Northrop Grumman 2011 Annual Report Download - page 8

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NORTHROP GRUMMAN CORPORATION
TABLE OF CONTENTS
Page
PART I
Item 1. Business 1
Item 1A. Risk Factors 8
Item 1B. Unresolved Staff Comments 20
Item 2. Properties 20
Item 3. Legal Proceedings 21
Item 4. Mine Safety Disclosures 22
PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities 23
Item 6. Selected Financial Data 26
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 27
OVERVIEW 27
BUSINESS DISPOSITIONS 29
CONTRACTS 30
CRITICAL ACCOUNTING POLICIES, ESTIMATES, AND JUDGMENTS 31
CONSOLIDATED OPERATING RESULTS 36
KEY SEGMENT FINANCIAL MEASURES 42
BACKLOG 46
LIQUIDITY AND CAPITAL RESOURCES 48
OTHER MATTERS 51
GLOSSARY OF PROGRAMS 52
Item 7A. Quantitative and Qualitative Disclosures about Market Risk 56
Item 8. Financial Statements and Supplementary Data 57
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 57
CONSOLIDATED STATEMENTS OF OPERATIONS 58
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION 59
CONSOLIDATED STATEMENTS OF CASH FLOWS 60
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY 62
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 63
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 63
2. ACCOUNTING STANDARDS UPDATES 69
3. DIVIDENDS ON COMMON STOCK 69
4. EARNINGS PER SHARE 69
5. BUSINESS ACQUISITIONS 70
6. BUSINESS DISPOSITIONS 70
7. SEGMENT INFORMATION 72
8. ACCOUNTS RECEIVABLE, NET 75
9. INVENTORIED COSTS, NET 76
10. INCOME TAXES 76
11. GOODWILL AND OTHER PURCHASED INTANGIBLE ASSETS 79
12. FAIR VALUE OF FINANCIAL INSTRUMENTS 80
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