0001133421-24-000064 | 10-Q | XBRL Viewer

Stock Compensation Plans and Other Compensation Arrangements (Unaudited)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

STOCK COMPENSATION PLANS AND OTHER COMPENSATION ARRANGEMENTS

Stock Awards

The following table presents the number of restricted stock rights (RSRs) and restricted performance stock rights (RPSRs) granted to employees under the company’s long-term incentive stock plan and the grant date aggregate fair value of those stock awards for the periods presented:


	Nine Months Ended September 30
in millions	2024		2023
RSRs granted	0.1		0.1
RPSRs granted	0.2		0.1
Grant date aggregate fair value	$	109	$	102

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:


	Nine Months Ended September 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.

Fair Value of Financial Instruments (Unaudited) (Tables)

9 Months Ended

Sep. 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:


	September 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	$	339	$	—	$	14	$	353	$	321	$	1	$	8	$	330
Marketable securities valued using NAV							8								9
Total marketable securities	339		—		14		361		321		1		8		339
Derivatives	—		3		—		3		—		5		—		5

Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Common stock	Paid-in capital	Retained earnings	Accumulated other comprehensive loss
Beginning of period at Dec. 31, 2022		$ 153	$ 0	$ 15,312	$ (153)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchased		2		1,162
Net earnings	$ 2,591			2,591
Dividends declared				(832)
Stock compensation				15
Other comprehensive income (loss), net of tax	6				6
End of period at Sep. 30, 2023	$ 15,928	151	0	15,924	(147)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared per share	$ 5.47
Beginning of period at Jun. 30, 2023		151	0	15,485	(150)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchased		0		232
Net earnings	$ 937			937
Dividends declared				(283)
Stock compensation				17
Other comprehensive income (loss), net of tax	3				3
End of period at Sep. 30, 2023	$ 15,928	151	0	15,924	(147)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared per share	$ 1.87
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		2,076
Net earnings	2,910			2,910
Dividends declared				(885)
Stock compensation				16
Other comprehensive income (loss), net of tax	(8)				(8)
End of period at Sep. 30, 2024	$ 14,748	146	0	14,738	(136)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared per share	$ 5.99
Beginning of period at Jun. 30, 2024		146	0	14,301	(146)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchased		0		313
Net earnings	$ 1,026			1,026
Dividends declared				(302)
Stock compensation				26
Other comprehensive income (loss), net of tax	10				10
End of period at Sep. 30, 2024	$ 14,748	$ 146	$ 0	$ 14,738	$ (136)
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.

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- Definition

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

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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

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

9 Months Ended

Sep. 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	Nine Months Ended September 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	1.1
December 6, 2023	$	2,500	2.0	$	461.06		2.0	—

Earnings Per Share, Share Repurchases and Dividends on Common Stock (Unaudited) Earnings Per Share and Dividends (Details 1) - $ / shares	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	300,000		500,000	300,000	600,000
Common stock dividends per share, declared (in dollars per share)	$ 2.06		$ 1.87	$ 5.99	$ 5.47
Increase in quarterly common stock dividend (percent)		10.00%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Kathy J. Warden [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Sale of 15,000 shares of common stock
Name	Kathy J. Warden
Title	(Chair, Chief Executive Officer and President)
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 22, 2024
Expiration Date	Until January 31, 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.
Benjamin R. Davies [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Sale of 1,449 shares of common stock Sale of shares to be received upon payout of 2022 RPSRs and RSRs(1)
Name	Benjamin R. Davies
Title	(Corporate Vice President and President, Defense Systems)
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 6, 2024
Expiration Date	Until March 14, 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.

Fair Value of Financial Instruments (Unaudited) Long-term Debt (Details 3) - USD ($) $ in Millions	Sep. 30, 2024	Jan. 31, 2024	Dec. 31, 2023	Feb. 08, 2023
Debt Instruments [Abstract]
Long-term Debt, Fair Value	$ 16,100		$ 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%

Retirement Benefits (Unaudited)

9 Months Ended

Sep. 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 September 30								Nine Months Ended September 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	$	60	$	59	$	1	$	2	$	179	$	177	$	3	$	4
Interest cost	381		392		15		17		1,144		1,176		46		50
Expected return on plan assets	(549)		(524)		(21)		(22)		(1,647)		(1,573)		(64)		(64)
Net periodic benefit cost (benefit)	$	(108)	$	(73)	$	(5)	$	(3)	$	(324)	$	(220)	$	(15)	$	(10)

Employer Contributions

The company sponsors defined benefit pension and OPB plans, as well as defined contribution plans. We fund our defined benefit pension plans annually in a manner consistent with the Employee Retirement Income Security Act of 1974, as amended by the Pension Protection Act of 2006.

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


	Three Months Ended September 30				Nine Months Ended September 30
$ in millions	2024		2023		2024		2023
Defined benefit pension plans	$	17	$	26	$	66	$	80
OPB plans	7		7		27		28
Defined contribution plans	136		126		517		487

- 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
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Basis of Presentation (Unaudited) Backlog and Contract Assets and Liabilities (Details 3) - USD ($) $ in Millions	1 Months Ended	3 Months Ended			9 Months Ended
	Jan. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 08, 2020
Change in Contract with Customer, Liability [Abstract]
Contract with Customer, Liability, Revenue Recognized		$ 354		$ 358	$ 3,400	$ 2,900
Backlog, Awards, and Related Adjustments [Line Items]
Revenue, Remaining Performance Obligation, Amount		$ 84,800			$ 84,800
Space Systems [Member] \| Restricted Space [Member]
Backlog, Awards, and Related Adjustments [Line Items]
Backlog Reduction due to Contract Termination	$ 1,600
Space Systems [Member] \| NGI Program [Member]
Backlog, Awards, and Related Adjustments [Line Items]
Backlog Reduction due to Contract Termination			$ 700
Sentinel EMD phase [Member]
Backlog, Awards, and Related Adjustments [Line Items]
Revenue, Remaining Performance Obligation, Amount							$ 13,300
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-09-30
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]: 2024-10-01
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)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Nonvested Restricted Stock Shares Activity [Table Text Block]


	Nine Months Ended September 30
in millions	2024		2023
RSRs granted	0.1		0.1
RPSRs granted	0.2		0.1
Grant date aggregate fair value	$	109	$	102

Cash Units and Cash Performance Units Aggregate Payout Amount [Table Text Block]

The following table presents the minimum and maximum aggregate payout amounts related to cash units (CUs) and cash performance units (CPUs) granted to employees in the periods presented:


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

Inventory

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

3. INVENTORIED COSTS, NET

Inventoried costs, net consist of the following:


$ in millions	September 30, 2024		December 31, 2023
Contracts in process	$	1,076	$	647
Product inventory:
Raw materials	388		338
Work in process	115		72
Finished goods	67		52
Total product inventory	570		462
Inventoried costs, net	$	1,646	$	1,109

Stock Compensation Plans and Other Compensation Arrangements (Unaudited) (Details) - USD ($) shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 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	$ 109	$ 102
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

Earnings Per Share, Share Repurchases and Dividends on Common Stock (Unaudited) Share Repurchases (Details 2) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions					3 Months Ended		9 Months Ended		10 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	Sep. 30, 2024	Sep. 30, 2023	Sep. 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 - Completion Date	February 2024
Shares Repurchased							2,500	1,100
December 2023 Share Repurchase Program
Share Repurchase [Line Items]
Amount Authorized												$ 2,500
Shares Retired									2,000
Average Cost Per Share									$ 461.06
Shares Repurchased							2,000	0
Stock Repurchased and Retired During Period, Value									$ 900
Share Repurchases - Notes to Table
Amount remaining under authorization for share repurchases							$ 1,600		$ 1,600
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

