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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

FORM			10-K

☒						ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

☐						TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Delaware									80-0640649
(State or other jurisdiction of incorporation or organization)									(I.R.S. Employer Identification Number)
2980 Fairview Park Drive
Falls Church,			Virginia						22042
(Address of principal executive offices)									(Zip code)

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock			NOC			New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

    Yes ☒    No ☐

    Yes ☐    No ☒

    Yes ☒    No ☐

    Yes ☒    No ☐

Large Accelerated Filer ☒    Accelerated Filer ☐    Smaller Reporting Company ☐

Non-accelerated Filer ☐        Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

    Yes ☐    No ☒

 

						Page
			PART I
Item 1.			Business			1
Item 1A.			Risk Factors			10
Item 1B.			Unresolved Staff Comments			24
Item 2.			Properties			26
Item 3.			Legal Proceedings			27
Item 4.			Mine Safety Disclosures			27
			PART II
Item 5.			Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities			28
Item 6.			[Reserved]			29
Item 7.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			30
			Overview			30
			Consolidated Operating Results			33
			Segment Operating Results			36
			Product and Service Analysis			41
			Backlog			42
			Liquidity and Capital Resources			42
			Critical Accounting Policies, Estimates and Judgments			44
Item 7A.			Quantitative and Qualitative Disclosures About Market Risk			50
Item 8.			Financial Statements and Supplementary Data			51
			Report of Independent Registered Public Accounting Firm			51
			Consolidated Statements of Earnings and Comprehensive Income			54
			Consolidated Statements of Financial Position			55
			Consolidated Statements of Cash Flows			56
			Consolidated Statements of Changes in Shareholders’ Equity			57
			Notes to Consolidated Financial Statements			58
			1. Summary of Significant Accounting Policies			58
			2. Dispositions			65
			3. Earnings Per Share, Share Repurchases and Dividends on Common Stock			65
			4. Accounts Receivable, Net			66
			5. Unbilled Receivables, Net			67
			6. Inventoried Costs, Net			67
			7. Income Taxes			68
			8. Goodwill and Other Purchased Intangible Assets			71
			9. Fair Value of Financial Instruments			71
			10. Debt			72
			11. Investigations, Claims and Litigation			74
			12. Commitments and Contingencies			75
			13. Retirement Benefits			76
			14. Stock Compensation Plans and Other Compensation Arrangements			81
			15. Leases			84
			16. Segment Information			85

						Page
Item 9.			Changes in and Disagreements with Accountants on Accounting and Financial Disclosure			90
Item 9A.			Controls and Procedures			90
Item 9B.			Other Information			90
			Management’s Report on Internal Control over Financial Reporting			91
			Report of Independent Registered Public Accounting Firm on Internal Control over Financial Reporting			92
Item 9C.			Disclosure Regarding Foreign Jurisdictions that Prevent Inspections			92
			PART III
Item 10.			Directors, Executive Officers and Corporate Governance			93
Item 11.			Executive Compensation			94
Item 12.			Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters			94
Item 13.			Certain Relationships and Related Transactions, and Director Independence			95
Item 14.			Principal Accounting Fees and Services			95
			PART IV
Item 15.			Exhibits, Financial Statement Schedules			96
Item 16.			Form 10-K Summary			103
			Signatures			104

The company is a leading provider of space systems, advanced aircraft, missile defense, advanced weapons and long-range fires capabilities, mission systems, networking and communications, strategic deterrence systems, and breakthrough technologies, such as artificial intelligence, advanced computing and cyber. We are focused on competing and winning programs that enable continued growth, performing on our commitments and affordably delivering capability our customers need. With the investments we've made in advanced technologies, combined with our talented workforce and digital transformation capabilities, Northrop Grumman is well positioned to meet our customers' needs today and in the future. For a discussion of risks associated with our operations, see “Risk Factors.”

•1994 - Acquired Grumman Corporation, a premier military aircraft systems integrator. The combined company was renamed Northrop Grumman Corporation;

•1996 - Acquired the defense and electronics businesses of Westinghouse Electric Corporation, developer of sophisticated radar and other electronics systems;

•2001 - Acquired Litton Industries, Inc., a global electronics and information technology company and full service shipbuilder;

•2001 - Acquired Newport News Shipbuilding Inc., designer and builder of nuclear-powered aircraft carriers and submarines;

•2002 - Acquired TRW Inc., developer of military and civil space systems and payloads, and integrator of complex, mission-enabling systems and services;

•2011 - Completed the spin-off of Huntington Ingalls Industries, Inc., operator of our former shipbuilding business, comprised largely of a part of Litton Industries and Newport News Shipbuilding;

•2018 - Acquired Orbital ATK, Inc. (OATK), developer and producer of satellites and other space systems, launch vehicles and missile products; and

•2021 - Completed the sale of our IT and mission support services business (the “IT services divestiture”) to Veritas Capital.

