hii-20200213
0001501585false00015015852020-02-132020-02-13

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________ 
FORM 8-K
 _____________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
February 13, 2020
  _____________________________________
HUNTINGTON INGALLS INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
 _____________________________________
Delaware001-3491090-0607005
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)
4101 Washington Avenue
Newport NewsVirginia23607
(Address of principal executive offices) (Zip Code)
(757) 380-2000
(Registrant’s telephone number, including area code)
 (Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockHIINew York Stock Exchange
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02.Results of Operations and Financial Condition.
On February 13, 2020, Huntington Ingalls Industries, Inc. issued a press release announcing its financial results for the quarter ended December 31, 2019. A copy of the press release is furnished as Exhibit 99.1 hereto. Also furnished as Exhibit 99.2 is the corporation’s earnings presentation for the fourth quarter 2019 earnings release conference call.
 
Item 9.01.Financial Statements and Exhibits.
(d)Exhibits.

Exhibit No.  Description
99.1    
99.2    
104  Cover Page Interactive Data File (embedded within Inline XBRL document)




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
  HUNTINGTON INGALLS INDUSTRIES, INC.
Date: February 13, 2020  By: /s/ Christopher D. Kastner
   Christopher D. Kastner
   Executive Vice President and Chief Financial Officer

image0a161.jpg
Exhibit 99.1

News Release
Contacts:

Jerri Fuller Dickseski (Media)
[email protected]
757-380-2341

Dwayne Blake (Investors)
[email protected]
757-380-2104
Huntington Ingalls Industries Reports Fourth Quarter and Full Year 2019 Results

•Revenues were $2.4 billion in the quarter; $8.9 billion in 2019
•Operating margin was 7.7% in the quarter; 8.3% in 2019
•Diluted earnings per share was $3.61 in the quarter; $13.26 in 2019
•Adjusted diluted earnings per share1 was $4.36 in the quarter; $14.01 in 2019
•Cash from operations was $896 million, and free cash flow1 was $460 million in 2019

NEWPORT NEWS, Va. (Feb. 13, 2020) - Huntington Ingalls Industries (NYSE: HII) reported fourth quarter 2019 revenues of $2.4 billion, up 9.7% from the fourth quarter of 2018. Operating income in the quarter was $186 million and operating margin was 7.7%, compared to $213 million and 9.7%, respectively, in the fourth quarter of 2018. Diluted earnings per share in the quarter was $3.61, compared to $4.94 in the same period of 2018.

For the full year, revenues of $8.9 billion increased 8.8% over 2018. Operating income in 2019 was $736 million and operating margin was 8.3%, compared to $951 million and 11.6%, respectively, in 2018. Diluted earnings per share for the full year was $13.26, compared to $19.09 in 2018.

Non-cash asset impairment charges totaling $35 million, primarily related to goodwill, were recorded in the fourth quarter of 2019 as a result of the company's decision to divest its oil and gas business. Excluding these charges, adjusted diluted earnings per share1 in the quarter was $4.36 and $14.01 for 2019. The oil and gas business is reflected as an asset held for sale on the company's balance sheet.

Cash from operations in 2019 was $896 million and free cash flow1 was $460 million, compared to $914 million and $512 million, respectively, in 2018.

New contract awards in the fourth quarter of 2019 totaled $9.7 billion, bringing total backlog to $46.5 billion as of Dec. 31, 2019. Awards in the fourth quarter included a $7.7 billion contract for the construction of Block V boats of the Virginia-class submarine (VCS) program. Other major contract awards in 2019 included the $15.2 billion contract for the detail design and construction of two Gerald R. Ford-class aircraft carriers, and the $1.5 billion contract for the detail design and construction of the amphibious transport dock Harrisburg (LPD 30).

“Our 2019 shipbuilding results were in line with our expectations, and we have entered 2020 with very positive operating momentum after achieving a number of key program milestones across both shipyards. Additionally, we are continuing to refine our focus in Technical Solutions as we invest in markets that are aligned with Navy and broader customer priorities,” said Mike Petters, HII president and CEO. “With an unprecedented backlog of shipbuilding work serving as a strong foundation, we are actively shaping our business portfolio to optimize long-term value creation for our shareholders, customers and employees.”

1 Non-GAAP measure. See Exhibit B for definition and reconciliation.












Huntington Ingalls Industries
4101 Washington Ave. • Newport News, VA 23607
www.huntingtoningalls.com

Page 1 of 14


Results of Operations
Three Months EndedYear Ended
December 31December 31
(in millions, except per share amounts)20192018$ Change% Change20192018$ Change% Change
Sales and service revenues$2,412  $2,199  $213  9.7 %$8,899  $8,176  $723  8.8 %
Operating income186  213  (27) (12.7)%736  951  (215) (22.6)%
  Operating margin %7.7 %9.7 %(197) bps8.3 %11.6 %(336) bps
Segment operating income1
173  148  25  16.9 %631  663  (32) (4.8)%
  Segment operating margin %1
7.2 %6.7 %44 bps7.1 %8.1 %(102) bps
Net earnings149  212  (63) (29.7)%549  836  (287) (34.3)%
Diluted earnings per share$3.61  $4.94  $(1.33) (26.9)%$13.26  $19.09  $(5.83) (30.5)%
Adjusted Figures
Sales and service revenues$2,412  $2,199  $213  9.7 %$8,899  $8,176  $723  8.8 %
Operating income2
215  213  2  0.9 %765  951  (186) (19.6)%
  Operating margin %2
8.9 %9.7 %(77) bps8.6 %11.6 %(304) bps
Segment operating income1,2
202  148  54  36.5 %660  663  (3) (0.5)%
  Segment operating margin %1,2
8.4 %6.7 %164 bps7.4 %8.1 %(69) bps
Net earnings3
180  212  (32) (15.1)%580  836  (256) (30.6)%
Diluted earnings per share3
$4.36  $4.94  $(0.58) (11.7)%$14.01  $19.09  $(5.08) (26.6)%
1 Non-GAAP measures that exclude non-segment factors affecting operating income. See Exhibit B for definitions and reconciliations.
2 Non-GAAP measures that exclude the impact of non-cash goodwill impairment charges in the fourth quarter of 2019. See Exhibit B for reconciliation.
3 Non-GAAP measures that exclude the impacts of non-cash goodwill and long-lived asset impairment charges in the fourth quarter of 2019. See Exhibit B for reconciliation.

