Exelis reports third-quarter 2014 financial results; revises

Exelis reports third-quarter 2014 financial results; revises full-year guidance


Exelis Inc.
Consolidated Balance Sheets
(unaudited)


(IN MILLIONS)		September 30,			December 31,
		2014			2013
Assets
Current assets
Cash and cash equivalents	$	524		$	469
Receivables, net		939			939
Inventories, net		258			246
Deferred tax asset		44			16
Other current assets		42			70
Total current assets		1,807			1,740
Plant, property and equipment, net		452			498
Goodwill		2,195			2,184
Other intangible assets, net		157			167
Deferred tax asset		186			216
Other non-current assets		120			79
Total non-current assets		3,110			3,144
Total assets	$	4,917		$	4,884
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable	$	311		$	367
Advance payments and billings in excess of costs		266			301
Compensation and other employee benefits		183			216
Other accrued liabilities		173			160
Total current liabilities		933			1,044
Defined benefit plans		1,259			1,407
Long-term debt		778			649
Deferred tax liability		3			2
Other non-current liabilities		155			130
Total non-current liabilities		2,195			2,188
Total liabilities		3,128			3,232
Commitments and contingencies
Shareholders' equity
Common stock		2			2
Additional paid-in capital		2,660			2,623
Treasury stock		(69	)		(16	)
Retained earnings		580			475
Accumulated other comprehensive loss		(1,384	)		(1,432	)
Total shareholders' equity		1,789			1,652
Total liabilities and shareholders' equity	$	4,917		$	4,884

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