Autonomous Systems – provides unmanned autonomous aircraft systems, including high-altitude long-endurance (HALE) strategic ISR systems and vertical take-off and landing (VTOL) tactical ISR systems. Key programs include:

•MQ-4C Triton, which provides wide area strategic ISR over vast ocean and coastal regions for maritime domain awareness to the U.S. Navy and Australia;

•RQ-4 Global Hawk, which provides high resolution imagery of land masses for theater awareness and strategic ISR to the U.S. Air Force, Japan, and the Republic of Korea;

•North Atlantic Treaty Organization (NATO) Alliance Ground Surveillance (AGS), a Global Hawk variant, for strategic ISR missions conducted in multinational theater operations; and

•MQ-8B and MQ-8C Fire Scout, ship-based, VTOL tactical ISR systems that provide situational awareness and precision targeting for the U.S. Navy.

Manned Aircraft – provides strategic long-range strike aircraft, tactical fighter and air dominance aircraft, and airborne battle management and command and control systems. Key programs include:

•Development and production of the U.S. Air Force B-21 Raider long-range strike bomber, as well as modernization and sustainment services for the B-2 Spirit bomber;

•Fuselage production for the F/A-18 Super Hornet and the F-35 Lighting II Joint Strike Fighter for use by U.S. and international forces;

•E-2D Advanced Hawkeye battle management aircraft production for the U.S. Navy, Japan, and France; and

•E-8C Joint Surveillance Target Attack Radar System (JSTARS) aircraft sustainment and modernization for the U.S. Air Force.

Battle Management & Missile Systems – designs, develops and integrates all-domain command and control (C2) and weapons systems, including munitions and missiles. The business provides integration and interoperability of net-enabled battle management, sensors, targeting and surveillance systems – a backbone architecture for Joint All-Domain Command and Control (JADC2) capable of integrating sensors and shooters, as well as air and missile defense C2 systems. It also develops and produces precision strike weapons; advanced propulsion, including high speed air-breathing and hypersonic systems; and high-performance gun systems and precision munitions. Competencies include system and software development; integration of weapon systems; tactical missile and component development and production; and production of advanced fuzes, munitions and defense electronics. Key programs include:

•Integrated Air and Missile Defense Battle Command System (IBCS) for the U.S. Army and Poland, which is a system that integrates sensors and effectors to deliver among the most advanced C2 systems for joint and coalition forces;

•U.S. Navy’s Advanced Anti-Radiation Guided Missile (AARGM), a medium-range, air-to-surface missile, and its extended range variant, AARGM-ER;

•Guided Multiple Launch Rocket System (GMLRS) propulsion and warhead subsystems for a surface-to-surface system used to defeat targets using indirect precision fires up to 70-plus kilometers;

•Precision Guidance Kit (PGK), replaces conventional fuzes for artillery and mortar munitions and transforms them into Global Positioning System enabled precision guided weapons;

•Hypersonic Attack Cruise Missile (HACM) air-breathing, scramjet propulsion subsystem for the hypersonic air-launched cruise missile to travel at speeds of Mach 5 or greater; and

•Forward Area Air Defense Command and Control (FAAD C2), the Army’s long-standing program of record for short range air defense and Counter Rocket, Artillery and Mortar (C-RAM), as well as the interim C2 for Counter Unmanned Aircraft Systems (C-UAS).

Mission Readiness – provides full life cycle service and support for software, weapons systems and aircraft, and logistics support, sustainment, operations and modernization for air, sea and ground systems. It also supports critical warfighter training for complex missions in a realistic virtual environment. Competencies include aircraft, electronics and embedded software sustainment; digital engineering and extended reality training for platform logistics; and maintenance. Key programs include:

•Global system sustainment and operations support for the F-35, B-2, P-3 Orion, E-6B Mercury, KC-30A multi-role tanker, C-27J transport, Global Hawk and Triton programs;

•Special Electronics Mission Aircraft (SEMA) intelligence, surveillance and reconnaissance support;

•AAQ-24 sensor sustainment and repair for U.S. military customers; and

•APN-241 radar sustainment, repair and production for U.S. military and foreign military sales (FMS) customers.

Airborne Multifunction Sensors – delivers products, systems and services that support airborne platforms with multi-function radio frequency (RF) and EO/IR systems; radar, electronic warfare and situational awareness mission systems; and high altitude ISR sensors. Competencies include fire control, surveillance and early warning and control radar systems; electronic attack and electronic support systems; and multi-sensor processing. Key unrestricted programs include:

•Airborne Early Warning & Control (AEW&C). The center piece of the E-7 AEW&C aircraft is the Multi-role Electronically Scanned Array (MESA) radar which enables 360 degree long range advanced air moving target indicator (AMTI) capabilities for Battle Management, Command and Control, and Maritime Surveillance;

•F-35 fire control radar and Distributed Aperture System (DAS), which provides 360 degree field of view tracking, identifying, missile warning and night vision capabilities;

•LONGBOW Fire Control Radar (FCR), which provides fire control radar capabilities for the global AH-64 helicopter fleet; and

•Scalable Agile Beam Radar (SABR), an active electronically scanned array fire control radar system for F-16 aircraft.

