 3,379	$ 7,055	$ 6,626
Sales percentage	98.00%	97.00%	98.00%	98.00%
Asia/Pacific
Revenue, Geographic Location [Line Items]
Revenues	$ 377	$ 397	$ 736	$ 773
Sales percentage	4.00%	4.00%	4.00%	4.00%
Asia/Pacific \| Aeronautics Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 151	$ 138	$ 300	$ 285
Sales percentage	5.00%	5.00%	5.00%	6.00%
Asia/Pacific \| Defense Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 93	$ 114	$ 164	$ 231
Sales percentage	7.00%	9.00%	7.00%	9.00%
Asia/Pacific \| Mission Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 122	$ 120	$ 248	$ 212
Sales percentage	5.00%	5.00%	5.00%	5.00%
Asia/Pacific \| Space Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 11	$ 25	$ 24	$ 45
Sales percentage	1.00%	1.00%	1.00%	1.00%
Europe
Revenue, Geographic Location [Line Items]
Revenues	$ 667	$ 601	$ 1,343	$ 1,148
Sales percentage	7.00%	6.00%	7.00%	6.00%
Europe \| Aeronautics Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 204	$ 165	$ 429	$ 339
Sales percentage	7.00%	7.00%	8.00%	7.00%
Europe \| Defense Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 203	$ 132	$ 357	$ 260
Sales percentage	16.00%	11.00%	14.00%	11.00%
Europe \| Mission Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 226	$ 266	$ 481	$ 466
Sales percentage	9.00%	11.00%	10.00%	10.00%
Europe \| Space Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 34	$ 38	$ 76	$ 83
Sales percentage	1.00%	1.00%	1.00%	1.00%
All other
Revenue, Geographic Location [Line Items]
Revenues	$ 141	$ 204	$ 268	$ 447
Sales percentage	1.00%	2.00%	1.00%	2.00%
All other \| Aeronautics Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 8	$ 5	$ 15	$ 15
Sales percentage	0.00%	0.00%	0.00%	0.00%
All other \| Defense Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 43	$ 111	$ 80	$ 254
Sales percentage	3.00%	9.00%	3.00%	10.00%
All other \| Mission Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 79	$ 68	$ 152	$ 152
Sales percentage	3.00%	3.00%	3.00%	3.00%
All other \| Space Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 11	$ 20	$ 21	$ 26
Sales percentage	0.00%	1.00%	0.00%	0.00%
Intersegment sales \| Aeronautics Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 59	$ 64	$ 118	$ 129
Intersegment sales \| Defense Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	223	195	422	364
Intersegment sales \| Mission Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	297	283	574	520
Intersegment sales \| Space Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	25	26	52	58
Operating Segments [Member] \| Aeronautics Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 2,963	$ 2,595	$ 5,932	$ 5,110
Sales percentage	100.00%	100.00%	100.00%	100.00%
Operating Segments [Member] \| Defense Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 1,513	$ 1,420	$ 2,925	$ 2,796
Sales percentage	100.00%	100.00%	100.00%	100.00%
Operating Segments [Member] \| Mission Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 2,773	$ 2,641	$ 5,432	$ 5,204
Sales percentage	100.00%	100.00%	100.00%	100.00%
Operating Segments [Member] \| Space Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 3,573	$ 3,488	$ 7,228	$ 6,838
Sales percentage	100.00%	100.00%	100.00%	100.00%

