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Exelis Inc.
SIC 3669 · Communications Equipment, NEC
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Created by potrace 1.16, written by Peter Selinger 2001-2019
beatandraise.com
Created by potrace 1.16, written by Peter Selinger 2001-2019
beatandraise.com
beta
Latest Financials
Financials
experimental
Filings:
Category
Date
Search Filings
Institutional Holders
beta
Earnings Transcripts
beta
Global Search
SEC Edgar
Exelis Inc.
SIC 3669 · Communications Equipment, NEC
Support
about
terms
Created by potrace 1.16, written by Peter Selinger 2001-2019
beatandraise.com
beta
Latest Financials
Financials
experimental
Filings:
Category
Date
Search Filings
Institutional Holders
beta
Earnings Transcripts
beta
Global Search
SEC Edgar
Exelis Inc.
SIC 3669 · Communications Equipment, NEC
Support
about
terms
Exelis Inc.
CIK:
0001524471
|
SEC Filings
Income Statement
Cash Flow
Balance Sheet
v2.4.1.9
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Income Statement [Abstract]
Product revenue
$ 508
us-gaap_SalesRevenueGoodsNet
$ 480
us-gaap_SalesRevenueGoodsNet
Service revenue
277
us-gaap_SalesRevenueServicesNet
268
us-gaap_SalesRevenueServicesNet
Total revenue
785
us-gaap_Revenues
748
us-gaap_Revenues
Cost of product revenue
354
us-gaap_CostOfGoodsSold
354
us-gaap_CostOfGoodsSold
Cost of service revenue
218
us-gaap_CostOfServices
212
us-gaap_CostOfServices
Selling, general and administrative expenses
95
us-gaap_SellingGeneralAndAdministrativeExpense
98
us-gaap_SellingGeneralAndAdministrativeExpense
Research and development expenses
13
us-gaap_ResearchAndDevelopmentExpense
10
us-gaap_ResearchAndDevelopmentExpense
Restructuring and asset impairment charges
1
us-gaap_RestructuringCostsAndAssetImpairmentCharges
5
us-gaap_RestructuringCostsAndAssetImpairmentCharges
Operating income
104
us-gaap_OperatingIncomeLoss
69
us-gaap_OperatingIncomeLoss
Interest expense, net
9
us-gaap_InterestIncomeExpenseNet
9
us-gaap_InterestIncomeExpenseNet
Other (income) expense, net
0
us-gaap_OtherNonoperatingIncomeExpense
(2)
us-gaap_OtherNonoperatingIncomeExpense
Income from continuing operations before income tax expense
95
us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
62
us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
Income tax expense
36
us-gaap_IncomeTaxExpenseBenefit
23
us-gaap_IncomeTaxExpenseBenefit
Income from continuing operations
59
us-gaap_IncomeLossFromContinuingOperations
39
us-gaap_IncomeLossFromContinuingOperations
Income from discontinued operations, net of tax
0
us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
13
us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
Net income
$ 59
us-gaap_NetIncomeLoss
$ 52
us-gaap_NetIncomeLoss
Basic
Continuing operations (in dollars per share)
$ 0.32
us-gaap_IncomeLossFromContinuingOperationsPerBasicShare
$ 0.21
us-gaap_IncomeLossFromContinuingOperationsPerBasicShare
Discontinued operations (in dollars per share)
$ 0.00
us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
$ 0.07
us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
Net income (in dollars per share)
$ 0.32
us-gaap_EarningsPerShareBasic
$ 0.27
us-gaap_EarningsPerShareBasic
Diluted
Continuing operations (in dollars per share)
$ 0.31
us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare
$ 0.20
us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare
Discontinued operations (in dollars per share)
$ 0.00
us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
$ 0.07
us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
Net income (in dollars per share)
$ 0.31
us-gaap_EarningsPerShareDiluted
$ 0.27
us-gaap_EarningsPerShareDiluted
Weighted average common shares outstanding - basic (in shares)
186.4
us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
189.6
us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
Weighted average common shares outstanding - diluted (in shares)
191.5
us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding
194.9
us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding
Cash dividends declared per common share (in dollars per share)
