Raytheon Co – ‘8-K’ for 1/30/03

On:  Thursday, 1/30/03, at 9:42am ET   ·   For:  1/30/03   ·   Accession #:  1047122-3-41   ·   File #:  1-13699

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Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                         7     27K 

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8-K
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 ---------------------

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
 SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported): January 30, 2003

RAYTHEON COMPANY
 -----------------
(Exact name of registrant as specified in its charter)

Delaware                   1-13699                95-1778500    
--------                   -------                ----------    
(State of Incorporation) (Commission File Number)      (IRS Employer            
                                            Identification Number)

141 Spring Street                   
Lexington, Massachusetts            02421   
------------------------            -----   
(Address of principal executive offices)    (Zip Code)            

Registrant's telephone number, including area code: (781) 862-6600

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Item 9.           Regulation FD Disclosure                                      

We are filing this Form 8-K to disclose changes in the way we will report our   
segment results beginning in the first quarter of 2003. On August 30, 2002, we  
announced that we would realign our government and defense businesses into six  
segments.  In addition, on December 19, 2002, we announced that our Commercial  
Electronics businesses would be reassigned to the new government and defense    
businesses.  Raytheon Aircraft Company will continue to be reported separately. 
Accordingly, beginning in the first quarter of 2003, we will report our         
financial results in the following segments:                                    

o        Integrated Defense Systems (IDS)                                       
o        Intelligence and Information Systems (IIS)                             
o        Missile Systems (MS)                                                   
o        Network Centric Systems (NCS)                                          
o        Space and Airborne Systems (SAS)                                       
o        Technical Services (TS)                                                
o        Aircraft (RAC)                                                         

Also beginning in the first quarter of 2003, we will change the way we report   
pension expense or income in our segment results.  Statement of Financial       
Accounting Standards (SFAS) No. 87, Employers' Accounting for Pensions, outlines
the methodology used to determine pension expense or income for financial       
reporting purposes, which is not necessarily indicative of the funding          
requirements of pension plans, which are determined by other factors.  A major  
factor for determining pension funding requirements are Cost Accounting         
Standards (CAS) that proscribe the allocation to and recovery of pension costs  
on U.S. government contracts.  We will report the difference between our SFAS   
No. 87 (FAS) pension expense or income and our CAS pension expense as a         
separate line item in our segment results called FAS/CAS Income Adjustment. Our 
individual segment results will now only include pension expense as determined  
under CAS, which can generally be recovered through the pricing of products and 
services to the U.S. government.  Previously, our individual segment results    
included FAS pension expense or income, which consisted of CAS pension expense  
and an adjustment to reconcile CAS pension expense to FAS pension expense or    
income.                                                                         

The following information reflects our segment results during 2001 and 2002 as  
though we had operated our business in the realigned structure consisting of    
IDS, IIS, MS, NCS, SAS, TS and RAC during those periods.  In addition, the      
individual segment results below include pension expense as determined under    
CAS.  Also included below is information relating to 2001 operating income in   
the realigned segment structure excluding goodwill amortization, which was      
discontinued January 1, 2002, in accordance with SFAS No. 142, Goodwill and     
Other Intangible Assets.                                                        

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2002 Segment Results

Net Sales                                                                       
======================================================================          
(In millions)                   Q1       Q2      Q3      Q4     Total           
----------------------------------------------------------------------          
Integrated Defense Systems      591     598     542     635     2,366           
Intelligence and Information                                                    
Systems                      417     457     485     528     1,887        
Missile Systems                 727     729     792     790     3,038           
Network Centric Systems         748     760     759     824     3,091           
Space and Airborne Systems      707     798     803     935     3,243           
Technical Services              528     505     556     544     2,133           
Aircraft                        494     526     451     687     2,158           
Corporate and Eliminations     (301)   (278)   (296)   (281)   (1,156)          
----------------------------------------------------------------------          
Total                       3,911    4095   4,092   4,662    16,760         
======================================================================          

Operating Income                                                                
======================================================================          
(In millions)                   Q1      Q2      Q3      Q4      Total           
----------------------------------------------------------------------          
Integrated Defense Systems      71      72      69      77       289            
Intelligence and Information                                                    
Systems                      37      42      45      56       180         
Missile Systems                 94      92      96      92       374            
Network Centric Systems         73      58      63      84       278            
Space and Airborne Systems      85     108     109     126       428            
Technical Services              35       6      36      39       116            
Aircraft                       (53)     11     (11)      2       (51)           
FAS/CAS Income Adjustment       52      52      53      53       210            
Corporate and Eliminations     (41)     13      (5)    (37)      (70)           
---------------------------------------------------------------------           
Total                        353     454     455     492     1,754          
=====================================================================           

