$LDOS
Leidos Holdings, Inc.

2019 Q4 Form 10-Q Financial Statement

#000133692019000054 Filed on October 29, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $2.835B $2.575B
YoY Change 10.1% 2.88%
Cost Of Revenue $2.450B $2.174B
YoY Change 12.7% 1.78%
Gross Profit $385.0M $401.0M
YoY Change -3.99% 9.26%
Gross Profit Margin 13.58% 15.57%
Selling, General & Admin $177.0M $194.0M
YoY Change -8.76% 0.0%
% of Gross Profit 45.97% 48.38%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.00M $14.00M
YoY Change 14.29% -12.5%
% of Gross Profit 4.16% 3.49%
Operating Expenses $177.0M $194.0M
YoY Change -8.76% 0.0%
Operating Profit $249.0M $203.0M
YoY Change 22.66% 34.44%
Interest Expense -$22.00M -$31.00M
YoY Change -29.03% -186.11%
% of Operating Profit -8.84% -15.27%
Other Income/Expense, Net -$7.000M $2.000M
YoY Change -450.0%
Pretax Income $214.0M $170.0M
YoY Change 25.88% 46.55%
Income Tax $52.00M $23.00M
% Of Pretax Income 24.3% 13.53%
Net Earnings $161.0M $147.0M
YoY Change 9.52% 79.27%
Net Earnings / Revenue 5.68% 5.71%
Basic Earnings Per Share $1.13 $0.97
Diluted Earnings Per Share $1.11 $0.96
COMMON SHARES
Basic Shares Outstanding 141.6M shares 143.0M shares 151.0M shares
Diluted Shares Outstanding 145.0M shares 153.0M shares

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $635.0M $515.0M
YoY Change 23.3% 79.44%
Cash & Equivalents $635.0M $515.0M
Short-Term Investments
Other Short-Term Assets $514.0M $98.00M
YoY Change 424.49%
Inventory $456.0M
Prepaid Expenses
Receivables $1.775B $1.812B
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.924B $2.881B
YoY Change 1.49% 12.06%
LONG-TERM ASSETS
Property, Plant & Equipment $228.0M $230.0M
YoY Change -0.87% 8.49%
Goodwill $4.889B $4.881B
YoY Change 0.16% -1.91%
Intangibles $571.0M $702.0M
YoY Change -18.66% -24.11%
Long-Term Investments
YoY Change
Other Assets $404.0M $214.0M
YoY Change 88.79% -10.46%
Total Long-Term Assets $6.486B $6.027B
YoY Change 7.62% -5.12%
TOTAL ASSETS
Total Short-Term Assets $2.924B $2.881B
Total Long-Term Assets $6.486B $6.027B
Total Assets $9.410B $8.908B
YoY Change 5.64% -0.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.419B $1.590B
YoY Change -10.75% 6.0%
Accrued Expenses $587.0M $410.0M
YoY Change 43.17% -5.75%
Deferred Revenue $444.0M $362.0M
YoY Change 22.65%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $77.00M $56.00M
YoY Change 37.5% -12.5%
Total Short-Term Liabilities $2.527B $2.093B
YoY Change 20.74% 3.56%
LONG-TERM LIABILITIES
Long-Term Debt $2.939B $2.985B
YoY Change -1.54% -1.91%
Other Long-Term Liabilities $203.0M $141.0M
YoY Change 43.97% -34.42%
Total Long-Term Liabilities $203.0M $141.0M
YoY Change 43.97% -34.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.527B $2.093B
Total Long-Term Liabilities $203.0M $141.0M
Total Liabilities $2.730B $2.234B
YoY Change 22.2% -0.09%
SHAREHOLDERS EQUITY
Retained Earnings $764.0M $231.0M
YoY Change 230.74% -420.83%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.246B $3.454B
YoY Change
Total Liabilities & Shareholders Equity $9.410B $8.908B
YoY Change 5.64% -0.17%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income $161.0M $147.0M
YoY Change 9.52% 79.27%
Depreciation, Depletion And Amortization $16.00M $14.00M
YoY Change 14.29% -12.5%
Cash From Operating Activities $349.0M $371.0M
YoY Change -5.93% 38.95%
INVESTING ACTIVITIES
Capital Expenditures -$21.00M -$25.00M
YoY Change -16.0% 31.58%
Acquisitions
YoY Change
Other Investing Activities -$81.00M $40.00M
YoY Change -302.5%
Cash From Investing Activities -$102.0M $15.00M
YoY Change -780.0% -178.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $62.00M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -204.0M -134.0M
YoY Change 52.24% -22.99%
NET CHANGE
Cash From Operating Activities 349.0M 371.0M
Cash From Investing Activities -102.0M 15.00M
Cash From Financing Activities -204.0M -134.0M
Net Change In Cash 43.00M 252.0M
YoY Change -82.94% 240.54%
FREE CASH FLOW
Cash From Operating Activities $349.0M $371.0M
Capital Expenditures -$21.00M -$25.00M
Free Cash Flow $370.0M $396.0M
YoY Change -6.57% 38.46%

Facts In Submission

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12000000 USD
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5000000 USD
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46000000 USD
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13000000 USD
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3000000 USD
CY2019Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2019Q3 us-gaap Profit Loss
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162000000 USD
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203000000 USD
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49000000 USD
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13000000 USD
CY2019Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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3250000000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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3383000000 USD
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1000000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest Adjusted Balance1
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3384000000 USD
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14000000 USD
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22000000 USD
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50000000 USD
CY2018Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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11000000 USD
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10000000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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3434000000 USD
CY2018Q2 us-gaap Profit Loss
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145000000 USD
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94000000 USD
