2013 Q4 Form 10-K Financial Statement

#000150158515000005 Filed on February 19, 2015

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2013 Q2
Revenue $1.938B $1.637B $1.683B
YoY Change 6.31% 2.57% -2.21%
Cost Of Revenue $1.567B $210.0M $227.0M
YoY Change 5.24% 12.9% 18.85%
Gross Profit $371.0M $1.427B $1.456B
YoY Change 11.08% 1.21% -4.84%
Gross Profit Margin 19.14% 87.17% 86.51%
Selling, General & Admin $198.0M $186.0M $185.0M
YoY Change -15.02% 13.41% 5.11%
% of Gross Profit 53.37% 13.03% 12.71%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $75.00M $58.00M $44.00M
YoY Change 59.57% 28.89% -2.22%
% of Gross Profit 20.22% 4.06% 3.02%
Operating Expenses $198.0M $186.0M $185.0M
YoY Change -15.02% 13.41% 5.11%
Operating Profit $174.0M $127.0M $116.0M
YoY Change 64.15% 92.42% 9.43%
Interest Expense -$30.00M $28.00M $29.00M
YoY Change 25.0% -3.45% 0.0%
% of Operating Profit -17.24% 22.05% 25.0%
Other Income/Expense, Net
YoY Change
Pretax Income $143.0M $99.00M $87.00M
YoY Change 85.71% 167.57% 12.99%
Income Tax $52.00M $30.00M $30.00M
% Of Pretax Income 36.36% 30.3% 34.48%
Net Earnings $91.00M $69.00M $57.00M
YoY Change 82.0% 430.77% 14.0%
Net Earnings / Revenue 4.7% 4.22% 3.39%
Basic Earnings Per Share $1.86 $1.38 $1.14
Diluted Earnings Per Share $1.82 $1.36 $1.12
COMMON SHARES
Basic Shares Outstanding 49.37M shares 49.90M shares 50.20M shares
Diluted Shares Outstanding 50.60M shares 50.70M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.043B $895.0M $623.0M
YoY Change -1.32% 16.84% -6.88%
Cash & Equivalents $1.043B $895.0M $623.0M
Short-Term Investments
Other Short-Term Assets $199.0M $241.0M $224.0M
YoY Change -14.96% -1.63% -14.83%
Inventory $311.0M $340.0M $321.0M
Prepaid Expenses
Receivables $1.123B $1.055B $1.101B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.676B $2.531B $2.269B
YoY Change 7.73% 13.7% 4.71%
LONG-TERM ASSETS
Property, Plant & Equipment $1.897B $1.964B $1.990B
YoY Change -6.74% -1.21% -0.1%
Goodwill $881.0M $881.0M $881.0M
YoY Change 0.0% 4.38% 4.38%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.652B $371.0M $370.0M
YoY Change -11.85% -77.5% -77.62%
Total Long-Term Assets $3.514B $3.748B $3.778B
YoY Change -10.08% 3.05% 3.65%
TOTAL ASSETS
Total Short-Term Assets $2.676B $2.531B $2.269B
Total Long-Term Assets $3.514B $3.748B $3.778B
Total Assets $6.190B $6.279B $6.047B
YoY Change -3.16% 7.1% 4.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $337.0M $287.0M $287.0M
YoY Change -10.61% -1.71% -8.6%
Accrued Expenses $460.0M $430.0M $416.0M
YoY Change 2.0% 4.88% 6.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $79.00M $65.00M $52.00M
YoY Change 54.9% 51.16% 44.44%
Total Short-Term Liabilities $1.392B $1.402B $1.220B
YoY Change 0.58% 13.16% 0.25%
LONG-TERM LIABILITIES
Long-Term Debt $1.700B $1.743B $1.765B
YoY Change -4.44% -2.84% -2.38%
Other Long-Term Liabilities $104.0M $52.00M $64.00M
YoY Change 76.27% -1.89% 30.61%
Total Long-Term Liabilities $1.804B $1.795B $1.829B
YoY Change -1.85% -2.82% -1.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.392B $1.402B $1.220B
Total Long-Term Liabilities $1.804B $1.795B $1.829B
Total Liabilities $4.704B $5.344B $5.174B
YoY Change -17.83% 10.76% 7.39%
SHAREHOLDERS EQUITY
Retained Earnings $236.0M $155.0M $91.00M
YoY Change -444.44% -256.9%
Common Stock $1.925B $1.914B $1.904B
YoY Change 1.64% 1.43% 1.66%
Preferred Stock
YoY Change
Treasury Stock (at cost) $120.0M $57.00M $27.00M
YoY Change 11900.0%
Treasury Stock Shares
Shareholders Equity $1.521B $935.0M $873.0M
YoY Change
Total Liabilities & Shareholders Equity $6.225B $6.279B $6.047B
YoY Change -2.61% 7.1% 4.04%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2013 Q2
OPERATING ACTIVITIES
Net Income $91.00M $69.00M $57.00M
YoY Change 82.0% 430.77% 14.0%
Depreciation, Depletion And Amortization $75.00M $58.00M $44.00M
YoY Change 59.57% 28.89% -2.22%
Cash From Operating Activities $292.0M $281.0M $25.00M
YoY Change -21.72% 105.11% -83.44%
INVESTING ACTIVITIES
Capital Expenditures -$54.00M -$30.00M -$25.00M
YoY Change -22.86% -14.29% -16.67%
Acquisitions
YoY Change
Other Investing Activities $0.00 $58.00M
YoY Change
Cash From Investing Activities -$54.00M $28.00M -$25.00M
YoY Change -22.86% -180.0% -16.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -90.00M -37.00M -29.00M
YoY Change 650.0% 640.0% 866.67%
NET CHANGE
Cash From Operating Activities 292.0M 281.0M 25.00M
Cash From Investing Activities -54.00M 28.00M -25.00M
Cash From Financing Activities -90.00M -37.00M -29.00M
Net Change In Cash 148.0M 272.0M -29.00M
YoY Change -49.14% 180.41% -124.58%
FREE CASH FLOW
Cash From Operating Activities $292.0M $281.0M $25.00M
Capital Expenditures -$54.00M -$30.00M -$25.00M
Free Cash Flow $346.0M $311.0M $50.00M
YoY Change -21.9% 80.81% -72.38%

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CY2013Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
16000000 USD
CY2014Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
9000000 USD
CY2013Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
20000000 USD
CY2014Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
14000000 USD
CY2013Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
36000000 USD
CY2014Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
9000000 USD
CY2013Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
12000000 USD
CY2014Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
14000000 USD
CY2013Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets
205000000 USD
CY2014Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets
195000000 USD
CY2013Q4 us-gaap Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
83000000 USD
CY2013Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
337000000 USD
CY2014Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
297000000 USD
CY2012 us-gaap Defined Benefit Plan Amounts Recognized In Other Comprehensive Income Loss Net Gain Loss Before Tax
DefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossNetGainLossBeforeTax
