$HII
HUNTINGTON INGALLS INDUSTRIES, INC.

2017 Q4 Form 10-Q Financial Statement

#000150158517000026 Filed on November 08, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $1.996B $1.863B $1.683B
YoY Change 3.85% 10.7% -6.5%
Cost Of Revenue $1.393B $393.0M $308.0M
YoY Change -5.88% 27.6% 5.48%
Gross Profit $603.0M $1.470B $1.375B
YoY Change 36.43% 6.91% -8.82%
Gross Profit Margin 30.21% 78.9% 81.7%
Selling, General & Admin $362.0M $135.0M $147.0M
YoY Change 92.55% -8.16% -2.0%
% of Gross Profit 60.03% 9.18% 10.69%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $52.00M $51.00M $45.00M
YoY Change 10.64% 13.33% 0.0%
% of Gross Profit 8.62% 3.47% 3.27%
Operating Expenses $362.0M $135.0M $147.0M
YoY Change 109.25% -8.16% -2.0%
Operating Profit $231.0M $241.0M $175.0M
YoY Change -13.81% 37.71% -12.5%
Interest Expense -$39.00M $18.00M $19.00M
YoY Change 105.26% -5.26% -24.0%
% of Operating Profit -16.88% 7.47% 10.86%
Other Income/Expense, Net -$15.00M $1.000M $1.000M
YoY Change -1600.0% 0.0%
Pretax Income $187.0M $220.0M $157.0M
YoY Change -25.5% 40.13% -10.29%
Income Tax $123.0M $71.00M $50.00M
% Of Pretax Income 65.78% 32.27% 31.85%
Net Earnings $64.00M $149.0M $107.0M
YoY Change -67.51% 39.25% -3.6%
Net Earnings / Revenue 3.21% 8.0% 6.36%
Basic Earnings Per Share $1.41 $3.28 $2.28
Diluted Earnings Per Share $1.41 $3.27 $2.27
COMMON SHARES
Basic Shares Outstanding 45.26M shares 45.40M shares 46.90M shares
Diluted Shares Outstanding 45.50M shares 47.20M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $701.0M $499.0M $957.0M
YoY Change -2.64% -47.86% 42.62%
Cash & Equivalents $701.0M $499.0M $957.0M
Short-Term Investments
Other Short-Term Assets $123.0M $57.00M $73.00M
YoY Change 156.25% -21.92% -54.94%
Inventory $183.0M $183.0M $268.0M
Prepaid Expenses
Receivables $429.0M $1.200B $1.046B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.195B $1.939B $2.344B
YoY Change 2.47% -17.28% -3.1%
LONG-TERM ASSETS
Property, Plant & Equipment $2.215B $2.093B $1.841B
YoY Change 11.53% 13.69% 5.2%
Goodwill $1.217B $1.217B $956.0M
YoY Change -1.38% 27.3% -1.75%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.964B $405.0M $388.0M
YoY Change -11.69% 4.38% 4.3%
Total Long-Term Assets $4.179B $4.233B $3.664B
YoY Change -0.74% 15.53% 1.13%
TOTAL ASSETS
Total Short-Term Assets $2.195B $1.939B $2.344B
Total Long-Term Assets $4.179B $4.233B $3.664B
Total Assets $6.374B $6.172B $6.008B
YoY Change 0.35% 2.73% -0.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $375.0M $318.0M $293.0M
YoY Change 18.67% 8.53% -1.01%
Accrued Expenses $495.0M $478.0M $438.0M
YoY Change 8.08% 9.13% -0.9%
Deferred Revenue $146.0M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.391B $1.275B $1.228B
YoY Change 3.57% 3.83% -5.1%
LONG-TERM LIABILITIES
Long-Term Debt $1.279B $1.282B $1.277B
YoY Change 0.08% 0.39% -2.15%
Other Long-Term Liabilities $101.0M $99.00M $99.00M
YoY Change 12.22% 0.0% -3.88%
Total Long-Term Liabilities $1.380B $1.381B $1.376B
YoY Change 0.88% 0.36% -2.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.391B $1.275B $1.228B
Total Long-Term Liabilities $1.380B $1.381B $1.376B
Total Liabilities $4.616B $4.460B $4.356B
YoY Change -1.77% 2.39% -4.31%
SHAREHOLDERS EQUITY
Retained Earnings $1.687B $1.656B $1.154B
YoY Change 27.51% 43.5% 40.56%
Common Stock $1.942B $1.935B $1.949B
YoY Change -1.12% -0.72% 0.05%
Preferred Stock
YoY Change
Treasury Stock (at cost) $972.0M $931.0M $644.0M
YoY Change 42.11% 44.57% 41.85%
Treasury Stock Shares
Shareholders Equity $1.758B $1.712B $1.652B
YoY Change
Total Liabilities & Shareholders Equity $6.374B $6.172B $6.008B
YoY Change 0.35% 2.73% -0.56%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $64.00M $149.0M $107.0M
YoY Change -67.51% 39.25% -3.6%
Depreciation, Depletion And Amortization $52.00M $51.00M $45.00M
YoY Change 10.64% 13.33% 0.0%
Cash From Operating Activities $434.0M $96.00M $254.0M
YoY Change 25.8% -62.2% 0.0%
INVESTING ACTIVITIES
Capital Expenditures -$154.0M -$91.00M -$60.00M
YoY Change 10.0% 51.67% 62.16%
Acquisitions
YoY Change
Other Investing Activities $21.00M $8.000M $0.00
YoY Change -105.65%
Cash From Investing Activities -$133.0M -$83.00M -$60.00M
YoY Change -74.02% 38.33% 62.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -99.00M -67.00M -89.00M
YoY Change 41.43% -24.72% -82.41%
NET CHANGE
Cash From Operating Activities 434.0M 96.00M 254.0M
Cash From Investing Activities -133.0M -83.00M -60.00M
Cash From Financing Activities -99.00M -67.00M -89.00M
Net Change In Cash 202.0M -54.00M 105.0M
YoY Change -185.23% -151.43% -136.33%
FREE CASH FLOW
Cash From Operating Activities $434.0M $96.00M $254.0M
Capital Expenditures -$154.0M -$91.00M -$60.00M
Free Cash Flow $588.0M $187.0M $314.0M
YoY Change 21.24% -40.45% 7.9%

