Discontinued Operations (Tables)

12 Months Ended

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