Segment Operating Results
Ingalls Shipbuilding
Three Months EndedYear Ended
December 31December 31
($ in millions)20192018$ Change% Change20192018$ Change% Change
Revenues$702  $699  $3  0.4 %$2,555  $2,607  $(52) (2.0)%
Segment operating income1
59  84  (25) (29.8)%235  313  (78) (24.9)%
Segment operating margin %1
8.4 %12.0 %(361) bps9.2 %12.0 %(281) bps
1 Non-GAAP measures. See Exhibit B for definitions and reconciliations.

Ingalls Shipbuilding revenues for the fourth quarter of 2019 were $702 million, an increase of $3 million, or 0.4%, from the same period in 2018, due to higher revenues on the San Antonio-class LPD program and Legend-class National Security Cutter (NSC) program, largely offset by lower revenues on the America-class LHA program. Higher LPD program revenues were primarily due to increased volume on Harrisburg (LPD 30), partially offset by lower volume on Fort Lauderdale (LPD 28). Higher NSC program revenues were primarily due to increased volumes on Calhoun (NSC 10) and NSC 11 (unnamed), partially offset by lower volumes on the delivered USCGC Midgett (NSC 8) and Stone (NSC 9). Lower LHA program revenues were primarily due to decreased volume on Tripoli (LHA 7).












Huntington Ingalls Industries
4101 Washington Ave. • Newport News, VA 23607
www.huntingtoningalls.com

Page 2 of 14



Ingalls Shipbuilding segment operating income for the fourth quarter was $59 million, a decrease of $25 million from the same period last year. Segment operating margin in the quarter was 8.4%, compared to 12.0% in the same period last year. These decreases were primarily due to lower risk retirement on the LHA and LPD programs, as well as recoveries related to a 2018 settlement agreement, partially offset by higher risk retirement on the Arleigh Burke-class DDG program.

For the full year, Ingalls Shipbuilding revenues were $2.6 billion, a decrease of $52 million, or 2.0%, from 2018, primarily driven by lower revenues in the NSC program, surface combatants, and amphibious assault ships. Revenues on the NSC program decreased due to lower volumes on USCGC Kimball (NSC 7), USCGC Midgett (NSC 8), and Stone (NSC 9), partially offset by higher volumes on NSC 11 (unnamed) and Calhoun (NSC 10). Surface combatant revenues decreased as a result of lower volumes on Delbert D. Black (DDG 119), Paul Ignatius (DDG 117), Frank E. Petersen Jr. (DDG 121), and Lenah H. Sutcliffe Higbee (DDG 123), partially offset by higher volumes on Ted Stevens (DDG 128), USS Fitzgerald (DDG 62) repair and restoration, Jeremiah Denton (DDG 129), Jack H. Lucas (DDG 125), and George M. Neal (DDG 131). Amphibious assault ship revenues decreased as a result of lower volumes on Tripoli (LHA 7), Fort Lauderdale (LPD 28), and the delivered USS Portland (LPD 27), partially offset by higher volumes on Bougainville (LHA 8), Harrisburg (LPD 30), Richard M. McCool Jr. (LPD 29), and LPD Life Cycle Engineering and Services.

For the full year, Ingalls Shipbuilding segment operating income was $235 million, compared to $313 million in 2018. Segment operating margin was 9.2% for 2019, compared to 12.0% in 2018. The decreases were primarily due to lower risk retirement on the LPD and LHA programs and recoveries related to a 2018 settlement agreement.

Key Ingalls Shipbuilding milestones for the quarter:
•Completed acceptance trials for amphibious assault ship Tripoli (LHA 7)
•Authenticated keel of guided missile destroyer Jack H. Lucas (DDG 125)
•Began fabrication of National Security Cutter Calhoun (NSC 10)
•Awarded a contract with a potential value of $453 million for planning yard services in support of in-service Ticonderoga-class cruisers and Spruance-class destroyers

Newport News Shipbuilding
Three Months EndedYear Ended
December 31December 31
($ in millions)20192018$ Change% Change20192018$ Change% Change
Revenues$1,390  $1,278  $112  8.8 %$5,186  $4,722  $464  9.8 %
Segment operating income1
133  57  76  133.3 %390  318  72  22.6 %
Segment operating margin %1
9.6 %4.5 %511 bps7.5 %6.7 %79 bps
1 Non-GAAP measures. See Exhibit B for definitions and reconciliations.

Newport News Shipbuilding revenues for the fourth quarter of 2019 were $1.4 billion, an increase of $112 million, or 8.8%, from the same period in 2018, due to higher revenues in submarine construction. Higher submarine revenues were primarily due to higher volumes on Virginia-class submarine (VCS) program Block IV and Block V boats, as well as higher volume on Columbia-class, partially offset by lower revenues related to Block III boats of the VCS program.

Newport News Shipbuilding segment operating income for the fourth quarter was $133 million, an increase of $76 million from the same period last year. Segment operating margin was 9.6% for the quarter, compared to 4.5% in the same period last year. These increases were primarily due to award of the VCS Block V contract, as well as contract changes for support services on Los Angeles-class submarines.

For the full year, Newport News Shipbuilding revenues were $5.2 billion, an increase of $464 million, or 9.8%, from 2018, due to higher revenues in aircraft carriers, submarines, and naval nuclear support services. Aircraft carrier revenues increased primarily as a result of higher volumes on Enterprise (CVN 80), the advance planning contract for the RCOH of USS John C. Stennis (CVN 74), and CVN 81 (Doris Miller), partially offset by lower volumes on the RCOH of USS George Washington (CVN 73) and John F. Kennedy (CVN 79). Submarine revenues related to the VCS program increased as a result of higher volumes on Block V and Block IV boats, offset by lower volumes











Huntington Ingalls Industries
4101 Washington Ave. • Newport News, VA 23607
www.huntingtoningalls.com

Page 3 of 14



on Block III boats. Naval nuclear support services revenues increased primarily as a result of contract changes on submarine support services and higher volume in facility maintenance services.

