2020 Q2 Form 10-Q Financial Statement
#000133692020000038 Filed on May 05, 2020
Income Statement
Concept | 2020 Q2 | 2019 Q1 |
---|---|---|
Revenue | $2.889B | $2.577B |
YoY Change | 5.9% | 5.49% |
Cost Of Revenue | $2.494B | $2.221B |
YoY Change | 6.22% | 6.47% |
Gross Profit | $395.0M | $356.0M |
YoY Change | 3.95% | -0.28% |
Gross Profit Margin | 13.67% | 13.81% |
Selling, General & Admin | $197.0M | $166.0M |
YoY Change | 12.57% | -6.74% |
% of Gross Profit | 49.87% | 46.63% |
Research & Development | ||
YoY Change | ||
% of Gross Profit | ||
Depreciation & Amortization | $61.00M | $58.00M |
YoY Change | 335.71% | -7.94% |
% of Gross Profit | 15.44% | 16.29% |
Operating Expenses | $197.0M | $166.0M |
YoY Change | 12.57% | -6.74% |
Operating Profit | $192.0M | $192.0M |
YoY Change | -8.57% | 20.75% |
Interest Expense | -$42.00M | -$34.00M |
YoY Change | 55.56% | 13.33% |
% of Operating Profit | -21.88% | -17.71% |
Other Income/Expense, Net | -$14.00M | $92.00M |
YoY Change | -800.0% | |
Pretax Income | $130.0M | $246.0M |
YoY Change | -27.37% | 96.8% |
Income Tax | $15.00M | $57.00M |
% Of Pretax Income | 11.54% | 23.17% |
Net Earnings | $115.0M | $189.0M |
YoY Change | -15.44% | 85.29% |
Net Earnings / Revenue | 3.98% | 7.33% |
Basic Earnings Per Share | $0.81 | $1.30 |
Diluted Earnings Per Share | $0.80 | $1.29 |
COMMON SHARES | ||
Basic Shares Outstanding | 142.0M shares | 145.0M shares |
Diluted Shares Outstanding | 144.0M shares | 147.0M shares |
Balance Sheet
Concept | 2020 Q2 | 2019 Q1 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $445.0M | $536.0M |
YoY Change | -32.58% | 149.3% |
Cash & Equivalents | $445.0M | $536.0M |
Short-Term Investments | ||
Other Short-Term Assets | $630.0M | $430.0M |
YoY Change | 52.91% | |
Inventory | ||
Prepaid Expenses | ||
Receivables | $1.793B | $1.894B |
Other Receivables | $0.00 | $0.00 |
Total Short-Term Assets | $2.868B | $2.860B |
YoY Change | -1.58% | 8.54% |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | $490.0M | $220.0M |
YoY Change | 126.85% | -3.08% |
Goodwill | $5.719B | $4.871B |
YoY Change | 17.65% | -2.11% |
Intangibles | $950.0M | $613.0M |
YoY Change | 66.37% | -23.95% |
Long-Term Investments | ||
YoY Change | ||
Other Assets | $422.0M | $390.0M |
YoY Change | 10.47% | 44.98% |
Total Long-Term Assets | $8.120B | $6.500B |
YoY Change | 26.62% | 3.54% |
TOTAL ASSETS | ||
Total Short-Term Assets | $2.868B | $2.860B |
Total Long-Term Assets | $8.120B | $6.500B |
Total Assets | $10.99B | $9.360B |
YoY Change | 17.81% | 5.02% |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $1.413B | $1.258B |
YoY Change | 14.51% | -22.44% |
Accrued Expenses | $664.0M | $514.0M |
YoY Change | 9.03% | 35.62% |
Deferred Revenue | $420.0M | $484.0M |
YoY Change | 24.26% | 19.21% |
Short-Term Debt | $0.00 | $0.00 |
YoY Change | ||
Long-Term Debt Due | $1.793B | $66.00M |
YoY Change | 2658.46% | -18.52% |
Total Short-Term Liabilities | $4.290B | $2.322B |
YoY Change | 91.01% | 10.41% |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $2.444B | $2.966B |
YoY Change | -17.26% | -1.36% |
Other Long-Term Liabilities | $219.0M | $276.0M |
YoY Change | -25.76% | 86.49% |
Total Long-Term Liabilities | $219.0M | $276.0M |
YoY Change | -25.76% | 86.49% |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $4.290B | $2.322B |
Total Long-Term Liabilities | $219.0M | $276.0M |
Total Liabilities | $4.509B | $2.598B |
YoY Change | 77.45% | 15.42% |
SHAREHOLDERS EQUITY | ||
Retained Earnings | $961.0M | $562.0M |
YoY Change | 47.39% | 1418.92% |
Common Stock | $0.00 | $0.00 |
YoY Change | ||
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | ||
YoY Change | ||
Treasury Stock Shares | ||
Shareholders Equity | $3.355B | $3.294B |
YoY Change | ||
Total Liabilities & Shareholders Equity | $10.99B | $9.360B |
YoY Change | 17.81% | 5.02% |
Cashflow Statement
Concept | 2020 Q2 | 2019 Q1 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | $115.0M | $189.0M |
YoY Change | -15.44% | 85.29% |
Depreciation, Depletion And Amortization | $61.00M | $58.00M |
YoY Change | 335.71% | -7.94% |
Cash From Operating Activities | $372.0M | $288.0M |
YoY Change | 100.0% | 1209.09% |
INVESTING ACTIVITIES | ||
Capital Expenditures | -$44.00M | -$30.00M |
YoY Change | 175.0% | -300.0% |
Acquisitions | $1.642B | $0.00 |
YoY Change | -100.0% | |
Other Investing Activities | -$1.000M | $0.00 |
YoY Change | ||
Cash From Investing Activities | -$1.685B | $237.0M |
YoY Change | 10431.25% | -346.88% |
FINANCING ACTIVITIES | ||
Cash Dividend Paid | ||
YoY Change | ||