Condensed Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 3,272	$ 3,109
Accounts receivable, net	1,694	1,454
Unbilled receivables, net	6,434	5,693
Inventoried costs, net	1,504	1,109
Prepaid expenses and other current assets	1,363	2,341
Total current assets	14,267	13,706
Property, plant and equipment, net of accumulated depreciation of $8,328 for 2024 and $7,964 for 2023	9,771	9,653
Operating lease right-of-use assets	1,823	1,818
Goodwill	17,516	17,517
Intangible assets, net	282	305
Deferred tax assets	1,250	1,020
Other non-current assets	2,761	2,525
Total assets	47,670	46,544
Liabilities
Trade accounts payable	2,352	2,110
Accrued employee compensation	1,903	2,251
Advance payments and billings in excess of costs incurred	3,292	4,193
Other current liabilities	5,361	3,388
Total current liabilities	12,908	11,942
Long-term debt, net of current portion of $1,590 for 2024 and $70 for 2023	14,706	13,786
Pension and other postretirement benefit plan liabilities	1,211	1,290
Operating lease liabilities	1,870	1,892
Other non-current liabilities	2,674	2,839
Total liabilities	33,369	31,749
Commitments and Contingencies
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: 2024—146,463,372 and 2023—150,109,271	146	150
Paid-in capital	0	0
Retained earnings	14,301	14,773
Accumulated other comprehensive loss	(146)	(128)
Total shareholders’ equity	14,301	14,795
Total liabilities and shareholders’ equity	$ 47,670	$ 46,544

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, 2022		$ 153	$ 0	$ 15,312	$ (153)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchased		2		930
Net earnings	$ 1,654			1,654
Dividends declared				(549)
Stock compensation				(2)
Other comprehensive (loss) income, net of tax	3				3
End of period at Jun. 30, 2023	$ 15,486	151	0	15,485	(150)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared per share	$ 3.60
Beginning of period at Mar. 31, 2023		152	0	15,135	(151)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchased		1		204
Net earnings	$ 812			812
Dividends declared				(284)
Stock compensation				26
Other comprehensive (loss) income, net of tax	1				1
End of period at Jun. 30, 2023	$ 15,486	151	0	15,485	(150)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared per share	$ 1.87
Beginning of period at Dec. 31, 2023	$ 14,795	150	0	14,773	(128)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchased		4		1,763
Net earnings	1,884			1,884
Dividends declared				(583)
Stock compensation				(10)
Other comprehensive (loss) income, net of tax	(18)				(18)
End of period at Jun. 30, 2024	$ 14,301	146	0	14,301	(146)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared per share	$ 3.93
Beginning of period at Mar. 31, 2024		148	0	14,218	(143)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchased		2		577
Net earnings	$ 940			940
Dividends declared				(304)
Stock compensation				24
Other comprehensive (loss) income, net of tax	(3)				(3)
End of period at Jun. 30, 2024	$ 14,301	$ 146	$ 0	$ 14,301	$ (146)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared per share	$ 2.06

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
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+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Fair Value of Financial Instruments (Unaudited)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

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:


	June 30, 2024								December 31, 2023
$ in millions	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Financial Assets
Marketable securities	$	317	$	—	$	14	$	331	$	321	$	1	$	8	$	330
Marketable securities valued using NAV							8								9
Total marketable securities	317		—		14		339		321		1		8		339
Derivatives	—		2		—		2		—		5		—		5

The notional value of the company’s foreign currency forward contracts at June 30, 2024 and December 31, 2023 was $379 million and $286 million, respectively. The portion of notional value designated as a cash flow hedge at June 30, 2024 and December 31, 2023 was $245 million and $162 million, respectively.

The derivative fair values and related unrealized gains/losses at June 30, 2024 and December 31, 2023 were not material.

There were no transfers of financial instruments into or out of Level 3 of the fair value hierarchy during the six months ended June 30, 2024.

The carrying value of cash and cash equivalents approximates fair value.

Long-term Debt

The estimated fair value of the company’s long-term debt was $15.3 billion and $13.4 billion as of June 30, 2024 and December 31, 2023, 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 January 2024, the company issued $2.5 billion of unsecured senior notes for general corporate purposes, including debt repayment, share repurchases, and working capital, as follows:

•$500 million of 4.60% senior notes due 2029 (the “2029 Notes”),

•$850 million of 4.90% senior notes due 2034 (the “2034 Notes”), and

•$1.15 billion of 5.20% senior notes due 2054 (the “2054 Notes”).

