|
Consolidated and Combined Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
| Operating activities |
|
|
|
| Net income |
$ 22,812 |
$ 84,392 |
$ 74,665 |
| Adjustments to reconcile net income to net cash used in operating activities: |
|
|
|
| Depreciation and amortization expense |
2,149 |
2,631 |
3,035 |
| Loss on disposal of property plant & equipment |
103 |
40 |
0 |
| Stock-based compensation |
2,324 |
0 |
0 |
| Amortization of debt issuance costs |
185 |
0 |
0 |
| Changes in assets and liabilities: |
|
|
|
| Change in receivables |
21,608 |
101,549 |
24,683 |
| Change in other assets |
(1,329) |
(3,770) |
(984) |
| Change in accounts payable |
6,169 |
(51,049) |
9,918 |
| Change in billings in excess of costs |
(5,266) |
(289) |
(5,285) |
| Change in deferred taxes |
11,282 |
(15,888) |
(7,197) |
| Compensation and other employee benefits |
(13,245) |
(20,053) |
7,871 |
| Change in other liabilities |
(3,813) |
(4,771) |
9,163 |
| Net cash provided by operating activities |
42,979 |
92,792 |
115,869 |
| Investing activities |
|
|
|
| Purchases of capital expenditures |
(3,847) |
(2,429) |
(3,230) |
| Proceeds from the disposition of assets |
497 |
0 |
666 |
| Net cash used in investing activities |
(3,350) |
(2,429) |
(2,564) |
| Financing activities |
|
|
|
| Repayments of long-term debt |
(2,625) |
0 |
0 |
| Cash distribution to subsidiary of Exelis |
(136,281) |
0 |
0 |
| Proceeds from issuance of long-term debt |
140,000 |
0 |
0 |
| Payment of debt issuance costs |
(3,701) |
0 |
0 |
| Payment of employee withholding taxes on share-based compensation |
(229) |
0 |
0 |
| Working capital adjustment payment from Exelis |
2,600 |
0 |
0 |
| Transfer to Parent, net |
(6,371) |
(94,924) |
(113,753) |
| Net cash used in financing activities |
(6,607) |
(94,924) |
(113,753) |
| Exchange rate effect on cash |
(645) |
607 |
1,052 |
| Net change in cash |
32,377 |
(3,954) |
604 |
| Cash-beginning of year |
10,446 |
14,400 |
13,796 |
| Cash-end of year |
42,823 |
10,446 |
14,400 |
| Supplemental Disclosure of Cash Flow Information: |
|
|
|
| Interest paid |
1,201 |
0 |
0 |
| Income taxes paid |
2,667 |
0 |
0 |
| Non-cash investing activities: |
|
|
|
| Purchase of capital expenditures on account |
$ 92 |
$ 277 |
$ 0 |