$HII
HUNTINGTON INGALLS INDUSTRIES, INC.

2012 Q2 Form 10-Q Financial Statement

#000150158512000020 Filed on August 08, 2012

View on sec.gov

Income Statement

Concept 2012 Q2 2011 Q2
Revenue $1.721B $1.563B
YoY Change 10.11% -2.92%
Cost Of Revenue $191.0M $183.0M
YoY Change 4.37% -87.54%
Gross Profit $1.530B $1.380B
YoY Change 10.87% 878.72%
Gross Profit Margin 88.9% 88.29%
Selling, General & Admin $176.0M $169.0M
YoY Change 4.14% 4.97%
% of Gross Profit 11.5% 12.25%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $45.00M $46.00M
YoY Change -2.17% 0.0%
% of Gross Profit 2.94% 3.33%
Operating Expenses $176.0M $169.0M
YoY Change 4.14% 4.97%
Operating Profit $106.0M $89.00M
YoY Change 19.1% -545.0%
Interest Expense $29.00M $30.00M
YoY Change -3.33% -400.0%
% of Operating Profit 27.36% 33.71%
Other Income/Expense, Net
YoY Change
Pretax Income $77.00M $59.00M
YoY Change 30.51% -296.67%
Income Tax $27.00M $21.00M
% Of Pretax Income 35.06% 35.59%
Net Earnings $50.00M $39.00M
YoY Change 28.21% -454.55%
Net Earnings / Revenue 2.91% 2.5%
Basic Earnings Per Share $1.01 $0.80
Diluted Earnings Per Share $1.00 $0.79
COMMON SHARES
Basic Shares Outstanding 49.50M shares 48.80M shares
Diluted Shares Outstanding 50.10M shares 49.60M shares

Balance Sheet

Concept 2012 Q2 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $669.0M $381.0M
YoY Change 75.59%
Cash & Equivalents $669.0M $381.0M
Short-Term Investments
Other Short-Term Assets $263.0M $326.0M
YoY Change -19.33%
Inventory $357.0M $389.0M
Prepaid Expenses
Receivables $878.0M $898.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.167B $1.994B
YoY Change 8.68%
LONG-TERM ASSETS
Property, Plant & Equipment $1.992B $1.985B
YoY Change 0.35%
Goodwill $844.0M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.653B $247.0M
YoY Change 569.23%
Total Long-Term Assets $3.645B $3.943B
YoY Change -7.56%
TOTAL ASSETS
Total Short-Term Assets $2.167B $1.994B
Total Long-Term Assets $3.645B $3.943B
Total Assets $5.812B $5.937B
YoY Change -2.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $314.0M $255.0M
YoY Change 23.14%
Accrued Expenses $390.0M $383.0M
YoY Change 1.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $36.00M $29.00M
YoY Change 24.14%
Total Short-Term Liabilities $1.217B $1.184B
YoY Change 2.79%
LONG-TERM LIABILITIES
Long-Term Debt $1.808B $1.844B
YoY Change -1.95%
Other Long-Term Liabilities $49.00M $1.385B
YoY Change -96.46%
Total Long-Term Liabilities $1.857B $3.229B
YoY Change -42.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.217B $1.184B
Total Long-Term Liabilities $1.857B $3.229B
Total Liabilities $4.818B $4.526B
YoY Change 6.45%
SHAREHOLDERS EQUITY
Retained Earnings -$58.00M
YoY Change
Common Stock $1.873B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $994.0M $1.411B
YoY Change
Total Liabilities & Shareholders Equity $5.812B $5.937B
YoY Change -2.11%

Cashflow Statement

Concept 2012 Q2 2011 Q2
OPERATING ACTIVITIES
Net Income $50.00M $39.00M
YoY Change 28.21% -454.55%
Depreciation, Depletion And Amortization $45.00M $46.00M
YoY Change -2.17% 0.0%
Cash From Operating Activities $151.0M $186.0M
YoY Change -18.82% 95.79%
INVESTING ACTIVITIES
Capital Expenditures -$30.00M -$20.00M
YoY Change 50.0% -28.57%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$30.00M -$20.00M
YoY Change 50.0% -28.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.000M -10.00M
YoY Change -70.0% -85.07%
NET CHANGE
Cash From Operating Activities 151.0M 186.0M
Cash From Investing Activities -30.00M -20.00M
Cash From Financing Activities -3.000M -10.00M
Net Change In Cash 118.0M 156.0M
YoY Change -24.36%
FREE CASH FLOW
Cash From Operating Activities $151.0M $186.0M
Capital Expenditures -$30.00M -$20.00M
Free Cash Flow $181.0M $206.0M
YoY Change -12.14% 67.48%

