ITT Tops Second-Quarter Revenue and Adjusted Earnings Forecasts on Commercial Growth; Raises Full-Year Revenue Forecast; ITT Exelis and Xylem Spinoff Transactions Are on Track

 
 

ITT CORPORATION AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS

(In millions)

(Unaudited)

         
June 30, December 31,
2011 2010
 
Assets
Current Assets:
Cash and cash equivalents $ 1,160 $ 1,032
Receivables, net 2,200 1,944
Inventories, net 980 856
Other current assets   678   562
Total current assets 5,018 4,394
 
Plant, property and equipment, net 1,242 1,205
Goodwill 4,340 4,277
Other intangible assets, net 741 766
Asbestos-related assets 924 930
Other non-current assets   835   866
Total assets $ 13,100 $ 12,438
 
Liabilities and Shareholders' Equity
Current Liabilities:
Accounts payable $ 1,115 $ 1,020
Accrued liabilities 1,714 1,714
Short-term debt and current maturities of long-term debt   131   11

Total current liabilities

2,960 2,745
 
Postretirement benefits 1,740 1,733
Long-term debt 1,297 1,354
Asbestos-related liabilities 1,576 1,559
Other non-current liabilities   551   542
Total liabilities 8,124 7,933
 
Shareholders' equity   4,976   4,505
Total liabilities and shareholders' equity $ 13,100 $ 12,438

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