Exelis reports second-quarter 2013 financial results; reaffirms full-year guidance
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Exelis Inc.
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Condensed Consolidated Statements of Cash Flows
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(unaudited)
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(IN MILLIONS)
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Six Months Ended June 30,
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2013
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2012
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Operating activities
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Net income
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$
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122
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$
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156
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Adjustments to reconcile net income to net cash provided by (used
in) operating activities:
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Depreciation and amortization
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56
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63
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Stock-based compensation
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16
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13
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Restructuring charges, net
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62
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2
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Payments for restructuring
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(23)
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(11)
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Defined benefit plans expense
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48
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24
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Defined benefit plans payments
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(75)
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(275)
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Change in assets and liabilities
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Change in receivables
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(45)
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(114)
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Change in inventories
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(13)
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(1)
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Change in other assets
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(3)
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(2)
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Change in accounts payable
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(76)
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(21)
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Change in advance payments and billings in excess of costs
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6
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(29)
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Change in deferred taxes
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7
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130
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Change in other liabilities
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(39)
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(44)
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Other, net
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1
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(1)
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Net cash provided by (used in) operating activities
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44
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(110)
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Investing activities
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Capital expenditures
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(36)
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(50)
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Proceeds from the sale of assets
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9
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1
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Acquisitions, net of cash acquired
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(16)
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(24)
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Other, net
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(1)
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2
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Net cash used in investing activities
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(44)
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(71)
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Financing activities
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Proceeds from commercial paper, net
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—
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257
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Dividends paid
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(19)
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(39)
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Common stock repurchased
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(5)
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—
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Proceeds from exercise of stock options
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3
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14
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Other, net
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(3)
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(2)
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Net cash (used in) provided by financing activities
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(24)
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230
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Exchange rate effects on cash and cash equivalents
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(9)
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1
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Net change in cash and cash equivalents
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(33)
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50
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Cash and cash equivalents – beginning of year
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292
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116
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Cash and cash equivalents – end of year
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$
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259
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$
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166
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