NORTHROP GRUMMAN CORPORATION (NYSE:NOC) Files An 8-K Regulation FD DisclosureItem 9.01 Regulation FD.
On December 10, 2018, Northrop Grumman Corporation (the “Company”) announced a change to the Company’s method of accounting for actuarial gains and losses relating to its pension and other post-retirement benefit (“OPEB”) plans to a more preferable method under U.S. GAAP. A copy of the press release entitled “Northrop Grumman Announces Change in Pension Accounting” is furnished as Exhibit 99.1 and incorporated by reference herein. Beginning with December 31, 2018 results, the Company will adopt the mark-to-market method of accounting and recognize pension and OPEB actuarial gains and losses, largely related to changes in discount rates and differences between expected and actual plan asset returns, in the year they are incurred rather than amortizing them over time. This accounting change will have no effect on the Company’s cash flows, pension funding requirements or benefits received by participants of the pension and OPEB plans. It is expected to impact pre-tax earnings as described in the press release. The Company will provide recast prior period financial statements reflecting the effects of this change when it reports its fourth quarter and full year 2018 results.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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NORTHROP GRUMMAN CORPORATION |
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(Registrant) |
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By: |
/s/ Jennifer C. McGarey |
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(NORTHROP GRUMMAN CORP /DE/ ExhibitEX-99.1 2 form8-k121018xex991.htm EXHIBIT 99.1 Exhibit Exhibit 99.1 News Release Contact: Steve Movius (Investors) 703-280-4575 [email protected] Northrop Grumman Announces Change in Pension Accounting•Adopts Mark-to-Market Method to Simplify Pension Accounting •No Effect on Cash Flow,…To view the full exhibit click |