Maritime/Land Systems & Sensors – delivers products, systems and services that enable maritime and ground platform mission capabilities via sensors, targeting and surveillance systems; electronic warfare systems; mission module integration; power, propulsion and control systems; and missile launchers. Competencies include ground and maritime radar systems; nuclear ship propulsion and power generation systems; shipboard missile and encapsulated payload launch systems; integrated bridge systems; unmanned maritime vehicles; high-resolution undersea sensors; deep-sea packaging; and mission integration. Key unrestricted programs include:

•Surface Electronic Warfare Improvement Program (SEWIP) Block III, which protects surface ships from anti-ship missiles, provides early detection, signal analysis and threat warning;

•Ground/Air Task Oriented Radar (G/ATOR), a mobile multi-mode active electronically scanned array;

•Littoral Combat Ship Mission Module Integration, which provides engineering design, support and production of mission modules for U.S. Navy littoral combat ships; and

•DDG Modernization, which is comprised of several subsystems to support modernization of Arleigh Burke-class guided missile destroyers including Integrated Bridge and Navigation Systems (IBNS) and ship control systems.

Navigation, Targeting & Survivability – delivers products, systems and services that support aircraft platforms with targeting, self-protection and situational awareness mission systems; and provides embedded navigation and positioning sensors for a range of platforms including ships, aircraft, spacecraft and weapons. Competencies include EO/IR and RF self-protection; targeting and surveillance systems; digitized cockpits; and inertial navigation systems. Key unrestricted programs include:

•LITENING Advanced Targeting Pod, an electro-optical infrared sensor system for targeting and surveillance that enables aircrews to detect, acquire, identify and track targets at long ranges;

•Large Aircraft and Common Infrared Countermeasures (LAIRCM, DoN LAIRCM, CIRCM) systems, which protect large aircraft as well as rotary wing and medium fixed wing aircraft from infrared missiles using advanced laser technology;

•APR-39 DV(2) and EV(2) Radar Warning Receiver programs, which produce a digital radar warning receiver for the U.S. Army, Navy and Marines;

•AC/MC 130J Radio Frequency Countermeasures system, which provides superior situational awareness and better enables aircraft survivability in operationally relevant environments;

•Embedded Global Positioning System (GPS) / Inertial Navigation Systems-Modernization (EGI-M) program, which provides state-of-the-art airborne navigation capabilities with an open architecture that enables rapid responses to future threats; and

•UH-60V Black Hawk integrated mission equipment package, which modernizes the U.S. Army’s Black Hawk helicopters with a glass cockpit, including an integrated computational system, visual display system and control display units, extending the life and mission capabilities of the UH-60 platform.

Networked Information Solutions – delivers products, systems and services in the areas of advanced communications and network systems, full spectrum cyber solutions, secure processing, transformational computing, advanced technology development, and Signals Intelligence (SIGINT) mission systems. Competencies include software defined radios and network gateways, communications and counter-communications systems; cyber mission management; large scale cyber solutions for national security applications; cyber survivability; ground software systems; and SIGINT sensors and processing. Key unrestricted programs include:

•F-35 Communications, Navigation and Identification (CNI) integrated avionics system, which provides secure communications and interoperability capabilities;

•Battlefield Airborne Communications Node (BACN), one of the first airborne gateway systems that allows platforms to communicate and securely share data;

•Joint Counter Radio-Controlled Improvised Explosive Device Electronic Warfare (JCREW), a software-programmable jammer that provides protection from improvised explosive devices (IEDs);

•Exploitation and cyber programs, which provide cyber and intelligence domain support through unique intelligence and cyber capabilities; and

•Airborne Signals Intelligence Payload (ASIP), which delivers key signals intelligence capabilities to the warfighter by detecting, identifying, and locating radar and other types of electronic and modern communication signals.

Space – designs, develops, manufactures and integrates spacecraft systems, subsystems, sensors, payloads and ground systems to deliver mission capability to national security, science and environmental, communications, on-orbit servicing, and human-rated space systems for earth orbit and deep-space exploration missions. Much of this business is performed through restricted programs. Key unrestricted programs include:

•Cygnus spacecraft, used in the execution of our CRS contracts with NASA;

•Habitation and Logistics Outpost (HALO) module in support of NASA’s Gateway;

•Evolved Strategic SATCOM (ESS) and Protected Tactical SATCOM (PTS) satellites and payloads providing survivable, protected communications to U.S. forces;

•Next-Generation Overhead Persistent Infrared (Next Gen OPIR) program satellites and payloads providing data for missile defense;

•Space Development Agency Tracking and Transport layers providing missile warning/tracking and resilient, low-latency, high-volume data transport communication systems; and

•James Webb Space Telescope (JWST) operations and sustainment contract.

Launch & Strategic Missiles – designs, develops, manufactures and integrates small- and medium-class space launch vehicles to place satellites into earth orbit; suborbital launch vehicles that place payloads into a variety of high-altitude trajectories; large strategic missile systems; and missile defense systems. Competencies include large strategic missile design, integration, production and sustainment, as well as the production of medium- and large-class rocket propulsion systems for human and cargo launch vehicles, hypersonic boosters and missile defense interceptors. Key programs include:

•Ground Based Strategic Deterrent (GBSD) Engineering & Manufacturing Development (EMD) program;

•Missile defense systems, interceptors, targets, mission processing and boosters for the Missile Defense Agency's (MDA) Next-Generation Interceptor (NGI), Ground-based Midcourse Defense Weapon Systems (GWS);

•Development and production of solid rocket motors for NASA’s Space Launch System (SLS) heavy lift vehicle;

•Antares rocket, used in the execution of our Commercial Resupply Services (CRS) contracts with the National Aeronautics and Space Administration (NASA);

•63-inch diameter Graphite Epoxy Motor (GEM 63) and the extended length variation (GEM 63XL) solid rocket boosters used to provide lift capability for the ATLAS V and Vulcan launch vehicles;

•Medium-class solid rocket motors for the U.S. Navy's Trident II Fleet Ballistic Missile program; and

•Intercontinental Ballistic Missile (ICBM) Ground Subsystem Support Contract (GSSC).