Common Stock Issuance & Retirement, Net | $8.000M | |
YoY Change | ||
Debt Paid & Issued, Net | ||
YoY Change | ||
Cash From Financing Activities | $1.161B | -$297.0M |
YoY Change | -1914.06% | 226.37% |
NET CHANGE | ||
Cash From Operating Activities | $372.0M | $288.0M |
Cash From Investing Activities | -$1.685B | $237.0M |
Cash From Financing Activities | $1.161B | -$297.0M |
Net Change In Cash | -$152.0M | $228.0M |
YoY Change | -243.4% | -238.18% |
FREE CASH FLOW | ||
Cash From Operating Activities | $372.0M | $288.0M |
Capital Expenditures | -$44.00M | -$30.00M |
Free Cash Flow | $416.0M | $318.0M |
YoY Change | 105.94% | 4442.86% |
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|
3359000000 | USD |
CY2018Q4 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
3311000000 | USD |
CY2018Q4 | us-gaap |
Cumulative Effect Of New Accounting Principle In Period Of Adoption
CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption
|
48000000 | USD |
CY2018Q4 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest Adjusted Balance1
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1
|
3359000000 | USD |
CY2019Q1 | us-gaap |
Profit Loss
ProfitLoss
|
189000000 | USD |
CY2019Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
-5000000 | USD |
CY2019Q1 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
11000000 | USD |
CY2019Q1 | us-gaap |
Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
|
222000000 | USD |
CY2019Q1 | us-gaap |
Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
|
0.32 | |
CY2019Q1 | us-gaap |
Dividends Common Stock
DividendsCommonStock
|
47000000 | USD |
CY2019Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
12000000 | USD |
CY2019Q1 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
3297000000 | USD |
CY2020Q2 | us-gaap |
Profit Loss
ProfitLoss
|
115000000 | USD |
CY2019Q1 | us-gaap |
Profit Loss
ProfitLoss
|
189000000 | USD |
CY2020Q2 | us-gaap |
Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
|
0 | USD |
CY2019Q1 | us-gaap |
Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
|
88000000 | USD |
CY2020Q2 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
61000000 | USD |
CY2019Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
58000000 | USD |
CY2020Q2 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
15000000 | USD |
CY2019Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
12000000 | USD |
CY2020Q2 | us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
2000000 | USD |
CY2019Q1 | us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
13000000 | USD |
CY2020Q2 | us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
-28000000 | USD |
CY2019Q1 | us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
-3000000 | USD |
CY2020Q2 | us-gaap |
Increase Decrease In Receivables
IncreaseDecreaseInReceivables
|
-89000000 | USD |
CY2019Q1 | us-gaap |
Increase Decrease In Receivables
IncreaseDecreaseInReceivables
|
21000000 | USD |
CY2020Q2 | us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
43000000 | USD |
CY2019Q1 | us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
25000000 | USD |
CY2020Q2 | ldos |
Increase Decrease In Accounts Payable And Accrued Liabilities And Other Noncurrent Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilitiesAndOtherNoncurrentLiabilities
|
25000000 | USD |
CY2019Q1 | ldos |
Increase Decrease In Accounts Payable And Accrued Liabilities And Other Noncurrent Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilitiesAndOtherNoncurrentLiabilities
|
214000000 | USD |
CY2020Q2 | us-gaap |
Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
|
68000000 | USD |
CY2019Q1 | us-gaap |
Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
|
-108000000 | USD |
CY2020Q2 | us-gaap |
Increase Decrease In Income Taxes
IncreaseDecreaseInIncomeTaxes
|
12000000 | USD |
CY2019Q1 | us-gaap |
Increase Decrease In Income Taxes
IncreaseDecreaseInIncomeTaxes
|
41000000 | USD |
CY2020Q2 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
372000000 | USD |
CY2019Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
288000000 | USD |
CY2020Q2 | us-gaap |
Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
|
1642000000 | USD |
CY2019Q1 | us-gaap |
Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
|
0 | USD |
CY2020Q2 | us-gaap |
Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
|
44000000 | USD |
CY2019Q1 | us-gaap |
Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
|
30000000 | USD |
CY2020Q2 | us-gaap |
Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
|
0 | USD |
CY2019Q1 | us-gaap |
Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
