Exelis reports third-quarter 2014 financial results; revises full-year guidance

       
Exelis Inc.
Consolidated Statements of Cash Flows
(unaudited)
 
 
(IN MILLIONS) Nine Months Ended September 30,
      2014     2013
Operating activities
Net income $ 165 $ 202
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 88 85
Stock-based compensation 21 25
Restructuring and asset impairment charges 11 68
Payments for restructuring (23) (42)
Defined benefit plans expense 48 69
Defined benefit plans payments (134) (136)
Change in assets and liabilities
Change in receivables 1 (22)
Change in inventories (10) (4)
Change in other assets 9 (5)
Change in accounts payable (56) (93)
Change in advance payments and billings in excess of costs (35) 13
Change in deferred taxes (14) 31
Change in other liabilities 2 (73)
Other, net       (2)      
Net cash provided by operating activities       71       118
Investing activities
Capital expenditures (37) (57)
Proceeds from the sale of assets 4 9
Acquisitions, net of cash acquired (22) (16)
Other, net       (1)      
Net cash used in investing activities       (56)       (64)
Financing activities
Proceeds from issuance of debt 140
Payment of debt issuance costs (4)
Dividends paid (60) (39)
Common stock repurchased (53) (5)
Proceeds from exercise of stock options 17 11
Other, net       2       (2)
Net cash provided by (used in) financing activities       42       (35)
Exchange rate effects on cash and cash equivalents       (2)       (2)
Net change in cash and cash equivalents 55 17
Cash and cash equivalents – beginning of year       469       292
Cash and cash equivalents – end of period     $ 524     $ 309
 

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