Exelis reports first quarter 2015 financial results
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Exelis Inc.
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Consolidated Statements of Cash Flows (unaudited)
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(IN MILLIONS)
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Three Months Ended March 31,
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2015
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2014
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Operating activities
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Net income
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$
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59
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$
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52
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Less income from discontinued operations
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—
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13
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Income from continuing operations
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59
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39
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Adjustments to reconcile net income to net cash used in operating
activities from continuing operations:
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Depreciation and amortization
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25
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26
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Stock-based compensation
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8
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8
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Restructuring and asset impairment charges
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1
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5
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Payments for restructuring
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(2
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)
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(10
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)
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Defined benefit plans expense
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20
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17
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Defined benefit plans payments
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(41
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)
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(42
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)
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Change in assets and liabilities
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Change in receivables
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(30
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)
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(42
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)
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Change in inventories
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(8
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)
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(17
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Change in other assets
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(1
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)
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(3
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)
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Change in accounts payable
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(8
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)
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(31
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Change in advance payments and billings in excess of costs
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(10
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(24
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)
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Change in deferred taxes
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14
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13
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Change in other liabilities
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(44
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(44
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Other, net
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—
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(3
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Net cash used in operating activities from continuing operations
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(17
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(108
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)
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Investing activities
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Capital expenditures
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(8
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(7
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Proceeds from the sale of assets
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6
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3
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Net cash used in investing activities from continuing operations
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(2
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(4
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Financing activities
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Dividends paid
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(20
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(20
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)
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Common stock repurchased
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—
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(24
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)
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Proceeds from the exercise of stock options
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12
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12
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Transfer from Vectrus, net
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—
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3
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Other, net
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1
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5
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Net cash used in financing activities from continuing operations
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(7
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)
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(24
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)
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Exchange rate effects on cash and cash equivalents
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(5
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)
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—
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Net cash used in discontinued operations
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—
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(50
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)
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Net change in cash and cash equivalents
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(31
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)
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(186
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)
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Cash and cash equivalents – beginning of year
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510
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459
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Cash and cash equivalents – end of period
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$
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479
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$
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273
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