HUNTINGTON INGALLS INDUSTRIES INC
For the period ended Sep 30, 2024. Filed Oct 31, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 31, 2024
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Stockholders' Equity
- STOCKHOLDERS' EQUITY
Treasury Stock - In January 2024, the Company's board of directors authorized an increase in the Company's stock repurchase program from $3.2 billion to $3.8 billion and an extension of the term of the program to December 31, 2028. Repurchases are made from time to time at management's discretion in accordance with applicable federal securities laws. For the nine months ended September 30, 2024, the Company repurchased 607,841 shares at an aggregate cost of $163 million, including $1 million of accrued excise tax. For the nine months ended September 30, 2023, the Company repurchased 175,555 shares at an aggregate cost of $37 million. The cost of purchased shares is recorded as treasury stock in the unaudited condensed consolidated statements of financial position.
Dividends - The Company paid cash dividends totaling $154 million and $149 million forthe nine months ended September 30, 2024 and 2023, respectively.
Accumulated Other Comprehensive Loss- Other comprehensive income (loss) refers to gains and losses recorded as an element of stockholders' equity but excluded from net earnings. The accumulated other comprehensive loss was comprised of unamortized benefit plan costs of $412 million and $422 million as of September 30, 2024, and December 31, 2023, respectively.
The changes in accumulated other comprehensive loss by component for the three and nine months ended September 30, 2024 and 2023, were as follows:
| ($ in millions) | Benefit Plans | Other | Total |
|---|---|---|---|
| Balance as of June 30, 2023 | $(592) | $— | $(592) |
| Amounts reclassified from accumulated other comprehensive loss | |||
| Amortization of prior service cost1 | 3 | — | 3 |
| Amortization of net actuarial loss1 | 1 | — | 1 |
| Tax expense for items of other comprehensive income | (2) | — | (2) |
| Net current period other comprehensive income | 2 | — | 2 |
| Balance as of September 30, 2023 | $(590) | $— | $(590) |
| Balance as of June 30, 2024 | $(415) | $— | $(415) |
| Amounts reclassified from accumulated other comprehensive loss | |||
| Amortization of prior service cost1 | 4 | — | 4 |
| Amortization of net actuarial loss1 | 1 | — | 1 |
| Tax expense for items of other comprehensive income | (2) | — | (2) |
| Net current period other comprehensive income | 3 | — | 3 |
| Balance as of September 30, 2024 | $(412) | $— | $(412) |
| ($ in millions) | Benefit Plans | Other | Total |
|---|---|---|---|
| Balance as of December 31, 2022 | $(599) | $— | $(599) |
| Amounts reclassified from accumulated other comprehensive loss | |||
| Amortization of prior service cost1 | 11 | — | 11 |
| Amortization of net actuarial loss1 | 2 | — | 2 |
| Tax expense for items of other comprehensive income | (4) | — | (4) |
| Net current period other comprehensive income | 9 | — | 9 |
| Balance as of September 30, 2023 | $(590) | $— | $(590) |
| Balance as of December 31, 2023 | $(422) | $— | $(422) |
| Amounts reclassified from accumulated other comprehensive loss | |||
| Amortization of prior service cost1 | 11 | — | 11 |
| Amortization of net actuarial loss1 | 3 | — | 3 |
| Tax expense for items of other comprehensive income | (4) | — | (4) |
| Net current period other comprehensive income | 10 | — | 10 |
| Balance as of September 30, 2024 | $(412) | $— | $(412) |
1 These accumulated comprehensive loss components are included in the computation of net periodic benefit cost. See Note 11: Employee Pension and Other Postretirement Benefits. The tax expense recorded in stockholders' equity for the amounts reclassified from accumulated other comprehensive loss for each of the three months ended September 30, 2024 and 2023, was $2 million. The tax expense recorded in stockholders' equity for the amounts reclassified from accumulated other comprehensive loss for each of the nine months ended September 30, 2024 and 2023, was $4 million.
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