$HII
HUNTINGTON INGALLS INDUSTRIES, INC.

2015 Q4 Form 10-Q Financial Statement

#000150158515000033 Filed on November 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $1.905B $1.800B $1.717B
YoY Change -1.14% 4.83% 4.89%
Cost Of Revenue $1.550B $292.0M $278.0M
YoY Change 1.97% 5.04% 32.38%
Gross Profit $355.0M $1.508B $1.439B
YoY Change -12.78% 4.79% 0.84%
Gross Profit Margin 18.64% 83.78% 83.81%
Selling, General & Admin $196.0M $150.0M $189.0M
YoY Change -9.68% -20.63% 1.61%
% of Gross Profit 55.21% 9.95% 13.13%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $45.00M $45.00M $47.00M
YoY Change 18.42% -4.26% -18.97%
% of Gross Profit 12.68% 2.98% 3.27%
Operating Expenses $196.0M $150.0M $189.0M
YoY Change -9.68% -20.63% 1.61%
Operating Profit $144.0M $200.0M $171.0M
YoY Change 0.0% 16.96% 34.65%
Interest Expense -$63.00M $25.00M $27.00M
YoY Change -3.08% -7.41% -3.57%
% of Operating Profit -43.75% 12.5% 15.79%
Other Income/Expense, Net
YoY Change
Pretax Income $80.00M $175.0M $144.0M
YoY Change 1.27% 21.53% 45.45%
Income Tax $30.00M $64.00M $48.00M
% Of Pretax Income 37.5% 36.57% 33.33%
Net Earnings $50.00M $111.0M $96.00M
YoY Change -3.85% 15.63% 39.13%
Net Earnings / Revenue 2.62% 6.17% 5.59%
Basic Earnings Per Share $1.07 $2.31 $1.97
Diluted Earnings Per Share $1.06 $2.29 $1.96
COMMON SHARES
Basic Shares Outstanding 46.98M shares 48.00M shares 48.70M shares
Diluted Shares Outstanding 48.40M shares 49.00M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $894.0M $671.0M $769.0M
YoY Change -9.7% -12.74% -14.08%
Cash & Equivalents $894.0M $671.0M $769.0M
Short-Term Investments
Other Short-Term Assets $31.00M $162.0M $195.0M
YoY Change -38.0% -16.92% -19.09%
Inventory $285.0M $308.0M $272.0M
Prepaid Expenses
Receivables $1.074B $1.278B $1.144B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.284B $2.419B $2.380B
YoY Change -5.5% 1.64% -5.97%
LONG-TERM ASSETS
Property, Plant & Equipment $1.827B $1.750B $1.852B
YoY Change 1.95% -5.51% -5.7%
Goodwill $956.0M $973.0M $1.086B
YoY Change -6.82% -10.41% 23.27%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.913B $372.0M $256.0M
YoY Change -5.76% 45.31% -31.0%
Total Long-Term Assets $3.740B $3.623B $3.745B
YoY Change -2.15% -3.26% -0.08%
TOTAL ASSETS
Total Short-Term Assets $2.284B $2.419B $2.380B
Total Long-Term Assets $3.740B $3.623B $3.745B
Total Assets $6.024B $6.042B $6.125B
YoY Change -3.45% -1.36% -2.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $317.0M $296.0M $268.0M
YoY Change 17.84% 10.45% -6.62%
Accrued Expenses $442.0M $442.0M $459.0M
YoY Change -5.76% -3.7% 6.74%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $93.00M
YoY Change -100.0% -100.0% 43.08%
Total Short-Term Liabilities $1.274B $1.294B $1.234B
YoY Change -2.9% 4.86% -11.98%
LONG-TERM LIABILITIES
Long-Term Debt $1.273B $1.305B $1.650B
YoY Change -18.5% -20.91% -5.34%
Other Long-Term Liabilities $103.0M $103.0M $99.00M
YoY Change -1.9% 4.04% 90.38%
Total Long-Term Liabilities $1.376B $1.408B $1.749B
YoY Change -17.46% -19.5% -2.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.274B $1.294B $1.234B
Total Long-Term Liabilities $1.376B $1.408B $1.749B
Total Liabilities $4.534B $4.552B $4.463B
YoY Change -6.98% 1.99% -16.49%
SHAREHOLDERS EQUITY
Retained Earnings $848.0M $821.0M $492.0M
YoY Change 61.52% 66.87% 217.42%
Common Stock $1.978B $1.948B $1.907B
YoY Change 0.97% 2.15% -0.37%
Preferred Stock
YoY Change
Treasury Stock (at cost) $492.0M $454.0M $232.0M
YoY Change 90.7% 95.69% 307.02%
Treasury Stock Shares
Shareholders Equity $1.490B $1.490B $1.662B
YoY Change
Total Liabilities & Shareholders Equity $6.024B $6.042B $6.125B
YoY Change -3.45% -1.36% -2.45%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $50.00M $111.0M $96.00M
YoY Change -3.85% 15.63% 39.13%
Depreciation, Depletion And Amortization $45.00M $45.00M $47.00M
YoY Change 18.42% -4.26% -18.97%
Cash From Operating Activities $444.0M $254.0M $256.0M
YoY Change 0.68% -0.78% -8.9%
INVESTING ACTIVITIES
Capital Expenditures -$102.0M -$37.00M -$40.00M
YoY Change 37.84% -7.5% 33.33%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $1.000M
YoY Change -100.0% -98.28%
Cash From Investing Activities -$102.0M -$37.00M -$39.00M
YoY Change 37.84% -5.13% -239.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -119.0M -506.0M -40.00M
YoY Change -18.49% 1165.0% 8.11%
NET CHANGE
Cash From Operating Activities 444.0M 254.0M 256.0M
Cash From Investing Activities -102.0M -37.00M -39.00M
Cash From Financing Activities -119.0M -506.0M -40.00M
Net Change In Cash 223.0M -289.0M 177.0M
YoY Change 0.9% -263.28% -34.93%
FREE CASH FLOW
Cash From Operating Activities $444.0M $254.0M $256.0M
Capital Expenditures -$102.0M -$37.00M -$40.00M
Free Cash Flow $546.0M $291.0M $296.0M
YoY Change 6.02% -1.69% -4.82%

