Exelis reports first quarter 2015 financial results


Exelis Inc.
Consolidated Statements of Cash Flows (unaudited)
(IN MILLIONS)

	Three Months Ended March 31,
	2015			2014
Operating activities
Net income	$	59		$	52
Less income from discontinued operations		—			13
Income from continuing operations		59			39
Adjustments to reconcile net income to net cash used in operating activities from continuing operations:
Depreciation and amortization		25			26
Stock-based compensation		8			8
Restructuring and asset impairment charges		1			5
Payments for restructuring		(2	)		(10	)
Defined benefit plans expense		20			17
Defined benefit plans payments		(41	)		(42	)
Change in assets and liabilities
Change in receivables		(30	)		(42	)
Change in inventories		(8	)		(17	)
Change in other assets		(1	)		(3	)
Change in accounts payable		(8	)		(31	)
Change in advance payments and billings in excess of costs		(10	)		(24	)
Change in deferred taxes		14			13
Change in other liabilities		(44	)		(44	)
Other, net		—			(3	)
Net cash used in operating activities from continuing operations		(17	)		(108	)
Investing activities
Capital expenditures		(8	)		(7	)
Proceeds from the sale of assets		6			3
Net cash used in investing activities from continuing operations		(2	)		(4	)
Financing activities
Dividends paid		(20	)		(20	)
Common stock repurchased		—			(24	)
Proceeds from the exercise of stock options		12			12
Transfer from Vectrus, net		—			3
Other, net		1			5
Net cash used in financing activities from continuing operations		(7	)		(24	)
Exchange rate effects on cash and cash equivalents		(5	)		—
Net cash used in discontinued operations		—			(50	)
Net change in cash and cash equivalents		(31	)		(186	)
Cash and cash equivalents – beginning of year		510			459
Cash and cash equivalents – end of period	$	479		$	273

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