ITT Tops Fourth-Quarter 2010 Outlook and Reports Record-Breaking Full-Year Adjusted Earnings Per Share; Reaffirms 2011 EPS Guidance

 

ITT CORPORATION AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS

(In millions)

(Unaudited)

 
                    December 31,       December 31,
2010 2009
 
Assets
Current Assets:
Cash and cash equivalents $ 1,032 $ 1,216
Receivables, net 1,944 1,754
Inventories, net 856 802
Other current assets (a)   536   579
Total current assets 4,368 4,351
 
Plant, property and equipment, net 1,205 1,050
Deferred income taxes 563 583
Goodwill 4,277 3,788
Other intangible assets, net 766 501
Asbestos-related assets 943 604
Other non-current assets   312   252
Total assets $ 12,434 $ 11,129
 
Liabilities and Shareholders' Equity
Current Liabilities:
Accounts payable $ 1,472 $ 1,273
Accrued liabilities (b) 1,245 1,276
Short-term debt and current maturities of long-term debt   11   75
Total current liabilities 2,728 2,624
 
Postretirement benefits 1,733 1,788
Long-term debt 1,354 1,431
Asbestos-related liabilities 1,572 867
Other non-current liabilities   542   541
Total liabilities 7,929 7,251
 
Shareholders' equity   4,505   3,878
Total liabilities and shareholders' equity $ 12,434 $ 11,129
 
(a) Includes asbestos-related assets of $105 for 2010 and $62 for 2009.
(b) Includes asbestos-related liabilities of $117 for 2010 and $66 for 2009.

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