Raytheon 2003 Annual Report Download - page 64

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RAYTHEON COMPANY 333
Major currencies and the approximate amounts associated with for-
eign exchange contracts consisted of the following at December 31:
2003 2002
(In millions) Buy Sell Buy Sell
British Pounds $485 $210 $ 438 $149
Canadian Dollars 95 38 71
European Euros 47 31 22 31
Arab Emirates Dirham 20 45 ——
Australian Dollars 14 9 86
Swiss Francs 444 —31
Norwegian Kroner 414—
All other 1—1—
Total $670 $378 $480 $218
Buy amounts represent the U.S. dollar equivalent of commit-
ments to purchase foreign currencies and sell amounts represent
the U.S. dollar equivalent of commitments to sell foreign curren-
cies. Foreign exchange contracts that do not involve U.S. dollars
have been converted to U.S. dollars for disclosure purposes.
Foreign currency forward contracts, used only to fix the dollar
value of specific commitments and payments to international ven-
dors and the value of foreign currency denominated receipts, have
maturities at various dates through 2013 as follows: $617 million
in 2004, $180 million in 2005, $106 million in 2006, $56 million in
2007, and $89 million thereafter.
333NOTE S: OTHER INCOME AND EXPENSE
The components of other expense (income), net were as follows:
(In millions) 2003 2002 2001
Gain on sale of aviation support
business $ (82) — $(35)
Loss (gain) on debt repurchase 77 $ (2) 24
Equity losses in unconsolidated affiliates 14 26 27
Loss (gain) on sale of investments 7(4) —
Space Imaging charge —175 —
Gain on sale of recreational
marine business —— (39)
Other 51 42 29
Total $67 $237 $ 6
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 invest-
ment 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.