| EXELIS INC. | |||||||||
| CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS | |||||||||
| (preliminary and unaudited) | |||||||||
| (IN MILLIONS) | Year Ended December 31, | ||||||||
| 2013 | 2012 | 2011 | |||||||
| Operating activities | |||||||||
| Net income | $ | 281 | $ | 330 | $ | 326 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
| Depreciation and amortization | 110 | 130 | 133 | ||||||
| Stock-based compensation | 32 | 24 | 18 | ||||||
| Restructuring and asset impairment charges | 83 | 19 | 23 | ||||||
| Payments for restructuring | (58) | (20) | (19) | ||||||
| Defined benefit plans expense | 87 | 43 | 46 | ||||||
| Defined benefit plans payments | (206) | (290) | (87) | ||||||
| Change in assets and liabilities | |||||||||
| Change in receivables | 52 | 41 | (106) | ||||||
| Change in inventories | 39 | 56 | (99) | ||||||
| Change in other assets | (20) | (11) | (27) | ||||||
| Change in accounts payable | (77) | (2) | 122 | ||||||
| Change in advance payments and billings in excess of costs | (21) | (58) | (49) | ||||||
| Change in deferred taxes | 130 | 112 | 64 | ||||||
| Change in other liabilities | (123) | 9 | (13) | ||||||
| Other, net | 1 | 2 | 2 | ||||||
| Net cash provided by operating activities | 310 | 385 | 334 | ||||||
| Investing activities | |||||||||
| Capital expenditures | (78) | (119) | (95) | ||||||
| Proceeds from the sale of assets | 9 | 2 | 14 | ||||||
| Acquisitions, net of cash acquired | (16) | (43) | — | ||||||
| Other, net | 2 | 1 | (4) | ||||||
| Net cash used in investing activities | (83) | (159) | (85) | ||||||
| Financing activities | |||||||||
| Short-term borrowing under credit facility | — | — | 240 | ||||||
| Repayments under credit facility | — | — | (240) | ||||||
| Proceeds from the issuance of debt, net | — | — | 649 | ||||||
| Payment of debt issuance costs | — | — | (6) | ||||||
| Dividend paid | (58) | (77) | (19) | ||||||
| Common stock repurchased | (16) | — | — | ||||||
| Proceeds from the exercise of stock options | 23 | 19 | — | ||||||
| Transfers to parent, net | — | — | (775) | ||||||
| Other, net | — | 1 | 4 | ||||||
| Net cash used in financing activities | (51) | (57) | (147) | ||||||
| Exchange rate effects on cash and cash equivalents | 1 | 7 | (4) | ||||||
| Net change in cash and cash equivalents | 177 | 176 | 98 | ||||||
| Cash and cash equivalents – beginning of year | 292 | 116 | 18 | ||||||
| Cash and cash equivalents – end of year | $ | 469 | $ | 292 | $ | 116 | |||
| Supplemental disclosures of cash flow information | |||||||||
| Cash paid during the year for | |||||||||
| Income taxes (net of refunds received) | $ | 97 | $ | 28 | $ | 86 | |||
| Interest | $ | 34 | $ | 37 | $ | — | |||
Exelis reports fourth-quarter and full-year 2013 financial results; provides financial guidance for 2014
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