Commitments and Contingencies (Unaudited) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Site Contingency [Line Items]
Accrual for Environmental Remediation Costs	$ 568	$ 584
Loss Contingency, Range of Possible Loss, Portion Not Accrued	380	387
Recorded Third-Party Environmental Recoveries, Amount	530	$ 518
Financial Arrangements
Standby Unused Letters Of Credit and bank guarantees	469
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, 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	213
Other Noncurrent Liabilities [Member]
Site Contingency [Line Items]
Accrual for Environmental Remediation Costs	355
Other Current Assets [Member]
Site Contingency [Line Items]
Recorded Third-Party Environmental Recoveries, Amount	203
Other Noncurrent Assets [Member]
Site Contingency [Line Items]
Recorded Third-Party Environmental Recoveries, Amount	327
Environmental Remediation Expense, Recovery	26
Commercial Paper [Member]
Line of Credit Facility [Line Items]
Commercial Paper, Maximum Borrowing Capacity	$ 2,500

Segment Information (Unaudited) (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Sales and operating income by segment

The following table presents sales and operating income by segment:


	Three Months Ended September 30				Nine Months Ended September 30
$ in millions	2024		2023		2024		2023
Sales
Aeronautics Systems	$	2,878	$	2,766	$	8,810	$	7,876
Defense Systems	2,084		2,050		6,227		6,058
Mission Systems	2,823		2,628		8,255		7,832
Space Systems	2,870		2,953		9,021		8,775
Intersegment eliminations	(659)		(622)		(1,966)		(1,889)
Total sales	9,996		9,775		30,347		28,652
Operating income
Aeronautics Systems	298		283		890		798
Defense Systems	196		201		614		605
Mission Systems	390		386		1,129		1,147
Space Systems	345		302		979		840
Intersegment eliminations	(83)		(83)		(261)		(247)
Total segment operating income	1,146		1,089		3,351		3,143
FAS/CAS operating adjustment	20		(20)		32		(62)
Unallocated corporate expense	(46)		(53)		(102)		(151)
Total operating income	$	1,120	$	1,016	$	3,281	$	2,930
Other (expense) income
Interest expense	(161)		(141)		(461)		(417)
Non-operating FAS pension benefit	168		132		503		397
Other, net	61		111		142		193
Earnings before income taxes	$	1,188	$	1,118	$	3,465	$	3,103

Revenue by Major Customers by Reporting Segments


Sales by Customer Type	Three Months Ended September 30								Nine Months Ended September 30
	2024				2023				2024				2023
$ in millions	$		%(3)		$		%(3)		$		%(3)		$		%(3)
Aeronautics Systems
U.S. government(1)	$	2,382	83	%	$	2,331	84	%	$	7,443	85	%	$	6,654	85	%
International(2)	430		15	%	377		14	%	1,174		13	%	1,016		13	%
Other customers	6		—	%	4		—	%	15		—	%	23		—	%
Intersegment sales	60		2	%	54		2	%	178		2	%	183		2	%
Aeronautics Systems sales	2,878		100	%	2,766		100	%	8,810		100	%	7,876		100	%
Defense Systems
U.S. government(1)	1,541		74	%	1,476		72	%	4,633		74	%	4,351		72	%
International(2)	311		15	%	358		17	%	912		15	%	1,103		18	%
Other customers	15		1	%	19		1	%	55		1	%	55		1	%
Intersegment sales	217		10	%	197		10	%	627		10	%	549		9	%
Defense Systems sales	2,084		100	%	2,050		100	%	6,227		100	%	6,058		100	%
Mission Systems
U.S. government(1)	2,093		74	%	1,917		73	%	6,033		73	%	5,729		73	%
International(2)	427		15	%	432		16	%	1,308		16	%	1,262		16	%
Other customers	28		1	%	16		1	%	65		1	%	58		1	%
Intersegment sales	275		10	%	263		10	%	849		10	%	783		10	%
Mission Systems sales	2,823		100	%	2,628		100	%	8,255		100	%	7,832		100	%
Space Systems
U.S. government(1)	2,606		91	%	2,707		92	%	8,245		92	%	7,963		91	%
International(2)	50		2	%	72		2	%	171		2	%	226		3	%
Other customers	107		3	%	66		2	%	293		3	%	212		2	%
Intersegment sales	107		4	%	108		4	%	312		3	%	374		4	%
Space Systems sales	2,870		100	%	2,953		100	%	9,021		100	%	8,775		100	%
Total
U.S. government(1)	8,622		86	%	8,431		86	%	26,354		87	%	24,697		86	%
International(2)	1,218		12	%	1,239		13	%	3,565		12	%	3,607		13	%
Other customers	156		2	%	105		1	%	428		1	%	348		1	%
Total Sales	$	9,996	100	%	$	9,775	100	%	$	30,347	100	%	$	28,652	100	%

(1) Sales to the U.S. government include sales from contracts for which we are the prime contractor, as well as those for which we are a subcontractor and the ultimate customer is the U.S. government. Each of the company’s segments derives substantial revenue from the U.S. government.

(2) International sales include sales from contracts for which we are the prime contractor, as well as those for which we are a subcontractor and the ultimate customer is an international customer. These sales include foreign military sales contracted through the U.S. government.

(3) Percentages calculated based on total segment sales.

Revenue from External Customers by Contract Type


Sales by Contract Type	Three Months Ended September 30								Nine Months Ended September 30
	2024				2023				2024				2023
$ in millions	$		%(1)		$		%(1)		$		%(1)		$		%(1)
Aeronautics Systems
Cost-type	$	1,296	46	%	$	1,370	51	%	$	3,990	46	%	$	3,920	51	%
Fixed-price	1,522		54	%	1,342		49	%	4,642		54	%	3,773		49	%
Intersegment sales	60				54				178				183
Aeronautics Systems sales	2,878				2,766				8,810				7,876
Defense Systems
Cost-type	990		53	%	1,007		54	%	2,933		52	%	3,017		55	%
Fixed-price	877		47	%	846		46	%	2,667		48	%	2,492		45	%
Intersegment sales	217				197				627				549
Defense Systems sales	2,084				2,050				6,227				6,058
Mission Systems
Cost-type	1,216		48	%	1,002		42	%	3,390		46	%	2,920		41	%
Fixed-price	1,332		52	%	1,363		58	%	4,016		54	%	4,129		59	%
Intersegment sales	275				263				849				783
Mission Systems sales	2,823				2,628				8,255				7,832
Space Systems
Cost-type	1,750		63	%	1,882		66	%	5,429		62	%	5,717		68	%
Fixed-price	1,013		37	%	963		34	%	3,280		38	%	2,684		32	%
Intersegment sales	107				108				312				374
Space Systems sales	2,870				2,953				9,021				8,775
Total
Cost-type	5,252		53	%	5,261		54	%	15,742		52	%	15,574		54	%
Fixed-price	4,744		47	%	4,514		46	%	14,605		48	%	13,078		46	%
Total Sales	$	9,996			$	9,775			$	30,347			$	28,652

(1)Percentages calculated based on external customer sales.

