Exelis reports second-quarter 2013 financial results; reaffirms full-year guidance

   
Exelis Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
 
 
(IN MILLIONS) Six Months Ended June 30,
    2013   2012
Operating activities
Net income $ 122 $ 156
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization 56 63
Stock-based compensation 16 13
Restructuring charges, net 62 2
Payments for restructuring (23) (11)
Defined benefit plans expense 48 24
Defined benefit plans payments (75) (275)
Change in assets and liabilities
Change in receivables (45) (114)
Change in inventories (13) (1)
Change in other assets (3) (2)
Change in accounts payable (76) (21)
Change in advance payments and billings in excess of costs 6 (29)
Change in deferred taxes 7 130
Change in other liabilities (39) (44)
Other, net     1     (1)
Net cash provided by (used in) operating activities     44     (110)
Investing activities
Capital expenditures (36) (50)
Proceeds from the sale of assets 9 1
Acquisitions, net of cash acquired (16) (24)
Other, net     (1)     2
Net cash used in investing activities     (44)     (71)
Financing activities
Proceeds from commercial paper, net 257
Dividends paid (19) (39)
Common stock repurchased (5)
Proceeds from exercise of stock options 3 14
Other, net     (3)     (2)
Net cash (used in) provided by financing activities     (24)     230
Exchange rate effects on cash and cash equivalents     (9)     1
Net change in cash and cash equivalents (33) 50
Cash and cash equivalents – beginning of year     292     116
Cash and cash equivalents – end of year   $ 259   $ 166
 

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