Exelis reports second-quarter 2013 financial results; reaffirms

Exelis reports second-quarter 2013 financial results; reaffirms full-year guidance


Exelis Inc.
Condensed Consolidated Balance Sheets
(unaudited)


(IN MILLIONS)	June 30,		December 31,
	2013		2012
Assets
Current assets
Cash and cash equivalents	$	259	$	292
Receivables, net		1,035		995
Inventories, net		297		283
Deferred tax asset		65		85
Other current assets		56		58
Total current assets		1,712		1,713
Plant, property and equipment, net		508		512
Goodwill		2,185		2,180
Other intangible assets, net		177		184
Deferred tax asset		470		556
Other non-current assets		65		67
Total non-current assets		3,405		3,499
Total assets	$	5,117	$	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		219		246
Other accrued liabilities		249		203
Total current liabilities		1,163		1,215
Defined benefit plans		1,924		2,203
Long-term debt		649		649
Deferred tax liability		3		1
Other non-current liabilities		130		128
Total non-current liabilities		2,706		2,981
Total liabilities		3,869		4,196
Commitments and contingencies
Shareholders' equity
Common stock		2		2
Additional paid-in capital		2,590		2,575
Treasury stock		(5)		—
Retained earnings		355		274
Accumulated other comprehensive loss		(1,694)		(1,835)
Total shareholders' equity		1,248		1,016
Total liabilities and shareholders' equity	$	5,117	$	5,212