•We do the right thing – we earn trust, act with ethics, integrity and transparency, treat everyone with respect, value diversity and foster safe and inclusive environments.

•We do what we promise – we own the delivery of results, focused on quality.

•We commit to shared success – we work together to focus on the mission and take accountability for the sustainable success of our people, customers, shareholders, suppliers and communities.

•We pioneer – with fierce curiosity, dedication and innovation, we seek to solve the world’s most challenging problems.

Cost-type contracts – Cost-type contracts include cost plus fixed fee, cost plus award fee and cost plus incentive fee contracts. Cost-type contracts generally provide for reimbursement of a contractor’s allowable costs incurred plus fee. As a result, cost-type contracts have less financial risk associated with unanticipated cost growth but generally provide lower profit margins than fixed-price contracts. Cost-type contracts typically require that the contractor use its best efforts to accomplish the scope of the work within some specified time and stated dollar limitation. Fees on cost-type contracts can be fixed in terms of dollar value or can be variable due to award and incentive fees, which are generally based on performance criteria such as cost, schedule, quality and/or technical performance. Award fees are determined and earned based on customer evaluation of the company’s performance against contractual criteria. Incentive fees are generally based on cost or schedule and provide for an initially negotiated fee to be adjusted later, based on the relationship of total allowable costs to total target costs or as schedule milestones are met. Award and incentive fees are 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.

Fixed-price contracts – Firm fixed-price contracts include a specified scope of work for a price that is a pre-determined, negotiated amount and not typically subject to adjustment regardless of costs incurred by the contractor, absent changes by the customer. As a result, fixed-price contracts typically have more financial risk associated with unanticipated cost growth, but provide the opportunity for higher profit margins. Certain fixed-price incentive fee contracts provide for reimbursement of the contractor’s allowable costs plus a fee up to a cost ceiling amount, typically through a cost-sharing ratio that affects profitability. These contracts effectively become firm fixed-price contracts once the cost-share ceiling is reached. Time-and-materials contracts are considered fixed-price contracts as they specify a fixed hourly rate for each labor hour charged.

$ in millions						U.S. Government(1)						International(2)						Other Customers						Total						Percentage of Total Sales
Cost-type contracts						$	18,110					$	594					$	7					$	18,711					51		%
Fixed-price contracts						13,213						4,254						424						17,891						49		%
Total sales						$	31,323					$	4,848					$	431					$	36,602					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.

•Net zero greenhouse gas emissions in operations by 2035;

•Source 50 percent of total electricity from renewable sources by 2030;

•Strengthen leadership in operational footprint reduction through setting and achieving pioneering targets in environmental stewardship by 2025, including potable water use and solid waste to landfill;

•In collaboration with key customers, work to develop a pioneering product stewardship program focused on material efficiency, product design and life cycle assessment;

•Update the company’s "Standards of Business Conduct for Suppliers and Other Trading Partners" to incorporate industry-leading sustainability practices by 2023;

•Expand Technology for Conservation initiatives in proximity to Northrop Grumman's U.S. locations by 2030, in collaboration with external partners.

Our operating results and growth opportunities are heavily dependent upon our ability to attract and retain sufficient qualified and diverse personnel who are or can reasonably be cleared (and obtain program access), who have the requisite skills in multiple areas, including science, technology, engineering and math, and who share our values and are able to operate effectively consistent with our culture. Outside the U.S., it is increasingly important that we are also able to attract and retain personnel with relevant local qualifications and experience. We continue to face increased competition for talent, both with traditional defense companies and commercial companies, globally, and with increasing wage rates. In addition, during the COVID-19 pandemic, we have faced labor shortages, as a result of both absenteeism among our workforce and a tight labor market more broadly, among other factors. While we continue to have labor challenges, they seem to be lessening, as we are realizing benefits from extensive hiring and retention programs. Of course the risk of insufficient personnel may again increase, either broadly or with respect to select critical staffing requirements. If necessary qualified personnel are more scarce or more difficult to attract or retain under reasonable terms, or if we experience a high level of attrition, generally or in particular areas, or if such personnel are increasingly unable to obtain security clearances or program access on a timely basis or are unable to be timely and effectively trained, we would expect higher labor-related costs and we could face challenges performing on various of our programs and meeting financial expectations. In addition, the macroeconomic environment, including continued challenges in the global labor market, may further affect our ability to hire,

To perform on our contracts and to win new business, we also depend increasingly on our ability to progress successfully on our digital transformation. It is increasingly necessary to meet evolving customer requirements, to differentiate our offerings, and to achieve efficiencies that we and our suppliers/partners successfully develop digital based solutions and transform our operations. While we are committing significant resources to these efforts, and are making good progress, our company and our suppliers/partners face various substantial challenges and we may not be fully successful with digital transformation.

