Exelis reports third-quarter 2012 financial results; maintains 2012 full-year outlook
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Exelis Inc.
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Consolidated Balance Sheets
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(unaudited)
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(IN MILLIONS)
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September 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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194
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$
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116
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Receivables, net
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1,080
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1,061
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Inventories, net
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310
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337
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Deferred tax asset
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80
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106
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Other current assets
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47
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49
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Total current assets
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1,711
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1,669
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Plant, property and equipment, net
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511
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494
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Goodwill
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2,178
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2,154
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Other intangible assets, net
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194
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211
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Deferred tax asset
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420
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507
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Other non-current assets
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68
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64
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Total non-current assets
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3,371
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3,430
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Total assets
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$
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5,082
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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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134
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$
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—
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Accounts payable
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416
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447
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Advance payments and billings in excess of costs
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366
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378
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Compensation and other employee benefits
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217
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250
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Other accrued liabilities
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184
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199
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Total current liabilities
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1,317
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1,274
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Postretirement benefit plans
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1,828
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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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132
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133
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Total non-current liabilities
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2,610
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2,932
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Total liabilities
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3,927
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4,206
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Commitments and contingencies (Note 13)
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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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2,568
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2,523
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Retained earnings
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208
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23
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Accumulated other comprehensive loss
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(1,623
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(1,655
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Total shareholders' equity
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1,155
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893
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Total liabilities and shareholders' equity
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$
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5,082
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$
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5,099
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