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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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 the option or IDIQ task order is exercised or awarded. Backlog is converted into sales as costs are incurred or deliveries are made.
Backlog consisted of the following at December 31, 2023 and 2022:
| 2023 · 2022 | |||||
|---|---|---|---|---|---|
| $ in millions | Funded | Unfunded | TotalBacklog | TotalBacklog | % Change in 2023 |
| Aeronautics Systems | $9,660 | $9,923 | $19,583 | $19,397 | 1% |
| Defense Systems | 6,346 | 1,718 | 8,064 | 7,515 | 7% |
| Mission Systems | 11,334 | 4,774 | 16,108 | 13,875 | 16% |
| Space Systems | 10,035 | 30,440 | 40,475 | 37,956 | 7% |
| Total backlog | $37,375 | $46,855 | $84,230 | $78,743 | 7% |
2023 net awards totaled $44.8 billion. Significant 2023 new awards include $15.5 billion for restricted programs (primarily at Space Systems, Aeronautics Systems and Mission Systems), $2.1 billion for F-35 programs (primarily at Aeronautics Systems and Mission Systems), $1.7 billion for E-2, $1.5 billion for Triton, $1.4 billion for SDA Tranche 2 Transport Layer, and $0.8 billion for GMLRS.
Subsequent Event – In January 2024, the company received a termination for convenience in our restricted Space business. The company expects to reduce backlog by approximately $2 billion during the first quarter of 2024 related to the termination.
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