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48000000 USD
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12000000 USD
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CY2018Q3 us-gaap Profit Loss
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147000000 USD
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66000000 USD
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49000000 USD
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10000000 USD
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1000000 USD
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3457000000 USD
us-gaap Profit Loss
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489000000 USD
us-gaap Profit Loss
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394000000 USD
us-gaap Gain Loss On Sale Of Business
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87000000 USD
us-gaap Gain Loss On Sale Of Business
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0 USD
us-gaap Depreciation Depletion And Amortization
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174000000 USD
us-gaap Depreciation Depletion And Amortization
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193000000 USD
us-gaap Share Based Compensation
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38000000 USD
us-gaap Share Based Compensation
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33000000 USD
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us-gaap Asset Impairment Charges
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7000000 USD
us-gaap Provision For Doubtful Accounts
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19000000 USD
us-gaap Provision For Doubtful Accounts
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49000000 USD
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24000000 USD
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253000000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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61000000 USD
us-gaap Increase Decrease In Employee Related Liabilities
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us-gaap Increase Decrease In Employee Related Liabilities
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us-gaap Increase Decrease In Income Taxes
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9000000 USD
us-gaap Increase Decrease In Income Taxes
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3000000 USD
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77000000 USD
us-gaap Increase Decrease In Other Noncurrent Assets And Liabilities Net
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823000000 USD
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664000000 USD
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183000000 USD
us-gaap Proceeds From Divestiture Of Businesses
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0 USD
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96000000 USD
us-gaap Proceeds From Sale Of Productive Assets
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0 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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94000000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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81000000 USD
us-gaap Payments To Acquire Productive Assets
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67000000 USD
us-gaap Payments To Acquire Productive Assets
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53000000 USD
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0 USD
us-gaap Proceeds From Collection Of Notes Receivable
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40000000 USD
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us-gaap Payments For Proceeds From Other Investing Activities
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119000000 USD
us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Payments For Repurchase Of Equity
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430000000 USD
us-gaap Payments For Repurchase Of Equity
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182000000 USD
us-gaap Payments Of Ordinary Dividends
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101000000 USD
us-gaap Payments Of Ordinary Dividends
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151000000 USD
us-gaap Repayments Of Long Term Debt And Capital Securities
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50000000 USD
us-gaap Repayments Of Long Term Debt And Capital Securities
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59000000 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
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16000000 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
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13000000 USD
ldos Payment Of Tax Indemnification Liability
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0 USD
ldos Payment Of Tax Indemnification Liability
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23000000 USD
us-gaap Payments To Acquire Additional Interest In Subsidiaries
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0 USD
us-gaap Payments To Acquire Additional Interest In Subsidiaries
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8000000 USD
us-gaap Payments Of Debt Issuance Costs
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0 USD
us-gaap Payments Of Debt Issuance Costs
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6000000 USD
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0 USD
us-gaap Proceeds From Payments For Other Financing Activities
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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 Financing Activities
