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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Raytheon Co | NYSE:RTN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 116.96 | 0 | 01:00:00 |
FORM 10-Q
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ý
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended June 29, 2014
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from
to
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Delaware
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95-1778500
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(State or Other Jurisdiction of Incorporation or Organization)
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(I.R.S. Employer Identification No.)
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Large accelerated filer
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ý
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Accelerated filer
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o
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Non-accelerated filer
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o
(Do not check if a smaller reporting company)
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Smaller reporting company
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o
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Page
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PART I
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Item 1.
|
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Item 2.
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Item 3.
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Item 4.
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PART II
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Item 1.
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||
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Item 1A.
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||
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Item 2.
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||
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Item 6.
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||
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(In millions, except per share amounts)
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|
(Unaudited)
Jun 29, 2014 |
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Dec 31, 2013
|
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|||
Assets
|
|
|
|
|
||||
Current assets
|
|
|
|
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||||
Cash and cash equivalents
|
|
$
|
3,261
|
|
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$
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3,296
|
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Short-term investments
|
|
915
|
|
|
1,001
|
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||
Contracts in process, net
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5,366
|
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4,870
|
|
||
Inventories
|
|
430
|
|
|
363
|
|
||
Prepaid expenses and other current assets
|
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327
|
|
|
286
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||
Total current assets
|
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10,299
|
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9,816
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Property, plant and equipment, net
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1,878
|
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1,937
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Goodwill
|
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12,765
|
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12,764
|
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||
Other assets, net
|
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1,438
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1,450
|
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||
Total assets
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$
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26,380
|
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$
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25,967
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|
|
|
|
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||||
Liabilities and Equity
|
|
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|
||||
Current liabilities
|
|
|
|
|
||||
Advance payments and billings in excess of costs incurred
|
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$
|
2,558
|
|
|
$
|
2,350
|
|
Accounts payable
|
|
1,113
|
|
|
1,178
|
|
||
Accrued employee compensation
|
|
926
|
|
|
1,068
|
|
||
Other accrued expenses
|
|
1,299
|
|
|
1,214
|
|
||
Total current liabilities
|
|
5,896
|
|
|
5,810
|
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||
Accrued retiree benefits and other long-term liabilities
|
|
3,854
|
|
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4,226
|
|
||
Long-term debt
|
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4,736
|
|
|
4,734
|
|
||
Commitments and contingencies (Note 8)
|
|
|
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|||
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|
||||
Equity
|
|
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||||
Raytheon Company stockholders’ equity
|
|
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||||
Common stock, par value, $0.01 per share, 1,450 shares authorized, 311 and 315
shares outstanding at June 29, 2014 and December 31, 2013, respectively.
|
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3
|
|
|
3
|
|
||
Additional paid-in capital
|
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1,566
|
|
|
1,972
|
|
||
Accumulated other comprehensive loss
|
|
(4,786
|
)
|
|
(5,113
|
)
|
||
Retained earnings
|
|
14,945
|
|
|
14,173
|
|
||
Total Raytheon Company stockholders’ equity
|
|
11,728
|
|
|
11,035
|
|
||
Noncontrolling interests in subsidiaries
|
|
166
|
|
|
162
|
|
||
Total equity
|
|
11,894
|
|
|
11,197
|
|
||
Total liabilities and equity
|
|
$
|
26,380
|
|
|
$
|
25,967
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(In millions, except per share amounts)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||||
Net sales
|
|
|
|
|
|
|
|
|
||||||||
Products
|
|
$
|
4,746
|
|
|
$
|
5,091
|
|
|
$
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9,311
|
|
|
$
|
10,034
|
|
Services
|
|
955
|
|
|
1,024
|
|
|
1,898
|
|
|
1,960
|
|
||||
Total net sales
|
|
5,701
|
|
|
6,115
|
|
|
11,209
|
|
|
11,994
|
|
||||
Operating expenses
|
|
|
|
|
|
|
|
|
||||||||
Cost of sales—products
|
|
3,526
|
|
|
3,904
|
|
|
6,917
|
|
|
7,729
|
|
||||
Cost of sales—services
|
|
775
|
|
|
849
|
|
|
1,545
|
|
|
1,629
|
|
||||
General and administrative expenses
|
|
641
|
|
|
596
|
|
|
1,200
|
|
|
1,164
|
|
||||
Total operating expenses
|
|
4,942
|
|
|
5,349
|
|
|
9,662
|
|
|
10,522
|
|
||||
Operating income
|
|
759
|
|
|
766
|
|
|
1,547
|
|
|
1,472
|
|
||||
Non-operating (income) expense, net
|
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
|
54
|
|
|
53
|
|
|
105
|
|
|
106
|
|
||||
Interest income
|
|
(2
|
)
|
|
(3
|
)
|
|
(5
|
)
|
|
(6
|
)
|
||||