|
171000000 | USD |
CY2020Q2 | us-gaap |
Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
|
0 | USD |
CY2019Q1 | us-gaap |
Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
|
96000000 | USD |
CY2020Q2 | us-gaap |
Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
|
-1000000 | USD |
CY2019Q1 | us-gaap |
Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
|
0 | USD |
CY2020Q2 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-1685000000 | USD |
CY2019Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
237000000 | USD |
CY2020Q2 | us-gaap |
Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
|
3175000000 | USD |
CY2019Q1 | us-gaap |
Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
|
0 | USD |
CY2020Q2 | us-gaap |
Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
|
1927000000 | USD |
CY2019Q1 | us-gaap |
Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
|
31000000 | USD |
CY2020Q2 | us-gaap |
Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
|
12000000 | USD |
CY2019Q1 | us-gaap |
Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
|
0 | USD |
CY2020Q2 | us-gaap |
Payments Of Ordinary Dividends
PaymentsOfOrdinaryDividends
|
51000000 | USD |
CY2019Q1 | us-gaap |
Payments Of Ordinary Dividends
PaymentsOfOrdinaryDividends
|
54000000 | USD |
CY2020Q2 | us-gaap |
Payments For Repurchase Of Equity
PaymentsForRepurchaseOfEquity
|
32000000 | USD |
CY2019Q1 | us-gaap |
Payments For Repurchase Of Equity
PaymentsForRepurchaseOfEquity
|
222000000 | USD |
CY2020Q2 | us-gaap |
Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
|
8000000 | USD |
CY2019Q1 | us-gaap |
Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
|
10000000 | USD |
CY2020Q2 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
1161000000 | USD |
CY2019Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-297000000 | USD |
CY2020Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-152000000 | USD |
CY2019Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
228000000 | USD |
CY2020Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
717000000 | USD |
CY2018Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
369000000 | USD |
CY2020Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
565000000 | USD |
CY2019Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
597000000 | USD |
CY2020Q2 | us-gaap |
Number Of Reportable Segments
NumberOfReportableSegments
|
3 | segment |
CY2020Q2 | ldos |
Increase In Income Before Income Taxes From Changes In Contract Estimates
IncreaseInIncomeBeforeIncomeTaxesFromChangesInContractEstimates
|
24000000 | USD |
CY2019Q1 | ldos |
Increase In Income Before Income Taxes From Changes In Contract Estimates
IncreaseInIncomeBeforeIncomeTaxesFromChangesInContractEstimates
|
23000000 | USD |
CY2020Q2 | ldos |
Decrease In Income Before Income Taxes From Changes In Contract Estimates
DecreaseInIncomeBeforeIncomeTaxesFromChangesInContractEstimates
|
7000000 | USD |
CY2019Q1 | ldos |
Decrease In Income Before Income Taxes From Changes In Contract Estimates
DecreaseInIncomeBeforeIncomeTaxesFromChangesInContractEstimates
|
19000000 | USD |
CY2020Q2 | ldos |
Increase Decrease In Income From Change In Contract Estimates
IncreaseDecreaseInIncomeFromChangeInContractEstimates
|
17000000 | USD |
CY2019Q1 | ldos |
Increase Decrease In Income From Change In Contract Estimates
IncreaseDecreaseInIncomeFromChangeInContractEstimates
|
4000000 | USD |
CY2020Q2 | ldos |
Increase Decrease In Income From Change In Contract Estimates Per Diluted Share
IncreaseDecreaseInIncomeFromChangeInContractEstimatesPerDilutedShare
|
0.09 | |
CY2019Q1 | ldos |
Increase Decrease In Income From Change In Contract Estimates Per Diluted Share
IncreaseDecreaseInIncomeFromChangeInContractEstimatesPerDilutedShare
|
0.02 | |
CY2020Q2 | us-gaap |
Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
|
20000000 | USD |
CY2019Q1 | us-gaap |
Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
|
7000000 | USD |
CY2020Q2 | us-gaap |
Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
|
13800000000 | USD |
CY2020Q2 | us-gaap |
Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
|
6500000000 | USD |
CY2020Q2 | us-gaap |
Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
|
2500000000 | USD |
CY2020Q2 | us-gaap |
Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
|
4800000000 | USD |
CY2020Q2 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
2864000000 | USD |
CY2019Q1 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
2559000000 | USD |
CY2020Q2 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
