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  
 

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