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 2029 Notes, 2033 Notes, 2034 Notes, 2053 Notes and 2054 Notes together, as the “notes.” Interest on the notes is payable semi-annually in arrears. The notes are generally subject to redemption, in whole or in part, at the company’s discretion at any time, or from time to time, 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.

Long-Term Debt

Long-term Debt

Unsecured Senior Notes

In January 2024, the company issued $2.5 billion of unsecured senior notes for general corporate purposes, including debt repayment, share repurchases, and working capital, as follows:

•$500 million of 4.60% senior notes due 2029 (the “2029 Notes”),

•$850 million of 4.90% senior notes due 2034 (the “2034 Notes”), and

•$1.15 billion of 5.20% senior notes due 2054 (the “2054 Notes”).

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”).

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies (Unaudited) (Tables)

6 Months Ended

Jun. 30, 2024

Environmental Remediation Range of Future Costs [Line Items]

Environmental Remediation [Table Text Block]


$ in millions	Accrued Costs(1)(2)		Reasonably Possible Future Costs in Excess of Accrued Costs(2)		Deferred Costs(3)
June 30, 2024	$	574	$	382	$	535
December 31, 2023	584		387		518

(1) As of June 30, 2024, $223 million is recorded in Other current liabilities and $351 million is recorded in Other non-current liabilities.

Earnings Per Share, Share Repurchases and Dividends on Common Stock (Unaudited) Earnings Per Share and Dividends (Details 1) - $ / shares	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements		200,000	500,000	400,000	600,000
Common stock dividends per share, declared (in dollars per share)	$ 1.87	$ 2.06	$ 1.87	$ 3.93	$ 3.60
Increase in quarterly common stock dividend (percent)		10.00%

Retirement Benefits (Unaudited) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Components of Net Periodic Benefit Cost
Net periodic benefit cost (benefit)			$ (226)	$ (154)
Defined contribution plan, employer contributions	$ 151	$ 146	381	361
Pension Benefits
Components of Net Periodic Benefit Cost
Service cost	59	59	119	118
Interest cost	382	392	763	784
Expected return on plan assets	(549)	(525)	(1,098)	(1,049)
Net periodic benefit cost (benefit)	(108)	(74)	(216)	(147)
Defined benefit plan, contributions by Employer	24	25	49	54
OPB
Components of Net Periodic Benefit Cost
Service cost	1	1	2	2
Interest cost	16	16	31	33
Expected return on plan assets	(22)	(21)	(43)	(42)
Net periodic benefit cost (benefit)	(5)	(4)	(10)	(7)
Defined benefit plan, contributions by Employer	$ 9	$ 10	$ 20	$ 21

Stock Compensation Plans and Other Compensation Arrangements (Unaudited)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

STOCK COMPENSATION PLANS AND OTHER COMPENSATION ARRANGEMENTS

Stock Awards


	Six Months Ended June 30
in millions	2024		2023
RSRs granted	0.1		0.1
RPSRs granted	0.2		0.1
Grant date aggregate fair value	$	105	$	101

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 and market conditions 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:


	Six Months Ended June 30
$ in millions	2024		2023
Minimum aggregate payout amount	$	35	$	34
Maximum aggregate payout amount	200		192

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.

Earnings Per Share, Share Repurchases and Dividends on Common Stock (Unaudited) (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Share Repurchases

The table below summarizes the company’s share repurchases to date under the authorizations described above:


							Shares Repurchased (in millions)
Repurchase Program Authorization Date	Amount Authorized (in millions)		Total Shares Retired (in millions)	Average Price Per Share(1)		Date Completed	Six Months Ended June 30
							2024	2023
January 25, 2021	$	3,000	7.0	$	431.05	April 2023	—	1.4
January 24, 2022(2)	$	2,000	4.4	$	455.01	February 2024	2.5	0.6
December 6, 2023	$	2,500	1.4	$	453.30		1.4	—

Basis of Presentation (Unaudited) Property Plant and Equipment (Details 4) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Capital Expenditures Incurred but Not yet Paid	$ 77	$ 62
Noncash Investing and Financing Activities Related Text	Non-cash investing activities include capital expenditures incurred but not yet paid of $77 million and $62 million as of June 30, 2024 and 2023, respectively.