Other (income) expense, net
|
|
(6
|
)
|
|
3
|
|
|
(6
|
)
|
|
(4
|
)
|
||||
Total non-operating (income) expense, net
|
|
46
|
|
|
53
|
|
|
94
|
|
|
96
|
|
||||
Income from continuing operations before taxes
|
|
713
|
|
|
713
|
|
|
1,453
|
|
|
1,376
|
|
||||
Federal and foreign income taxes
|
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212
|
|
|
220
|
|
|
359
|
|
|
387
|
|
||||
Income from continuing operations
|
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501
|
|
|
493
|
|
|
1,094
|
|
|
989
|
|
||||
Income (loss) from discontinued operations, net of tax
|
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52
|
|
|
—
|
|
|
59
|
|
|
(2
|
)
|
||||
Net income
|
|
553
|
|
|
493
|
|
|
1,153
|
|
|
987
|
|
||||
Less: Net income attributable to noncontrolling interests in subsidiaries
|
|
2
|
|
|
5
|
|
|
6
|
|
|
11
|
|
||||
Net income attributable to Raytheon Company
|
|
$
|
551
|
|
|
$
|
488
|
|
|
$
|
1,147
|
|
|
$
|
976
|
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings (loss) per share attributable to Raytheon Company common stockholders:
|
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
|
$
|
1.59
|
|
|
$
|
1.50
|
|
|
$
|
3.47
|
|
|
$
|
3.00
|
|
Income (loss) from discontinued operations, net of tax
|
|
0.17
|
|
|
—
|
|
|
0.19
|
|
|
(0.01
|
)
|
||||
Net income
|
|
1.76
|
|
|
1.50
|
|
|
3.65
|
|
|
2.99
|
|
||||
Diluted earnings (loss) per share attributable to Raytheon Company common stockholders:
|
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
|
$
|
1.59
|
|
|
$
|
1.50
|
|
|
$
|
3.46
|
|
|
$
|
2.99
|
|
Income (loss) from discontinued operations, net of tax
|
|
0.17
|
|
|
—
|
|
|
0.19
|
|
|
(0.01
|
)
|
||||
Net income
|
|
1.76
|
|
|
1.50
|
|
|
3.65
|
|
|
2.99
|
|
||||
Amounts attributable to Raytheon Company common stockholders:
|
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
|
$
|
499
|
|
|
$
|
488
|
|
|
$
|
1,088
|
|
|
$
|
978
|
|
Income (loss) from discontinued operations, net of tax
|
|
52
|
|
|
—
|
|
|
59
|
|
|
(2
|
)
|
||||
Net income
|
|
$
|
551
|
|
|
$
|
488
|
|
|
$
|
1,147
|
|
|
$
|
976
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(In millions)
|
Jun 29, 2014
|
|
|
Jun 30, 2013
|
|
|
Jun 29, 2014
|
|
|
Jun 30, 2013
|
|
||||
Net income
|
$
|
553
|
|
|
$
|
493
|
|
|
$
|
1,153
|
|
|
$
|
987
|
|
Other comprehensive income (loss), before tax:
|
|
|
|
|
|
|
|
||||||||
Foreign exchange translation
|
29
|
|
|
(6
|
)
|
|
35
|
|
|
(51
|
)
|
||||
Cash flow hedges and interest rate locks
|
2
|
|
|
(6
|
)
|
|
1
|
|
|
(10
|
)
|
||||
Unrealized gains (losses) on investments and other, net
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
||||
Pension and other employee benefit plans, net:
|
|
|
|
|
|
|
|
||||||||
Amortization of prior service cost included in net periodic cost
|
—
|
|
|
2
|
|
|
2
|
|
|
3
|
|
||||
Amortization of net actuarial loss included in net income
|
224
|
|
|
293
|
|
|
446
|
|
|
587
|
|
||||
Pension and other employee benefit plans, net
|
224
|
|
|
295
|
|
|
448
|
|
|
590
|
|
||||
Other comprehensive income (loss), before tax
|
255
|
|
|
283
|
|
|
484
|
|
|
527
|
|
||||
Income tax benefit (expense) related to items of other comprehensive income (loss)
|
(79
|
)
|
|
(101
|
)
|
|
(157
|
)
|
|
(203
|
)
|
||||
Other comprehensive income (loss), net of tax
|
176
|
|
|
182
|
|
|
327
|
|
|
324
|
|
||||
Total comprehensive income
|
729
|
|
|
675
|
|
|
1,480
|
|
|
1,311
|
|
||||
Less: Comprehensive income attributable to noncontrolling interests in subsidiaries
|
2
|
|
|
5
|
|
|
6
|
|
|
11
|
|
||||
Comprehensive income attributable to Raytheon Company
|
$
|
727
|
|
|
$
|
670
|
|
|
$
|
1,474
|
|
|
$
|
1,300
|
|
Six Months Ended June 29, 2014 and June 30, 2013 (in millions)
|
|
Common
stock
|
|
|
Additional
paid-in
capital
|
|
|
Accumulated
other
comprehensive
income (loss)
|
|
|
Retained
earnings
|
|
|
Total
Raytheon
Company
stockholders’
equity
|
|
|
Noncontrolling
interests in
subsidiaries
|
|
|
Total
equity
|
|
|||||||
Balance at December 31, 2013
|
|
$
|
3
|
|
|
$
|
1,972
|
|
|
$
|
(5,113
|
)
|
|
$
|
14,173
|
|
|
$
|
11,035
|
|
|
$
|
162
|
|
|
$
|
11,197
|
|
Net income
|
|
|
|
|
|
|
|
1,147
|
|
|
1,147
|
|
|
6
|
|
|
1,153
|
|
||||||||||
Other comprehensive
income (loss), net of tax
|
|
|
|
|
|
327
|
|
|
|
|
327
|
|
|
|
|
327
|
|
|||||||||||
Dividends declared
|
|
|
|
|
|
|
|
(375
|
)
|
|
(375
|
)
|
|
|
|
(375
|
)
|
|||||||||||
Distributions and other activity related to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
|||||||||||
Common stock plans activity
|
|
|
|
127
|
|
|
|
|
|
|
127
|
|
|
|
|
127
|
|
|||||||||||
Share repurchases
|
|
|
|
(533
|
)
|
|
|
|
|
|
(533
|
)
|
|
|
|
(533
|
)
|
|||||||||||
Balance at June 29, 2014
|
|
$
|
3
|
|
|
$
|
1,566
|
|
|
$
|
(4,786
|
)
|
|
$
|
14,945
|
|
|
$
|
11,728
|
|
|
$
|
166
|
|
|
$
|
11,894
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance at December 31, 2012
|
|
$
|
3
|
|
|
$
|
2,928
|
|
|
$
|
(7,788
|
)
|
|
$
|
12,883
|
|
|
$
|
8,026
|
|
|
$
|
164
|
|
|
$
|
8,190
|
|
Net income
|
|
|
|
|
|
|
|
976
|
|
|
976
|
|
|
11
|
|
|
987
|
|
||||||||||
Other comprehensive income
(loss), net of tax |
|
|
|
|
|
324
|
|
|
|
|
324
|
|
|
|
|
324
|
|
|||||||||||
Dividends declared
|
|
|
|
|
|
|
|
(356
|
)
|
|
(356
|
)
|
|
|
|
(356
|
)
|
|||||||||||
Distributions and other activity related to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
—
|
|
|
(6
|
)
|
|
(6
|
)
|
|||||||||||
Common stock plans activity
|
|
|
|
94
|
|
|
|
|
|
|
94
|
|
|
|
|
94
|
|
|||||||||||
Share repurchases
|
|
|
|
(496
|
)
|
|
|
|
|
|
(496
|
)
|
|
|
|
(496
|
)
|
|||||||||||
Balance at June 30, 2013
|
|
$
|
3
|
|
|
$
|
2,526
|
|
|
$
|
(7,464
|
)
|
|
$
|
13,503
|
|
|
$
|
8,568
|
|
|
$
|
169
|
|
|
$
|
8,737
|
|
|
|
Six Months Ended
|
||||||
(In millions)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||
Cash flows from operating activities
|
|
|
|
|
||||
Net income
|
|
$
|
1,153
|
|
|
$
|
987
|
|
(Income) loss from discontinued operations, net of tax
|
|
(59
|
)
|
|
2
|
|
||
Income from continuing operations
|
|
1,094
|
|
|
989
|
|
||
Adjustments to reconcile to net cash provided by (used in) operating activities from
continuing operations, net of the effect of acquisitions and divestitures
|
|
|
|
|
||||
Depreciation and amortization
|
|
216
|
|
|
221
|
|
||
Stock-based compensation
|
|
88
|
|
|
64
|
|
||
Deferred income taxes
|
|
(66
|
)
|
|
(78
|
)
|
||
Tax benefit from stock-based awards
|
|
(36
|
)
|
|
(10
|
)
|
||
Changes in assets and liabilities
|
|
|
|
|
||||
Contracts in process, net and advance payments and billings in excess of costs
incurred
|
|
(262
|
)
|
|
(891
|
)
|
||
Inventories
|
|
(67
|
)
|
|
(74
|
)
|
||
Prepaid expenses and other current assets
|
|
(13
|
)
|
|
68
|
|
||
Accounts payable
|
|
(64
|
)
|
|
(187
|
)
|
||
Income taxes receivable/payable
|
|
169
|
|
|
183
|
|
||
Accrued employee compensation
|
|
(141
|
)
|
|
(89
|
)
|
||
Other accrued expenses
|
|
(49
|
)
|
|
(27
|
)
|
||
Other long-term liabilities
|
|
(17
|
)
|
|
(11
|
)
|
||
Pension and other postretirement benefit plans
|
|
(28
|
)
|
|
246
|
|
||
Other, net
|
|
(12
|
)
|
|
(23
|
)
|
||
Net cash provided by (used in) operating activities from continuing operations
|
|
812
|
|
|
381
|
|
||
Net cash provided by (used in) operating activities from discontinued operations
|
|
34
|
|
|
—
|
|
||