For the full year, Newport News Shipbuilding segment operating income was $390 million, an increase of $72 million from 2018. Segment operating margin for 2019 was 7.5%, compared to 6.7% in 2018. These increases were primarily due to contract changes on submarine support services, the higher volumes noted in the preceding paragraph, and higher risk retirement on the RCOH of USS George Washington (CVN 73), partially offset by favorable changes in workers' compensation expense in 2018.

Key Newport News Shipbuilding milestones for the quarter:
•Christened and launched the aircraft carrier John F. Kennedy (CVN 79)
•Delivered Virginia-class submarine Delaware (SSN 791)
•Achieved pressure hull complete on Virginia-class submarine Montana (SSN 794)
•Achieved approximately 68% completion of the RCOH of USS George Washington (CVN 73)
•Awarded a $7.7 billion contract for construction of Virginia-class Block V submarines
•Awarded a contract with a potential value of $454 million for planning yard design services for nuclear-powered submarines


Technical Solutions
Three Months EndedYear Ended
December 31December 31
($ in millions)20192018$ Change% Change20192018$ Change% Change
Revenues$369  $267  $102  38.2 %$1,309  $988  321  32.5 %
Segment operating income1
(19) 7  $(26) (371.4)%6  32  (26) (81.3)%
Segment operating margin %1
(5.1)%2.6 %(777) bps0.5 %3.2 %(278) bps
Adjusted segment operating income1
10  7  3  42.9 %35  32  3  9.4 %
Adjusted segment operating margin %1
2.7 %2.6 %9 bps2.7 %3.2 %(57) bps
1 Non-GAAP measures. See Exhibit B for definitions and reconciliations.


Technical Solutions revenues for the fourth quarter of 2019 were $369 million, an increase of $102 million, or 38.2%, from the same period in 2018, primarily due to higher mission driven innovative solutions (MDIS) revenues attributable to the additions of Fulcrum IT Services (Fulcrum) and G2, Inc. (G2), as well as higher fleet support and oil and gas revenues.

Technical Solutions segment operating loss for the fourth quarter was $19 million, compared to segment operating income of $7 million in fourth quarter 2018. The decrease was primarily due to a goodwill impairment at our oil and gas reporting unit.

For the full year, Technical Solutions revenues were $1.3 billion, an increase of $321 million, or 32.5%, from 2018, primarily due to higher MDIS revenues attributable to the additions of Fulcrum and G2, as well as higher fleet support and oil and gas revenues.

For the full year, Technical Solutions segment operating income was $6 million, compared to $32 million in 2018. The decrease was primarily due to a goodwill impairment at our oil and gas reporting unit and a loss on a fleet support services contract, partially offset by higher equity income from our nuclear and environmental joint ventures and one time employee bonus payments in 2018 related to the U.S. Tax Cuts and Jobs Act of 2017.

Key Technical Solutions milestones for the quarter:
•Awarded a contract to provide broad analytical and technical services to the U.S. Air Force in areas such as network architecture and cybersecurity

















Huntington Ingalls Industries
4101 Washington Ave. • Newport News, VA 23607
www.huntingtoningalls.com

Page 4 of 14




About Huntington Ingalls Industries
Huntington Ingalls Industries is America’s largest military shipbuilding company and a provider of professional services to partners in government and industry. For more than a century, HII’s Newport News and Ingalls shipbuilding divisions in Virginia and Mississippi have built more ships in more ship classes than any other U.S. naval shipbuilder. HII’s Technical Solutions division provides a wide range of professional services through its Fleet Support, Mission Driven Innovative Solutions, Nuclear & Environmental, and Oil & Gas groups. Headquartered in Newport News, Virginia, HII employs more than 42,000 people operating both domestically and internationally. For more information, please visit www.huntingtoningalls.com.

Conference Call Information
Huntington Ingalls Industries will webcast its earnings conference call at 9 a.m. ET today. A live audio broadcast of the conference call and supplemental presentation will be available on the investor relations page of the company’s website: www.huntingtoningalls.com. A telephone replay of the conference call will be available from noon today through Wednesday, Feb. 19 by calling toll-free (855) 859-2056 or (404) 537-3406 and using conference ID 9379325.

Forward-Looking Statements
Statements in this release, other than statements of historical fact, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those expressed in these statements. Factors that may cause such differences include: changes in government and customer priorities and requirements (including government budgetary constraints, shifts in defense spending, and changes in customer short-range and long-range plans); our ability to estimate our future contract costs and perform our contracts effectively; changes in procurement processes and government regulations and our ability to comply with such requirements; our ability to deliver our products and services at an affordable life cycle cost and compete within our markets; natural and environmental disasters and political instability; our ability to execute our strategic plan, including with respect to share repurchases, dividends, capital expenditures and strategic acquisitions; adverse economic conditions in the United States and globally; changes in key estimates and assumptions regarding our pension and retiree health care costs; security threats, including cyber security threats, and related disruptions; and other risk factors discussed in our filings with the U.S. Securities and Exchange Commission. There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our business, and we undertake no obligation to update any forward-looking statements. You should not place undue reliance on any forward-looking statements that we may make. This release also contains non-GAAP financial measures and includes a GAAP reconciliation of these financial measures. Non-GAAP financial measures should not be construed as being more important than comparable GAAP measures.











