Exhibit 99.1

rtnlogo1a01a06a01a15.jpg
 
 
Raytheon Company
rtnline1a01a06a01a16.jpg
 
 
Global Headquarters
 
 
Waltham, Mass.
 
 
 
 
 
Investor Relations Contact
 
 
Todd Ernst
 
 
 
781.522.5141
 
 
 
 
 
 
 
Media Contact
 
 
 
Corinne Kovalsky
 
 
 
781.522.5899
For Immediate Release

Raytheon Reports Strong Third Quarter 2017 Results

Bookings of $7.0 billion; backlog of $36.7 billion
Net sales of $6.3 billion, up 4.5 percent
EPS from continuing operations of $1.97
Operating cash flow from continuing operations of $382 million
Updated full-year 2017 guidance
__________________________________________________________________________________________________

WALTHAM, Mass., (October 26, 2017) - Raytheon Company (NYSE: RTN) today announced net sales for the third quarter 2017 of $6.3 billion, up 4.5 percent compared to $6.0 billion in the third quarter 2016. Third quarter 2017 EPS from continuing operations was $1.97 compared to $1.84 in the third quarter 2016. The increase in the third quarter 2017 EPS from continuing operations was primarily driven by operational improvements.
“We delivered strong bookings and solid operating performance in the third quarter,” said Thomas A. Kennedy, Raytheon Chairman and CEO. “Global customer demand drove an increase in our backlog, which positions us well for continued growth in 2018.”
Operating cash flow from continuing operations for the third quarter 2017 was $382 million compared to $640 million for the third quarter 2016. As expected, the change in operating cash flow from continuing operations was primarily due to higher required pension contributions in the third quarter 2017, partially offset by the timing of collections.
In the third quarter 2017, the company repurchased 1.1 million shares of common stock for $200 million. Year-to-date 2017, the company repurchased 4.4 million shares of common stock for $700 million.
Bookings in the third quarter 2017 were $7.0 billion, slightly higher than the third quarter 2016. Backlog at the end of the third quarter 2017 was $36.7 billion, an increase of approximately $950 million compared to the third quarter 2016.



1


Summary Financial Results
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3rd Quarter
 
%
 
Nine Months
 
%
($ in millions, except per share data)
2017
 
2016
 
Change
 
2017
 
2016
 
Change
 
 
 
 
 
 
 
 
 
 
 
 
Bookings
$
6,957

 
$
6,923

 
0.5%
 
$
19,177

 
$
20,227

 
-5.2%
Net Sales
$
6,284

 
$
6,014

 
4.5%
 
$
18,565

 
$
17,845

 
4.0%
Income from Continuing Operations attributable to Raytheon Company
$
573

 
$
543

 
5.5%
 
$
1,629

1 
$
1,688

2 
-3.5%
EPS from Continuing Operations
$
1.97

 
$
1.84

 
7.1%
 
$
5.59

1 
$
5.67

2 
-1.4%
Operating Cash Flow from Continuing Operations
$
382

 
$
640

 
 
 
$
1,123

 
$
1,711

 
 
Workdays in Fiscal Reporting Calendar
62

 
63

 
 
 
190

 
192

 
 
1 Nine months 2017 Income from Continuing Operations attributable to Raytheon Company and EPS from Continuing Operations included the $25 million after-tax ($39 million pretax) and $0.09 unfavorable impact, respectively, related to the early retirement of debt in the second quarter 2017.
2 Nine months 2016 Income from Continuing Operations attributable to Raytheon Company and EPS from Continuing Operations included the tax-free gain of $158 million and $0.53 impact, respectively, for the second quarter 2016 TRS transaction.
 