Net cash provided by (used in) operating activities
|
|
846
|
|
|
381
|
|
||
Cash flows from investing activities
|
|
|
|
|
||||
Additions to property, plant and equipment
|
|
(101
|
)
|
|
(105
|
)
|
||
Proceeds from sales of property, plant and equipment
|
|
—
|
|
|
1
|
|
||
Additions to capitalized internal use software
|
|
(26
|
)
|
|
(21
|
)
|
||
Purchases of short-term investments
|
|
(1,371
|
)
|
|
(839
|
)
|
||
Sales of short-term investments
|
|
882
|
|
|
325
|
|
||
Maturities of short-term investments
|
|
595
|
|
|
362
|
|
||
Payments for purchases of acquired companies, net of cash received
|
|
—
|
|
|
(14
|
)
|
||
Net cash provided by (used in) investing activities
|
|
(21
|
)
|
|
(291
|
)
|
||
Cash flows from financing activities
|
|
|
|
|
||||
Dividends paid
|
|
(363
|
)
|
|
(343
|
)
|
||
Repurchases of common stock under share repurchase programs
|
|
(450
|
)
|
|
(450
|
)
|
||
Repurchases of common stock to satisfy tax withholding obligations
|
|
(83
|
)
|
|
(46
|
)
|
||
Proceeds from exercise of stock options
|
|
1
|
|
|
23
|
|
||
Tax benefit from stock-based awards
|
|
36
|
|
|
10
|
|
||
Other
|
|
(1
|
)
|
|
(5
|
)
|
||
Net cash provided by (used in) financing activities
|
|
(860
|
)
|
|
(811
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
|
(35
|
)
|
|
(721
|
)
|
||
Cash and cash equivalents at beginning of the year
|
|
3,296
|
|
|
3,188
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
3,261
|
|
|
$
|
2,467
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(In millions, except per share amounts)
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||||
Operating income
|
$
|
88
|
|
|
$
|
156
|
|
|
$
|
210
|
|
|
$
|
295
|
|
Income from continuing operations attributable to Raytheon Company
|
57
|
|
|
101
|
|
|
136
|
|
|
192
|
|
||||
Diluted earnings per share (EPS) from continuing operations attributable to Raytheon Company
|
$
|
0.18
|
|
|
$
|
0.31
|
|
|
$
|
0.43
|
|
|
$
|
0.59
|
|
(In millions)
|
|
Jun 29, 2014
|
|
Dec 31, 2013
|
||||
Materials and purchased parts
|
|
$
|
88
|
|
|
$
|
73
|
|
Work in process
|
|
330
|
|
|
279
|
|
||
Finished goods
|
|
12
|
|
|
11
|
|
||
Total
|
|
$
|
430
|
|
|
$
|
363
|
|
(In millions)
|
|
Integrated
Defense
Systems
|
|
|
Intelligence,
Information and Services
|
|
|
Missile
Systems |
|
|
Space and
Airborne Systems |
|
|
Total
|
|
|||||
Balance at December 31, 2013
|
|
$
|
1,800
|
|
|
$
|
2,708
|
|
|
$
|
4,150
|
|
|
$
|
4,106
|
|
|
$
|
12,764
|
|
Effect of foreign exchange rates and other
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||
Balance at June 29, 2014
|
|
$
|
1,800
|
|
|
$
|
2,709
|
|
|
$
|
4,150
|
|
|
$
|
4,106
|
|
|
$
|
12,765
|
|
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||||||
(In millions)
|
|
Jun 29, 2014
|
|
Dec 31, 2013
|
|
Jun 29, 2014
|
|
Dec 31, 2013
|
||||||||
Derivatives designated as hedging instruments
|
|
$
|
25
|
|
|
$
|
20
|
|
|
$
|
31
|
|
|
$
|
23
|
|
Derivatives not designated as hedging instruments
|
|
5
|
|
|
3
|
|
|
3
|
|
|
3
|
|
||||
Total
|
|
$
|
30
|
|
|
$
|
23
|
|
|
$
|
34
|
|
|
$
|
26
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(In millions)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||||
Effective portion
|
|
|
|
|
|
|
|
|
||||||||
Gain (loss) recognized in accumulated other comprehensive loss (AOCL)
|
|
$
|
—
|
|
|
$
|
(5
|
)
|
|
$
|
(2
|
)
|
|
$
|
(6
|
)
|
Gain (loss) reclassified from AOCL to operating income
|
|
(1
|
)
|
|
2
|
|
|
(1
|
)
|
|
4
|
|
||||
Amount excluded from effectiveness assessment and ineffective portion
|
|
|
|
|
|
|
|
|
||||||||
Gain (loss) recognized in operating income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(In millions)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||||
Gain (loss) recognized in operating income
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
(2
|
)
|
(In millions)
|
|
Jun 29, 2014
|
|
Dec 31, 2013
|
||||
Carrying value of long-term debt
|
|
$
|
4,736
|
|
|
$
|
4,734
|
|
Fair value of long-term debt
|
|
5,252
|
|
|
5,036
|
|
(In millions, except percentages)
|
|
Jun 29, 2014
|
|
Dec 31, 2013
|
||||
Total remediation costs—undiscounted
|
|
$
|
202
|
|
|
$
|
198
|
|
Weighted average discount rate
|
|
5.6
|
%
|
|
5.6
|
%
|
||
Total remediation costs—discounted
|
|
$
|
141
|
|
|
$
|
133
|
|
Recoverable portion
|
|
91
|
|
|
90
|
|
(In millions)
|
|
Jun 29, 2014
|
|
Dec 31, 2013
|
||||
Guarantees
|
|
$
|
328
|
|
|
$
|
378
|
|
Letters of credit
|
|
1,776
|
|
|
1,424
|
|
||
Surety bonds
|
|
218
|
|
|
238
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(In millions)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||||
Beginning balance
|
|
$
|
29
|
|
|
$
|
34
|
|
|
$
|
30
|
|
|
$
|
33
|
|
Provisions for warranties
|
|
3
|
|
|
1
|
|
|
3
|
|
|
4
|
|
||||
Warranty services provided
|
|
(2
|
)
|
|
(4
|
)
|
|
(3
|
)
|
|
(6
|
)
|
||||
Ending balance
|
|
$
|
30
|
|
|
$
|
31
|
|
|
$
|
30
|
|
|
$
|
31
|
|
|
Six Months Ended
|
||||
(In millions)
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||
Beginning balance
|
314.5
|
|
|
328.1
|
|
Stock plans activity
|
1.6
|
|
|
2.6
|
|
Share repurchases
|
(5.5
|
)
|
|
(8.3
|
)
|
Ending balance
|
310.6
|
|
|
322.4
|
|
|
|
Six Months Ended
|
||||||||||
(In millions)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||||
|
|
$
|
Shares
|
|
|
$
|
Shares
|
|
||||
Shares repurchased under our share repurchase programs
|
|
$
|
450
|
|
4.6
|
|
|
$
|
450
|
|
7.6
|
|
Shares repurchased to satisfy tax withholding obligations
|
|
83
|
|
0.9
|
|
|
46
|
|
0.7
|
|
||
Total share repurchases
|
|
$
|
533
|
|
5.5
|
|
|
$
|
496
|
|
8.3
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||||
Basic EPS attributable to Raytheon Company common stockholders:
|
|
|
|
|
|
|
|
|
||||||||
Distributed earnings
|
|
$
|
0.60
|
|
|
$
|
0.55
|
|
|
$
|
1.20
|
|
|
$
|
1.09
|
|
Undistributed earnings
|
|
0.99
|
|
|
0.95
|
|
|
2.27
|
|
|
1.91
|
|
||||
Total
|
|
$
|
1.59
|
|
|
$
|
1.50
|
|
|
$
|
3.47
|
|
|
$
|
3.00
|
|
Diluted EPS attributable to Raytheon Company common stockholders:
|
|
|
|
|
|
|
|
|
||||||||
Distributed earnings
|
|
$
|
0.60
|
|
|
$
|
0.55
|
|
|
$
|
1.19
|
|
|
$
|
1.09
|
|
Undistributed earnings
|
|
0.99
|
|
|
0.95
|
|
|
2.27
|
|
|
1.90
|
|
||||
Total
|
|
$
|
1.59
|
|
|
$
|
1.50
|
|
|
$
|
3.46
|
|
|
$
|
2.99
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(In millions)
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||||
Income from continuing operations attributable to participating securities
|
$
|
9
|
|
|
$
|
10
|
|
|
$
|
20
|
|
|
$
|
19
|
|
Income (loss) from discontinued operations, net of tax attributable to participating securities
(1)
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||
Net income attributable to participating securities
|
$
|
10
|
|
|
$
|
10
|
|
|
$
|
21
|
|
|
$
|
19
|
|
(1)
|
Income (loss) from discontinued operations, net of tax attributable to participating securities was a loss of less than $1 million for the
second quarter and first six months of 2013
.
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
(In millions)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||
Shares for basic EPS (including 5.3 and 6.5 participating securities for the three months ended June 29, 2014 and June 30, 2013, respectively, and 5.7 and 6.4 for the six months ended June 29, 2014 and June 30, 2013, respectively).
