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Exelis Inc. |
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Condensed Consolidated Statements of Cash Flows (unaudited) |
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(IN MILLIONS) |
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| Three Months Ended March 31, | ||||||
| 2014 | 2013 | |||||
| Operating activities | ||||||
| Net income | $ | 52 | $ | 44 | ||
| Adjustments to reconcile net income to net cash used in operating activities: | ||||||
| Depreciation and amortization | 27 | 27 | ||||
| Stock-based compensation | 8 | 5 | ||||
| Restructuring and asset impairment charges | 5 | 49 | ||||
| Payments for restructuring | (11) | (6) | ||||
| Defined benefit plans expense | 17 | 26 | ||||
| Defined benefit plans payments | (42) | (39) | ||||
| Change in assets and liabilities | ||||||
| Change in receivables | (84) | (27) | ||||
| Change in inventories | (21) | (17) | ||||
| Change in other assets | — | (3) | ||||
| Change in accounts payable | (42) | (77) | ||||
| Change in advance payments and billings in excess of costs | (29) | 6 | ||||
| Change in deferred taxes | 14 | 18 | ||||
| Change in other liabilities | (49) | (72) | ||||
| Other, net | (3) | 1 | ||||
| Net cash used in operating activities | (158) | (65) | ||||
| Investing activities | ||||||
| Capital expenditures | (7) | (17) | ||||
| Proceeds from the sale of assets | 3 | — | ||||
| Acquisitions, net of cash acquired | — | (15) | ||||
| Net cash used in investing activities | (4) | (32) | ||||
| Financing activities | ||||||
| Dividends paid | (20) | — | ||||
| Common stock repurchased | (24) | — | ||||
| Proceeds from the exercise of stock options | 12 | 1 | ||||
| Other, net | 5 | (2) | ||||
| Net cash used in financing activities | (27) | (1) | ||||
| Exchange rate effects on cash and cash equivalents | — | (9) | ||||
| Net change in cash and cash equivalents | (189) | (107) | ||||
| Cash and cash equivalents – beginning of year | 469 | 292 | ||||
| Cash and cash equivalents – end of period | $ | 280 | $ | 185 | ||
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Exelis reports first-quarter 2014 financial results, confirms 2014 guidance and provides update on Vectrus spin-off
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