 
 
 
 
 
 
 
 
 
 
 
Backlog
 
 
 
 
 
 
 Period Ending
($ in millions)
Q3 2017
 
Q3 2016
 
2016
Backlog
$
36,676

 
$
35,726

 
$
36,709

Outlook
The company has updated its financial outlook for 2017. Charts containing additional information on the company's 2017 outlook are available at www.raytheon.com/ir.
2017 Financial Outlook
 
 
 
 
Current
 
Prior (7/27/17)
Net Sales ($B)
25.3 - 25.6*
 
25.1 - 25.6
Deferred Revenue Adjustment ($M)1
(33)
 
(33)
Amortization of Acquired Intangibles ($M)1
(127)
 
(127)
FAS/CAS Adjustment ($M)2
389*
 
428
Interest Expense, net ($M)
 (185) - (190)*
 
 (196) - (201)
Diluted Shares (M)
~292
 
~292
Effective Tax Rate
 ~30.0%*
 
 ~30.5%
EPS from Continuing Operations
$7.45 - $7.55*
 
$7.35 - $7.50
Operating Cash Flow from Continuing Operations ($B)
 2.8 - 3.1
 
 2.8 - 3.1
*Denotes change from prior guidance
1 Deferred Revenue Adjustment and Amortization of Acquired Intangibles represent the unfavorable impact of the acquisition accounting adjustments to record acquired deferred revenue at fair value and the amortization of acquired intangible assets for all business segments.
2 The full-year 2017 FAS/CAS Adjustment reflects a $39 million ($0.09 per share) reduction, of which $26 million ($0.06 per share) was recorded in Q3 2017 and $13 million ($0.03 per share) is expected to be recorded in Q4 2017. This is due to the annual update in Q3 2017 of the actuarial estimates for pension and other postretirement benefit plans.
Segment Results
The company's reportable segments are: Integrated Defense Systems (IDS); Intelligence, Information and Services (IIS); Missile Systems (MS); Space and Airborne Systems (SAS); and ForcepointTM.

2


Integrated Defense Systems
 
 
 
 
 
 
 
 
 
 
 
3rd Quarter
 
 
 
Nine Months
 
 
($ in millions)
2017
 
2016
 
% Change
 
2017
 
2016
 
% Change
Net Sales
$
1,391

 
$
1,334

 
4%
 
$
4,251

 
$
4,069

 
4%
Operating Income1
$
231

 
$
211

 
9%
 
$
688

 
$
733

 
NM
Operating Margin1
16.6
%
 
15.8
%
 
 
 
16.2
%
 
18.0
%
 
 
1 Nine months 2016 operating income and operating margin include the $158 million tax-free gain from the second quarter 2016 TRS transaction.
NM = Not Meaningful
 
 
 
 
 
 
 
 
 
 
 
Integrated Defense Systems (IDS) had third quarter 2017 net sales of $1,391 million, up 4 percent compared to $1,334 million in the third quarter 2016. The increase in net sales for the quarter was primarily driven by higher net sales on an international early warning radar program awarded in the first quarter 2017.
IDS recorded $231 million of operating income in the third quarter 2017 compared to $211 million in the third quarter 2016. The increase in operating income for the quarter was primarily driven by higher net program efficiencies and higher volume.
Intelligence, Information and Services
 
 
 
 
 
 
 
 
 
3rd Quarter
 
 
 
Nine Months
 
 
($ in millions)
2017
 
2016
 
% Change
 
2017
 
2016
 
% Change
Net Sales
$
1,543

 
$
1,534

 
1%
 
$
4,605

 
$
4,653

 
-1%
Operating Income
$
112

 
$
123

 
-9%
 
$
338

 
$
347

 
-3%
Operating Margin
7.3
%
 
8.0
%
 
 
 
7.3
%
 
7.5
%
 
 
Intelligence, Information and Services (IIS) had third quarter 2017 net sales of $1,543 million compared to $1,534 million in the third quarter 2016.
IIS recorded $112 million of operating income in the third quarter 2017 compared to $123 million in the third quarter 2016. The change in operating margin was primarily due to a change in program mix and other performance.
During the quarter, IIS booked $469 million on domestic and foreign training programs in support of Warfighter FOCUS activities and $104 million to provide intelligence, surveillance and reconnaissance (ISR) support to the U.S. Air Force. IIS also booked $686 million on a number of classified contracts.
Missile Systems
 
 
 
 
 
 
 
 
 
3rd Quarter
 
 
 
Nine Months
 
 
($ in millions)
2017
 
2016
 
% Change
 
2017
 
2016
 
% Change
Net Sales
$
1,945

 
$
1,770

 
10%
 
$
5,602

 
$
5,199

 
8%
Operating Income
$
280

 
$
235

 
19%
 
$
732

 
$
660

 
11%
Operating Margin
14.4
%
 
13.3
%
 
 
 
13.1
%
 
12.7
%
 
 
Missile Systems (MS) had third quarter 2017 net sales of $1,945 million, up 10 percent compared to $1,770 million in the third quarter 2016. The increase in net sales for the quarter was primarily driven by higher net sales on the Paveway™ and Excalibur® programs.