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377000000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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153000000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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369000000 USD
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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422000000 USD
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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746000000 USD
CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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575000000 USD
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1
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238000000 USD
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CY2018Q4 us-gaap Operating Lease Right Of Use Asset
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418000000 USD
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1491000000 USD
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1623000000 USD
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72000000 USD
CY2018Q4 us-gaap Debt Current
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80000000 USD
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3052000000 USD
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2980000000 USD
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0 USD
CY2018Q4 us-gaap Operating Lease Liability Noncurrent
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320000000 USD
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170000000 USD
CY2018Q4 us-gaap Deferred Income Tax Liabilities Net
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187000000 USD
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178000000 USD
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144000000 USD
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372000000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
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420000000 USD
CY2019Q3 ldos Increase In Income Before Income Taxes From Changes In Contract Estimates
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23000000 USD
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34000000 USD
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69000000 USD
ldos Increase In Income Before Income Taxes From Changes In Contract Estimates
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135000000 USD
CY2019Q3 ldos Decrease In Income Before Income Taxes From Changes In Contract Estimates
DecreaseInIncomeBeforeIncomeTaxesFromChangesInContractEstimates
11000000 USD
CY2018Q3 ldos Decrease In Income Before Income Taxes From Changes In Contract Estimates
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17000000 USD
ldos Decrease In Income Before Income Taxes From Changes In Contract Estimates
DecreaseInIncomeBeforeIncomeTaxesFromChangesInContractEstimates
40000000 USD
ldos Decrease In Income Before Income Taxes From Changes In Contract Estimates
DecreaseInIncomeBeforeIncomeTaxesFromChangesInContractEstimates
49000000 USD
CY2019Q3 ldos Increase Decrease In Income From Change In Contract Estimates
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12000000 USD
CY2018Q3 ldos Increase Decrease In Income From Change In Contract Estimates
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17000000 USD
ldos Increase Decrease In Income From Change In Contract Estimates
IncreaseDecreaseInIncomeFromChangeInContractEstimates
29000000 USD
ldos Increase Decrease In Income From Change In Contract Estimates
IncreaseDecreaseInIncomeFromChangeInContractEstimates
86000000 USD
CY2019Q3 ldos Increase Decrease In Income From Change In Contract Estimates Per Diluted Share
IncreaseDecreaseInIncomeFromChangeInContractEstimatesPerDilutedShare
0.06
CY2018Q3 ldos Increase Decrease In Income From Change In Contract Estimates Per Diluted Share
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0.07
ldos Increase Decrease In Income From Change In Contract Estimates Per Diluted Share
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0.15
ldos Increase Decrease In Income From Change In Contract Estimates Per Diluted Share
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CY2019Q3 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
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us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
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36000000 USD
CY2018Q3 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
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18000000 USD
us-gaap Operating Lease Payments
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111000000 USD
us-gaap Finance Lease Principal Payments
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us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
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84000000 USD
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CY2019Q3 us-gaap Operating Lease Right Of Use Asset
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394000000 USD
CY2019Q3 ldos Lease Right Of Use Asset
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CY2019Q3 us-gaap Operating Lease Liability Current
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141000000 USD
CY2019Q3 ldos Lease Liability Current
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148000000 USD
CY2019Q3 us-gaap Finance Lease Liability Noncurrent
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CY2019Q3 us-gaap Operating Lease Liability Noncurrent
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295000000 USD
CY2019Q3 ldos Lease Liability Noncurrent
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297000000 USD
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2000000 USD
us-gaap Finance Lease Right Of Use Asset Amortization
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6000000 USD
CY2019Q3 us-gaap Operating Lease Cost
