Raytheon 2013 Annual Report Download - page 124

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
114
Deferred income taxes consisted of the following at December 31:
(In millions) 2013 2012
Current deferred tax assets (liabilities)
Accrued employee compensation and benefits $ 240 $ 226
Other accrued expenses and reserves 191 181
Contracts in process and inventories (513)(311)
Deferred income taxes-current $(82)$ 96
Noncurrent deferred tax assets (liabilities)
Pension benefits $ 934 $ 2,490
Other retiree benefits 113 118
Net operating loss and tax credit carryforwards 116 148
Depreciation and amortization (1,346)(1,312)
Other (74)(86)
Deferred income taxes-noncurrent $(257)$ 1,358
As of December 31, 2013, we had foreign net operating loss carryforwards of approximately $468 million, of which $446
million was generated in the U.K. We believe that we will have sufficient taxable income to realize this deferred tax asset, as
any net operating loss generated in the U.K. may be carried forward indefinitely.
The tax expense (benefit) related to discontinued operations was $(5) million, $1 million and $2 million in 2013, 2012 and
2011, respectively.
Note 15: Business Segment Reporting
Our reportable segments, organized based on capabilities and technologies, are: IDS; IIS; MS; and SAS.
IDS is a leader in integrated air and missile defense; radar solutions; naval combat and ship electronic systems; command,
control, communications, computers and intelligence (C4I) solutions; and international and domestic Air Traffic Management
(ATM) systems. IDS delivers combat-proven performance against the complete spectrum of airborne and ballistic missile
threats and is a world leader in the technology, development, and production of sensors and mission systems.
IIS provides a full range of technical and professional services to intelligence, defense, federal and commercial customers
worldwide. IIS specializes in global Intelligence, Surveillance and Reconnaissance (ISR), navigation, DoD space and weather
solutions, cybersecurity, analytics, training, logistics, mission support, and engineering and sustainment solutions. Key
customers include the U.S. Intelligence Community, DoD agencies, the U.S. Armed Forces, the FAA, the National Oceanic
and Atmospheric Administration (NOAA), Department of Homeland Security (DHS), the National Aeronautics and Space
Administration (NASA) and an increasing number of international customers.
MS is a premier developer and producer of missile and combat systems for the armed forces of the U.S. and other allied
nations. Leveraging its capabilities in advanced airframes, guidance and navigation systems, high-resolution sensors,
surveillance, targeting, and netted systems, MS develops and supports a broad range of advanced weapon systems, including
missiles, smart munitions, close-in weapon systems, projectiles, kinetic kill vehicles, directed energy effectors and advanced
combat sensor solutions.
SAS is a leader in the design and development of integrated sensor and communication systems for advanced missions,
including traditional and non-traditional ISR, precision engagement, unmanned aerial operations, and space. Leveraging
advanced concepts, state-of-the-art technologies and mission systems knowledge, SAS provides electro-optical/infrared
sensors, airborne radars for surveillance and fire control applications, lasers, precision guidance systems, signals intelligence
systems, processors, electronic warfare systems, communication systems, and space-qualified systems for civil and military
applications.