Raytheon 2013 Annual Report Download - page 73

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63
We made the following required and discretionary contributions during the years ended December 31:
(In millions) 2013 2012 2011
Required pension contributions $ 778 $ 721 $ 1,078
Discretionary pension contributions 300 500 750
Total $ 1,078 $ 1,221 $ 1,828
The increase in required contributions of $57 million in 2013 compared to 2012 was primarily due to the gradual phase out
of the STE Act as discussed above. The decrease in required contributions of $357 million in 2012 compared to 2011 was
primarily due to the passage of the STE Act as discussed above. We expect to make required contributions to our pension and
other postretirement benefit plans of approximately $900 million in 2014. We periodically evaluate whether to make
discretionary contributions. Due to the differences in requirements and calculation methodologies, our FAS pension expense
or income is not indicative of the funding requirement or amount of government recovery.
Other postretirement benefit payments were $22 million, $19 million and $18 million in 2013, 2012 and 2011, respectively.
Tax Payments—We made the following net tax payments during the years ended December 31:
(In millions) 2013 2012 2011
Federal $ 628 $ 826 $ 332
Foreign 22 13 94
State 39 78 12
Federal and foreign net tax payments for 2014 are expected to approximate $700 million.
Interest Payments—We made interest payments on our outstanding debt of $210 million, $198 million and $167 million in
2013, 2012 and 2011, respectively. The increase in interest payments in 2013 compared to 2012 was primarily due to the
issuance of $1.1 billion of fixed rate long-term debt in the fourth quarter of 2012. The increase in interest payments in 2012
compared to 2011 was primarily due to the issuance of $1.0 billion of fixed rate long-term debt in the fourth quarter of 2011.
Investing Activities
(In millions) 2013 2012 2011
Net cash provided by (used in) investing activities from continuing operations $(473)$(1,523) $ (1,083)
Net cash provided by (used in) investing activities (473)(1,523)(1,051)
The change of $1,050 million in net cash provided by (used in) investing activities in 2013 compared to 2012 was primarily
due to the short-term investments activity described below and lower cash payments for acquisitions as described below. The
change of $472 million in net cash provided by (used in) investing activities in 2012 compared to 2011 was primarily due to
purchases of short-term investments, as described below, partially offset by lower cash payments for acquisitions as described
below.
Additions to property plant and equipment and capitalized internal use software—Additions to property, plant and equipment
and capitalized internal use software were as follows:
(In millions) 2013 2012 2011
Additions to property, plant and equipment $ 280 $ 339 $ 340
Additions to capitalized internal use software 49 76 97
We expect our property, plant and equipment and capitalized internal use software expenditures to be approximately $390
million and $60 million, respectively, in 2014, consistent with the anticipated needs of our business and for specific investments
including capital assets and facility improvements.