$HII
HUNTINGTON INGALLS INDUSTRIES, INC.

2012 Q4 Form 10-Q Financial Statement

#000150158512000028 Filed on November 08, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2011 Q3
Revenue $1.823B $1.596B $1.593B
YoY Change 5.07% 0.19% -4.32%
Cost Of Revenue $1.489B $186.0M $173.0M
YoY Change 1.22% 7.51% -87.9%
Gross Profit $334.0M $1.410B $1.420B
YoY Change 26.52% -0.7% 504.26%
Gross Profit Margin 18.32% 88.35% 89.14%
Selling, General & Admin $233.0M $164.0M $153.0M
YoY Change 42.94% 7.19% -3.16%
% of Gross Profit 69.76% 11.63% 10.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $47.00M $45.00M $47.00M
YoY Change 2.17% -4.26% 0.0%
% of Gross Profit 14.07% 3.19% 3.31%
Operating Expenses $233.0M $164.0M $153.0M
YoY Change 42.94% 7.19% -3.16%
Operating Profit $106.0M $66.00M -$193.0M
YoY Change -12.4% -134.2% -350.65%
Interest Expense -$24.00M $29.00M $30.00M
YoY Change -7.69% -3.33% -400.0%
% of Operating Profit -22.64% 43.94%
Other Income/Expense, Net
YoY Change
Pretax Income $77.00M $37.00M -$223.0M
YoY Change -16.3% -116.59% -432.84%
Income Tax $27.00M $24.00M $28.00M
% Of Pretax Income 35.06% 64.86%
Net Earnings $50.00M $13.00M -$250.0M
YoY Change -25.37% -105.2% -695.24%
Net Earnings / Revenue 2.74% 0.81% -15.69%
Basic Earnings Per Share $1.01 $0.26 -$5.11
Diluted Earnings Per Share $0.98 $0.26 -$5.11
COMMON SHARES
Basic Shares Outstanding 49.59M shares 49.60M shares 48.90M shares
Diluted Shares Outstanding 50.30M shares 48.90M shares

Balance Sheet

Concept 2012 Q4 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.057B $766.0M $536.0M
YoY Change 15.52% 42.91%
Cash & Equivalents $1.057B $766.0M $536.0M
Short-Term Investments
Other Short-Term Assets $234.0M $245.0M $302.0M
YoY Change -10.69% -18.87%
Inventory $288.0M $332.0M $463.0M
Prepaid Expenses
Receivables $905.0M $883.0M $781.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.484B $2.226B $2.082B
YoY Change 9.52% 6.92%
LONG-TERM ASSETS
Property, Plant & Equipment $2.034B $1.988B $1.979B
YoY Change 0.05% 0.45%
Goodwill $881.0M $844.0M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.874B $1.649B $248.0M
YoY Change 6.0% 564.92%
Total Long-Term Assets $3.908B $3.637B $3.633B
YoY Change 2.82% 0.11%
TOTAL ASSETS
Total Short-Term Assets $2.484B $2.226B $2.082B
Total Long-Term Assets $3.908B $3.637B $3.633B
Total Assets $6.392B $5.863B $5.715B
YoY Change 5.32% 2.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $377.0M $292.0M $287.0M
YoY Change -0.79% 1.74%
Accrued Expenses $451.0M $410.0M $388.0M
YoY Change 6.87% 5.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $51.00M $43.00M $29.00M
YoY Change 75.86% 48.28%
Total Short-Term Liabilities $1.384B $1.239B $1.207B
YoY Change 0.87% 2.65%
LONG-TERM LIABILITIES
Long-Term Debt $1.779B $1.794B $1.837B
YoY Change -2.79% -2.34%
Other Long-Term Liabilities $59.00M $53.00M $1.403B
YoY Change 20.41% -96.22%
Total Long-Term Liabilities $1.838B $1.847B $3.240B
YoY Change -2.18% -42.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.384B $1.239B $1.207B
Total Long-Term Liabilities $1.838B $1.847B $3.240B
Total Liabilities $5.725B $4.825B $4.560B
YoY Change 9.88% 5.81%
SHAREHOLDERS EQUITY
Retained Earnings -$45.00M
YoY Change
Common Stock $1.894B $1.887B
YoY Change 1.45%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.000M
YoY Change
Treasury Stock Shares
Shareholders Equity $667.0M $1.038B $1.155B
YoY Change
Total Liabilities & Shareholders Equity $6.392B $5.863B $5.715B
YoY Change 5.32% 2.59%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income $50.00M $13.00M -$250.0M
YoY Change -25.37% -105.2% -695.24%
Depreciation, Depletion And Amortization $47.00M $45.00M $47.00M
YoY Change 2.17% -4.26% 0.0%
Cash From Operating Activities $373.0M $137.0M $232.0M
YoY Change -21.31% -40.95% 34.1%
INVESTING ACTIVITIES
Capital Expenditures -$70.00M -$35.00M -$36.00M
YoY Change -10.26% -2.78% 0.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$70.00M -$35.00M -$36.00M
YoY Change -10.26% -2.78% 0.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -12.00M -5.000M -41.00M
YoY Change -29.41% -87.8% -70.07%
NET CHANGE
Cash From Operating Activities 373.0M 137.0M 232.0M
Cash From Investing Activities -70.00M -35.00M -36.00M
Cash From Financing Activities -12.00M -5.000M -41.00M
Net Change In Cash 291.0M 97.00M 155.0M
YoY Change -23.22% -37.42%
FREE CASH FLOW
Cash From Operating Activities $373.0M $137.0M $232.0M
Capital Expenditures -$70.00M -$35.00M -$36.00M
Free Cash Flow $443.0M $172.0M $268.0M
YoY Change -19.75% -35.82% 28.23%

