Exelis reports fourth-quarter and full-year 2014 financial results


EXELIS INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)


(IN MILLIONS)	December 31,
	2014			2013
Assets
Current assets
Cash and cash equivalents	$	510		$	459
Receivables, net		824			715
Inventories, net		225			240
Deferred tax asset		56			38
Other current assets		47			59
Current assets of discontinued operations		—			229
Total current assets		1,662			1,740
Plant, property and equipment, net		437			489
Goodwill		1,976			1,967
Other intangible assets, net		150			167
Deferred tax asset		566			300
Other non-current assets		87			77
Non-current assets of discontinued operations		—			144
Total non-current assets		3,216			3,144
Total assets	$	4,878		$	4,884
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable	$	238		$	257
Advance payments and billings in excess of costs		242			290
Compensation and other employee benefits		170			153
Other accrued liabilities		124			149
Current liabilities of discontinued operations		—			195
Total current liabilities		774			1,044
Defined benefit plans		2,072			1,407
Long-term debt		649			649
Deferred tax liabilities		2			2
Other non-current liabilities		134			127
Non-current liabilities of discontinued operations		—			3
Total non-current liabilities		2,857			2,188
Total liabilities		3,631			3,232
Commitments and contingencies
Shareholders' equity
Common stock		2			2
Additional paid-in capital		2,607			2,623
Treasury stock		(128	)		(16	)
Retained earnings		645			475
Accumulated other comprehensive loss		(1,879	)		(1,432	)
Total shareholders' equity		1,247			1,652
Total liabilities and shareholders' equity	$	4,878		$	4,884

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