Raytheon 2007 Annual Report Download - page 86
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RAYTHEON COMPANY
CONSOLIDATED BALANCE SHEETS
(In millions except share amounts) December 31: 2007 2006
Assets
Current assets
Cash and cash equivalents $ 2,655 $ 2,460
Accounts receivable, less allowance for doubtful accounts of $8 in 2007 and $18 in 2006 126 141
Contracts in process 3,821 3,600
Inventories 386 376
Deferred taxes 432 257
Prepaid expenses and other current assets 196 108
Assets held for sale —2,575
Total current assets 7,616 9,517
Property, plant and equipment, net 2,058 2,025
Deferred taxes —170
Prepaid retiree benefits 617 527
Goodwill 11,627 11,461
Assets held for sale —374
Other assets, net 1,363 1,417
Total assets $23,281 $25,491
Liabilities and Stockholders’ Equity
Current liabilities
Notes payable and current portion of long-term debt $—$ 687
Advance payments and billings in excess of costs incurred 1,845 1,885
Accounts payable 1,141 910
Accrued employee compensation 902 937
Other accrued expenses 900 1,043
Liabilities held for sale —1,253
Total current liabilities 4,788 6,715
Accrued retiree benefits and other long-term liabilities 3,016 4,053
Deferred taxes 451 —
Long-term debt 2,268 3,278
Liabilities held for sale —179
Commitments and contingencies (note 12)
Minority interest 216 165
Stockholders’ equity
Common stock, par value $0.01 per share, 1,450,000,000 shares authorized, 426,196,000 and
445,870,000 shares outstanding in 2007 and 2006, respectively, after deducting 49,359,000
and 19,831,000 treasury shares in 2007 and 2006, respectively 45
Additional paid-in capital 10,544 10,097
Accumulated other comprehensive loss (1,956) (2,514)
Treasury stock, at cost (2,502) (816)
Retained earnings 6,452 4,329
Total stockholders’ equity 12,542 11,101
Total liabilities and stockholders’ equity $23,281 $25,491
The accompanying notes are an integral part of the consolidated financial statements.
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