•our dependence on the U.S. government for a substantial portion of our business

•significant delays or reductions in appropriations and/or for our programs, and U.S. government funding and program support more broadly, including as a result of a prolonged continuing resolution and/or government shutdown, and/or related to hostilities and other global events

•significant delays or reductions in payments as a result of or related to a breach of the debt ceiling

•the use of estimates when accounting for our contracts and the effect of contract cost growth and our efforts to recover or offset such costs and/or changes in estimated contract costs and revenues, including as a result of inflationary pressures, labor shortages, supply chain challenges and/or other macroeconomic factors, and risks related to management’s judgments and assumptions in estimating and/or projecting contract revenue and performance which may be inaccurate

•continued pressures from macroeconomic trends, including inflation, supply chain delays and disruptions, and labor challenges, including on costs, schedules, performance and ability to meet expectations

•increased competition within our markets and bid protests

•investigations, claims, disputes, enforcement actions, litigation (including criminal, civil and administrative) and/or other legal proceedings

•the improper conduct of employees, agents, subcontractors, suppliers, business partners or joint ventures in which we participate, including the impact on our reputation and our ability to do business

•changes in procurement and other laws, SEC, DoD and other rules and regulations, contract terms and practices applicable to our industry, findings by the U.S. government as to our compliance with such requirements, more aggressive enforcement of such requirements and changes in our customers’ business practices globally

•environmental matters, including unforeseen environmental costs and government and third party claims

•unanticipated changes in our tax provisions or exposure to additional tax liabilities

•impacts related to health epidemics, pandemics, including the COVID-19 pandemic, such as labor, supply chain or financial, schedule or cost impacts (without corresponding recovery), among other impacts

•cyber and other security threats or disruptions faced by us, our customers or our suppliers and other partners, and changes in related regulations

•our ability to attract and retain a qualified, talented and diverse workforce with the necessary security clearances to meet our performance obligations

•the performance and viability of our subcontractors and suppliers and the availability and pricing of raw materials and components, particularly with inflationary pressures, increased costs, shortages in labor and financial resources, supply chain disruptions, and extended material lead times

•environmental, social and governance matters, including especially climate change, their impacts on our company, our operations and our stakeholders (employees, suppliers, customers, shareholders and regulators), and changes in laws, regulations and priorities related to these issues

•our exposure to additional risks as a result of our international business, including risks related to global security, geopolitical and economic factors, misconduct, suppliers, laws and regulations

•our ability to meet performance obligations under our contracts, including obligations that require innovative design capabilities, are technologically complex, require certain manufacturing expertise or are dependent on factors not wholly within our control

•natural disasters

•products and services we provide related to hazardous and high risk operations, including the production and use of such products, which subject us to various environmental, regulatory, financial, reputational and other risks

•our ability appropriately to exploit and/or protect intellectual property rights

•our ability to develop new products and technologies, progress digital transformation, and maintain technologies, facilities, and equipment to win new competitions and meet the needs of our customers

•the adequacy and availability of, and ability to obtain, insurance coverage, customer indemnifications or other liability protections

•the future investment performance of plan assets, gains or losses associated with changes in valuation of marketable securities related to our non-qualified benefit plans, changes in actuarial assumptions associated with our pension and other postretirement benefit plans and legislative or other regulatory actions impacting our pension and postretirement benefit obligations

•changes in business conditions that could impact business investments and/or recorded goodwill or the value of other long-lived assets, and other potential future liabilities

The following is a summary of our floor space at December 31, 2022:

Square feet (in thousands)						Owned						Leased						U.S. Government Owned/Leased						Total
Aeronautics Systems						3,170						6,427						3,302						12,899
Defense Systems						1,367						3,397						2,285						7,049
Mission Systems						7,995						4,331						—						12,326
Space Systems						9,350						8,659						548						18,557
Corporate						372						305						—						677
Total						22,254						23,119						6,135						51,508

Period			Total Number of Shares Purchased						Average Price Paid per Share(1)						Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs						Approximate Dollar Value of Shares that May Yet Be Purchased under the Plans or Programs ($ in millions)
October 1, 2022 - October 28, 2022			235,900						$	503.31					235,900						$			3,000
October 29, 2022 - November 25, 2022			485,309						519.87						485,309									2,748
November 26, 2022 - December 31, 2022			215,725						532.61						215,725									2,633
Total			936,934						$	518.63					936,934						$			2,633

(1)Includes commissions paid.

•This graph is not deemed to be “filed” with the SEC or subject to the liabilities of Section 18 of the Securities Exchange Act of 1934 (the Exchange Act), and should not be deemed to be incorporated by reference into any of our prior or subsequent filings under the Securities Act of 1933 or the Exchange Act.