Facts In Submission

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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;">September&#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>
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
74000000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
34000000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
28000000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-74000000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-134000000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
172000000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
53000000 USD
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
44000000 USD
us-gaap Increase Decrease In Inventory For Long Term Contracts Or Programs
IncreaseDecreaseInInventoryForLongTermContractsOrPrograms
-57000000 USD
us-gaap Increase Decrease In Inventory For Long Term Contracts Or Programs
IncreaseDecreaseInInventoryForLongTermContractsOrPrograms
173000000 USD
us-gaap Increase Decrease In Pension And Postretirement Obligations
IncreaseDecreaseInPensionAndPostretirementObligations
89000000 USD
us-gaap Increase Decrease In Pension And Postretirement Obligations
IncreaseDecreaseInPensionAndPostretirementObligations
-93000000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
36000000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
8000000 USD
us-gaap Interest Expense
InterestExpense
75000000 USD
us-gaap Interest Expense
InterestExpense
88000000 USD
CY2011Q3 us-gaap Interest Expense
InterestExpense
30000000 USD
CY2012Q3 us-gaap Interest Expense
InterestExpense
29000000 USD
us-gaap Interest Paid
InterestPaid
102000000 USD
us-gaap Interest Paid
InterestPaid
55000000 USD
CY2011Q4 us-gaap Inventory For Long Term Contracts Or Programs General And Administrative Costs Included In Inventory
InventoryForLongTermContractsOrProgramsGeneralAndAdministrativeCostsIncludedInInventory
15000000 USD
CY2012Q3 us-gaap Inventory For Long Term Contracts Or Programs General And Administrative Costs Included In Inventory
InventoryForLongTermContractsOrProgramsGeneralAndAdministrativeCostsIncludedInInventory
6000000 USD
CY2012Q3 us-gaap Inventory Net Of Allowances Customer Advances And Progress Billings
InventoryNetOfAllowancesCustomerAdvancesAndProgressBillings
332000000 USD
CY2011Q4 us-gaap Inventory Net Of Allowances Customer Advances And Progress Billings
InventoryNetOfAllowancesCustomerAdvancesAndProgressBillings
380000000 USD
CY2012Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
90000000 USD
CY2011Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
81000000 USD
CY2012Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
250000000 USD
CY2011Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
402000000 USD
CY2011Q4 us-gaap Liabilities
Liabilities
5129000000 USD
CY2012Q3 us-gaap Liabilities
Liabilities
4825000000 USD
CY2012Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
5863000000 USD
CY2011Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
6001000000 USD
CY2012Q3 us-gaap Liabilities Current
LiabilitiesCurrent
1239000000 USD
CY2011Q4 us-gaap Liabilities Current
LiabilitiesCurrent
1372000000 USD
CY2011Q4 us-gaap Long Term Debt
LongTermDebt
1859000000 USD
CY2012Q3 us-gaap Long Term Debt
LongTermDebt
1837000000 USD
CY2011Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
872000000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-16000000 USD
us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodTax
23000000 USD
us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodTax
19000000 USD
CY2011Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
49000000 USD
CY2012Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
53000000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
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us-gaap Other Postretirement Benefits Payments
OtherPostretirementBenefitsPayments
28000000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
601000000 USD
us-gaap Other Postretirement Benefits Payments
OtherPostretirementBenefitsPayments
25000000 USD
CY2012Q3 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent
594000000 USD
us-gaap Net Income Loss
NetIncomeLoss
96000000 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segments
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segments
us-gaap Operating Income Loss
OperatingIncomeLoss
-14000000 USD
CY2011Q4 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent
581000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
252000000 USD
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
66000000 USD
CY2012Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
206000000 USD
CY2011Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
249000000 USD
CY2012Q3 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
80000000 USD
CY2011Q4 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
49000000 USD
