Attached files
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EX-32.2 - EXHIBIT 32.2 - HUNTINGTON INGALLS INDUSTRIES, INC. | hii-ex322201610xk.htm |
EX-32.1 - EXHIBIT 32.1 - HUNTINGTON INGALLS INDUSTRIES, INC. | hii-ex321201610xk.htm |
EX-31.2 - EXHIBIT 31.2 - HUNTINGTON INGALLS INDUSTRIES, INC. | hii-ex312201610xk.htm |
EX-31.1 - EXHIBIT 31.1 - HUNTINGTON INGALLS INDUSTRIES, INC. | hii-ex311201610xk.htm |
EX-23.1 - EXHIBIT 23.1 - HUNTINGTON INGALLS INDUSTRIES, INC. | hii-ex231201610xk.htm |
EX-21.1 - EXHIBIT 21.1 - HUNTINGTON INGALLS INDUSTRIES, INC. | hii-ex211201610xk.htm |
EX-10.38 - EXHIBIT 10.38 - HUNTINGTON INGALLS INDUSTRIES, INC. | hii-ex1038201610xk.htm |
EX-10.37 - EXHIBIT 10.37 - HUNTINGTON INGALLS INDUSTRIES, INC. | hii-ex1037201610xk.htm |
10-K - 10-K - HUNTINGTON INGALLS INDUSTRIES, INC. | hii201610-k.htm |
Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31 | ||||||||||||||||||||
($ in millions) | 2016 | 2015(1) | 2014(2) | 2013 | 2012 | |||||||||||||||
Earnings: | ||||||||||||||||||||
Earnings from continuing operations before income taxes | $ | 784 | $ | 632 | $ | 507 | $ | 394 | $ | 241 | ||||||||||
Amortization of Capitalized Interest | 1 | 2 | 1 | 2 | 2 | |||||||||||||||
Interest Capitalized | (2 | ) | (2 | ) | (2 | ) | — | (2 | ) | |||||||||||
Net adjustment for earnings from affiliates | 4 | — | (2 | ) | 2 | 2 | ||||||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expensed and capitalized, including amortization of debt issuance | 76 | 139 | 151 | 118 | 119 | |||||||||||||||
Portion of rental expenses on operating leases deemed to be representative of the interest factor (3) | 23 | 21 | 18 | 15 | 15 | |||||||||||||||
Total Earnings | $ | 886 | $ | 792 | $ | 673 | $ | 531 | $ | 377 | ||||||||||
Fixed Charges: | $ | 99 | $ | 160 | $ | 169 | $ | 133 | $ | 134 | ||||||||||
Ratio of earnings to fixed charges | 8.9 | 5.0 | 4.0 | 4.0 | 2.8 |
(1) For the year ended December 31, 2015, the Company recorded non-cash goodwill impairment charges of $75 million and a non-cash intangible asset impairment charge of $27 million, as well as $44 million of interest expense related to the early extinguishment of debt.
(2) For the year ended December 31, 2014, the Company recorded a non-cash goodwill impairment charge of $47 million and $37 million of interest expense related to the early extinguishment of debt.
(3) The proportion of rental expense deemed to be representative of the interest factor is one third.