3


MS recorded $280 million of operating income in the third quarter 2017 compared to $235 million in the third quarter 2016. The increase in operating income for the quarter was primarily driven by higher net program efficiencies and higher volume.
During the quarter, MS booked $492 million for the Redesigned Kill Vehicle (RKV) program; $348 million for Tube-launched, Optically-tracked, Wireless-guided (TOW®) missiles; $206 million for Paveway; $145 million for Tomahawk; $136 million for Excalibur; $102 million for Standard Missile-3 (SM-3®); $91 million for Javelin; and $79 million for Horizontal Technology Integration (HTI) forward-looking infrared kits. MS also booked $427 million on a number of classified contracts.
Space and Airborne Systems
 
 
 
 
 
 
 
 
 
3rd Quarter
 
 
 
Nine Months
 
 
($ in millions)
2017
 
2016
 
% Change
 
2017
 
2016
 
% Change
Net Sales
$
1,597

 
$
1,590

 
 
$
4,760

 
$
4,582

 
4%
Operating Income
$
212

 
$
215

 
-1%
 
$
620

 
$
587

 
6%
Operating Margin
13.3
%
 
13.5
%
 
 
 
13.0
%
 
12.8
%
 
 
Space and Airborne Systems (SAS) had third quarter 2017 net sales of $1,597 million compared to $1,590 million in the third quarter 2016.
SAS recorded $212 million of operating income in the third quarter 2017 compared to $215 million in the third quarter 2016.
During the quarter, SAS booked approximately $200 million on classified and unclassified space programs and $84 million for radar components for the U.S. Navy and the Royal Australian Air Force. SAS also booked $435 million on a number of other classified contracts.
Forcepoint
 
 
 
 
 
 
 
 
 
3rd Quarter
 
 
 
Nine Months
 
 
($ in millions)
2017
 
2016
 
% Change
 
2017
 
2016
 
% Change
Net Sales
$
170

 
$
167

 
2%
 
$
452

 
$
443

 
2%
Operating Income
$
23

 
$
41

 
-44%
 
$
41

 
$
69

 
-41%
Operating Margin
13.5
%
 
24.6
%
 
 
 
9.1
%
 
15.6
%
 
 
Forcepoint had third quarter 2017 net sales of $170 million compared to $167 million in the third quarter 2016.
Forcepoint recorded $23 million of operating income in the third quarter 2017 compared to $41 million in the third quarter 2016. The decrease in operating income for the quarter was primarily driven by investments in sales and marketing.

About Raytheon
Raytheon Company, with 2016 sales of $24 billion and 63,000 employees, is a technology and innovation leader specializing in defense, civil government and cybersecurity solutions. With a history of innovation spanning 95 years, Raytheon provides state-of-the-art electronics, mission systems integration, C5ITM products and services,

