Stock Analysis on Net

Northrop Grumman Corp. (NYSE:NOC)

Cash Flow Statement 

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Northrop Grumman Corp., consolidated cash flow statement

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Net earnings 4,896 7,005 3,189 2,248 3,229
Depreciation and amortization 1,342 1,239 1,267 1,265 800
Mark-to-market pension and OPB (benefit) expense (1,232) (2,355) 1,034 1,800 655
Stock-based compensation 99 94 90 127 86
Deferred income taxes (321) 603 210 (509) 234
Gain on sale of business (1,980)
Net periodic pension and OPB income (1,193) (1,091) (802) (432)
Pension and OPB contributions (136) (141) (887) (263)
Accounts receivable, net (44) (10) (285) 122 202
Unbilled receivables, net (646) (414) 160 (335) (297)
Inventoried costs, net (205) (52) 18 (135) (37)
Prepaid expenses and other assets 2 66 (147) (78) (56)
Accounts payable and other liabilities 572 376 719 617 381
Income taxes payable, net (279) 215 (238) (63) (258)
Retiree benefits (1,083)
Changes in assets and liabilities (600) 181 227 128 (1,148)
Other, net 46 12 (23) (67) (29)
Adjustments to reconcile to net cash provided by operating activities (1,995) (3,438) 1,116 2,049 598
Net cash provided by operating activities 2,901 3,567 4,305 4,297 3,827
Divestiture of IT services business 3,400
Acquisition of Orbital ATK, net of cash acquired (7,657)
Capital expenditures (1,435) (1,415) (1,420) (1,264) (1,249)
Proceeds from sale of equipment to a customer 155 84 205
Other, net 39 (11) 4 57 28
Net cash (used in) provided by investing activities (1,241) 2,058 (1,211) (1,207) (8,878)
Net proceeds from issuance of long-term debt 2,239
Payments of long-term debt (2,236) (1,027) (500) (2,276)
Payments to credit facilities (78) (31) (320)
Net borrowings on (repayments of) commercial paper (198) 198
Common stock repurchases (1,504) (3,705) (490) (744) (1,263)
Cash dividends paid (1,052) (983) (953) (880) (821)
Payments of employee taxes withheld from share-based awards (50) (34) (66) (65) (85)
Other, net (7) (44) (57) (6) (28)
Net cash provided by (used in) financing activities (2,613) (7,002) (432) (2,424) (4,595)
Increase (decrease) in cash and cash equivalents (953) (1,377) 2,662 666 (9,646)
Cash and cash equivalents, beginning of year 3,530 4,907 2,245 1,579 11,225
Cash and cash equivalents, end of year 2,577 3,530 4,907 2,245 1,579

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).

Cash flow statement item Description The company
Net cash provided by operating activities Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Northrop Grumman Corp. net cash provided by operating activities decreased from 2020 to 2021 and from 2021 to 2022.
Net cash (used in) provided by investing activities Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Northrop Grumman Corp. net cash (used in) provided by investing activities increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.
Net cash provided by (used in) financing activities Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Northrop Grumman Corp. net cash provided by (used in) financing activities decreased from 2020 to 2021 but then increased from 2021 to 2022 not reaching 2020 level.