$ 0.10
us-gaap_CommonStockDividendsPerShareDeclared
$ 0.10
us-gaap_CommonStockDividendsPerShareDeclared
v2.4.1.9
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Operating activities
Net income
$ 59
us-gaap_NetIncomeLoss
$ 52
us-gaap_NetIncomeLoss
Income from discontinued operations, net of tax
0
us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
13
us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
Income from continuing operations
59
us-gaap_IncomeLossFromContinuingOperations
39
us-gaap_IncomeLossFromContinuingOperations
Adjustments to reconcile net income to net cash used in operating activities from continuing operations:
Depreciation and amortization
25
us-gaap_DepreciationDepletionAndAmortization
26
us-gaap_DepreciationDepletionAndAmortization
Stock-based compensation
8
us-gaap_ShareBasedCompensation
8
us-gaap_ShareBasedCompensation
Restructuring and asset impairment charges
1
us-gaap_RestructuringCostsAndAssetImpairmentCharges
5
us-gaap_RestructuringCostsAndAssetImpairmentCharges
Payments for restructuring
(2)
us-gaap_PaymentsForRestructuring
(10)
us-gaap_PaymentsForRestructuring
Defined benefit plans expense
20
us-gaap_PensionAndOtherPostretirementBenefitExpense
17
us-gaap_PensionAndOtherPostretirementBenefitExpense
Defined benefit plans payments
(41)
us-gaap_PensionAndOtherPostretirementBenefitContributions
(42)
us-gaap_PensionAndOtherPostretirementBenefitContributions
Change in assets and liabilities
Change in receivables
(30)
us-gaap_IncreaseDecreaseInReceivables
(42)
us-gaap_IncreaseDecreaseInReceivables
Change in inventories
(8)
us-gaap_IncreaseDecreaseInInventories
(17)
us-gaap_IncreaseDecreaseInInventories
Change in other assets
(1)
us-gaap_IncreaseDecreaseInOtherOperatingAssets
(3)
us-gaap_IncreaseDecreaseInOtherOperatingAssets
Change in accounts payable
(8)
us-gaap_IncreaseDecreaseInAccountsPayable
(31)
us-gaap_IncreaseDecreaseInAccountsPayable
Change in advance payments and billings in excess of costs
(10)
xls_IncreaseDecreaseInAdvancePaymentsAndBillingInExcessOfCostOfEarnings
(24)
xls_IncreaseDecreaseInAdvancePaymentsAndBillingInExcessOfCostOfEarnings
Change in deferred taxes
14
us-gaap_IncreaseDecreaseInDeferredIncomeTaxes
13
us-gaap_IncreaseDecreaseInDeferredIncomeTaxes
Change in other liabilities
(44)
us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
(44)
us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
Other, net
0
us-gaap_OtherOperatingActivitiesCashFlowStatement
(3)
us-gaap_OtherOperatingActivitiesCashFlowStatement
Net cash used in operating activities from continuing operations
(17)
us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
(108)
us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
Investing activities
Capital expenditures
(8)
us-gaap_PaymentsToAcquireProductiveAssets
(7)
us-gaap_PaymentsToAcquireProductiveAssets
Proceeds from the sale of assets
6
us-gaap_ProceedsFromSaleOfProductiveAssets
3
us-gaap_ProceedsFromSaleOfProductiveAssets
Net cash used in investing activities from continuing operations
(2)
us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
(4)
us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
Financing activities
Dividends paid
(20)
us-gaap_PaymentsOfDividendsCommonStock
(20)
us-gaap_PaymentsOfDividendsCommonStock
Common stock repurchased
0
us-gaap_PaymentsForRepurchaseOfCommonStock
(24)
us-gaap_PaymentsForRepurchaseOfCommonStock
Proceeds from the exercise of stock options
12
us-gaap_ProceedsFromStockOptionsExercised
12
us-gaap_ProceedsFromStockOptionsExercised
Transfer from Vectrus, net
0
us-gaap_PaymentsForAdvanceToAffiliate
3
us-gaap_PaymentsForAdvanceToAffiliate
Other, net
1
us-gaap_ProceedsFromPaymentsForOtherFinancingActivities
5
us-gaap_ProceedsFromPaymentsForOtherFinancingActivities
Net cash used in financing activities from continuing operations
(7)
us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
(24)
us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
Exchange rate effects on cash and cash equivalents
(5)
us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents
0
us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents
