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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9. Fair Value of Financial Instruments
- FAIR VALUE OF FINANCIAL INSTRUMENTS
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. See Note 1 for the definitions of these levels and for further information on our financial instruments.
| December 31, 2023 | December 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|
| $ in millions | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total |
| Financial Assets | ||||||||
| Marketable securities | $321 | $1 | $8 | $330 | $310 | $1 | $8 | $319 |
| Marketable securities valued using NAV | 9 | 13 | ||||||
| Total marketable securities | 321 | 1 | 8 | 339 | 310 | 1 | 8 | 332 |
| Derivatives | — | 5 | — | 5 | — | 7 | — | 7 |
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The notional value of the company’s foreign currency forward contracts at December 31, 2023 and 2022 was $286 million and $221 million, respectively. The portion of notional value designated as a cash flow hedge at December 31, 2023 and 2022 was $162 million and $87 million, respectively.
The derivative fair values and related unrealized gains/losses at December 31, 2023 and 2022 were not material.
There were no transfers of financial instruments into or out of Level 3 of the fair value hierarchy during the years ended December 31, 2023 and 2022.
The carrying value of cash and cash equivalents and commercial paper approximates fair value.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.