-605000000 USD
CY2013 us-gaap Defined Benefit Plan Amounts Recognized In Other Comprehensive Income Loss Net Gain Loss Before Tax
DefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossNetGainLossBeforeTax
1159000000 USD
CY2014 us-gaap Defined Benefit Plan Amounts Recognized In Other Comprehensive Income Loss Net Gain Loss Before Tax
DefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossNetGainLossBeforeTax
-558000000 USD
CY2013Q4 us-gaap Defined Benefit Plan Assets For Plan Benefits Noncurrent
DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent
124000000 USD
CY2014Q4 us-gaap Defined Benefit Plan Assets For Plan Benefits Noncurrent
DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent
17000000 USD
CY2014 us-gaap Defined Benefit Plan Effect Of One Percentage Point Decrease On Accumulated Postretirement Benefit Obligation1
DefinedBenefitPlanEffectOfOnePercentagePointDecreaseOnAccumulatedPostretirementBenefitObligation1
-27000000 USD
CY2014 us-gaap Defined Benefit Plan Effect Of One Percentage Point Decrease On Service And Interest Cost Components1
DefinedBenefitPlanEffectOfOnePercentagePointDecreaseOnServiceAndInterestCostComponents1
-2000000 USD
CY2014 us-gaap Defined Benefit Plan Effect Of One Percentage Point Increase On Accumulated Postretirement Benefit Obligation
DefinedBenefitPlanEffectOfOnePercentagePointIncreaseOnAccumulatedPostretirementBenefitObligation
28000000 USD
CY2014 us-gaap Defined Benefit Plan Effect Of One Percentage Point Increase On Service And Interest Cost Components
DefinedBenefitPlanEffectOfOnePercentagePointIncreaseOnServiceAndInterestCostComponents
3000000 USD
CY2013 us-gaap Defined Benefit Plan Health Care Cost Trend Rate Assumed For Next Fiscal Year
DefinedBenefitPlanHealthCareCostTrendRateAssumedForNextFiscalYear
0.0733
CY2014 us-gaap Defined Benefit Plan Health Care Cost Trend Rate Assumed For Next Fiscal Year
DefinedBenefitPlanHealthCareCostTrendRateAssumedForNextFiscalYear
0.0700
CY2013Q4 us-gaap Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets Aggregate Accumulated Benefit Obligation
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation
1581000000 USD
CY2014Q4 us-gaap Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets Aggregate Accumulated Benefit Obligation
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation
3981000000 USD
CY2013Q4 us-gaap Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets Aggregate Fair Value Of Plan Assets
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets
1444000000 USD
CY2014Q4 us-gaap Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets Aggregate Fair Value Of Plan Assets
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets
3438000000 USD
CY2013Q1 us-gaap Defined Benefit Plan Plan Amendments
DefinedBenefitPlanPlanAmendments
30000000 USD
CY2013Q2 us-gaap Defined Benefit Plan Plan Amendments
DefinedBenefitPlanPlanAmendments
-177000000 USD
CY2013 us-gaap Defined Benefit Plan Ultimate Health Care Cost Trend Rate
DefinedBenefitPlanUltimateHealthCareCostTrendRate
0.0500
CY2014 us-gaap Defined Benefit Plan Ultimate Health Care Cost Trend Rate
DefinedBenefitPlanUltimateHealthCareCostTrendRate
0.0500
CY2012 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
56000000 USD
CY2013 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
61000000 USD
CY2014 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
70000000 USD
CY2012 us-gaap Depreciation
Depreciation
165000000 USD
CY2013 us-gaap Depreciation
Depreciation
206000000 USD
CY2014 us-gaap Depreciation
Depreciation
166000000 USD
CY2012 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
184000000 USD
CY2013 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
226000000 USD
CY2014 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
194000000 USD
CY2013 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
25000000 USD
CY2014 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
49000000 USD
CY2012 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.96
CY2013Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.88
CY2013Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.14
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.38
CY2013Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.86
CY2013 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
5.25
CY2014Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.83
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.05
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.97
CY2014Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.07
CY2014 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
6.93
CY2012 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.91
CY2013Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.87
CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.12
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.36
CY2013Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.82
CY2013 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
5.18
CY2014Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.81
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.04
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.96
CY2014Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.05
CY2014 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
6.86
CY2012 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.394
CY2013 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.338
CY2014 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.333
CY2012 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
16000000 USD
CY2013 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
17000000 USD
CY2014 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
13000000 USD
CY2013 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
24000000 USD
CY2014 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
39000000 USD
CY2013 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
24000000 USD
CY2014 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
