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2020 Annual Report

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2020 Annual Report 2020 ANNUAL REPORT HUNTINGTON INGALLS INDUSTRIES INGALLS INDUSTRIES HUNTINGTON 2020 2020 HARD ANNUAL REPORT STUFF DONE RIGHT Huntington Ingalls Industries is America’s largest military shipbuilding company and a provider of professional services to partners in government and industry. Headquartered in Newport News, Virginia, HII employs more than 42,000 people operating both domestically and internationally. On September 4, 2020, destroyer Delbert D. Black (DDG 119) departed Ingalls Shipbuilding for its homeport in Mayport, Florida. Ingalls has delivered 32 destroyers to the Navy and currently has four more under construction including Frank E. Petersen Jr. (DDG 121), Lenah H. Sutcliffe Higbee (DDG 123), Jack H. Lucas (DDG 125) and Ted Stevens (DDG 128). Employees on front cover: From left to right: Derrick Hale, Newport News Shipbuilding; Lauren Bruner, Technical Solutions; Eunice Hurd, Ingalls Shipbuilding; Terry Gray, Newport News Shipbuilding; Kayla Cates, Ingalls Shipbuilding. Employees on the back cover: From left to right: Will Joseph, Newport News Shipbuilding; Debra Roberts, Ingalls Shipbuilding; Jennifer Thompson, Technical Solutions; Linda Millender, Ingalls Shipbuilding; John Hooper, Newport News Shipbuilding. SALES AND SERVICE REVENUE ADJUSTED DILUTED EPS(1) ($ in billions) $9.4 $8.9 $12.51 $8.2 $11.43 $10.67 $7.4 $10.15 $7.1 $9.45 ’16 ’17 ’18 ’19 ’20 ’16 ’17 ’18 ’19 ’20 (1)Adjusted Diluted EPS is a non-GAAP financial measure that excludes the tax effected FAS/CAS adjustment, goodwill impairment charges, long-lived asset impairment charges and losses on early extinguishment of debt. It also excludes the tax expense related to the 2017 Tax Act and discretionary pension contributions. Please see the page that precedes the back cover of this report for information on excluded items and a reconciliation of these measures to GAAP. PERFORMANCE OPERATING RESULTS ($ in millions, except per share amounts) 2020 2019 2018 2017 2016 Sales and Service Revenues $ 9,361 $ 8,899 $ 8,176 $ 7,441 $ 7,068 Operating Income 799 736 951 881 876 Operating Margin 8.5% 8.3 % 11.6 % 11.8 % 12.4 % (1) Adjusted Segment Operating Income 555 660 663 688 715 Adjusted Segment Operating Margin (1) 5.9% 7.4 % 8.1 % 9.2 % 10.1 % Diluted EPS 17.14 13.26 19.09 10.46 12.14 (2) Adjusted Diluted EPS 10.67 11.43 12.51 9.45 10.15 Net Cash Provided by Operating Activities 1,093 896 914 814 822 (1) Adjusted Segment Operating Income and Adjusted Segment Operating Margin are non-GAAP financial measures that exclude operating FAS/CAS adjustment, non-current state income taxes and goodwill 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 FAS/CAS adjustment, goodwill impairment charges, long-lived asset impairment charges and losses on early extinguishment of debt. It also excludes the tax expense related to the 2017 Tax 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 G A AP. 1 From left to right: Mike Petters, President and Chief Executive Officer; Kirkland H. Donald, Chairman of the Board TO OUR SHAREHOLDERS, EMPLOYEES, SUPPLIERS AND COMMUNITY: This past year will be remembered as one of extraordinary challenges for employees that HII is accelerating out of the pandemic stronger than ever all of us. Beginning in the first quarter of 2020, like much of the world, before, while also remaining flexible to address any challenges that remain. COVID-19 required HII and its employees to transform the ways we do It’s important to note that COVID-19 also resulted in additional collaboration business, all the while remaining focused and committed to execution while with our supply chain partners to ensure their financial health – especially driving continuous improvement, innovation and creativity. during the early months of COVID-19. The U.S. Navy also deserves In the early months of the pandemic, we knew we needed to help protect the recognition for its efforts to keep programs on schedule, and in some health and safety of our workforce and minimize risk, while simultaneously cases, accelerating contract awards and payments to its industry continuing to support our nation’s national security. So we provided flexible partners. It became recognized that, during this time of crisis, the defense options that enabled our workforce to make decisions and arrangements industrial base stands at the inflection point between national security and for themselves and their families. We also altered and extended our benefit economic recovery. plans to provide maximum flexibility and assistance. Given that the majority Despite the difficult operating environment of the past year, and in some of our workforce was required to work at our shipyards each day, we ways because of it, HII continued to transform the way we do