Exelis reports third-quarter 2012 financial results; maintains 2012 full-year outlook

Exelis Inc.
Consolidated Balance Sheets
(unaudited)
   
 
(IN MILLIONS) September 30, December 31,
    2012   2011
Assets

Current assets

Cash and cash equivalents $ 194 $ 116
Receivables, net 1,080 1,061
Inventories, net 310 337
Deferred tax asset 80 106
Other current assets     47       49  
Total current assets     1,711       1,669  
Plant, property and equipment, net 511 494
Goodwill 2,178 2,154
Other intangible assets, net 194 211
Deferred tax asset 420 507
Other non-current assets     68       64  
Total non-current assets     3,371       3,430  
Total assets   $ 5,082     $ 5,099  
Liabilities and Shareholders' Equity
Current liabilities
Short-term debt $ 134 $
Accounts payable 416 447
Advance payments and billings in excess of costs 366 378
Compensation and other employee benefits 217 250
Other accrued liabilities     184       199  
Total current liabilities     1,317       1,274  
Postretirement benefit plans 1,828 2,149
Long-term debt 649 649
Deferred tax liability 1 1
Other non-current liabilities     132       133  
Total non-current liabilities     2,610       2,932  
Total liabilities     3,927       4,206  
Commitments and contingencies (Note 13)
Shareholders' equity
Common stock 2 2
Additional paid-in capital 2,568 2,523
Retained earnings 208 23
Accumulated other comprehensive loss     (1,623 )     (1,655 )
Total shareholders' equity     1,155       893  
Total liabilities and shareholders' equity   $ 5,082     $ 5,099  
 

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