NORTHROP GRUMMAN CORP DE
For the period ended Dec 31, 2023. Filed Jan 25, 2024.
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FY2023 · Filed Jan 25, 2024
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6. Inventoried Costs, Net
- INVENTORIED COSTS, NET
Inventoried costs are principally associated with contracts where the U.S. government is the primary customer, therefore the company does not believe it has significant exposure to recoverability risk related to these amounts. Inventoried costs associated with our commercial businesses, while less significant in total, are subject to a greater level of recoverability risk. The company recorded write-downs of commercial business inventory at Space Systems for which its cost exceeded net realizable value of $43 million and $45 million during the years ended December 31, 2023 and 2022, respectively. As discussed in Note 1, the company recognized a $45 million reduction of inventoried costs related to the B-21 program at Aeronautics Systems during the year ended December 31, 2023.
Inventoried costs, net consisted of the following:
| $ in millions | 2023 | 2022 |
|---|---|---|
| Contracts in process | $647 | $574 |
| Product inventory: | ||
| Raw materials | 338 | 325 |
| Work in process | 72 | 31 |
| Finished goods | 52 | 48 |
| Total product inventory | $462 | $404 |
| Inventoried costs, net | $1,109 | $978 |
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