4


sensing, effects, and mission support for customers in more than 80 countries. Raytheon is headquartered in Waltham, Massachusetts. Follow us on Twitter.
Conference Call on the Third Quarter 2017 Financial Results
Raytheon's financial results conference call will be held on Thursday, October 26, 2017 at 9 a.m. ET. Participants will include Thomas A. Kennedy, Chairman and CEO; Anthony F. O'Brien, vice president and CFO; and other company executives.
The dial-in number for the conference call will be (877) 280-4957 in the U.S. or (857) 244-7314 outside of the U.S. The conference call will also be audiocast on the Internet at www.raytheon.com/ir. Individuals may listen to the call and download charts that will be used during the call. These charts will be available for printing prior to the call.
Interested parties are encouraged to check the website ahead of time to ensure their computers are configured for the audio stream. Instructions for obtaining the free required downloadable software are posted on the site.
Disclosure Regarding Forward-looking Statements
This release and the attachments contain forward-looking statements, including information regarding the company's financial outlook, future plans, objectives, business prospects and anticipated financial performance. These forward-looking statements are not statements of historical facts and represent only the company's current expectations regarding such matters. These statements inherently involve a wide range of known and unknown risks and uncertainties. The company's actual actions and results could differ materially from what is expressed or implied by these statements. Specific factors that could cause such a difference include, but are not limited to: the company's dependence on the U.S. government for a significant portion of its business and the risks associated with U.S. government sales, including changes or shifts in defense spending due to budgetary constraints, spending cuts resulting from sequestration, a government shutdown, or otherwise, uncertain funding of programs and potential termination of contracts; difficulties in contract performance; the resolution of program terminations; the ability to procure new contracts; the risks of conducting business in foreign countries; the unpredictability of timing of international bookings; the ability to comply with extensive governmental regulation and obtain approvals, including export and import requirements such as the International Traffic in Arms Regulations and the Export Administration Regulations, anti-bribery and anti-corruption requirements including the Foreign Corrupt Practices Act, industrial cooperation agreement obligations, and procurement and other regulations; changes in government procurement practices; the impact of competition; the ability to develop products and technologies, and the impact of associated investments and costs; the ability to recruit and retain qualified personnel; the impact of potential security and cyber threats, and other disruptions; the risk that actual pension returns, discount rates or other actuarial assumptions, including the long-term return on asset assumption, are significantly different than the company's current assumptions; the risk of cost overruns, particularly for the company's fixed-price contracts; dependence on component availability, subcontractor and partner performance and key suppliers; risks of a negative government audit; risks associated with acquisitions, investments, dispositions, joint ventures and other business arrangements; the ability to grow in the government and commercial cybersecurity markets; risks of an impairment of goodwill or other intangible assets; the impact of financial markets and global economic conditions; the use of accounting estimates in the company's financial statements; the outcome of contingencies

5


and litigation matters, including government investigations; the risk of environmental liabilities; and other factors as may be detailed from time to time in the company's public announcements and Securities and Exchange Commission filings. The company undertakes no obligation to make any revisions to the forward-looking statements contained in this release and the attachments or to update them to reflect events or circumstances occurring after the date of this release, including any acquisitions, dispositions or other business arrangements that may be announced or closed after such date.

# # #

6


Attachment A
 
 
 
 
 
 
 
 
Raytheon Company
 

 
 
 
 
Preliminary Statement of Operations Information
 
 
 
 
 
 
 
 
Third Quarter 2017
 
 
 
 
 
 
 
 
(In millions, except per share amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Nine Months Ended
 
 
1-Oct-17
 
2-Oct-16
 
1-Oct-17
 
2-Oct-16
 
 
 
 
 
 
 
 
 
Net sales
 
$
6,284

 
$
6,014

 
$
18,565

 
$
17,845

Operating expenses
 
 
 
 
 
 
 
 
Cost of sales
 
4,690

 
4,474

 
13,905

 
13,277

General and administrative expenses
 
736

 
710

 
2,212

 
2,153

Total operating expenses
 
5,426

 
5,184

 
16,117

 
15,430

Operating income
 
858

 
830

 
2,448

 
2,415

Non-operating (income) expense, net
 
 
 
 
 
 
 
 
Interest expense
 
48

 
58

 
157

 
174

Interest income
 
(4
)
 
(4
)
 
(14
)
 
(12
)
Other (income) expense, net
 
(2
)
 
(4
)
 
26

 
(7
)
Total non-operating (income) expense, net
 
42

 
50

 
169

 
155

Income from continuing operations before taxes
 
816

 
780

 
2,279

 
2,260

Federal and foreign income taxes
 
248

 
239

 
667

 
601

Income from continuing operations
 
568

 
541

 
1,612

 
1,659

Income (loss) from discontinued operations, net of tax
 
(1
)
 
1

 
2

 
1

Net income
 
567

 
542

 
1,614

 
1,660

Less: Net income (loss) attributable to noncontrolling interests in subsidiaries
 
(5
)
 
(2
)
 
(17
)
 
(29
)
Net income attributable to Raytheon Company
 
$
572

 
$
544

 
$
1,631

 
$
1,689

 
 
 
 
 
 
 
 
 
Basic earnings per share attributable to Raytheon Company common stockholders:
 
 
 
 
 
 
 
 
Income from continuing operations
 
$
1.97

 
$
1.84

 
$
5.59

 
$
5.68

Income (loss) from discontinued operations, net of tax
 

 

