RAYTHEON COMPANY 333 P17 333 FINANCIAL TABLE OF CONTENTS  3 CONSOLIDATED FINANCIAL STATEMENTS NOTES TO CONSOLIDATED  FINANCIAL STATEMENTS 18 Five-Year Statistical Summary 19 Management’s Discussion and Analysis of Financial Condition and Results of Operations 34 Consolidated Balance Sheets 35 Consolidated Statements of Operations 36 Consolidated Statements of Stockholders’ Equity 37 Consolidated Statements of Cash Flows 38 Note A Accounting Policies 42 Note B Discontinued Operations 44 Note C Acquisitions and Divestitures 44 Note D Restructuring 45 Note E Contracts in Process 45 Note F Inventories 46 Note G Property, Plant, and Equipment 46 Note H Other Assets 48 Note I Notes Payable and Long-term Debt 49 Note J Equity Security Units 50 Note K Stockholders’ Equity 51 Note L Federal and Foreign Income Taxes 51 Note M Commitments and Contingencies 54 Note N Employee Stock Plans 55 Note O Pension and Other Employee Benefits 58 Note P Business Segment Reporting 61 Note Q Quarterly Operating Results (unaudited) 61 Note R Financial Instruments 62 Note S Other Income and Expense 63 Company Responsibility for Financial Statements 63 Report of Independent Auditors 64 Investor Information OTHER FINANCIAL STATEMENT INFORMATION CORPORATE INFORMATION