Northrop Grumman 2011 Annual Report Download - page 69

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NORTHROP GRUMMAN CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
December 31
$ in millions 2011 2010
Assets
Current Assets
Cash and cash equivalents $ 3,002 $ 3,701
Accounts receivable, net of progress payments 2,964 3,329
Inventoried costs, net of progress payments 873 896
Deferred tax assets 496 392
Prepaid expenses and other current assets 411 244
Assets of discontinued operations 5,212
Total current assets 7,746 13,774
Property, Plant, and Equipment
Land and land improvements 375 363
Buildings and improvements 1,433 1,363
Machinery and other equipment 4,143 3,972
Capitalized software costs 444 451
Leasehold improvements 585 608
Property, plant, and equipment, cost 6,980 6,757
Accumulated depreciation (3,933) (3,712)
Property, plant, and equipment, net 3,047 3,045
Other Assets
Goodwill 12,374 12,376
Other purchased intangibles, net of accumulated amortization of $1,650 in 2011 and $1,613 in
2010 155 192
Pension and post-retirement plan assets 153 320
Long-term deferred tax assets 900 628
Miscellaneous other assets 1,036 1,075
Total other assets 14,618 14,591
Total assets $25,411 $31,410
Liabilities and Shareholders’ Equity
Current Liabilities
Notes payables to banks and current portion of long-term debt $ 13 $ 784
Trade accounts payable 1,481 1,573
Accrued employees’ compensation 1,196 1,146
Advance payments and billings in excess of costs incurred 1,777 1,969
Other current liabilities 1,668 1,763
Liabilities of discontinued operations 2,792
Total current liabilities 6,135 10,027
Long-term debt, net of current portion 3,935 3,940
Pension and post-retirement plan liabilities 4,079 3,089
Other long-term liabilities 926 918
Total liabilities 15,075 17,974
Commitments and Contingencies (Note 15)
Shareholders’ Equity
Preferred Stock, $1 par value; 10,000,000 shares authorized; no shares issued and outstanding in
2011 and 2010
Common stock, $1 par value; 800,000,000 shares authorized; issued and outstanding: 2011 —
253,889,622; 2010 — 290,956,752 254 291
Paid-in capital 3,873 7,778
Retained earnings 9,699 8,124
Accumulated other comprehensive loss (3,490) (2,757)
Total shareholders’ equity 10,336 13,436
Total liabilities and shareholders’ equity $25,411 $31,410
The accompanying notes are an integral part of these consolidated financial statements.
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