Summary
Northrop Grumman Corporation (NOC) has filed this 8-K to restate and present updated segment information and the impact of a recent divestiture. These changes are primarily to comply with SEC requirements for registration statements, ensuring that previously issued financial data reflects the company's current organizational structure and material changes. The company has realigned its business segments twice in 2008. First, certain businesses were moved from Electronics to Mission Systems in Q1 2008. Subsequently, in Q2 2008, missile programs and assets were transferred from Mission Systems to the Space Technology segment (now integrated into Aerospace). Additionally, Northrop Grumman completed the sale of its Electro-Optical Systems business for $175 million in April 2008, recognizing a small after-tax gain. The operating results of this divested business are now presented as discontinued operations.
Key Highlights
- 1Northrop Grumman is recasting previously filed financial statements in its 2007 Form 10-K to reflect changes in its reporting segments.
- 2In Q1 2008, the company moved businesses from the Electronics segment to the Mission Systems segment.
- 3In Q2 2008, missile programs and assets were transferred from Mission Systems to the Space Technology segment, aligning with Aerospace growth strategy.
- 4The company sold its Electro-Optical Systems business for $175 million cash in April 2008.
- 5The divested Electro-Optical Systems business is now reported as discontinued operations.
- 6This filing is primarily for SEC compliance, ensuring registration statements reflect current segment information and disposals.