Huntington Ingalls Industries
4101 Washington Ave. • Newport News, VA 23607
www.huntingtoningalls.com

Page 5 of 14



Exhibit A: Financial Statements

HUNTINGTON INGALLS INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
Year Ended
December 31
(in millions, except per share amounts)201920182017
Sales and service revenues
Product sales$6,265  $6,023  $5,573  
Service revenues2,634  2,153  1,868  
Sales and service revenues8,899  8,176  7,441  
Cost of sales and service revenues
Cost of product sales5,158  4,627  4,277  
Cost of service revenues2,210  1,758  1,536  
Income from operating investments, net22  17  12  
Other income and gains—  14  —  
General and administrative expenses788  871  759  
Goodwill impairment29  —  —  
Operating income736  951  881  
Other income (expense)
Interest expense(70) (58) (94) 
Non-operating retirement benefit12  74  (16) 
Other, net5  4  1  
Earnings before income taxes683  971  772  
Federal and foreign income taxes134  135  293  
Net earnings$549  $836  $479  
Basic earnings per share$13.26  $19.09  $10.48  
Weighted-average common shares outstanding41.4  43.8  45.7  
Diluted earnings per share$13.26  $19.09  $10.46  
Weighted-average diluted shares outstanding41.4  43.8  45.8  
Dividends declared per share$3.61  $3.02  $2.52  
Net earnings from above$549  $836  $479  
Other comprehensive income
Change in unamortized benefit plan costs(167) (232) 59  
Other3  (2) 14  
Tax benefit (expense) for items of other comprehensive income43  59  (22) 
Other comprehensive income (loss), net of tax(121) (175) 51  
Comprehensive income$428  $661  $530  












Huntington Ingalls Industries
4101 Washington Ave. • Newport News, VA 23607
www.huntingtoningalls.com

Page 6 of 14



HUNTINGTON INGALLS INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
($ in millions)December 31
2019		December 31
2018
Assets
Current Assets
Cash and cash equivalents$75  $240  
Accounts receivable, net of allowance for doubtful accounts of $3 million as of 2019 and $9 million as of 2018318  252  
Contract assets989  1,003  
Inventoried costs, net136  128  
Income taxes receivable148  94  
Assets held for sale95  1  
Prepaid expenses and other current assets24  27  
Total current assets1,785  1,745  
Property, Plant, and Equipment
Land and land improvements282  321  
Buildings and leasehold improvements2,384  2,043  
Machinery and other equipment1,909  1,771  
Capitalized software costs218  211  
4,793  4,346  
Accumulated depreciation and amortization(1,961) (1,829) 
Property, Plant, and Equipment2,832  2,517  
Other Assets
Operating lease assets201  —  
Goodwill1,373  1,263  
Other intangible assets, net of accumulated amortization of $599 million as of 2019 and $564 million as of 2018492  492  
Long-term deferred tax assets108  163  
Miscellaneous other assets240  203  
Total other assets2,414  2,121  
Total assets$7,031  $6,383  












Huntington Ingalls Industries
4101 Washington Ave. • Newport News, VA 23607
www.huntingtoningalls.com

Page 7 of 14



HUNTINGTON INGALLS INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (continued)


($ in millions)December 31
2019		December 31
2018
Liabilities and Stockholders' Equity
Current Liabilities
Trade accounts payable$497  $562  
Accrued employees’ compensation265  248  
Current portion of postretirement plan liabilities130  131  
Current portion of workers’ compensation liabilities225  225  
Contract liabilities373  331  
Liabilities held for sale77  —  
Other current liabilities323  332  
Total current liabilities1,890  1,829  
Long-term debt1,286  1,283  
Pension plan liabilities975  764  
Other postretirement plan liabilities380  348  
Workers’ compensation liabilities457  454  
Long-term operating lease liabilities164  —  
Other long-term liabilities291  189  
Total liabilities5,443  4,867  
Commitments and Contingencies
Stockholders’ Equity
Common stock, $0.01 par value; 150 million shares authorized; 53.2 million shares issued and 40.8 million shares outstanding as of December 31, 2019, and 53.1 million shares issued and 41.9 million shares outstanding as of December 31, 20181  1  
Additional paid-in capital1,961  1,954  
Retained earnings3,009  2,609  
Treasury stock(1,974) (1,760) 
Accumulated other comprehensive loss(1,409) (1,288) 
Total stockholders’ equity1,588  1,516  
Total liabilities and stockholders’ equity$7,031  $6,383  




























Huntington Ingalls Industries
4101 Washington Ave. • Newport News, VA 23607
www.huntingtoningalls.com

Page 8 of 14



HUNTINGTON INGALLS INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
 Year Ended
December 31
($ in millions)201920182017
Operating Activities
Net earnings$549  $836  $479  
Adjustments to reconcile to net cash provided by (used in) operating activities
Depreciation180  167  165  
Amortization of purchased intangibles47  36  40  
Amortization of debt issuance costs3  4  6  
Provision for doubtful accounts(6) (4) 10  
Stock-based compensation30  36  34  
Deferred income taxes97  10  184  
Goodwill impairment29  —  —  
Loss on early extinguishment of debt—  —  22  
Change in
Accounts receivable(51) 195  (126) 
Contract assets32  (242) 91  
Inventoried costs(11) 40  18  
Prepaid expenses and other assets(93) (40) (52) 
Accounts payable and accruals4  335  102  
Retiree benefits80  (454) (163) 
Other non-cash transactions, net6  (5) 4  
Net cash provided by operating activities896  914  814  
Investing Activities
Capital expenditures
Capital expenditure additions
(530) (463) (382) 
Grant proceeds for capital expenditures
94  61  21  
Acquisitions of businesses, net of cash received(195) (77) 3  
Investment in affiliates—  (10) —  
Proceeds from disposition of assets—  13  9  
Other investing activities, net4  —  0
Net cash used in investing activities(627) (476) (349) 
Financing Activities
Proceeds from issuance of long-term debt—  —  600  
Repayment of long-term debt—  —  (600) 
Proceeds from revolving credit facility borrowings
5,119  95  —  
Repayment of revolving credit facility borrowings(5,119) (95) —  
Debt issuance costs—  —  (12) 
Premiums and fees related to early extinguishment of debt—  —  (15) 
Dividends paid(149) (132) (115) 
Repurchases of common stock(262) (742) (286) 
Employee taxes on certain share-based payment arrangements(23) (25) (56) 
Net cash used in financing activities(434) (899) (484) 
Change in cash and cash equivalents(165) (461) (19) 
Cash and cash equivalents, beginning of period240  701  720  
Cash and cash equivalents, end of period$75  $240  $701  
Supplemental Cash Flow Disclosure
Cash paid for income taxes$137  $142  $223  
Cash paid for interest$75  $62  $72  
Non-Cash Investing and Financing Activities
Capital expenditures accrued in accounts payable$22  $55  $33  
Accrued repurchases of common stock$—  $48  $2  












Huntington Ingalls Industries
4101 Washington Ave. • Newport News, VA 23607
www.huntingtoningalls.com

Page 9 of 14




Exhibit B: Non-GAAP Measures Definitions & Reconciliations

We make reference to “segment operating income,” “segment operating margin,” "adjusted operating income," "adjusted operating margin," "adjusted segment operating income," "adjusted segment operating margin," "adjusted net earnings," "adjusted diluted earnings per share" and “free cash flow.”

