Raytheon 2014 Annual Report Download - page 86

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77
RAYTHEON COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts) Years Ended December 31: 2014 2013 2012
Net sales
Products $19,126 $19,855 $20,380
Services 3,700 3,851 4,034
Total net sales 22,826 23,706 24,414
Operating expenses
Cost of sales—products 14,260 15,292 15,712
Cost of sales—services 3,035 3,240 3,380
General and administrative expenses 2,352 2,236 2,333
Total operating expenses 19,647 20,768 21,425
Operating income 3,179 2,938 2,989
Non-operating (income) expense, net
Interest expense 213 210 201
Interest income (10)(12)(9)
Other (income) expense, net (7)(17) 18
Total non-operating (income) expense, net 196 181 210
Income from continuing operations before taxes 2,983 2,757 2,779
Federal and foreign income taxes 790 808 878
Income from continuing operations 2,193 1,949 1,901
Income (loss) from discontinued operations, net of tax 65 64 (1)
Net income 2,258 2,013 1,900
Less: Net income attributable to noncontrolling interests in subsidiaries 14 17 12
Net income attributable to Raytheon Company $ 2,244 $ 1,996 $ 1,888
Basic earnings per share attributable to Raytheon Company common
stockholders:
Income from continuing operations $ 6.98 $ 5.97 $ 5.67
Income (loss) from discontinued operations, net of tax 0.21 0.20 —
Net income 7.19 6.17 5.67
Diluted earnings per share attributable to Raytheon Company common
stockholders:
Income from continuing operations $ 6.97 $ 5.96 $ 5.65
Income (loss) from discontinued operations, net of tax 0.21 0.20 —
Net income 7.18 6.16 5.65
Amounts attributable to Raytheon Company common stockholders:
Income from continuing operations $ 2,179 $ 1,932 $ 1,889
Income (loss) from discontinued operations, net of tax 65 64 (1)
Net income $ 2,244 $ 1,996 $ 1,888
The accompanying notes are an integral part of the consolidated financial statements.