NORTHROP GRUMMAN CORP DE
For the period ended Dec 31, 2024. Filed Jan 30, 2025.
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FY2024 · Filed Jan 30, 2025
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7. 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, 2023 and 2024, were as follows:
| $ in millions | Aeronautics Systems | Defense Systems | Mission Systems | Space Systems | Total |
|---|---|---|---|---|---|
| Balance as of December 31, 2022 | $3,467 | $4,228 | $5,881 | $3,940 | $17,516 |
| Other (1) | — | 1 | — | — | 1 |
| Balance as of December 31, 2023 | $3,467 | $4,229 | $5,881 | $3,940 | $17,517 |
| Other (1) | — | (5) | — | — | (5) |
| Balance as of December 31, 2024 | $3,467 | $4,224 | $5,881 | $3,940 | $17,512 |
(1)Other consists primarily of adjustments for foreign currency translation.
At December 31, 2024 and 2023, accumulated goodwill impairment losses totaled $417 million at Aeronautics Systems, $121 million at Space Systems, and $32 million at Defense Systems.
Other Purchased Intangible Assets
Net customer-related and other intangible assets are as follows:
| $ in millions | 2024 | 2023 |
|---|---|---|
| Gross customer-related and other intangible assets | $3,371 | $3,365 |
| Less accumulated amortization | (3,117) | (3,060) |
| Net customer-related and other intangible assets | $254 | $305 |
Amortization expense for 2024, 2023 and 2022, was $57 million, $80 million and $197 million, respectively. As of December 31, 2024, the expected future amortization of purchased intangibles for each of the next five years is as follows:
| $ in millions | |
|---|---|
| 2025 | $45 |
| 2026 | 42 |
| 2027 | 31 |
| 2028 | 31 |
| 2029 | 31 |
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