| Exelis Inc. | ||||||||||
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Consolidated Consolidated Statements of Cash Flows |
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| (unaudited) | ||||||||||
| (IN MILLIONS) | Three Months Ended March 31, | |||||||||
| 2013 | 2012 | |||||||||
| Operating activities | ||||||||||
| Net income | $ | 44 | $ | 70 | ||||||
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Adjustments to reconcile net income to cash provided by operating activities: |
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| Depreciation and amortization | 27 | 30 | ||||||||
| Stock-based compensation | 5 | 5 | ||||||||
| Restructuring charges, net | 49 | 1 | ||||||||
| Payments for restructuring | (6 | ) | (8 | ) | ||||||
| Defined benefit plans expense | 26 | 12 | ||||||||
| Defined benefit plans payments | (39 | ) | (197 | ) | ||||||
| Change in assets and liabilities | ||||||||||
| Change in receivables | (27 | ) | (225 | ) | ||||||
| Change in inventories | (17 | ) | 1 | |||||||
| Change in other assets | (3 | ) | (11 | ) | ||||||
| Change in accounts payable | (77 | ) | 15 | |||||||
| Change in advance payments and billings in excess of costs | 6 | 10 | ||||||||
| Change in deferred taxes | 18 | 69 | ||||||||
| Change in other liabilities | (72 | ) | (66 | ) | ||||||
| Other, net | 1 | (4 | ) | |||||||
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Net cash used in operating activities |
(65 | ) | (298 | ) | ||||||
| Investing activities | ||||||||||
| Capital expenditures | (17 | ) | (24 | ) | ||||||
| Proceeds from the sale of assets | — | 1 | ||||||||
| Acquisitions, net of cash acquired | (15 | ) | — | |||||||
| Other, net | — | 2 | ||||||||
| Net cash used in investing activities | (32 | ) | (21 | ) | ||||||
| Financing activities | ||||||||||
| Short-term borrowing under credit facility, net | — | 145 | ||||||||
| Proceeds from commercial paper, net | — | 265 | ||||||||
| Dividend paid | — | (19 | ) | |||||||
| Proceeds from the exercise of options | 1 | 13 | ||||||||
| Other, net | (2 | ) | 2 | |||||||
| Net cash (used in) provided by financing activities | (1 | ) | 406 | |||||||
| Exchange rate effects on cash and cash equivalents | (9 | ) | 5 | |||||||
| Net change in cash and cash equivalents | (107 | ) | 92 | |||||||
| Cash and cash equivalents – beginning of year | 292 | 116 | ||||||||
| Cash and cash equivalents – end of period | $ | 185 | $ | 208 | ||||||
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Exelis reports first-quarter 2013 financial results; reaffirms 2013 forecast
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