Revenue: Fourth quarter revenue increased 6%, primarily from growth in Space, Mission Networks and Intel and Cyber, partially offset by a decline in legacy airborne platform volume. Full year revenue increased 7% primarily from growth in Space Systems, Mission Networks and Intel and Cyber.

Operating Margin: Fourth quarter operating margin and segment operating margin¹ decreased 70 bps largely due to an increase in lower margin space revenue. Full year operating margin increased 60 bps. 2022 had a higher level of impairments. 2023 was negatively impacted by mix and net unfavorable EAC. Full year segment operating margin¹ decreased 30 bps from the factors noted above, excluding impairments.

Integrated Mission Systems (IMS)
		Fourth Quarter										Full Year										Guidance
	($ millions)	2023				2022				Change		2023				2022				Change		2024
	Revenue	$	1,627			$	1,729			(6)%		$	6,630			$	6,626			—%		$6,400 - $6,600
	Operating margin		(4.6	%)			10.4	%		nm			6.9	%			7.5	%		(60) bps
	Segment operating margin 1		11.9	%			10.4	%		150 bps			11.2	%			13.0	%		(180) bps		low-mid 11%*

nm = not meaningful

* A reconciliation is not available. See the note on page 2 and Non-GAAP Financial Measures on page 6 for more information.

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