Facts In Submission

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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 Expense
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CY2017Q3 us-gaap Liabilities
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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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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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CY2016Q3 us-gaap Other Comprehensive Income Loss Tax
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us-gaap Other Comprehensive Income Loss Tax
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us-gaap Other Comprehensive Income Loss Tax
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us-gaap Other Nonoperating Income Expense
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us-gaap Other Postretirement Benefits Payments
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us-gaap Other Postretirement Benefits Payments
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Pension And Other Postretirement Benefit Contributions
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us-gaap Sales Revenue Goods Net
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us-gaap Sales Revenue Net
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us-gaap Sales Revenue Services Net
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CY2017Q3 us-gaap Sales Revenue Services Net
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us-gaap Sales Revenue Services Net
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us-gaap Share Based Compensation
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P1Y0M
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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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400000 shares
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
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446000 shares
CY2014Q4 us-gaap Stock Repurchase Program Authorized Amount1
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CY2017Q4 us-gaap Stock Repurchase Program Authorized Amount1
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2200000000 USD
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1490000000 USD
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CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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us-gaap Treasury Stock Shares Acquired
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us-gaap Treasury Stock Shares Acquired
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us-gaap Treasury Stock Value Acquired Cost Method
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us-gaap Treasury Stock Value Acquired Cost Method
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CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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47400000 shares
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2016Q3 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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CY2017Q3 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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CY2016Q4 us-gaap Workers Compensation Liability Current
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CY2017Q3 us-gaap Workers Compensation Liability Current
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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%;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 May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, &#8220;Revenue from Contracts with Customers (Topic 606)&#8221;, which will replace existing requirements in U.S. GAAP, including industry-specific requirements, significantly expand the disclosure requirements, and provide companies with a single revenue recognition model for recognizing revenue from contracts with customers. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The two permitted transition methods under the new standard are the full retrospective method, in which case the standard would be applied to each prior reporting period presented, or the modified retrospective method, in which case the cumulative effect of applying the standard would be recognized at the date of initial application. In July 2015, the FASB approved the deferral of the new standard's effective date by one year. The new standard is effective for annual reporting periods beginning after December 15, 2017. The FASB permitted companies to adopt the new standard early, but not before the original effective date of annual reporting periods beginning after December 15, 2016.</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;">As part of the Company's corporate governance structure, the Company established an implementation team comprised of key stakeholders across the Company's businesses. The Company developed a plan to identify and implement applicable changes to its business processes, systems, and controls. These changes are necessary to support recognition and disclosure under the new standard. In the first quarter of 2017, the Company reached a point in its assessment to support a transition decision based on information obtained to date. Based on its evaluation, the Company will adopt the requirements of the new standard in the first quarter of 2018 utilizing the modified retrospective method. As a result, the Company will present the cumulative effect of applying the standard at the date of initial application, January 1, 2018. </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 third quarter of 2017, the Company substantially completed its evaluation of the impact of the accounting and disclosure changes on its business processes, controls, and systems and, as a result, has redefined its accounting policies affected by this standard and enhanced internal controls over financial reporting related to the standard.&#160; The assessment of the majority of the Company's contracts under the new standard supports the recognition of revenue over time using the cost-to-cost measurement under the percentage of completion method, which is consistent with the Company's current revenue recognition practices. As such, the revenue on the majority of the Company's contracts will continue to be recognized over time considering the continuous transfer of control to the customer. Under U.S. Government contracts, this continuous transfer of control to the customer is supported by clauses in the contract that allow the customer to unilaterally terminate the contract for convenience, pay the Company for costs incurred plus a reasonable profit, and take control of any work in process. ASU 2014-09 also requires expanded disclosures regarding the nature, timing, and uncertainty of revenue and customer contract balances, including how and when the Company satisfies its performance obligations and the relationship between revenue recognized and changes in contract balances during a reporting period. The Company has evaluated these disclosure requirements and is incorporating the collection of relevant data into its