Exelis reports fourth-quarter and full-year 2013 financial

Exelis reports fourth-quarter and full-year 2013 financial results; provides financial guidance for 2014


EXELIS INC.
CONSOLIDATED BALANCE SHEETS
(preliminary and unaudited)


(IN MILLIONS)	December 31,
	2013		2012
Assets
Current assets
Cash and cash equivalents	$	469	$	292
Receivables, net		939		995
Inventories, net		246		283
Deferred tax asset		16		85
Other current assets		70		58
Total current assets		1,740		1,713
Plant, property and equipment, net		498		512
Goodwill		2,184		2,180
Other intangible assets, net		167		184
Deferred tax asset		216		556
Other non-current assets		79		67
Total non-current assets		3,144		3,499
Total assets	$	4,884	$	5,212
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable	$	367	$	444
Advance payments and billings in excess of costs		301		322
Compensation and other employee benefits		216		246
Other accrued liabilities		160		203
Total current liabilities		1,044		1,215
Defined benefit plans		1,407		2,203
Long-term debt		649		649
Deferred tax liability		2		1
Other non-current liabilities		130		128
Total non-current liabilities		2,188		2,981
Total liabilities		3,232		4,196
Commitments and contingencies
Shareholders' equity
Common stock		2		2
Additional paid-in capital		2,623		2,575
Treasury stock		(16)		—
Retained earnings		475		274
Accumulated other comprehensive loss		(1,432)		(1,835)
Total shareholders' equity		1,652		1,016
Total liabilities and shareholders' equity	$	4,884	$	5,212

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