Keysight Technologies Reports First-Quarter 2015 Results

(a) On November 1, 2014, Agilent Technologies, Inc. distributed 167 million shares of Keysight common stock to existing holders of Agilent common stock. Basic and diluted net income per share for all periods through January 31, 2014 is calculated using the shares distributed on November 1, 2014.

The preliminary income statement is estimated based on our current information.

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	KEYSIGHT TECHNOLOGIES, INC.
	CONDENSED CONSOLIDATED BALANCE SHEET
	(In millions, except par value and share amounts)
	(Unaudited)
	PRELIMINARY


		January 31,			October 31,
		2015			2014
ASSETS

Current assets:
Cash and cash equivalents		$	887		$	810
Accounts receivable, net			309			357
Receivable from Agilent			1			23
Inventory			491			498
Deferred tax assets			82			83
Other current assets			108			79
Total current assets			1,878			1,850

Property, plant and equipment, net			455			470
Goodwill			381			392
Other intangible assets, net			16			18
Long-term investments			59			63
Long-term deferred tax assets			135			163
Other assets			91			94
Total assets		$	3,015		$	3,050

LIABILITIES AND EQUITY

Current liabilities:
Accounts payable		$	158		$	173
Payable to Agilent			64			125
Employee compensation and benefits			146			167
Deferred revenue			176			175
Income and other taxes payable			60			72
Other accrued liabilities			82			57
Total current liabilities			686			769

Long-term debt			1,099			1,099
Retirement and post-retirement benefits			187			213
Long-term deferred revenue			66			69
Other long-term liabilities			59			131
Total liabilities			2,097			2,281

Total Equity:
Preferred stock; $0.01 par value; 100 million shares authorized; none issued and outstanding			-			-
Common stock; $0.01 par value, 1 billion shares authorized; 168 million shares at January 31, 2015 and 167 million shares at October 31, 2014, issued and outstanding			2			2
Additional paid-in-capital			1,111			1,002
Retained earnings			171			101
Accumulated other comprehensive loss			(366	)		(336	)
Total stockholders' equity			918			769
Total liabilities and equity		$	3,015		$	3,050

The preliminary balance sheet is estimated based on our current information.

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