Exelis reports third-quarter 2014 financial results; revises

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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