We internally manage our operations by reference to segment operating income and segment operating margin, which are not recognized measures under GAAP. When analyzing our operating performance, investors should use segment operating income and segment operating margin in addition to, and not as alternatives for, operating income and operating margin or any other performance measure presented in accordance with GAAP. They are measures that we use to evaluate our core operating performance. We believe that segment operating income and segment operating margin reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. We believe these measures are used by investors and are a useful indicator to measure our performance. Because not all companies use identical calculations, our presentation of segment operating income and segment operating margin may not be comparable to similarly titled measures of other companies.

Adjusted operating income, adjusted operating margin, adjusted segment operating income, adjusted segment operating margin, adjusted net earnings and adjusted diluted earnings per share are not measures recognized under GAAP. They should be considered supplemental to and not a substitute for financial information
prepared in accordance with GAAP. We believe these measures are useful to investors because they exclude items that do not reflect our core operating performance. They may not be comparable to similarly titled measures of other companies.

Free cash flow is not a measure recognized under GAAP. Free cash flow has limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, analysis of our results as reported under GAAP. We believe free cash flow is an important measure for our investors because it provides them insight into our current and period-to-period performance and our ability to generate cash from continuing operations. We also use free cash flow as a key operating metric in assessing the performance of our business and as a key performance measure in evaluating management performance and determining incentive compensation. Free cash flow may not be comparable to similarly titled measures of other companies.

Segment operating income is defined as operating income for the relevant segment(s) before the Operating FAS/CAS Adjustment and non-current state income taxes.

Segment operating margin is defined as segment operating income as a percentage of sales and service revenues.

Adjusted operating income is defined as operating income adjusted for the impact of the goodwill impairment in the fourth quarter of 2019.

Adjusted operating margin is defined as adjusted operating income as a percentage of sales and service revenues.

Adjusted segment operating income is defined as segment operating income adjusted for the impact of the goodwill impairment in the fourth quarter of 2019.

Adjusted segment operating margin is defined as adjusted segment operating income as a percentage of sales and service revenues.

Adjusted net earnings is defined as net earnings adjusted for the impacts of the goodwill and long-lived asset impairments in the fourth quarter of 2019.












Huntington Ingalls Industries
4101 Washington Ave. • Newport News, VA 23607
www.huntingtoningalls.com

Page 10 of 14



Adjusted diluted earnings per share is defined as adjusted net earnings divided by the weighted-average diluted common shares outstanding.

Free cash flow is defined as net cash provided by (used in) operating activities less capital expenditures net of related grant proceeds.

FAS/CAS Adjustment is defined as the difference between expenses for pension and other postretirement benefits determined in accordance with GAAP (FAS) and the expenses determined in accordance with U.S. Cost Accounting Standards (CAS).

Operating FAS/CAS Adjustment is defined as the difference between the service cost component of our pension and other postretirement expense determined in accordance with GAAP (FAS) and our pension and other postretirement expense under U.S. Cost Accounting Standards (CAS).

Non-current state income taxes are defined as deferred state income taxes, which reflect the change in deferred state tax assets and liabilities and the tax expense or benefit associated with changes in state uncertain tax positions in the relevant period. These amounts are recorded within operating income. Current period state income tax expense is charged to contract costs and included in cost of sales and service revenues in segment operating income.

We present financial measures adjusted for the Operating FAS/CAS Adjustment and non-current state income taxes to reflect the company’s performance based upon the pension costs and state tax expense charged to our contracts under CAS. We use these adjusted measures as internal measures of operating performance and for performance-based compensation decisions.





























Huntington Ingalls Industries
4101 Washington Ave. • Newport News, VA 23607
www.huntingtoningalls.com

Page 11 of 14



Reconciliations of Segment Operating Income, Segment Operating Margin, Adjusted Segment Operating Income and Adjusted Segment Operating Margin

Three Months EndedYear Ended
December 31December 31
($ in millions)2019201820192018
Ingalls revenues$702  $699  $2,555  $2,607  
Newport News revenues1,390  1,278  5,186  4,722  
Technical Solutions revenues369  267  1,309  988  
Intersegment eliminations(49) (45) (151) (141) 
Sales and Service Revenues$2,412  $2,199  $8,899  $8,176  
Three Months EndedYear Ended
December 31December 31
($ in millions)2019201820192018
Operating income$186  $213  $736  $951  
As a percentage of sales and service revenues7.7 %9.7 %8.3 %11.6 %
Non-segment factors affecting operating income:
Operating FAS/CAS adjustment(30) (72) (124) (290) 
Non-current state income taxes17  7  19  2  
Segment Operating Income$173  $148  $631  $663  
As a percentage of total sales and service revenues7.2 %6.7 %7.1 %8.1 %
Ingalls segment operating income$59  $84  $235  $313  
As a percentage of Ingalls revenues8.4 %12.0 %9.2 %12.0 %
Newport News segment operating income133  57  390  318  
As a percentage of Newport News revenues9.6 %4.5 %7.5 %6.7 %
Technical Solutions segment operating Income (loss)
(19) 7  6  32  
Adjustment for goodwill impairment29  —  29  —  
Adjusted Technical Solutions segment operating Income (loss)10  7  35  32  
As a percentage of Technical Solutions revenues2.7 %2.6 %2.7 %3.2 %
Adjusted Segment Operating Income$202  $148  $660  $663  
As a percentage of total sales and service revenues8.4 %6.7 %7.4 %8.1 %
















