| Exelis Inc. | ||||||||
| Consolidated and Combined Statements of Cash Flows | ||||||||
| (unaudited) | ||||||||
| (IN MILLIONS) | Nine Months Ended September 30, | |||||||
| 2012 | 2011 | |||||||
| Operating activities | ||||||||
| Net income | $ | 244 | $ | 262 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 97 | 100 | ||||||
| Stock-based compensation | 18 | 12 | ||||||
| Restructuring and asset impairment charges, net | 5 | 5 | ||||||
| Payments for restructuring | (14 | ) | (17 | ) | ||||
| Postretirement benefit plans expense | 36 | 7 | ||||||
| Postretirement benefit plans payments | (293 | ) | (33 | ) | ||||
| Change in assets and liabilities | ||||||||
| Change in receivables | (40 | ) | (103 | ) | ||||
| Change in inventories | 29 | (91 | ) | |||||
| Change in other assets | 1 | (43 | ) | |||||
| Change in accounts payable | (53 | ) | 104 | |||||
| Change in advance payments and billings in excess of costs | (14 | ) | 17 | |||||
| Change in deferred taxes | 147 | 19 | ||||||
| Change in other liabilities | (66 | ) | 103 | |||||
| Other, net | — | 1 | ||||||
| Net cash provided by operating activities | 97 | 343 | ||||||
| Investing activities | ||||||||
| Capital expenditures | (86 | ) | (55 | ) | ||||
| Proceeds from the sale of assets | 2 | 14 | ||||||
| Acquisitions, net of cash acquired | (42 | ) | — | |||||
| Other, net | (1 | ) | (4 | ) | ||||
| Net cash used in investing activities | (127 | ) | (45 | ) | ||||
| Financing activities | ||||||||
| Proceeds from commercial paper, net | 134 | — | ||||||
| Proceeds from the issuance of debt, net | — | 649 | ||||||
| Payment of debt issuance costs | — | (6 | ) | |||||
| Dividends paid | (39 | ) | — | |||||
| Proceeds from the exercise of options | 14 | — | ||||||
| Transfers to parent, net | — | (899 | ) | |||||
| Other, net | (7 | ) | 6 | |||||
| Net cash provided by (used in) financing activities | 102 | (250 | ) | |||||
| Exchange rate effects on cash and cash equivalents | 6 | (2 | ) | |||||
| Net change in cash and cash equivalents | 78 | 46 | ||||||
| Cash and cash equivalents – beginning of year | 116 | 18 | ||||||
| Cash and cash equivalents – end of year | $ | 194 | $ | 64 | ||||
Exelis reports third-quarter 2012 financial results; maintains 2012 full-year outlook
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