2864000000 | USD |
CY2019Q1 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
2559000000 | USD |
CY2020Q2 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
2864000000 | USD |
CY2019Q1 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
2559000000 | USD |
CY2020Q2 | ldos |
Sale Type Lease And Operating Lease Revenue
SaleTypeLeaseAndOperatingLeaseRevenue
|
25000000 | USD |
CY2019Q1 | ldos |
Sale Type Lease And Operating Lease Revenue
SaleTypeLeaseAndOperatingLeaseRevenue
|
18000000 | USD |
CY2020Q2 | us-gaap |
Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
|
718000000 | USD |
CY2020Q1 | us-gaap |
Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
|
735000000 | USD |
CY2020Q2 | us-gaap |
Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
|
420000000 | USD |
CY2020Q1 | us-gaap |
Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
|
400000000 | USD |
CY2020Q2 | us-gaap |
Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
|
8000000 | USD |
CY2020Q1 | us-gaap |
Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
|
9000000 | USD |
CY2020Q1 | us-gaap |
Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
|
572000000 | USD |
CY2020Q2 | us-gaap |
Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
|
572000000 | USD |
CY2020Q2 | us-gaap |
Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
|
145000000 | USD |
CY2019Q1 | us-gaap |
Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
|
113000000 | USD |
CY2020Q2 | us-gaap |
Goodwill Impairment Loss
GoodwillImpairmentLoss
|
0 | USD |
CY2018Q4 | us-gaap |
Goodwill
Goodwill
|
4860000000 | USD |
CY2020 | ldos |
Goodwill Re Allocations
GoodwillReAllocations
|
0 | USD |
CY2020 | us-gaap |
Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
|
50000000 | USD |
CY2020 | us-gaap |
Goodwill Written Off Related To Sale Of Business Unit
GoodwillWrittenOffRelatedToSaleOfBusinessUnit
|
5000000 | USD |
CY2020 | us-gaap |
Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
|
4000000 | USD |
CY2020 | us-gaap |
Goodwill Other Increase Decrease
GoodwillOtherIncreaseDecrease
|
3000000 | USD |
CY2020Q1 | us-gaap |
Goodwill
Goodwill
|
4912000000 | USD |
CY2020Q2 | ldos |
Goodwill Re Allocations
GoodwillReAllocations
|
0 | USD |
CY2020Q2 | us-gaap |
Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
|
863000000 | USD |
CY2020Q2 | us-gaap |
Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
|
-56000000 | USD |
CY2020Q2 | us-gaap |
Goodwill
Goodwill
|
5719000000 | USD |
CY2020Q2 | us-gaap |
Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
|
1609000000 | USD |
CY2020Q2 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
663000000 | USD |
CY2020Q2 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
946000000 | USD |
CY2020Q1 | us-gaap |
Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
|
1151000000 | USD |
CY2020Q1 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
625000000 | USD |
CY2020Q1 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
526000000 | USD |
CY2020Q2 | us-gaap |
Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
|
1613000000 | USD |
CY2020Q2 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
663000000 | USD |
CY2020Q2 | us-gaap |
Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
|
950000000 | USD |
CY2020Q1 | us-gaap |
Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
|
1155000000 | USD |
CY2020Q1 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
625000000 | USD |
CY2020Q1 | us-gaap |
Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
|
530000000 | USD |
CY2020Q2 | us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
43000000 | USD |
CY2019Q1 | us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
43000000 | USD |
CY2020Q1 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
133000000 | USD |
CY2020Q2 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
|
142000000 | USD |
CY2020Q2 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
|
171000000 | USD |
CY2020Q2 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
|
166000000 | USD |
CY2020Q2 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
|
144000000 | USD |
CY2020Q2 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
|
100000000 | USD |
CY2020Q2 | us-gaap |
Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
|
223000000 | USD |
CY2020Q2 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
946000000 | USD |
CY2018Q1 | us-gaap |
Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
|
P148M | |
CY2018Q1 | ldos |
Operating Lease Expense For Year One Per Agreement
OperatingLeaseExpenseForYearOnePerAgreement
|
