Exelis reports first-quarter 2013 financial results; reaffirms 2013 forecast

 
Exelis Inc.

Consolidated Consolidated Balance Sheets

(unaudited)
       
 
(IN MILLIONS) March 31, December 31,
      2013     2012
Assets
Current assets
Cash and cash equivalents $ 185 $ 292
Receivables, net 1,022 995
Inventories, net 301 283
Deferred tax asset 68 85
Other current assets       62         58  
Total current assets       1,638         1,713  
Plant, property and equipment, net 509 512
Goodwill 2,188 2,180
Other intangible assets, net 184 184
Deferred tax asset 543 556
Other non-current assets       66         67  
Total non-current assets       3,490         3,499  
Total assets    

$

5,128       $ 5,212  
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable

$

368

$

444
Advance payments and billings in excess of costs 327 322
Compensation and other employee benefits 177 246
Other accrued liabilities       265         203  
Total current liabilities       1,137         1,215  
Defined benefit plans 2,160 2,203
Long-term debt 649 649
Deferred tax liability 3 1
Other non-current liabilities       127         128  
Total non-current liabilities       2,939         2,981  
Total liabilities       4,076         4,196  

Commitments and contingencies

Shareholders' equity
Common stock 2 2
Additional paid-in capital 2,578 2,575
Retained earnings 298 274

Accumulated other comprehensive loss

      (1,826 )       (1,835 )
Total shareholders' equity       1,052         1,016  
Total liabilities and shareholders' equity     $ 5,128       $ 5,212  
 

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