Huntington Ingalls Industries
4101 Washington Ave. • Newport News, VA 23607
www.huntingtoningalls.com

Page 12 of 14




Reconciliation of Adjusted Operating Income and Adjusted Operating Margin

Three Months EndedYear Ended
December 31December 31
($ in millions)2019201820192018
Operating income$186  $213  $736  $951  
As a percentage of sales and service revenues7.7 %9.7 %8.3 %11.6 %
Adjustment for goodwill impairment29  —  29  —  
Adjusted Operating Income$215  $213  $765  $951  
As a percentage of total sales and service revenues8.9 %9.7 %8.6 %11.6 %


Reconciliation of Adjusted Net Earnings and Adjusted Diluted Earnings Per Share

Three Months EndedYear Ended
December 31December 31
(in millions, except per share amounts)2019201820192018
Net earnings$149  $212  $549  $836  
After-tax adjustment for goodwill and long-lived asset impairments(1)
31  —  31  —  
Adjusted Net Earnings $180  $212  $580  $836  
Diluted earnings per share$3.61  $4.94  $13.26  $19.09  
After-tax adjustment for goodwill and long-lived asset impairments per share(1)
0.75  —  0.75  —  
Adjusted Diluted EPS$4.36  $4.94  $14.01  $19.09  
(1) Goodwill and long-lived asset impairments$35  $—  $35  $—  
Tax effect*4  —  4  —  
After-tax effect
31  —  31  —  
Weighted-Average Diluted Shares Outstanding41.3  42.9  41.4  43.8  
Per share impact**$0.75  $—  $0.75  $—  
*The income tax impact is calculated using the tax rate in effect for the relevant non-GAAP adjustment.
**Amounts may not recalculate exactly due to rounding.













Huntington Ingalls Industries
4101 Washington Ave. • Newport News, VA 23607
www.huntingtoningalls.com

Page 13 of 14




Reconciliation of Free Cash Flow
Three Months EndedYear Ended
December 31December 31
($ in millions)2019201820192018
Net cash provided by (used in) operating activities$566  $648  $896  $914  
Less capital expenditures:
Capital expenditure additions (181) (170) (530) (463) 
Grant proceeds for capital expenditures 23  28  94  61  
Free cash flow$408  $506  $460  $512  












Huntington Ingalls Industries
4101 Washington Ave. • Newport News, VA 23607
www.huntingtoningalls.com

Page 14 of 14


Exhibit 99.2 Q4 2019 Earnings Presentation February 13, 2020 Mike Petters President and Chief Executive Officer Chris Kastner Executive Vice President and Chief Financial Officer

 
Forward-Looking Statements Statements in this presentation, other than statements of historical fact, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those expressed in these statements. Factors that may cause such differences include: changes in government and customer priorities and requirements (including government budgetary constraints, shifts in defense spending, and changes in customer short-range and long-range plans); our ability to estimate our future contract costs and perform our contracts effectively; changes in procurement processes and government regulations and our ability to comply with such requirements; our ability to deliver our products and services at an affordable life cycle cost and compete within our markets; natural and environmental disasters and political instability; our ability to execute our strategic plan, including with respect to share repurchases, dividends, capital expenditures, and strategic acquisitions; adverse economic conditions in the United States and globally; changes in key estimates and assumptions regarding our pension and retiree health care costs; security threats, including cyber security threats, and related disruptions; and other risk factors discussed in our filings with the U.S. Securities and Exchange Commission. There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our business, and we undertake no obligation to update any forward-looking statements. You should not place undue reliance on any forward-looking statements that we may make. This presentation also contains non-GAAP financial measures and includes a GAAP reconciliation of these financial measures. Non-GAAP financial measures should not be construed as being more important than comparable GAAP measures. 2 HUNTINGTON INGALLS INDUSTRIES HARD STUFF DONE RIGHT

 
Consolidated Revenues HII’s Q4 & FY 2019 Highlights ($M) $10,000 . Revenues were ~$2.4 billion in the quarter; ~$8.9 billion in 2019 $8,899 $8,176 . Diluted EPS was $3.61 in the quarter; $13.26 in 2019 $8,000 $7,068 $7,441 . Adjusted diluted EPS1 was $4.36 in the quarter; $14.01 in 2019 $6,000 . Cash from operations was $896 million and free cash flow1 was $460 million in 2019 $4,000 . Newport News Shipbuilding $2,000 o Christened and launched aircraft carrier John F. Kennedy (CVN 79) o Re-delivered USS Gerald R. Ford (CVN 78) after completing $0 post shakedown availability 2016 2017 2018 2019 o Completed the undocking of USS George Washington (CVN 73) Backlog o Delivered Virginia-class submarine Delaware (SSN 791) ($B) o Awarded $15.2 billion contract for aircraft carriers CVN 80 and CVN 81 $50 $46.5 o Awarded $7.7 billion contract for Block V Virginia-class submarines $40 . Ingalls Shipbuilding $30 o Delivered guided missile destroyer Paul Ignatius (DDG 117) $23.0 $20.7 $21.4 o Delivered National Security Cutter Midgett (NSC 8) $20 o Completed acceptance trials for Tripoli (LHA 7) $10 o Awarded $1.5 billion contract for detail design and construction of Harrisburg (LPD 30) . Technical Solutions $0 o Book-to-bill of 1.1x; Significant new contract wins 2016 2017 2018 2019 Unprecedented backlog and strong operating momentum heading into FY20 1 Non-GAAP measure. See appendix for definition and reconciliation. 3 HUNTINGTON INGALLS INDUSTRIES HARD STUFF DONE RIGHT

