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Discontinued Operations (Tables) | 12 Months Ended
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Dec. 31, 2011
Discontinued Operations [Abstract] |
Operating results of discontinued operations |
Year Ended 2011 |  | Exelis |  | Xylem |  | Other(b) |  | Total
Revenue |  |  | $ | 4,916 |  |  |  | $ | 3,107 |  |  |  | $ | – |  |  |  | $ | 8,023 |
Transformation costs |  |  |  | 31 |  |  |  |  | 75 |  |  |  |  | 134 |  |  |  |  | 240 |
Earnings (loss) before income taxes |  |  |  | 473 |  |  |  |  | 321 |  |  |  |  | (108 | ) |  |  |  | 686 |
Income tax expense (benefit) |  |  |  | 194 |  |  |  |  | 70 |  |  |  |  | (26 | ) |  |  |  | 238 |
Income (loss) from discontinued operations |  |  | $ | 279 |  |  |  | $ | 251 |  |  |  | $ | (82 | ) |  |  | $ | 448 |
Year Ended 2010 |  | Exelis(a) |  | Xylem |  | CAS |  | Other(b) |  | Total
Revenue |  |  | $ | 5,893 |  |  |  | $ | 3,192 |  |  |  | $ | 160 |  |  |  | $ | – |  |  |  | $ | 9,245 |
Earnings before income taxes |  |  |  | 718 |  |  |  |  | 395 |  |  |  |  | 13 |  |  |  |  | 12 |  |  |  |  | 1,138 |
Gain on sale of disposal before tax |  |  |  | – |  |  |  |  | – |  |  |  |  | 125 |  |  |  |  | – |  |  |  |  | 125 |
Income tax expense |  |  |  | 251 |  |  |  |  | 51 |  |  |  |  | – |  |  |  |  | 25 |  |  |  |  | 327 |
Income (loss) from discontinued operations |  |  | $ | 467 |  |  |  | $ | 344 |  |  |  | $ | 138 |  |  |  | $ | (13 | ) |  |  | $ | 936 |
Year Ended 2009 |  | Exelis(a) |  | Xylem |  | CAS |  | Other(b) |  | Total
Revenue |  |  | $ | 6,059 |  |  |  | $ | 2,839 |  |  |  | $ | 231 |  |  |  | $ | – |  |  |  | $ | 9,129 |
Earnings (loss) before income taxes |  |  |  | 727 |  |  |  |  | 285 |  |  |  |  | 15 |  |  |  |  | (12 | ) |  |  |  | 1,015 |
Income tax expense |  |  |  | 253 |  |  |  |  | 14 |  |  |  |  | 6 |  |  |  |  | 2 |  |  |  |  | 275 |
Income (loss) from discontinued operations |  |  | $ | 474 |  |  |  | $ | 271 |  |  |  | $ | 9 |  |  |  | $ | (14 | ) |  |  | $ | 740 |
(a) | CAS was a component of our Defense and Information Solutions business, which was distributed as Exelis. The table above presents Exelis without CAS, which was disposed during 2010.
(b) | Amounts presented in the “Other” column within the tables above relate to various divested ITT businesses accounted for as discontinued operations in the year of divestiture for which legacy liabilities remain, as well as certain Transformation costs which were directly related to the Distribution and provide no future benefit to the Company. See Note 3, “Company Transformation” for further information.
Assets and liabilities from discontinued operations |
|  | Exelis |  | Xylem |  | Total
Cash and cash equivalents |  |  | $ | 18 |  |  |  | $ | 808 |  |  |  | $ | 826 |
Receivables, net |  |  |  | 958 |  |  |  |  | 690 |  |  |  |  | 1,648 |
Inventories, net |  |  |  | 239 |  |  |  |  | 389 |  |  |  |  | 628 |
Other current assets |  |  |  | 188 |  |  |  |  | 167 |  |  |  |  | 355 |
Total current assets |  |  |  | 1,403 |  |  |  |  | 2,054 |  |  |  |  | 3,457 |
Plant, Property and Equipment, net |  |  |  | 462 |  |  |  |  | 465 |  |  |  |  | 927 |
Goodwill |  |  |  | 2,156 |  |  |  |  | 1,617 |  |  |  |  | 3,773 |
Other intangible assets |  |  |  | 258 |  |  |  |  | 416 |  |  |  |  | 674 |
Other non-current assets |  |  |  | 243 |  |  |  |  | 248 |  |  |  |  | 491 |
Total assets |  |  |  | 4,522 |  |  |  |  | 4,800 |  |  |  |  | 9,322 |
Accounts payable |  |  |  | 326 |  |  |  |  | 321 |  |  |  |  | 647 |
Accrued liabilities and other current assets |  |  |  | 884 |  |  |  |  | 361 |  |  |  |  | 1,245 |
Total current liabilities |  |  |  | 1,210 |  |  |  |  | 682 |  |  |  |  | 1,892 |
Postretirement benefits |  |  |  | 1,223 |  |  |  |  | 257 |  |  |  |  | 1,480 |
Other non-current liabilities |  |  |  | 113 |  |  |  |  | 324 |  |  |  |  | 437 |
Total liabilities |  |  | $ | 2,546 |  |  |  | $ | 1,263 |  |  |  | $ | 3,809 |

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