Exelis Inc. | ||||||
Condensed Consolidated Balance Sheets | ||||||
(unaudited) | ||||||
(IN MILLIONS) | June 30, | December 31, | ||||
2013 | 2012 | |||||
Assets | ||||||
Current assets | ||||||
Cash and cash equivalents | $ | 259 | $ | 292 | ||
Receivables, net | 1,035 | 995 | ||||
Inventories, net | 297 | 283 | ||||
Deferred tax asset | 65 | 85 | ||||
Other current assets | 56 | 58 | ||||
Total current assets | 1,712 | 1,713 | ||||
Plant, property and equipment, net | 508 | 512 | ||||
Goodwill | 2,185 | 2,180 | ||||
Other intangible assets, net | 177 | 184 | ||||
Deferred tax asset | 470 | 556 | ||||
Other non-current assets | 65 | 67 | ||||
Total non-current assets | 3,405 | 3,499 | ||||
Total assets | $ | 5,117 |
$ |
5,212 | ||
Liabilities and Shareholders' Equity | ||||||
Current liabilities | ||||||
Accounts payable | $ | 368 |
$ |
444 | ||
Advance payments and billings in excess of costs | 327 | 322 | ||||
Compensation and other employee benefits | 219 | 246 | ||||
Other accrued liabilities | 249 | 203 | ||||
Total current liabilities | 1,163 | 1,215 | ||||
Defined benefit plans | 1,924 | 2,203 | ||||
Long-term debt | 649 | 649 | ||||
Deferred tax liability | 3 | 1 | ||||
Other non-current liabilities | 130 | 128 | ||||
Total non-current liabilities | 2,706 | 2,981 | ||||
Total liabilities | 3,869 | 4,196 | ||||
Commitments and contingencies | ||||||
Shareholders' equity | ||||||
Common stock | 2 | 2 | ||||
Additional paid-in capital | 2,590 | 2,575 | ||||
Treasury stock | (5) | — | ||||
Retained earnings | 355 | 274 | ||||
Accumulated other comprehensive loss | (1,694) | (1,835) | ||||
Total shareholders' equity | 1,248 | 1,016 | ||||
Total liabilities and shareholders' equity | $ | 5,117 | $ | 5,212 | ||