The 10-K against last year's
182 changes: 31 added, 19 removed, 129 reworded, 3 quiet changes
10-K 0001133421-26-000003 (Jan 27, 2026) vs 10-K 0001133421-25-000006 (Jan 30, 2025)
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The paragraph that changed most in each section
Marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 357 words changed in this paragraph; it is 32% similar to last year's version.
We operate in highly competitive markets and our competitors may have more financial capacity or more extensive or specialized engineering, technical, manufacturing, marketing or servicing capabilities. They may be willing to accept more risk or lower profitability in competing for contracts. We have seen, and anticipate we will continue to see, increased competition competition, including in some of our core markets, especially as a result of our customers’ budget pressures, pressures and their focus on speed, affordability and competition, competition. The U.S. government’s continued emphasis on reforming its acquisition processes, including procuring commercial products and our own success in winning business. We are facing increasing competition services and utilizing non-Federal Acquisition Regulation-based procurement methods, such as Other Transaction Authority (OTA) agreements and other contract types, has facilitated, and may continue to facilitate, participation by new and emerging market entrants, which has increased and may in the U.S. and outside the U.S. from U.S., foreign and multinational firms, including new entrants, and anticipate that mergers or acquisitions within our industry could future further increase competition for the programs we pursue, which could result in reduced contract opportunities, increased pricing pressure, and/or demands to accept less favorable terms. In certain circumstances, these alternative contracting models may place increased risk on the contractor, such as the potential for greater assumption of development costs or could limit our access for limited reimbursement recourse in certain situations. Further, certain non-Federal Acquisition Regulation-based procurement methods, such as OTA awards, are not subject to certain suppliers without appropriate remedies all of the procurement requirements that typically apply to protect our interests. We are also facing increasing competition for, DoW contracts and rights to protest such awards may be more limited access to various critical products, services and than for other supplies. In some instances, foreign companies may receive loans, subsidies and other assistance from their governments that may not be available to U.S. companies and foreign companies may be subject to fewer restrictions on technology transfer. For some products and services, some customers, including the DoD, are turning to commercial contractors, newer entrants to markets and non-traditional defense contractors, which may have lower cost or more agile operating structures and the ability to leverage changes in customer acquisition strategies (e.g., multiple awardees, short lifecycles). In addition, some customers continue to utilize small business contractors or determine to source work internally. Our success in competing depends, in part, on our ability to remain cost-competitive, respond to changes in customer acquisition strategies, accurately anticipate our customers’ needs and successfully effect our digital transformation strategy and adopt and integrate new digital technologies into our manufacturing, operations, and products and services. contracts.
Source: Item 1A, 10-K 0001133421-26-000003 vs Item 1A, 10-K 0001133421-25-000006
MD&A 133 words changed in this paragraph; it is 34% similar to last year's version.
Impairment Testing – We test for impairment of goodwill annually as of December 31 at each of our reporting units, which comprise our operating segments. The results of our annual segments, or more frequently if events occur or circumstances change such that it is more likely than not an impairment may exist. When testing for goodwill impairment tests as of December 31, 2024 impairment, we may perform both qualitative and 2023, respectively, indicated quantitative assessments. If we perform a qualitative assessment and conclude that it is more likely than not that the estimated fair value of a reporting unit is less than the carrying value, then a quantitative assessment is performed. When a quantitative assessment is performed, we compare the carrying value of each reporting unit significantly exceeded to its respective fair value and recognize an impairment loss to the extent that the fair value is less than the carrying value. There were no impairment charges recorded in the years ended December 31, 2024, 2023 and 2022.
Source: Item 7, 10-K 0001133421-26-000003 vs Item 7, 10-K 0001133421-25-000006
Accounting Policies 123 words changed in this paragraph; it is 38% similar to last year's version.
On November 27, 2023, September 18, 2025, the Financial Accounting Standards Board (FASB) FASB issued Accounting Standards Update (ASU) ASU No. 2023-07 Segment Reporting (Topic 280): 2025-06 Targeted Improvements to Reportable Segment Disclosures. Among other new disclosure requirements, the Accounting for Internal-Use Software (Subtopic 350-40). ASU 2023-07 requires 2025-06 removes references to prescriptive and sequential software development stages, requiring companies to disclose significant segment expenses that are regularly provided capitalize internal-use software costs when management commits to funding the chief operating decision maker. We adopted software project and it is probable the standard project will be completed. ASU 2025-06 will be effective for annual and interim periods beginning January 1, 2024 2028, and can be applied on a prospective, modified prospective, or retrospective basis. We are currently evaluating the disclosure requirements retrospectively to all prior periods presented in the financial statements. Adoption potential impact of ASU 2023-07 did not have an impact 2025-06 on the company’s consolidated financial position, results of operations and/or and cash flows.
Source: Item 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001133421-26-000003 vs Item 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001133421-25-000006
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Sentences and paragraphs of NOC's Risk Factors and MD&A, 10-K Jan 27, 2026 against 10-K Jan 30, 2025. Each links to the text at sec.gov.
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