Raytheon 2014 Annual Report Download - page 74

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65
Other postretirement benefit payments were $20 million, $22 million and $19 million in 2014, 2013 and 2012, respectively.
Tax Payments—We made the following net tax payments during the years ended December 31:
(In millions) 2014 2013 2012
Federal $ 705 $ 628 $ 826
Foreign 19 22 13
State 35 39 78
Federal and foreign net tax payments for 2015 are expected to approximate $1,229 million. The increase in expected federal
and foreign net tax payments in 2015 is primarily due to the timing and amount of pension contributions.
Interest Payments—We made interest payments on our outstanding debt of $209 million, $210 million and $198 million in
2014, 2013 and 2012, 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.
Investing Activities
(In millions) 2014 2013 2012
Net cash provided by (used in) investing activities $(1,322)$(473) $ (1,523)
The change of $849 million in net cash provided by (used in) investing activities in 2014 compared to 2013 was primarily
due to higher cash payments for acquisitions described below and the short-term investments activity described below. 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 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) 2014 2013 2012
Additions to property, plant and equipment $ 326 $ 280 $ 339
Additions to capitalized internal use software 54 49 76
We expect our property, plant and equipment and capitalized internal use software expenditures to be between approximately
$410–$470 million and $50–$70 million, respectively, in 2015, consistent with the anticipated needs of our business and for
specific investments including capital assets and facility improvements.
Short-term investments activity—We invest in marketable securities in accordance with our short-term investment policy and
cash management strategy. These marketable securities are classified as available-for-sale and are recorded at fair value as
short-term investments in our consolidated balance sheets. Activity related to short-term investments was as follows:
(In millions) 2014 2013 2012
Purchases of short-term investments $(2,914)$(1,241) $ (1,505)
Sales of short-term investments 882 325 150
Maturities of short-term investments 1,523 779 505
As of December 31, 2014, our short-term investments had an average maturity of approximately five months.
Acquisitions and Divestitures—In pursuing our business strategies, we acquire and invest in certain businesses that meet
strategic and financial criteria, and divest of certain non-core businesses, investments and assets when appropriate. Payments
for purchases of acquired companies, net of cash acquired were as follows:
(In millions) 2014 2013 2012
Payments for purchases of acquired companies, net of cash acquired $ 427 $ 9 $ 301