Exelis Reports Solid Second-Quarter 2012 Financial Results; Maintains 2012 Full-Year Outlook
|
|
|
|
|
|
|
Exelis Inc.
|
Consolidated and Combined Statements of Cash Flows
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(IN MILLIONS)
|
|
Six Months Ended June 30,
|
|
|
2012
|
|
2011
|
Operating activities
|
|
|
|
|
|
|
Net income
|
|
$
|
156
|
|
|
$
|
161
|
|
Adjustments to reconcile net income to cash (use in) provided by
operating activities:
|
|
|
|
|
Depreciation and amortization
|
|
|
63
|
|
|
|
68
|
|
Stock-based compensation
|
|
|
13
|
|
|
|
8
|
|
Restructuring charges, net
|
|
|
2
|
|
|
|
5
|
|
Payments for restructuring
|
|
|
(11
|
)
|
|
|
(14
|
)
|
Postretirement benefit plans expense
|
|
|
24
|
|
|
|
5
|
|
Postretirement benefit plans payments
|
|
|
(275
|
)
|
|
|
(9
|
)
|
Change in assets and liabilities
|
|
|
|
|
|
|
Change in receivables
|
|
|
(114
|
)
|
|
|
(67
|
)
|
Change in inventories
|
|
|
(1
|
)
|
|
|
(54
|
)
|
Change in other assets
|
|
|
(2
|
)
|
|
|
(40
|
)
|
Change in accounts payable
|
|
|
(21
|
)
|
|
|
86
|
|
Change in advance payments and billings in excess of costs
|
|
|
(29
|
)
|
|
|
7
|
|
Change in deferred taxes
|
|
|
130
|
|
|
|
76
|
|
Change in other liabilities
|
|
|
(44
|
)
|
|
|
(15
|
)
|
Other, net
|
|
|
(1
|
)
|
|
|
(1
|
)
|
Net cash (used in) provided by operating activities
|
|
|
(110
|
)
|
|
|
216
|
|
Investing activities
|
|
|
|
|
|
|
Capital expenditures
|
|
|
(50
|
)
|
|
|
(35
|
)
|
Proceeds from the sale of assets
|
|
|
1
|
|
|
|
—
|
|
Acquisitions, net of cash acquired
|
|
|
(24
|
)
|
|
|
—
|
|
Other, net
|
|
|
2
|
|
|
|
11
|
|
Net cash used in investing activities
|
|
|
(71
|
)
|
|
|
(24
|
)
|
Financing activities
|
|
|
|
|
|
|
Proceeds from commercial paper, net
|
|
|
257
|
|
|
|
—
|
|
Dividend paid
|
|
|
(39
|
)
|
|
|
—
|
|
Proceeds from the exercise of options
|
|
|
14
|
|
|
|
—
|
|
Transfers to parent, net
|
|
|
—
|
|
|
|
(185
|
)
|
Other, net
|
|
|
(2
|
)
|
|
|
(5
|
)
|
Net cash provided by (used in) financing activities
|
|
|
230
|
|
|
|
(190
|
)
|
Exchange rate effects on cash and cash equivalents
|
|
|
1
|
|
|
|
—
|
|
Net change in cash and cash equivalents
|
|
|
50
|
|
|
|
2
|
|
Cash and cash equivalents – beginning of year
|
|
|
116
|
|
|
|
18
|
|
Cash and cash equivalents – end of year
|
|
$
|
166
|
|
|
$
|
20
|
|