Exelis Reports Solid Second-Quarter 2012 Financial Results; Maintains 2012 Full-Year Outlook
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Exelis Inc.
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Consolidated and Combined Balance Sheets
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(unaudited)
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(IN MILLIONS)
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June 30,
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December 31,
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2012
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2011
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Assets
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Current assets
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Cash and cash equivalents
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$
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166
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$
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116
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Receivables, net
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1,177
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1,061
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Inventories, net
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338
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337
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Deferred tax asset
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61
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106
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Other current assets
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50
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49
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Total current assets
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1,792
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1,669
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Plant, property and equipment, net
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504
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494
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Goodwill
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2,167
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2,154
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Other intangible assets, net
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200
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211
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Deferred tax asset
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422
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507
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Other non-current assets
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62
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64
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Total non-current assets
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3,355
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3,430
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Total assets
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$
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5,147
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$
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5,099
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Liabilities and Shareholders' Equity
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Current liabilities
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Short-term debt
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$
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257
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$
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—
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Accounts payable
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428
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447
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Advance payments and billings in excess of costs
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349
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378
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Compensation and other employee benefits
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228
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250
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Other accrued liabilities
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191
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199
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Total current liabilities
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1,453
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1,274
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Postretirement benefit plans
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1,853
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2,149
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Long-term debt
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649
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649
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Deferred tax liability
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1
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1
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Other non-current liabilities
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130
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133
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Total non-current liabilities
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2,633
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2,932
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Total liabilities
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4,086
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4,206
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Commitments and contingencies
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Shareholders' equity
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Common stock
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2
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2
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Additional paid-in capital
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2,550
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2,523
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Retained earnings
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139
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23
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Accumulated other comprehensive loss
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(1,630
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(1,655
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Total shareholders' equity
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1,061
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893
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Total liabilities and shareholders' equity
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$
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5,147
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$
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5,099
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