Exelis reports first-quarter 2013 financial results; reaffirms

Exelis reports first-quarter 2013 financial results; reaffirms 2013 forecast


Exelis Inc.
Consolidated Consolidated Balance Sheets
(unaudited)


(IN MILLIONS)	March 31,			December 31,
	2013			2012
Assets
Current assets
Cash and cash equivalents	$	185		$	292
Receivables, net		1,022			995
Inventories, net		301			283
Deferred tax asset		68			85
Other current assets		62			58
Total current assets		1,638			1,713
Plant, property and equipment, net		509			512
Goodwill		2,188			2,180
Other intangible assets, net		184			184
Deferred tax asset		543			556
Other non-current assets		66			67
Total non-current assets		3,490			3,499
Total assets	$	5,128		$	5,212
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable	$	368		$	444
Advance payments and billings in excess of costs		327			322
Compensation and other employee benefits		177			246
Other accrued liabilities		265			203
Total current liabilities		1,137			1,215
Defined benefit plans		2,160			2,203
Long-term debt		649			649
Deferred tax liability		3			1
Other non-current liabilities		127			128
Total non-current liabilities		2,939			2,981
Total liabilities		4,076			4,196
Commitments and contingencies
Shareholders' equity
Common stock		2			2
Additional paid-in capital		2,578			2,575
Retained earnings		298			274
Accumulated other comprehensive loss		(1,826	)		(1,835	)
Total shareholders' equity		1,052			1,016
Total liabilities and shareholders' equity	$	5,128		$	5,212