Revenue from External Customers by Geographic Areas


Sales by Geographic Region	Three Months Ended September 30								Nine Months Ended September 30
	2024				2023				2024				2023
$ in millions	$		%(2)		$		%(2)		$		%(2)		$		%(2)
Aeronautics Systems
United States	$	2,388	85	%	$	2,335	86	%	$	7,458	86	%	$	6,677	87	%
Asia/Pacific	195		7	%	163		6	%	495		6	%	448		6	%
Europe	224		8	%	204		8	%	653		8	%	543		7	%
All other(1)	11		—	%	10		—	%	26		—	%	25		—	%
Intersegment sales	60				54				178				183
Aeronautics Systems sales	2,878				2,766				8,810				7,876
Defense Systems
United States	1,556		83	%	1,495		81	%	4,688		84	%	4,406		80	%
Asia/Pacific	79		4	%	93		5	%	243		4	%	324		6	%
Europe	179		10	%	146		8	%	536		10	%	406		7	%
All other(1)	53		3	%	119		6	%	133		2	%	373		7	%
Intersegment sales	217				197				627				549
Defense Systems sales	2,084				2,050				6,227				6,058
Mission Systems
United States	2,121		83	%	1,933		82	%	6,098		82	%	5,787		83	%
Asia/Pacific	98		4	%	98		4	%	346		5	%	310		4	%
Europe	246		10	%	246		10	%	727		10	%	712		10	%
All other(1)	83		3	%	88		4	%	235		3	%	240		3	%
Intersegment sales	275				263				849				783
Mission Systems sales	2,823				2,628				8,255				7,832
Space Systems
United States	2,713		98	%	2,773		97	%	8,538		98	%	8,175		97	%
Asia/Pacific	6		—	%	22		1	%	30		1	%	67		1	%
Europe	36		1	%	44		2	%	112		1	%	127		2	%
All other(1)	8		1	%	6		—	%	29		—	%	32		—	%
Intersegment sales	107				108				312				374
Space Systems sales	2,870				2,953				9,021				8,775
Total
United States	8,778		88	%	8,536		87	%	26,782		88	%	25,045		87	%
Asia/Pacific	378		4	%	376		4	%	1,114		4	%	1,149		4	%
Europe	685		7	%	640		7	%	2,028		7	%	1,788		7	%
All other(1)	155		1	%	223		2	%	423		1	%	670		2	%
Total Sales	$	9,996			$	9,775			$	30,347			$	28,652

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

(2)Percentages calculated based on external customer sales.

Investigations, Claims and Litigation (Unaudited)	9 Months Ended
Investigations, Claims and Litigation (Unaudited)	Sep. 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 September 30, 2024, or its annual results of operations and/or cash flows.

Basis of Presentation (Unaudited) Property Plant and Equipment (Details 4) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Capital Expenditures Incurred but Not yet Paid	$ 251	$ 134
Noncash Investing and Financing Activities Related Text	Non-cash investing activities include capital expenditures incurred but not yet paid of $251 million and $134 million as of September 30, 2024 and 2023, respectively.

Segment Information (Unaudited) Sales by Geographic Location (Details 4) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue, Geographic Location [Line Items]
Revenues	$ 9,996	$ 9,775	$ 30,347	$ 28,652
Sales percentage	100.00%	100.00%	100.00%	100.00%
United States
Revenue, Geographic Location [Line Items]
Revenues	$ 8,778	$ 8,536	$ 26,782	$ 25,045
Sales percentage	88.00%	87.00%	88.00%	87.00%
United States \| Aeronautics Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 2,388	$ 2,335	$ 7,458	$ 6,677
Sales percentage	85.00%	86.00%	86.00%	87.00%
United States \| Defense Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 1,556	$ 1,495	$ 4,688	$ 4,406
Sales percentage	83.00%	81.00%	84.00%	80.00%
United States \| Mission Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 2,121	$ 1,933	$ 6,098	$ 5,787
Sales percentage	83.00%	82.00%	82.00%	83.00%
United States \| Space Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 2,713	$ 2,773	$ 8,538	$ 8,175
Sales percentage	98.00%	97.00%	98.00%	97.00%
Asia/Pacific
Revenue, Geographic Location [Line Items]
Revenues	$ 378	$ 376	$ 1,114	$ 1,149
Sales percentage	4.00%	4.00%	4.00%	4.00%
Asia/Pacific \| Aeronautics Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 195	$ 163	$ 495	$ 448
Sales percentage	7.00%	6.00%	6.00%	6.00%
Asia/Pacific \| Defense Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 79	$ 93	$ 243	$ 324
Sales percentage	4.00%	5.00%	4.00%	6.00%
Asia/Pacific \| Mission Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 98	$ 98	$ 346	$ 310
Sales percentage	4.00%	4.00%	5.00%	4.00%
Asia/Pacific \| Space Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 6	$ 22	$ 30	$ 67
Sales percentage	0.00%	1.00%	1.00%	1.00%
Europe
Revenue, Geographic Location [Line Items]
Revenues	$ 685	$ 640	$ 2,028	$ 1,788
Sales percentage	7.00%	7.00%	7.00%	7.00%
Europe \| Aeronautics Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 224	$ 204	$ 653	$ 543
Sales percentage	8.00%	8.00%	8.00%	7.00%
Europe \| Defense Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 179	$ 146	$ 536	$ 406
Sales percentage	10.00%	8.00%	10.00%	7.00%
Europe \| Mission Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 246	$ 246	$ 727	$ 712
Sales percentage	10.00%	10.00%	10.00%	10.00%
Europe \| Space Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 36	$ 44	$ 112	$ 127
Sales percentage	1.00%	2.00%	1.00%	2.00%
All other
Revenue, Geographic Location [Line Items]
Revenues	$ 155	$ 223	$ 423	$ 670
Sales percentage	1.00%	2.00%	1.00%	2.00%
All other \| Aeronautics Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 11	$ 10	$ 26	$ 25
Sales percentage	0.00%	0.00%	0.00%	0.00%
All other \| Defense Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 53	$ 119	$ 133	$ 373
Sales percentage	3.00%	6.00%	2.00%	7.00%
All other \| Mission Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 83	$ 88	$ 235	$ 240
Sales percentage	3.00%	4.00%	3.00%	3.00%
All other \| Space Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 8	$ 6	$ 29	$ 32
Sales percentage	1.00%	0.00%	0.00%	0.00%
Intersegment sales \| Aeronautics Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 60	$ 54	$ 178	$ 183
Intersegment sales \| Defense Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	217	197	627	549
Intersegment sales \| Mission Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	275	263	849	783
Intersegment sales \| Space Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	107	108	312	374
Operating Segments [Member] \| Aeronautics Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 2,878	$ 2,766	$ 8,810	$ 7,876
Sales percentage	100.00%	100.00%	100.00%	100.00%
Operating Segments [Member] \| Defense Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 2,084	$ 2,050	$ 6,227	$ 6,058
Sales percentage	100.00%	100.00%	100.00%	100.00%
Operating Segments [Member] \| Mission Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 2,823	$ 2,628	$ 8,255	$ 7,832
Sales percentage	100.00%	100.00%	100.00%	100.00%
Operating Segments [Member] \| Space Systems [Member]
Revenue, Geographic Location [Line Items]
Revenues	$ 2,870	$ 2,953	$ 9,021	$ 8,775
Sales percentage	100.00%	100.00%	100.00%	100.00%

Inventory (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory, Current [Table Text Block]


$ in millions	September 30, 2024		December 31, 2023
Contracts in process	$	1,076	$	647
Product inventory:
Raw materials	388		338
Work in process	115		72
Finished goods	67		52
Total product inventory	570		462
Inventoried costs, net	$	1,646	$	1,109