11000000 | USD |
CY2018Q1 | ldos |
Operating Lease Rent Increase Percentage
OperatingLeaseRentIncreasePercentage
|
0.025 | |
CY2020Q1 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
105000000 | USD |
CY2020Q2 | us-gaap |
Sales Type Lease Revenue
SalesTypeLeaseRevenue
|
16000000 | USD |
CY2019Q1 | us-gaap |
Sales Type Lease Revenue
SalesTypeLeaseRevenue
|
10000000 | USD |
CY2020Q2 | us-gaap |
Cost Of Goods Sold Sales Type Lease
CostOfGoodsSoldSalesTypeLease
|
13000000 | USD |
CY2019Q1 | us-gaap |
Cost Of Goods Sold Sales Type Lease
CostOfGoodsSoldSalesTypeLease
|
9000000 | USD |
CY2020Q2 | us-gaap |
Sales Type Lease Selling Profit Loss
SalesTypeLeaseSellingProfitLoss
|
3000000 | USD |
CY2019Q1 | us-gaap |
Sales Type Lease Selling Profit Loss
SalesTypeLeaseSellingProfitLoss
|
1000000 | USD |
CY2020Q2 | us-gaap |
Sales Type Lease Interest Income Lease Receivable
SalesTypeLeaseInterestIncomeLeaseReceivable
|
2000000 | USD |
CY2019Q1 | us-gaap |
Sales Type Lease Interest Income Lease Receivable
SalesTypeLeaseInterestIncomeLeaseReceivable
|
0 | USD |
CY2020Q2 | us-gaap |
Sales Type Lease Lease Income
SalesTypeLeaseLeaseIncome
|
5000000 | USD |
CY2019Q1 | us-gaap |
Sales Type Lease Lease Income
SalesTypeLeaseLeaseIncome
|
1000000 | USD |
CY2020Q2 | us-gaap |
Operating Lease Lease Income
OperatingLeaseLeaseIncome
|
7000000 | USD |
CY2019Q1 | us-gaap |
Operating Lease Lease Income
OperatingLeaseLeaseIncome
|
8000000 | USD |
CY2020Q2 | us-gaap |
Lease Income
LeaseIncome
|
12000000 | USD |
CY2019Q1 | us-gaap |
Lease Income
LeaseIncome
|
9000000 | USD |
CY2020Q2 | us-gaap |
Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
|
5000000 | USD |
CY2020Q1 | us-gaap |
Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
|
2000000 | USD |
CY2020Q2 | us-gaap |
Hedged Liability Fair Value Hedge
HedgedLiabilityFairValueHedge
|
454000000 | USD |
CY2020Q1 | us-gaap |
Hedged Liability Fair Value Hedge
HedgedLiabilityFairValueHedge
|
452000000 | USD |
CY2020Q2 | us-gaap |
Hedged Liability Fair Value Hedge Cumulative Increase Decrease
HedgedLiabilityFairValueHedgeCumulativeIncreaseDecrease
|
4000000 | USD |
CY2020Q1 | us-gaap |
Hedged Liability Fair Value Hedge Cumulative Increase Decrease
HedgedLiabilityFairValueHedgeCumulativeIncreaseDecrease
|
2000000 | USD |
CY2020Q2 | us-gaap |
Interest Income Expense Net
InterestIncomeExpenseNet
|
-48000000 | USD |
CY2019Q1 | us-gaap |
Interest Income Expense Net
InterestIncomeExpenseNet
|
-38000000 | USD |
CY2020Q2 | us-gaap |
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
|
-55000000 | USD |
CY2019Q1 | us-gaap |
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
|
-18000000 | USD |
CY2020Q2 | us-gaap |
Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
|
-8000000 | USD |
CY2020Q2 | us-gaap |
Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
|
4237000000 | USD |
CY2020Q1 | us-gaap |
Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
|
2986000000 | USD |
CY2020Q2 | us-gaap |
Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
|
1793000000 | USD |
CY2020Q1 | us-gaap |
Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
|
61000000 | USD |
CY2020Q2 | us-gaap |
Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
|
2444000000 | USD |
CY2020Q1 | us-gaap |
Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
|
2925000000 | USD |
CY2020Q2 | us-gaap |
Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
|
4254000000 | USD |
CY2020Q1 | us-gaap |
Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
|
3004000000 | USD |
CY2020Q2 | us-gaap |
Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
|
39000000 | USD |
CY2020Q1 | us-gaap |
Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
|
35000000 | USD |
CY2019Q1 | us-gaap |
Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
|
31000000 | USD |
CY2020Q1 | us-gaap |
Deferred Finance Costs Gross
DeferredFinanceCostsGross
|
29000000 | USD |
CY2020Q2 | us-gaap |
Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
|
4000000 | USD |
CY2019Q1 | us-gaap |
Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
|
3000000 | USD |
CY2019Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
147000000 | shares |
CY2020Q2 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
1000000 | shares |
CY2019Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
2000000 | shares |
CY2019Q1 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
2000000 | shares |
CY2020Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
144000000 | shares |
CY2020 | us-gaap |
Oci Before Reclassifications Before Tax Attributable To Parent
