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