CY2012Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1649000000 USD
CY2011Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1700000000 USD
CY2012Q3 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
17000000 USD
us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
32000000 USD
us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
45000000 USD
CY2011Q3 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
8000000 USD
CY2011Q3 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodTax
4000000 USD
CY2012Q3 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodTax
6000000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
54000000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
1429000000 USD
CY2011Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
1429000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
92000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
119000000 USD
CY2012Q3 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Current
PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesCurrent
172000000 USD
CY2011Q4 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Current
PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesCurrent
172000000 USD
us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
258000000 USD
us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
29000000 USD
CY2011Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
30000000 USD
CY2012Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
31000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1775000000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
1000000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
6000000 USD
CY2011Q4 us-gaap Progress Payments Netted Against Inventory For Long Term Contracts Or Programs
ProgressPaymentsNettedAgainstInventoryForLongTermContractsOrPrograms
118000000 USD
CY2012Q3 us-gaap Progress Payments Netted Against Inventory For Long Term Contracts Or Programs
ProgressPaymentsNettedAgainstInventoryForLongTermContractsOrPrograms
14000000 USD
CY2012Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1988000000 USD
CY2011Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2033000000 USD
CY2012Q3 us-gaap Provision For Loss On Contracts
ProvisionForLossOnContracts
4000000 USD
CY2011Q4 us-gaap Provision For Loss On Contracts
ProvisionForLossOnContracts
19000000 USD
CY2012Q3 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
42000000 USD
CY2011Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
48000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
22000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
14000000 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
954000000 USD
CY2012Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-45000000 USD
CY2011Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-141000000 USD
CY2012Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
1367000000 USD
CY2011Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
1384000000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
4201000000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
4224000000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
4885000000 USD
CY2012Q3 us-gaap Sales Revenue Net
SalesRevenueNet
1596000000 USD
CY2011Q3 us-gaap Sales Revenue Net
SalesRevenueNet
1593000000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
4840000000 USD
CY2012Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
229000000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
639000000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
661000000 USD
CY2011Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
209000000 USD
CY2012Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1038000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
25000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
22000000 USD
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
38.92
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P1Y4M
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted
14000 shares
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted
4000 shares
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
2615000 shares
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1147000 shares
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
34.43
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
11000000 USD
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1214000 shares
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
34.53
CY2012Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
10000000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y8M
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y10M
CY2012Q3 us-gaap Stockholders Equity
StockholdersEquity
1038000000 USD
CY2011Q4 us-gaap Stockholders Equity
StockholdersEquity
872000000 USD
CY2010Q4 us-gaap Stockholders Equity
StockholdersEquity
1418000000 USD
CY2011Q3 us-gaap Stockholders Equity
StockholdersEquity
