Raytheon 2005 Annual Report Download - page 75

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RAYTHEON COMPANY
CONSOLIDATED BALANCE SHEETS
(In millions except share amounts) December 31: 2005 2004
Assets
Current assets
Cash and cash equivalents $ 1,202 $ 556
Accounts receivable, less allowance for doubtful accounts of $24 in 2005 and $35 in 2004 425 478
Contracts in process 3,469 3,514
Inventories 1,722 1,745
Deferred federal and foreign income taxes 435 469
Prepaid expenses and other current assets 314 343
Assets from discontinued operations —19
Total current assets 7,567 7,124
Property, plant, and equipment, net 2,675 2,738
Deferred federal and foreign income taxes —71
Prepaid retiree benefits 710 714
Goodwill 11,554 11,516
Other assets, net 1,875 1,990
Total assets $24,381 $24,153
Liabilities and Stockholders’ Equity
Current liabilities
Notes payable and current portion of long-term debt $79$ 516
Subordinated notes payable 408 —
Advance payments and billings in excess of costs incurred 2,012 1,900
Accounts payable 962 867
Accrued salaries and wages 987 934
Other accrued expenses 1,403 1,403
Liabilities from discontinued operations 49 24
Total current liabilities 5,900 5,644
Accrued retiree benefits and other long-term liabilities 3,559 3,224
Deferred federal and foreign income taxes 125 —
Long-term debt 3,969 4,229
Subordinated notes payable —408
Commitments and contingencies (note L)
Minority interest 119 97
Stockholders’ equity
Preferred stock, par value $0.01 per share, 200,000,000 shares authorized, none outstanding in
2005 and 2004 ——
Common stock, par value $0.01 per share, 1,450,000,000 shares authorized, 446,373,000 and
453,096,000 shares outstanding in 2005 and 2004, respectively, after deducting 11,707,000
and 395,000 treasury shares in 2005 and 2004, respectively 55
Additional paid-in capital 9,722 9,540
Unearned compensation (89) (60)
Accumulated other comprehensive income (1,950) (1,919)
Treasury stock, at cost (454) (13)
Retained earnings 3,475 2,998
Total stockholders’ equity 10,709 10,551
Total liabilities and stockholders’ equity $24,381 $24,153
The accompanying notes are an integral part of the financial statements.
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