Analysis of Debt
Total Debt (Carrying Amount)
Northrop Grumman Corp., balance sheet: debt
US$ in millions
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
- Current portion of long-term debt
- From 2018 to 2022, the current portion of long-term debt exhibited notable fluctuations. It increased markedly from $517 million in 2018 to $1,109 million in 2019, followed by a decline to $742 million in 2020. In 2021, this figure dropped sharply to $6 million, indicating a substantial reduction in short-term debt obligations for that year. However, it surged again to $1,072 million in 2022, returning near 2019 levels.
- Long-term debt, net of current portion
- The long-term debt excluding the current portion showed a general downward trend over the five-year span. Starting at $13,883 million in 2018, it slightly decreased to $12,770 million in 2019, then increased to $14,261 million in 2020. After 2020, the debt gradually decreased to $12,777 million in 2021 and further to $11,805 million in 2022, reflecting a reduction in long-term liabilities net of current obligations over recent years.
- Total long-term debt, including current portion
- Total long-term debt, combining current and non-current portions, fluctuated during the period. It started at $14,400 million in 2018, decreased slightly to $13,879 million in 2019, and then increased to a peak of $15,003 million in 2020. This was followed by a significant decline to $12,783 million in 2021. In 2022, the total long-term debt saw a modest increase to $12,877 million, remaining below earlier highs.
Total Debt (Fair Value)
| Dec 31, 2022 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Total long-term debt, including current portion (fair value) | 12,100) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 0.94 |
Based on: 10-K (reporting date: 2022-12-31).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on debt: 4.19%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 3.25% | 1,050) | 34) | |
| 2.93% | 1,500) | 44) | |
| 7.88% | 527) | 42) | |
| 3.20% | 750) | 24) | |
| 3.25% | 2,000) | 65) | |
| 4.40% | 750) | 33) | |
| 7.75% | 466) | 36) | |
| 5.15% | 800) | 41) | |
| 4.75% | 950) | 45) | |
| 3.85% | 600) | 23) | |
| 4.03% | 2,250) | 91) | |
| 5.25% | 1,000) | 53) | |
| Total | 12,643) | 530) | |
| 4.19% | |||
Based on: 10-K (reporting date: 2022-12-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × 530 ÷ 12,643 = 4.19%