Condensed Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 3,326	$ 3,109
Accounts receivable, net	1,609	1,454
Unbilled receivables, net	6,518	5,693
Inventoried costs, net	1,646	1,109
Prepaid expenses and other current assets	1,233	2,341
Total current assets	14,332	13,706
Property, plant and equipment, net of accumulated depreciation of $8,517 for 2024 and $7,964 for 2023	10,078	9,653
Operating lease right-of-use assets	1,779	1,818
Goodwill	17,517	17,517
Intangible assets, net	268	305
Deferred tax assets	1,407	1,020
Other non-current assets	2,908	2,525
Total assets	48,289	46,544
Liabilities
Trade accounts payable	2,518	2,110
Accrued employee compensation	1,924	2,251
Advance payments and billings in excess of costs incurred	3,157	4,193
Other current liabilities	5,502	3,388
Total current liabilities	13,101	11,942
Long-term debt, net of current portion of $1,589 for 2024 and $70 for 2023	14,689	13,786
Pension and other postretirement benefit plan liabilities	1,186	1,290
Operating lease liabilities	1,821	1,892
Other non-current liabilities	2,744	2,839
Total liabilities	33,541	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—145,813,599 and 2023—150,109,271	146	150
Paid-in capital	0	0
Retained earnings	14,738	14,773
Accumulated other comprehensive loss	(136)	(128)
Total shareholders’ equity	14,748	14,795
Total liabilities and shareholders’ equity	$ 48,289	$ 46,544

Condensed Consolidated Statements of Financial Position (Unaudited) (Parentheticals) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accumulated Depreciation	$ 8,517	$ 7,964
Long-term Debt, Current Maturities	$ 1,589	$ 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	145,813,599	150,109,271
Common Stock, Shares, Outstanding	145,813,599	150,109,271

Segment Information (Unaudited) Sales by Contract Type (Details 3) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue, Contract Type [Line Items]
Revenues	$ 9,996	$ 9,775	$ 30,347	$ 28,652
Sales percentage	100.00%	100.00%	100.00%	100.00%
Cost-type [Member]
Revenue, Contract Type [Line Items]
Revenues	$ 5,252	$ 5,261	$ 15,742	$ 15,574
Sales percentage	53.00%	54.00%	52.00%	54.00%
Cost-type [Member] \| Aeronautics Systems [Member]
Revenue, Contract Type [Line Items]
Revenues	$ 1,296	$ 1,370	$ 3,990	$ 3,920
Sales percentage	46.00%	51.00%	46.00%	51.00%
Cost-type [Member] \| Defense Systems [Member]
Revenue, Contract Type [Line Items]
Revenues	$ 990	$ 1,007	$ 2,933	$ 3,017
Sales percentage	53.00%	54.00%	52.00%	55.00%
Cost-type [Member] \| Mission Systems [Member]
Revenue, Contract Type [Line Items]
Revenues	$ 1,216	$ 1,002	$ 3,390	$ 2,920
Sales percentage	48.00%	42.00%	46.00%	41.00%
Cost-type [Member] \| Space Systems [Member]
Revenue, Contract Type [Line Items]
Revenues	$ 1,750	$ 1,882	$ 5,429	$ 5,717
Sales percentage	63.00%	66.00%	62.00%	68.00%
Fixed-price [Member]
Revenue, Contract Type [Line Items]
Revenues	$ 4,744	$ 4,514	$ 14,605	$ 13,078
Sales percentage	47.00%	46.00%	48.00%	46.00%
Fixed-price [Member] \| Aeronautics Systems [Member]
Revenue, Contract Type [Line Items]
Revenues	$ 1,522	$ 1,342	$ 4,642	$ 3,773
Sales percentage	54.00%	49.00%	54.00%	49.00%
Fixed-price [Member] \| Defense Systems [Member]
Revenue, Contract Type [Line Items]
Revenues	$ 877	$ 846	$ 2,667	$ 2,492
Sales percentage	47.00%	46.00%	48.00%	45.00%
Fixed-price [Member] \| Mission Systems [Member]
Revenue, Contract Type [Line Items]
Revenues	$ 1,332	$ 1,363	$ 4,016	$ 4,129
Sales percentage	52.00%	58.00%	54.00%	59.00%
Fixed-price [Member] \| Space Systems [Member]
Revenue, Contract Type [Line Items]
Revenues	$ 1,013	$ 963	$ 3,280	$ 2,684
Sales percentage	37.00%	34.00%	38.00%	32.00%
Intersegment sales \| Aeronautics Systems [Member]
Revenue, Contract Type [Line Items]
Revenues	$ 60	$ 54	$ 178	$ 183
Intersegment sales \| Defense Systems [Member]
Revenue, Contract Type [Line Items]
Revenues	217	197	627	549
Intersegment sales \| Mission Systems [Member]
Revenue, Contract Type [Line Items]
Revenues	275	263	849	783
Intersegment sales \| Space Systems [Member]
Revenue, Contract Type [Line Items]
Revenues	107	108	312	374
Operating Segments [Member] \| Aeronautics Systems [Member]
Revenue, Contract Type [Line Items]
Revenues	$ 2,878	$ 2,766	$ 8,810	$ 7,876
Sales percentage	100.00%	100.00%	100.00%	100.00%
Operating Segments [Member] \| Defense Systems [Member]
Revenue, Contract Type [Line Items]
Revenues	$ 2,084	$ 2,050	$ 6,227	$ 6,058
Sales percentage	100.00%	100.00%	100.00%	100.00%
Operating Segments [Member] \| Mission Systems [Member]
Revenue, Contract Type [Line Items]
Revenues	$ 2,823	$ 2,628	$ 8,255	$ 7,832
Sales percentage	100.00%	100.00%	100.00%	100.00%
Operating Segments [Member] \| Space Systems [Member]
Revenue, Contract Type [Line Items]
Revenues	$ 2,870	$ 2,953	$ 9,021	$ 8,775
Sales percentage	100.00%	100.00%	100.00%	100.00%

Basis of Presentation (Unaudited) Accumulated Other Comprehensive Income (Loss) (Details 5) - USD ($) $ in Millions	Sep. 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	$ (136)	$ (138)
Accumulated Other Comprehensive Income (Loss), Other Components, Net of Tax	0	10
Accumulated other comprehensive loss	$ (136)	$ (128)

- Definition

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

+ References + Details

Income Taxes (Unaudited) Effective Income Tax Rate Reconciliation (Details 1) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Federal and foreign income tax expense	$ 162	$ 181	$ 555	$ 512
Effective income tax rate	13.60%	16.20%	16.00%	16.50%
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount	$ 191	$ 62	$ 280	$ 140
Income Tax Reconciliation Deductions FDII	(41)	19	11	48
Income Taxes Receivable	402		402		$ 1,500
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense	$ 64	$ 21	$ 110	$ 48

- 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

Document and Entity Information Document - shares	9 Months Ended
Document and Entity Information Document - shares	Sep. 30, 2024	Oct. 21, 2024
Document and Entity Information [Abstract]
Entity Current Reporting Status	Yes
Document Type	10-Q
Document Fiscal Period Focus	Q3
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		145,695,342

Basis of Presentation (Unaudited) (Tables)

9 Months Ended

Sep. 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 September 30				Nine Months Ended September 30
$ in millions, except per share data	2024		2023		2024		2023
Revenue	$	131	$	95	$	242	$	252
Operating income	136		58		268		180
Net earnings(1)	107		46		212		142
Diluted earnings per share(1)	0.73		0.30		1.43		0.93