 
HII’s Q4 2019 Consolidated Results Consolidated Revenues Operating Income ($M) ($M) $3,000 $250 $213 $215 $2,412 $2,500 $2,199 $200 $186 $2,000 $150 $1,500 $100 $1,000 $500 $50 $0 $0 Q4 2018 Q4 2019 Q4 2018 Q4 2019 GAAP Adjusted1 Operating Margin Diluted EPS 12% $6 9.7% $4.94 10% 8.9% $5 $4.36 7.7% 8% $4 $3.61 6% $3 4% $2 2% $1 0% $0 Q4 2018 Q4 2019 Q4 2018 Q4 2019 1 GAAP Adjusted GAAP Adjusted1 1Non-GAAP measure. See appendix for definition and reconciliation. 4 HUNTINGTON INGALLS INDUSTRIES HARD STUFF DONE RIGHT

 
HII’s FY 2019 Consolidated Results Consolidated Revenues Operating Income ($M) ($M) $951 $10,000 $8,899 $1,000 $8,176 $8,000 $800 $736 $765 $6,000 $600 $4,000 $400 $2,000 $200 $0 $0 2018 2019 2018 2019 GAAP Adjusted1 Operating Margin Diluted EPS 14% $19.09 11.6% $20 12% $14.01 10% 8.3% 8.6% $15 $13.26 8% 6% $10 4% $5 2% 0% $0 2018 2019 2018 2019 1 GAAP Adjusted GAAP Adjusted1 1Non-GAAP measure. See appendix for definition and reconciliation. 5 HUNTINGTON INGALLS INDUSTRIES HARD STUFF DONE RIGHT

 
HII’s Q4 and 2019 Capital Deployment Cash Flow Generation Shareholder Distributions ($M) ($M) $896 $1,000 $400 $363 $800 $566 $350 $600 $408 $460 $300 $400 $250 $214 $200 $200 $0 $150 $100 -$200 $100 ($158) $58 $149 -$400 $50 $42 -$600 ($436) $0 Q4 2019 2019 Q4 2019 2019 1 2 Cash from Operations CAPEX Free Cash Flow Dividends Share Repurchases (at cost) . Capital expenditures were 4.9% of revenues in 2019 . Cash contributions to pension and postretirement benefit plans were $59 million in 2019 o $21 million were discretionary contributions to our qualified pension plans . Distributed $100 million to shareholders in the fourth quarter, $363 million in 2019 o Repurchased 1 million shares at a cost of $214 million in 2019 o Paid dividends of $149 million in 2019 1Non-GAAP measure. See appendix for definition and reconciliation. 2 $214 million cash paid for repurchases excludes $48 million not yet settled for cash at the end of the prior year. 6 HUNTINGTON INGALLS INDUSTRIES HARD STUFF DONE RIGHT

 
2020-2024 Pension Outlook 2019 3 3 3 3 3 ($ in millions) (Actual) 2020 2021 2022 2023 2024 Pension Discount Rate 4.34% 3.39% 3.39% 3.39% 3.39% 3.39% Expected Long-Term Return on Assets 7.25% 7.25% 7.25% 7.25% 7.25% 7.25% CAS Recoveries over/(under) Cash $216 $173 ($40) $25 $41 $12 Contributions1,2 FAS Expense1 ($139) ($69) ($61) ($49) ($21) $7 CAS Expense1 $275 $436 $48 $60 $116 $127 FAS/CAS Adjustment1 $136 $367 ($13) $11 $95 $134 Operating FAS/CAS Adjustment1 $124 $247 ($139) ($122) ($60) ($43) Non-Operating Retirement $12 $120 $126 $133 $155 $177 (Expense)/Income1 Pension and Post-retirement Benefits Cash $59 $263 $88 $35 $75 $115 Contributions2 1 Includes pension & other postretirement benefits. 2 2020 projected cash contributions of $263 million include $213 million of discretionary pension contributions ($205 million qualified; $8 million non-qualified), $33 million of post retirement benefits contributions, and $17 million of contributions to a grantor trust. 2021 projected cash contributions of $88 million include $54 million of discretionary pension contributions ($46 million qualified; $8 million non-qualified) and $34 million of post retirement benefits contributions. 3 Projected and subject to change. 7 HUNTINGTON INGALLS INDUSTRIES HARD STUFF DONE RIGHT

 
2020 Financial Considerations1 . 2020 Revenue o Shipbuilding growth of 3-5% 2019 ($M) (Actual) 20202 o Refined Technical Solutions portfolio to generate $19 Non-Current State Income Taxes NM ~$1B in revenue expense . Excludes results from oil and gas business and Effective Tax Rate 19.6% ~21% San Diego Shipyard . Assumes the acquisition of Hydroid closes by the end of Interest Expense $70 ~$72 Q1 2020 Depreciation & Amortization $230 ~$240 . 2020 Operating Margin 4.9% of 4-5% of Capital Expenditures o 9% shipbuilding ROS Sales Sales . Averages ~8% for Q1-Q3 2020 with significant milestone events weighted toward Q4 2020 o 5-7% Technical Solutions ROS . Capital expenditures declining to ~2.5% of revenues in 2021 1 Projected and subject to change. 2 Figures exclude impacts related to the acquisition of Hydroid, Inc., the divestiture of our oil and gas business and the San Diego Shipyard transaction. 8 HUNTINGTON INGALLS INDUSTRIES HARD STUFF DONE RIGHT

 
Upcoming Program Milestones1 . 2020 . 2021 o Ingalls o Ingalls . Re-deliver DDG 62 (USS Fitzgerald) . Launch DDG 125 (Jack H. Lucas) . Deliver DDG 119 (Delbert D. Black) . Lay keel of DDG 128 (Ted Stevens) . Deliver LHA 7 (Tripoli) . Complete sea trials for LPD 28 (Fort Lauderdale) . Deliver NSC 9 (Stone) . Lay keel of NSC 11 (unnamed) o Newport News o Newport News . Pier-side system testing on CVN 73 . Re-deliver CVN 73 (USS George Washington) (USS George Washington) . Deliver SSN 794 (Montana) . System build-out in prep for major testing . Float off SSN 796 (New Jersey) on CVN 79 (John F. Kennedy) . Ship final module of SSN 797 (Iowa) . Re-deliver SSN 725 (USS Helena) . Pressure hull complete SSN 796 (New Jersey) 1All milestones based upon current expectations and subject to change based upon future events. List is alphabetical by program designation. 9 HUNTINGTON INGALLS INDUSTRIES HARD STUFF DONE RIGHT