 
0.01

 

Net income
 
1.97

 
1.84

 
5.60

 
5.68

 
 
 
 
 
 
 
 
 
Diluted earnings per share attributable to Raytheon Company common stockholders:
 
 
 
 
 
 
 
 
Income from continuing operations
 
$
1.97

 
$
1.84

 
$
5.59

 
$
5.67

Income (loss) from discontinued operations, net of tax
 

 

 
0.01

 

Net income
 
1.97

 
1.84

 
5.60

 
5.68

 
 
 
 
 
 
 
 
 
Amounts attributable to Raytheon Company common stockholders:
 
 
 
 
 
 
 
 
Income from continuing operations
 
$
573

 
$
543

 
$
1,629

 
$
1,688

Income (loss) from discontinued operations, net of tax
 
(1
)
 
1

 
2

 
1

Net income
 
$
572

 
$
544

 
$
1,631

 
$
1,689

 
 
 
 
 
 
 
 
 
Average shares outstanding
 
 
 
 
 
 
 
 
Basic
 
290.7

 
295.2

 
291.6

 
297.2

Diluted
 
291.0

 
295.5

 
291.9

 
297.5






Attachment B
 
 
 
 
 
 
 
 
 
 
 
 
Raytheon Company
 

 
 
Preliminary Segment Information
 
 
 
 
 
 
 
 
 
 
 
 
Third Quarter 2017
 
 
 
 
 
 
 
 
 
 
 
 
(In millions, except percentages)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Income
 
 
Net Sales
 
Operating Income
 
As a Percent of Net Sales
 
 
Three Months Ended
 
Three Months Ended
 
Three Months Ended
 
 
1-Oct-17
 
2-Oct-16
 
1-Oct-17
 
2-Oct-16
 
1-Oct-17
 
2-Oct-16
 
 
 
 
 
 
 
 
 
 
 
 
 
Integrated Defense Systems
 
$
1,391

 
$
1,334

 
$
231

 
$
211

 
16.6
%
 
15.8
%
Intelligence, Information and Services
 
1,543

 
1,534

 
112

 
123

 
7.3
%
 
8.0
%
Missile Systems
 
1,945

 
1,770

 
280

 
235

 
14.4
%
 
13.3
%
Space and Airborne Systems
 
1,597

 
1,590

 
212

 
215

 
13.3
%
 
13.5
%
Forcepoint
 
170

 
167

 
23

 
41

 
13.5
%
 
24.6
%
Eliminations
 
(355
)
 
(364
)
 
(39
)
 
(42
)
 


 


Total business segment
 
6,291

 
6,031

 
819

 
783

 
13.0
%
 
13.0
%
Acquisition Accounting Adjustments
 
(7
)
 
(17
)
 
(39
)
 
(46
)
 
 
 
 
FAS/CAS Adjustment
 

 

 
78

 
104

 
 
 
 
Corporate
 

 

 

 
(11
)
 
 
 
 
Total
 
$
6,284

 
$
6,014

 
$
858

 
$
830

 
13.7
%
 
13.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Income
 
 
Net Sales
 
Operating Income
 
As a Percent of Net Sales
 
 
Nine Months Ended
 
Nine Months Ended
 
Nine Months Ended
 
 
1-Oct-17
 
2-Oct-16
 
1-Oct-17
 
2-Oct-16
 
1-Oct-17
 
2-Oct-16
 
 
 
 
 
 
 
 
 
 
 
 
 
Integrated Defense Systems
 
$
4,251

 
$
4,069

 
$
688

 
$
733

 
16.2
%
 
18.0
%
Intelligence, Information and Services
 
4,605

 
4,653

 
338

 
347

 
7.3
%
 
7.5
%
Missile Systems
 
5,602

 
5,199

 
732

 
660

 
13.1
%
 
12.7
%
Space and Airborne Systems
 
4,760

 
4,582

 
620

 
587

 
13.0
%
 
12.8
%
Forcepoint
 
452

 
443

 
41

 
69

 
9.1
%
 
15.6
%
Eliminations
 
(1,077
)
 
(1,037
)
 
(113
)
 
(109
)
 
 
 
