$HII
HUNTINGTON INGALLS INDUSTRIES, INC.

2014 Q4 Form 10-Q Financial Statement

#000150158514000039 Filed on November 06, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $1.927B $1.717B $1.637B
YoY Change -0.57% 4.89% 2.57%
Cost Of Revenue $1.520B $278.0M $210.0M
YoY Change -3.0% 32.38% 12.9%
Gross Profit $407.0M $1.439B $1.427B
YoY Change 9.7% 0.84% 1.21%
Gross Profit Margin 21.12% 83.81% 87.17%
Selling, General & Admin $217.0M $189.0M $186.0M
YoY Change 9.6% 1.61% 13.41%
% of Gross Profit 53.32% 13.13% 13.03%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $38.00M $47.00M $58.00M
YoY Change -49.33% -18.97% 28.89%
% of Gross Profit 9.34% 3.27% 4.06%
Operating Expenses $217.0M $189.0M $186.0M
YoY Change 9.6% 1.61% 13.41%
Operating Profit $144.0M $171.0M $127.0M
YoY Change -17.24% 34.65% 92.42%
Interest Expense -$65.00M $27.00M $28.00M
YoY Change 116.67% -3.57% -3.45%
% of Operating Profit -45.14% 15.79% 22.05%
Other Income/Expense, Net $1.000M
YoY Change
Pretax Income $79.00M $144.0M $99.00M
YoY Change -44.76% 45.45% 167.57%
Income Tax $27.00M $48.00M $30.00M
% Of Pretax Income 34.18% 33.33% 30.3%
Net Earnings $52.00M $96.00M $69.00M
YoY Change -42.86% 39.13% 430.77%
Net Earnings / Revenue 2.7% 5.59% 4.22%
Basic Earnings Per Share $1.07 $1.97 $1.38
Diluted Earnings Per Share $1.05 $1.96 $1.36
COMMON SHARES
Basic Shares Outstanding 48.29M shares 48.70M shares 49.90M shares
Diluted Shares Outstanding 49.00M shares 50.60M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $990.0M $769.0M $895.0M
YoY Change -5.08% -14.08% 16.84%
Cash & Equivalents $990.0M $769.0M $895.0M
Short-Term Investments
Other Short-Term Assets $50.00M $195.0M $241.0M
YoY Change -74.87% -19.09% -1.63%
Inventory $339.0M $272.0M $340.0M
Prepaid Expenses
Receivables $1.038B $1.144B $1.055B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.417B $2.380B $2.531B
YoY Change -9.68% -5.97% 13.7%
LONG-TERM ASSETS
Property, Plant & Equipment $1.792B $1.852B $1.964B
YoY Change -5.54% -5.7% -1.21%
Goodwill $1.026B $1.086B $881.0M
YoY Change 16.46% 23.27% 4.38%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.030B $256.0M $371.0M
YoY Change 22.88% -31.0% -77.5%
Total Long-Term Assets $3.822B $3.745B $3.748B
YoY Change 8.76% -0.08% 3.05%
TOTAL ASSETS
Total Short-Term Assets $2.417B $2.380B $2.531B
Total Long-Term Assets $3.822B $3.745B $3.748B
Total Assets $6.239B $6.125B $6.279B
YoY Change 0.79% -2.45% 7.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $269.0M $268.0M $287.0M
YoY Change -20.18% -6.62% -1.71%
Accrued Expenses $469.0M $459.0M $430.0M
YoY Change 1.96% 6.74% 4.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $108.0M $93.00M $65.00M
YoY Change 36.71% 43.08% 51.16%
Total Short-Term Liabilities $1.312B $1.234B $1.402B
YoY Change -5.75% -11.98% 13.16%
LONG-TERM LIABILITIES
Long-Term Debt $1.562B $1.650B $1.743B
YoY Change -8.12% -5.34% -2.84%
Other Long-Term Liabilities $105.0M $99.00M $52.00M
YoY Change 0.96% 90.38% -1.89%
Total Long-Term Liabilities $1.667B $1.749B $1.795B
YoY Change -7.59% -2.56% -2.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.312B $1.234B $1.402B
Total Long-Term Liabilities $1.667B $1.749B $1.795B
Total Liabilities $4.874B $4.463B $5.344B
YoY Change 3.61% -16.49% 10.76%
SHAREHOLDERS EQUITY
Retained Earnings $525.0M $492.0M $155.0M
YoY Change 122.46% 217.42% -444.44%
Common Stock $1.959B $1.907B $1.914B
YoY Change 1.77% -0.37% 1.43%
Preferred Stock
YoY Change
Treasury Stock (at cost) $258.0M $232.0M $57.00M
YoY Change 115.0% 307.02%
Treasury Stock Shares
Shareholders Equity $1.365B $1.662B $935.0M
YoY Change
Total Liabilities & Shareholders Equity $6.239B $6.125B $6.279B
YoY Change 0.22% -2.45% 7.1%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $52.00M $96.00M $69.00M
YoY Change -42.86% 39.13% 430.77%
Depreciation, Depletion And Amortization $38.00M $47.00M $58.00M
YoY Change -49.33% -18.97% 28.89%
Cash From Operating Activities $441.0M $256.0M $281.0M
YoY Change 51.03% -8.9% 105.11%
INVESTING ACTIVITIES
Capital Expenditures -$74.00M -$40.00M -$30.00M
YoY Change 37.04% 33.33% -14.29%
Acquisitions
YoY Change
Other Investing Activities $0.00 $1.000M $58.00M
YoY Change -98.28%
Cash From Investing Activities -$74.00M -$39.00M $28.00M
YoY Change 37.04% -239.29% -180.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -146.0M -40.00M -37.00M
YoY Change 62.22% 8.11% 640.0%
NET CHANGE
Cash From Operating Activities 441.0M 256.0M 281.0M
Cash From Investing Activities -74.00M -39.00M 28.00M
Cash From Financing Activities -146.0M -40.00M -37.00M
Net Change In Cash 221.0M 177.0M 272.0M
YoY Change 49.32% -34.93% 180.41%
FREE CASH FLOW
Cash From Operating Activities $441.0M $256.0M $281.0M
Capital Expenditures -$74.00M -$40.00M -$30.00M
Free Cash Flow $515.0M $296.0M $311.0M
YoY Change 48.84% -4.82% 80.81%