Net cash used in discontinued operations
0
us-gaap_NetCashProvidedByUsedInDiscontinuedOperations
(50)
us-gaap_NetCashProvidedByUsedInDiscontinuedOperations
Net change in cash and cash equivalents
(31)
us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
(186)
us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and cash equivalents – beginning of year
510
us-gaap_CashAndCashEquivalentsAtCarryingValue
459
us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and cash equivalents – end of period
$ 479
us-gaap_CashAndCashEquivalentsAtCarryingValue
$ 273
us-gaap_CashAndCashEquivalentsAtCarryingValue
v2.4.1.9
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2015
Dec. 31, 2014
Current assets
Cash and cash equivalents
$ 479
us-gaap_CashAndCashEquivalentsAtCarryingValue
$ 510
us-gaap_CashAndCashEquivalentsAtCarryingValue
Receivables, net
853
us-gaap_ReceivablesNetCurrent
824
us-gaap_ReceivablesNetCurrent
Inventories, net
231
us-gaap_InventoryNetOfAllowancesCustomerAdvancesAndProgressBillings
225
us-gaap_InventoryNetOfAllowancesCustomerAdvancesAndProgressBillings
Deferred tax asset
55
us-gaap_DeferredTaxAssetsNetCurrent
56
us-gaap_DeferredTaxAssetsNetCurrent
Other current assets
47
us-gaap_OtherAssetsCurrent
47
us-gaap_OtherAssetsCurrent
Total current assets
1,665
us-gaap_AssetsCurrent
1,662
us-gaap_AssetsCurrent
Plant, property and equipment, net
422
us-gaap_PropertyPlantAndEquipmentNet
437
us-gaap_PropertyPlantAndEquipmentNet
Goodwill
1,973
us-gaap_Goodwill
1,976
us-gaap_Goodwill
Other intangible assets, net
143
us-gaap_IntangibleAssetsNetExcludingGoodwill
150
us-gaap_IntangibleAssetsNetExcludingGoodwill
Deferred tax asset
541
us-gaap_DeferredTaxAssetsNetNoncurrent
566
us-gaap_DeferredTaxAssetsNetNoncurrent
Other non-current assets
87
us-gaap_OtherAssetsNoncurrent
87
us-gaap_OtherAssetsNoncurrent
Total non-current assets
3,166
us-gaap_AssetsNoncurrent
3,216
us-gaap_AssetsNoncurrent
Total assets
4,831
us-gaap_Assets
4,878
us-gaap_Assets
Current liabilities
Accounts payable
229
us-gaap_AccountsPayableCurrent
238
us-gaap_AccountsPayableCurrent
Advance payments and billings in excess of costs
231
xls_CustomerAdvancesAndBillingsInExcessOfCostCurrent
242
xls_CustomerAdvancesAndBillingsInExcessOfCostCurrent
Compensation and other employee benefits
120
us-gaap_EmployeeRelatedLiabilitiesCurrent
170
us-gaap_EmployeeRelatedLiabilitiesCurrent
Other accrued liabilities
134
us-gaap_AccruedLiabilitiesCurrent
124
us-gaap_AccruedLiabilitiesCurrent
Total current liabilities
714
us-gaap_LiabilitiesCurrent
774
us-gaap_LiabilitiesCurrent
Defined benefit plans
2,021
us-gaap_PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesNoncurrent
2,072
us-gaap_PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesNoncurrent
Long-term debt
649
us-gaap_LongTermDebtNoncurrent
649
us-gaap_LongTermDebtNoncurrent
Deferred tax liability
2
us-gaap_DeferredTaxLiabilitiesGrossNoncurrent
2
us-gaap_DeferredTaxLiabilitiesGrossNoncurrent
Other non-current liabilities
135
us-gaap_OtherLiabilitiesNoncurrent
134
us-gaap_OtherLiabilitiesNoncurrent
Total non-current liabilities
2,807
us-gaap_LiabilitiesNoncurrent
2,857
us-gaap_LiabilitiesNoncurrent
Total liabilities
3,521
us-gaap_Liabilities
3,631
us-gaap_Liabilities
Commitments and contingencies (Note 15)
Shareholders’ equity
Common stock
2
us-gaap_CommonStockValue
2
us-gaap_CommonStockValue
Additional paid-in capital
2,621
us-gaap_AdditionalPaidInCapitalCommonStock
2,607
us-gaap_AdditionalPaidInCapitalCommonStock
Treasury stock
(128)
us-gaap_TreasuryStockValue
(128)
us-gaap_TreasuryStockValue
Retained earnings
685
us-gaap_RetainedEarningsAccumulatedDeficit
645
us-gaap_RetainedEarningsAccumulatedDeficit
Accumulated other comprehensive loss
(1,870)
us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax
(1,879)
us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax
Total shareholders’ equity
1,310
us-gaap_StockholdersEquity
1,247
us-gaap_StockholdersEquity
Total liabilities and shareholders’ equity
$ 4,831
us-gaap_LiabilitiesAndStockholdersEquity
$ 4,878
us-gaap_LiabilitiesAndStockholdersEquity