10-Q Filing

LEONARDO DRS, INC. CIK: 1833756 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001628280-23-015776`
Period End Date	20230331
Filing Date	20230504
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	drs-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 28 Cash Flow Statement 68 Stockholders Equity 11 Comprehensive Income 12

Balance Sheet 78 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
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$306.00M	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$174.00M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$166.00M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$158.00M	USD	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$968.00M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$872.00M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Inventories	`InventoryNet`	$364.00M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	350.00M	shares	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	350.00M	shares	Point-in-time
Inventories	`InventoryNet`	$319.00M	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	260.55M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	260.55M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$19.00M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$20.00M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$29.00M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$24.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.71B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.71B	USD	Point-in-time
Property plant and equipment, net	`PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization`	$402.00M	USD	Point-in-time
Property plant and equipment, net	`PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization`	$404.00M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$172.00M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$167.00M	USD	Point-in-time
Goodwill	`Goodwill`	$1.24B	USD	Point-in-time
Goodwill	`Goodwill`	$1.24B	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$72.00M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$66.00M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$92.00M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$92.00M	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$1.97B	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$1.97B	USD	Point-in-time
Total assets	`Assets`	$3.68B	USD	Point-in-time
Total assets	`Assets`	$3.68B	USD	Point-in-time
Short-term borrowings and current portion of long-term debt	`DebtCurrent`	$250.00M	USD	Point-in-time
Short-term borrowings and current portion of long-term debt	`DebtCurrent`	$29.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$457.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$258.00M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$247.00M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$233.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$323.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$264.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.02B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.04B	USD	Point-in-time
Long-term debt	`LongTermDebtAndCapitalLeaseObligations`	$365.00M	USD	Point-in-time
Long-term debt	`LongTermDebtAndCapitalLeaseObligations`	$360.00M	USD	Point-in-time
Pension and other postretirement benefit plan liabilities	`PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesNoncurrent`	$45.00M	USD	Point-in-time
Pension and other postretirement benefit plan liabilities	`PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesNoncurrent`	$42.00M	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$6.00M	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	-	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$98.00M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$111.00M	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$508.00M	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$519.00M	USD	Point-in-time
Commitments and contingencies (Note 14)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 14)	`CommitmentsAndContingencies`	-	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: 350,000,000 shares authorized; 260,553,101 issued	`CommonStockValue`	$3.00M	USD	Point-in-time
Common stock, $0.01 par value: 350,000,000 shares authorized; 260,553,101 issued	`CommonStockValue`	$3.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$5.15B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$5.15B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.97B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.96B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-49.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-49.00M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.59B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.64B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$2.13B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$2.14B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$3.68B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$3.68B	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$612.00M	USD	1 Quarter
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$569.00M	USD	1 Quarter
Total cost of revenues	`CostOfRevenue`	$438.00M	USD	1 Quarter
Total cost of revenues	`CostOfRevenue`	$478.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$131.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$134.00M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$76.00M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$100.00M	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$2.00M	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$6.00M	USD	1 Quarter
Other operating expenses, net	`OtherOperatingIncomeExpenseNet`	-	USD	1 Quarter
Other operating expenses, net	`OtherOperatingIncomeExpenseNet`	-	USD	1 Quarter
Operating earnings	`OperatingIncomeLoss`	$25.00M	USD	1 Quarter
Operating earnings	`OperatingIncomeLoss`	$56.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$8.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$8.00M	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-1.00M	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Earnings before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$16.00M	USD	1 Quarter
Earnings before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$48.00M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$4.00M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$12.00M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$12.00M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$36.00M	USD	1 Quarter
Basic earnings per share (in dollars per share)	`EarningsPerShareBasic`	$0.05	USD	1 Quarter
Basic earnings per share (in dollars per share)	`EarningsPerShareBasic`	$0.17	USD	1 Quarter
Diluted earnings per share (in dollars per share)	`EarningsPerShareDiluted`	$0.05	USD	1 Quarter
Diluted earnings per share (in dollars per share)	`EarningsPerShareDiluted`	$0.17	USD	1 Quarter

