Exelis reports third-quarter 2012 financial results; maintains

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

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

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