 
Total business segment
 
18,593

 
17,909

 
2,306

 
2,287

 
12.4
%
 
12.8
%
Acquisition Accounting Adjustments
 
(28
)
 
(64
)
 
(123
)
 
(155
)
 
 
 
 
FAS/CAS Adjustment
 

 

 
295

 
318

 
 
 
 
Corporate
 

 

 
(30
)
 
(35
)
 
 
 
 
Total
 
$
18,565

 
$
17,845

 
$
2,448

 
$
2,415

 
13.2
%
 
13.5
%

 



Attachment C
 
 
 
 
 
 
 
 
 
Raytheon Company

 
 
 
 
Other Preliminary Information
 
 
 
 
 
 
 
 
 
Third Quarter 2017
 
 
 
 
 
 
 
 
 
(In millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Backlog
 
 
 
 
 
 
1-Oct-17
 
31-Dec-16
 
 
 
 
 
 
 
 
 
 
Integrated Defense Systems
 
 
 
 
 
 
$
9,089

 
$
10,159

Intelligence, Information and Services
 
 
 
 
 
6,368

 
5,662

Missile Systems
 
 
 
 
 
 
11,943

 
11,568

Space and Airborne Systems
 
 
 
 
 
 
8,826

 
8,834

Forcepoint
 
 
 
 
 
 
450

 
486

Total backlog
 
 
 
 
 
 
$
36,676

 
$
36,709

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Nine Months Ended
Bookings
 
 
1-Oct-17
 
2-Oct-16
 
1-Oct-17
 
2-Oct-16
 
 
 
 
 
 
 
 
 
 
Total bookings
 
 
$
6,957

 
$
6,923

 
$
19,177

 
$
20,227

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Nine Months Ended
General and Administrative Expenses
 
 
1-Oct-17
 
2-Oct-16
 
1-Oct-17
 
2-Oct-16
 
 
 
 
 
 
 
 
 
 
Administrative and selling expenses
 
$
549

 
$
531

 
$
1,654

 
$
1,594

Research and development expenses
 
187

 
179

 
558

 
559

Total general and administrative expenses
 
$
736

 
$
710

 
$
2,212

 
$
2,153

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash, Cash Equivalents and Restricted Cash
 
 
 
 
 
 
1-Oct-17
 
31-Dec-16
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
 
 
 
 
$
2,311

 
$
3,303

Restricted cash
 
 
 
12

 

Total cash, cash equivalents and restricted cash shown in Attachment E
 
 
 
$
2,323

 
$
3,303






Attachment D
 
 
 
Raytheon Company

Preliminary Balance Sheet Information
 
Third Quarter 2017
(In millions)
 
 
 
 
 
 
 
 
1-Oct-17
 
31-Dec-16
 
 
 
 
Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
2,311

 
$
3,303

Short-term investments

 
100

Receivables, net
1,393

 
1,163

Contract assets
5,892

 
5,041

Inventories
693

 
608

Prepaid expenses and other current assets
489

 
670

Total current assets
10,778

 
10,885

 
 
 
 
Property, plant and equipment, net
2,248

 
2,166

Goodwill
14,878

 
14,788

Other assets, net
2,374

 
2,399

Total assets
$
30,278

 
$
30,238

 
 
 
 
Liabilities, Redeemable Noncontrolling Interest and Equity
 
 
 
Current liabilities
 
 
 
Commercial paper
$
300

 
$

Contract liabilities
2,519

 
2,646

Accounts payable
1,347

 
1,520

Accrued employee compensation
1,165

 
1,234

Other current liabilities
1,161

 
1,139

Total current liabilities
6,492

 
6,539

 
 
 
 
Accrued retiree benefits and other long-term liabilities
7,791

 
7,758

Long-term debt
4,749

 
5,335

 
 
 
 
Redeemable noncontrolling interest
389

 
449

 
 
 
 
Equity
 
 
 
Raytheon Company stockholders' equity
 
 
 
Common stock
3

 
3

Additional paid-in capital

 

Accumulated other comprehensive loss
(7,075
)
 
(7,411
)
Retained earnings
17,929

 
17,565

Total Raytheon Company stockholders' equity
10,857

 
10,157

Noncontrolling interests in subsidiaries

 

