Exelis reports fourth-quarter and full-year 2013 financial results; provides financial guidance for 2014

 
EXELIS INC.
CONSOLIDATED BALANCE SHEETS
(preliminary and unaudited)
   
 
(IN MILLIONS) December 31,
    2013   2012
Assets
Current assets
Cash and cash equivalents $ 469 $ 292
Receivables, net 939 995
Inventories, net 246 283
Deferred tax asset 16 85
Other current assets     70     58
Total current assets     1,740     1,713
Plant, property and equipment, net 498 512
Goodwill 2,184 2,180
Other intangible assets, net 167 184
Deferred tax asset 216 556
Other non-current assets     79     67
Total non-current assets     3,144     3,499
Total assets   $ 4,884   $ 5,212
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable $ 367 $ 444
Advance payments and billings in excess of costs 301 322
Compensation and other employee benefits 216 246
Other accrued liabilities     160     203
Total current liabilities     1,044     1,215
Defined benefit plans 1,407 2,203
Long-term debt 649 649
Deferred tax liability 2 1
Other non-current liabilities     130     128
Total non-current liabilities     2,188     2,981
Total liabilities     3,232     4,196
Commitments and contingencies
Shareholders' equity
Common stock 2 2
Additional paid-in capital 2,623 2,575
Treasury stock (16)
Retained earnings 475 274
Accumulated other comprehensive loss     (1,432)     (1,835)
Total shareholders' equity     1,652     1,016
Total liabilities and shareholders' equity   $ 4,884   $ 5,212
 

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