Exelis Reports Solid First-Quarter 2012 Financial Results Driven

Exelis Reports Solid First-Quarter 2012 Financial Results Driven by Growth in Revenue and Operating Margin; Reaffirms 2012 Full-Year Outlook

Exelis Inc.
Consolidated and Combined Balance Sheets
(unaudited)


(IN MILLIONS)	March 31,			December 31,
	2012			2011
Assets
Current assets
Cash and cash equivalents	$	208			$	116
Receivables, net		1,286				1,061
Inventories, net		336				337
Deferred tax asset		71				106
Other current assets		57				49
Total current assets		1,958				1,669
Plant, property and equipment, net		497				494
Goodwill		2,154				2,154
Other intangible assets, net		202				211
Deferred tax asset		473				507
Other non-current assets		65				64
Total non-current assets		3,391				3,430
Total assets	$	5,349			$	5,099
Liabilities and Shareholders' Equity
Current liabilities
Short-term debt	$	410			$	—
Accounts payable		462				447
Advance payments and billings in excess of costs		388				378
Compensation and other employee benefits		162				250
Other accrued liabilities		224				199
Total current liabilities		1,646				1,274
Postretirement benefit plans		1,938				2,149
Long-term debt		649				649
Deferred tax liability		1				1
Other non-current liabilities		135				133
Total non-current liabilities		2,723				2,932
Total liabilities		4,369				4,206
Commitments and contingencies
Shareholders' equity
Common stock		2				2
Additional paid-in capital		2,542				2,523
Retained earnings		73				23
Accumulated other comprehensive loss		(1,637	)			(1,655	)
Total shareholders' equity		980				893
Total liabilities and shareholders' equity	$	5,349			$	5,099

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