Stock Analysis on Net
Stock Analysis on Net

Northrop Grumman Corp. (NYSE:NOC)

$22.49

This company has been moved to the archive! The financial data has not been updated since April 27, 2023.

Common-Size Balance Sheet: Assets

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Northrop Grumman Corp., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Cash and cash equivalents
Accounts receivable, net
Unbilled receivables, net
Inventoried costs, net
Prepaid expenses and other current assets
Assets of disposal group held for sale
Current assets
Property, plant and equipment, net of accumulated depreciation
Operating lease right-of-use assets
Goodwill
Intangible assets, net
Deferred tax assets
Other non-current assets
Non-current assets
Total assets

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).

The analysis of the financial data reveals several notable trends in the composition of total assets over the five-year period ending December 31, 2022.

Cash and Cash Equivalents
The proportion of cash and cash equivalents rose significantly from 4.19% in 2018 to a peak of 11.03% in 2020, indicating an accumulation of liquid assets during that year. Following this peak, the percentage decreased steadily to 5.89% by 2022, reflecting a reallocation or utilization of cash assets in the subsequent years.
Accounts Receivable, Net
This category maintained a relatively stable presence, fluctuating slightly but remaining around 3.2% to 3.5% of total assets throughout the period. The consistency suggests steady credit sales and collection practices.
Unbilled Receivables, Net
Unbilled receivables showed a gradual decline from 13.35% in 2018 to 11.56% in 2020 but then increased again to 13.67% by 2022. The recovery in this category may reflect changes in billing cycles or a rise in completed work awaiting billing in the later years.
Inventoried Costs, Net
This asset type remained relatively low but showed a rising trend from 1.74% in 2018 to 2.24% in 2022, indicating a marginal buildup in inventories over the reviewed years.
Prepaid Expenses and Other Current Assets
The percentage of prepaid expenses and other current assets experienced fluctuations, declining slightly from 2.58% in 2018 to 2.43% in 2019, followed by a rise to 3.29% in 2022. This suggests some variability in payments made in advance or other short-term receivables.
Assets of Disposal Group Held for Sale
This was only reported in 2020 at 3.68% and is absent in other years, indicating a specific asset disposal event or restructuring occurring during that year.
Current Assets
Current assets peaked notably in 2020 at 34.5%, driven largely by higher cash and assets held for sale. It subsequently declined to around 28.5% by 2022, after normalizing post-peak period.
Property, Plant, and Equipment (Net)
There was a visible upward trend in net PP&E, increasing from 16.92% in 2018 to 20.11% in 2022, reflecting ongoing investment or appreciation in fixed assets over time.
Operating Lease Right-of-Use Assets
This category appeared starting in 2019 due to accounting standards changes and increased gradually from 3.68% in 2019 to 4.14% in 2022, signaling expanding lease commitments or recognition of such assets.
Goodwill
Goodwill as a percentage of total assets declined significantly from 49.59% in 2018 to 39.39% in 2020, then stabilized around 40% through 2022. This reduction may indicate impairment charges, divestitures, or changes in acquisition activity.
Intangible Assets, Net
Intangible assets decreased steadily from 3.64% in 2018 to 0.88% in 2022, suggesting amortization or disposals of intangible assets over the period.
Deferred Tax Assets
Deferred tax assets increased sharply from 0.25% in 2018 to 1.24% in 2019 but declined thereafter, reaching 0.37% in 2022, indicating temporary variations in tax asset recognition.
Other Non-current Assets
Other non-current assets demonstrated a gradual increase from 3.89% in 2018 to 5.93% in 2022, marking a slow but consistent buildup in longer-term asset categories outside the main classifications.
Non-current Assets
The share of non-current assets decreased considerably in 2020 to 65.5% from around 74% in earlier years, likely related to the spike in current assets and recognition of assets held for sale. It rebounded to above 70% in subsequent years, suggesting a return to a more typical asset structure.

Overall, the data indicate a dynamic asset structure with notable shifts in liquidity, investment in fixed and lease assets, and changes in intangible and goodwill balances. The temporary increase in current assets in 2020, accompanied by a reduction in non-current assets, points to a specific restructuring or operational event. The gradual recovery of non-current assets and the sustained investment in property and equipment suggest ongoing capital expenditure activity. The declines in goodwill and intangible assets may reflect amortization or impairment activity consistent with strategic portfolio adjustments.