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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
96
Investments, which are included in other noncurrent assets, net, above consisted of the following at December 31:
(In millions, except percentages) Ownership % 2015 2014
Equity method investments
Thales-Raytheon Systems Co. Ltd. (TRS) 50 $ 99 $ 98
Range Generation Next (RGNext) 50 11 —
Other investments Various 19 11
Total $ 129 $ 109
In 2001, we formed the TRS joint venture with Thales S.A. TRS is a system of systems integrator and provides fully customized
solutions through the integration of command and control centers, radars, and communication networks. We record our share
of the TRS income or loss and other comprehensive income (loss) as a component of cost of sales and AOCL, respectively.
We record losses beyond the carrying amount of the investment only when we guarantee obligations of the investee or commit
to provide the investee further financial support.
TRS has three operating subsidiaries, one of which, Thales-Raytheon Systems LLC (TRS LLC), we control and consolidate,
and the other two, Thales-Raytheon Systems Company S.A.S. (TRS SAS) and Thales-Raytheon Systems Air and Missile
Defense Command and Control S.A.S. (TRS AMDC2), previously called Air Command Systems International S.A.S., which
we account for using the equity method through our investment in TRS, all of which are reflected in our Integrated Defense
Systems (IDS) segment. Of the $99 million investment in TRS, $89 million represents undistributed earnings at December 31,
2015. Our consolidated statements of operations includes net income, which represents net income attributable to Raytheon
Company and net income attributable to noncontrolling interests in subsidiaries. Our primary noncontrolling interest relates
to TRS LLC. At December 31, 2015, TRS LLC had $16 million of receivables due from TRS AMDC2.
In addition, we have entered into certain joint ventures formed specifically to facilitate a teaming arrangement between two
contractors for the benefit of a customer, generally the U.S. government, whereby we receive a subcontract from the joint
venture in the joint venture’s capacity as prime contractor. Accordingly, we record the work we perform for the joint venture
as an operating activity.
Periodically we enter into other equity method investments that are not related to our core operations. We record the income
or loss from these investments as a component of other (income) expense, net. We record losses beyond the carrying amount
of the investment only when we guarantee obligations of the investee or commit to provide the investee further financial
support.
Note 10: Long-term Debt
Long-term debt consisted of the following at December 31:
(In millions, except percentages) 2015 2014
$251 notes due 2018, 6.75% $ 251 $ 251
$340 notes due 2018, 6.40% 339 339
$500 notes due 2020, 4.40% 498 497
$1,000 notes due 2020, 3.125% 993 992
$1,100 notes due 2022, 2.50% 1,093 1,092
$300 notes due 2024, 3.15% 297 296
$382 notes due 2027, 7.20% 370 369
$185 notes due 2028, 7.00% 184 184
$600 notes due 2040, 4.875% 591 591
$425 notes due 2041, 4.70% 419 419
$300 notes due 2044, 4.20% 295 295
Total debt issued and outstanding(1) $ 5,330 $ 5,325
(1) Total long-term debt amounts at December 31, 2014 are adjusted to reflect the reclassification of debt issuance costs of $5 million in accordance
with ASU 2015-03. See "Note 1: Summary of Significant Accounting Policies" for additional information.