			Year Ended December 31																		% Change in
$ in millions, except per share amounts			2022						2021						2020						2022						2021
Sales			$	36,602					$	35,667					$	36,799					3		%				(3)		%
Operating costs and expenses			33,001						31,996						32,734						3		%				(2)		%
Operating costs and expenses as a % of sales			90.2		%				89.7		%				89.0		%
Gain on sale of business			—						1,980						—						NM						NM
Operating income			3,601						5,651						4,065						(36)		%				39		%
Operating margin rate			9.8		%				15.8		%				11.0		%
Mark-to-market pension and OPB benefit (expense)			1,232						2,355						(1,034)						(48)		%				(328)		%
Federal and foreign income tax expense			940						1,933						539						(51)		%				259		%
Effective income tax rate			16.1		%				21.6		%				14.5		%
Net earnings			4,896						7,005						3,189						(30)		%				120		%
Diluted earnings per share			$	31.47					$	43.54					$	19.03					(28)		%				129		%

															Year Ended December 31
																					2022												2021
$ in millions																					Sales			IT services sales			Organic sales						Sales			IT services sales			Organic sales						Organic sales % change
Aeronautics Systems																					$	10,531		$	—		$	10,531					$	11,259		$	—		$	11,259					(6)		%
Defense Systems																					5,579			—			5,579						5,776			(106)			5,670						(2)		%
Mission Systems																					10,396			—			10,396						10,134			(42)			10,092						3		%
Space Systems																					12,275			—			12,275						10,608			(16)			10,592						16		%
Intersegment eliminations																					(2,179)			—			(2,179)						(2,110)			2			(2,108)
Total																					$	36,602		$	—		$	36,602					$	35,667		$	(162)		$	35,505					3		%

															Year Ended December 31
																					2021												2020
$ in millions																					Sales			IT services sales			Organic sales						Sales			IT services sales			Organic sales						Organic sales % change
Aeronautics Systems																					$	11,259		$	—		$	11,259					$	12,169		$	—		$	12,169					(7)		%
Defense Systems																					5,776			(106)			5,670						7,543			(1,637)			5,906						(4)		%
Mission Systems																					10,134			(42)			10,092						10,080			(527)			9,553						6		%
Space Systems																					10,608			(16)			10,592						8,744			(182)			8,562						24		%
Intersegment eliminations																					(2,110)			2			(2,108)						(1,737)			17			(1,720)
Total																					$	35,667		$	(162)		$	35,505					$	36,799		$	(2,329)		$	34,470					3		%

2022 sales increased $935 million and 2022 organic sales increased $1.1 billion, or 3 percent, due to higher sales at Space Systems and Mission Systems, partially offset by lower sales at Aeronautics Systems and Defense Systems. 2022 sales reflect strong demand, the timing of material receipts and improving trends in labor availability during the second half of the year.

			Year Ended December 31
$ in millions			2022						2021						2020
Actuarial gains (losses) on projected benefit obligation			$	9,662					$	1,163					$	(3,570)
Actuarial (losses) gains on plan assets			(8,430)						1,192						2,536
MTM benefit (expense)			$	1,232					$	2,355					$	(1,034)

			Year Ended December 31																		% Change in
$ in millions			2022						2021						2020						2022						2021
Net earnings			$	4,896					$	7,005					$	3,189					(30)		%				120		%
MTM (benefit) expense			(1,232)						(2,355)						1,034						(48)		%				(328)		%
MTM-related deferred state tax expense (benefit)(1)			65						124						(54)						(48)		%				(330)		%
Federal tax expense (benefit) of items above(2)			245						469						(206)						(48)		%				(328)		%
MTM adjustment, net of tax			(922)						(1,762)						774						(48)		%				(328)		%
Gain on sale of business			—						(1,980)						—						NM						NM
State tax impact(3)			—						160						—						NM						NM
Transaction costs			—						32						—						NM						NM
Make-whole premium			—						54						—						NM						NM
Federal tax impact of items above(4)			—						614						—						NM						NM
Transaction adjustment, net of tax			—						(1,120)						—						NM						NM
Transaction-adjusted net earnings			$	3,974					$	4,123					$	3,963					(4)		%				4		%

(1)The deferred state tax impact in each period was calculated using the company’s blended state tax rate of 5.25 percent and is included in Unallocated corporate expense within operating income.

(2)The federal tax impact in each period was calculated by subtracting the deferred state tax impact from MTM benefit (expense) and applying the 21 percent federal statutory rate.

(3)The state tax impact includes $62 million of incremental tax expense related to $1.2 billion of nondeductible goodwill in the divested business.

(4)The federal tax impact was calculated by applying the 21 percent federal statutory rate to the adjustment items and also includes $250 million of incremental tax expense related to $1.2 billion of nondeductible goodwill in the divested business.

			Year Ended December 31																		% Change in
			2022						2021						2020						2022						2021
Diluted earnings per share			$	31.47					$	43.54					$	19.03					(28)		%				129		%
MTM (benefit) expense per share			(7.92)						(14.64)						6.17						(46)		%				(337)		%
MTM-related deferred state tax expense (benefit) per share(1)			0.42						0.77						(0.32)						(45)		%				(341)		%
Federal tax expense (benefit) of items above per share(2)			1.57						2.92						(1.23)						(46)		%				(337)		%
MTM adjustment per share, net of tax			(5.93)						(10.95)						4.62						(46)		%				(337)		%
Gain on sale of business per share			—						(12.31)						—						NM						NM
State tax impact(3) per share			—						0.99						—						NM						NM
Transaction costs per share			—						0.20						—						NM						NM
Make-whole premium per share			—						0.34						—						NM						NM
Federal tax impact of items above(4) per share			—						3.82						—						NM						NM
Transaction adjustment per share, net of tax			—						(6.96)						—						NM						NM
Transaction-adjusted EPS			$	25.54					$	25.63					$	23.65					—		%				8		%

(1)The deferred state tax impact in each period was calculated using the company’s blended state tax rate of 5.25 percent and is included in Unallocated corporate expense within operating income.