Total equity
10,857

 
10,157

Total liabilities, redeemable noncontrolling interest and equity
$
30,278

 
$
30,238




Attachment E
 
 
 
Raytheon Company

Preliminary Cash Flow Information
 
 
 
Third Quarter 2017
 
 
 
(In millions)
 
 
 
 
Nine Months Ended
 
1-Oct-17
 
2-Oct-16
 
 
 
 
Cash flows from operating activities
 
 
 
Net income
$
1,614

 
$
1,660

(Income) loss from discontinued operations, net of tax
(2
)
 
(1
)
Income from continuing operations
1,612

 
1,659

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
401

 
377

Stock-based compensation
127

 
120

Gain on sale of equity method investment

 
(158
)
Loss on repayment of long-term debt
39

 

Deferred income taxes
(137
)
 
(84
)
Changes in assets and liabilities
 
 
 
Receivables, net
(226
)
 
(64
)
Contract assets and contract liabilities
(962
)
 
(925
)
Inventories
(83
)
 
(37
)
Prepaid expenses and other current assets
148

 
252

Income taxes receivable/payable
66

 
(78
)
Accounts payable
(191
)
 
52

Accrued employee compensation
(68
)
 
(25
)
Other current liabilities
35

 
(59
)
Accrued retiree benefits
452

 
693

Other, net
(90
)
 
(12
)
Net cash provided by (used in) operating activities from continuing operations
1,123

 
1,711

Net cash provided by (used in) operating activities from discontinued operations
(1
)
 

Net cash provided by (used in) operating activities
1,122

 
1,711

Cash flows from investing activities
 
 
 
Additions to property, plant and equipment
(323
)
 
(344
)
Proceeds from sales of property, plant and equipment
31

 
25

Additions to capitalized internal use software
(49
)
 
(47
)
Purchases of short-term investments
(399
)
 
(472
)
Maturities of short-term investments
517

 
822

Payments for purchases of acquired companies, net of cash received
(93
)
 
(57
)
Other
(2
)
 
(9
)
Net cash provided by (used in) investing activities
(318
)
 
(82
)
Cash flows from financing activities
 
 
 
Dividends paid
(679
)
 
(635
)
Net borrowings (payments) on commercial paper
300

 

Repayments of long-term debt
(591
)
 

Loss on repayment of long-term debt
(38
)
 

Repurchases of common stock under share repurchase programs
(700
)
 
(801
)
Repurchases of common stock to satisfy tax withholding obligations
(84
)
 
(95
)
Acquisition of noncontrolling interest in RCCS LLC

 
(90
)
Contribution from noncontrolling interests in Forcepoint
8

 
11

Other

 
(5
)
Net cash provided by (used in) financing activities
(1,784
)
 
(1,615
)
Net increase (decrease) in cash, cash equivalents and restricted cash
(980
)
 
14

Cash, cash equivalents and restricted cash at beginning of the year
3,303

 
2,328

Cash, cash equivalents and restricted cash at end of period
$
2,323

 
$
2,342




Attachment F

 
 
 
 
Raytheon Company
 
 
 
 
 
 
 
Supplemental EPS Information
 
 
 
 
 
 
 
 
Third Quarter 2017
 
 
 
 
 
 
 
(In millions, except per share amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Nine Months Ended
 
 
 
 
 
1-Oct-17

2-Oct-16
 
1-Oct-17
 
2-Oct-16
 
 
 
 
 
 
 
 
Per share impact of early debt retirement (A)
$

 
$

 
$
0.09

 
$

Per share impact of TRS transaction (B)

 

 

 
0.53

 
 
 
 
 
 
 
 
 
 
 
 
(A)
Early debt retirement
$

 
$

 
$
39

 
$

 
 
Tax effect (at 35% statutory rate)

 

 
(14
)
 

 
After-tax impact

 

 
25

 

 
Diluted shares

 

 
291.9

 

 
Per share impact
$

 
$

 
$
0.09

 
$

 
 
 
 
 
 
 
 
 
 
 
 
(B)
TRS transaction
 
$

 
$

 
$

 
$
158

 
Diluted shares
 

 

 

 
297.5

 
Per share impact
 
$

 
$

 
$

 
$
0.53


View differences made from one to another to evaluate Raytheon Co's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 8-K Corporate News to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Raytheon Co.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account