Facts In Submission

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us-gaap Income Loss From Equity Method Investments
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CY2015Q3 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Inventory For Long Term Contracts Or Programs
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us-gaap Increase Decrease In Pension And Postretirement Obligations
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us-gaap Increase Decrease In Pension And Postretirement Obligations
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Interest Paid
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CY2015Q3 us-gaap Liabilities
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us-gaap Net Cash Provided By Used In Financing Activities
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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 Investing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Number Of Operating Segments
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us-gaap Number Of Reportable Segments
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CY2014Q3 us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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CY2015Q3 us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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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
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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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CY2015Q3 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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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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CY2015Q3 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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CY2014Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2014Q3 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 Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
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CY2015Q3 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 Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
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66000000 USD
CY2014Q3 us-gaap Other Comprehensive Income Loss Tax
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us-gaap Other Comprehensive Income Loss Tax
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CY2015Q3 us-gaap Other Comprehensive Income Loss Tax
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us-gaap Other Comprehensive Income Loss Tax
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22000000 USD
CY2014Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
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CY2015Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
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CY2014Q4 us-gaap Other Liabilities Noncurrent
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CY2015Q3 us-gaap Other Liabilities Noncurrent
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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
OtherPostretirementBenefitsPayments
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CY2014Q4 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent
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CY2015Q3 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent
513000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
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us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
30000000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
64000000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2014Q4 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Current
PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesCurrent
143000000 USD
CY2015Q3 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Current
PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesCurrent
143000000 USD
us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
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us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
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50000000 USD
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us-gaap Proceeds From Insurance Settlement Investing Activities
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us-gaap Share Based Compensation
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us-gaap Proceeds From Insurance Settlement Operating Activities
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us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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us-gaap Proceeds From Sale Of Productive Assets
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CY2014Q4 us-gaap Property Plant And Equipment Net
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PropertyPlantAndEquipmentNet
1750000000 USD
us-gaap Repayments Of Long Term Debt
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us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
395000000 USD
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RetainedEarningsAccumulatedDeficit
525000000 USD
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RetainedEarningsAccumulatedDeficit
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us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
4150000000 USD
CY2015Q3 us-gaap Sales Revenue Goods Net
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us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
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CY2014Q3 us-gaap Sales Revenue Net
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us-gaap Sales Revenue Net
SalesRevenueNet
5030000000 USD
CY2015Q3 us-gaap Sales Revenue Net
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1800000000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
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CY2014Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
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us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
880000000 USD
CY2015Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
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us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
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us-gaap Share Based Compensation
ShareBasedCompensation
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P0Y10M
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
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CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
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889000 shares
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
536000 shares
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
33.87
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P0Y11M
CY2013Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
300000000 USD
CY2015Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
600000000 USD
CY2015Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
1200000000 USD
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CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1365000000 USD
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StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1490000000 USD
us-gaap Treasury Stock Shares Acquired
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us-gaap Treasury Stock Shares Acquired
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CY2015Q3 us-gaap Treasury Stock Value
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TreasuryStockValueAcquiredCostMethod
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us-gaap Treasury Stock Value Acquired Cost Method
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CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49300000 shares
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48400000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48600000 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
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48300000 shares
CY2014Q4 us-gaap Workers Compensation Liability Current
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CY2015Q3 us-gaap Workers Compensation Liability Current
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CY2014Q4 us-gaap Workers Compensation Liability Noncurrent
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CY2015Q3 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 July 22, 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-11, "Inventory (Topic 330)." The update requires entities to measure inventory "at the lower of cost and net realizable value," simplifying previous guidance under which inventory must be measured at the lower of cost or market. The standard is effective for public entities for annual reporting periods beginning after December 15, 2016, and interim periods within those periods. The Company is currently evaluating the impact implementation of ASU 2015-11 will have on its financial statements and disclosures, processes, internal controls, and information technology systems.</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 FASB issued 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. On August 16, 2015, the FASB issued ASU 2015-15, which addresses the lack of guidance regarding line-of-credit arrangements in ASU 2015-03. The update clarifies the SEC staff's position, indicating that for line-of-credit arrangements, it would "not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement." The Company does not expect the adoption of ASU 2015-03 or ASU 2015-15 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. On August 12, 2015, the FASB issued ASU 2015-14, which defers the effective date of the new revenue recognition standard by one year. Based on ASU 2015-14, 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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