(2)The federal tax impact in each period was calculated by subtracting the deferred state tax impact from MTM benefit (expense) and applying the 21 percent federal statutory rate.

(3)The state tax impact includes $62 million of incremental tax expense related to $1.2 billion of nondeductible goodwill in the divested business.

(4)The federal tax impact was calculated by applying the 21 percent federal statutory rate to the adjustment items and also includes $250 million of incremental tax expense related to $1.2 billion of nondeductible goodwill in the divested business.

We present our sectors in the following business areas, which are reported in a manner reflecting core capabilities:

Aeronautics Systems

Defense Systems

Mission Systems

Space Systems

Autonomous Systems

Battle Management & Missile Systems

Airborne Multifunction Sensors

Launch & Strategic Missiles

Manned Aircraft

Mission Readiness

Maritime/Land Systems & Sensors

Space

Navigation, Targeting & Survivability

Networked Information Solutions

			Year Ended December 31																		% Change in
$ in millions			2022						2021						2020						2022						2021
Operating income			$	3,601					$	5,651					$	4,065					(36)		%				39		%
Operating margin rate			9.8		%				15.8		%				11.0		%
Reconciliation to segment operating income:
CAS pension expense			(167)						(544)						(827)						(69)		%				(34)		%
FAS pension service expense			367						414						409						(11)		%				1		%
FAS/CAS operating adjustment			200						(130)						(418)						(254)		%				(69)		%
Gain on sale of business			—						(1,980)						—						NM						NM
IT services divestiture – unallowable state taxes and transaction costs			—						192						—						NM						NM
Intangible asset amortization and PP&E step-up depreciation			242						254						322						(5)		%				(21)		%
MTM-related deferred state tax expense (benefit)(1)			65						124						(54)						(48)		%				(330)		%
Other unallocated corporate expense			145						106						273						37		%				(61)		%
Unallocated corporate expense (income)			452						(1,304)						541						(135)		%				(341)		%
Segment operating income			$	4,253					$	4,217					$	4,188					1		%				1		%
Segment operating margin rate			11.6		%				11.8		%				11.4		%

(1)Represents the deferred state tax benefit associated with MTM benefit (expense), which is recorded in Unallocated corporate expense consistent with other changes in deferred state taxes.

2022 segment operating income increased $36 million, or 1 percent, due to higher operating income at Mission Systems, Space Systems and Aeronautics Systems, partially offset by lower operating income at Defense Systems due, in part, to the impact of the IT services divestiture. 2021 segment operating income included $20 million from the IT services business, as well as a benefit of approximately $100 million due to the impact of lower overhead rates on the company’s fixed price contracts. Segment operating margin rate decreased to 11.6 percent from 11.8 percent principally due to lower net EAC adjustments due, in part, to macroeconomic impacts, including inflationary pressures and supply chain challenges.

Net Estimate-At-Completion (EAC) Adjustments - We record changes in estimated contract earnings at completion (net EAC adjustments) using the cumulative catch-up method of accounting. Net EAC adjustments can have a significant effect on reported sales and operating income and the aggregate amounts are presented in the table below:

			Year Ended December 31
$ in millions			2022						2021						2020
Favorable EAC adjustments			$	1,337					$	1,242					$	1,082
Unfavorable EAC adjustments			(977)						(715)						(616)
Net EAC adjustments			$	360					$	527					$	466

Net EAC adjustments by segment are presented in the table below:

			Year Ended December 31
$ in millions			2022						2021						2020
Aeronautics Systems			$	174					$	25					$	77
Defense Systems			111						113						148
Mission Systems			138						263						216
Space Systems			(38)						134						33
Eliminations			(25)						(8)						(8)
Net EAC adjustments			$	360					$	527					$	466

AERONAUTICS SYSTEMS

			Year Ended December 31																		% Change in
$ in millions			2022						2021						2020						2022						2021
Sales			$	10,531					$	11,259					$	12,169					(6)		%				(7)		%
Operating income			1,116						1,093						1,206						2		%				(9)		%
Operating margin rate			10.6		%				9.7		%				9.9		%

DEFENSE SYSTEMS

			Year Ended December 31																		% Change in
$ in millions			2022						2021						2020						2022						2021
Sales			$	5,579					$	5,776					$	7,543					(3)		%				(23)		%
Operating income			664						696						846						(5)		%				(18)		%
Operating margin rate			11.9		%				12.0		%				11.2		%

MISSION SYSTEMS

			Year Ended December 31																		% Change in
$ in millions			2022						2021						2020						2022						2021
Sales			$	10,396					$	10,134					$	10,080					3		%				1		%
Operating income			1,618						1,579						1,459						2		%				8		%
Operating margin rate			15.6		%				15.6		%				14.5		%

SPACE SYSTEMS

			Year Ended December 31																		% Change in
$ in millions			2022						2021						2020						2022						2021
Sales			$	12,275					$	10,608					$	8,744					16		%				21		%
Operating income			1,158						1,121						893						3		%				26		%
Operating margin rate			9.4		%				10.6		%				10.2		%

