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