Pros
Big company with lots of resources. Good place for young engineer to learn corporate life. Interesting and sometimes challenging technical work for software engineer - mostly C#, C++ and C using Visual Studio, although some Linux work as well. Lots of online training opportunities. Pays reasonably well, especially with overtime (if available). Good benefits.
Cons
Corporate culture is focused on stockholder value, meaning profit margin. Lots of corporate hoops to jump through, yet focus is nominally getting quality work done on tine and within budget. Not surprisingly Northrop Grumman has an uptight atmosphere. Lots of Government, especially defense contract work for US Navy. Multiple layoffs in 2010 and 2011 contribute to low morale with workforce cut nearly in half. Likely more layoffs to come if defense contracting does not pick up soon.