1155000000 USD
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
50300000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48800000 shares
us-gaap Use Of Estimates
UseOfEstimates
<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</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">trigger significant decreases in DoD spending starting in 2013, which could negatively impact the Company's</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">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:Arial;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>
CY2011Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48900000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49900000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48800000 shares
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49600000 shares
CY2011Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48900000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49300000 shares
CY2011Q4 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
201000000 USD
CY2012Q3 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
216000000 USD
CY2012Q3 us-gaap Workers Compensation Liability Noncurrent
WorkersCompensationLiabilityNoncurrent
383000000 USD
CY2011Q4 us-gaap Workers Compensation Liability Noncurrent
WorkersCompensationLiabilityNoncurrent
361000000 USD
CY2012Q3 hii Condensed Other Assets Miscellaneous Noncurrent
CondensedOtherAssetsMiscellaneousNoncurrent
147000000 USD
CY2011Q4 hii Condensed Other Assets Miscellaneous Noncurrent
CondensedOtherAssetsMiscellaneousNoncurrent
177000000 USD
CY2011Q4 hii Defined Benefit Plan Accumulated Other Comprehensive Income Loss Tax
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeLossTax
-553000000 USD
CY2012Q3 hii Defined Benefit Plan Accumulated Other Comprehensive Income Loss Tax
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeLossTax
-530000000 USD
CY2012Q3 hii Defined Benefit Plan Expected Benefit Payments In Current Fiscal Year
DefinedBenefitPlanExpectedBenefitPaymentsInCurrentFiscalYear
236000000 USD
CY2011Q3 hii Equity Method Investment Summarized Financial Information Operating Income Loss
EquityMethodInvestmentSummarizedFinancialInformationOperatingIncomeLoss
26000000 USD
CY2012Q3 hii Equity Method Investment Summarized Financial Information Operating Income Loss
EquityMethodInvestmentSummarizedFinancialInformationOperatingIncomeLoss
20000000 USD
hii Equity Method Investment Summarized Financial Information Operating Income Loss
EquityMethodInvestmentSummarizedFinancialInformationOperatingIncomeLoss
53000000 USD
hii Equity Method Investment Summarized Financial Information Operating Income Loss
EquityMethodInvestmentSummarizedFinancialInformationOperatingIncomeLoss
37000000 USD
CY2012Q3 hii Inventory Work In Process And General And Administrative Costs Included In Inventory Net Of Reserves
InventoryWorkInProcessAndGeneralAndAdministrativeCostsIncludedInInventoryNetOfReserves
256000000 USD
CY2011Q4 hii Inventory Work In Process And General And Administrative Costs Included In Inventory Net Of Reserves
InventoryWorkInProcessAndGeneralAndAdministrativeCostsIncludedInInventoryNetOfReserves
417000000 USD
CY2012Q3 hii Inventory Work In Process And General And Administrative Costs Included In Inventory Net Of Reserves And Progress Payments
InventoryWorkInProcessAndGeneralAndAdministrativeCostsIncludedInInventoryNetOfReservesAndProgressPayments
242000000 USD
CY2011Q4 hii Inventory Work In Process And General And Administrative Costs Included In Inventory Net Of Reserves And Progress Payments
InventoryWorkInProcessAndGeneralAndAdministrativeCostsIncludedInInventoryNetOfReservesAndProgressPayments
299000000 USD
hii Net Transfers From Former Parent
NetTransfersFromFormerParent
1276000000 USD
hii Net Transfers From To Former Parent Equity Impact
NetTransfersFromToFormerParentEquityImpact
1276000000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
dei Document Period End Date
DocumentPeriodEndDate
2012-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001501585
CY2012Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
49591295 shares
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
HUNTINGTON INGALLS INDUSTRIES, INC.

Files In Submission

Name View Source Status
0001501585-12-000028-index-headers.html Edgar Link pending
0001501585-12-000028-index.html Edgar Link pending
0001501585-12-000028.txt Edgar Link pending
0001501585-12-000028-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
hii-20120930.xml Edgar Link completed
hii-20120930.xsd Edgar Link pending
hii-20120930_cal.xml Edgar Link unprocessable
hii-20120930_def.xml Edgar Link unprocessable
hii-20120930_lab.xml Edgar Link unprocessable
hii-20120930_pre.xml Edgar Link unprocessable
hii-ex101q3.htm Edgar Link pending
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report.css Edgar Link pending
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