39000000 USD
CY2014 us-gaap Extinguishment Of Debt Amount
ExtinguishmentOfDebtAmount
600000000 USD
CY2013Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
411000000 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
439000000 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
26000000 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
24000000 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
24000000 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
25000000 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
25000000 USD
CY2013Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
939000000 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
986000000 USD
CY2013Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
528000000 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
547000000 USD
CY2014 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
37000000 USD
CY2012 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
739000000 USD
CY2013 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
739000000 USD
CY2014 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
726000000 USD
CY2012Q4 us-gaap Goodwill
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CY2013Q4 us-gaap Goodwill
Goodwill
881000000 USD
CY2014Q4 us-gaap Goodwill
Goodwill
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CY2014 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
192000000 USD
CY2013Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
2755000000 USD
CY2014Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
2802000000 USD
CY2014 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
47000000 USD
CY2014 us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
47000000 USD
CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
241000000 USD
CY2013Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
65000000 USD
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
87000000 USD
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
99000000 USD
CY2013Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
143000000 USD
CY2013 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
394000000 USD
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
132000000 USD
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
152000000 USD
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
144000000 USD
CY2014Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
79000000 USD
CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
507000000 USD
CY2012 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
18000000 USD
CY2013 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
14000000 USD
CY2014 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
11000000 USD
CY2012 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
95000000 USD
CY2013 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
133000000 USD
CY2014 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
169000000 USD
CY2012 us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
IncomeTaxReconciliationDeductionsQualifiedProductionActivities
3000000 USD
CY2013 us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
IncomeTaxReconciliationDeductionsQualifiedProductionActivities
7000000 USD
CY2014 us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
IncomeTaxReconciliationDeductionsQualifiedProductionActivities
9000000 USD
CY2012 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
84000000 USD
CY2013 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
138000000 USD
CY2014 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
178000000 USD
CY2014 us-gaap Income Tax Reconciliation Nondeductible Expense Impairment Losses
IncomeTaxReconciliationNondeductibleExpenseImpairmentLosses
6000000 USD
CY2012 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
8000000 USD
CY2012 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
6000000 USD
CY2013 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
4000000 USD
CY2014 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
-6000000 USD
CY2013 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
2000000 USD
CY2012 us-gaap Income Taxes Paid
IncomeTaxesPaid
28000000 USD
CY2013 us-gaap Income Taxes Paid
IncomeTaxesPaid
154000000 USD
CY2014 us-gaap Income Taxes Paid
IncomeTaxesPaid
161000000 USD
CY2012 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-14000000 USD
CY2013 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
69000000 USD
CY2014 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-86000000 USD
CY2012 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
194000000 USD
CY2013 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
218000000 USD
CY2014 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-140000000 USD
CY2012 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-79000000 USD
CY2013 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
28000000 USD
CY2014 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
22000000 USD
CY2012 us-gaap Increase Decrease In Inventory For Long Term Contracts Or Programs
IncreaseDecreaseInInventoryForLongTermContractsOrPrograms
116000000 USD
CY2013 us-gaap Increase Decrease In Inventory For Long Term Contracts Or Programs
IncreaseDecreaseInInventoryForLongTermContractsOrPrograms
51000000 USD
CY2014 us-gaap Increase Decrease In Inventory For Long Term Contracts Or Programs
IncreaseDecreaseInInventoryForLongTermContractsOrPrograms
53000000 USD
CY2012 us-gaap Increase Decrease In Pension And Postretirement Obligations
IncreaseDecreaseInPensionAndPostretirementObligations
-43000000 USD
CY2013 us-gaap Increase Decrease In Pension And Postretirement Obligations
IncreaseDecreaseInPensionAndPostretirementObligations
-86000000 USD
CY2014 us-gaap Increase Decrease In Pension And Postretirement Obligations
IncreaseDecreaseInPensionAndPostretirementObligations
-4000000 USD
CY2012 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-6000000 USD
CY2013 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
