| Exelis Inc. | |||||||||
| Consolidated and Combined Statements of Cash Flows | |||||||||
| (unaudited) | |||||||||
| (IN MILLIONS) | Three Months Ended March 31, | ||||||||
| 2012 | 2011 | ||||||||
| Operating activities | |||||||||
| Net income | $ | 70 | $ | 82 | |||||
| Adjustments to reconcile net income to cash (use in) provided by operating activities: | |||||||||
| Depreciation and amortization | 30 | 34 | |||||||
| Stock-based compensation | 5 | 2 | |||||||
| Restructuring charges, net | 1 | 4 | |||||||
| Payments for restructuring | (8 | ) | (9 | ) | |||||
| Postretirement benefit plans expense | 12 | 2 | |||||||
| Postretirement benefit plans payments | (197 | ) | (5 | ) | |||||
| Change in assets and liabilities | |||||||||
| Change in receivables | (225 | ) | (49 | ) | |||||
| Change in inventories | 1 | (62 | ) | ||||||
| Change in other assets | (11 | ) | (19 | ) | |||||
| Change in accounts payable | 15 | 22 | |||||||
| Change in advance payments and billings in excess of costs | 10 | 44 | |||||||
| Change in deferred taxes | 69 | 50 | |||||||
| Change in other liabilities | (66 | ) | (69 | ) | |||||
| Other, net | (4 | ) | (2 | ) | |||||
| Net cash (used in) provided by operating activities | (298 | ) | 25 | ||||||
| Investing activities | |||||||||
| Capital expenditures | (24 | ) | (13 | ) | |||||
| Proceeds from the sale of assets | 1 | 2 | |||||||
| Acquisitions, net of cash acquired | — | (1 | ) | ||||||
| Other, net | 2 | — | |||||||
| Net cash used in investing activities | (21 | ) | (12 | ) | |||||
| Financing activities | |||||||||
| Short-term borrowing under credit facility, net | 145 | — | |||||||
| Proceeds from commercial paper, net | 265 | — | |||||||
| Dividend paid | (19 | ) | — | ||||||
| Proceeds from the exercise of options | 13 | — | |||||||
| Transfers to parent, net | — | (20 | ) | ||||||
| Other, net | 2 | — | |||||||
| Net cash provided by (used in) financing activities | 406 | (20 | ) | ||||||
| Exchange rate effects on cash and cash equivalents | 5 | — | |||||||
| Net change in cash and cash equivalents | 92 | (7 | ) | ||||||
| Cash and cash equivalents – beginning of year | 116 | 18 | |||||||
| Cash and cash equivalents – end of year | $ | 208 | $ | 11 | |||||
Exelis Reports Solid First-Quarter 2012 Financial Results Driven by Growth in Revenue and Operating Margin; Reaffirms 2012 Full-Year Outlook
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