Raytheon 2013 Annual Report Download - page 56

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46
The increase in income from continuing operations of $48 million in 2013 compared to 2012 was primarily due to the $70
million decrease in federal and foreign income taxes, related primarily to the change in the effective tax rate described above
in Federal and Foreign Income Taxes, and the $29 million decrease in total non-operating expenses, net, the primary drivers
of which are described above in Total Non-Operating (Income) Expense, Net, partially offset by the $51 million decrease in
operating income, described above in Operating Income.
The increase in income from continuing operations of $23 million in 2012 compared to 2011 was primarily due to the $159
million increase in operating income, described above in Operating Income, partially offset by the $96 million increase in
federal and foreign income taxes, related primarily to higher levels of income and the change in the effective tax rate described
above in Federal and Foreign Income Taxes and the $40 million increase in total non-operating expenses, net, the primary
drivers of which are described above in Total Non-Operating (Income) Expense, Net.
Income (Loss) from Discontinued Operations, Net of Tax
(In millions) 2013 2012 2011
Income (loss) from discontinued operations, net of tax $ 64 $(1) $ 18
The increase in income (loss) from discontinued operations, net of tax, of $65 million in 2013 compared to 2012 was primarily
due to the favorable resolution of two separate tax matters related to our previously disposed commercial aircraft businesses.
The decrease in income (loss) from discontinued operations, net of tax, of $19 million in 2012 compared to 2011 was primarily
due to $19 million less of income, net of tax, related to our former turbo-prop commuter aircraft portfolio, Raytheon Airline
Aviation Services (RAAS), in 2012 compared to 2011.
Net Income
(In millions) 2013 2012 2011
Net income $ 2,013 $ 1,900 $ 1,896
The increase in net income of $113 million in 2013 compared to 2012 was due to the increase in income (loss) from discontinued
operations, net of tax, of $65 million, the primary drivers of which are described above in Income (loss) from Discontinued
Operations, Net of Tax, and the increase in income from continuing operations of $48 million described above in Income from
Continuing Operations.
The increase in net income of $4 million in 2012 compared to 2011 was primarily due to the increase in income from continuing
operations of $23 million described above in Income from Continuing Operations, partially offset by the decrease in income
(loss) from discontinued operations, net of tax, of $19 million, the primary drivers of which are described above in Income
(loss) from Discontinued Operations, Net of Tax.
Diluted Earnings per Share (EPS) from Continuing Operations Attributable to Raytheon Company Common
Stockholders
(In millions, except per share amounts) 2013 2012 2011
Income from continuing operations attributable to Raytheon Company $ 1,932 $ 1,889 $ 1,848
Diluted weighted-average shares outstanding 324.2 334.2 353.6
Diluted EPS from continuing operations attributable to Raytheon Company $ 5.96 $ 5.65 $ 5.22