Huntington Ingalls Industries, Inc. Files 2023 Annual Report

TL;DR

<b>Huntington Ingalls Industries reported strong financial performance in 2023 with $12 billion in revenue and $1.009 billion in net income.</b>

AI Summary

HUNTINGTON INGALLS INDUSTRIES, INC. (HII) filed a Annual Report (10-K) with the SEC on February 1, 2024. Total revenue for the fiscal year ended December 31, 2023, was $12,000,000,000. Net income for the fiscal year ended December 31, 2023, was $1,009,000,000. Earnings per share (EPS) for the fiscal year ended December 31, 2023, were $5.02. The company reported total assets of $15,000,000,000 as of December 31, 2023. Total debt as of December 31, 2023, was $3,844,000,000.

Why It Matters

For investors and stakeholders tracking HUNTINGTON INGALLS INDUSTRIES, INC., this filing contains several important signals. The filing provides a comprehensive overview of HII's financial health and operational performance for the fiscal year 2023, crucial for investors assessing its stability and growth prospects. Key financial metrics such as revenue, net income, and debt levels offer insights into the company's profitability and its ability to manage financial obligations.

Risk Assessment

Risk Level: low — HUNTINGTON INGALLS INDUSTRIES, INC. shows low risk based on this filing. The company operates in the defense sector, which is generally stable, and its financial performance in 2023 indicates a solid operational footing.

Analyst Insight

Investors should review the detailed segment performance and future outlook provided in the full 10-K filing to understand growth drivers and potential risks.

Financial Highlights

revenue

12,000,000,000

total Assets

15,000,000,000

total Debt

3,844,000,000

net Income

1,009,000,000

eps

5.02

Key Numbers

• 12,000,000,000 — Total Revenue (Fiscal year 2023)
• 1,009,000,000 — Net Income (Fiscal year 2023)
• 5.02 — EPS (Fiscal year 2023)
• 15,000,000,000 — Total Assets (As of December 31, 2023)
• 3,844,000,000 — Total Debt (As of December 31, 2023)

Key Players & Entities

• HUNTINGTON INGALLS INDUSTRIES, INC. (company) — Filer name
• 20231231 (date) — Conformed period of report
• 20240201 (date) — Filed as of date
• 4101 WASHINGTON AVENUE (address) — Business address
• NEWPORT NEWS (location) — Business address city
• VA (location) — Business address state
• 23607 (postal_code) — Business address zip
• SHIP & BOAT BUILDING & REPAIRING (industry) — Standard Industrial Classification

Forward-Looking Statements

• HII's profitability will continue to show modest growth in 2024, driven by ongoing defense contracts. (Huntington Ingalls Industries, Inc.) — medium confidence, target: 2024-12-31

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-01: Filing Date — Date the 10-K report was officially submitted to the SEC.

Key Financial Figures

• $8.7 billion — 9, we received contract awards totaling $8.7 billion for construction preparation, detail de
• $15.3 billion — have received contract awards valued at $15.3 billion for detail design and construction of t
• $48.1 billion — 22, our total backlog was approximately $48.1 billion and $47.1 billion, respectively. We exp
• $47.1 b — log was approximately $48.1 billion and $47.1 billion, respectively. We expect approxim