OciBeforeReclassificationsBeforeTaxAttributableToParent
|
-51000000 | USD |
CY2020 | us-gaap |
Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
|
-18000000 | USD |
CY2020 | us-gaap |
Reclassification From Aoci Current Period Before Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodBeforeTaxAttributableToParent
|
7000000 | USD |
CY2020Q2 | us-gaap |
Oci Before Reclassifications Before Tax Attributable To Parent
OciBeforeReclassificationsBeforeTaxAttributableToParent
|
-130000000 | USD |
CY2020Q2 | us-gaap |
Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
|
-15000000 | USD |
CY2020Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
142000000 | shares |
CY2019Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
145000000 | shares |
CY2020Q2 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
2000000 | shares |
CY2020Q2 | us-gaap |
Interest Paid Net
InterestPaidNet
|
27000000 | USD |
CY2019Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
43000000 | USD |
CY2020Q2 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
0 | USD |
CY2019Q1 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
3000000 | USD |
CY2020Q2 | ldos |
Fixed Assets Additions Non Cash Investing Activity
FixedAssetsAdditionsNonCashInvestingActivity
|
13000000 | USD |
CY2019Q1 | ldos |
Fixed Assets Additions Non Cash Investing Activity
FixedAssetsAdditionsNonCashInvestingActivity
|
0 | USD |
CY2020Q2 | us-gaap |
Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
|
6000000 | USD |
CY2019Q1 | us-gaap |
Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
|
0 | USD |
CY2020Q2 | ldos |
Receivable Collectible Period
ReceivableCollectiblePeriod
|
P30D | |
CY2020Q2 | us-gaap |
Accounts Receivable Sale
AccountsReceivableSale
|
564000000 | USD |
CY2020Q2 | ldos |
Proceeds From Sale Of Receivables Operating Activities
ProceedsFromSaleOfReceivablesOperatingActivities
|
563000000 | USD |
CY2020Q2 | us-gaap |
Accounts Receivable Sale
AccountsReceivableSale
|
564000000 | USD |
CY2020Q2 | ldos |
Accounts Receivable Cash Proceeds From Sold Receivables Remitted To Financial Institutions
AccountsReceivableCashProceedsFromSoldReceivablesRemittedToFinancialInstitutions
|
367000000 | USD |
CY2020Q2 | ldos |
Accounts Receivable Sold After Cash Collections Remitted To Financial Institutions
AccountsReceivableSoldAfterCashCollectionsRemittedToFinancialInstitutions
|
197000000 | USD |
CY2020Q2 | ldos |
Accounts Receivable Cash Proceeds From Sold Receivables Not Yet Remitted To Financial Institutions
AccountsReceivableCashProceedsFromSoldReceivablesNotYetRemittedToFinancialInstitutions
|
60000000 | USD |
CY2020Q2 | ldos |
Accounts Receivable Sold Due From Customers
AccountsReceivableSoldDueFromCustomers
|
137000000 | USD |
CY2020Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
445000000 | USD |
CY2020Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
668000000 | USD |
CY2020Q2 | us-gaap |
Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
|
120000000 | USD |
CY2020Q1 | us-gaap |
Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
|
49000000 | USD |
CY2020Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
565000000 | USD |
CY2020Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
717000000 | USD |
CY2020Q2 | us-gaap |
Revenues
Revenues
|
2889000000 | USD |
CY2019Q1 | us-gaap |
Revenues
Revenues
|
2577000000 | USD |
CY2020Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
192000000 | USD |
CY2019Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
192000000 | USD |
CY2020Q2 | us-gaap |
Loss Contingency Disclosures
LossContingencyDisclosures
|
<div style="margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;">Note 14–Contingencies </span></div><div style="margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;">Legal Proceedings</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;"> </span></div><div style="margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">MSA Joint Venture</span></div><div style="margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">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. On February 8, 2019, the Department of Justice 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 ("Defendants"). The complaint alleges violations of the False Claims Act, the Anti-Kickback Act and breach of contract with the DoE, among other things. On January 13, 2020, the Defendants' motions to dismiss were granted in part and denied in part. Litigation will proceed for the False Claims Act and other common law claims, although the Anti-Kickback Act claim has been dismissed with prejudice. 