HUNTINGTON INGALLS INDUSTRIES, INC.
For the period ended Dec 31, 2025. Filed Feb 5, 2026.
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FY2025 · Filed Feb 5, 2026
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LEASES
- LEASES
The Company leases certain land, warehouses, office space, and production, office, and technology equipment, among other items. Most equipment is leased on a short-term basis. Many land, warehouse, and office space leases include renewal terms that can extend the lease term. The exercise of lease renewal options is at the Company's sole discretion. The depreciable life of assets and leasehold improvements is generally limited by the expected lease term. The Company's lease agreements do not generally contain material residual value guarantees, material restrictive covenants, or purchase options. The Company's lease portfolio consists primarily of operating leases and an immaterial finance lease included in the consolidated financial statements. See Note 2: Summary of Significant Accounting Policies and Note 13: Debt.
The following table presents costs and other information related to the Company's leases:
| ($ in millions) | 2025 | 2024 | 2023 |
|---|---|---|---|
| Operating lease costs | $72 | $72 | $67 |
| Short-term operating lease costs | $61 | $57 | $54 |
| Variable operating lease costs | $5 | $5 | $7 |
| Operating cash flows from operating leases | $(73) | $(70) | $(66) |
| Right-of-use assets obtained in exchange for new operating lease liabilities | $91 | $41 | $80 |
| Weighted-average remaining lease term (years) - operating leases | 8 years | 8 years | 9 years |
| Weighted-average discount rate - operating leases | 5.4% | 5.2% | 5.0% |
The undiscounted future non-cancellable lease payments under the Company's operating leases as of December 31, 2025, were as follows:
| ($ in millions) | December 31, 2025 |
|---|---|
| 2026 | $71 |
| 2027 | 61 |
| 2028 | 48 |
| 2029 | 41 |
| 2030 | 34 |
| Thereafter | 95 |
| Total lease payments | 350 |
| Less: Imputed interest | 69 |
| Present value of operating lease liabilities | $281 |
Lease liabilities included in the Company's consolidated statements of financial position as of December 31, 2025 and 2024, were as follows:
| ($ in millions) | 2025 | 2024 |
|---|---|---|
| Short-term operating lease liabilities | $58 | $51 |
| Long-term operating lease liabilities | 223 | 205 |
| Total operating lease liabilities | $281 | $256 |
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