Summary
Northrop Grumman Corporation (NOC) filed this Form 8-K on April 22, 2009, to provide recast financial information to reflect changes in its organizational structure and reporting segments. These changes, implemented in January 2009 and the first quarter of 2009, consolidate reporting segments from seven to five, aiming to enhance customer alignment, program execution, and cost competitiveness. Key segment changes include the combination of Information Technology and Mission Systems into Information Systems, and Integrated Systems and Space Technology into Aerospace Systems. Additionally, certain logistics, services, and technical support programs were moved to the Technical Services segment. The company is revising and including specific sections of its previously filed Form 10-K for the year ended December 31, 2008, to incorporate these new segment presentations, as required by the SEC when reporting structures change. Investors should note that this filing primarily addresses the presentation of financial data and does not update or modify other disclosures from the original 10-K, except as they relate to the recasting of segment information. It should be read in conjunction with the original 10-K and subsequent filings like the First Quarter 10-Q.
Key Highlights
- 1Northrop Grumman is recasting financial statements from its 2008 10-K to reflect a revised organizational and reporting segment structure.
- 2The number of operating segments has been reduced from seven to five, effective January 2009.
- 3New segments include 'Information Systems' (combining former IT and Mission Systems) and 'Aerospace Systems' (combining former Integrated Systems and Space Technology).
- 4The company has realigned certain logistics, services, and technical support programs from Information Systems and Electronic Systems to the Technical Services segment.
- 5The purpose of these changes is to strengthen customer alignment, improve program execution, and enhance cost competitiveness.
- 6This 8-K filing includes revised portions of the original 2008 10-K, such as Business, Risk Factors, Properties, MD&A, and Financial Statements, to reflect the new segment presentation.
- 7The filing is required to comply with SEC regulations for updated segment reporting in subsequent periods.