Exelis Reports Solid Second-Quarter 2012 Financial Results; Maintains 2012 Full-Year Outlook

   
Exelis Inc.
Consolidated and Combined Statements of Cash Flows
(unaudited)
 
 
(IN MILLIONS) Six Months Ended June 30,
    2012   2011
Operating activities
Net income $ 156 $ 161
Adjustments to reconcile net income to cash (use in) provided by operating activities:
Depreciation and amortization 63 68
Stock-based compensation 13 8
Restructuring charges, net 2 5
Payments for restructuring (11 ) (14 )
Postretirement benefit plans expense 24 5
Postretirement benefit plans payments (275 ) (9 )
Change in assets and liabilities
Change in receivables (114 ) (67 )
Change in inventories (1 ) (54 )
Change in other assets (2 ) (40 )
Change in accounts payable (21 ) 86
Change in advance payments and billings in excess of costs (29 ) 7
Change in deferred taxes 130 76
Change in other liabilities (44 ) (15 )
Other, net     (1 )     (1 )
Net cash (used in) provided by operating activities     (110 )     216  
Investing activities
Capital expenditures (50 ) (35 )
Proceeds from the sale of assets 1
Acquisitions, net of cash acquired (24 )
Other, net     2       11  
Net cash used in investing activities     (71 )     (24 )
Financing activities
Proceeds from commercial paper, net 257
Dividend paid (39 )
Proceeds from the exercise of options 14
Transfers to parent, net (185 )
Other, net     (2 )     (5 )
Net cash provided by (used in) financing activities     230       (190 )
Exchange rate effects on cash and cash equivalents     1        
Net change in cash and cash equivalents 50 2
Cash and cash equivalents – beginning of year     116       18  
Cash and cash equivalents – end of year   $ 166     $ 20  

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