10-Q/A Filing

LEONARDO DRS, INC. CIK: 1833756 Q1 2021

Filing Information

Form Type	10-Q/A
Accession Number	`0001628280-21-012252`
Period End Date	20210331
Filing Date	20210615
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	drs-20210331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 28 Cash Flow Statement 60 Stockholders Equity 10 Comprehensive Income 12

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$61.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$30.00M	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$102.00M	USD	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$87.00M	USD	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$672.00M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$798.00M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Inventories	`InventoryNet`	$247.00M	USD	Point-in-time
Inventories	`InventoryNet`	$262.00M	USD	Point-in-time
Related party note receivable	`NotesReceivableRelatedPartiesCurrent`	$115.00M	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	145.00M	shares	Point-in-time
Related party note receivable	`NotesReceivableRelatedPartiesCurrent`	-	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	145.00M	shares	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	145.00M	shares	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	145.00M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$33.00M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$26.00M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	145.00M	shares	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	100.00	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$33.00M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$34.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.26B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.24B	USD	Point-in-time
Total property, plant and equipment, net	`PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization`	$357.00M	USD	Point-in-time
Total property, plant and equipment, net	`PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization`	$355.00M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$60.00M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$58.00M	USD	Point-in-time
Goodwill	`Goodwill`	$1.06B	USD	Point-in-time
Goodwill	`Goodwill`	$1.06B	USD	Point-in-time
Net deferred tax asset	`DeferredIncomeTaxAssetsNet`	$87.00M	USD	Point-in-time
Net deferred tax asset	`DeferredIncomeTaxAssetsNet`	$75.00M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$134.00M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$130.00M	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$1.68B	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$1.69B	USD	Point-in-time
Total assets	`Assets`	$2.96B	USD	Point-in-time
Total assets	`Assets`	$2.91B	USD	Point-in-time
Short-term borrowings and current portion of long-term debt	`DebtCurrent`	$171.00M	USD	Point-in-time
Short-term borrowings and current portion of long-term debt	`DebtCurrent`	$53.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$478.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$343.00M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$177.00M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$149.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$254.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$267.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$917.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$975.00M	USD	Point-in-time
Long-term debt	`LongTermDebtAndCapitalLeaseObligations`	$374.00M	USD	Point-in-time
Long-term debt	`LongTermDebtAndCapitalLeaseObligations`	$373.00M	USD	Point-in-time
Pension and other postretirement benefit plan liabilities	`PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesNoncurrent`	$88.00M	USD	Point-in-time
Pension and other postretirement benefit plan liabilities	`PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesNoncurrent`	$80.00M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$92.00M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$89.00M	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$554.00M	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$542.00M	USD	Point-in-time
Preferred stock, $0.01 par value: 10,000,000 shares authorized; none issued	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.01 par value: 10,000,000 shares authorized; none issued	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.01 par value: 300,000,000 shares authorized; 145,000,000 shares issued and outstanding	`CommonStockValue`	$1.00M	USD	Point-in-time
Common stock, $0.01 par value: 300,000,000 shares authorized; 145,000,000 shares issued and outstanding	`CommonStockValue`	$1.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$4.63B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$4.63B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.14B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.11B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-71.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-70.00M	USD	Point-in-time
Total shareholder's equity	`StockholdersEquity`	$1.02B	USD	Point-in-time
Total shareholder's equity	`StockholdersEquity`	$1.01B	USD	Point-in-time
Total shareholder's equity	`StockholdersEquity`	$1.46B	USD	Point-in-time
Total shareholder's equity	`StockholdersEquity`	$1.43B	USD	Point-in-time
Total liabilities and shareholder's equity	`LiabilitiesAndStockholdersEquity`	$2.96B	USD	Point-in-time
Total liabilities and shareholder's equity	`LiabilitiesAndStockholdersEquity`	$2.91B	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$583.00M	USD	1 Quarter
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$681.00M	USD	1 Quarter
Total cost of revenues	`CostOfRevenue`	$545.00M	USD	1 Quarter
Total cost of revenues	`CostOfRevenue`	$477.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$106.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$136.00M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$79.00M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$68.00M	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$2.00M	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$2.00M	USD	1 Quarter
Other operating expenses, net	`OtherOperatingIncomeExpenseNet`	$-1.00M	USD	1 Quarter
Other operating expenses, net	`OtherOperatingIncomeExpenseNet`	$-4.00M	USD	1 Quarter
Operating earnings	`OperatingIncomeLoss`	$51.00M	USD	1 Quarter
Operating earnings	`OperatingIncomeLoss`	$35.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$9.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$15.00M	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-7.00M	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-1.00M	USD	1 Quarter
Earnings before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$41.00M	USD	1 Quarter
Earnings before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$13.00M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$3.00M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$12.00M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$10.00M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$29.00M	USD	1 Quarter
Basic earnings per share (in dollars per share)	`EarningsPerShareBasic`	$0.07	USD	1 Quarter
Basic earnings per share (in dollars per share)	`EarningsPerShareBasic`	$0.20	USD	1 Quarter
Diluted earnings per share (in dollars per share)	`EarningsPerShareDiluted`	$0.20	USD	1 Quarter
Diluted earnings per share (in dollars per share)	`EarningsPerShareDiluted`	$0.07	USD	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net earnings (loss)	`NetIncomeLoss`	$10.00M	USD	1 Quarter
Net earnings (loss)	`NetIncomeLoss`	$29.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$14.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$13.00M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$2.00M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$12.00M	USD	1 Quarter
Other	`OtherOperatingActivitiesCashFlowStatement`	$3.00M	USD	1 Quarter
Other	`OtherOperatingActivitiesCashFlowStatement`	$4.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-15.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-18.00M	USD	1 Quarter
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$126.00M	USD	1 Quarter
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$36.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$15.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$50.00M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-7.00M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-3.00M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$2.00M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-1.00M	USD	1 Quarter
Other noncurrent assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-5.00M	USD	1 Quarter
Other noncurrent assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-5.00M	USD	1 Quarter
Defined benefit obligations	`IncreaseDecreaseInPensionAndPostretirementObligations`	$-8.00M	USD	1 Quarter
Defined benefit obligations	`IncreaseDecreaseInPensionAndPostretirementObligations`	$-1.00M	USD	1 Quarter
Other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$-42.00M	USD	1 Quarter
Other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$-16.00M	USD	1 Quarter
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	-	USD	1 Quarter
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-5.00M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-135.00M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-209.00M	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$-13.00M	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$-28.00M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-249.00M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-296.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$13.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$13.00M	USD	1 Quarter
Repayments received (net of advances) on related party note receivable	`RepaymentOfOriginationOfNotesReceivableFromRelatedParties`	$115.00M	USD	1 Quarter
Repayments received (net of advances) on related party note receivable	`RepaymentOfOriginationOfNotesReceivableFromRelatedParties`	$96.00M	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$83.00M	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$102.00M	USD	1 Quarter
Net (decrease) increase in third party borrowings (maturities of 90 days or less)	`ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess`	$-8.00M	USD	1 Quarter
Net (decrease) increase in third party borrowings (maturities of 90 days or less)	`ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess`	$-27.00M	USD	1 Quarter
Repayment of related party debt	`RepaymentsOfRelatedPartyDebt`	$250.00M	USD	1 Quarter
Repayment of related party debt	`RepaymentsOfRelatedPartyDebt`	$230.00M	USD	1 Quarter
Borrowings from related parties	`ProceedsFromRelatedPartyDebt`	$425.00M	USD	1 Quarter
Borrowings from related parties	`ProceedsFromRelatedPartyDebt`	$375.00M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-1.00M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$4.00M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$172.00M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$116.00M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-31.00M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-41.00M	USD	1 Quarter
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$61.00M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$30.00M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$44.00M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$85.00M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$61.00M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$30.00M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$44.00M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$85.00M	USD	Point-in-time

