Raytheon 2004 Annual Report Download - page 114
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96
Notes to Consolidated Financial Statements (Continued)
:
The components of other expense, net were as follows:
(In millions) 2004 2003 2002
Securities class action lawsuit settlement $325 ––
Loss (gain) on repurchases of long-term debt and subordinated notes payable 132 $ 77 $ (2)
Gain on sale of commercial infrared business (10) ––
Gain on sale of aviation support business (4) (82) –
Equity losses related to Flight Options –20 16
Loss (gain) on sale of investments –7 (4)
Space Imaging charge –– 175
Other (7) 45 52
Total $436 $ 67 $237
In 1995, through the acquisition of E-Systems, Inc., the Company invested in Space Imaging and currently has a
31 percent equity investment in Space Imaging LLC. In 2002, the Company recorded a $175 million charge to
write-off the Company’s investment in Space Imaging and accrue for payment under the Company’s guarantee of a
Space Imaging credit facility that matured in March 2003. In the first quarter of 2003, the Company paid $130
million related to the credit facility guarantee. In exchange for this payment, the Company received a note from
Space Imaging for this amount that the Company has valued at zero.
In 2003, the Company sold the remaining interest in its former aviation support business (Raytheon Aerospace)
for $97 million and recorded a gain of $82 million. In 2004, the Company resolved a dispute related to the sale and
received an additional $4 million. The Company had sold a majority interest in Raytheon Aerospace in 2001 and
retained a 26 percent ownership interest that was recorded at zero because the new entity was highly-leveraged.