15000000 USD
CY2014 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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CY2012 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
700000 shares
CY2013 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
700000 shares
CY2014 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
500000 shares
CY2014 us-gaap Insurance Recoveries
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677500000 USD
CY2012 us-gaap Interest Expense
InterestExpense
117000000 USD
CY2013 us-gaap Interest Expense
InterestExpense
118000000 USD
CY2014 us-gaap Interest Expense
InterestExpense
149000000 USD
CY2012 us-gaap Interest Paid
InterestPaid
111000000 USD
CY2013 us-gaap Interest Paid
InterestPaid
109000000 USD
CY2014 us-gaap Interest Paid
InterestPaid
113000000 USD
CY2013Q4 us-gaap Inventory For Long Term Contracts Or Programs General And Administrative Costs Included In Inventory
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2000000 USD
CY2013Q4 us-gaap Inventory Net Of Allowances Customer Advances And Progress Billings
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311000000 USD
CY2014Q4 us-gaap Inventory Net Of Allowances Customer Advances And Progress Billings
InventoryNetOfAllowancesCustomerAdvancesAndProgressBillings
339000000 USD
CY2013Q4 us-gaap Inventory Raw Materials Net Of Reserves
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91000000 USD
CY2014Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
91000000 USD
CY2013Q4 us-gaap Inventory Work In Process Net Of Reserves
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218000000 USD
CY2014Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
248000000 USD
CY2013Q4 us-gaap Land And Land Improvements
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319000000 USD
CY2014Q4 us-gaap Land And Land Improvements
LandAndLandImprovements
233000000 USD
CY2012 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
45000000 USD
CY2013 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
46000000 USD
CY2014 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
53000000 USD
CY2013Q4 us-gaap Liabilities
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4704000000 USD
CY2014Q4 us-gaap Liabilities
Liabilities
4904000000 USD
CY2013Q4 us-gaap Liabilities And Stockholders Equity
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6225000000 USD
CY2014Q4 us-gaap Liabilities And Stockholders Equity
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6269000000 USD
CY2013Q4 us-gaap Liabilities Current
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1392000000 USD
CY2014Q4 us-gaap Liabilities Current
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1312000000 USD
CY2013Q4 us-gaap Long Term Debt
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1779000000 USD
CY2013 us-gaap Net Cash Provided By Used In Operating Activities
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236000000 USD
CY2014 us-gaap Net Cash Provided By Used In Operating Activities
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716000000 USD
CY2014Q4 us-gaap Machinery And Equipment Gross
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1240000000 USD
CY2012 us-gaap Net Cash Provided By Used In Financing Activities
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CY2013 us-gaap Net Cash Provided By Used In Financing Activities
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CY2014 us-gaap Net Cash Provided By Used In Financing Activities
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-332000000 USD
CY2012 us-gaap Net Cash Provided By Used In Investing Activities
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-162000000 USD
CY2013 us-gaap Net Cash Provided By Used In Investing Activities
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-81000000 USD
CY2014 us-gaap Net Cash Provided By Used In Investing Activities
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CY2012 us-gaap Net Cash Provided By Used In Operating Activities
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332000000 USD
CY2014Q4 us-gaap Long Term Debt
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1700000000 USD
CY2013Q4 us-gaap Long Term Debt Current
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79000000 USD
CY2014Q4 us-gaap Long Term Debt Current
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108000000 USD
CY2013Q4 us-gaap Long Term Debt Fair Value
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1897000000 USD
CY2014Q4 us-gaap Long Term Debt Fair Value
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1779000000 USD
CY2014Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
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1305000000 USD
CY2014Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
108000000 USD
CY2014Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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287000000 USD
CY2013Q4 us-gaap Long Term Debt Noncurrent
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1700000000 USD
CY2014Q4 us-gaap Long Term Debt Noncurrent
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1592000000 USD
CY2013Q4 us-gaap Machinery And Equipment Gross
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1235000000 USD
CY2012 us-gaap Net Income Loss
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146000000 USD
CY2013Q1 us-gaap Net Income Loss
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44000000 USD
CY2013Q2 us-gaap Net Income Loss
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57000000 USD
CY2013Q3 us-gaap Net Income Loss
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69000000 USD
CY2013Q4 us-gaap Net Income Loss
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91000000 USD
CY2013 us-gaap Net Income Loss
NetIncomeLoss
261000000 USD
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
90000000 USD
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
100000000 USD
