Attached files
| file | filename |
|---|---|
| EX-32.2 - EXHIBIT 32.2 - HUNTINGTON INGALLS INDUSTRIES, INC. | hii-ex322q22016.htm |
| EX-31.2 - EXHIBIT 31.2 - HUNTINGTON INGALLS INDUSTRIES, INC. | hii-ex312q22016.htm |
| EX-31.1 - EXHIBIT 31.1 - HUNTINGTON INGALLS INDUSTRIES, INC. | hii-ex311q22016.htm |
| EX-32.1 - EXHIBIT 32.1 - HUNTINGTON INGALLS INDUSTRIES, INC. | hii-ex321q22016.htm |
| 10-Q - 10-Q - HUNTINGTON INGALLS INDUSTRIES, INC. | hii2016q210-q0630.htm |
Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
Six Months Ended June 30 | Year Ended December 31 | |||||||||||||||||||||||
($ in millions) | 2016 | 2015(1) | 2014(2) | 2013 | 2012 | 2011(3) | ||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Earnings from continuing operations before income taxes | $ | 376 | $ | 632 | $ | 507 | $ | 394 | $ | 241 | $ | (4 | ) | |||||||||||
Amortization of Capitalized Interest | 1 | 2 | 1 | 2 | 2 | 3 | ||||||||||||||||||
Interest Capitalized | (1 | ) | (2 | ) | (2 | ) | — | (2 | ) | (2 | ) | |||||||||||||
Net adjustment for earnings from affiliates | — | — | (2 | ) | 2 | 2 | — | |||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expensed and capitalized, including amortization of debt issuance | 38 | 139 | 151 | 118 | 119 | 106 | ||||||||||||||||||
Portion of rental expenses on operating leases deemed to be representative of the interest factor (4) | 9 | 21 | 18 | 15 | 15 | 15 | ||||||||||||||||||
Total Earnings | $ | 423 | $ | 792 | $ | 673 | $ | 531 | $ | 377 | $ | 118 | ||||||||||||
Fixed Charges: | $ | 47 | $ | 160 | $ | 169 | $ | 133 | $ | 134 | $ | 121 | ||||||||||||
Ratio of earnings to fixed charges | 9.0 | 5.0 | 4.0 | 4.0 | 2.8 | 1.0 | ||||||||||||||||||
(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) For the year ended December 31, 2011, the company recorded a non-cash goodwill impairment charge of $290 million.
(4) The proportion of rental expense deemed to be representative of the interest factor is one third.