Exelis reports fourth-quarter and full-year 2014 financial results

     
EXELIS INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
 
 
(IN MILLIONS) Year Ended December 31,
    2014   2013   2012
Operating activities
Net income $ 249 $ 281 $ 330
Less income from discontinued operations     19       103       84  
Income from continuing operations 230 178 246
Adjustments to reconcile net income to net cash provided by operating activities from continuing operations:
Depreciation and amortization 106 107 127
Stock-based compensation 26 32 24
Restructuring and asset impairment charges 12 80 19
Payments for restructuring (26 ) (57 ) (20 )
Defined benefit plans expense 58 87 43
Defined benefit plans payments (145 ) (206 ) (290 )
Change in assets and liabilities
Change in receivables (107 ) (49 ) 18
Change in inventories 18 41 51
Change in other assets 20 (20 ) (2 )
Change in accounts payable (19 ) (24 ) (22 )
Change in advance payments and billings in excess of costs (48 ) (20 ) (52 )
Change in deferred taxes 13 144 120
Change in other liabilities 26 (100 ) (3 )
Other, net     (4 )     1       2  
Net cash provided by operating activities from continuing operations     160       194       261  
Investing activities
Capital expenditures (53 ) (76 ) (116 )
Proceeds from the sale of assets 9 9 2
Acquisitions, net of cash acquired (23 ) (16 ) (43 )
Other, net     1       2       1  
Net cash used in investing activities from continuing operations     (66 )     (81 )     (156 )
Financing activities
Dividends paid (80 ) (58 ) (77 )
Common stock repurchased (112 ) (16 )
Proceeds from the exercise of stock options 18 23 19
Net cash distribution received from Vectrus 133
Transfer (to) from Vectrus, net (32 ) 4 (4 )
Other, net     1             1  
Net cash used in financing activities from continuing operations     (72 )     (47 )     (61 )
Exchange rate effects on cash and cash equivalents (7 ) 1 7
Net cash from discontinued operations     36       114       121  
Net change in cash and cash equivalents 51 181 172
Cash and cash equivalents – beginning of year     459       278       106  
Cash and cash equivalents – end of year   $ 510     $ 459     $ 278  
Supplemental disclosures of cash flow information
Cash paid during the year for
Income taxes (net of refunds received) $ 70 $ 97 $ 28
Interest   $ 34     $ 34     $ 37  
 



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