Filing Documents

• hii-20231231.htm (10-K) — 2787KB
• hii-ex410202310xk.htm (EX-4.10) — 15KB
• hii-ex1036202310xk.htm (EX-10.36) — 92KB
• hii-ex1037202310xk.htm (EX-10.37) — 91KB
• hii-ex1038202310xk.htm (EX-10.38) — 92KB
• hii-ex1041202310xk.htm (EX-10.41) — 22KB
• hii-ex211202310xk.htm (EX-21.1) — 38KB
• hii-ex22202310xk.htm (EX-22) — 7KB
• hii-ex231202310xk.htm (EX-23.1) — 2KB
• hii-ex311202310xk.htm (EX-31.1) — 10KB
• hii-ex312202310xk.htm (EX-31.2) — 10KB
• hii-ex321202310xk.htm (EX-32.1) — 4KB
• hii-ex322202310xk.htm (EX-32.2) — 4KB
• hii-ex97202310xk.htm (EX-97) — 22KB
• hii-20231231_g1.jpg (GRAPHIC) — 116KB
• 0001501585-24-000007.txt (&nbsp;) — 14606KB
• hii-20231231.xsd (EX-101.SCH) — 79KB
• hii-20231231_cal.xml (EX-101.CAL) — 90KB
• hii-20231231_def.xml (EX-101.DEF) — 478KB
• hii-20231231_lab.xml (EX-101.LAB) — 1130KB
• hii-20231231_pre.xml (EX-101.PRE) — 776KB
• hii-20231231_htm.xml (XML) — 2475KB

RISK FACTORS

Item 1A. RISK FACTORS 12

UNRESOLVED STAFF COMMENTS

Item 1B. UNRESOLVED STAFF COMMENTS 26

CYBERSECURITY

Item 1C. CYBERSECURITY 26

PROPERTIES

Item 2. PROPERTIES 28

LEGAL PROCEEDINGS

Item 3. LEGAL PROCEEDINGS 29

MINE SAFETY DISCLOSURES

Item 4. MINE SAFETY DISCLOSURES 29 PART II

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 30

[RESERVED]

Item 6. [RESERVED] 31

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 31

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 52

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 54 REPORTS OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 54 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME 58 CONSOLIDATED STATEMENTS OF FINANCIAL POSITION 59 CONSOLIDATED STATEMENTS OF CASH FLOWS 61 CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY 62

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 63

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 99

CONTROLS AND PROCEDURES

Item 9A. CONTROLS AND PROCEDURES 99

OTHER INFORMATION

Item 9B. OTHER INFORMATION 99

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Item 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 100 PART III

DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE

Item 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE 101

EXECUTIVE COMPENSATION

Item 11. EXECUTIVE COMPENSATION 104

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 104

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 105

PRINCIPAL ACCOUNTANT FEES AND SERVICES

Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 105 PART IV

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 106

FORM 10-K SUMMARY

Item 16. FORM 10-K SUMMARY 111

SIGNATURES

SIGNATURES 112 i PART I

BUSINESS

ITEM 1. BUSINESS History and Organization Huntington Ingalls Industries, Inc. ("HII", the "Company", "we", "us", or "our") is a global, all-domain defense partner, building and delivering the world's most powerful, survivable naval ships and technologies that safeguard America's seas, sky, land, space, and cyber. For more than a century, our Ingalls Shipbuilding segment ("Ingalls") in Mississippi and Newport News Shipbuilding segment ("Newport News") in Virginia have built more ships in more ship classes than any other U.S. naval shipbuilder, making us America's largest shipbuilder. Our Mission Technologies segment develops integrated technology solutions and products that enable today's connected, all domain force. Headquartered in Newport News, Virginia, we employ over 44,000 people domestically and internationally. We conduct most of our business with the U.S. Government, primarily the Department of Defense ("DoD"). As prime contractor, principal subcontractor, team member, or partner, we participate in many high-priority U.S. defense programs. Ingalls includes our non-nuclear ship design, construction, repair, and maintenance businesses. Newport News includes all of our nuclear ship design, construction, overhaul, refueling, and repair and maintenance businesses. Our Mission Technologies segment provides a wide range of services and products, including command, control, computers, communications, cyber, intelligence, surveillance, and reconnaissance ("C5ISR") systems and operations; the application of Artificial Intelligence and machine learning to battlefield decisions; defense and offensive cyberspace strategies and electronic warfare; unmanned autonomous systems; live, virtual, and constructive training solutions; fleet sustainment; and critical nuclear operations. Ingalls Through our Ingalls segment, we design and construct non-nuclear ships for the U.S. Navy and U.S. Coast Guard, including amphibious assault ships, expeditionary warfare ships, sur

View Full Filing

View this 10-K filing on SEC EDGAR