|
|
312.9
|
|
|
324.9
|
|
|
313.9
|
|
|
326.1
|
|
Dilutive effect of stock options and LTPP
|
|
0.6
|
|
|
0.7
|
|
|
0.7
|
|
|
0.8
|
|
Shares for diluted EPS
|
|
313.5
|
|
|
325.6
|
|
|
314.6
|
|
|
326.9
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
(In millions)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||
Stock options included in calculations of EPS (dilutive)
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
(In millions)
|
Number of Shares
|
|
Outstanding unvested at December 31, 2013
|
5.3
|
|
Granted
|
1.2
|
|
Vested
|
(1.6
|
)
|
Forfeited
|
(0.2
|
)
|
Outstanding unvested at June 29, 2014
|
4.7
|
|
|
Foreign exchange translation
|
|
|
Cash flow hedges and interest rate locks
|
|
|
Unrealized gains (losses) on investments and other, net
|
|
|
Pension and other employee benefit plans, net
|
|
|
Total
|
|
|||||
|
|
|
|
|
|||||||||||||||
(In millions)
|
|
|
|
|
|||||||||||||||
Balance at December 31, 2013
|
$
|
47
|
|
|
$
|
(8
|
)
|
|
$
|
(9
|
)
|
|
$
|
(5,143
|
)
|
|
$
|
(5,113
|
)
|
Before tax amount
|
35
|
|
|
1
|
|
|
—
|
|
|
448
|
|
|
484
|
|
|||||
Tax (expense) or benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
(157
|
)
|
|
(157
|
)
|
|||||
Net of tax amount
|
35
|
|
|
1
|
|
|
—
|
|
|
291
|
|
|
327
|
|
|||||
Balance at June 29, 2014
|
$
|
82
|
|
|
$
|
(7
|
)
|
|
$
|
(9
|
)
|
|
$
|
(4,852
|
)
|
|
$
|
(4,786
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance at December 31, 2012
|
$
|
60
|
|
|
$
|
(5
|
)
|
|
$
|
(10
|
)
|
|
$
|
(7,833
|
)
|
|
$
|
(7,788
|
)
|
Before tax amount
|
(51
|
)
|
|
(10
|
)
|
|
(2
|
)
|
|
590
|
|
|
527
|
|
|||||
Tax (expense) or benefit
|
—
|
|
|
4
|
|
|
—
|
|
|
(207
|
)
|
|
(203
|
)
|
|||||
Net of tax amount
|
(51
|
)
|
|
(6
|
)
|
|
(2
|
)
|
|
383
|
|
|
324
|
|
|||||
Balance at June 30, 2013
|
$
|
9
|
|
|
$
|
(11
|
)
|
|
$
|
(12
|
)
|
|
$
|
(7,450
|
)
|
|
$
|
(7,464
|
)
|
(In millions)
|
|
Jun 29, 2014
|
|
Dec 31, 2013
|
||||
Marketable securities held in trust
|
|
$
|
497
|
|
|
$
|
479
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(In millions)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||||
Service cost
|
|
$
|
116
|
|
|
$
|
152
|
|
|
$
|
233
|
|
|
$
|
302
|
|
Interest cost
|
|
281
|
|
|
249
|
|
|
562
|
|
|
498
|
|
||||
Expected return on plan assets
|
|
(401
|
)
|
|
(376
|
)
|
|
(802
|
)
|
|
(752
|
)
|
||||
Amortization of prior service cost included in net periodic pension expense
|
|
1
|
|
|
2
|
|
|
3
|
|
|
4
|
|
||||
Amortization of net actuarial loss included in net income
|
|
223
|
|
|
292
|
|
|
445
|
|
|
585
|
|
||||
Net periodic pension expense
|
|
$
|
220
|
|
|
$
|
319
|
|
|
$
|
441
|
|
|
$
|
637
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(In millions)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||||
Service cost
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
3
|
|
|
$
|
4
|
|
Interest cost
|
|
9
|
|
|
8
|
|
|
18
|
|
|
16
|
|
||||
Expected return on plan assets
|
|
(9
|
)
|
|
(8
|
)
|
|
(17
|
)
|
|
(16
|
)
|
||||
Amortization of prior service cost included in net periodic postretirement expense
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
||||
Amortization of net actuarial loss included in net income
|
|
1
|
|
|
1
|
|
|
1
|
|
|
2
|
|
||||
Net periodic postretirement expense
|
|
$
|
2
|
|
|
$
|
3
|
|
|
$
|
4
|
|
|
$
|
5
|
|
(In millions)
|
|
Jun 29, 2014
|
|
Dec 31, 2013
|
||||
Long-term pension liabilities
|
|
$
|
2,906
|
|
|
$
|
3,387
|
|
Long-term other postretirement benefit plan liabilities
|
|
283
|
|
|
288
|
|
||
Total long-term pension and other postretirement benefit plan liabilities
|
|
$
|
3,189
|
|
|
$
|
3,675
|
|
|
Six Months Ended
|
||||||
(In millions)
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||
Required pension contributions
|
$
|
464
|
|
|
$
|
386
|
|
Other postretirement benefit plan contributions
|
9
|
|
|
10
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
Total Net Sales
(in millions)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||||
Integrated Defense Systems
|
|
$
|
1,549
|
|
|
$
|
1,721
|
|
|
$
|
3,030
|
|
|
$
|
3,317
|
|
Intelligence, Information and Services
|
|
1,518
|
|
|
1,570
|
|
|
2,968
|
|
|
3,091
|
|
||||
Missile Systems
|
|
1,539
|
|
|
1,690
|
|
|
3,113
|
|
|
3,326
|
|
||||
Space and Airborne Systems
|
|
1,505
|
|
|
1,620
|
|
|
2,903
|
|
|
3,202
|
|
||||
Corporate and Eliminations
|
|
(410
|
)
|
|
(486
|
)
|
|
(805
|
)
|
|
(942
|
)
|
||||
Total
|
|
$
|
5,701
|
|
|
$
|
6,115
|
|
|
$
|
11,209
|
|
|
$
|
11,994
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
Intersegment Sales
(in millions)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||||
Integrated Defense Systems
|
|
$
|
27
|
|
|
$
|
28
|
|
|
$
|
57
|
|
|
$
|
52
|
|
Intelligence, Information and Services
|
|
206
|
|
|
224
|
|
|
406
|
|
|
415
|
|
||||
Missile Systems
|
|
37
|
|
|
42
|
|
|
68
|
|
|
81
|
|
||||
Space and Airborne Systems
|
|
140
|
|
|
192
|
|
|
274
|
|
|
394
|
|
||||
Total
|
|
$
|
410
|
|
|
$
|
486
|
|
|
$
|
805
|
|
|
$
|
942
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
Operating Income
(in millions)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||||
Integrated Defense Systems
|
|
$
|
219
|
|
|
$
|
326
|
|
|
$
|
445
|
|
|
$
|
588
|
|
Intelligence, Information and Services
|
|
127
|
|
|
131
|
|
|
252
|
|
|
255
|
|
||||
Missile Systems
|
|
190
|
|
|
213
|
|
|
398
|
|
|
427
|
|
||||
Space and Airborne Systems
|
|
202
|
|
|
216
|
|
|
392
|
|
|
443
|
|
||||
FAS/CAS Adjustment
|
|
87
|
|
|
(72
|
)
|
|
174
|
|
|
(143
|
)
|
||||
Corporate and Eliminations
|
|
(66
|
)
|
|
(48
|
)
|
|
(114
|
)
|
|
(98
|
)
|
||||
Total
|
|
$
|
759
|
|
|
$
|
766
|
|
|
$
|
1,547
|
|
|
$
|
1,472
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(In millions)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||||
FAS/CAS Pension Adjustment
|
|
$
|
86
|
|
|
$
|
(73
|
)
|
|
$
|
172
|
|
|
$
|
(145
|
)
|
FAS/CAS PRB Adjustment
|
|
1
|
|
|
1
|
|
|
2
|
|
|
2
|
|
||||
FAS/CAS Adjustment
|
|
$
|
87
|
|
|
$
|
(72
|
)
|
|
$
|
174
|
|
|
$
|
(143
|
)
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(In millions)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||||
Intersegment profit eliminations
|
|
$
|
(38
|
)
|
|
$
|
(44
|
)
|
|
$
|
(77
|
)
|
|
$
|
(86
|
)
|
Corporate
|
|
(28
|
)
|
|
(4
|
)
|
|
(37
|
)
|
|
(12
|
)
|
||||
Total
|
|
$
|
(66
|
)
|
|
$
|
(48
|
)
|
|
$
|
(114
|
)
|
|
$
|
(98
|
)
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
Intersegment Operating Income
(in millions)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||||
Integrated Defense Systems
