Exelis Inc. | ||||||||
Consolidated Statements of Cash Flows | ||||||||
(unaudited) | ||||||||
(IN MILLIONS) | Nine Months Ended September 30, | |||||||
2014 | 2013 | |||||||
Operating activities | ||||||||
Net income | $ | 165 | $ | 202 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 88 | 85 | ||||||
Stock-based compensation | 21 | 25 | ||||||
Restructuring and asset impairment charges | 11 | 68 | ||||||
Payments for restructuring | (23) | (42) | ||||||
Defined benefit plans expense | 48 | 69 | ||||||
Defined benefit plans payments | (134) | (136) | ||||||
Change in assets and liabilities | ||||||||
Change in receivables | 1 | (22) | ||||||
Change in inventories | (10) | (4) | ||||||
Change in other assets | 9 | (5) | ||||||
Change in accounts payable | (56) | (93) | ||||||
Change in advance payments and billings in excess of costs | (35) | 13 | ||||||
Change in deferred taxes | (14) | 31 | ||||||
Change in other liabilities | 2 | (73) | ||||||
Other, net | (2) | — | ||||||
Net cash provided by operating activities | 71 | 118 | ||||||
Investing activities | ||||||||
Capital expenditures | (37) | (57) | ||||||
Proceeds from the sale of assets | 4 | 9 | ||||||
Acquisitions, net of cash acquired | (22) | (16) | ||||||
Other, net | (1) | — | ||||||
Net cash used in investing activities | (56) | (64) | ||||||
Financing activities | ||||||||
Proceeds from issuance of debt | 140 | — | ||||||
Payment of debt issuance costs | (4) | — | ||||||
Dividends paid | (60) | (39) | ||||||
Common stock repurchased | (53) | (5) | ||||||
Proceeds from exercise of stock options | 17 | 11 | ||||||
Other, net | 2 | (2) | ||||||
Net cash provided by (used in) financing activities | 42 | (35) | ||||||
Exchange rate effects on cash and cash equivalents | (2) | (2) | ||||||
Net change in cash and cash equivalents | 55 | 17 | ||||||
Cash and cash equivalents – beginning of year | 469 | 292 | ||||||
Cash and cash equivalents – end of period | $ | 524 | $ | 309 | ||||
Exelis reports third-quarter 2014 financial results; revises full-year guidance
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