Name: Northrop Grumman Corp. (NYSE:NOC) | Balance Sheet: Assets
Creator: Stock Analysis on Net

Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Assets: Selected Items

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Current Assets: Selected Items

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Northrop Grumman Corp., consolidated balance sheet: assets

US$ in millions

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Cash and cash equivalents	2,577)	3,530)	4,907)	2,245)	1,579)
Accounts receivable, net	1,511)	1,467)	1,501)	1,326)	1,448)
Unbilled receivables, net	5,983)	5,492)	5,140)	5,334)	5,026)
Inventoried costs, net	978)	811)	759)	783)	654)
Prepaid expenses and other current assets	1,439)	1,126)	1,402)	997)	973)
Assets of disposal group held for sale	—)	—)	1,635)	—)	—)
Current assets	12,488)	12,426)	15,344)	10,685)	9,680)
Property, plant and equipment, net of accumulated depreciation	8,800)	7,894)	7,071)	6,912)	6,372)
Operating lease right-of-use assets	1,811)	1,655)	1,533)	1,511)	—)
Goodwill	17,516)	17,515)	17,518)	18,708)	18,672)
Intangible assets, net	384)	578)	783)	1,040)	1,372)
Deferred tax assets	162)	200)	311)	508)	94)
Other non-current assets	2,594)	2,311)	1,909)	1,725)	1,463)
Non-current assets	31,267)	30,153)	29,125)	30,404)	27,973)
Total assets	43,755)	42,579)	44,469)	41,089)	37,653)

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).

Total assets exhibited an overall upward trajectory between 2018 and 2022, increasing from US$ 37,653 million to US$ 43,755 million. A temporary peak was observed in 2020 at US$ 44,469 million, primarily driven by a substantial increase in cash balances and the temporary inclusion of assets held for sale.

Current Asset Dynamics and Liquidity: Cash and cash equivalents demonstrated significant volatility, rising from US$ 1,579 million in 2018 to a peak of US$ 4,907 million in 2020, before receding to US$ 2,577 million by 2022. Unbilled receivables showed a consistent growth pattern, increasing from US$ 5,026 million in 2018 to US$ 5,983 million in 2022, suggesting a rising volume of contracted work completed but not yet invoiced. Inventoried costs also trended upward, growing from US$ 654 million to US$ 978 million over the five-year period.
Fixed Asset Investment and Infrastructure: Property, plant, and equipment (net) experienced steady growth, rising from US$ 6,372 million in 2018 to US$ 8,800 million in 2022, indicating sustained capital expenditure in physical infrastructure. Additionally, operating lease right-of-use assets, which appeared in the records in 2019 at US$ 1,511 million, climbed steadily to US$ 1,811 million by the end of 2022.
Intangible Asset Profile: Goodwill represents the most significant portion of the asset base, remaining relatively stable with a slight decrease from US$ 18,672 million in 2018 to US$ 17,516 million in 2022. Conversely, net intangible assets showed a sharp and continuous decline, falling from US$ 1,372 million in 2018 to US$ 384 million in 2022, likely reflecting the systematic amortization of these assets.
Non-Current Asset Evolution: Non-current assets grew from US$ 27,973 million in 2018 to US$ 31,267 million in 2022. This growth was supported by the increase in property, plant, and equipment and a rise in other non-current assets, which increased from US$ 1,463 million to US$ 2,594 million during the period.

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