Exelis Reports Solid First-Quarter 2012 Financial Results Driven by Growth in Revenue and Operating Margin; Reaffirms 2012 Full-Year Outlook

Exelis Inc.
Consolidated and Combined Balance Sheets
(unaudited)
   
 
(IN MILLIONS) March 31, December 31,
  2012   2011
Assets
Current assets
Cash and cash equivalents $ 208 $ 116
Receivables, net 1,286 1,061
Inventories, net 336 337
Deferred tax asset 71 106
Other current assets   57         49  
Total current assets   1,958         1,669  
Plant, property and equipment, net 497 494
Goodwill 2,154 2,154
Other intangible assets, net 202 211
Deferred tax asset 473 507
Other non-current assets   65         64  
Total non-current assets   3,391         3,430  
Total assets $ 5,349       $ 5,099  
Liabilities and Shareholders' Equity
Current liabilities
Short-term debt $

410

 

$
Accounts payable 462 447
Advance payments and billings in excess of costs 388 378
Compensation and other employee benefits 162 250
Other accrued liabilities   224         199  
Total current liabilities   1,646         1,274  
Postretirement benefit plans 1,938 2,149
Long-term debt 649 649
Deferred tax liability 1 1
Other non-current liabilities   135         133  
Total non-current liabilities   2,723         2,932  
Total liabilities   4,369         4,206  
Commitments and contingencies
Shareholders' equity
Common stock 2 2
Additional paid-in capital 2,542 2,523
Retained earnings 73 23
Accumulated other comprehensive loss   (1,637 )       (1,655 )
Total shareholders' equity   980         893  
Total liabilities and shareholders' equity $ 5,349       $ 5,099  
 

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