Northrop Grumman Corp., adjusted current assets

US$ in millions

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Current assets	12,488)	12,426)	15,344)	10,685)	9,680)
Adjustments
Add: Allowance for expected credit losses	8)	34)	33)	33)	34)
After Adjustment
Adjusted current assets	12,496)	12,460)	15,377)	10,718)	9,714)

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Northrop Grumman Corp., adjusted total assets

US$ in millions

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Total assets	43,755)	42,579)	44,469)	41,089)	37,653)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	1,724)
Add: Allowance for expected credit losses	8)	34)	33)	33)	34)
Less: Deferred tax assets²	162)	200)	311)	508)	94)
After Adjustment
Adjusted total assets	43,601)	42,413)	44,191)	40,614)	39,317)

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

² Deferred tax assets. See details »

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Northrop Grumman Corp., adjusted total liabilities

US$ in millions

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Total liabilities	28,443)	29,653)	33,890)	32,270)	29,466)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	1,724)
Less: Deferred tax liabilities²	132)	490)	—)	—)	108)
After Adjustment
Adjusted total liabilities	28,311)	29,163)	33,890)	32,270)	31,082)

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Deferred tax liabilities. See details »

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Northrop Grumman Corp., adjusted shareholders’ equity

US$ in millions

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Shareholders’ equity	15,312)	12,926)	10,579)	8,819)	8,187)
Adjustments
Less: Net deferred tax assets (liabilities)¹	30)	(290)	311)	508)	(14)
Add: Allowance for expected credit losses	8)	34)	33)	33)	34)
After Adjustment
Adjusted shareholders’ equity	15,290)	13,250)	10,301)	8,344)	8,235)

¹ Net deferred tax assets (liabilities). See details »

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Northrop Grumman Corp., adjusted capitalization table

US$ in millions

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Current portion of long-term debt	1,072)	6)	742)	1,109)	517)
Long-term debt, net of current portion	11,805)	12,777)	14,261)	12,770)	13,883)
Total reported debt	12,877)	12,783)	15,003)	13,879)	14,400)
Shareholders’ equity	15,312)	12,926)	10,579)	8,819)	8,187)
Total reported capital	28,189)	25,709)	25,582)	22,698)	22,587)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	1,724)
Add: Current operating lease liabilities (included in Other current liabilities)²	299)	284)	263)	261)	—)
Add: Non-current operating lease liabilities³	1,824)	1,590)	1,343)	1,308)	—)
Adjusted total debt	15,000)	14,657)	16,609)	15,448)	16,124)
Adjustments to Equity
Less: Net deferred tax assets (liabilities)⁴	30)	(290)	311)	508)	(14)
Add: Allowance for expected credit losses	8)	34)	33)	33)	34)
Adjusted shareholders’ equity	15,290)	13,250)	10,301)	8,344)	8,235)
After Adjustment
Adjusted total capital	30,290)	27,907)	26,910)	23,792)	24,359)

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Current operating lease liabilities (included in Other current liabilities). See details »

³ Non-current operating lease liabilities. See details »

⁴ Net deferred tax assets (liabilities). See details »

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Northrop Grumman Corp., adjusted net earnings

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Net earnings	4,896)	7,005)	3,189)	2,248)	3,229)
Adjustments
Add: Deferred income tax expense (benefit)¹	(352)	529)	290)	(468)	214)
Add: Increase (decrease) in allowance for expected credit losses	(26)	1)	—)	(1)	(5)
Add: Other comprehensive loss, net of tax	(10)	(15)	(31)	(45)	(74)
After Adjustment
Adjusted net earnings	4,508)	7,520)	3,448)	1,734)	3,364)

¹ Deferred income tax expense (benefit). See details »

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Northrop Grumman Corp. (NYSE:NOC)

Adjustments to Financial Statements