business. ramped up cleaning, did on-site testing, implemented mandatory social In December, we created a chief operating officer position to signal our distancing and required face masks at all locations. Additionally, we moved continued and strong commitment to performance and execution, to better approximately 10,000 employees to remote work. And importantly, we reflect the business dynamics associated with our historic $46 billion established ourselves as a trusted source of information for our employees backlog, and in recognition of the importance of the Navy’s new long-range in a time when misinformation was rampant. While COVID-19 did cause shipbuilding plan. We also made progress in the Department of Energy and disruption and delay, those impacts have lessened over time, and we are unmanned markets through several key contract wins and acquisitions. now experiencing pre-pandemic attendance levels. Our focused efforts over the past 12 months to execute while transforming Throughout 2020, and especially during the pandemic, our employees the business are reflected in strong financial results. In 2020, we recorded demonstrated an uncompromising commitment to safety, quality, cost and another year of record-high revenues. The $9.4 billion in 2020 was a 5.2% schedule. It is because of their hard work and focus on performance that we increase over 2019, which was our previous high-water mark. Our operating are well-positioned to continue delivering the high quality, highly capable margin was 8.5%, and we distributed $256 million to shareholders via and affordable products and services to our customers. It is because of our 2 The U.S. Coast Guard’s newest Legend-class national security cutter, Stone (WMSL 758), departed Ingalls Shipbuilding division in December 2020, sailing to its homeport in Charleston, South Carolina. Stone will be commissioned in early 2021 in Charleston. To date, Ingalls has delivered nine Legend-class cutters with one more under construction and one additional under contract. dividends and share repurchases. The strength of our balance sheet a year in which we acquired Hydroid and formed a strategic alliance with provided us significant flexibility, particularly during the early months Kongsberg Maritime; completed an equity investment in Sea Machines of the pandemic, as we gained more insight into how it would unfold. Robotics of Boston in July; and broke ground in September on the HII Unmanned Systems Center of Excellence in Hampton, Virginia. In 2020, we delivered three ships: amphibious assault ship The facility’s first phase is already complete, where employees will USS Tripoli (LHA 7), guided missile destroyer USS Delbert D. Black assemble hull structures for unmanned, undersea vehicles. (DDG 119) and national security cutter Stone (WMSL 758). We also christened Virginia-class attack submarine Montana (SSN 794) and laid Regarding actions in Washington, D.C., we look forward to working with the keel for Massachusetts (SSN 798). the new administration and Congress in support of outcomes that best leverage our hot production lines, supply chains and service expertise to While we proudly celebrate these milestones, we are excited about the deliver the ships and capabilities that our nation requires. contracts awarded in 2020 that continue to fuel HII’s historic backlog and position us for future success. Newport News Shipbuilding was awarded In 2021, we will continue to leverage our culture of transformation and a $2.2 billion contract for two Columbia-class submarine modules, innovation to address and overcome any remaining challenges brought as well as a contract for the single-phase delivery of aircraft carrier on by COVID-19. This past year, more so than any other in HII’s 10 years John F. Kennedy (CVN 79). of existence, has proven that our employees can do the hard stuff and do it right. Ingalls Shipbuilding was awarded a $1.5 billion contract to construct amphibious transport dock LPD 31. The ship will be the 15th in the Thank you for your interest and investment in HII and for San Antonio class and the second Flight II LPD. Ingalls was also awarded supporting our commitments to our employees, communities, suppliers, a $936 million contract to build an additional Arleigh Burke-class shareholders and customers. (DDG 51) Flight III guided missile destroyer as well as a $145 million advanced procurement contract for amphibious assault ship LHA 9. In January 2020, Technical Solutions was awarded a contract with a potential value of $954 million to provide support for U.S. Air Force Adm. Kirkland H. Donald intelligence, surveillance and reconnaissance requirements in the U.S. Navy (Ret.) European and African theaters of operation. A joint venture led by HII Chairman of the Board Nuclear was also awarded a position on a $3 billion contract by the U.S.
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