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 | ||||