...Northrop Grumman has a relatively diverse portfolio of businesses serving primarily the defense industry. The company serves as the prime contractor or in a leading position on several important programs, with capabilities in aerostructures, autonomous systems, cyber, C4ISR, strike and space. The company is the prime contractor on the Ground-Based Strategic Deterrent missile system, a nuclear intercontinental ballistic missile program with potential lifetime value of about $80 billion. We expect annual US defense budgets to remain above the $800 billion level for years to come. This level of spending and the importance of Northrop's programs will support stability of operating margins and cash flow. Backlog was $83.9 billion at Sept. 30, 2023. We expect debt/EBITDA to remain near 3x through 2024. Liquidity will remain strong, even as the company repurchases about $1.5 billion of its shares annually, modestly higher than annual free cash flow in 2024....