HUNTINGTON INGALLS INDUSTRIES INC
For the period ended Dec 31, 2023. Filed Feb 1, 2024.
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FY2023 · Filed Feb 1, 2024
HII$313.57+3.0%Stored close · as of Nov 10, 2026
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Item 8. CONSOLIDATED STATEMENTS OF CASH FLOWS
CONSOLIDATED STATEMENTS OF CASH FLOWS
| ($ in millions) | 2023 | 2022 | 2021 |
|---|---|---|---|
| Operating Activities | |||
| Net earnings | $681 | $579 | $544 |
| Adjustments to reconcile to net cash provided by operating activities | |||
| Depreciation | 219 | 218 | 207 |
| Amortization of purchased intangibles | 128 | 140 | 86 |
| Amortization of debt issuance costs | 8 | 8 | 8 |
| Provision for expected credit losses | 6 | (7) | 7 |
| Stock-based compensation | 34 | 36 | 33 |
| Deferred income taxes | (113) | 2 | 98 |
| Loss (gain) on investments in marketable securities | (23) | 25 | (19) |
| Change in | |||
| Accounts receivable | 168 | (196) | 58 |
| Contract assets | (297) | 70 | (126) |
| Inventoried costs | (3) | (22) | (25) |
| Prepaid expenses and other current assets | (42) | 20 | (88) |
| Accounts payable and accruals | 264 | 6 | 45 |
| Retiree benefits | (75) | (127) | (78) |
| Other non-cash transactions, net | 15 | 14 | 10 |
| Net cash provided by operating activities | 970 | 766 | 760 |
| Investing Activities | |||
| Capital expenditures | |||
| Capital expenditure additions | (292) | (284) | (331) |
| Grant proceeds for capital expenditures | 14 | 12 | 20 |
| Acquisitions of businesses, net of cash received | — | — | (1,643) |
| Investment in affiliates | (24) | (5) | (22) |
| Proceeds from equity method investment | 63 | 6 | — |
| Proceeds from disposition of business | — | — | 20 |
| Other investing activities, net | 3 | 3 | 2 |
| Net cash used in investing activities | (236) | (268) | (1,954) |
| Financing Activities | |||
| Proceeds from issuance of long-term debt | — | — | 1,650 |
| Repayment of long-term debt | (480) | (400) | (25) |
| Proceeds from line of credit borrowings | — | 24 | — |
| Repayment of line of credit borrowings | — | (24) | — |
| Debt issuance costs | — | — | (22) |
| Dividends paid | (200) | (192) | (186) |
| Repurchases of common stock | (75) | (52) | (101) |
| Employee taxes on certain share-based payment arrangements | (13) | (14) | (7) |
| Other financing activities, net | (3) | — | — |
| Net cash provided by (used in) financing activities | (771) | (658) | 1,309 |
| Change in cash and cash equivalents | (37) | (160) | 115 |
| Cash and cash equivalents, beginning of period | 467 | 627 | 512 |
| Cash and cash equivalents, end of period | $430 | $467 | $627 |
| Supplemental Cash Flow Disclosure | |||
| Cash paid for income taxes (net of refunds) | $330 | $127 | $33 |
| Cash paid for interest | $101 | $100 | $76 |
| Non-Cash Investing and Financing Activities | |||
| Capital expenditures accrued in accounts payable | $29 | $12 | $6 |
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