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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8. Goodwill and Other Purchased Intangible Assets
- GOODWILL AND OTHER PURCHASED INTANGIBLE ASSETS
Goodwill
Changes in the carrying amounts of goodwill for the years ended December 31, 2022 and 2023, were as follows:
| $ in millions | Aeronautics Systems | Defense Systems | Mission Systems | Space Systems | Total |
|---|---|---|---|---|---|
| Balance as of December 31, 2021 | $3,467 | $3,412 | $5,881 | $4,755 | $17,515 |
| Other (1) | — | 1 | — | — | 1 |
| Balance as of December 31, 2022 | $3,467 | $3,413 | $5,881 | $4,755 | $17,516 |
| Other (1) | — | 1 | — | — | 1 |
| Balance as of December 31, 2023 | $3,467 | $3,414 | $5,881 | $4,755 | $17,517 |
(1)Other consists primarily of adjustments for foreign currency translation.
At December 31, 2023 and 2022, accumulated goodwill impairment losses totaled $417 million and $153 million at Aeronautics Systems and Space Systems, respectively.
Other Purchased Intangible Assets
Net customer-related and other intangible assets are as follows:
| $ in millions | 2023 | 2022 |
|---|---|---|
| Gross customer-related and other intangible assets | $3,365 | $3,364 |
| Less accumulated amortization | (3,060) | (2,980) |
| Net customer-related and other intangible assets | $305 | $384 |
Amortization expense for 2023, 2022 and 2021, was $80 million, $197 million and $204 million, respectively. As of December 31, 2023, the expected future amortization of purchased intangibles for each of the next five years is as follows:
| $ in millions | |
|---|---|
| 2024 | $57 |
| 2025 | 45 |
| 2026 | 42 |
| 2027 | 31 |
| 2028 | 31 |
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