Exelis reports first quarter 2015 financial results
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Exelis Inc.
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Consolidated Balance Sheets (unaudited)
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(IN MILLIONS)
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March 31,
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December 31,
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2015
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2014
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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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479
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$
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510
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Receivables, net
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853
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824
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Inventories, net
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231
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225
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Deferred tax asset
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55
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56
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Other current assets
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47
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47
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Total current assets
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1,665
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1,662
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Plant, property and equipment, net
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422
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437
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Goodwill
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1,973
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1,976
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Other intangible assets, net
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143
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150
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Deferred tax asset
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541
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566
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Other non-current assets
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87
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87
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Total non-current assets
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3,166
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3,216
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Total assets
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$
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4,831
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$
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4,878
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Liabilities and Shareholders' Equity
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Current liabilities
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Accounts payable
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$
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229
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$
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238
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Advance payments and billings in excess of costs
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231
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242
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Compensation and other employee benefits
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120
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170
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Other accrued liabilities
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134
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124
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Total current liabilities
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714
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774
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Defined benefit plans
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2,021
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2,072
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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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2
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2
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Other non-current liabilities
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135
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134
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Total non-current liabilities
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2,807
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2,857
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Total liabilities
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3,521
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3,631
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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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2,621
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2,607
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Treasury stock
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(128
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(128
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Retained earnings
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685
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645
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Accumulated other comprehensive loss
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(1,870
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(1,879
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Total shareholders' equity
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1,310
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1,247
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Total liabilities and shareholders' equity
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$
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4,831
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$
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4,878
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