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34000000 USD
us-gaap Operating Lease Cost
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116000000 USD
CY2019Q3 us-gaap Variable Lease Cost
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28000000 USD
us-gaap Variable Lease Cost
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79000000 USD
CY2019Q3 us-gaap Short Term Lease Cost
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2000000 USD
us-gaap Short Term Lease Cost
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5000000 USD
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3000000 USD
us-gaap Sublease Income
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4000000 USD
CY2019Q3 us-gaap Lease Cost
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63000000 USD
CY2019Q3 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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P2Y2M12D
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P5Y
us-gaap Lease Cost
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202000000 USD
CY2019Q3 us-gaap Finance Lease Weighted Average Discount Rate Percent
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CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.0411
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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81000000 USD
CY2019Q3 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
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2000000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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49000000 USD
CY2019Q3 us-gaap Finance Lease Liability Payments Due Year Two
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5000000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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136000000 USD
CY2019Q3 us-gaap Finance Lease Liability Payments Due Year Three
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1000000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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86000000 USD
CY2019Q3 us-gaap Finance Lease Liability Payments Due Year Four
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1000000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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65000000 USD
CY2019Q3 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
0 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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46000000 USD
CY2019Q3 us-gaap Finance Lease Liability Payments Due After Year Five
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CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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102000000 USD
CY2019Q3 us-gaap Finance Lease Liability Payments Due
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9000000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
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484000000 USD
CY2019Q3 us-gaap Finance Lease Liability Undiscounted Excess Amount
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0 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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48000000 USD
CY2019Q3 us-gaap Finance Lease Liability
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9000000 USD
CY2019Q3 us-gaap Operating Lease Liability
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436000000 USD
CY2018Q1 us-gaap Lessee Operating Lease Term Of Contract
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P148M
CY2018Q1 ldos Operating Lease Rent Expense For Year One Per Agreement
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11000000 USD
CY2018Q1 ldos Operating Lease Rent Increase Percentage
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0.025
CY2018Q3 us-gaap Lease And Rental Expense
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40000000 USD
us-gaap Lease And Rental Expense
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120000000 USD
CY2019Q3 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Two Years
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31000000 USD
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due Current
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3000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
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144000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Receivable Current
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3000000 USD
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due In Two Years
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CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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114000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Two Years
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1000000 USD
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due In Three Years
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0 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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83000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Three Years
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1000000 USD
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due In Four Years
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0 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
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71000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Four Years
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0 USD
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due In Five Years
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0 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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55000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Five Years