Stock Compensation Plans and Other Compensation Arrangements (Unaudited) (Details) - USD ($) shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock Rights and Restricted Performance Stock Rights Grant Date Aggregate Fair Value	$ 105	$ 101
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	0.2	0.1
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	$ 35	$ 34
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	$ 200	$ 192
Cash Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years

Basis of Presentation (Unaudited) Contract Estimates (Details 2) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2020
Change in Accounting Estimate [Line Items]
Operating income	$ 1,090		$ 967	$ 2,161	$ 1,914
Net earnings	$ 940		$ 812	$ 1,884	$ 1,654
Diluted earnings per share	$ 6.36		$ 5.34	$ 12.69	$ 10.83
Contracts Accounted for under Percentage of Completion [Member]
Change in Accounting Estimate [Line Items]
Revenue	$ 37		$ 95	$ 111	$ 157
Operating income	38		76	132	122
Net earnings	$ 30		$ 60	$ 104	$ 96
Diluted earnings per share	$ 0.20		$ 0.39	$ 0.70	$ 0.63
Contracts Accounted for under Percentage of Completion [Member] \| B-21 Program LRIP Options [Member] \| Aeronautics Systems [Member]
Change in Accounting Estimate [Line Items]
Loss Contingency, Loss in Period		$ 1,560
Loss Contingency Accrual	$ 1,500			$ 1,500
Loss Contingency, Accrual, Current	$ 972			$ 972
Contracts Accounted for under Percentage of Completion [Member] \| HALO Program \| Space Systems [Member]
Change in Accounting Estimate [Line Items]
Operating income			$ 36
Contracts Accounted for under Percentage of Completion [Member] \| Sentinel EMD phase [Member] \| Space Systems [Member]
Change in Accounting Estimate [Line Items]
Sentinel Award						$ 13,300

Earnings Per Share, Share Repurchases and Dividends on Common Stock (Unaudited)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

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 0.2 million shares and 0.4 million shares for the three and six months ended June 30, 2024, respectively. The dilutive effect of these securities totaled 0.5 million shares and 0.6 million shares for the three and six months ended June 30, 2023, respectively.

Share Repurchases

Share Repurchase Programs

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 and were completed in February 2024.

On December 6, 2023, the company’s board of directors authorized a new share repurchase program of up to an additional $2.5 billion in share repurchases of the company’s common stock (the “2023 Repurchase Program”). Repurchases under the 2023 Repurchase Program commenced in February 2024 upon completion of the 2022 Repurchase Program. As of June 30, 2024, repurchases under the 2023 Repurchase Program totaled $0.6 billion; $1.9 billion remained under this share repurchase authorization. By its terms, the 2023 Repurchase Program will expire when we have used all authorized funds for repurchases.

Accelerated Share Repurchase Agreements

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.

During the first quarter of 2024, the company entered into an ASR agreement with Morgan Stanley & Co. LLC (Morgan Stanley) to repurchase $1.0 billion of the company’s common stock as part of the 2022 Repurchase Program. Under the agreement, we made a payment of $1.0 billion to Morgan Stanley and received an initial delivery of 1.8 million shares valued at $800 million that were immediately canceled by the company. The remaining balance of $200 million was settled on May 1, 2024 with a final delivery of 0.4 million shares from Morgan Stanley. The final average purchase price was $455.73 per share.

Share repurchases take place from time to time, subject to market conditions and management’s discretion, in the open market or in privately negotiated transactions. The company retires its common stock upon repurchase and, in the periods presented, has not made any purchases of common stock other than in connection with these publicly announced repurchase programs.

