v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
The following tables present the Company's operating results by segment:
Three Months Ended June 30, 2025
($ in millions)IngallsNewport NewsMission TechnologiesIntersegment EliminationsTotal
Sales and Service Revenues
Product sales$610 $1,319 $28 $— $1,957 
Service Revenues111 283 731 — $1,125 
Intersegment3 1 32 (36)$— 
Total sales and service revenues724 1,603 791 (36)3,082 
Segment Operating Income
Income from operating investments, net— — 8 — 8 
Less:
Cost of sales and service revenues
Product526 1,145 20 — 1,691 
Service100 234 656 — 990 
Intersegment3 1 32 (36)— 
Other segment items41 141 55 — 237 
Total segment operating income$54 $82 $36 $— 172 
Non-segment factors affecting operating income
Operating FAS/CAS Adjustment(6)
Non-current state income taxes(3)
Total operating income$163 

Three Months Ended June 30, 2024
($ in millions)IngallsNewport NewsMission TechnologiesIntersegment EliminationsTotal
Sales and Service Revenues
Product sales$631 $1,263 $32 $— $1,926 
Service Revenues80 271 700 — $1,051 
Intersegment1 1 33 (35)$— 
Total sales and service revenues712 1,535 765 (35)2,977 
Segment Operating Income
Income from operating investments, net— — 11 — 11 
Less:
Cost of sales and service revenues
Product533 1,054 27 — 1,614 
Service67 225 624 — 916 
Intersegment1 1 33 (35)— 
Other segment items55 144 56 — 255 
Total segment operating income$56 $111 $36 $— 203 
Non-segment factors affecting operating income
Operating FAS/CAS Adjustment(15)
Non-current state income taxes1 
Total operating income$189 
Six Months Ended June 30, 2025
($ in millions)IngallsNewport NewsMission TechnologiesIntersegment EliminationsTotal
Sales and Service Revenues
Product sales$1,136 $2,479 $55 $— $3,670 
Service Revenues218 519 1,409 — $2,146 
Intersegment7 1 62 (70)$— 
Total sales and service revenues1,361 2,999 1,526 (70)5,816 
Segment Operating Income
Income from operating investments, net— — 21 — 21 
Less:
Cost of sales and service revenues
Product978 2,116 40 — 3,134 
Service190 427 1,260 — 1,877 
Intersegment7 1 62 (70)— 
Other segment items86 288 109 — 483 
Total segment operating income$100 $167 $76 $— 343 
Non-segment factors affecting operating income
Operating FAS/CAS Adjustment(16)
Non-current state income taxes(3)
Total operating income$324 

Six Months Ended June 30, 2024
($ in millions)IngallsNewport NewsMission TechnologiesIntersegment EliminationsTotal
Sales and Service Revenues
Product sales$1,217 $2,439 $57 $— $3,713 
Service Revenues147 528 1,394 — $2,069 
Intersegment3 2 64 (69)$— 
Total sales and service revenues1,367 2,969 1,515 (69)5,782 
Segment Operating Income
Income from operating investments, net— — 23 — 23 
Less:
Cost of sales and service revenues
Product1,024 2,055 58 — 3,137 
Service125 437 1,244 — 1,806 
Intersegment3 2 64 (69)— 
Other segment items99 282 108 — 489 
Total segment operating income$116 $193 $64 $— 373 
Non-segment factors affecting operating income
Operating FAS/CAS Adjustment(32)
Non-current state income taxes2 
Total operating income$343 

Sales transactions between segments are generally recorded at cost.

Other segment items consists of general and administrative expenses and other income and gains, net.
The Operating FAS/CAS Adjustment represents the difference between the service cost component of the Company's pension and other postretirement benefit plan expense determined in accordance with GAAP ("FAS") and the Company's pension and other postretirement expense under U.S. Cost Accounting Standards ("CAS").

Other Financial Information

The following tables present the Company's capital expenditures, as presented to the chief operating decision maker, and depreciation and amortization by segment:
Three Months Ended June 30Six Months Ended June 30
($ in millions)2025202420252024
Capital Expenditures1
Ingalls$16 $13 $30 $24 
Newport News74 70 123 126 
Mission Technologies1 3 2 5 
Total segment capital expenditures91 86 155 155 
Corporate2 4 5 7 
Total capital expenditures$93 $90 $160 $162 
1 Net of grant proceeds for capital expenditures

Three Months Ended June 30Six Months Ended June 30
($ in millions)2025202420252024
Depreciation and Amortization
Ingalls$20 $19 $40 $38 
Newport News36 33 69 67 
Mission Technologies26 28 51 55 
Total segment depreciation and amortization82 80 160 160 
Corporate1 — 2 — 
Total depreciation and amortization$83 $80 $162 $160 
Asset information by segment is not disclosed because it is not a key measure of performance used by the chief operating decision maker.