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2019 Annual Report $2B 2019 ANNUAL REPORT HUNTINGTON INGALLS INDUSTRIES INGALLS INDUSTRIES HUNTINGTON 2019 annual RE P ort $2B HII HAS INVESTED NEARLY $2 BILLION IN CAPITAL EXPENDITURES OVER THE PAST FIVE YEARS AT ITS INGALLS AND NEWPORT NEWS SHIPBUILDING FACILITIES TO IMPROVE EFFICIENCIES AND AFFORDABILITY ACROSS THE ENTERPRISE. Ingalls Shipbuilding, in Pascagoula, Mississippi, is the largest supplier of U.S. Navy surface combatants. HUNTINGTON INGALLS INDUSTRIES Huntington Ingalls Industries is America’s largest military shipbuilding company and a provider of professional services to partners in government and industry. For more than a century, HII’s Newport News and Ingalls shipbuilding divisions in Virginia and Mississippi have built more ships in more ship classes than any other U.S. naval shipbuilder. HII’s Technical Solutions division supports national security missions around the globe with unmanned systems, defense and federal solutions, nuclear and environmental services, and fleet sustainment. Headquartered in Newport News, Virginia, HII employs more than 42,000 people operating both domestically and internationally. Cover Image: Newport News Shipbuilding delivered USS Delaware (SSN 791) to the U.S. Navy in 2019. FINANCIAL OPERATING RESULTS ($ in millions, except per share amounts) 2019 2018 2017 2016 2015 Sales and Service Revenues $ 8,899 $ 8,176 $ 7,441 $ 7,068 $ 7,020 Operating Income 736 951 881 876 774 Operating Margin 8.3 % 11.6 % 11.8 % 12.4 % 11.0 % (1) Adjusted Segment Operating Income 660 663 688 715 769 Adjusted Segment Operating Margin (1) 7.4 % 8.1 % 9.2 % 10.1 % 11.0 % Diluted EPS 13.26 19.09 10.46 12.14 8.36 (2) Adjusted Diluted EPS 14.01 19.09 12.14 12.14 10.55 Net Cash Provided by Operating Activities 896 914 814 822 861 (1)Adjusted Segment Operating Income and Adjusted Segment Operating Margin are non-GAAP financial measures that exclude the operating FAS/CAS adjustment, non-current state income taxes, goodwill impairment charges and purchased intangibles impairment charges. Please see the page that precedes the back cover of this report for information on excluded items and a reconciliation of these measures to GAAP. (2)Adjusted Diluted EPS is a non-GAAP financial measure that excludes the tax effected goodwill impairment charges, purchased intangibles impairment charges, losses on early extinguishment of debt and long-lived asset impairment charges. It also excludes the tax expense related to the 2017 Tax Cut and Jobs Act and discretionary pension contributions. Please see the page that precedes the back cover of this report for information on excluded items and a reconciliation of this measure to GAAP. ADJUSTED DILUTED EPS(1) ADJUSTED SEGMENT OPERATING MARGIN(1) $20 $19.09 12% 11.0% 10.1% 10 9.2% 15 $14.01 8.1% 8 $12.14 $12.14 7.4% $10.55 10 6 4 5 2 0 0 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 (1) Adjusted Diluted EPS is a non-GAAP financial measure that excludes the tax (1) Segment Operating Margin was adjusted in 2015 to exclude a goodwill effected goodwill impairment charges, purchased intangibles impairment impairment charge of $75 million and purchased intangibles impairment charges, long-lived asset impairment charges and losses on early extinguishment charge of $27 million. Segment Operating Margin was also adjusted in of debt. It also excludes the tax expense related to the 2017 Tax Cut and Jobs 2019 to exclude a goodwill impairment charge of $29 million. Act and discretionary pension contributions. Please see the page that precedes the back cover of this report for information on excluded items and a reconciliation of these measures to GAAP. 2019 ANNUAL REPORT 01 TO OUR EMPLOYEES, CUSTOMERS AND COMMUNITIES: At HII, we believe our employees are the key ingredients to our previous high-water mark. Our operating margin was 8.3%, and we success. Throughout 2019, we challenged them to remain focused distributed $363 million to shareholders via dividends and share on and committed to execution while driving continuous improvement, repurchases. The strength of our balance sheet has given us the innovation and creativity. Our goals are centered on improving ability and flexibility to invest significant capital into our shipyards efficiency, managing risk and delivering the highest quality and most while also pursuing strategic opportunities that create long-term, affordable products and services to our customers, thereby generating sustainable value. strong returns for our shareholders. It’s a recipe that has generated In 2019, we christened John F. Kennedy (CVN 79) and delivered guided exceptional results. missile destroyer USS Paul Ignatius (DDG 117), national security cutter Our drive for success is reflected in our strong financial results. In Midgett (WMSL 757) and attack submarine Delaware (SSN 791). 2019, we recorded another year of record-high revenues. The $8.9 We also redelivered USS Gerald R. Ford (CVN 78) after its post- billion in 2019 was an 8.8% increase over 2018, which was our shakedown availability. Lenah H. Sutcliffe Higbee (DDG 123) is the 34th Arleigh Burke-class destroyer constructed at Ingalls Shipbuilding. 