The table below summarizes the company’s share repurchases to date under the authorizations described above:


							Shares Repurchased (in millions)
Repurchase Program Authorization Date	Amount Authorized (in millions)		Total Shares Retired (in millions)	Average Price Per Share(1)		Date Completed	Six Months Ended June 30
							2024	2023
January 25, 2021	$	3,000	7.0	$	431.05	April 2023	—	1.4
January 24, 2022(2)	$	2,000	4.4	$	455.01	February 2024	2.5	0.6
December 6, 2023	$	2,500	1.4	$	453.30		1.4	—

(1)As a part of the 2023 Repurchase Program, the board of directors approved that the purchases under this program, and the authorization under the 2022 Repurchase Program, be exclusive of brokerage commissions and other costs of execution, including taxes. Commissions paid are included for the 2021 Repurchase Program.

(2)The 2022 Repurchase Program completed in February 2024; however, it included the $1.0 billion ASR for which the final delivery of shares was outstanding at the end of the first quarter of 2024. On May 1, 2024, the company received a final delivery of 0.4 million shares for that ASR, which are included in the 2022 Repurchase Program authorization.

Dividends on Common Stock

In May 2024, the company increased the quarterly common stock dividend 10 percent to $2.06 per share from the previous amount of $1.87 per share.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

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-SubTopic 505
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

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		6 Months Ended		7 Months Ended	25 Months Ended	27 Months Ended
	Feb. 29, 2024	Jan. 31, 2024	Apr. 30, 2023	Feb. 02, 2023	May 01, 2024	Apr. 27, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Feb. 27, 2024	Apr. 30, 2023	Dec. 06, 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							0	1,400
January 2022 Share Repurchase Program
Share Repurchase [Line Items]
Amount Authorized													$ 2,000
Shares Retired										4,400
Average Cost Per Share										$ 455.01
2022 Repurchase Program Expiration Date	February 2024
Shares Repurchased							2,500	600
December 2023 Share Repurchase Program
Share Repurchase [Line Items]
Amount Authorized												$ 2,500
Shares Retired									1,400
Average Cost Per Share									$ 453.30
Shares Repurchased							1,400	0
Shares repurchased amount									$ 600
Share Repurchases - Notes to Table
Amount remaining under authorization for share repurchases							$ 1,900		$ 1,900
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
Q1'24 ASR [Domain]
Accelerated Share Repurchases [Line Items]
Accelerated Share Repurchases, Cash or Stock Settlement		1.0 billion
Accelerated Share Repurchases, Settlement (Payment) or Receipt		$ 1,000
Accelerated Share Repurchase Initial Receipt (Shares)		1,800
Stock Repurchased and Retired During Period, Value		$ 800
Accelerated Share Repurchases, Adjustment to Recorded Amount		$ 200
Accelerated Share Repurchases, Final Price Paid Per Share					$ 455.73
Accelerated Share Repurchase Final Receipt					400

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net earnings	$ 940	$ 812	$ 1,884	$ 1,654

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Fair Value of Financial Instruments (Unaudited) Long-term Debt (Details 3) - USD ($) $ in Millions	Jun. 30, 2024	Jan. 31, 2024	Dec. 31, 2023	Feb. 08, 2023
Debt Instruments [Abstract]
Long-term Debt, Fair Value	$ 15,300		$ 13,400
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 2,500		$ 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%
2029 Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 500
Debt Instrument, Interest Rate, Stated Percentage		4.60%
2034 Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 850
Debt Instrument, Interest Rate, Stated Percentage		4.90%
2054 Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 1,150
Debt Instrument, Interest Rate, Stated Percentage		5.20%

Segment Information (Unaudited) (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Sales and operating income by segment

The following table presents sales and operating income by segment:


