Exelis reports first quarter 2015 financial results


Exelis Inc.
Consolidated Balance Sheets (unaudited)
(IN MILLIONS)

		March 31,			December 31,
		2015			2014
Assets
Current assets
Cash and cash equivalents	$	479		$	510
Receivables, net		853			824
Inventories, net		231			225
Deferred tax asset		55			56
Other current assets		47			47
Total current assets		1,665			1,662
Plant, property and equipment, net		422			437
Goodwill		1,973			1,976
Other intangible assets, net		143			150
Deferred tax asset		541			566
Other non-current assets		87			87
Total non-current assets		3,166			3,216
Total assets	$	4,831		$	4,878
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable	$	229		$	238
Advance payments and billings in excess of costs		231			242
Compensation and other employee benefits		120			170
Other accrued liabilities		134			124
Total current liabilities		714			774
Defined benefit plans		2,021			2,072
Long-term debt		649			649
Deferred tax liability		2			2
Other non-current liabilities		135			134
Total non-current liabilities		2,807			2,857
Total liabilities		3,521			3,631
Commitments and contingencies
Shareholders' equity
Common stock		2			2
Additional paid-in capital		2,621			2,607
Treasury stock		(128	)		(128	)
Retained earnings		685			645
Accumulated other comprehensive loss		(1,870	)		(1,879	)
Total shareholders' equity		1,310			1,247
Total liabilities and shareholders' equity	$	4,831		$	4,878