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Exelis Inc.
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Consolidated and Combined Statements of Cash Flows
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(unaudited)
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(IN MILLIONS)
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Nine Months Ended September 30,
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2012
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2011
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Operating activities
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|
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Net income
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$
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244
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$
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262
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Adjustments to reconcile net income to net cash provided by
operating activities:
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Depreciation and amortization
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97
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100
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Stock-based compensation
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18
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12
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Restructuring and asset impairment charges, net
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5
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5
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Payments for restructuring
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(14
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)
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(17
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)
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Postretirement benefit plans expense
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36
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7
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Postretirement benefit plans payments
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(293
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)
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(33
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)
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Change in assets and liabilities
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Change in receivables
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(40
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)
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(103
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)
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Change in inventories
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29
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(91
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)
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Change in other assets
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1
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(43
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)
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Change in accounts payable
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(53
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)
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104
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Change in advance payments and billings in excess of costs
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(14
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)
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17
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Change in deferred taxes
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147
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19
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Change in other liabilities
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(66
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)
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103
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Other, net
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—
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1
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Net cash provided by operating activities
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97
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343
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Investing activities
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Capital expenditures
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(86
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)
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(55
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)
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Proceeds from the sale of assets
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2
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14
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Acquisitions, net of cash acquired
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(42
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)
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—
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Other, net
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(1
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)
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(4
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)
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Net cash used in investing activities
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(127
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)
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(45
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)
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Financing activities
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Proceeds from commercial paper, net
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134
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—
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Proceeds from the issuance of debt, net
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—
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649
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Payment of debt issuance costs
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—
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(6
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)
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Dividends paid
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(39
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)
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—
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Proceeds from the exercise of options
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14
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—
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Transfers to parent, net
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—
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(899
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)
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Other, net
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(7
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)
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6
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Net cash provided by (used in) financing activities
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102
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(250
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)
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Exchange rate effects on cash and cash equivalents
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6
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|
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(2
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)
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Net change in cash and cash equivalents
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78
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46
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Cash and cash equivalents – beginning of year
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116
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18
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Cash and cash equivalents – end of year
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$
|
194
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$
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64
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