Exelis Reports Solid First-Quarter 2012 Financial Results Driven by Growth in Revenue and Operating Margin; Reaffirms 2012 Full-Year Outlook
|
Exelis Inc.
|
|
Consolidated and Combined Balance Sheets
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(IN MILLIONS)
|
March 31,
|
|
|
December 31,
|
|
|
2012
|
|
2011
|
|
Assets
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
$
|
208
|
|
|
|
$
|
116
|
|
|
Receivables, net
|
|
1,286
|
|
|
|
|
1,061
|
|
|
Inventories, net
|
|
336
|
|
|
|
|
337
|
|
|
Deferred tax asset
|
|
71
|
|
|
|
|
106
|
|
|
Other current assets
|
|
57
|
|
|
|
|
49
|
|
|
Total current assets
|
|
1,958
|
|
|
|
|
1,669
|
|
|
Plant, property and equipment, net
|
|
497
|
|
|
|
|
494
|
|
|
Goodwill
|
|
2,154
|
|
|
|
|
2,154
|
|
|
Other intangible assets, net
|
|
202
|
|
|
|
|
211
|
|
|
Deferred tax asset
|
|
473
|
|
|
|
|
507
|
|
|
Other non-current assets
|
|
65
|
|
|
|
|
64
|
|
|
Total non-current assets
|
|
3,391
|
|
|
|
|
3,430
|
|
|
Total assets
|
$
|
5,349
|
|
|
|
$
|
5,099
|
|
|
Liabilities and Shareholders' Equity
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
Short-term debt
|
$
|
410
|
|
|
|
$
|
—
|
|
|
Accounts payable
|
|
462
|
|
|
|
|
447
|
|
|
Advance payments and billings in excess of costs
|
|
388
|
|
|
|
|
378
|
|
|
Compensation and other employee benefits
|
|
162
|
|
|
|
|
250
|
|
|
Other accrued liabilities
|
|
224
|
|
|
|
|
199
|
|
|
Total current liabilities
|
|
1,646
|
|
|
|
|
1,274
|
|
|
Postretirement benefit plans
|
|
1,938
|
|
|
|
|
2,149
|
|
|
Long-term debt
|
|
649
|
|
|
|
|
649
|
|
|
Deferred tax liability
|
|
1
|
|
|
|
|
1
|
|
|
Other non-current liabilities
|
|
135
|
|
|
|
|
133
|
|
|
Total non-current liabilities
|
|
2,723
|
|
|
|
|
2,932
|
|
|
Total liabilities
|
|
4,369
|
|
|
|
|
4,206
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
|
|
|
|
Common stock
|
|
2
|
|
|
|
|
2
|
|
|
Additional paid-in capital
|
|
2,542
|
|
|
|
|
2,523
|
|
|
Retained earnings
|
|
73
|
|
|
|
|
23
|
|
|
Accumulated other comprehensive loss
|
|
(1,637
|
)
|
|
|
|
(1,655
|
)
|
|
Total shareholders' equity
|
|
980
|
|
|
|
|
893
|
|
|
Total liabilities and shareholders' equity
|
$
|
5,349
|
|
|
|
$
|
5,099
|
|
|
|
|
|
|
|
|
|
|
|
|