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:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">On May 28, 2014, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued the final standard on revenue from contracts with customers. The standard, issued as Accounting Standards Update (&#8220;ASU&#8221;) 2014-09, outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the standard is that "an entity shall recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services." The standard provides a five-step analysis of transactions to determine when and how revenue should be recognized. The five steps are: Identify the contract with the customer; Identify the performance obligations in the contract; Determine the transaction price; Allocate the transaction price to the performance obligations; and Recognize revenue when or as each performance obligation is satisfied. The standard also includes disclosure requirements to provide greater insight into both revenue that has been recognized and revenue that is expected to be recognized in the future from existing contracts, as well as quantitative and qualitative information about significant judgments and changes in the judgments that management made to determine revenue that is recorded. The guidance permits the use of either a retrospective or cumulative effect transition method. ASU 2014-09 will be effective for public entities for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2016 and does not permit early application. The Company is currently evaluating the impact that will result from the implementation of ASU 2014-09 on its financial statements and disclosures, contracting and accounting processes, internal controls, and Information Technology systems.</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;">On June 19, 2014, the FASB issued ASU 2014-12, Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period, to provide updated guidance to resolve the diversity in practice concerning employee share-based payments that contain performance targets that could be achieved after the requisite service period. The updated guidance requires that a performance target that affects vesting and that can be achieved after the requisite service period be treated as a performance condition. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which service has been rendered. If the performance target becomes probable of being achieved before the end of the service period, the remaining unrecognized compensation cost for which requisite service has not yet been rendered is recognized prospectively over the remaining service period. The total amount of compensation cost recognized during and after the service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest.</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 updated guidance is effective for annual and interim periods beginning after December 15, 2015, with early adoption permitted. The adoption of this guidance is not expected to have a material effect on the Company&#8217;s results of operations, financial position or liquidity.</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;">Additional 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, 2014</font><font style="font-family:Arial;font-size:10pt;">, are not expected to have a material effect on the Company's consolidated financial position, results of operations or cash flows.</font></div></div>
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CY2013Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
528000000 USD
CY2014Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
551000000 USD
us-gaap Fiscal Period
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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>
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
541000000 USD
CY2013Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
186000000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
509000000 USD
CY2014Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
189000000 USD
CY2013Q4 us-gaap Goodwill
Goodwill
881000000 USD
CY2014Q3 us-gaap Goodwill
Goodwill
1086000000 USD
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
205000000 USD
CY2014Q3 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
2755000000 USD
CY2013Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
2755000000 USD
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
144000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
251000000 USD
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
99000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
428000000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
10000000 USD
CY2014Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
7000000 USD
CY2013Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
9000000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
13000000 USD
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
30000000 USD
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
48000000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
81000000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
142000000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
132000000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
54000000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-186000000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
12000000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-34000000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
150000000 USD
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
19000000 USD
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-11000000 USD
us-gaap Increase Decrease In Inventory For Long Term Contracts Or Programs
IncreaseDecreaseInInventoryForLongTermContractsOrPrograms
-41000000 USD
us-gaap Increase Decrease In Inventory For Long Term Contracts Or Programs
IncreaseDecreaseInInventoryForLongTermContractsOrPrograms
102000000 USD
us-gaap Increase Decrease In Pension And Postretirement Obligations
IncreaseDecreaseInPensionAndPostretirementObligations
-134000000 USD
