Exelis reports third-quarter 2012 financial results; maintains

Exelis reports third-quarter 2012 financial results; maintains 2012 full-year outlook

Exelis Inc.
Consolidated Balance Sheets
(unaudited)


(IN MILLIONS)	September 30,			December 31,
	2012			2011
Assets
Current assets
Cash and cash equivalents	$	194		$	116
Receivables, net		1,080			1,061
Inventories, net		310			337
Deferred tax asset		80			106
Other current assets		47			49
Total current assets		1,711			1,669
Plant, property and equipment, net		511			494
Goodwill		2,178			2,154
Other intangible assets, net		194			211
Deferred tax asset		420			507
Other non-current assets		68			64
Total non-current assets		3,371			3,430
Total assets	$	5,082		$	5,099
Liabilities and Shareholders' Equity
Current liabilities
Short-term debt	$	134		$	—
Accounts payable		416			447
Advance payments and billings in excess of costs		366			378
Compensation and other employee benefits		217			250
Other accrued liabilities		184			199
Total current liabilities		1,317			1,274
Postretirement benefit plans		1,828			2,149
Long-term debt		649			649
Deferred tax liability		1			1
Other non-current liabilities		132			133
Total non-current liabilities		2,610			2,932
Total liabilities		3,927			4,206
Commitments and contingencies (Note 13)
Shareholders' equity
Common stock		2			2
Additional paid-in capital		2,568			2,523
Retained earnings		208			23
Accumulated other comprehensive loss		(1,623	)		(1,655	)
Total shareholders' equity		1,155			893
Total liabilities and shareholders' equity	$	5,082		$	5,099

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