|
|
$
|
2
|
|
|
$
|
3
|
|
|
$
|
4
|
|
|
$
|
5
|
|
Intelligence, Information and Services
|
|
19
|
|
|
20
|
|
|
39
|
|
|
36
|
|
||||
Missile Systems
|
|
4
|
|
|
4
|
|
|
7
|
|
|
10
|
|
||||
Space and Airborne Systems
|
|
13
|
|
|
17
|
|
|
27
|
|
|
35
|
|
||||
Total
|
|
$
|
38
|
|
|
$
|
44
|
|
|
$
|
77
|
|
|
$
|
86
|
|
Total Assets
(in millions)
|
|
Jun 29, 2014
|
|
Dec 31, 2013
|
||||
Integrated Defense Systems
|
|
$
|
4,093
|
|
|
$
|
3,897
|
|
Intelligence, Information and Services
|
|
3,876
|
|
|
3,772
|
|
||
Missile Systems
|
|
6,530
|
|
|
6,316
|
|
||
Space and Airborne Systems
|
|
6,386
|
|
|
6,399
|
|
||
Corporate
|
|
5,495
|
|
|
5,583
|
|
||
Total
|
|
$
|
26,380
|
|
|
$
|
25,967
|
|
External Net Sales by Products and Services
(% of segment total external net sales)
|
||||||||
|
IDS
|
|
IIS
|
|
MS
|
|
SAS
|
|
Products
|
95
|
%
|
50
|
%
|
95
|
%
|
90
|
%
|
Services
|
5
|
%
|
50
|
%
|
5
|
%
|
10
|
%
|
|
Three Months Ended
|
|
% of Total Net Sales
|
||||||||||
(In millions, except percentages)
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||
Net sales
|
|
|
|
|
|
|
|
||||||
Products
|
$
|
4,746
|
|
|
$
|
5,091
|
|
|
83.2
|
%
|
|
83.3
|
%
|
Services
|
955
|
|
|
1,024
|
|
|
16.8
|
%
|
|
16.7
|
%
|
||
Total net sales
|
$
|
5,701
|
|
|
$
|
6,115
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Six Months Ended
|
|
% of Total Net Sales
|
||||||||||
(In millions, except percentages)
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||
Net sales
|
|
|
|
|
|
|
|
||||||
Products
|
$
|
9,311
|
|
|
$
|
10,034
|
|
|
83.1
|
%
|
|
83.7
|
%
|
Services
|
1,898
|
|
|
1,960
|
|
|
16.9
|
%
|
|
16.3
|
%
|
||
Total net sales
|
$
|
11,209
|
|
|
$
|
11,994
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Three Months Ended
|
|
% of Total Net Sales
|
||||||||||
(In millions, except percentages)
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||
Sales to the U.S. Government
(1)
|
$
|
3,984
|
|
|
$
|
4,371
|
|
|
70
|
%
|
|
71
|
%
|
Sales to the U.S. Department of Defense
(1)
|
3,712
|
|
|
4,068
|
|
|
65
|
%
|
|
67
|
%
|
||
Total international sales
(2)
|
1,663
|
|
|
1,660
|
|
|
29
|
%
|
|
27
|
%
|
||
Foreign direct commercial sales
(1)
|
894
|
|
|
877
|
|
|
16
|
%
|
|
14
|
%
|
||
Foreign military sales through the U.S. Government
|
769
|
|
|
783
|
|
|
13
|
%
|
|
13
|
%
|
(1)
|
Excludes foreign military sales through the U.S. Government.
|
(2)
|
Includes foreign military sales through the U.S. Government.
|
|
Six Months Ended
|
|
% of Total Net Sales
|
||||||||||
(In millions, except percentages)
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||
Sales to the U.S. Government
(1)
|
$
|
7,973
|
|
|
$
|
8,648
|
|
|
71
|
%
|
|
72
|
%
|
Sales to the U.S. Department of Defense
(1)
|
7,475
|
|
|
8,062
|
|
|
67
|
%
|
|
67
|
%
|
||
Total international sales
(2)
|
3,132
|
|
|
3,196
|
|
|
28
|
%
|
|
27
|
%
|
||
Foreign direct commercial sales
(1)
|
1,699
|
|
|
1,660
|
|
|
15
|
%
|
|
14
|
%
|
||
Foreign military sales through the U.S. Government
|
1,433
|
|
|
1,536
|
|
|
13
|
%
|
|
13
|
%
|
(1)
|
Excludes foreign military sales through the U.S. Government.
|
(2)
|
Includes foreign military sales through the U.S. Government.
|
|
Three Months Ended
|
|
% of Total Net Sales
|
||||||||||
(In millions, except percentages)
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||
Cost of sales
|
|
|
|
|
|
|
|
||||||
Products
|
$
|
3,526
|
|
|
$
|
3,904
|
|
|
61.8
|
%
|
|
63.8
|
%
|
Services
|
775
|
|
|
849
|
|
|
13.6
|
%
|
|
13.9
|
%
|
||
Total cost of sales
|
$
|
4,301
|
|
|
$
|
4,753
|
|
|
75.4
|
%
|
|
77.7
|
%
|
|
Six Months Ended
|
|
% of Total Net Sales
|
||||||||||
(In millions, except percentages)
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||
Cost of sales
|
|
|
|
|
|
|
|
||||||
Products
|
$
|
6,917
|
|
|
$
|
7,729
|
|
|
61.7
|
%
|
|
64.4
|
%
|
Services
|
1,545
|
|
|
1,629
|
|
|
13.8
|
%
|
|
13.6
|
%
|
||
Total cost of sales
|
$
|
8,462
|
|
|
$
|
9,358
|
|
|
75.5
|
%
|
|
78.0
|
%
|
|
Three Months Ended
|
|
% of Total Net Sales
|
||||||||||
(In millions, except percentages)
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||
Administrative and selling expenses
|
$
|
517
|
|
|
$
|
471
|
|
|
9.1
|
%
|
|
7.7
|
%
|
Research and development expenses
|
124
|
|
|
125
|
|
|
2.2
|
%
|
|
2.0
|
%
|
||
Total general and administrative expenses
|
$
|
641
|
|
|
$
|
596
|
|
|
11.3
|
%
|
|
9.7
|
%
|
|
Six Months Ended
|
|
% of Total Net Sales
|
||||||||||
(In millions, except percentages)
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||
Administrative and selling expenses
|
$
|
965
|
|
|
$
|
932
|
|
|
8.6
|
%
|
|
7.8
|
%
|
Research and development expenses
|
235
|
|
|
232
|
|
|
2.1
|
%
|
|
1.9
|
%
|
||
Total general and administrative expenses
|
$
|
1,200
|
|
|
$
|
1,164
|
|
|
10.7
|
%
|
|
9.7
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(In millions, except percentages)
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||||
Total operating expenses
|
$
|
4,942
|
|
|
$
|
5,349
|
|
|
$
|
9,662
|
|
|
$
|
10,522
|
|
% of Total Net Sales
|
86.7
|
%
|
|
87.5
|
%
|
|
86.2
|
%
|
|
87.7
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||
(In millions, except percentages)
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||
Operating income
|
$
|
759
|
|
|
$
|
766
|
|
|
1,547
|
|
|
1,472
|
|
% of Total Net Sales
|
13.3
|
%
|
|
12.5
|
%
|
|
13.8
|
%
|
|
12.3
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(In millions)
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||||
Non-operating (income) expense, net
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
$
|
54
|
|
|
$
|
53
|
|
|
$
|
105
|
|
|
$
|
106
|
|
Interest income
|
(2
|
)
|
|
(3
|
)
|
|
(5
|
)
|
|
(6
|
)
|
||||
Other (income) expense, net
|
(6
|
)
|
|
3
|
|
|
(6
|
)
|
|
(4
|
)
|
||||
Total non-operating (income) expense, net
|
$
|
46
|
|
|
$
|
53
|
|
|
$
|
94
|
|
|
$
|
96
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(In millions, except percentages)
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||||
Federal and foreign income taxes
|
$
|
212
|
|
|
$
|
220
|
|
|
$
|
359
|
|
|
$
|
387
|
|
Effective tax rate
|
29.7
|
%
|
|
30.9
|
%
|
|
24.7
|
%
|
|
28.1
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(In millions)
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||||
Income from continuing operations
|
$
|
501
|
|
|
$
|
493
|
|
|
$
|
1,094
|
|
|
$
|
989
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(In millions)
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||||
Income (loss) from discontinued operations
