Exelis reports second-quarter 2013 financial results; reaffirms

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


Exelis Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)


(IN MILLIONS)	Six Months Ended June 30,
	2013		2012
Operating activities
Net income	$	122	$	156
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		56		63
Stock-based compensation		16		13
Restructuring charges, net		62		2
Payments for restructuring		(23)		(11)
Defined benefit plans expense		48		24
Defined benefit plans payments		(75)		(275)
Change in assets and liabilities
Change in receivables		(45)		(114)
Change in inventories		(13)		(1)
Change in other assets		(3)		(2)
Change in accounts payable		(76)		(21)
Change in advance payments and billings in excess of costs		6		(29)
Change in deferred taxes		7		130
Change in other liabilities		(39)		(44)
Other, net		1		(1)
Net cash provided by (used in) operating activities		44		(110)
Investing activities
Capital expenditures		(36)		(50)
Proceeds from the sale of assets		9		1
Acquisitions, net of cash acquired		(16)		(24)
Other, net		(1)		2
Net cash used in investing activities		(44)		(71)
Financing activities
Proceeds from commercial paper, net		—		257
Dividends paid		(19)		(39)
Common stock repurchased		(5)		—
Proceeds from exercise of stock options		3		14
Other, net		(3)		(2)
Net cash (used in) provided by financing activities		(24)		230
Exchange rate effects on cash and cash equivalents		(9)		1
Net change in cash and cash equivalents		(33)		50
Cash and cash equivalents – beginning of year		292		116
Cash and cash equivalents – end of year	$	259	$	166

« Previous Page 1 | 2 | 3 | 4 | 5 | 6 Next Page »