us-gaap Increase Decrease In Pension And Postretirement Obligations
IncreaseDecreaseInPensionAndPostretirementObligations
-48000000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
16000000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-4000000 USD
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
600000 shares
CY2013Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
700000 shares
CY2014Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
300000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
400000 shares
us-gaap Insurance Recoveries
InsuranceRecoveries
677500000 USD
CY2014Q3 us-gaap Interest Expense
InterestExpense
27000000 USD
us-gaap Interest Expense
InterestExpense
83000000 USD
us-gaap Interest Expense
InterestExpense
87000000 USD
CY2013Q3 us-gaap Interest Expense
InterestExpense
28000000 USD
us-gaap Interest Paid
InterestPaid
96000000 USD
us-gaap Interest Paid
InterestPaid
101000000 USD
CY2013Q4 us-gaap Inventory For Long Term Contracts Or Programs General And Administrative Costs Included In Inventory
InventoryForLongTermContractsOrProgramsGeneralAndAdministrativeCostsIncludedInInventory
2000000 USD
CY2014Q3 us-gaap Inventory For Long Term Contracts Or Programs General And Administrative Costs Included In Inventory
InventoryForLongTermContractsOrProgramsGeneralAndAdministrativeCostsIncludedInInventory
1000000 USD
CY2014Q3 us-gaap Inventory Net Of Allowances Customer Advances And Progress Billings
InventoryNetOfAllowancesCustomerAdvancesAndProgressBillings
272000000 USD
CY2013Q4 us-gaap Inventory Net Of Allowances Customer Advances And Progress Billings
InventoryNetOfAllowancesCustomerAdvancesAndProgressBillings
311000000 USD
CY2014Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
95000000 USD
CY2013Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
91000000 USD
CY2013Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
218000000 USD
CY2014Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
176000000 USD
CY2014Q3 us-gaap Liabilities
Liabilities
4463000000 USD
CY2013Q4 us-gaap Liabilities
Liabilities
4704000000 USD
CY2013Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
6225000000 USD
CY2014Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
6125000000 USD
CY2013Q4 us-gaap Liabilities Current
LiabilitiesCurrent
1392000000 USD
CY2014Q3 us-gaap Liabilities Current
LiabilitiesCurrent
1234000000 USD
CY2013Q4 us-gaap Long Term Debt
LongTermDebt
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CY2014Q3 us-gaap Long Term Debt
LongTermDebt
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CY2013Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
79000000 USD
CY2014Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
93000000 USD
CY2014Q3 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
1833000000 USD
CY2013Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
1897000000 USD
CY2013Q4 us-gaap Long Term Debt Noncurrent
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1700000000 USD
CY2014Q3 us-gaap Long Term Debt Noncurrent
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1650000000 USD
us-gaap Nature Of Operations
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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. As prime contractor, principal subcontractor, team member or partner, HII participates in many high-priority U.S. defense technology programs. The Company conducts business primarily with the U.S. Government, principally the Department of Defense ("DoD"). HII is organized into </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">three</font><font style="font-family:Arial;font-size:10pt;"> reportable segments: Ingalls, Newport News, and Other. 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. The Other segment was established in the second quarter of 2014 to account for certain of the Company's non-shipbuilding commercial activities. </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 the first quarter of 2014, the Company realigned its segments in order to optimize its operating structure. Reclassifications of prior year financial information have been made to conform to the current year presentation. None of the changes impacted the Company's previously reported consolidated financial position, results of operations or cash flows. See Note 9: Segment Information for a full description of the segment realignment.</font></div></div>
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-79000000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
314000000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-56000000 USD
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
69000000 USD
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
96000000 USD
us-gaap Net Income Loss
NetIncomeLoss
286000000 USD
us-gaap Net Income Loss
NetIncomeLoss
170000000 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3 segments
us-gaap Number Of Reportable Segments
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3 segments
us-gaap Operating Income Loss
OperatingIncomeLoss
511000000 USD
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
127000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
338000000 USD
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
171000000 USD
CY2013Q4 us-gaap Other Accrued Liabilities Current
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262000000 USD
CY2014Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
222000000 USD