|
$
|
52
|
|
|
$
|
—
|
|
|
$
|
59
|
|
|
$
|
(2
|
)
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(In millions)
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||||
Net income
|
$
|
553
|
|
|
$
|
493
|
|
|
$
|
1,153
|
|
|
$
|
987
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(In millions, except per share amounts)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||||
Income from continuing operations attributable to Raytheon Company
|
|
$
|
499
|
|
|
$
|
488
|
|
|
$
|
1,088
|
|
|
$
|
978
|
|
Diluted weighted-average shares outstanding
|
|
313.5
|
|
|
325.6
|
|
|
314.6
|
|
|
326.9
|
|
||||
Diluted EPS from continuing operations attributable to Raytheon Company
|
|
$
|
1.59
|
|
|
$
|
1.50
|
|
|
$
|
3.46
|
|
|
$
|
2.99
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
(In millions)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||
Beginning balance
|
|
312.8
|
|
|
324.4
|
|
|
314.5
|
|
|
328.1
|
|
Stock plans activity
|
|
1.0
|
|
|
1.9
|
|
|
1.6
|
|
|
2.6
|
|
Share repurchases
|
|
(3.2
|
)
|
|
(3.9
|
)
|
|
(5.5
|
)
|
|
(8.3
|
)
|
Ending balance
|
|
310.6
|
|
|
322.4
|
|
|
310.6
|
|
|
322.4
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(In millions, except per share amounts)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||||
Net income attributable to Raytheon Company
|
|
$
|
551
|
|
|
$
|
488
|
|
|
$
|
1,147
|
|
|
$
|
976
|
|
Diluted weighted-average shares outstanding
|
|
313.5
|
|
|
325.6
|
|
|
314.6
|
|
|
326.9
|
|
||||
Diluted EPS attributable to Raytheon Company
|
|
$
|
1.76
|
|
|
$
|
1.50
|
|
|
$
|
3.65
|
|
|
$
|
2.99
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||||
Diluted EPS from continuing operations attributable to Raytheon Company common stockholders
|
|
$
|
1.59
|
|
|
$
|
1.50
|
|
|
$
|
3.46
|
|
|
$
|
2.99
|
|
Per share impact of FAS/CAS Adjustment
|
|
(0.18
|
)
|
|
0.14
|
|
|
(0.36
|
)
|
|
0.28
|
|
||||
Per share impact of the tax benefit of foreign dividend
|
|
—
|
|
|
—
|
|
|
(0.25
|
)
|
|
—
|
|
||||
Per share impact of 2012 R&D tax credit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.08
|
)
|
||||
Adjusted EPS
|
|
$
|
1.41
|
|
|
$
|
1.64
|
|
|
$
|
2.84
|
|
|
$
|
3.20
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
Bookings
(in millions)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||||
Integrated Defense Systems
|
|
$
|
657
|
|
|
$
|
802
|
|
|
$
|
1,837
|
|
|
$
|
1,728
|
|
Intelligence, Information and Services
|
|
2,052
|
|
|
1,396
|
|
|
3,063
|
|
|
2,226
|
|
||||
Missile Systems
|
|
2,482
|
|
|
1,739
|
|
|
3,565
|
|
|
2,550
|
|
||||
Space and Airborne Systems
|
|
1,581
|
|
|
1,387
|
|
|
2,600
|
|
|
2,426
|
|
||||
Total
|
|
$
|
6,772
|
|
|
$
|
5,324
|
|
|
$
|
11,065
|
|
|
$
|
8,930
|
|
|
|
Funded Backlog
|
|
Total Backlog
|
||||||||||||
Backlog
(in millions)
|
|
Jun 29, 2014
|
|
Dec 31, 2013
|
|
Jun 29, 2014
|
|
Dec 31, 2013
|
||||||||
Integrated Defense Systems
|
|
$
|
8,365
|
|
|
$
|
9,397
|
|
|
$
|
9,639
|
|
|
$
|
10,916
|
|
Intelligence, Information and Services
|
|
3,147
|
|
|
2,592
|
|
|
6,298
|
|
|
5,856
|
|
||||
Missile Systems
|
|
7,267
|
|
|
6,859
|
|
|
9,635
|
|
|
9,162
|
|
||||
Space and Airborne Systems
|
|
4,801
|
|
|
4,166
|
|
|
7,447
|
|
|
7,751
|
|
||||
Total
|
|
$
|
23,580
|
|
|
$
|
23,014
|
|
|
$
|
33,019
|
|
|
$
|
33,685
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
Total Net Sales
(in millions)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||||
Integrated Defense Systems
|
|
$
|
1,549
|
|
|
$
|
1,721
|
|
|
$
|
3,030
|
|
|
$
|
3,317
|
|
Intelligence, Information and Services
|
|
1,518
|
|
|
1,570
|
|
|
2,968
|
|
|
3,091
|
|
||||
Missile Systems
|
|
1,539
|
|
|
1,690
|
|
|
3,113
|
|
|
3,326
|
|
||||
Space and Airborne Systems
|
|
1,505
|
|
|
1,620
|
|
|
2,903
|
|
|
3,202
|
|
||||
Corporate and Eliminations
|
|
(410
|
)
|
|
(486
|
)
|
|
(805
|
)
|
|
(942
|
)
|
||||
Total
|
|
$
|
5,701
|
|
|
$
|
6,115
|
|
|
$
|
11,209
|
|
|
$
|
11,994
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
EAC Adjustments
(in millions)
|
Jun 29, 2014
|
|
|
Jun 30, 2013
|
|
|
Jun 29, 2014
|
|
|
Jun 30, 2013
|
|
||||
Gross favorable
|
$
|
269
|
|
|
$
|
277
|
|
|
$
|
520
|
|
|
$
|
550
|
|
Gross unfavorable
|
(181
|
)
|
|
(121
|
)
|
|
(310
|
)
|
|
(255
|
)
|
||||
Total net EAC adjustments
|
$
|
88
|
|
|
$
|
156
|
|
|
$
|
210
|
|
|
$
|
295
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
Operating Income
(in millions)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||||
Integrated Defense Systems
|
|
$
|
219
|
|
|
$
|
326
|
|
|
$
|
445
|
|
|
$
|
588
|
|
Intelligence, Information and Services
|
|
127
|
|
|
131
|
|
|
252
|
|
|
255
|
|
||||
Missile Systems
|
|
190
|
|
|
213
|
|
|
398
|
|
|
427
|
|
||||
Space and Airborne Systems
|
|
202
|
|
|
216
|
|
|
392
|
|
|
443
|
|
||||
FAS/CAS Adjustment
|
|
87
|
|
|
(72
|
)
|
|
174
|
|
|
(143
|
)
|
||||
Corporate and Eliminations
|
|
(66
|
)
|
|
(48
|
)
|
|
(114
|
)
|
|
(98
|
)
|
||||
Total
|
|
$
|
759
|
|
|
$
|
766
|
|
|
$
|
1,547
|
|
|
$
|
1,472
|
|
Integrated Defense Systems
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||
(In millions, except percentages)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
% Change
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
% Change
|
||||||||||
Total Net Sales
|
|
$
|
1,549
|
|
|
$
|
1,721
|
|
|
(10.0
|
)%
|
|
$
|
3,030
|
|
|
$
|
3,317
|
|
|
(8.7
|
)%
|
Total Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cost of sales—labor
|
|
543
|
|
|
592
|
|
|
(8.3
|
)%
|
|
1,091
|
|
|
1,175
|
|
|
(7.1
|
)%
|
||||
Cost of sales—materials and subcontractors
|
|
574
|
|
|
568
|
|
|
1.1
|
%
|
|
1,040
|
|
|
1,094
|
|
|
(4.9
|
)%
|
||||
Other cost of sales and other operating expenses
|
|
213
|
|
|
235
|
|
|
(9.4
|
)%
|
|
454
|
|
|
460
|
|
|
(1.3
|
)%
|
||||
Total Operating Expenses
|
|
1,330
|
|
|
1,395
|
|
|
(4.7
|
)%
|
|
2,585
|
|
|
2,729
|
|
|
(5.3
|
)%
|
||||
Operating Income
|
|
$
|
219
|
|
|
$
|
326
|
|
|
(32.8
|
)%
|
|
$
|
445
|
|
|
$
|
588
|
|
|
(24.3
|
)%
|
Operating Margin
|
|
14.1
|
%
|
|
18.9
|
%
|
|
|
|
14.7
|
%
|
|
17.7
|
%
|
|
|
Change in Operating Income
(in millions)
|
|
Three Months Ended Jun 29, 2014 Versus Three Months Ended Jun 30, 2013
|
|
Six Months Ended Jun 29, 2014 Versus Six Months Ended Jun 30, 2013
|
||||||||||||||||||
Volume
|
|
|
|
$
|
(12
|
)
|
|
|
|
|
|
$
|
(26
|
)
|
|
|
||||||
Net change in EAC adjustments
|
|
|
|
(89
|
)
|
|
|
|
|
|
(123
|
)
|
|
|
||||||||
Mix and other performance
|
|
|
|
(6
|
)
|
|
|
|
|
|
6
|
|
|
|
||||||||
Total Change in Operating Income
|
|
|
|
$
|
(107
|
)
|
|
|
|
|
|
$
|
