Exelis reports fourth-quarter and full-year 2014 financial results
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EXELIS INC.
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CONSOLIDATED BALANCE SHEETS
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(unaudited)
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(IN MILLIONS)
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December 31,
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2014
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2013
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Assets
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Current assets
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Cash and cash equivalents
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$
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510
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$
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459
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Receivables, net
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824
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715
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Inventories, net
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225
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240
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Deferred tax asset
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56
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38
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Other current assets
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47
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59
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Current assets of discontinued operations
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—
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229
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Total current assets
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1,662
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1,740
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Plant, property and equipment, net
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437
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489
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Goodwill
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1,976
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1,967
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Other intangible assets, net
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150
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167
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Deferred tax asset
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566
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300
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Other non-current assets
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87
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77
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Non-current assets of discontinued operations
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—
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144
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Total non-current assets
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3,216
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3,144
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Total assets
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$
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4,878
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$
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4,884
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Liabilities and Shareholders' Equity
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Current liabilities
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Accounts payable
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$
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238
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$
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257
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Advance payments and billings in excess of costs
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242
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290
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Compensation and other employee benefits
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170
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153
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Other accrued liabilities
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124
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149
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Current liabilities of discontinued operations
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—
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195
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Total current liabilities
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774
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1,044
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Defined benefit plans
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2,072
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1,407
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Long-term debt
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649
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649
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Deferred tax liabilities
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2
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2
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Other non-current liabilities
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134
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127
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Non-current liabilities of discontinued operations
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—
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3
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Total non-current liabilities
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2,857
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2,188
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Total liabilities
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3,631
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3,232
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Commitments and contingencies
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Shareholders' equity
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Common stock
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2
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2
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Additional paid-in capital
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2,607
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2,623
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Treasury stock
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(128
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)
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(16
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)
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Retained earnings
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645
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475
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Accumulated other comprehensive loss
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(1,879
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)
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(1,432
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)
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Total shareholders' equity
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1,247
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1,652
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Total liabilities and shareholders' equity
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$
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4,878
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$
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4,884
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