Balance Sheet: Liabilities and Stockholders’ Equity

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.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Northrop Grumman Corp., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Trade accounts payable	2,587)	2,197)	1,806)	2,226)	2,182)
Accrued employee compensation	2,057)	1,993)	1,997)	1,865)	1,676)
Advance payments and billings in excess of costs incurred	3,609)	3,026)	2,517)	2,237)	1,917)
Current portion of long-term debt	1,072)	6)	742)	1,109)	517)
Other current liabilities	2,262)	2,308)	2,260)	1,997)	1,982)
Liabilities of disposal group held for sale	—)	—)	258)	—)	—)
Current liabilities	11,587)	9,530)	9,580)	9,434)	8,274)
Long-term debt, net of current portion	11,805)	12,777)	14,261)	12,770)	13,883)
Pension and other postretirement benefit plan liabilities	1,188)	3,269)	6,498)	6,979)	5,755)
Non-current operating lease liabilities	1,824)	1,590)	1,343)	1,308)	—)
Deferred tax liabilities	132)	490)	—)	—)	108)
Other non-current liabilities	1,907)	1,997)	2,208)	1,779)	1,446)
Non-current liabilities	16,856)	20,123)	24,310)	22,836)	21,192)
Total liabilities	28,443)	29,653)	33,890)	32,270)	29,466)
Preferred stock, $1 par value; no shares issued and outstanding	—)	—)	—)	—)	—)
Common stock, $1 par value	153)	156)	167)	168)	171)
Paid-in capital	—)	—)	58)	—)	—)
Retained earnings	15,312)	12,913)	10,482)	8,748)	8,068)
Accumulated other comprehensive loss	(153)	(143)	(128)	(97)	(52)
Shareholders’ equity	15,312)	12,926)	10,579)	8,819)	8,187)
Total liabilities and shareholders’ equity	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).

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Balance sheet item	Description	The company
Current liabilities	Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.	Northrop Grumman Corp. current liabilities decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.
Non-current liabilities	Amount of obligation due after one year or beyond the normal operating cycle, if longer.	Northrop Grumman Corp. non-current liabilities decreased from 2020 to 2021 and from 2021 to 2022.
Total liabilities	Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.	Northrop Grumman Corp. total liabilities decreased from 2020 to 2021 and from 2021 to 2022.
Shareholders’ equity	Total of all stockholders’ equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity stockholders’ equity attributable to the parent excludes the amount of stockholders’ equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.	Northrop Grumman Corp. shareholders’ equity increased from 2020 to 2021 and from 2021 to 2022.

Northrop Grumman Corp. (NYSE:NOC)

Balance Sheet: Liabilities and Stockholders’ Equity