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Table search / Huntington Ingalls Industries, Inc. / "Research and Development"

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HII Huntington Ingalls Industries, Inc.

December 31
($ in millions)			2023			2022
Deferred Tax Assets			Retirement benefits			$			—	$	23	Workers' compensation	157			160	Operating lease liabilities	77			77	Reserves not currently deductible for tax purposes	61			61	Stock compensation	7			7	Net operating losses, tax credit and other carry-forwards	35			37	Capitalized research and development expenses	200			122	Other	10			13	Gross deferred tax assets	547			500	Less valuation allowance	29			28	Net deferred tax assets	518			472	Deferred Tax Liabilities	Depreciation and amortization			447			444	Contract accounting differences	78			123	Purchased intangibles	234			250	Operating lease assets	72			73	Retirement benefits	54			—	Gross deferred tax liabilities	885			890	Total net deferred tax liabilities	$			(367)	$	(418)

1 Feb 24

12:09pm

HII Huntington Ingalls Industries, Inc.

Year Ended December 31
($ in millions)			2023			2022			2021
Income tax expense (benefit) on operations at statutory rate			$			179	$	151	$	131	Tax benefit - sale of business	—			—	(11)	Unrecognized tax benefits	7			7	30	Research and development tax credit	(22)			(25)	(78)	Other, net	8			7	6	Total federal and foreign income taxes	$			172	$	140	$	78

1 Feb 24

12:09pm

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