business processes. The Company does not expect the new standard to have a material effect on its 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%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In February 2016, the FASB issued ASU 2016-02, &#8220;Leases (Topic 842)&#8221;, which establishes a right-of-use model that requires a lessee to record the right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of operations and comprehensive income. This guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those reporting periods. Early adoption is permitted and should be applied using a modified retrospective approach. The Company is in the process of evaluating the potential impacts of ASU 2016-02 on its consolidated 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;">In January 2017, the FASB issued ASU 2017-04, &#8220;Intangibles - Goodwill and Other (Topic 350):&#160;Simplifying the Test for Goodwill Impairment&#8221;, which eliminates the performance of Step 2 from the goodwill impairment test. In performing its annual or interim impairment testing, an entity will instead compare the fair value of the reporting unit with its carrying amount and recognize any impairment charge for the amount by which the carrying amount exceeds the reporting unit&#8217;s fair value. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss. The standard is effective for fiscal years beginning after December 15, 2019. The Company does not expect ASU 2017-04 to have a material impact on its consolidated financial statements and disclosures, accounting processes, or internal controls.</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 March 2017, the FASB issued ASU&#160;2017-07, &#8220;Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost&#8221;. The update requires employers to present the service cost component of the net periodic benefit cost in the same income statement line item as other employee compensation costs arising from services rendered during the period. The other components of net benefit cost, including interest cost, expected return on plan assets, amortization of prior service cost/credit and actuarial gain/loss, and settlement and curtailment effects, are to be presented outside of any subtotal of operating income. Employers will have to disclose the line(s) used to present the other components of net periodic benefit cost, if the components are not presented separately in the income statement. ASU 2017-07 is effective for fiscal years and interim periods beginning after December&#160;15, 2017, and early adoption is permitted. The Company expects adoption of ASU 2017-07 to result in a change in its FAS/CAS Adjustment within operating income, which will be offset by a corresponding change in Other, net to reflect the impact of presenting the interest cost, expected return on plan assets, amortization of prior service cost/credit and actuarial gain/loss, and settlement and curtailment effects of net periodic benefit costs outside of operating income. The Company expects to adopt ASU 2017-07 on January 1, 2018 using the retrospective method and does not expect ASU 2017-07 to have a material impact on its consolidated financial statements and disclosures, accounting processes, or internal controls.</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 May 2017, the FASB issued ASU 2017-10, "Service Concession Arrangements (Topic 853): Determining the Customer of the Operation Services", which addresses how an operating entity should determine the customer for operations under a service concession arrangement. The update clarifies that the grantor is the customer of the operation services in all cases for these arrangements. This standard is effective for annual reporting periods beginning after December 15, 2017. The FASB permitted companies to adopt the new standard early, but not before the original effective date of annual reporting periods beginning after December 15, 2016. The Company is currently evaluating the impact of ASU 2017-10 on its consolidated financial statements and disclosures, accounting processes, or internal controls.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Other pronouncements issued but not effective until after December 31, 2017, are not expected to have a material impact on the Company's consolidated financial position, results of operations, or cash flows.</font></div></div>
us-gaap Fiscal Period
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The quarterly information is labeled using a calendar convention; that is, first quarter is consistently labeled as ending on March 31, second quarter as ending on June 30, and third quarter as ending on September 30. It is management's long-standing practice to establish interim closing dates using a "fiscal" calendar, which requires the businesses to close their books on a Friday near these quarter-end dates in order to normalize the potentially disruptive effects of quarterly closings on business processes. The effects of this practice only exist for interim periods within a reporting year.</font></div></div>
us-gaap 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;">Huntington Ingalls Industries, Inc. ("HII" or the "Company") is one of America&#8217;s largest military shipbuilding companies and a provider of professional services to partners in government and industry. 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 Shipbuilding ("Ingalls"), Newport News Shipbuilding ("Newport News"), and Technical Solutions. For more than a century, the Company's Ingalls and Newport News segments in Mississippi and Virginia have built more ships in more ship classes than any other U.S. naval shipbuilder. The Technical Solutions segment, established in the fourth quarter of 2016, provides a range of services to the governmental, energy, and oil and gas markets.</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;">HII conducts most of its business with the U.S. Government, principally the Department of Defense ("DoD"). As prime contractor, principal subcontractor, team member, or partner, the Company participates in many high-priority U.S. defense technology programs. 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 </font><font style="font-family:Arial;font-size:10pt;font-style:italic;">Arleigh Burke </font><font style="font-family:Arial;font-size:10pt;">class (DDG 51) 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 Technical Solutions segment provides a wide range of professional services, including fleet support, integrated mission solutions, nuclear and environmental, and oil and gas services.</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 2015 established limits on U.S. Government discretionary spending, including defense spending, and provided sequestration relief for 2016 and 2017. Sequestration remains in effect for 2018 through 2021 and could result in significant decreases in DoD spending that could negatively impact the Company's consolidated financial position, results of operations, or cash flows, as well as its estimated recovery of goodwill and other long-lived assets.</font></div></div>

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