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="margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">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 ("CBCA"), 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 $64 million, which was his estimate of the profits earned during the period from 2010 to 2014 by LMSI. The DoE has deferred collection of $32 million 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 $64 million reimbursement claim. On December 10, 2019, MSA received a second final decision by the DoE contracting officer, estimating approximately $29 million in alleged unallowable profit and associated general and administrative costs during the period from 2015 to 2016 by LMSI. MSA filed an appeal of the second contracting officer's decision, which has been consolidated with the prior proceeding before the CBCA and stayed pending resolution of the False Claims Act matter. The DoE and MSA also executed an agreement to defer the entire amount of the disallowed costs from the second contracting officer's final decision until the CBCA proceedings are finally resolved. Leidos has agreed to indemnify Jacobs Group, LLC and Centerra Group, LLC for any liability MSA incurs in this matter. Under the terms of the Separation Agreement, Lockheed Martin agreed to indemnify Leidos for 100% of any damages in excess of $38 million up to $64 million, and 50% of any damages in excess of $64 million, with respect to claims asserted against MSA related to this matter. </span></div><div style="margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">At April 3, 2020, we had a liability of $42 million recorded in the condensed consolidated balance sheets for this matter. The amount of possible loss ultimately incurred, if any, is subject to a range of complex factors and potential outcomes that remain to be determined, including information gathered during the course of litigation, pretrial and trial rulings and other litigation-related developments.</span></div><div style="margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">Securities Litigation</span></div><div style="margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">Between February and April 2012, alleged stockholders filed three putative securities class actions against Leidos and several former executives relating to a contract to develop and implement an automated time and attendance and workforce management system for certain agencies of the City of New York ("CityTime"). One case was withdrawn and two cases were consolidated in the U.S. District Court for the Southern District of New York in </span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">In Re: SAIC, Inc. Securities Litigation</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">. The consolidated securities complaint asserted claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 based on allegations that Leidos and individual defendants made misleading statements or omissions about revenues, operating income and internal controls in connection with disclosures relating to the CityTime project. The plaintiffs sought to recover from Leidos 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. Leidos 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 Leidos' 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 Leidos. On October 2, 2019, the court granted preliminary approval of the proposed settlement. The amounts payable by Leidos are covered by an insurance policy.</span></div><div style="margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">Arbitration Proceeding</span></div><div style="margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">Leidos is a party to an arbitration proceeding involving a claim by Lockheed Martin for indemnification for $56 million in taxes attributable to deferred revenue recognized as a result of the acquisition of Lockheed Martin's Information Systems & Global Solutions business. Based on the arguments advanced to date, Leidos believes that the claim appears to be without merit and intends to vigorously defend itself in arbitration. We do not believe that a material loss is probable, and have therefore not recorded any liability for this matter. </span></div><div style="margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">Other</span></div><div style="margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">We are also involved in various claims and lawsuits arising in the normal conduct of our business, none of which, in the opinion of management, based upon current information, will likely have a material adverse effect on our financial position, results of operations or cash flows.