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

 
Exelis Inc.

Consolidated Consolidated Statements of Cash Flows

(unaudited)
       
 
(IN MILLIONS) Three Months Ended March 31,
      2013     2012
Operating activities
Net income $ 44 $ 70

Adjustments to reconcile net income to cash provided by operating activities:

Depreciation and amortization 27 30
Stock-based compensation 5 5
Restructuring charges, net 49 1
Payments for restructuring (6 ) (8 )
Defined benefit plans expense 26 12
Defined benefit plans payments (39 ) (197 )
Change in assets and liabilities
Change in receivables (27 ) (225 )
Change in inventories (17 ) 1
Change in other assets (3 ) (11 )
Change in accounts payable (77 ) 15
Change in advance payments and billings in excess of costs 6 10
Change in deferred taxes 18 69
Change in other liabilities (72 ) (66 )
Other, net       1         (4 )

Net cash used in operating activities

      (65 )       (298 )
Investing activities
Capital expenditures (17 ) (24 )
Proceeds from the sale of assets 1
Acquisitions, net of cash acquired (15 )
Other, net               2  
Net cash used in investing activities       (32 )       (21 )
Financing activities
Short-term borrowing under credit facility, net 145
Proceeds from commercial paper, net 265
Dividend paid (19 )
Proceeds from the exercise of options 1 13
Other, net       (2 )       2  
Net cash (used in) provided by financing activities       (1 )       406  
Exchange rate effects on cash and cash equivalents       (9 )       5  
Net change in cash and cash equivalents (107 ) 92
Cash and cash equivalents – beginning of year       292         116  
Cash and cash equivalents – end of period     $ 185       $ 208  
 

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