 
Appendix HUNTINGTON INGALLS INDUSTRIES PROPRIETARY

 
Non-GAAP Measures Definitions We make reference to "adjusted operating income," "adjusted operating margin," "adjusted net earnings," "adjusted diluted earnings per share" and “free cash flow.” Adjusted operating income, adjusted operating margin, adjusted net earnings and adjusted diluted earnings per share are not measures recognized under GAAP. They should be considered supplemental to and not a substitute for financial information prepared in accordance with GAAP. We believe these measures are useful to investors because they exclude items that do not reflect our core operating performance. They may not be comparable to similarly titled measures of other companies. Free cash flow is not a measure recognized under GAAP. Free cash flow has limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, analysis of our results as reported under GAAP. We believe free cash flow is an important measure for our investors because it provides them insight into our current and period-to-period performance and our ability to generate cash from continuing operations. We also use free cash flow as a key operating metric in assessing the performance of our business and as a key performance measure in evaluating management performance and determining incentive compensation. Free cash flow may not be comparable to similarly titled measures of other companies. 11 HUNTINGTON INGALLS INDUSTRIES HARD STUFF DONE RIGHT

 
Non-GAAP Measures Definitions Cont’d Adjusted operating income is defined as operating income adjusted for the impact of the goodwill impairment in the fourth quarter of 2019. Adjusted operating margin is defined as adjusted operating income as a percentage of sales and service revenues. Adjusted net earnings is defined as net earnings adjusted for the impacts of the goodwill and long-lived asset impairments in the fourth quarter of 2019. Adjusted diluted earnings per share is defined as adjusted net earnings divided by the weighted-average diluted common shares outstanding. Free cash flow is defined as net cash provided by (used in) operating activities less capital expenditures net of related grant proceeds. 12 HUNTINGTON INGALLS INDUSTRIES HARD STUFF DONE RIGHT

 
Three Months Ended Year Ended December 31 December 31 ($ in millions) 2019 2018 2019 2018 Operating income $ 186 $ 213 $ 736 $ 951 As a percentage of sales and service revenues 7.7 % 9.7 % 8.3 % 11.6 % Non-segment factors affecting operating income: Operating FAS/CAS adjustment (30) (72) (124) (290) Non-current state income taxes 17 7 19 2 Segment Operating Income $ 173 $ 148 $ 631 $ 663 As a percentage of sales and service revenues 7.2 % 6.7 % 7.1 % 8.1 % Ingalls segment operating income $ 59 $ 84 $ 235 $ 313 As a percentage of Ingalls revenues 8.4 % 12.0 % 9.2 % 12.0 % Newport News segment operating income 133 57 390 318 As a percentage of Newport News revenues 9.6 % 4.5 % 7.5 % 6.7 % Technical Solutions segment operating income (loss) (19) 7.0 6 32 Adjustment for impairments of goodwill 29 - 29 - Non-GAAP ReconciliationsAdjusted Technical Solutions segment – operatingAdjusted Income (loss) Operating 10Income 7& Adjusted 35 32 Operating MarginAs a percentage of Technical Solutions revenues 2.7 % 2.6 % 2.7 % 3.2 % Adjusted Segment Operating Income $ 202 $ 148 $ 660 $ 663 As a percentage of sales and service revenues 8.4 % 6.7 % 7.4 % 8.1 % Three Months Ended Year Ended December 31 December 31 ($ in millions) 2019 2018 2019 2018 Operating income $ 186 $ 213 $ 736 $ 951 As a percentage of sales and service revenues 7.7 % 9.7 % 8.3 % 11.6 % Adjustment for impairments of goodwill 29 - 29 - Adjusted Operating Income $ 215 $ 213 $ 765 $ 951 As a percentage of sales and service revenues 8.9 % 9.7 % 8.6 % 11.6 % 13 HUNTINGTON INGALLS INDUSTRIES HARD STUFF DONE RIGHT

 
Non-GAAP Reconciliations – Adjusted Net Earnings & Adjusted Diluted EPS Three Months Ended Year Ended December 31 December 31 (in millions, except per share amounts) 2019 2018 2019 2018 Adjusted Net Earnings Net earnings $ 149 $ 212 $ 549 $ 836 After-tax adjustment for goodwill and long-tived asset impairments(1) 31 - 31 - Adjusted Net Earnings $ 180 $ 212 $ 580 $ 836 Adjusted Diluted EPS Diluted earnings per share $ 3.61 $ 4.94 $ 13.26 $ 19.09 After-tax adjustment for goodwill and long-tived asset impairments per share(1) 0.75 - 0.75 - Adjusted Diluted EPS $ 4.36 $ 4.94 $ 14.01 $ 19.09 (1) Goodwill and other long-lived asset impairments $ 35 $ - $ 35 $ - Tax effect* 4 - 4 - After-tax effect 31 - 31 - Weighted-Average Diluted Shares Outstanding 41.3 42.9 41.4 43.8 Per share impact** $ 0.75 $ - $ 0.75 $ - *The income tax impact is calculated using the tax rate in effect for the relevant non-GAAP adjustment. **Amounts may not recalculate exactly due to rounding. 14 HUNTINGTON INGALLS INDUSTRIES HARD STUFF DONE RIGHT

 
Non-GAAP Reconciliations – Free Cash Flow Three Months Ended Year Ended December 31 December 31 ($ in millions) 2019 2018 2019 2018 Net cash provided by (used in) operating activities 566 648 896 914 Less capital expenditures: Capital expenditure additions (181) (170) (530) (463) Grant proceeds for capital expenditures 23 28 94 61 Free cash flow 408 506 460 512 15 HUNTINGTON INGALLS INDUSTRIES HARD STUFF DONE RIGHT

 
16 HUNTINGTON INGALLS INDUSTRIES HARD STUFF DONE RIGHT