Exelis Reports Solid Second-Quarter 2012 Financial Results; Maintains 2012 Full-Year Outlook

       
Exelis Inc.
Consolidated and Combined Balance Sheets
(unaudited)
 
 
(IN MILLIONS) June 30, December 31,
        2012         2011  
Assets
Current assets
Cash and cash equivalents $ 166 $ 116
Receivables, net 1,177 1,061
Inventories, net 338 337
Deferred tax asset 61 106
Other current assets       50         49  
Total current assets       1,792         1,669  
Plant, property and equipment, net 504 494
Goodwill 2,167 2,154
Other intangible assets, net 200 211
Deferred tax asset 422 507
Other non-current assets       62         64  
Total non-current assets       3,355         3,430  
Total assets     $ 5,147       $ 5,099  
Liabilities and Shareholders' Equity
Current liabilities
Short-term debt $ 257 $
Accounts payable 428 447
Advance payments and billings in excess of costs 349 378
Compensation and other employee benefits 228 250
Other accrued liabilities       191         199  
Total current liabilities       1,453         1,274  
Postretirement benefit plans 1,853 2,149
Long-term debt 649 649
Deferred tax liability 1 1
Other non-current liabilities       130         133  
Total non-current liabilities       2,633         2,932  
Total liabilities       4,086         4,206  
Commitments and contingencies
Shareholders' equity
Common stock 2 2
Additional paid-in capital 2,550 2,523
Retained earnings 139 23
Accumulated other comprehensive loss       (1,630 )       (1,655 )
Total shareholders' equity       1,061         893  
Total liabilities and shareholders' equity     $ 5,147       $ 5,099  

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