Raytheon 2004 Annual Report Download - page 88
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70
Notes to Consolidated Financial Statements (Continued)
:
Inventories consisted of the following at December 31:
(In millions) 2004 2003
Finished goods $ 553 $ 669
Work in process 938 1,023
Materials and purchased parts 254 306
Total $1,745 $1,998
Inventories at Raytheon Aircraft, Flight Options, and Raytheon Airline Aviation Services totaled $1,420 million
at December 31, 2004 (consisting of $537 million of finished goods, $681 million of work in process, and $202
million of materials and parts) and $1,603 million at December 31, 2003 (consisting of $647 million of finished
goods, $717 million of work in process, and $239 million of materials and parts).
: , ,
Property, plant, and equipment consisted of the following at December 31:
(In millions) 2004 2003
Land $89 $90
Buildings and leasehold improvements 1,885 1,769
Machinery and equipment 3,775 3,463
Equipment leased to others 172 189
5,921 5,511
Less accumulated depreciation and amortization (3,183) (2,800)
Total $ 2,738 $ 2,711
Depreciation expense was $361 million, $333 million, and $305 million in 2004, 2003, and 2002, respectively.
Accumulated depreciation of equipment leased to others was $29 million and $25 million at December 31, 2004
and 2003, respectively.
General and program specific manufacturing equipment and tooling at Raytheon Aircraft are included in
property, plant, and equipment. There was $205 million and $209 million of program specific manufacturing
equipment and tooling related to Premier and Horizon at December 31, 2004 and 2003, respectively.
Future minimum lease payments from non-cancelable aircraft operating leases, which extend to 2017, amounted
to $87 million at December 31, 2004 and were due as follows:
(In millions)
2005 $21
2006 19
2007 16
2008 14
2009 9
Thereafter 8