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
96000000 USD
CY2014Q4 us-gaap Net Income Loss
NetIncomeLoss
52000000 USD
CY2014 us-gaap Net Income Loss
NetIncomeLoss
338000000 USD
CY2014 us-gaap Number Of Operating Segments
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3 segments
CY2014 us-gaap Number Of Reportable Segments
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3 segments
CY2012 us-gaap Operating Income Loss
OperatingIncomeLoss
358000000 USD
CY2013Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
95000000 USD
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
116000000 USD
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
127000000 USD
CY2013Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
174000000 USD
CY2013 us-gaap Operating Income Loss
OperatingIncomeLoss
512000000 USD
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
159000000 USD
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
181000000 USD
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2014Q4 us-gaap Operating Income Loss
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CY2014Q4 us-gaap Treasury Stock Value
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119000000 USD
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P3Y
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150000000 USD
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300000000 USD
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600000000 USD
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CY2012Q4 us-gaap Stockholders Equity
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CY2014Q4 us-gaap Stockholders Equity
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1365000000 USD
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138000000 USD
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CY2012Q4 us-gaap Unrecognized Tax Benefits
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CY2013Q4 us-gaap Unrecognized Tax Benefits
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11000000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits
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19000000 USD
CY2012 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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12000000 USD
CY2013 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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14000000 USD
CY2013Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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CY2014Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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3000000 USD
CY2014 us-gaap Unrecognized Tax Benefits Increases Resulting From Acquisition
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4000000 USD
CY2012 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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7000000 USD
CY2013 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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5000000 USD
CY2014 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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5000000 USD
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CY2013 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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CY2013 us-gaap Unrecognized Tax Benefits Period Increase Decrease
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CY2014 us-gaap Unrecognized Tax Benefits Period Increase Decrease
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8000000 USD
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-4000000 USD
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CY2014Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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11000000 USD
CY2012 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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50100000 shares
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CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2012 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
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49700000 shares
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48800000 shares
CY2013 us-gaap Workers Compensation Discount Percent
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0.0216
CY2014 us-gaap Workers Compensation Discount Percent
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0.0248
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230000000 USD
CY2014Q4 us-gaap Workers Compensation Liability Current
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221000000 USD
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419000000 USD
CY2014Q4 us-gaap Workers Compensation Liability Noncurrent
WorkersCompensationLiabilityNoncurrent
449000000 USD
CY2014 us-gaap Write Off Of Deferred Debt Issuance Cost
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CY2014 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<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>
CY2014 us-gaap Nature Of Operations
NatureOfOperations
<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: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;">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. The Company conducts business primarily with the U.S. Government, principally the Department of Defense ("DoD"). As prime contractor, principal subcontractor, team member or partner, HII participates in many high-priority U.S. defense technology programs. 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 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 March 29, 2011, HII entered into a Separation and Distribution Agreement (the "Separation 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. 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>
CY2014 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. </font></div></div>

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