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Balance at beginning of period	`StockholdersEquity`	$1.02B	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$1.01B	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$1.46B	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$1.43B	USD	Point-in-time
Total comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-4.00M	USD	1 Quarter
Total comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$28.00M	USD	1 Quarter
Balance at end of period	`StockholdersEquity`	$1.02B	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$1.01B	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$1.46B	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$1.43B	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net earnings (loss)	`NetIncomeLoss`	$10.00M	USD	1 Quarter
Net earnings (loss)	`NetIncomeLoss`	$29.00M	USD	1 Quarter
Foreign currency translation gain (loss), net of income taxes	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	-	USD	1 Quarter
Foreign currency translation gain (loss), net of income taxes	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	-	USD	1 Quarter
Net unrealized gain on hedging derivatives, net of income taxes	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax`	-	USD	1 Quarter
Net unrealized gain on hedging derivatives, net of income taxes	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax`	-	USD	1 Quarter
Net unrecognized gain (loss) on postretirement obligations, net of income taxes	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeReclassificationAdjustmentsNetOfTax`	$1.00M	USD	1 Quarter
Net unrecognized gain (loss) on postretirement obligations, net of income taxes	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeReclassificationAdjustmentsNetOfTax`	$14.00M	USD	1 Quarter
Other comprehensive loss, net of income tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-1.00M	USD	1 Quarter
Other comprehensive loss, net of income tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-14.00M	USD	1 Quarter
Total comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-4.00M	USD	1 Quarter
Total comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$28.00M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.