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 | ||||