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Microsoft Excel LibreOffice Calc

Northrop Grumman Corp. (NOC)

Analysis of Inventory

Advanced level

Accounting Policy on Inventory

Inventoried costs generally comprise costs associated with unsatisfied performance obligations on contracts accounted for using point in time revenue recognition, costs incurred in excess of existing contract requirements or funding that are probable of recovery and other accrued contract costs that are expected to be recoverable when allocated to specific contracts. Product inventory primarily consists of raw materials and is stated at the lower of cost or net realizable value, generally using the average method.

Accumulated contract costs in inventoried costs include costs such as direct production costs, factory and engineering overhead, production tooling costs, and allowable G&A. Inventoried costs are classified as current assets and, in accordance with industry practice, include amounts related to contracts having production cycles longer than one year.

Source: 10-K (filing date: 2019-01-31).

Inventory Disclosure

Northrop Grumman Corp., balance sheet: inventory

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Production costs of contracts in process hidden hidden hidden hidden hidden
G&A expenses hidden hidden hidden hidden hidden
Contracts in process, gross hidden hidden hidden hidden hidden
Progress and performance-based payments received hidden hidden hidden hidden hidden
Contracts in process, net hidden hidden hidden hidden hidden
Product inventory and raw material hidden hidden hidden hidden hidden
Inventoried costs, net hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-29), 10-K (filing date: 2017-01-30), 10-K (filing date: 2016-02-01), 10-K (filing date: 2015-02-02).

Item Description The company
Inventoried costs, net Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer. Northrop Grumman Corp.’s inventoried costs, net decreased from 2016 to 2017 and from 2017 to 2018.