filings.toolsItem 6. Selected Financial Data
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Item 6. Selected Financial Data
The data presented in the following table is derived from the audited consolidated financial statements and other information.
SELECTED FINANCIAL DATA
| Year Ended December 31 | ||||||||||||||||||||||||||||||||
| $ in millions, except per share amounts | 2020 | 2019 | 2018(1) | 2017 | 2016 | |||||||||||||||||||||||||||
| Sales | $ | 36,799 | $ | 33,841 | $ | 30,095 | $ | 26,004 | $ | 24,706 | ||||||||||||||||||||||
| Operating income | 4,065 | 3,969 | 3,780 | 3,218 | 3,277 | |||||||||||||||||||||||||||
| Net earnings | 3,189 | 2,248 | 3,229 | 2,869 | 2,043 | |||||||||||||||||||||||||||
| Basic earnings per share | $ | 19.08 | $ | 13.28 | $ | 18.59 | $ | 16.45 | $ | 11.42 | ||||||||||||||||||||||
| Diluted earnings per share | 19.03 | 13.22 | 18.49 | 16.34 | 11.32 | |||||||||||||||||||||||||||
| Cash dividends declared per common share | 5.67 | 5.16 | 4.70 | 3.90 | 3.50 | |||||||||||||||||||||||||||
| Year-End Financial Position | ||||||||||||||||||||||||||||||||
| Total assets(2) | $ | 44,469 | $ | 41,089 | $ | 37,653 | $ | 35,128 | $ | 25,815 | ||||||||||||||||||||||
| Notes payable to banks and long-term debt | 15,003 | 13,879 | 14,400 | 15,266 | 7,070 | |||||||||||||||||||||||||||
| Other long-term obligations(2)(3) | 10,049 | 10,066 | 7,309 | 6,505 | 7,667 | |||||||||||||||||||||||||||
| Financial Metrics | ||||||||||||||||||||||||||||||||
| Net cash provided by operating activities | $ | 4,305 | $ | 4,297 | $ | 3,827 | $ | 2,613 | $ | 2,813 | ||||||||||||||||||||||
| Adjusted free cash flow(4) | 3,683 | 3,128 | 2,764 | 2,010 | 1,893 | |||||||||||||||||||||||||||
| Other Information | ||||||||||||||||||||||||||||||||
| Company-sponsored research and development expenses | $ | 1,073 | $ | 953 | $ | 764 | $ | 639 | $ | 705 | ||||||||||||||||||||||
| Total backlog(5) | 80,969 | 64,840 | 53,500 | 42,629 | 45,339 | |||||||||||||||||||||||||||
| Square footage at year-end (in thousands) | 50,875 | 53,780 | 53,283 | 35,379 | 34,112 | |||||||||||||||||||||||||||
| Number of employees at year-end | 97,000 | 90,000 | 85,000 | 70,000 | 67,000 |
(1)Selected financial data includes the operating results of Orbital ATK subsequent to the June 6, 2018 merger date.
(2)We adopted ASC Topic 842, Leases, on January 1, 2019 using the optional transition method and, as a result, did not recast years prior to 2019.
(3)Other long-term obligations include pension and other postretirement benefit (OPB) plan liabilities, operating lease liabilities, deferred tax liabilities and other non-current liabilities, including unrecognized tax benefits, deferred compensation and environmental liabilities.
(4)Adjusted free cash flow is a non-GAAP measure. See “Liquidity and Capital Resources” – “Adjusted Free Cash Flow” in Management’s Discussion and Analysis of Financial Conditions and Results of Operations (MD&A) for our definition of this measure, including a reconciliation of adjusted free cash flow to net cash provided by operating activities.
(5)We applied the ASC Topic 606 transition practical expedient related to remaining performance obligations for reporting periods presented before the date of initial application. As such, years prior to 2017 have not been restated for the adoption of ASC Topic 606. For comparative purposes, we have recast our backlog as of December 31, 2017 to reflect the impact of ASC Topic 606.
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NORTHROP GRUMMAN CORPORATION
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