| Exelis Inc. | |||||||||
| Consolidated Balance Sheets | |||||||||
| (unaudited) | |||||||||
| (IN MILLIONS) | September 30, | December 31, | |||||||
| 2014 | 2013 | ||||||||
| Assets | |||||||||
| Current assets | |||||||||
| Cash and cash equivalents | $ | 524 | $ | 469 | |||||
| Receivables, net | 939 | 939 | |||||||
| Inventories, net | 258 | 246 | |||||||
| Deferred tax asset | 44 | 16 | |||||||
| Other current assets | 42 | 70 | |||||||
| Total current assets | 1,807 | 1,740 | |||||||
| Plant, property and equipment, net | 452 | 498 | |||||||
| Goodwill | 2,195 | 2,184 | |||||||
| Other intangible assets, net | 157 | 167 | |||||||
| Deferred tax asset | 186 | 216 | |||||||
| Other non-current assets | 120 | 79 | |||||||
| Total non-current assets | 3,110 | 3,144 | |||||||
| Total assets | $ | 4,917 | $ | 4,884 | |||||
| Liabilities and Shareholders' Equity | |||||||||
| Current liabilities | |||||||||
| Accounts payable | $ | 311 | $ | 367 | |||||
| Advance payments and billings in excess of costs | 266 | 301 | |||||||
| Compensation and other employee benefits | 183 | 216 | |||||||
| Other accrued liabilities | 173 | 160 | |||||||
| Total current liabilities | 933 | 1,044 | |||||||
| Defined benefit plans | 1,259 | 1,407 | |||||||
| Long-term debt | 778 | 649 | |||||||
| Deferred tax liability | 3 | 2 | |||||||
| Other non-current liabilities | 155 | 130 | |||||||
| Total non-current liabilities | 2,195 | 2,188 | |||||||
| Total liabilities | 3,128 | 3,232 | |||||||
| Commitments and contingencies | |||||||||
| Shareholders' equity | |||||||||
| Common stock | 2 | 2 | |||||||
| Additional paid-in capital | 2,660 | 2,623 | |||||||
| Treasury stock |
(69 |
) |
(16 |
) |
|||||
| Retained earnings | 580 | 475 | |||||||
| Accumulated other comprehensive loss | (1,384 | ) | (1,432 | ) | |||||
| Total shareholders' equity | 1,789 | 1,652 | |||||||
| Total liabilities and shareholders' equity | $ | 4,917 | $ | 4,884 | |||||
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Exelis reports third-quarter 2014 financial results; revises full-year guidance
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