(143
|
)
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||
(In millions, except percentages)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
% Change
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
% Change
|
||||||||||
Bookings
|
|
$
|
657
|
|
|
$
|
802
|
|
|
(18.1
|
)%
|
|
$
|
1,837
|
|
|
$
|
1,728
|
|
|
6.3
|
%
|
Change in Operating Income
(in millions)
|
|
Three Months Ended Jun 29, 2014 Versus Three Months Ended Jun 30, 2013
|
|
Six Months Ended Jun 29, 2014 Versus Six Months Ended Jun 30, 2013
|
||||||||||||||||||
Volume
|
|
|
|
$
|
(5
|
)
|
|
|
|
|
|
$
|
(12
|
)
|
|
|
||||||
Net change in EAC adjustments
|
|
|
|
7
|
|
|
|
|
|
|
12
|
|
|
|
||||||||
Mix and other performance
|
|
|
|
(6
|
)
|
|
|
|
|
|
(3
|
)
|
|
|
||||||||
Total Change in Operating Income
|
|
|
|
$
|
(4
|
)
|
|
|
|
|
|
$
|
(3
|
)
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||
(In millions, except percentages)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
% Change
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
% Change
|
||||||||||
Bookings
|
|
$
|
2,052
|
|
|
$
|
1,396
|
|
|
47.0
|
%
|
|
$
|
3,063
|
|
|
$
|
2,226
|
|
|
37.6
|
%
|
Missile Systems
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||
(In millions, except percentages)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
% Change
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
% Change
|
||||||||||
Total Net Sales
|
|
$
|
1,539
|
|
|
$
|
1,690
|
|
|
(8.9
|
)%
|
|
$
|
3,113
|
|
|
$
|
3,326
|
|
|
(6.4
|
)%
|
Total Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cost of sales—labor
|
|
486
|
|
|
535
|
|
|
(9.2
|
)%
|
|
983
|
|
|
1,049
|
|
|
(6.3
|
)%
|
||||
Cost of sales—materials and subcontractors
|
|
646
|
|
|
679
|
|
|
(4.9
|
)%
|
|
1,302
|
|
|
1,379
|
|
|
(5.6
|
)%
|
||||
Other cost of sales and other operating expenses
|
|
217
|
|
|
263
|
|
|
(17.5
|
)%
|
|
430
|
|
|
471
|
|
|
(8.7
|
)%
|
||||
Total Operating Expenses
|
|
1,349
|
|
|
1,477
|
|
|
(8.7
|
)%
|
|
2,715
|
|
|
2,899
|
|
|
(6.3
|
)%
|
||||
Operating Income
|
|
$
|
190
|
|
|
$
|
213
|
|
|
(10.8
|
)%
|
|
$
|
398
|
|
|
$
|
427
|
|
|
(6.8
|
)%
|
Operating Margin
|
|
12.3
|
%
|
|
12.6
|
%
|
|
|
|
12.8
|
%
|
|
12.8
|
%
|
|
|
Change in Operating Income
(in millions)
|
|
Three Months Ended Jun 29, 2014 Versus Three Months Ended Jun 30, 2013
|
|
Six Months Ended Jun 29, 2014 Versus Six Months Ended Jun 30, 2013
|
||||||||||||||||||
Volume
|
|
|
|
$
|
(15
|
)
|
|
|
|
|
|
$
|
(22
|
)
|
|
|
||||||
Net change in EAC adjustments
|
|
|
|
21
|
|
|
|
|
|
|
37
|
|
|
|
||||||||
Mix and other performance
|
|
|
|
(29
|
)
|
|
|
|
|
|
(44
|
)
|
|
|
||||||||
Total Change in Operating Income
|
|
|
|
$
|
(23
|
)
|
|
|
|
|
|
$
|
(29
|
)
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||
(In millions, except percentages)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
% Change
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
% Change
|
||||||||||
Bookings
|
|
$
|
2,482
|
|
|
$
|
1,739
|
|
|
42.7
|
%
|
|
$
|
3,565
|
|
|
$
|
2,550
|
|
|
39.8
|
%
|
Space and Airborne Systems
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||
(In millions, except percentages)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
% Change
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
% Change
|
||||||||||
Total Net Sales
|
|
$
|
1,505
|
|
|
$
|
1,620
|
|
|
(7.1
|
)%
|
|
$
|
2,903
|
|
|
$
|
3,202
|
|
|
(9.3
|
)%
|
Total Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Cost of sales—labor
|
|
572
|
|
|
689
|
|
|
(17.0
|
)%
|
|
1,120
|
|
|
1,343
|
|
|
(16.6
|
)%
|
||||
Cost of sales—materials and subcontractors
|
|
485
|
|
|
493
|
|
|
(1.6
|
)%
|
|
948
|
|
|
1,002
|
|
|
(5.4
|
)%
|
||||
Other cost of sales and other operating expenses
|
|
246
|
|
|
222
|
|
|
10.8
|
%
|
|
443
|
|
|
414
|
|
|
7.0
|
%
|
||||
Total Operating Expenses
|
|
1,303
|
|
|
1,404
|
|
|
(7.2
|
)%
|
|
2,511
|
|
|
2,759
|
|
|
(9.0
|
)%
|
||||
Operating Income
|
|
$
|
202
|
|
|
$
|
216
|
|
|
(6.5
|
)%
|
|
$
|
392
|
|
|
$
|
443
|
|
|
(11.5
|
)%
|
Operating Margin
|
|
13.4
|
%
|
|
13.3
|
%
|
|
|
|
13.5
|
%
|
|
13.8
|
%
|
|
|
Change in Operating Income
(in millions)
|
|
Three Months Ended Jun 29, 2014 Versus Three Months Ended Jun 30, 2013
|
|
Six Months Ended Jun 29, 2014 Versus Six Months Ended Jun 30, 2013
|
||||||||||||||||||
Volume
|
|
|
|
$
|
(15
|
)
|
|
|
|
|
|
$
|
(37
|
)
|
|
|
||||||
Net change in EAC adjustments
|
|
|
|
(7
|
)
|
|
|
|
|
|
(11
|
)
|
|
|
||||||||
Mix and other performance
|
|
|
|
8
|
|
|
|
|
|
|
(3
|
)
|
|
|
||||||||
Total Change in Operating Income
|
|
|
|
$
|
(14
|
)
|
|
|
|
|
|
$
|
(51
|
)
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||
(In millions, except percentages)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
% Change
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
% Change
|
||||||||||
Bookings
|
|
$
|
1,581
|
|
|
$
|
1,387
|
|
|
14.0
|
%
|
|
$
|
2,600
|
|
|
$
|
2,426
|
|
|
7.2
|
%
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(In millions)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||||
FAS/CAS Pension Adjustment
|
|
$
|
86
|
|
|
$
|
(73
|
)
|
|
$
|
172
|
|
|
$
|
(145
|
)
|
FAS/CAS PRB Adjustment
|
|
1
|
|
|
1
|
|
|
2
|
|
|
2
|
|
||||
FAS/CAS Adjustment
|
|
$
|
87
|
|
|
$
|
(72
|
)
|
|
$
|
174
|
|
|
$
|
(143
|
)
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(In millions)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||||
FAS expense
|
|
$
|
(220
|
)
|
|
$
|
(319
|
)
|
|
$
|
(441
|
)
|
|
$
|
(637
|
)
|
CAS expense
|
|
306
|
|
|
246
|
|
|
613
|
|
|
492
|
|
||||
FAS/CAS Pension Adjustment
|
|
$
|
86
|
|
|
$
|
(73
|
)
|
|
$
|
172
|
|
|
$
|
(145
|
)
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
Total Net Sales
(in millions)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||||
Intersegment sales eliminations
|
|
$
|
410
|
|
|
$
|
486
|
|
|
$
|
805
|
|
|
$
|
942
|
|
Corporate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total
|
|
$
|
410
|
|
|
$
|
486
|
|
|
$
|
805
|
|
|
$
|
942
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
Operating Income
(in millions)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||||
Intersegment profit eliminations
|
|
$
|
(38
|
)
|
|
$
|
(44
|
)
|
|
$
|
(77
|
)
|
|
$
|
(86
|
)
|
Corporate
|
|
(28
|
)
|
|
(4
|
)
|
|
(37
|
)
|
|
(12
|
)
|
||||
Total
|
|
$
|
(66
|
)
|
|
$
|
(48
|
)
|
|
$
|
(114
|
)
|
|
$
|
(98
|
)
|
(In millions)
|
|
Jun 29, 2014
|
|
Dec 31, 2013
|
||||
Cash and cash equivalents
|
|
$
|
3,261
|
|
|
$
|
3,296
|
|
Short-term investments
|
|
915
|
|
|
1,001
|
|
||
Working capital