(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	September 30, 2024		December 31, 2023
Cumulative translation adjustment	$	(136)	$	(138)
Other, net	—		10
Total accumulated other comprehensive loss	$	(136)	$	(128)

Segment Information (Unaudited)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION

The following table presents sales and operating income by segment:


	Three Months Ended September 30				Nine Months Ended September 30
$ in millions	2024		2023		2024		2023
Sales
Aeronautics Systems	$	2,878	$	2,766	$	8,810	$	7,876
Defense Systems	2,084		2,050		6,227		6,058
Mission Systems	2,823		2,628		8,255		7,832
Space Systems	2,870		2,953		9,021		8,775
Intersegment eliminations	(659)		(622)		(1,966)		(1,889)
Total sales	9,996		9,775		30,347		28,652
Operating income
Aeronautics Systems	298		283		890		798
Defense Systems	196		201		614		605
Mission Systems	390		386		1,129		1,147
Space Systems	345		302		979		840
Intersegment eliminations	(83)		(83)		(261)		(247)
Total segment operating income	1,146		1,089		3,351		3,143
FAS/CAS operating adjustment	20		(20)		32		(62)
Unallocated corporate expense	(46)		(53)		(102)		(151)
Total operating income	$	1,120	$	1,016	$	3,281	$	2,930
Other (expense) income
Interest expense	(161)		(141)		(461)		(417)
Non-operating FAS pension benefit	168		132		503		397
Other, net	61		111		142		193
Earnings before income taxes	$	1,188	$	1,118	$	3,465	$	3,103

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 September 30								Nine Months Ended September 30
	2024				2023				2024				2023
$ in millions	$		%(3)		$		%(3)		$		%(3)		$		%(3)
Aeronautics Systems
U.S. government(1)	$	2,382	83	%	$	2,331	84	%	$	7,443	85	%	$	6,654	85	%
International(2)	430		15	%	377		14	%	1,174		13	%	1,016		13	%
Other customers	6		—	%	4		—	%	15		—	%	23		—	%
Intersegment sales	60		2	%	54		2	%	178		2	%	183		2	%
Aeronautics Systems sales	2,878		100	%	2,766		100	%	8,810		100	%	7,876		100	%
Defense Systems
U.S. government(1)	1,541		74	%	1,476		72	%	4,633		74	%	4,351		72	%
International(2)	311		15	%	358		17	%	912		15	%	1,103		18	%
Other customers	15		1	%	19		1	%	55		1	%	55		1	%
Intersegment sales	217		10	%	197		10	%	627		10	%	549		9	%
Defense Systems sales	2,084		100	%	2,050		100	%	6,227		100	%	6,058		100	%
Mission Systems
U.S. government(1)	2,093		74	%	1,917		73	%	6,033		73	%	5,729		73	%
International(2)	427		15	%	432		16	%	1,308		16	%	1,262		16	%
Other customers	28		1	%	16		1	%	65		1	%	58		1	%
Intersegment sales	275		10	%	263		10	%	849		10	%	783		10	%
Mission Systems sales	2,823		100	%	2,628		100	%	8,255		100	%	7,832		100	%
Space Systems
U.S. government(1)	2,606		91	%	2,707		92	%	8,245		92	%	7,963		91	%
International(2)	50		2	%	72		2	%	171		2	%	226		3	%
Other customers	107		3	%	66		2	%	293		3	%	212		2	%
Intersegment sales	107		4	%	108		4	%	312		3	%	374		4	%
Space Systems sales	2,870		100	%	2,953		100	%	9,021		100	%	8,775		100	%
Total
U.S. government(1)	8,622		86	%	8,431		86	%	26,354		87	%	24,697		86	%
International(2)	1,218		12	%	1,239		13	%	3,565		12	%	3,607		13	%
Other customers	156		2	%	105		1	%	428		1	%	348		1	%
Total Sales	$	9,996	100	%	$	9,775	100	%	$	30,347	100	%	$	28,652	100	%

(3) Percentages calculated based on total segment sales.


Sales by Contract Type	Three Months Ended September 30								Nine Months Ended September 30
	2024				2023				2024				2023
$ in millions	$		%(1)		$		%(1)		$		%(1)		$		%(1)
Aeronautics Systems
Cost-type	$	1,296	46	%	$	1,370	51	%	$	3,990	46	%	$	3,920	51	%
Fixed-price	1,522		54	%	1,342		49	%	4,642		54	%	3,773		49	%
Intersegment sales	60				54				178				183
Aeronautics Systems sales	2,878				2,766				8,810				7,876
Defense Systems
Cost-type	990		53	%	1,007		54	%	2,933		52	%	3,017		55	%
Fixed-price	877		47	%	846		46	%	2,667		48	%	2,492		45	%
Intersegment sales	217				197				627				549
Defense Systems sales	2,084				2,050				6,227				6,058
Mission Systems
Cost-type	1,216		48	%	1,002		42	%	3,390		46	%	2,920		41	%
Fixed-price	1,332		52	%	1,363		58	%	4,016		54	%	4,129		59	%
Intersegment sales	275				263				849				783
Mission Systems sales	2,823				2,628				8,255				7,832
Space Systems
Cost-type	1,750		63	%	1,882		66	%	5,429		62	%	5,717		68	%
Fixed-price	1,013		37	%	963		34	%	3,280		38	%	2,684		32	%
Intersegment sales	107				108				312				374
Space Systems sales	2,870				2,953				9,021				8,775
Total
Cost-type	5,252		53	%	5,261		54	%	15,742		52	%	15,574		54	%
Fixed-price	4,744		47	%	4,514		46	%	14,605		48	%	13,078		46	%
Total Sales	$	9,996			$	9,775			$	30,347			$	28,652

(1)Percentages calculated based on external customer sales.


Sales by Geographic Region	Three Months Ended September 30								Nine Months Ended September 30
	2024				2023				2024				2023
$ in millions	$		%(2)		$		%(2)		$		%(2)		$		%(2)
Aeronautics Systems
United States	$	2,388	85	%	$	2,335	86	%	$	7,458	86	%	$	6,677	87	%
Asia/Pacific	195		7	%	163		6	%	495		6	%	448		6	%
Europe	224		8	%	204		8	%	653		8	%	543		7	%
All other(1)	11		—	%	10		—	%	26		—	%	25		—	%
Intersegment sales	60				54				178				183
Aeronautics Systems sales	2,878				2,766				8,810				7,876
Defense Systems
United States	1,556		83	%	1,495		81	%	4,688		84	%	4,406		80	%
Asia/Pacific	79		4	%	93		5	%	243		4	%	324		6	%
Europe	179		10	%	146		8	%	536		10	%	406		7	%
All other(1)	53		3	%	119		6	%	133		2	%	373		7	%
Intersegment sales	217				197				627				549
Defense Systems sales	2,084				2,050				6,227				6,058
Mission Systems
United States	2,121		83	%	1,933		82	%	6,098		82	%	5,787		83	%
Asia/Pacific	98		4	%	98		4	%	346		5	%	310		4	%
Europe	246		10	%	246		10	%	727		10	%	712		10	%
All other(1)	83		3	%	88		4	%	235		3	%	240		3	%
Intersegment sales	275				263				849				783
Mission Systems sales	2,823				2,628				8,255				7,832
Space Systems
United States	2,713		98	%	2,773		97	%	8,538		98	%	8,175		97	%
Asia/Pacific	6		—	%	22		1	%	30		1	%	67		1	%
Europe	36		1	%	44		2	%	112		1	%	127		2	%
All other(1)	8		1	%	6		—	%	29		—	%	32		—	%
Intersegment sales	107				108				312				374
Space Systems sales	2,870				2,953				9,021				8,775
Total
United States	8,778		88	%	8,536		87	%	26,782		88	%	25,045		87	%
Asia/Pacific	378		4	%	376		4	%	1,114		4	%	1,149		4	%
Europe	685		7	%	640		7	%	2,028		7	%	1,788		7	%
All other(1)	155		1	%	223		2	%	423		1	%	670		2	%
Total Sales	$	9,996			$	9,775			$	30,347			$	28,652

