$HII
HUNTINGTON INGALLS INDUSTRIES, INC.

2015 Q2 Form 10-Q Financial Statement

#000150158515000027 Filed on August 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $1.745B $1.719B
YoY Change 1.51% 2.14%
Cost Of Revenue $274.0M $238.0M
YoY Change 15.13% 4.85%
Gross Profit $1.471B $1.481B
YoY Change -0.68% 1.72%
Gross Profit Margin 84.3% 86.15%
Selling, General & Admin $173.0M $170.0M
YoY Change 1.76% -8.11%
% of Gross Profit 11.76% 11.48%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $44.00M $49.00M
YoY Change -10.2% 11.36%
% of Gross Profit 2.99% 3.31%
Operating Expenses $173.0M $170.0M
YoY Change 1.76% -8.11%
Operating Profit $269.0M $181.0M
YoY Change 48.62% 56.03%
Interest Expense $25.00M $29.00M
YoY Change -13.79% 0.0%
% of Operating Profit 9.29% 16.02%
Other Income/Expense, Net
YoY Change
Pretax Income $244.0M $152.0M
YoY Change 60.53% 74.71%
Income Tax $88.00M $52.00M
% Of Pretax Income 36.07% 34.21%
Net Earnings $156.0M $100.0M
YoY Change 56.0% 75.44%
Net Earnings / Revenue 8.94% 5.82%
Basic Earnings Per Share $3.22 $2.05
Diluted Earnings Per Share $3.20 $2.04
COMMON SHARES
Basic Shares Outstanding 48.50M shares 48.80M shares
Diluted Shares Outstanding 48.80M shares 49.10M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $960.0M $592.0M
YoY Change 62.16% -4.98%
Cash & Equivalents $960.0M $592.0M
Short-Term Investments
Other Short-Term Assets $171.0M $225.0M
YoY Change -24.0% 0.45%
Inventory $319.0M $294.0M
Prepaid Expenses
Receivables $1.244B $1.216B
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.694B $2.327B
YoY Change 15.77% 2.56%
LONG-TERM ASSETS
Property, Plant & Equipment $1.757B $1.850B
YoY Change -5.03% -7.04%
Goodwill $973.0M $1.089B
YoY Change -10.65% 23.61%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $354.0M $257.0M
YoY Change 37.74% -30.54%
Total Long-Term Assets $3.618B $3.753B
YoY Change -3.6% -0.66%
TOTAL ASSETS
Total Short-Term Assets $2.694B $2.327B
Total Long-Term Assets $3.618B $3.753B
Total Assets $6.312B $6.080B
YoY Change 3.82% 0.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $269.0M $297.0M
YoY Change -9.43% 3.48%
Accrued Expenses $422.0M $443.0M
YoY Change -4.74% 6.49%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $374.0M $86.00M
YoY Change 334.88% 65.38%
Total Short-Term Liabilities $1.589B $1.267B
YoY Change 25.41% 3.85%
LONG-TERM LIABILITIES
Long-Term Debt $1.305B $1.679B
YoY Change -22.28% -4.87%
Other Long-Term Liabilities $102.0M $110.0M
YoY Change -7.27% 71.88%
Total Long-Term Liabilities $1.407B $1.789B
YoY Change -21.35% -2.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.589B $1.267B
Total Long-Term Liabilities $1.407B $1.789B
Total Liabilities $4.827B $4.511B
YoY Change 7.01% -12.81%
SHAREHOLDERS EQUITY
Retained Earnings $729.0M $406.0M
YoY Change 79.56% 346.15%
Common Stock $1.942B $1.896B
YoY Change 2.43% -0.42%
Preferred Stock
YoY Change
Treasury Stock (at cost) $351.0M $225.0M
YoY Change 56.0% 733.33%
Treasury Stock Shares
Shareholders Equity $1.485B $1.569B
YoY Change
Total Liabilities & Shareholders Equity $6.312B $6.080B
YoY Change 3.82% 0.55%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $156.0M $100.0M
YoY Change 56.0% 75.44%
Depreciation, Depletion And Amortization $44.00M $49.00M
YoY Change -10.2% 11.36%
Cash From Operating Activities $153.0M $272.0M
YoY Change -43.75% 988.0%
INVESTING ACTIVITIES
Capital Expenditures -$29.00M -$27.00M
YoY Change 7.41% 8.0%
Acquisitions
YoY Change
Other Investing Activities $21.00M -$227.0M
YoY Change -109.25%
Cash From Investing Activities -$8.000M -$254.0M
YoY Change -96.85% 916.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -89.00M -168.0M
YoY Change -47.02% 479.31%
NET CHANGE
Cash From Operating Activities 153.0M 272.0M
Cash From Investing Activities -8.000M -254.0M
Cash From Financing Activities -89.00M -168.0M
Net Change In Cash 56.00M -150.0M
YoY Change -137.33% 417.24%
FREE CASH FLOW
Cash From Operating Activities $153.0M $272.0M
Capital Expenditures -$29.00M -$27.00M
Free Cash Flow $182.0M $299.0M
YoY Change -39.13% 498.0%

Facts In Submission

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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
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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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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Pension And Other Postretirement Benefit Contributions
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us-gaap Pension And Other Postretirement Benefit Contributions
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us-gaap Repayments Of Long Term Debt
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us-gaap Repayments Of Long Term Debt
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us-gaap Sales Revenue Services Net
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
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CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2014Q4 us-gaap Workers Compensation Liability Current
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CY2015Q2 us-gaap Workers Compensation Liability Noncurrent
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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%;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 April 7, 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-03, "Interest&#8212;Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs." The update requires the presentation of capitalized debt issuance costs as a direct reduction of the related debt liability, consistent with the current required presentation of debt discounts. The standard is effective for public entities for annual reporting periods beginning after December 15, 2015, and interim periods within those periods. The Company does not expect the adoption of ASU 2015-03 to have a material impact on the Company's consolidated financial position, results of operations, or cash flows.</font></div><div style="line-height:120%;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 FASB issued the final standard on revenue from contracts with customers. The standard, issued as ASU 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. As approved, 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. On July 9, 2015, the FASB voted to defer the effective date of the new revenue recognition standard by one year. Based on the FASB's decision, public entities will apply the new revenue standard to annual reporting periods beginning after December 15, 2017, but early adoption for annual reporting periods beginning after December 31, 2016, will be permitted. 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>
us-gaap Fiscal Period
FiscalPeriod
<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 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>
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 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>

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