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0 USD
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due Thereafter
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0 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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246000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Receivable Thereafter
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0 USD
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due
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3000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
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713000000 USD
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<div style="line-height:120%;padding-top:8px;font-size:10pt;"><span style="font-family:Arial;font-weight:bold;">Note 20–Contingencies</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;"> </span></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">Legal Proceedings</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;"> </span></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-style:italic;">MSA Joint Venture</span></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">On November 10, 2015, MSA received a final decision by the Department of Energy ("DoE") contracting officer for the Mission Support Contract concluding that certain payments to MSA by the DoE for the performance of IT services by Lockheed Martin Services, Inc. ("LMSI") under a subcontract to MSA constituted alleged affiliate fees in violation of Federal Acquisition Regulations ("FAR"). Lockheed Martin Integrated Technology LLC (now known as Leidos Integrated Technology LLC) is a member entity of MSA. Subsequent to the contracting officer's final decision, MSA, LMSI, and Lockheed Martin Corporation received notice from the U.S. Attorney's Office for the Eastern District of Washington that the U.S. government had initiated a False Claims Act investigation into the facts surrounding this dispute, and each of MSA, LMSI and Lockheed Martin Corporation have produced information in response to Civil Investigative Demands from the U.S. Attorney's Office. On February 8, 2019, the U.S. Attorney's office filed a complaint in the United States District Court for the Eastern District of Washington against MSA, Lockheed Martin Corporation, Lockheed Martin Services, Inc. and a Lockheed Martin employee. The complaint alleges violations of the False Claims Act, the Anti-Kickback Act and breach of contract with DoE, among other things. The U.S. Attorney's office had previously advised that a parallel criminal investigation was open, although no subjects or targets of the investigation had been identified. The U.S. Attorney's office has informed MSA that it has closed the criminal investigation.</span></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">Since this issue first was raised by the DoE, MSA has asserted that the IT services performed by LMSI under a fixed-price/fixed-unit rate subcontract approved by the DoE meet the definition of a "commercial item" under the FAR and any profits earned on that subcontract are permissible. MSA filed an appeal of the contracting officer's decision with the Civilian Board of Contract Appeals, which was stayed pending resolution of the False Claims Act matter. Subsequent to the filing of MSA's appeal, the contracting officer demanded that MSA reimburse the DoE in the amount of </span><span style="font-family:Arial;font-size:10pt;"><span>$64 million</span></span><span style="font-family:Arial;font-size:10pt;">, which was his estimate of the profits earned during the period from 2010 to 2014 by LMSI. The DoE has deferred collection of </span><span style="font-family:Arial;font-size:10pt;"><span>$32 million</span></span><span style="font-family:Arial;font-size:10pt;"> of that demand, pending resolution of the appeal and without prejudice to MSA's position that it is not liable for any of the DOE's </span><span style="font-family:Arial;font-size:10pt;"><span>$64 million</span></span><span style="font-family:Arial;font-size:10pt;"> reimbursement claim. The Company has agreed to indemnify Jacobs Group and Centerra Group, LLC for any liability MSA incurs in this matter. Under the terms of the Separation Agreement, Lockheed Martin agreed to indemnify the Company for </span><span style="font-family:Arial;font-size:10pt;"><span>100%</span></span><span style="font-family:Arial;font-size:10pt;"> of any damages in excess of </span><span style="font-family:Arial;font-size:10pt;"><span>$38 million</span></span><span style="font-family:Arial;font-size:10pt;"> up to </span><span style="font-family:Arial;font-size:10pt;"><span>$64 million</span></span><span style="font-family:Arial;font-size:10pt;">, and </span><span style="font-family:Arial;font-size:10pt;"><span>50%</span></span><span style="font-family:Arial;font-size:10pt;"> of any damages in excess of </span><span style="font-family:Arial;font-size:10pt;"><span>$64 million</span></span><span style="font-family:Arial;font-size:10pt;">, with respect to claims asserted against MSA related to this matter. At </span><span style="font-family:Arial;font-size:10pt;">September 27, 2019</span><span style="font-family:Arial;font-size:10pt;">, the Company had a liability of </span><span style="font-family:Arial;font-size:10pt;"><span>$39 million</span></span><span style="font-family:Arial;font-size:10pt;"> recorded in the condensed consolidated balance sheets.