Attached files

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EX-32.2 - EXHIBIT 32.2 - HUNTINGTON INGALLS INDUSTRIES, INC.exhibit322q22018.htm
EX-32.1 - EXHIBIT 32.1 - HUNTINGTON INGALLS INDUSTRIES, INC.exhibit321q22018.htm
EX-31.2 - EXHIBIT 31.2 - HUNTINGTON INGALLS INDUSTRIES, INC.exhibit312q22018.htm
EX-31.1 - EXHIBIT 31.1 - HUNTINGTON INGALLS INDUSTRIES, INC.exhibit311q22018.htm
10-Q - 10-Q - HUNTINGTON INGALLS INDUSTRIES, INC.hii2018q210-q0630.htm


Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES


 
 
Six Months Ended June 30
 
Year Ended December 31
($ in millions)
 
2018
  
2017
 
2016
 
2015(1)
 
2014(2)
 
2013
Earnings:
 
 
  
 
 
 
 
 
 
 
 
 
Earnings from continuing operations before income taxes
 
$
457

  
$
772

 
$
784

 
$
632

 
$
507

 
$
394

Amortization of Capitalized Interest
 
1

  
2

 
1

 
2

 
1

 
2

Interest Capitalized
 
(3
)
  
(5
)
 
(2
)
 
(2
)
 
(2
)
 

Net adjustment for earnings from affiliates
 

 
(7
)
 
4

 

 
(2
)
 
2

Fixed Charges:
 
 
  
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized, including amortization of debt issuance
 
33

  
99

 
76

 
139

 
151

 
118

Portion of rental expenses on operating leases deemed to be representative of the interest factor (3)
 
10

 
21

 
23

 
21

 
18

 
15

Total Earnings
 
$
498

  
$
882

 
$
886

 
$
792

 
$
673

 
$
531

Fixed Charges:
 
$
43

  
$
120

 
$
99

 
$
160

 
$
169

 
$
133

Ratio of earnings to fixed charges
 
11.6

  
7.4

 
8.9

 
5.0

 
4.0

 
4.0


(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.