Exelis reports first quarter 2015 financial results

   
Exelis Inc.
Consolidated Balance Sheets (unaudited)
(IN MILLIONS)
 
March 31, December 31,
      2015     2014
Assets
Current assets
Cash and cash equivalents $ 479 $ 510
Receivables, net 853 824
Inventories, net 231 225
Deferred tax asset 55 56
Other current assets     47       47  
Total current assets     1,665       1,662  
Plant, property and equipment, net 422 437
Goodwill 1,973 1,976
Other intangible assets, net 143 150
Deferred tax asset 541 566
Other non-current assets     87       87  
Total non-current assets     3,166       3,216  
Total assets   $ 4,831     $ 4,878  
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable $ 229 $ 238
Advance payments and billings in excess of costs 231 242
Compensation and other employee benefits 120 170
Other accrued liabilities     134       124  
Total current liabilities     714       774  
Defined benefit plans 2,021 2,072
Long-term debt 649 649
Deferred tax liability 2 2
Other non-current liabilities     135       134  
Total non-current liabilities     2,807       2,857  
Total liabilities     3,521       3,631  
Commitments and contingencies
Shareholders' equity
Common stock 2 2
Additional paid-in capital 2,621 2,607
Treasury stock (128 ) (128 )
Retained earnings 685 645
Accumulated other comprehensive loss     (1,870 )     (1,879 )
Total shareholders' equity     1,310       1,247  
Total liabilities and shareholders' equity   $ 4,831     $ 4,878  

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