</span></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-style:italic;">Securities Litigation</span></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">Between February and April 2012, alleged stockholders filed </span><span style="font-family:Arial;font-size:10pt;"><span>three</span></span><span style="font-family:Arial;font-size:10pt;"> putative securities class actions against the Company and several former executives relating to the Company's contract to develop and implement an automated time and attendance and workforce management system for certain agencies of the City of New York ("CityTime"). </span><span style="font-family:Arial;font-size:10pt;"><span>One</span></span><span style="font-family:Arial;font-size:10pt;"> case was withdrawn and </span><span style="font-family:Arial;font-size:10pt;"><span>two</span></span><span style="font-family:Arial;font-size:10pt;"> cases were consolidated in the U.S. District Court for the Southern District of New York in </span><span style="font-family:Arial;font-size:10pt;font-style:italic;">In Re: SAIC, Inc. Securities Litigation</span><span style="font-family:Arial;font-size:10pt;">. The consolidated securities complaint asserted claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 based on allegations that the Company and individual defendants made misleading statements or omissions about the Company's revenues, operating income and internal controls in connection with disclosures relating to the CityTime project. The plaintiffs sought to recover from the Company and the individual defendants an unspecified amount of damages class members allegedly incurred by buying Leidos' stock at an inflated price. The District Court dismissed the plaintiffs' claims with prejudice and without leave to replead. The plaintiffs then appealed to the United States Court of Appeals for the Second Circuit, which issued an opinion affirming in part, and vacating in part, the District Court's ruling. The Company filed a petition for a writ of certiorari in the U.S. Supreme Court, which was granted on March 27, 2017. The District Court granted the Company's request to stay all proceedings, including discovery, pending the outcome at the Supreme Court. In September 2017, the parties engaged in mediation resulting in an agreement to settle all remaining claims for an immaterial amount to be paid by the Company. On October 2, 2019, the court issued an order preliminarily approving the settlement. The amounts payable by the Company are covered by an insurance policy. </span></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-style:italic;">Greek Government Contract </span></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">In 2003, the Company entered into an FFP contract with the Hellenic Republic of Greece to provide a Command, Control, Communications, Coordination and Integration System. The Greek government disputed the contract balance owed to the Company and withheld payment. In 2013, the Company received an arbitral award by the International Chamber of Commerce. In 2017, the U.S. District Court granted an order to enforce the arbitration award and entered judgment in the Company's favor. The Company subsequently commenced enforcement proceedings against the Greek government. On September 10, 2019, the Company received </span><span style="font-family:Arial;font-size:10pt;"><span>$59 million</span></span><span style="font-family:Arial;font-size:10pt;"> on behalf of Leidos and its subcontractors, substantially, though not entirely, resolving the Company’s claim</span><span style="font-family:inherit;font-size:10pt;">.</span></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"> </span><span style="font-family:Arial;font-size:10pt;font-style:italic;">Arbitration Proceeding</span></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">The Company is a party to an arbitration proceeding involving a claim by Lockheed Martin for indemnification for </span><span style="font-family:Arial;font-size:10pt;"><span>$56 million</span></span><span style="font-family:Arial;font-size:10pt;"> in taxes attributable to deferred revenue recognized as a result of the Transactions. Based on the arguments advanced to date, the Company believes that the claim appears to be without merit and intends to vigorously defend itself in arbitration. The Company does not believe that a material loss is probable, and has therefore not recorded any liability for this matter. </span></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-style:italic;">Other</span></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">The Company is also involved in various claims and lawsuits arising in the normal conduct of its business, none of which, in the opinion of the Company's management, based upon current information, will likely have a material adverse effect on the Company's condensed consolidated financial position, results of operations or cash flows.</span></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">Other Contingencies</span></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-style:italic;">VirnetX, Inc.</span><span style="font-family:Arial;font-size:10pt;"> </span></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">On September 29, 2017, the federal trial court in the Eastern District of Texas entered a final judgment in the VirnetX v. Apple case referred to as the Apple I case. The court found that Apple willfully infringed the VirnetX patents at issue in the Apple I case and awarded enhanced damages, bringing the total award against Apple to over </span><span style="font-family:Arial;font-size:10pt;"><span>$343 million</span></span><span style="font-family:Arial;font-size:10pt;"> in pre-interest damages. The court subsequently awarded an additional sum of over </span><span style="font-family:Arial;font-size:10pt;"><span>$96 million</span></span><span style="font-family:Arial;font-size:10pt;"> for costs, attorneys' fees, and interest, bringing the total award to VirnetX in the Apple I case to over </span><span style="font-family:Arial;font-size:10pt;"><span>$439 million</span></span><span style="font-family:Arial;font-size:10pt;">. Apple appealed the judgment in the Apple I case with the U.S. Court of Appeals for the Federal Circuit and on January 15, 2019, the court affirmed the </span><span style="font-family:Arial;font-size:10pt;"><span>$439 million</span></span><span style="font-family:Arial;font-size:10pt;"> judgment. On August 1, 2019, the U.S. Court of Appeals for the Federal Circuit denied Apple’s petition for panel and en banc rehearing, but Apple subsequently filed motions to stay and vacate the judgment, and for leave to file a second petition for rehearing. These motions were denied by the U.S. Court of Appeals for the Federal Circuit on October 1, 2019. It is expected that Apple will file a petition for a writ of certiorari with the Supreme Court of the United States in connection with the Apple I case.