	Three Months Ended June 30				Six Months Ended June 30
$ in millions	2024		2023		2024		2023
Sales
Aeronautics Systems	$	2,963	$	2,595	$	5,932	$	5,110
Defense Systems	1,513		1,420		2,925		2,796
Mission Systems	2,773		2,641		5,432		5,204
Space Systems	3,573		3,488		7,228		6,838
Intersegment eliminations	(604)		(568)		(1,166)		(1,071)
Total sales	10,218		9,576		20,351		18,877
Operating income
Aeronautics Systems	295		278		592		515
Defense Systems	204		166		381		326
Mission Systems	361		401		739		761
Space Systems	324		283		656		596
Intersegment eliminations	(83)		(76)		(163)		(144)
Total segment operating income	1,101		1,052		2,205		2,054
FAS/CAS operating adjustment	6		(21)		12		(42)
Unallocated corporate expense	(17)		(64)		(56)		(98)
Total operating income	$	1,090	$	967	$	2,161	$	1,914
Other (expense) income
Interest expense	(154)		(147)		(300)		(276)
Non-operating FAS pension benefit	167		133		335		265
Other, net	43		34		81		82
Earnings before income taxes	$	1,146	$	987	$	2,277	$	1,985

Revenue by Major Customers by Reporting Segments


Sales by Customer Type	Three Months Ended June 30								Six Months Ended June 30
	2024				2023				2024				2023
$ in millions	$		%(3)		$		%(3)		$		%(3)		$		%(3)
Aeronautics Systems
U.S. government(1)	$	2,536	86	%	$	2,215	86	%	$	5,061	85	%	$	4,323	85	%
International(2)	363		12	%	308		12	%	744		13	%	639		12	%
Other customers	5		—	%	8		—	%	9		—	%	19		—	%
Intersegment sales	59		2	%	64		2	%	118		2	%	129		3	%
Aeronautics Systems sales	2,963		100	%	2,595		100	%	5,932		100	%	5,110		100	%
Defense Systems
U.S. government(1)	932		62	%	848		60	%	1,862		64	%	1,651		59	%
International(2)	339		22	%	357		25	%	601		21	%	745		27	%
Other customers	19		1	%	20		1	%	40		1	%	36		1	%
Intersegment sales	223		15	%	195		14	%	422		14	%	364		13	%
Defense Systems sales	1,513		100	%	1,420		100	%	2,925		100	%	2,796		100	%
Mission Systems
U.S. government(1)	2,028		73	%	1,877		71	%	3,940		72	%	3,812		73	%
International(2)	427		15	%	454		17	%	881		16	%	830		16	%
Other customers	21		1	%	27		1	%	37		1	%	42		1	%
Intersegment sales	297		11	%	283		11	%	574		11	%	520		10	%
Mission Systems sales	2,773		100	%	2,641		100	%	5,432		100	%	5,204		100	%
Space Systems
U.S. government(1)	3,392		95	%	3,314		95	%	6,869		95	%	6,480		95	%
International(2)	56		2	%	83		2	%	121		2	%	154		2	%
Other customers	100		2	%	65		2	%	186		2	%	146		2	%
Intersegment sales	25		1	%	26		1	%	52		1	%	58		1	%
Space Systems sales	3,573		100	%	3,488		100	%	7,228		100	%	6,838		100	%
Total
U.S. government(1)	8,888		87	%	8,254		86	%	17,732		87	%	16,266		86	%
International(2)	1,185		12	%	1,202		13	%	2,347		12	%	2,368		13	%
Other customers	145		1	%	120		1	%	272		1	%	243		1	%
Total Sales	$	10,218	100	%	$	9,576	100	%	$	20,351	100	%	$	18,877	100	%

(3) Percentages calculated based on total segment sales.

