Raytheon 2004 Annual Report Download - page 73

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55
RAYTHEON COMPANY
CONSOLIDATED BALANCE SHEETS
(In millions except share amounts) December 31: 2004 2003
Assets
Current assets
Cash and cash equivalents $ 556 $ 661
Accounts receivable, less allowance for doubtful accounts of $41 in 2004 and $35 in 2003 478 485
Contracts in process 3,514 3,302
Inventories 1,745 1,998
Deferred federal and foreign income taxes 469 466
Prepaid expenses and other current assets 343 154
Assets from discontinued operations 19 59
Total current assets 7,124 7,125
Property, plant, and equipment, net 2,738 2,711
Deferred federal and foreign income taxes 71 337
Prepaid retiree benefits 714 703
Goodwill 11,516 11,479
Other assets, net 1,990 1,853
Total assets $24,153 $24,208
Liabilities and Stockholders’ Equity
Current liabilities
Notes payable and current portion of long-term debt $ 516 $15
Advance payments and billings in excess of costs incurred 1,900 1,578
Accounts payable 867 833
Accrued salaries and wages 934 767
Other accrued expenses 1,403 1,086
Liabilities from discontinued operations 24 43
Total current liabilities 5,644 4,322
Accrued retiree benefits and other long-term liabilities 3,224 3,281
Long-term debt 4,229 6,517
Subordinated notes payable 408 859
Commitments and contingencies (note L)
Minority interest 97 67
Stockholders’ equity
Preferred stock, par value $0.01 per share, 200,000,000 shares authorized, none outstanding in
2004 and 2003
Common stock, par value $0.01 per share, 1,450,000,000 shares authorized, 453,096,000 and
418,136,000 shares outstanding in 2004 and 2003, respectively, after deducting 395,000 and
168,000 treasury shares in 2004 and 2003, respectively 54
Additional paid-in capital 9,540 8,434
Unearned compensation (60) (13)
Accumulated other comprehensive income (1,919) (2,194)
Treasury stock, at cost (13) (6)
Retained earnings 2,998 2,937
Total stockholders’ equity 10,551 9,162
Total liabilities and stockholders’ equity $24,153 $24,208
The accompanying notes are an integral part of the financial statements.