</span></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">On April 10, 2018, a jury trial concluded in an additional patent infringement case brought by VirnetX against Apple, referred to as the Apple II case, in which the jury returned a verdict against Apple for infringement and awarded VirnetX damages in the amount of over </span><span style="font-family:Arial;font-size:10pt;"><span>$502 million</span></span><span style="font-family:Arial;font-size:10pt;">. On April 11, 2018, in a second phase of the Apple II trial, the jury found Apple's infringement to be willful. On August 30, 2018, the federal trial court in the Eastern District of Texas entered a final judgment and rulings on post-trial motions in the Apple II case. The court affirmed the jury’s verdict of over </span><span style="font-family:Arial;font-size:10pt;"><span>$502 million</span></span><span style="font-family:Arial;font-size:10pt;"> and granted VirnetX’s motions for supplemental damages, a sunset royalty and royalty rate of </span><span style="font-family:Arial;font-size:10pt;"><span>$1.20</span></span><span style="font-family:Arial;font-size:10pt;"> per infringing device, along with pre-judgment and post-judgment interest and costs. The court denied VirnetX’s motions for enhanced damages, attorneys’ fees, and an injunction. The court also denied Apple’s motions for judgment as a matter of law and for a new trial. An additional sum of over </span><span style="font-family:Arial;font-size:10pt;"><span>$93 million</span></span><span style="font-family:Arial;font-size:10pt;"> for costs and pre-judgment interest was subsequently agreed upon pursuant to a court order, bringing the total award to VirnetX in the Apple II case to over </span><span style="font-family:Arial;font-size:10pt;"><span>$595 million</span></span><span style="font-family:Arial;font-size:10pt;">. Apple has filed an appeal of the judgment in the Apple II case with the U.S. Court of Appeals for the Federal Circuit.</span></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">Under its agreements with VirnetX, the Company would receive </span><span style="font-family:Arial;font-size:10pt;"><span>25%</span></span><span style="font-family:Arial;font-size:10pt;"> of the proceeds obtained by VirnetX after reduction for attorneys' fees and costs. However, the verdicts in these cases remain subject to appeal. In addition, the patents at issue in these cases are subject to U.S. Patent and Trademark Office post-grant inter partes review and/or reexamination proceedings and related appeals, which may result in all or part of these patents being invalidated or the claims of the patents being limited. Thus, no assurances can be given when or if the Company will receive any proceeds in connection with these jury awards. In addition, if the Company receives any proceeds, the Company is required to pay a royalty to the customer who paid for the development of the technology. </span></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">The Company does not have any assets or liabilities recorded in connection with this matter as of </span><span style="font-family:Arial;font-size:10pt;">September 27, 2019</span><span style="font-family:Arial;font-size:10pt;">.</span></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-style:italic;">Government Investigations and Reviews</span></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">The Company is routinely subject to investigations and reviews relating to compliance with various laws and regulations with respect to its role as a contractor to federal, state and local government customers and in connection with performing services in countries outside of the United States. Adverse findings could have a material effect on the Company's business, financial position, results of operations and cash flows due to its reliance on government contracts.</span></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">As of </span><span style="font-family:Arial;font-size:10pt;">September 27, 2019</span><span style="font-family:Arial;font-size:10pt;">, indirect cost audits by the Defense Contract Audit Agency remain open for fiscal 2013 and subsequent fiscal years. Although the Company has recorded contract revenues based upon an estimate of costs that the Company believes will be approved upon final audit or review, the Company cannot predict the outcome of any ongoing or future audits or reviews and adjustments, and if future adjustments exceed the Company's estimates, its profitability may be adversely affected. As of </span><span style="font-family:Arial;font-size:10pt;">September 27, 2019</span><span style="font-family:Arial;font-size:10pt;">, the Company believes it has adequately reserved for potential adjustments from audits or reviews of contract costs.</span></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">In February 2019, the Company executed an external restructuring advance agreement with the DoD in accordance with provisions of the Defense Federal Acquisition Regulation Supplement, which allows the Company to recover certain specified external restructuring costs.</span></div>

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