NORTHROP GRUMMAN CORP DE
For the period ended Dec 31, 2024. Filed Jan 30, 2025.
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FY2024 · Filed Jan 30, 2025
NOC$548.61+1.8%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| $ in millions | 2024 | 2023 | 2022 |
|---|---|---|---|
| Operating activities | |||
| Net earnings | $4,174 | $2,056 | $4,896 |
| Adjustments to reconcile to net cash provided by operating activities: | |||
| Depreciation and amortization | 1,370 | 1,338 | 1,342 |
| Mark-to-market pension and OPB (benefit) expense | (443) | 422 | (1,232) |
| Stock-based compensation | 101 | 87 | 99 |
| Deferred income taxes | (582) | (988) | (321) |
| B-21 charge | — | 1,559 | — |
| Net periodic pension and OPB income | (438) | (308) | (1,193) |
| Pension and OPB contributions | (129) | (139) | (136) |
| Changes in assets and liabilities: | |||
| Accounts receivable, net | 182 | 54 | (44) |
| Unbilled receivables, net | (215) | 247 | (646) |
| Inventoried costs, net | (358) | (220) | (205) |
| Prepaid expenses and other assets | 35 | (86) | 2 |
| Accounts payable and other liabilities | (513) | 519 | 572 |
| Income taxes payable, net | 1,143 | (658) | (279) |
| Other, net | 61 | (8) | 46 |
| Net cash provided by operating activities | 4,388 | 3,875 | 2,901 |
| Investing activities | |||
| Capital expenditures | (1,767) | (1,775) | (1,435) |
| Proceeds from sale of equipment to a customer | — | — | 155 |
| Proceeds from sale of minority investments | — | 197 | — |
| Other, net | 18 | (4) | 39 |
| Net cash used in investing activities | (1,749) | (1,582) | (1,241) |
| Financing activities | |||
| Net proceeds from issuance of long-term debt | 2,495 | 1,995 | — |
| Payments of long-term debt | — | (1,050) | — |
| Common stock repurchases | (2,514) | (1,500) | (1,504) |
| Cash dividends paid | (1,186) | (1,116) | (1,052) |
| Payments of employee taxes withheld from share-based awards | (58) | (52) | (50) |
| Other, net | (132) | (38) | (7) |
| Net cash used in financing activities | (1,395) | (1,761) | (2,613) |
| Increase (decrease) in cash and cash equivalents | 1,244 | 532 | (953) |
| Cash and cash equivalents, beginning of year | 3,109 | 2,577 | 3,530 |
| Cash and cash equivalents, end of period | $4,353 | $3,109 | $2,577 |
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