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
|
|
|
|
|
|
|
|
|
|
|
