| Exelis Inc. | ||||||
| Condensed Consolidated Balance Sheets (unaudited) | ||||||
| (IN MILLIONS) | ||||||
| March 31, | December 31, | |||||
| 2014 | 2013 | |||||
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents | $ | 280 | $ | 469 | ||
| Receivables, net | 1,023 | 939 | ||||
| Inventories, net | 267 | 246 | ||||
| Deferred tax asset | 17 | 16 | ||||
| Other current assets | 70 | 70 | ||||
| Total current assets | 1,657 | 1,740 | ||||
| Plant, property and equipment, net | 478 | 498 | ||||
| Goodwill | 2,185 | 2,184 | ||||
| Other intangible assets, net | 160 | 167 | ||||
| Deferred tax asset | 192 | 216 | ||||
| Other non-current assets | 86 | 79 | ||||
| Total non-current assets | 3,101 | 3,144 | ||||
| Total assets | $ | 4,758 | $ | 4,884 | ||
| Liabilities and Shareholders' Equity | ||||||
| Current liabilities | ||||||
| Accounts payable | $ | 325 | $ | 367 | ||
| Advance payments and billings in excess of costs | 272 | 301 | ||||
| Compensation and other employee benefits | 170 | 216 | ||||
| Other accrued liabilities | 174 | 160 | ||||
| Total current liabilities | 941 | 1,044 | ||||
| Defined benefit plans | 1,359 | 1,407 | ||||
| Long-term debt | 649 | 649 | ||||
| Deferred tax liability | 3 | 2 | ||||
| Other non-current liabilities | 117 | 130 | ||||
| Total non-current liabilities | 2,128 | 2,188 | ||||
| Total liabilities | 3,069 | 3,232 | ||||
| Commitments and contingencies | ||||||
| Shareholders' equity | ||||||
| Common stock | 2 | 2 | ||||
| Additional paid-in capital | 2,642 | 2,623 | ||||
| Treasury stock |
(45) |
|
(16) | |||
| Retained earnings | 507 | 475 | ||||
| Accumulated other comprehensive loss | (1,417) | (1,432) | ||||
| Total shareholders' equity | 1,689 | 1,652 | ||||
| Total liabilities and shareholders' equity | $ | 4,758 | $ | 4,884 | ||
Exelis reports first-quarter 2014 financial results, confirms 2014 guidance and provides update on Vectrus spin-off
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