Revenue from External Customers by Contract Type


Sales by Contract Type	Three Months Ended June 30								Six Months Ended June 30
	2024				2023				2024				2023
$ in millions	$		%(1)		$		%(1)		$		%(1)		$		%(1)
Aeronautics Systems
Cost-type	$	1,381	48	%	$	1,319	52	%	$	2,694	46	%	$	2,550	51	%
Fixed-price	1,523		52	%	1,212		48	%	3,120		54	%	2,431		49	%
Intersegment sales	59				64				118				129
Aeronautics Systems sales	2,963				2,595				5,932				5,110
Defense Systems
Cost-type	353		27	%	404		33	%	713		28	%	827		34	%
Fixed-price	937		73	%	821		67	%	1,790		72	%	1,605		66	%
Intersegment sales	223				195				422				364
Defense Systems sales	1,513				1,420				2,925				2,796
Mission Systems
Cost-type	1,107		45	%	957		41	%	2,174		45	%	1,918		41	%
Fixed-price	1,369		55	%	1,401		59	%	2,684		55	%	2,766		59	%
Intersegment sales	297				283				574				520
Mission Systems sales	2,773				2,641				5,432				5,204
Space Systems
Cost-type	2,452		69	%	2,572		74	%	4,909		68	%	5,018		74	%
Fixed-price	1,096		31	%	890		26	%	2,267		32	%	1,762		26	%
Intersegment sales	25				26				52				58
Space Systems sales	3,573				3,488				7,228				6,838
Total
Cost-type	5,293		52	%	5,252		55	%	10,490		52	%	10,313		55	%
Fixed-price	4,925		48	%	4,324		45	%	9,861		48	%	8,564		45	%
Total Sales	$	10,218			$	9,576			$	20,351			$	18,877

(1)Percentages calculated based on external customer sales.

Revenue from External Customers by Geographic Areas


Sales by Geographic Region	Three Months Ended June 30								Six Months Ended June 30
	2024				2023				2024				2023
$ in millions	$		%(2)		$		%(2)		$		%(2)		$		%(2)
Aeronautics Systems
United States	$	2,541	88	%	$	2,223	88	%	$	5,070	87	%	$	4,342	87	%
Asia/Pacific	151		5	%	138		5	%	300		5	%	285		6	%
Europe	204		7	%	165		7	%	429		8	%	339		7	%
All other(1)	8		—	%	5		—	%	15		—	%	15		—	%
Intersegment sales	59				64				118				129
Aeronautics Systems sales	2,963				2,595				5,932				5,110
Defense Systems
United States	951		74	%	868		71	%	1,902		76	%	1,687		70	%
Asia/Pacific	93		7	%	114		9	%	164		7	%	231		9	%
Europe	203		16	%	132		11	%	357		14	%	260		11	%
All other(1)	43		3	%	111		9	%	80		3	%	254		10	%
Intersegment sales	223				195				422				364
Defense Systems sales	1,513				1,420				2,925				2,796
Mission Systems
United States	2,049		83	%	1,904		81	%	3,977		82	%	3,854		82	%
Asia/Pacific	122		5	%	120		5	%	248		5	%	212		5	%
Europe	226		9	%	266		11	%	481		10	%	466		10	%
All other(1)	79		3	%	68		3	%	152		3	%	152		3	%
Intersegment sales	297				283				574				520
Mission Systems sales	2,773				2,641				5,432				5,204
Space Systems
United States	3,492		98	%	3,379		97	%	7,055		98	%	6,626		98	%
Asia/Pacific	11		1	%	25		1	%	24		1	%	45		1	%
Europe	34		1	%	38		1	%	76		1	%	83		1	%
All other(1)	11		—	%	20		1	%	21		—	%	26		—	%
Intersegment sales	25				26				52				58
Space Systems sales	3,573				3,488				7,228				6,838
Total
United States	9,033		88	%	8,374		88	%	18,004		88	%	16,509		88	%
Asia/Pacific	377		4	%	397		4	%	736		4	%	773		4	%
Europe	667		7	%	601		6	%	1,343		7	%	1,148		6	%
All other(1)	141		1	%	204		2	%	268		1	%	447		2	%
Total Sales	$	10,218			$	9,576			$	20,351			$	18,877

(1)All other is principally comprised of the Middle East.

(2)Percentages calculated based on external customer sales.