02 HUNTINGTON INGALLS INDUSTRIES While we proudly celebrate these milestones, we are excited about including destroyers, amphibious ships, Columbia-class ballistic the contracts awarded in 2019 that have more than doubled HII’s missile submarines, and restoration of the CVN 75 refueling-complex- total backlog to $46.5 billion as of Dec. 31, 2019. This is a record overhaul, as well as increased integration of critical capabilities such high and a strong foundation of work that provides us unmatched as unmanned underwater vehicles and C5ISR. visibility and stability. It’s also a direct reflection of our Path to 2020 We look forward once again to working with the administration commitment, which was made prior to the Navy’s decision to grow and Congress in support of outcomes that best leverage our hot the fleet. Our generational investments of nearly $2 billion in our production lines, supply chains, and service expertise to deliver shipyards best position HII to help build the fleet of the future in the the ships and capabilities that our nation requires. most affordable and efficient way possible. When it comes to our people, HII promotes the well-being of our In 2019, Newport News Shipbuilding was awarded a $15 billion employees and their families so they have an opportunity to do contract to build two Ford-class aircraft carriers as well as a $8 their best work every day. To make this happen, we continue to billion contract to team with partner General Dynamics Electric implement a wellness strategy focusing on three things: a healthy Boat to build nine Virginia-class Block V submarines. body, a healthy wallet and a healthy mind. These components are In March of 2019, Ingalls Shipbuilding captured a nearly $1.5 billion intertwined when it comes to our total well-being, and, when they contract from the U.S. Navy to design and build the amphibious are nurtured, contribute to an employee’s success. transport dock LPD 30. The ship will be the 14th in the San Antonio In the years ahead, we will remain focused on executing our contracts class and the first Flight II LPD. and providing exceptional products and services to our customers. In February 2019, we acquired Fulcrum IT Services and integrated We will continue along the relentless path of transformation including this business into our Technical Solutions division. Just seven months growth and process innovation. And we will continue to return cash later, Fulcrum was a part of a multi-award contract with the Defense to our shareholders. Intelligence Agency that has a potential value of $954 million. We are proud of our accomplishments in 2019, and we look forward to Continuing on our commitment to invest in our business, just this 2020 with a pursuit of fulfilling our motto: “Hard Stuff Done Right.” past February we announced our intent to acquire Hydroid, a leading Thank you for your interest and investment in HII and for supporting provider of advanced marine robotics to the defense and maritime our commitments to our employees, communities, suppliers, industry and a U.S. based subsidiary of Kongsberg Maritime. In shareholders and customers. conjunction with the transaction, HII and Kongsberg Maritime are also establishing a strategic alliance to jointly market naval and maritime products and services globally. This acquisition is another example of how we are strategically aligning our Technical Solutions division to provide best-in-class professional services and business Adm. Thomas B. Fargo Mike Petters solutions to government and commercial customers worldwide. U.S. Navy (Ret.) President and CEO Chairman of the Board Regarding activities in Washington, we are very pleased that the House and Senate passed and the President enacted the National Defense Authorization Act as well as all 12 appropriations measures for fiscal year 2020. These measures strongly supported ship construction and repair as well as other national security imperatives, including acceleration of both LPD 31 and LHA 9 and approval of incremental funding. The legislation also restored the refueling and complex overhaul of CVN 75 USS Harry S. Truman and supported investment in submarines, surface combatants, unmanned platforms, Department of Energy nuclear and environmental programs, and cyber defense. With release earlier this year of the President’s fiscal year 2021 budget request, tradeoffs were made across various accounts – including shipbuilding – to fit within the administration’s budget topline. Even so, we are pleased to see investment for priorities 2019 ANNUAL REPORT 03 TO A HERO Newport News Shipbuilding christened John F. Kennedy (CVN 79) on Dec. 7, 2019, two months ahead of its original schedule. FOSTERING AN ENGAGED “WORKFORCE IS OUR GREATEST OPPORTUNITY FOR CREATING MORE ValUE IN OUR COMPANY AND TRANsfORMING OUR BUSINEss FOR THE FUTURE.
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