Facts In Submission

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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">ACCOUNTING STANDARDS UPDATES</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Accounting standards updates issued but not effective until after </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2012</font><font style="font-family:Arial;font-size:10pt;">, are not expected to have a significant effect on the Company's consolidated financial position, results of operations or cash flows.</font></div></div>
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The quarterly information is labeled using a calendar convention; that is, first quarter is consistently labeled as ending on March 31, second quarter as ending on June 30, and third quarter as ending on September 30. It is management's long-standing practice to establish interim closing dates using a &#8220;fiscal&#8221; calendar, which requires the businesses to close their books on a Friday near these quarter-end dates in order to normalize the potentially disruptive effects of quarterly closings on business processes. The effects of this practice only exist for interim periods within a reporting year.</font></div></div>
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">DESCRIPTION OF BUSINESS</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">For more than a century, Huntington Ingalls Industries, Inc. (&#8220;HII&#8221; or the &#8220;Company&#8221;) has been designing, building, overhauling and repairing ships primarily for the U.S. Navy and the U.S. Coast Guard. HII is organized into </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">two</font><font style="font-family:Arial;font-size:10pt;"> operating segments, Ingalls and Newport News, which also represent its reportable segments. Through its Ingalls segment, HII is the sole supplier and builder of amphibious assault and expeditionary ships to the U.S. Navy, the sole builder of National Security Cutters for the U.S. Coast Guard, and one of only two companies that builds the U.S. Navy's current fleet of DDG-51 </font><font style="font-family:Arial;font-size:10pt;font-style:italic;">Arleigh Burke</font><font style="font-family:Arial;font-size:10pt;">-class destroyers. Through its Newport News segment, HII is the nation's sole industrial designer, builder, and refueler of nuclear-powered aircraft carriers, and one of only two companies currently designing and building nuclear-powered submarines for the U.S. Navy. HII is one of the nation's leading full-service providers for the design, engineering, construction, and life cycle support of major surface ship programs for the U.S. Navy. As prime contractor, principal subcontractor, team member or partner, HII participates in many high-priority U.S. defense technology programs. The Company conducts substantially all of its business with the U.S. Government, principally the Department of Defense (&#8220;DoD&#8221;).</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">On March 29, 2011, HII entered into a Separation and Distribution Agreement (the &#8220;Separation Agreement&#8221;) with its former parent company, Northrop Grumman Corporation (&#8220;Northrop Grumman&#8221;), and Northrop Grumman's subsidiaries (Northrop Grumman Shipbuilding, Inc. and Northrop Grumman Systems Corporation), pursuant to which HII was legally and structurally separated from Northrop Grumman.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Pursuant to the terms of the Separation Agreement, (i) Northrop Grumman completed a corporate reorganization to create a new holding company structure, (ii) HII and Northrop Grumman effected certain transfers of assets and assumed certain liabilities so that each of HII and Northrop Grumman retained both the assets of and liabilities associated with their respective businesses, (iii) subject to certain exceptions, all agreements, arrangements, commitments and undertakings, including all intercompany accounts payable or accounts receivable, including intercompany indebtedness and intercompany work orders between HII and Northrop Grumman, were terminated or otherwise satisfied, effective no later than March 31, 2011 (the &#8220;Distribution Date&#8221;), (iv) HII and Northrop Grumman agreed to share certain gains and liabilities and (v) on the Distribution Date, Northrop Grumman distributed, on a pro rata basis, all of the issued and outstanding shares of common stock of HII to Northrop Grumman's stockholders via a pro rata dividend (the &#8220;spin-off&#8221;). One share of HII common stock was distributed for every six shares of Northrop Grumman common stock held by a holder of Northrop Grumman common stock as of the record date for the distribution, March 30, 2011. The shares of common stock of HII began regular way trading on the New York Stock Exchange on March 31, 2011, under the ticker symbol &#8220;HII.&#8221;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Following the spin-off, HII and Northrop Grumman began operating independently of each other, and neither has any ownership interest in the other. In order to govern certain ongoing relationships between HII and Northrop Grumman following the spin-off and to provide mechanisms for an orderly transition, HII and Northrop Grumman entered into agreements pursuant to which certain services will be provided and certain rights and obligations have been addressed following the spin-off. The material agreements entered into with Northrop Grumman in connection with the spin-off include the following: the Separation and Distribution Agreement; Employee Matters Agreement; Insurance Matters Agreement; Intellectual Property License Agreement; Tax Matters Agreement; Transition Services Agreement; and Ingalls Guaranty Performance, Indemnity and Termination Agreement.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In connection with the spin-off, HII entered into new borrowing arrangements designed to provide the Company with adequate liquidity and to fund a $</font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">1,429 million</font><font style="font-family:Arial;font-size:10pt;"> contribution to Northrop Grumman. Specifically, HII issued $</font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">1,200 million</font><font style="font-family:Arial;font-size:10pt;"> in senior notes and entered into the HII Credit Facility (&#8220;Credit Facility&#8221;) with third-party lenders that includes a $</font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">650 million</font><font style="font-family:Arial;font-size:10pt;"> revolver and a $</font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">575 million</font><font style="font-family:Arial;font-size:10pt;"> term loan. See Note 10: Debt. The spin-off from Northrop Grumman was a transaction under common control; therefore, no change in the historical basis of HII's assets or liabilities was recorded as part of the spin-off.</font></div></div>
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;">Accounting Estimates </font><font style="font-family:Arial;font-size:10pt;">- The preparation of the Company's consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingencies at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Estimates have been prepared on the basis of the most current and best available information and actual results could differ materially from those estimates. The Budget Control Act of 2011 could trigger significant decreases in DoD spending starting in 2013, which could negatively impact the Company's revenues and its estimated recovery of goodwill and other long-lived assets.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company recognizes changes in estimates of contract sales, costs, and profits using the cumulative catch-up method of accounting. This method recognizes in the current period the cumulative effect of the changes on current and prior periods. Hence, the effect of the changes on future periods of contract performance is recognized as if the revised estimate had been the original estimate.</font></div></div>
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hii Net Transfers From Former Parent
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dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
dei Document Period End Date
DocumentPeriodEndDate
2012-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001501585
CY2012Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
49510819 shares
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
HUNTINGTON INGALLS INDUSTRIES, INC.

Files In Submission

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