</span></div><div style="margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;">Other Contingencies</span></div><div style="margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">VirnetX, Inc.</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;"> </span></div><div style="margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">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 $343 million in pre-interest damages. The court subsequently awarded an additional sum of over $96 million for costs, attorneys' fees, and interest, bringing the total award to VirnetX in the Apple I case to over $439 million. 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 $439 million 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 court on October 1, 2019. On December 27, 2019, Apple filed a petition in the Apple I matter for a writ of certiorari with the United States Supreme Court, which was denied on February 24, 2020. On February 20, 2020, Apple filed a Motion for Relief from Judgment in the U.S. District Court for the Eastern District of Texas, further arguing that VirnetX should not be allowed to recover the large amount of damages awarded in this case. On March 13, 2020, VirnetX announced that it had received payment from Apple of over $454 million, which represents the judgment with interest for the Apple I matter. However, the Motion remains pending, with Apple indicating it may seek restitution of its payment to VirnetX.</span></div><div style="margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">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 $502 million. 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 $502 million and granted VirnetX’s motions for supplemental damages, a sunset royalty and royalty rate of $1.20 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 $93 million 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 $595 million. Apple filed an appeal of the judgment in the Apple II case with the U.S. Court of Appeals for the Federal Circuit, and on November 22, 2019, the Federal Circuit affirmed in part, reversed in part and remanded the Apple II case back to the District Court. The Federal Circuit affirmed that Apple infringed two of the patents at issue in the case, and ruled that Apple is precluded from making certain patent invalidity arguments. However, the Federal Circuit reversed the judgment that Apple infringed two other patents at issue, vacated the prior damages awarded in the Apple II case, and remanded the Apple II case back to the District Court for further proceedings regarding damages.</span></div><div style="margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">Under our agreements with VirnetX, Leidos would receive 25% of the proceeds obtained by VirnetX after reduction for attorneys' fees and costs. However, the verdicts in these cases remain subject to the ongoing and potential future proceedings and appeals. 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 we will receive any proceeds in connection with these jury awards. In addition, if Leidos receives any proceeds, we are required to pay a royalty to the customer who paid for the development of the technology. </span></div><div style="margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">We do not have any assets or liabilities recorded in connection with this matter as of April 3, 2020.</span></div><div style="margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">Government Investigations and Reviews</span></div><div style="margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">We are routinely subject to investigations and reviews relating to compliance with various laws and regulations with respect to our 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 our business, financial position, results of operations and cash flows due to our reliance on government contracts.</span></div>As of April 3, 2020, indirect cost audits by the Defense Contract Audit Agency remain open for fiscal 2013 and subsequent fiscal years. Although we have recorded contract revenues based upon an estimate of costs that we believe will be approved upon final audit or review, we cannot predict the outcome of any ongoing or future audits or reviews and adjustments, and if future adjustments exceed estimates, our profitability may be adversely affected. As of April 3, 2020, we believe we have adequately reserved for potential adjustments from audits or reviews of contract costs. |