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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. Leases
- LEASES
Total Lease Cost
Total lease cost is included in Product and Service costs in the consolidated statement of earnings and comprehensive income and is recorded net of immaterial sublease income. Total lease cost is comprised of the following:
| $ in millions | 2024 | 2023 | 2022 |
|---|---|---|---|
| Operating lease cost | $370 | $358 | $332 |
| Variable lease cost | 49 | 48 | 35 |
| Short-term lease cost | 51 | 69 | 51 |
| Total lease cost | $470 | $475 | $418 |
Supplemental Balance Sheet Information
Supplemental operating lease balance sheet information consists of the following:
| $ in millions | 2024 | 2023 |
|---|---|---|
| Operating lease right-of-use assets | $1,770 | $1,818 |
| Other current liabilities | 324 | 300 |
| Operating lease liabilities | 1,798 | 1,892 |
| Total operating lease liabilities | $2,122 | $2,192 |
Other Supplemental Information
Other supplemental operating lease information consists of the following:
| $ in millions | 2024 | 2023 |
|---|---|---|
| Cash paid for amounts included in the measurement of operating lease liabilities | $373 | $341 |
| Right-of-use assets obtained in exchange for new lease liabilities | 272 | 314 |
| Weighted average remaining lease term | 10.4 years | 11.0 years |
| Weighted average discount rate | 4.0% | 3.9% |
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Maturities of Lease Liabilities
Maturities of operating lease liabilities as of December 31, 2024 are as follows:
| $ in millions | |
|---|---|
| 2025 | $388 |
| 2026 | 357 |
| 2027 | 299 |
| 2028 | 258 |
| 2029 | 225 |
| Thereafter | 1,091 |
| Total lease payments | 2,618 |
| Less: imputed interest | (496) |
| Present value of operating lease liabilities | $2,122 |
As of December 31, 2024, we have approximately $498 million in rental commitments for real estate leases that have not yet commenced. These leases are expected to commence in 2025 and 2026 with lease terms of 3 to 20 years.
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