|
|
4,403
|
|
|
4,006
|
|
||
Amount available under credit facilities
|
|
1,398
|
|
|
1,398
|
|
|
|
Six Months Ended
|
||||||
(In millions)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||
Net cash provided by (used in) operating activities from continuing operations
|
|
$
|
812
|
|
|
$
|
381
|
|
Net cash provided by (used in) operating activities
|
|
846
|
|
|
381
|
|
|
|
Six Months Ended
|
||||||
(In millions)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||
Required pension contributions
|
|
$
|
464
|
|
|
$
|
386
|
|
Other postretirement benefit plan contributions
|
|
9
|
|
|
10
|
|
|
|
Six Months Ended
|
||||||
(In millions)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||
Federal
|
|
$
|
190
|
|
|
$
|
253
|
|
Foreign
|
|
13
|
|
|
16
|
|
||
State
|
|
23
|
|
|
18
|
|
|
|
Six Months Ended
|
||||||
(In millions)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
|
|||
Net cash provided by (used in) investing activities
|
|
$
|
(21
|
)
|
|
$
|
(291
|
)
|
|
|
Six Months Ended
|
||||||
(In millions)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||
Additions to property, plant and equipment
|
|
$
|
101
|
|
|
$
|
105
|
|
Additions to capitalized internal use software
|
|
26
|
|
|
21
|
|
|
|
Six Months Ended
|
||||||
(In millions)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||
Purchases of short-term investments
|
|
$
|
(1,371
|
)
|
|
$
|
(839
|
)
|
Sales of short-term investments
|
|
882
|
|
|
325
|
|
||
Maturities of short-term investments
|
|
595
|
|
|
362
|
|
|
|
Six Months Ended
|
||||||
(In millions)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||
Net cash provided by (used in) financing activities
|
|
$
|
(860
|
)
|
|
$
|
(811
|
)
|
|
|
Six Months Ended
|
||||||||||
(In millions)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||||||
|
|
$
|
Shares
|
|
|
$
|
Shares
|
|
||||
Shares repurchased under our share repurchase programs
|
|
$
|
450
|
|
4.6
|
|
|
$
|
450
|
|
7.6
|
|
Shares repurchased to satisfy tax withholding obligations
|
|
83
|
|
0.9
|
|
|
46
|
|
0.7
|
|
||
Total share repurchases
|
|
$
|
533
|
|
5.5
|
|
|
$
|
496
|
|
8.3
|
|
|
|
Six Months Ended
|
||||||
(In millions, except per share amounts)
|
|
Jun 29, 2014
|
|
Jun 30, 2013
|
||||
Cash dividends declared per share
|
|
$
|
1.21
|
|
|
$
|
1.10
|
|
Total dividends paid
|
|
363
|
|
|
343
|
|
|
|
Short-Term
|
|
Long-Term Senior Debt
|
|
|
||
Rating Agency
|
|
Debt Rating
|
|
Rating
|
|
Outlook
|
|
Date of Last Action
|
Fitch
|
|
F2
|
|
A -
|
|
Stable
|
|
September 2008
|
Moody’s
|
|
P-2
|
|
A3
|
|
Stable
|
|
October 2011
|
S&P
|
|
A-1
|
|
A
|
|
Stable
|
|
May 2014
|
(In millions, except percentages)
|
|
Jun 29, 2014
|
|
Dec 31, 2013
|
||||
Total remediation costs—undiscounted
|
|
$
|
202
|
|
|
$
|
198
|
|
Weighted average discount rate
|
|
5.6
|
%
|
|
5.6
|
%
|
||
Total remediation costs—discounted
|
|
$
|
141
|
|
|
$
|
133
|
|
Recoverable portion
|
|
91
|
|
|
90
|
|
(In millions)
|
|
Jun 29, 2014
|
|
Dec 31, 2013
|
||||
Guarantees
|
|
$
|
328
|
|
|
$
|
378
|
|
Letters of credit
|
|
1,776
|
|
|
1,424
|
|
||
Surety bonds
|
|
218
|
|
|
238
|
|
As of June 29, 2014
Principal Payments and Interest Rate Detail by Contractual Maturity Dates
(In millions, except percentages)
|
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Long-Term Debt
|
|
2014
|
|
|
2015
|
|
|
2016
|
|
|
2017
|
|
|
2018
|
|
|
Thereafter
|
|
|
Total
|
|
Fair Value
|
||||||||||
Fixed-rate debt
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
591
|
|
|
$
|
4,192
|
|
|
$
|
4,783
|
|
|
$
|
5,252
|
|
Average interest rate
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
6.549
|
%
|
|
4.065
|
%
|
|
4.372
|
%
|
|
|
As of December 31, 2013
Principal Payments and Interest Rate Detail by Contractual Maturity Dates
(In millions, except percentages)
|
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Long-Term Debt
|
|
2014
|
|
|
2015
|
|
|
2016
|
|
|
2017
|
|
|
2018
|
|
|
Thereafter
|
|
|
Total
|
|
Fair Value
|
||||||||||
Fixed-rate debt
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
591
|
|
|
$
|
4,192
|
|
|
$
|
4,783
|
|
|
$
|
5,036
|
|
Average interest rate
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
6.549
|
%
|
|
4.065
|
%
|
|
4.372
|
%
|
|
|
Period
|
Total Number of
Shares
Purchased
(1)
|
|
|
Average
Price Paid
per Share
|
|
|
Total Number of
Shares Purchased
as Part of Publicly
Announced Plan
|
|
|
Approximate Dollar
Value (in billions)
of Shares that
May Yet Be Purchased
Under the Plan
(2)
|
|
April (March 31, 2014 - April 27, 2014)
|
1,394
|
|
|
|
$97.07
|
|
|
—
|
|
|
2.1
|
May (April 28, 2014 - May 25, 2014)
|
1,383,230
|
|
|
96.52
|
|
|
1,382,006
|
|
|
1.9
|
|
June (May 26, 2014 - June 29, 2014)
|
1,735,464
|
|
|
97.28
|
|
|
1,198,920
|
|
|
1.8
|
|
Total
|
3,120,088
|
|
|
|
$96.94
|
|
|
2,580,926
|
|
|
|
(1)
|
Includes shares purchased related to treasury activity under our stock plans. Such activity during the
second quarter of 2014
includes the surrender by employees of
539,162
shares to satisfy income tax withholding obligations in connection with the vesting of restricted stock previously issued to employees.
|
(2)
|
In November 2013, our Board of Directors authorized the repurchase of up to
$2.0 billion
of our outstanding common stock. All previous programs were completed as of
June 29, 2014
. Share repurchases will take place from time to time at management’s discretion depending on market conditions.
|
15
|
|
PricewaterhouseCoopers LLP Awareness Letter.*
|
|
|
|
31.1
|
|
Certification of Thomas A. Kennedy pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
|
|
|
|
31.2
|
|
Certification of David C. Wajsgras pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
|
|
|
|
32.1
|
|
Certification of Thomas A. Kennedy pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
|
|
|
|
32.2
|
|
Certification of David C. Wajsgras pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
|
|
|
|
101
|
|
The following materials from Raytheon Company’s Quarterly Report on Form 10-Q for the quarter ended June 29, 2014, formatted in XBRL (Extensible Business Reporting Language): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Equity, (v) Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements.*
|
*
|
filed electronically herewith
|
**
|
furnished and not filed herewith
|
RAYTHEON COMPANY
|
||
|
|
|
By:
|
/s/ Michael J. Wood
|
|
|
Michael J. Wood
|
|
|
Vice President, Controller and Chief Accounting Officer
|
|
|
Principal Accounting Officer
|
1 Year Raytheon Chart |
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