$HII
HUNTINGTON INGALLS INDUSTRIES, INC.

2013 Q2 Form 10-Q Financial Statement

#000150158513000026 Filed on August 07, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $1.683B $1.721B
YoY Change -2.21% 10.11%
Cost Of Revenue $227.0M $191.0M
YoY Change 18.85% 4.37%
Gross Profit $1.456B $1.530B
YoY Change -4.84% 10.87%
Gross Profit Margin 86.51% 88.9%
Selling, General & Admin $185.0M $176.0M
YoY Change 5.11% 4.14%
% of Gross Profit 12.71% 11.5%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $44.00M $45.00M
YoY Change -2.22% -2.17%
% of Gross Profit 3.02% 2.94%
Operating Expenses $185.0M $176.0M
YoY Change 5.11% 4.14%
Operating Profit $116.0M $106.0M
YoY Change 9.43% 19.1%
Interest Expense $29.00M $29.00M
YoY Change 0.0% -3.33%
% of Operating Profit 25.0% 27.36%
Other Income/Expense, Net
YoY Change
Pretax Income $87.00M $77.00M
YoY Change 12.99% 30.51%
Income Tax $30.00M $27.00M
% Of Pretax Income 34.48% 35.06%
Net Earnings $57.00M $50.00M
YoY Change 14.0% 28.21%
Net Earnings / Revenue 3.39% 2.91%
Basic Earnings Per Share $1.14 $1.01
Diluted Earnings Per Share $1.12 $1.00
COMMON SHARES
Basic Shares Outstanding 50.20M shares 49.50M shares
Diluted Shares Outstanding 50.70M shares 50.10M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $623.0M $669.0M
YoY Change -6.88% 75.59%
Cash & Equivalents $623.0M $669.0M
Short-Term Investments
Other Short-Term Assets $224.0M $263.0M
YoY Change -14.83% -19.33%
Inventory $321.0M $357.0M
Prepaid Expenses
Receivables $1.101B $878.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.269B $2.167B
YoY Change 4.71% 8.68%
LONG-TERM ASSETS
Property, Plant & Equipment $1.990B $1.992B
YoY Change -0.1% 0.35%
Goodwill $881.0M $844.0M
YoY Change 4.38%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $370.0M $1.653B
YoY Change -77.62% 569.23%
Total Long-Term Assets $3.778B $3.645B
YoY Change 3.65% -7.56%
TOTAL ASSETS
Total Short-Term Assets $2.269B $2.167B
Total Long-Term Assets $3.778B $3.645B
Total Assets $6.047B $5.812B
YoY Change 4.04% -2.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $287.0M $314.0M
YoY Change -8.6% 23.14%
Accrued Expenses $416.0M $390.0M
YoY Change 6.67% 1.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $52.00M $36.00M
YoY Change 44.44% 24.14%
Total Short-Term Liabilities $1.220B $1.217B
YoY Change 0.25% 2.79%
LONG-TERM LIABILITIES
Long-Term Debt $1.765B $1.808B
YoY Change -2.38% -1.95%
Other Long-Term Liabilities $64.00M $49.00M
YoY Change 30.61% -96.46%
Total Long-Term Liabilities $1.829B $1.857B
YoY Change -1.51% -42.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.220B $1.217B
Total Long-Term Liabilities $1.829B $1.857B
Total Liabilities $5.174B $4.818B
YoY Change 7.39% 6.45%
SHAREHOLDERS EQUITY
Retained Earnings $91.00M -$58.00M
YoY Change -256.9%
Common Stock $1.904B $1.873B
YoY Change 1.66%
Preferred Stock
YoY Change
Treasury Stock (at cost) $27.00M
YoY Change
Treasury Stock Shares
Shareholders Equity $873.0M $994.0M
YoY Change
Total Liabilities & Shareholders Equity $6.047B $5.812B
YoY Change 4.04% -2.11%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $57.00M $50.00M
YoY Change 14.0% 28.21%
Depreciation, Depletion And Amortization $44.00M $45.00M
YoY Change -2.22% -2.17%
Cash From Operating Activities $25.00M $151.0M
YoY Change -83.44% -18.82%
INVESTING ACTIVITIES
Capital Expenditures -$25.00M -$30.00M
YoY Change -16.67% 50.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$25.00M -$30.00M
YoY Change -16.67% 50.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -29.00M -3.000M
YoY Change 866.67% -70.0%
NET CHANGE
Cash From Operating Activities 25.00M 151.0M
Cash From Investing Activities -25.00M -30.00M
Cash From Financing Activities -29.00M -3.000M
Net Change In Cash -29.00M 118.0M
YoY Change -124.58% -24.36%
FREE CASH FLOW
Cash From Operating Activities $25.00M $151.0M
Capital Expenditures -$25.00M -$30.00M
Free Cash Flow $50.00M $181.0M
YoY Change -72.38% -12.14%

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: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;">In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2013-02 "Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income" ("ASU 2013-02"). This update requires entities to provide information about the amounts reclassified out of accumulated other comprehensive income (loss) by component, and their corresponding effects on net income if required under GAAP to be reclassified to net income in their entirety in the same reporting period; otherwise, cross-reference to other disclosures is required. ASU 2013-02 is effective for all reporting periods beginning after December 15, 2012. The Company adopted ASU 2013-02 as of January 1, 2013 without material impact on the unaudited condensed consolidated financial statements. See Note 15: Employee Pension and Other Postretirement Benefits.</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 "fiscal" 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. ("HII" or the "Company") 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 a builder of amphibious assault and expeditionary ships for 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 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 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 ("DoD").</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 with its former parent company, Northrop Grumman Corporation ("Northrop Grumman"), 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: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;">In connection with the spin-off, HII entered into a Transition Services Agreement with Northrop Grumman, under which Northrop Grumman or certain of its subsidiaries provided HII with certain enterprise shared services (including information technology, resource planning, financial, procurement and human resource services), benefits support services and other specified services to HII at cost. The term of the Transition Services Agreement ended on October 9, 2012. For the </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">three and six months ended</font><font style="font-family:Arial;font-size:10pt;"> </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;">, costs incurred for services under the Transition Services Agreement were approximately </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$5 million</font><font style="font-family:Arial;font-size:10pt;"> and </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$16 million</font><font style="font-family:Arial;font-size:10pt;">, respectively.</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 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 ("Credit Facility") 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.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">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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<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 unaudited condensed 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.</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 Budget Control Act of 2011 will result in 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: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>
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dei Document Fiscal Period Focus
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dei Document Period End Date
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dei Document Type
DocumentType
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dei Entity Central Index Key
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CY2013Q3 dei Entity Common Stock Shares Outstanding
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dei Entity Filer Category
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dei Entity Registrant Name
EntityRegistrantName
HUNTINGTON INGALLS INDUSTRIES, INC.

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