CY2014Q3 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
127000000 USD
CY2013Q4 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
119000000 USD
CY2013Q3 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax
-2000000 USD
CY2014Q3 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax
-2000000 USD
us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax
-6000000 USD
us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
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-1000000 USD
CY2014Q3 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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CY2013Q3 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
2000000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
150000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
148000000 USD
CY2013Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
18000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
15000000 USD
CY2014Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
3000000 USD
CY2013Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax
33000000 USD
CY2014Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax
10000000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax
30000000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax
100000000 USD
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
9000000 USD
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
101000000 USD
CY2014Q3 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
3000000 USD
CY2013Q3 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
15000000 USD
CY2013Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
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2000000 USD
CY2014Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
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-2000000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
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USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
3000000 USD
CY2014Q3 us-gaap Other Liabilities Noncurrent
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99000000 USD
CY2013Q4 us-gaap Other Liabilities Noncurrent
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104000000 USD
us-gaap Other Noncash Income Expense
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us-gaap Other Noncash Income Expense
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us-gaap Other Postretirement Benefits Payments
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us-gaap Other Postretirement Benefits Payments
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26000000 USD
CY2014Q3 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
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486000000 USD
CY2013Q4 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
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477000000 USD
us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments Of Dividends Common Stock
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30000000 USD
us-gaap Payments Of Dividends Common Stock
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
64000000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
272000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
91000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
85000000 USD
CY2014Q3 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Current
PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesCurrent
139000000 USD
CY2013Q4 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Current
PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesCurrent
139000000 USD
us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
149000000 USD
us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
330000000 USD
CY2014Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
28000000 USD
CY2013Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
29000000 USD
us-gaap Proceeds From Contributions From Affiliates
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USD
us-gaap Proceeds From Contributions From Affiliates
ProceedsFromContributionsFromAffiliates
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us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
58000000 USD
us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
USD
CY2014Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1852000000 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1897000000 USD
us-gaap Repayments Of Long Term Debt
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36000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
22000000 USD
CY2014Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
492000000 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
236000000 USD
CY2014Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
1385000000 USD
CY2013Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
1394000000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
4138000000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
4150000000 USD
CY2013Q3 us-gaap Sales Revenue Net
SalesRevenueNet
1637000000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
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us-gaap Sales Revenue Net
SalesRevenueNet
5030000000 USD
CY2014Q3 us-gaap Sales Revenue Net
SalesRevenueNet
1717000000 USD
CY2014Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
332000000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