Operating Cash Flow                                                             
=====================================================================           
(In millions)                   Q1      Q2      Q3      Q4      Total           
---------------------------------------------------------------------           
Integrated Defense Systems    (123)     58      56     203       194            
Intelligence and Information                                                    
Systems                     (47)     11      46     111       121         
Missile Systems               (101)      2      37     238       176            
Network Centric Systems       (128)     44      49     123        88            
Space and Airborne Systems     (77)    125     111      (6)      153            
Technical Services              22      82      27      43       174            
Aircraft                        34     (70)    (81)     68       (49)           
Corporate                      214     175     156     218       763            
---------------------------------------------------------------------           
Total                       (206)    427     401     998     1,620          
=====================================================================           

Capital Expenditures                                                            
=====================================================================           
(In millions)                   Q1      Q2      Q3      Q4      Total           
---------------------------------------------------------------------           
Integrated Defense Systems      19      15      15      26        75            
Intelligence and Information                                                    
Systems                       7       6       5      12        30         
Missile Systems                  8       9      13      16        46            
Network Centric Systems         12      26      11      30        79            
Space and Airborne Systems      22      31      18      51       122            
Technical Services               1       4       6      10        21            
Aircraft                        16      14      28      27        85            
---------------------------------------------------------------------           
Total                         85     105      96     172       458          
=====================================================================           

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Depreciation and Amortization                                                   
=====================================================================           
(In millions)                    Q1     Q2      Q3      Q4      Total           
---------------------------------------------------------------------           
Integrated Defense Systems      10      11      10      13        44            
Intelligence and Information                                                    
Systems                      6       7       8       7        28        
Missile Systems                 11      12      12      11        46            
Network Centric Systems         15      13      15      17        60            
Space and Airborne Systems      14      16      18      21        69            
Technical Services               3       3       3       3        12            
Aircraft                        29      25      26      25       105            
---------------------------------------------------------------------           
Total                         88      87      92      97       364          
=====================================================================           

Identifiable Assets                                                             
===================================================================             
(In millions)                    Q1        Q2        Q3         Q4              
-------------------------------------------------------------------             
Integrated Defense Systems      1,821    1,813      1,792     1,612             
Intelligence and Information                                                    
Systems                      1,942    1,977      1,999     1,926          
Missile Systems                 4,570    4,634      4,640     4,429             
Network Centric Systems         3,986    3,931      3,921     3,914             
Space and Airborne Systems      3,889    3,871      3,814     3,875             
Technical Services              1,472    1,405      1,392     1,372             
Aircraft                        3,183    2,987      2,967     3,891             
Corporate                       4,780    5,072      4,004     2,333             
-------------------------------------------------------------------             
Total                        25,643   25,690     24,529    23,352           
===================================================================             

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  2001 Segment Results

==============================================================================  
(In millions)                       Q1        Q2        Q3       Q4      Total  
------------------------------------------------------------------------------  
Integrated Defense Systems          568       584      539       574    2,265   
Intelligence and Information        391       421      430       494    1,736   
Systems                                                                   
Missile Systems                     704       718      741       738    2,901   
Network Centric Systems             671       723      696       775    2,865   
Space and Airborne Systems          568       686      672       812    2,738   
Technical Services                  483       499      524       549    2,055   
Aircraft                            638       768      449       717    2,572   
Corporate and Eliminations         (251)     (302)    (296)     (266)  (1,115)  
------------------------------------------------------------------------------  
Total                           3,772     4,097    3,755     4,393   16,017 
==============================================================================  

Operating Income                                                                
============================================================================    
(In millions)                     Q1         Q2       Q3        Q4     Total    
----------------------------------------------------------------------------    
Integrated Defense Systems         46        56       59        77      238     
Intelligence and Information       25        33       31        50      139     
Systems                                                                   
Missile Systems                    57        65       63        72      257     
Network Centric Systems            58        62       47        79      246     
Space and Airborne Systems         66        73       98       102      339     
Technical Services                 27        31       30        35      123     
Aircraft                          (14)       12     (774)      (46)    (822)    
FAS/CAS Income Adjustment          97        99       94        96      386     
Corporate and Eliminations        (48)      (36)     (12)      (44)    (140)    
----------------------------------------------------------------------------    
Total                           314       395     (364)      421      766   
============================================================================    

