Raytheon 2003 Annual Report Download - page 36

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RAYTHEON COMPANY 333
CONSOLIDATED BALANCE SHEETS
33333333333333333333333333333333333333333
(In millions except share amounts) December 31: 2003 2002
ASSETS 333
Current assets
Cash and cash equivalents $661 $ 544
Accounts receivable, less allowance for doubtful accounts of $35 in 2003 and $73 in 2002 485 675
Contracts in process 2,762 3,016
Inventories 1,998 2,032
Deferred federal and foreign income taxes 466 601
Prepaid expenses and other current assets 154 247
Assets from discontinued operations 59 75
Total current assets 6,585 7,190
Property, plant, and equipment, net 2,711 2,396
Deferred federal and foreign income taxes 337 281
Prepaid retiree benefits 703 676
Goodwill 11,479 11,170
Other assets, net 1,853 2,233
Total assets $23,668 $23,946
LIABILITIES AND STOCKHOLDERS’ EQUITY 333
Current liabilities
Notes payable and current portion of long-term debt $15 $ 1,153
Advance payments, less contracts in process of $1,071 in 2003 and $1,688 in 2002 1,038 819
Accounts payable 833 776
Accrued salaries and wages 767 710
Other accrued expenses 1,153 1,316
Liabilities from discontinued operations 43 333
Total current liabilities 3,849 5,107
Accrued retiree benefits and other long-term liabilities 3,281 2,831
Long-term debt 6,517 6,280
Subordinated notes payable 859 858
Commitments and contingencies (note M)
Stockholders’ equity
Preferred stock, par value $0.01 per share, 200,000,000 shares authorized,
none outstanding in 2003 and 2002
Common stock, par value $0.01 per share, 1,450,000,000 shares authorized,
418,136,000 and 408,209,000 shares outstanding in 2003 and 2002, respectively,
after deducting 168,000 and 97,000 treasury shares in 2003 and 2002, respectively 44
Additional paid-in capital 8,421 8,146
Accumulated other comprehensive income (2,194) (2,180)
Treasury stock, at cost (6) (4)
Retained earnings 2,937 2,904
Total stockholders’ equity 9,162 8,870
Total liabilities and stockholders’ equity $23,668 $23,946
The accompanying notes are an integral part of the financial statements.