Exelis reports first quarter 2015 financial results

   
Exelis Inc.
Consolidated Statements of Cash Flows (unaudited)
(IN MILLIONS)
 
Three Months Ended March 31,
    2015   2014
Operating activities
Net income $ 59 $ 52
Less income from discontinued operations           13  
Income from continuing operations 59 39
Adjustments to reconcile net income to net cash used in operating activities from continuing operations:
Depreciation and amortization 25 26
Stock-based compensation 8 8
Restructuring and asset impairment charges 1 5
Payments for restructuring (2 ) (10 )
Defined benefit plans expense 20 17
Defined benefit plans payments (41 ) (42 )
Change in assets and liabilities
Change in receivables (30 ) (42 )
Change in inventories (8 ) (17 )
Change in other assets (1 ) (3 )
Change in accounts payable (8 ) (31 )
Change in advance payments and billings in excess of costs (10 ) (24 )
Change in deferred taxes 14 13
Change in other liabilities (44 ) (44 )
Other, net           (3 )
Net cash used in operating activities from continuing operations     (17 )     (108 )
Investing activities
Capital expenditures (8 ) (7 )
Proceeds from the sale of assets     6       3  
Net cash used in investing activities from continuing operations     (2 )     (4 )
Financing activities
Dividends paid (20 ) (20 )
Common stock repurchased (24 )
Proceeds from the exercise of stock options 12 12
Transfer from Vectrus, net 3
Other, net     1       5  
Net cash used in financing activities from continuing operations     (7 )     (24 )
Exchange rate effects on cash and cash equivalents (5 )
Net cash used in discontinued operations           (50 )
Net change in cash and cash equivalents (31 ) (186 )
Cash and cash equivalents – beginning of year     510       459  
Cash and cash equivalents – end of period   $ 479     $ 273  

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