(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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+ Details

Income Taxes (Unaudited) (Tables)

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense and Effective Income Tax Rates


	Three Months Ended September 30						Nine Months Ended September 30
$ in millions	2024			2023			2024			2023
Federal and foreign income tax expense	$	162		$	181		$	555		$	512
Effective income tax rate	13.6		%	16.2		%	16.0		%	16.5		%

Basis of Presentation (Unaudited)

9 Months Ended

Sep. 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. This realignment is reflected in the financial information contained in this report.

The 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 the financial statements are not necessarily indicative of results that may be expected for the entire year. The 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 help 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 third 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 third 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 September 30, 2024, the remaining loss accrual is $1.4 billion, of which $946 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 third 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 third quarter of 2024, the company completed its negotiations with NASA and resolved the ECP.

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


	Three Months Ended September 30				Nine Months Ended September 30
$ in millions, except per share data	2024		2023		2024		2023
Revenue	$	131	$	95	$	242	$	252
Operating income	136		58		268		180
Net earnings(1)	107		46		212		142
Diluted earnings per share(1)	0.73		0.30		1.43		0.93

(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. During the three months ended September 30, 2024, we recorded a $39 million favorable EAC adjustment on the HALO program at Space Systems related to the ECP resolution noted above. During the three months ended June 30, 2023, we recorded a $36 million unfavorable EAC adjustment on the HALO program.

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 September 30, 2024 was $84.8 billion. Of our September 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 nine months ended September 30, 2024 that was included in the December 31, 2023 contract liability balance was $354 million and $3.4 billion, respectively. The amount of revenue recognized for the three and nine months ended September 30, 2023 that was included in the December 31, 2022 contract liability balance was $358 million and $2.9 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 $251 million and $134 million as of September 30, 2024 and 2023, respectively.

Sale of Minority Investment

In July 2023, the company sold its minority investment in an Australian business for AUD $235 million (the

equivalent of $157 million upon settlement). The sale resulted in a pre-tax gain of $97 million, which is reflected in

Other, net on the unaudited condensed consolidated statements of earnings and comprehensive income for the three

and nine months ended September 30, 2023. Proceeds from the sale are included in investing activities on the

unaudited condensed consolidated statement of cash flows for the nine months ended September 30, 2023.

Accumulated Other Comprehensive Loss

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


$ in millions	September 30, 2024		December 31, 2023
Cumulative translation adjustment	$	(136)	$	(138)
Other, net	—		10
Total accumulated other comprehensive loss	$	(136)	$	(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 September 30, 2024, are not expected to have a material effect on the company’s consolidated financial position, results of operations and/or cash flows.

Segment Information (Unaudited) Reconciliation to Consolidated Operating Income (Details 1) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenues	$ 9,996	$ 9,775	$ 30,347	$ 28,652
Operating income	1,120	1,016	3,281	2,930
Total operating costs and expenses	8,876	8,759	27,066	25,722
Interest and Debt Expense	(161)	(141)	(461)	(417)
Non-operating FAS pension benefit	168	132	503	397
Other, net	61	111	142	193
Earnings before income taxes	1,188	1,118	3,465	3,103
Operating Segments [Member]
Segment Reporting Information [Line Items]
Operating income	1,146	1,089	3,351	3,143
Operating Segments [Member] \| Aeronautics Systems [Member]
Segment Reporting Information [Line Items]
Revenues	2,878	2,766	8,810	7,876
Operating income	298	283	890	798
Operating Segments [Member] \| Defense Systems [Member]
Segment Reporting Information [Line Items]
Revenues	2,084	2,050	6,227	6,058
Operating income	196	201	614	605
Operating Segments [Member] \| Mission Systems [Member]
Segment Reporting Information [Line Items]
Revenues	2,823	2,628	8,255	7,832
Operating income	390	386	1,129	1,147
Operating Segments [Member] \| Space Systems [Member]
Segment Reporting Information [Line Items]
Revenues	2,870	2,953	9,021	8,775
Operating income	345	302	979	840
Intersegment sales
Segment Reporting Information [Line Items]
Revenues	659	622	1,966	1,889
Operating income	83	83	261	247
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
FAS/CAS operating adjustment	20	(20)	32	(62)
Total operating costs and expenses	$ (46)	$ (53)	$ (102)	$ (151)

Inventory (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Inventory [Line Items]
Contracts in process	$ 1,076	$ 647
Inventory, Raw Materials, Net of Reserves	388	338
Inventory, Work in Process, Net of Reserves	115	72
Inventory, Finished Goods, Net of Reserves	67	52
Total product inventory	570	462
Inventoried costs, net	$ 1,646	$ 1,109

Basis of Presentation (Unaudited) Sale of Minority Investment (Details 6) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Jul. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Gain (Loss) on Securities [Line Items]
Proceeds from Sale, Maturity and Collection of Investments		$ 0	$ 157
Investments in Debt and Equity Instruments, Cash and Cash Equivalents, Unrealized and Realized Gains (Losses)	In July 2023, the company sold its minority investment in an Australian business for AUD $235 million (the equivalent of $157 million upon settlement). The sale resulted in a pre-tax gain of $97 million, which is reflected in Other, net on the unaudited condensed consolidated statements of earnings and comprehensive income for the three and nine months ended September 30, 2023. Proceeds from the sale are included in investing activities on the unaudited condensed consolidated statement of cash flows for the nine months ended September 30, 2023.
United States of America, Dollars
Gain (Loss) on Securities [Line Items]
Gain on Sale of Investments	$ 97
Proceeds from Sale, Maturity and Collection of Investments	157
Australia, Dollars
Gain (Loss) on Securities [Line Items]
Proceeds from Sale, Maturity and Collection of Investments	$ 235

Condensed Consolidated Statements of Earnings and Comprehensive Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues	$ 9,996	$ 9,775	$ 30,347	$ 28,652
Operating costs and expenses
General and administrative expenses	986	1,025	3,149	3,136
Total operating costs and expenses	8,876	8,759	27,066	25,722
Operating income	1,120	1,016	3,281	2,930
Other (expense) income
Interest expense	(161)	(141)	(461)	(417)
Non-operating FAS pension benefit	168	132	503	397
Other, net	61	111	142	193
Earnings before income taxes	1,188	1,118	3,465	3,103
Federal and foreign income tax expense	162	181	555	512
Net earnings	$ 1,026	$ 937	$ 2,910	$ 2,591
Basic earnings per share
Basic earnings per share	$ 7.02	$ 6.20	$ 19.73	$ 17.07
Weighted-average common shares outstanding, in millions	146.2	151.2	147.5	151.8
Diluted earnings per share
Diluted earnings per share	$ 7.00	$ 6.18	$ 19.69	$ 17.00
Weighted-average diluted shares outstanding, in millions	146.5	151.7	147.8	152.4
Net earnings (from above)	$ 1,026	$ 937	$ 2,910	$ 2,591
Change in cumulative translation adjustment	(2)	(6)	(2)	(11)
Change in other, net	8	(3)	(10)	(5)
Other comprehensive income (loss), net of tax	10	3	(8)	6
Comprehensive income	1,036	940	2,902	2,597
Product [Member]
Revenues	7,939	7,678	24,117	22,390
Cost of Sales	6,280	6,135	19,079	17,738
Service [Member]
Revenues	2,057	2,097	6,230	6,262
Cost of Sales	$ 1,610	$ 1,599	$ 4,838	$ 4,848

