Segment Information

6 Months Ended

Jun. 30, 2015

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The Company is organized into three reportable segments: Ingalls, Newport News and Other, consistent with how management makes operating decisions and assesses performance. The Other segment was established in the second quarter of 2014 to account for certain of the Company's non-shipbuilding commercial activities.

The following table presents segment results for the three and six months endedJune 30, 2015 and 2014:

	Three Months Ended June 30						Six Months Ended June 30
($ in millions)	2015			2014			2015			2014
Sales and Service Revenues
Ingalls	$	546		$	572		$	1,015		$	1,119
Newport News	1,166			1,129			2,227			2,176
Other	35			20			75			20
Intersegment eliminations	(2		)	(2		)	(2		)	(2		)
Total sales and service revenues	$	1,745		$	1,719		$	3,315		$	3,313
Operating Income (Loss)
Ingalls	$	198		$	59		$	243		$	102
Newport News	109			104			202			198
Other	(64		)	—			(74		)	—
Total segment operating income (loss)	243			163			371			300
Non-segment factors affecting operating income (loss)
FAS/CAS Adjustment	28			21			55			43
Deferred state income taxes	(2		)	(3		)	(1		)	(3		)
Total operating income (loss)	$	269		$	181		$	425		$	340

Goodwill Impairment Charge - The operating loss at the Other segment for three and six months endedJune 30, 2015, reflects a goodwill impairment charge of $59 million.

FAS/CAS Adjustment - The FAS/CAS Adjustment reflects the difference between expenses for pension and other postretirement benefits determined in accordance with GAAP and the expenses for these items included in segment operating income in accordance with U.S. Cost Accounting Standards ("CAS").

The following table presents the Company's assets by segment.

($ in millions)	June 30 2015		December 31 2014
Assets
Ingalls	$	1,385	$	1,452
Newport News	3,370		3,155
Other	136		210
Corporate	1,421		1,452
Total assets	$	6,312	$	6,269