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$12.00M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$36.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$22.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$15.00M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	-	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$11.00M	USD	1 Quarter
Other	`OtherOperatingActivitiesCashFlowStatement`	$4.00M	USD	1 Quarter
Other	`OtherOperatingActivitiesCashFlowStatement`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-8.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-13.00M	USD	1 Quarter
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$96.00M	USD	1 Quarter
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$80.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$45.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$30.00M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-1.00M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$1.00M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$3.00M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$5.00M	USD	1 Quarter
Other noncurrent assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-21.00M	USD	1 Quarter
Other noncurrent assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-5.00M	USD	1 Quarter
Defined benefit obligations	`IncreaseDecreaseInPensionAndPostretirementObligations`	$1.00M	USD	1 Quarter
Defined benefit obligations	`IncreaseDecreaseInPensionAndPostretirementObligations`	$-3.00M	USD	1 Quarter
Other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$-14.00M	USD	1 Quarter
Other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$-59.00M	USD	1 Quarter
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$7.00M	USD	1 Quarter
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-21.00M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-199.00M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-215.00M	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$14.00M	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$12.00M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-334.00M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-255.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$15.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$13.00M	USD	1 Quarter
Proceeds from sales of assets	`ProceedsFromSaleOfProductiveAssets`	-	USD	1 Quarter
Proceeds from sales of assets	`ProceedsFromSaleOfProductiveAssets`	$1.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-14.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-13.00M	USD	1 Quarter
Net (decrease) increase in third party borrowings (maturities of 90 days or less)	`ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess`	$6.00M	USD	1 Quarter
Net (decrease) increase in third party borrowings (maturities of 90 days or less)	`ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess`	$-9.00M	USD	1 Quarter
Repayment of third party debt	`RepaymentsOfLongTermLinesOfCredit`	$128.00M	USD	1 Quarter
Repayment of third party debt	`RepaymentsOfLongTermLinesOfCredit`	-	USD	1 Quarter
Borrowings of third party debt	`ProceedsFromLongTermLinesOfCredit`	-	USD	1 Quarter
Borrowings of third party debt	`ProceedsFromLongTermLinesOfCredit`	$340.00M	USD	1 Quarter
Repayment of related party debt	`RepaymentsOfRelatedPartyDebt`	$135.00M	USD	1 Quarter
Repayment of related party debt	`RepaymentsOfRelatedPartyDebt`	-	USD	1 Quarter
Borrowings from related parties	`ProceedsFromRelatedPartyDebt`	-	USD	1 Quarter
Borrowings from related parties	`ProceedsFromRelatedPartyDebt`	$285.00M	USD	1 Quarter
Proceeds from stock issuance	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Proceeds from stock issuance	`ProceedsFromIssuanceOfCommonStock`	$1.00M	USD	1 Quarter
Cash outlay to reacquire equity instruments	`PaymentsForRepurchaseOfEquity`	-	USD	1 Quarter
Cash outlay to reacquire equity instruments	`PaymentsForRepurchaseOfEquity`	$1.00M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	-	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-2.00M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$141.00M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$216.00M	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 in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-132.00M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-127.00M	USD	1 Quarter
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$306.00M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$174.00M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$240.00M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$113.00M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$306.00M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$174.00M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$240.00M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$113.00M	USD	Point-in-time

Stockholders Equity 11 line items

Line Item	Tag	Value	Unit	Period
Balance at beginning of period	`StockholdersEquity`	$1.59B	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$1.64B	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$2.13B	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$2.14B	USD	Point-in-time
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$12.00M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$42.00M	USD	1 Quarter
Stock compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$4.00M	USD	1 Quarter
Balance at end of period	`StockholdersEquity`	$1.59B	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$1.64B	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$2.13B	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$2.14B	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$12.00M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$36.00M	USD	1 Quarter
Foreign currency translation gain, net of income taxes	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$1.00M	USD	1 Quarter
Foreign currency translation gain, net of income taxes	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	-	USD	1 Quarter
Gain from pension settlements	`OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationNetOfTax`	$3.00M	USD	1 Quarter
Gain from pension settlements	`OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationNetOfTax`	-	USD	1 Quarter
Net unrecognized gain (loss) on postretirement obligations, net of income taxes	`OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax`	-	USD	1 Quarter
Net unrecognized gain (loss) on postretirement obligations, net of income taxes	`OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax`	$2.00M	USD	1 Quarter
Other comprehensive income (loss), net of income tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$6.00M	USD	1 Quarter
Other comprehensive income (loss), net of income tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	-	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$12.00M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$42.00M	USD	1 Quarter

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