Retirement Benefits (Unaudited) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Components of Net Periodic Benefit Cost
Net periodic benefit cost (benefit)			$ (339)	$ (230)
Defined contribution plan, employer contributions	$ 136	$ 126	517	487
Pension Benefits
Components of Net Periodic Benefit Cost
Service cost	60	59	179	177
Interest cost	381	392	1,144	1,176
Expected return on plan assets	(549)	(524)	(1,647)	(1,573)
Net periodic benefit cost (benefit)	(108)	(73)	(324)	(220)
Defined benefit plan, contributions by Employer	17	26	66	80
OPB
Components of Net Periodic Benefit Cost
Service cost	1	2	3	4
Interest cost	15	17	46	50
Expected return on plan assets	(21)	(22)	(64)	(64)
Net periodic benefit cost (benefit)	(5)	(3)	(15)	(10)
Defined benefit plan, contributions by Employer	$ 7	$ 7	$ 27	$ 28

Income Taxes (Unaudited) Unrecognized Tax Benefit (Details 2) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Unrecognized Tax Benefit Detail
Decrease in Unrecognized Tax Benefits is Reasonably Possible	$ 700			$ 700
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense	64	$ 21		110	$ 48
Unrecognized Tax Benefits	2,100			2,100
IRC Section 451(b)
Unrecognized Tax Benefit Detail
Unrecognized Tax Benefits	938			938
Other Current Liabilities [Member]
Unrecognized Tax Benefit Detail
Unrecognized Tax Benefits	$ 1,200			$ 1,200		$ 964
Internal Revenue Service (IRS)
Unrecognized Tax Benefit Detail
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities			$ 90

Segment Information (Unaudited) Sales by Customer Type (Details 2) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue, Major Customer [Line Items]
Revenues	$ 9,996	$ 9,775	$ 30,347	$ 28,652
Sales percentage	100.00%	100.00%	100.00%	100.00%
US Government
Revenue, Major Customer [Line Items]
Revenues	$ 8,622	$ 8,431	$ 26,354	$ 24,697
Sales percentage	86.00%	86.00%	87.00%	86.00%
US Government \| Aeronautics Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 2,382	$ 2,331	$ 7,443	$ 6,654
Sales percentage	83.00%	84.00%	85.00%	85.00%
US Government \| Defense Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 1,541	$ 1,476	$ 4,633	$ 4,351
Sales percentage	74.00%	72.00%	74.00%	72.00%
US Government \| Mission Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 2,093	$ 1,917	$ 6,033	$ 5,729
Sales percentage	74.00%	73.00%	73.00%	73.00%
US Government \| Space Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 2,606	$ 2,707	$ 8,245	$ 7,963
Sales percentage	91.00%	92.00%	92.00%	91.00%
International(2)
Revenue, Major Customer [Line Items]
Revenues	$ 1,218	$ 1,239	$ 3,565	$ 3,607
Sales percentage	12.00%	13.00%	12.00%	13.00%
International(2) \| Aeronautics Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 430	$ 377	$ 1,174	$ 1,016
Sales percentage	15.00%	14.00%	13.00%	13.00%
International(2) \| Defense Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 311	$ 358	$ 912	$ 1,103
Sales percentage	15.00%	17.00%	15.00%	18.00%
International(2) \| Mission Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 427	$ 432	$ 1,308	$ 1,262
Sales percentage	15.00%	16.00%	16.00%	16.00%
International(2) \| Space Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 50	$ 72	$ 171	$ 226
Sales percentage	2.00%	2.00%	2.00%	3.00%
Other Customers [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 156	$ 105	$ 428	$ 348
Sales percentage	2.00%	1.00%	1.00%	1.00%
Other Customers [Member] \| Aeronautics Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 6	$ 4	$ 15	$ 23
Sales percentage	0.00%	0.00%	0.00%	0.00%
Other Customers [Member] \| Defense Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 15	$ 19	$ 55	$ 55
Sales percentage	1.00%	1.00%	1.00%	1.00%
Other Customers [Member] \| Mission Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 28	$ 16	$ 65	$ 58
Sales percentage	1.00%	1.00%	1.00%	1.00%
Other Customers [Member] \| Space Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 107	$ 66	$ 293	$ 212
Sales percentage	3.00%	2.00%	3.00%	2.00%
Intersegment Sales [Member] \| Aeronautics Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 60	$ 54	$ 178	$ 183
Sales percentage	2.00%	2.00%	2.00%	2.00%
Intersegment Sales [Member] \| Defense Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 217	$ 197	$ 627	$ 549
Sales percentage	10.00%	10.00%	10.00%	9.00%
Intersegment Sales [Member] \| Mission Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 275	$ 263	$ 849	$ 783
Sales percentage	10.00%	10.00%	10.00%	10.00%
Intersegment Sales [Member] \| Space Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 107	$ 108	$ 312	$ 374
Sales percentage	4.00%	4.00%	3.00%	4.00%
Operating Segments [Member] \| Aeronautics Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 2,878	$ 2,766	$ 8,810	$ 7,876
Sales percentage	100.00%	100.00%	100.00%	100.00%
Operating Segments [Member] \| Defense Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 2,084	$ 2,050	$ 6,227	$ 6,058
Sales percentage	100.00%	100.00%	100.00%	100.00%
Operating Segments [Member] \| Mission Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 2,823	$ 2,628	$ 8,255	$ 7,832
Sales percentage	100.00%	100.00%	100.00%	100.00%
Operating Segments [Member] \| Space Systems [Member]
Revenue, Major Customer [Line Items]
Revenues	$ 2,870	$ 2,953	$ 9,021	$ 8,775
Sales percentage	100.00%	100.00%	100.00%	100.00%

Commitments and Contingencies (Unaudited)

9 Months Ended

Sep. 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 September 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 engaged in 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 has responded to requests and expects to continue discussions with the DOJ and DCMA as these matters progress.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 September 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)
September 30, 2024	$	568	$	380	$	530
December 31, 2023	584		387		518

(1) As of September 30, 2024, $213 million is recorded in Other current liabilities and $355 million is recorded in Other non-current liabilities.

(2) Estimated remediation costs are not discounted to present value. The reasonably possible future costs in excess of accrued costs do not take into consideration amounts expected to be recoverable through overhead charges on U.S. government contracts.

(3) As of September 30, 2024, $203 million is deferred in Prepaid expenses and other current assets and $327 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 September 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 September 30, 2024, there were $469 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 September 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 September 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 September 30, 2024, the company was in compliance with all covenants under its credit agreements.