The following table presents product and service sales and operating costs and expenses by segment:

						Year Ended December 31
$ in millions						2022												2021												2020
Segment Information:						Sales						Operating Costs and Expenses						Sales						Operating Costs and Expenses						Sales						Operating Costs and Expenses
Aeronautics Systems
Product						$	7,981					$	7,161					$	9,408					$	8,534					$	10,437					$	9,435
Service						2,311						2,042						1,662						1,462						1,610						1,417
Intersegment eliminations						239						212						189						170						122						111
Total Aeronautics Systems						10,531						9,415						11,259						10,166						12,169						10,963
Defense Systems
Product						2,717						2,385						2,564						2,243						3,024						2,740
Service						2,056						1,819						2,423						2,137						3,791						3,305
Intersegment eliminations						806						711						789						700						728						652
Total Defense Systems						5,579						4,915						5,776						5,080						7,543						6,697
Mission Systems
Product						7,376						6,291						7,064						6,017						6,744						5,757
Service						2,005						1,639						2,077						1,695						2,557						2,201
Intersegment eliminations						1,015						848						993						843						779						663
Total Mission Systems						10,396						8,778						10,134						8,555						10,080						8,621
Space Systems
Product						10,448						9,455						8,832						7,898						6,810						6,084
Service						1,708						1,557						1,637						1,464						1,826						1,672
Intersegment eliminations						119						105						139						125						108						95
Total Space Systems						12,275						11,117						10,608						9,487						8,744						7,851
Segment Totals
Total Product						$	28,522					$	25,292					$	27,868					$	24,692					$	27,015					$	24,016
Total Service						8,080						7,057						7,799						6,758						9,784						8,595
Total Segment(1)						$	36,602					$	32,349					$	35,667					$	31,450					$	36,799					$	32,611

(1)A reconciliation of segment operating income to total operating income is included in “Segment Operating Results.”

						2022																		2021
$ in millions						Funded						Unfunded						Total Backlog						Total Backlog						% Change in 2022
Aeronautics Systems						$	8,458					$	10,939					$	19,397					$	18,277					6		%
Defense Systems						5,881						1,634						7,515						6,349						18		%
Mission Systems						9,835						4,040						13,875						14,306						(3)		%
Space Systems						8,317						29,639						37,956						37,114						2		%
Total backlog						$	32,491					$	46,252					$	78,743					$	76,046					4		%

						Year Ended December 31
$ in millions						2022						2021						2020
Net earnings						$	4,896					$	7,005					$	3,189
Gain on sale of business						—						(1,980)						—
Non-cash items(1)						(1,305)						(1,510)						1,799
Pension and OPB contributions						(136)						(141)						(887)
Changes in trade working capital						(600)						181						227
Other, net						46						12						(23)
Net cash provided by operating activities						$	2,901					$	3,567					$	4,305

(1)Includes depreciation and amortization, non-cash lease expense, MTM benefit (expense), stock based compensation expense, deferred income taxes and net periodic pension and OPB income.

						Year Ended December 31																		% Change in
$ in millions						2022						2021						2020						2022						2021
Net cash provided by operating activities						$	2,901					$	3,567					$	4,305					(19)		%				(17)		%
Capital expenditures						(1,435)						(1,415)						(1,420)						1		%				—		%
Proceeds from sale of equipment to a customer						155						84						205						85		%				(59)		%
After-tax discretionary pension contributions						—						—						593						NM						(100)		%
Adjusted free cash flow						$	1,621					$	2,236					$	3,683					(28)		%				(39)		%

Overview – The determination of projected benefit obligations, the fair value of plan assets, and pension and OPB expense for our retirement benefit plans requires the use of estimates and actuarial assumptions. We perform an annual review of our actuarial assumptions in consultation with our actuaries. As we determine changes in the assumptions are warranted, or as a result of plan amendments, future pension and OPB expense and our projected benefit obligation could increase or decrease. The principal estimates and assumptions that have a significant effect on our consolidated financial position and annual results of operations are the discount rate, cash balance crediting rate, expected long-term rate of return on plan assets, estimated fair market value of plan assets, and the mortality rate of those covered by our pension and OPB plans. The effects of actual results differing from our assumptions and the effects of changing assumptions (i.e., actuarial gains or losses) are recognized immediately through earnings upon annual remeasurement in the fourth quarter, or on an interim basis as triggering events warrant remeasurement.

Discount Rate – The discount rate represents the interest rate used to determine the present value of future cash flows currently expected to be required to settle our pension and OPB obligations. The discount rate is generally based on the yield of high-quality corporate fixed-income investments. At the end of each year, we determine the discount rate using a theoretical bond portfolio model of bonds rated AA or better to match the notional cash outflows related to projected benefit payments for each of our significant benefit plans. Taking into consideration the factors noted above, our weighted-average composite pension discount rate was 5.54 percent at December 31, 2022 and 2.98 percent at December 31, 2021.

$ in millions			25 Basis Point Decrease in Rate						25 Basis Point Increase in Rate
2022 pension and OPB obligation and MTM expense (benefit)			$	817					$	(781)
2023 pension and OPB (benefit) expense			(20)						18