Condensed Consolidated Statements of Financial Position (Unaudited) (Parentheticals) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accumulated Depreciation	$ 8,328	$ 7,964
Long-term Debt, Current Maturities	$ 1,590	$ 70
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	146,463,372	150,109,271
Common Stock, Shares, Outstanding	146,463,372	150,109,271

Segment Information (Unaudited) Sales by Customer Type (Details 2) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue, Major Customer [Line Items]
Revenues	$ 10,218	$ 9,576	$ 20,351	$ 18,877
Sales percentage	100.00%	100.00%	100.00%	100.00%
US Government
Revenue, Major Customer [Line Items]
Revenues	$ 8,888	$ 8,254	$ 17,732	$ 16,266
Sales percentage	87.00%	86.00%	87.00%	86.00%
US Government \| Aeronautics Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 2,536	$ 2,215	$ 5,061	$ 4,323
Sales percentage	86.00%	86.00%	85.00%	85.00%
US Government \| Defense Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 932	$ 848	$ 1,862	$ 1,651
Sales percentage	62.00%	60.00%	64.00%	59.00%
US Government \| Mission Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 2,028	$ 1,877	$ 3,940	$ 3,812
Sales percentage	73.00%	71.00%	72.00%	73.00%
US Government \| Space Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 3,392	$ 3,314	$ 6,869	$ 6,480
Sales percentage	95.00%	95.00%	95.00%	95.00%
International(2)
Revenue, Major Customer [Line Items]
Revenues	$ 1,185	$ 1,202	$ 2,347	$ 2,368
Sales percentage	12.00%	13.00%	12.00%	13.00%
International(2) \| Aeronautics Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 363	$ 308	$ 744	$ 639
Sales percentage	12.00%	12.00%	13.00%	12.00%
International(2) \| Defense Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 339	$ 357	$ 601	$ 745
Sales percentage	22.00%	25.00%	21.00%	27.00%
International(2) \| Mission Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 427	$ 454	$ 881	$ 830
Sales percentage	15.00%	17.00%	16.00%	16.00%
International(2) \| Space Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 56	$ 83	$ 121	$ 154
Sales percentage	2.00%	2.00%	2.00%	2.00%
Other Customers [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 145	$ 120	$ 272	$ 243
Sales percentage	1.00%	1.00%	1.00%	1.00%
Other Customers [Member] \| Aeronautics Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 5	$ 8	$ 9	$ 19
Sales percentage	0.00%	0.00%	0.00%	0.00%
Other Customers [Member] \| Defense Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 19	$ 20	$ 40	$ 36
Sales percentage	1.00%	1.00%	1.00%	1.00%
Other Customers [Member] \| Mission Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 21	$ 27	$ 37	$ 42
Sales percentage	1.00%	1.00%	1.00%	1.00%
Other Customers [Member] \| Space Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 100	$ 65	$ 186	$ 146
Sales percentage	2.00%	2.00%	2.00%	2.00%
Intersegment Sales [Member] \| Aeronautics Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 59	$ 64	$ 118	$ 129
Sales percentage	2.00%	2.00%	2.00%	3.00%
Intersegment Sales [Member] \| Defense Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 223	$ 195	$ 422	$ 364
Sales percentage	15.00%	14.00%	14.00%	13.00%
Intersegment Sales [Member] \| Mission Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 297	$ 283	$ 574	$ 520
Sales percentage	11.00%	11.00%	11.00%	10.00%
Intersegment Sales [Member] \| Space Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 25	$ 26	$ 52	$ 58
Sales percentage	1.00%	1.00%	1.00%	1.00%
Operating Segments [Member] \| Aeronautics Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 2,963	$ 2,595	$ 5,932	$ 5,110
Sales percentage	100.00%	100.00%	100.00%	100.00%
Operating Segments [Member] \| Defense Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 1,513	$ 1,420	$ 2,925	$ 2,796
Sales percentage	100.00%	100.00%	100.00%	100.00%
Operating Segments [Member] \| Mission Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 2,773	$ 2,641	$ 5,432	$ 5,204
Sales percentage	100.00%	100.00%	100.00%	100.00%
Operating Segments [Member] \| Space Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 3,573	$ 3,488	$ 7,228	$ 6,838
Sales percentage	100.00%	100.00%	100.00%	100.00%