Retirement Benefits (Unaudited) (Tables)

9 Months Ended

Sep. 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 September 30								Nine Months Ended September 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	$	60	$	59	$	1	$	2	$	179	$	177	$	3	$	4
Interest cost	381		392		15		17		1,144		1,176		46		50
Expected return on plan assets	(549)		(524)		(21)		(22)		(1,647)		(1,573)		(64)		(64)
Net periodic benefit cost (benefit)	$	(108)	$	(73)	$	(5)	$	(3)	$	(324)	$	(220)	$	(15)	$	(10)

Employer contributions to retirement plans

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


	Three Months Ended September 30				Nine Months Ended September 30
$ in millions	2024		2023		2024		2023
Defined benefit pension plans	$	17	$	26	$	66	$	80
OPB plans	7		7		27		28
Defined contribution plans	136		126		517		487

Fair Value of Financial Instruments (Unaudited) (Details 1) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	$ 361	$ 339
Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	339	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	3	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	353	330
Derivatives	3	5
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	339	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

Amounts in Paragraphs - Fair Value of Financial Instruments (Unaudited) (Details 2) - Foreign Exchange Forward [Member] - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Derivative, Notional Amount	$ 399	$ 286
Designated as Hedging Instrument [Member]
Debt Instrument [Line Items]
Derivative, Notional Amount	$ 269	$ 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
-SubTopic 10
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+ Details

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

9 Months Ended

Sep. 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 0.3 million shares for each of the three and nine months ended September 30, 2024. The dilutive effect of these securities totaled 0.5 million shares and 0.6 million shares for the three and nine months ended September 30, 2023, respectively.

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 September 30, 2024, repurchases under the 2023 Repurchase Program totaled $0.9 billion; $1.6 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	Nine Months Ended September 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	1.1
December 6, 2023	$	2,500	2.0	$	461.06		2.0	—

(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

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+ Details

Commitments and Contingencies (Unaudited) (Tables)

9 Months Ended

Sep. 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)
September 30, 2024	$	568	$	380	$	530
December 31, 2023	584		387		518

(1) As of September 30, 2024, $213 million is recorded in Other current liabilities and $355 million is recorded in Other non-current liabilities.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 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. This realignment is reflected in the financial information contained in this report. The 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 the financial statements are not necessarily indicative of results that may be expected for the entire year. The 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 nine months ended September 30, 2024 that was included in the December 31, 2023 contract liability balance was $354 million and $3.4 billion, respectively. The amount of revenue recognized for the three and nine months ended September 30, 2023 that was included in the December 31, 2022 contract liability balance was $358 million and $2.9 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 September 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) Contract Estimates (Details 2) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Change in Accounting Estimate [Line Items]
Operating income	$ 1,120		$ 1,016		$ 3,281	$ 2,930
Net earnings	$ 1,026		$ 937		$ 2,910	$ 2,591
Diluted earnings per share	$ 7.00		$ 6.18		$ 19.69	$ 17.00
Contracts Accounted for under Percentage of Completion [Member]
Change in Accounting Estimate [Line Items]
Revenue	$ 131		$ 95		$ 242	$ 252
Operating income	136		58		268	180
Net earnings	$ 107		$ 46		$ 212	$ 142
Diluted earnings per share	$ 0.73		$ 0.30		$ 1.43	$ 0.93
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	$ 1,400				$ 1,400
Loss Contingency, Accrual, Current	946				$ 946
Contracts Accounted for under Percentage of Completion [Member] \| HALO Program \| Space Systems [Member]
Change in Accounting Estimate [Line Items]
Operating income	$ 39			$ (36)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net earnings	$ 2,910	$ 2,591
Adjustments to reconcile to net cash provided by operating activities:
Depreciation and amortization	956	938
Stock-based compensation	72	64
Deferred income taxes	(387)	(298)
Net periodic pension and OPB income	(339)	(230)
Pension and OPB contributions	(93)	(108)
Changes in assets and liabilities:
Accounts receivable, net	(155)	(256)
Unbilled receivables, net	(825)	(287)
Inventoried costs, net	(542)	(396)
Prepaid expenses and other assets	(15)	(127)
Accounts payable and other liabilities	(915)	(443)
Income taxes payable, net	1,106	40
Other operating activities, net	37	(43)
Net cash provided by operating activities	1,810	1,445
Investing activities
Capital expenditures	(951)	(972)
Proceeds from Sale, Maturity and Collection of Investments	0	157
Other investing activities, net	0	3
Net cash used in investing activities	(951)	(812)
Financing activities
Net proceeds from issuance of long-term debt	2,495	1,995
Repayments of Long-term Debt	0	(1,050)
Common stock repurchases	(2,073)	(1,154)
Cash dividends paid	(887)	(834)
Payments of employee taxes withheld from share-based awards	(57)	(51)
Other financing activities, net	(120)	(34)
Net cash used in financing activities	(642)	(1,128)
Increase (decrease) in cash and cash equivalents	217	(495)
Cash and cash equivalents, beginning of year	3,109	2,577
Cash and Cash Equivalents, at Carrying Value	$ 3,326	$ 2,082

Income Taxes (Unaudited)

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES


	Three Months Ended September 30						Nine Months Ended September 30
$ in millions	2024			2023			2024			2023
Federal and foreign income tax expense	$	162		$	181		$	555		$	512
Effective income tax rate	13.6		%	16.2		%	16.0		%	16.5		%

Current Quarter

The company’s third quarter 2024 effective tax rate (ETR) decreased to 13.6 percent from 16.2 percent in the prior year period principally driven by a net reduction in tax reserves largely due to a recent federal court decision, partially offset by higher interest expense on unrecognized tax benefits. The third quarter 2024 ETR includes benefits of $191 million for research credits, partially offset by $64 million of interest expense on unrecognized tax benefits and $41 million in tax expense related to foreign-derived intangible income (FDII). The third quarter 2023 ETR included benefits of $62 million for research credits and $19 million for FDII, partially offset by $21 million of interest expense on unrecognized tax benefits.

Year to Date

The company’s year to date 2024 ETR decreased to 16.0 percent from 16.5 percent in the prior year period principally driven by a net reduction in tax reserves largely due to a recent federal court decision, partially offset by higher interest expense on unrecognized tax benefits. The year to date 2024 ETR includes benefits of $280 million for research credits, partially offset by $110 million of interest expense on unrecognized tax benefits and $11 million in tax expense related to FDII. The year to date 2023 ETR included benefits of $140 million for research credits and $48 million for FDII, partially offset by $48 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 $402 million as of September 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 September 30, 2024, we have approximately $2.1 billion in unrecognized tax benefits, including $938 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 also reasonably possible that within the next 12 months our unrecognized tax benefits related to these matters may decrease by approximately $700 million, reflecting our best estimate of the most likely outcome of ongoing IRS negotiations.

Our current unrecognized tax benefits, which are included in Other current liabilities in the unaudited condensed consolidated statements of financial position, were $1.2 billion and $964 million as of September 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 third 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

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net earnings	$ 1,026	$ 937	$ 2,910	$ 2,591

- 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)

9 Months Ended

Sep. 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:


	September 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	$	339	$	—	$	14	$	353	$	321	$	1	$	8	$	330
Marketable securities valued using NAV							8								9
Total marketable securities	339		—		14		361		321		1		8		339
Derivatives	—		3		—		3		—		5		—		5

The notional value of the company’s foreign currency forward contracts at September 30, 2024 and December 31, 2023 was $399 million and $286 million, respectively. The portion of notional value designated as a cash flow hedge at September 30, 2024 and December 31, 2023 was $269 million and $162 million, respectively.

The derivative fair values and related unrealized gains/losses at September 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 nine months ended September 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 $16.1 billion and $13.4 billion as of September 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.

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