1840 Century Park East, Los Angeles, California 90067


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Table of Contents

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-K

 

 

x

 

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the year ended December 31, 2004

 

¨

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

 

 

For the transition period from

 

Commission file number

                    to

 

1-16411

 

NORTHROP GRUMMAN CORPORATION

(Exact name of registrant as specified in its charter)

 

 

 

 

DELAWARE

  

95-4840775

(State or other jurisdiction of

incorporation or organization)

  

(I.R.S. Employer Identification

Number)

 

1840 Century Park East, Los Angeles, California 90067

www.northropgrumman.com

(Address of principal executive offices and internet site)

(310) 553-6262

(Registrant’s telephone number, including area code)

Securities registered pursuant to section 12(b) of the Act:

 

 

 

 

Title of each class

  

Name of each exchange on which registered


Common Stock, $1 par value

  

New York Stock Exchange

 

  

Pacific Exchange

 

 

Series B Convertible Preferred Stock

  

New York Stock Exchange

 

Securities registered pursuant to Section 12(g) of the Act:

 

None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

 

 

 

Yes  x

 

No  ¨

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.     x

 

Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2).

 

 

 

 

Yes  x

 

No  ¨

 

As of June 30, 2004, 357,959,403 shares of Common Stock were outstanding, and the aggregate market value of the Common Stock (based upon the closing price of the stock on the New York Stock Exchange) of the registrant held by nonaffiliates was approximately $19,222 million.

 

As of March 1, 2005, 360,265,907 shares of Common Stock were outstanding.

 

DOCUMENTS INCORPORATED BY REFERENCE

 

Portions of the Proxy Statement for the 2005 Annual Meeting of Stockholders.    Part III

 

Table of Contents

NORTHROP GRUMMAN CORPORATION

 

Table of Contents

 

 

 

 

 

 

 

  

 

  

Page


 

  

Part I

  

 

 

 

 

Item 1.

  

Business

  

1

Item 2.

  

Properties

  

10

Item 3.

  

Legal Proceedings

  

11

Item 4.

  

Submission of Matters to a Vote of Security Holders

  

12

 

 

 

 

  

Part II

  

 

 

 

 

Item 5.

  

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

  

12

Item 6.

  

Selected Financial Data

  

13

Item 7.

  

Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

15

 

  

Overview

  

15

 

  

Organization, Products, and Services

  

18

 

  

Businesses Acquired

  

25

 

  

Businesses Sold and Discontinued Operations

  

25

 

  

Contracts

  

26

 

  

Critical Accounting Policies, Estimates, and Judgments

  

28

 

  

Management Financial Measures

  

32

 

  

Segment Operating Results

  

32

 

  

Non-Segment Factors Affecting Operating Margin

  

41

 

  

Other Income Statement Components

  

43

 

  

Backlog

  

45

 

  

Liquidity and Capital Resources

  

47

 

  

Other Matters

  

52

 

  

Forward Looking Statements and Important Risk Factors

  

53

Item 7A.

  

Quantitative and Qualitative Disclosures about Market Risk

  

54

Item 8.

  

Financial Statements and Supplementary Data

  

56

 

  

Report of Independent Registered Public Accounting Firm on the Consolidated Financial Statements

  

56

 

  

Consolidated Statements of Financial Position

  

57

 

  

Consolidated Statements of Income

  

59

 

  

Consolidated Statements of Comprehensive Income (Loss)

  

60

 

  

Consolidated Statements of Cash Flows

  

61

 

  

Consolidated Statements of Changes in Shareholders’ Equity

  

63

 

  

Notes to Consolidated Financial Statements

  

64

 

  

  1. Summary of Significant Accounting Policies

  

64

 

  

  2. New Accounting Standards

  

68

 

  

  3. Stock Split and Common Stock Dividend

  

69

 

  

  4. Businesses Acquired

  

69

 

  

  5. Businesses Sold and Discontinued Operations

  

70

 

  

  6. Segment Information

  

71

 

  

  7. Earnings Per Share

  

76

 

  

  8. Accounts Receivable, Net

  

77

 

  

  9. Inventoried Costs, Net

  

78

 

  

10. Goodwill and Other Purchased Intangible Assets

  

79

 

  

11. Fair Value of Financial Instruments

  

80

 

  

12. Income Taxes

  

82

 

  

13. Notes Payable to Banks and Long-Term Debt

  

84

 

  

14. Mandatorily Redeemable Series B Convertible Preferred Stock

  

85

 

  

15. Retirement Benefits

  

86
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