The company's total backlog increased to $84.2 billion, up from $78.7 billion in the prior year, indicating continued strong demand and future revenue potential.

The company secured $44.8 billion in new awards, including $15.5 billion for restricted programs and significant contracts for the F-35, E-2, Triton, and SDA Tranche 2 Transport Layer programs.

The company received a termination for convenience in a restricted Space business contract, which is expected to reduce backlog by approximately $2 billion in the first quarter of 2024.

The company is focused on enhancing cybersecurity and digital transformation capabilities to meet customer needs and maintain a competitive advantage.

The company acknowledges challenges in estimating contract costs due to various factors, including inflation and supply chain disruptions, which impacted profitability, particularly on fixed-price contracts.

The company emphasizes fostering a strong culture, attracting diverse talent, and providing employee development programs to support the continued success of the business.

The company highlights its heavy reliance on the U.S. government for the majority of its revenue, and the risk of potential budget cuts, program delays, and changes in government priorities.

The company acknowledges the increasing threat of cyber attacks, insider threats, and other security risks that could disrupt operations, compromise sensitive information, and lead to financial losses.

The company cites the impact of inflation, supply chain disruptions, labor shortages, and market volatility on its business and profitability, leading to increased costs and performance challenges.

The company operates in highly competitive markets with numerous competitors bidding on program opportunities, including traditional defense companies and commercial companies.

The company faces the risk of bid protests that can result in contract modifications, loss of contract awards, and delays in contract activities and earnings.

The company is facing increased customer demand for fixed-price contracts, which inherently carry more financial risk than cost-type contracts.

The company faces challenges in managing supply chain disruptions, labor shortages, and increasing costs, which have affected its ability to perform on contracts.

The company is focused on digital transformation to meet evolving customer requirements, differentiate offerings, and achieve efficiencies in its operations.

The company aims to mitigate cost growth through contract terms and by submitting requests for equitable adjustment, engineering change proposals, or other claims.

The company highlights its commitment to developing technologically advanced and innovative products and services to meet customer needs.

The company relies on access to critical technologies and components from suppliers, and any disruption in the supply chain could impact its ability to produce and deliver products.

The company faces the risk of intellectual property challenges, invalidation, misappropriation, and circumvention by third parties, which could affect its ability to compete.

The company continues to return capital to shareholders through share repurchases and dividend payments, signaling confidence in future cash flow generation.

The company's board authorized an additional $2.5 billion share repurchase program, bringing the total outstanding authorization to $3.6 billion.

The company is making capital investments to support its operations and business growth, which is reflected in increased capital expenditures.

The company has set goals to achieve net zero greenhouse gas emissions in operations by 2035, source 50% of electricity from renewable sources by 2030, and reduce water and waste.

The company values diversity and inclusion and has implemented programs to attract, retain, and develop a diverse workforce.

The company is subject to environmental regulations and expects to incur costs to comply with these regulations and achieve its sustainability commitments.

The company believes the current global security environment highlights the need for strong deterrence and a robust defense capability, which should drive demand for its products and services.

The company acknowledges uncertainty regarding future budget and program decisions, which may impact funding for its programs and its financial performance.

The company highlights the impact of macroeconomic factors, such as inflation and supply chain challenges, on contract costs and its ability to meet performance objectives.