Operating Cash Flow                                                             
============================================================================    
(In millions)                     Q1        Q2        Q3       Q4      Total    
----------------------------------------------------------------------------    
Integrated Defense Systems        19        14       22        72      127      
Intelligence and Information     (86)       22       31        76       43      
Systems                                                                   
Missile Systems                   37       (21)      (4)      281      293      
Network Centric Systems          (57)       16       13        87       59      
Space and Airborne Systems         2        60       82        71      215      
Technical Services               (29)        2       13       (43)     (57)     
Aircraft                        (242)      (74)    (260)      118     (458)     
Corporate                        (70)       67      (10)      (71)     (84)     
----------------------------------------------------------------------------    
Total                         (426)       86     (113)      591      138    
============================================================================    

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Capital Expenditures                                                            
===========================================================================     
(In millions)                    Q1        Q2        Q3       Q4      Total     
---------------------------------------------------------------------------     
Integrated Defense Systems       20        19       21        29       89       
Intelligence and Information     10        13       10        16       49       
Systems                                                                   
Missile Systems                   4         3        7        23       37       
Network Centric Systems          20        19        8        26       73       
Space and Airborne Systems       14        17       26        50      107       
Technical Services                1         0        1         1        3       
Aircraft                         26        21       32        24      103       
---------------------------------------------------------------------------     
Total                          95        92      105       169      461     
===========================================================================     

Depreciation and Amortization                                                   
===========================================================================     
(In millions)                     Q1       Q2        Q3       Q4      Total     
---------------------------------------------------------------------------     
Integrated Defense Systems        18        15       19        10       62      
Intelligence and Information      15        16       17        16       64      
Systems                                                                   
Missile Systems                   36        36       36        35      143      
Network Centric Systems           29        30       31        32      122      
Space and Airborne Systems        26        30       27        39      122      
Technical Services                 8         8        8         7       31      
Aircraft                          32        34       32        35      133      
---------------------------------------------------------------------------     
Total                          164       169      170       174      677    
===========================================================================     

Identifiable Assets                                                             
=================================================================               
(In millions)                     Q1       Q2        Q3       Q4                
-----------------------------------------------------------------               
Integrated Defense Systems     1,786     1,765    1,714     1,706               
Intelligence and Information   2,001     2,017    1,976     1,916               
Systems                                                                   
Missile Systems                4,755     4,842    4,728     4,412               
Network Centric Systems        4,041     4,155    3,939     3,904               
Space and Airborne Systems     4,128     4,037    3,861     3,848               
Technical Services             1,487     1,473    1,401     1,503               
Aircraft                       3,377     3,404    3,181     3,126               
Corporate                      3,350     3,526    4,411     4,727               
-----------------------------------------------------------------               
Total                       24,925    25,219   25,211    25,142             
=================================================================               

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2001 Segment Results

Operating Income excluding                                                      
Goodwill Amortization                                                   
======================================================================          
(In millions)                    Q1      Q2      Q3       Q4     Total          
----------------------------------------------------------------------          
Integrated Defense Systems       51      60      64       81      256           
Intelligence and Information     35      43      41       59      178           
Systems                                                               
Missile Systems                  81      90      88       97      356           
Network Centric Systems          75      79      64       95      313           
Space and Airborne Systems       86      92     117      121      416           
Technical Services               34      37      36       41      148           
Aircraft                        (12)     14    (772)(1)  (44)    (814)(1)       
FAS/CAS Income Adjustment        97     100      94       96      387           
Corporate and Eliminations      (48)    (36)    (11)     (45)    (140)          
----------------------------------------------------------------------          
Total                         399     479    (279)     501    1,100         
======================================================================          

SIGNATURE 

              Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by  
the undersigned hereunto duly authorized.                                       

Dated:  January 30, 2003                                                        

    RAYTHEON COMPANY

           By: /s/ John W. Kapples
                   John W. Kapples
              Vice President and Secretary

Dates Referenced Herein   and   Documents Incorporated by Reference

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