744000000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
880000000 USD
CY2013Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
243000000 USD
us-gaap Stock Repurchase Program Authorized Amount
StockRepurchaseProgramAuthorizedAmount
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CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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1521000000 USD
CY2014Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1662000000 USD
CY2013Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
935000000 USD
CY2012Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
667000000 USD
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1136170 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
919866 shares
CY2014Q3 us-gaap Treasury Stock Value
TreasuryStockValue
232000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
22000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
28000000 USD
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
51.02
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P0Y11M
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
1500000 shares
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
1313000 shares
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
47000000 USD
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
678000 shares
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
35.84
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P1Y7M
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1000000 USD
CY2013Q4 us-gaap Treasury Stock Value
TreasuryStockValue
120000000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
56000000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
112000000 USD
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 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 Bipartisan Budget Act of 2013 established budget top lines and provided sequestration relief for 2014 and 2015. Sequestration remains in effect for 2016 through 2021 and could result in significant decreases in DoD spending that could negatively impact the Company's revenues and its estimated recovery of goodwill and other long-lived assets.</font></div></div>
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
50500000 shares
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
50600000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49300000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49900000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48700000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48900000 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49900000 shares
CY2014Q3 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
233000000 USD
CY2013Q4 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
230000000 USD
CY2014Q3 us-gaap Workers Compensation Liability Noncurrent
WorkersCompensationLiabilityNoncurrent
424000000 USD
CY2013Q4 us-gaap Workers Compensation Liability Noncurrent
WorkersCompensationLiabilityNoncurrent
419000000 USD
CY2013Q4 hii Condensed Other Assets Miscellaneous Noncurrent
CondensedOtherAssetsMiscellaneousNoncurrent
119000000 USD
CY2014Q3 hii Condensed Other Assets Miscellaneous Noncurrent
CondensedOtherAssetsMiscellaneousNoncurrent
127000000 USD
hii Goodwill Reclassification Adjustment
GoodwillReclassificationAdjustment
23000000 USD
CY2013 hii Hurricane Insurance Related Matters Effecton Operating Income
HurricaneInsuranceRelatedMattersEffectonOperatingIncome
64000000 USD
CY2013 hii Hurricane Insurance Related Matters Gain Loss Relatedto Contracts
HurricaneInsuranceRelatedMattersGainLossRelatedtoContracts
-116000000 USD
CY2014Q3 hii Inventory Work In Process And General And Administrative Costs Included In Inventory Net Of Reserves And Progress Payments
InventoryWorkInProcessAndGeneralAndAdministrativeCostsIncludedInInventoryNetOfReservesAndProgressPayments
177000000 USD
CY2013Q4 hii Inventory Work In Process And General And Administrative Costs Included In Inventory Net Of Reserves And Progress Payments
InventoryWorkInProcessAndGeneralAndAdministrativeCostsIncludedInInventoryNetOfReservesAndProgressPayments
220000000 USD
hii Sharebased Compensation Arrangementby Sharebased Payment Award Equity Instruments Other Than Options Transferred From Employeesfor Minimum Tax Obligations
SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsTransferredFromEmployeesforMinimumTaxObligations
600000 shares
CY2012 hii Stock Repurchase Program Previously Authorized Amount
StockRepurchaseProgramPreviouslyAuthorizedAmount
150000000 USD
CY2013 hii Stock Repurchase Program Previously Authorized Amount
StockRepurchaseProgramPreviouslyAuthorizedAmount
300000000 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
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001501585
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
48288631 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
HUNTINGTON INGALLS INDUSTRIES, INC.

Files In Submission

Name View Source Status
0001501585-14-000039-index-headers.html Edgar Link pending
0001501585-14-000039-index.html Edgar Link pending
0001501585-14-000039.txt Edgar Link pending
0001501585-14-000039-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
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hii-20140930.xml Edgar Link completed
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hii-20140930_cal.xml Edgar Link unprocessable
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