RAYTHEON COMPANY 333 CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY 33333333333 Years Ended  Additional Accumulated Total December 31, 2003, 2002, and 2001 Common Paid-in Other Compre- Treasury Retained Stockholders’ (In millions except per share amounts) Stock Capital hensive Income Stock Earnings Equity Balance at December 31, 2000 $ 3 $ 6,477 $ (106) $(382) $4,914 $10,906 Net loss  (755) (755) Other comprehensive income Minimum pension liability  (100) (100) Foreign exchange translation  (4) (4) Unrealized losses on interest-only strips (2) (2) Comprehensive income (861) Dividends declared—$0.80 per share (292) (292) Issuance of common stock 1 1,369 1,370 Common stock plan activity 36 36 Trust preferred security distributions (6) (6) Treasury stock activity  (153) 381 228 Balance at December 31, 2001 4 7,723 (212) (1) 3,867 11,381 Net loss (640) (640) Other comprehensive income Minimum pension liability  (2,002) (2,002) Interest rate lock (2) (2) Foreign exchange translation  31 31 Cash flow hedges 5 5 Comprehensive income  (2,608) Dividends declared—$0.80 per share (323) (323) Issuance of common stock 328 328 Common stock plan activity 106 106 Trust preferred security distributions (11) (11) Treasury stock activity  (3) (3) Balance at December 31, 2002 4 8,146 (2,180) (4) 2,904 8,870 Net income  365 365 Other comprehensive income Minimum pension liability (118) (118) Foreign exchange translation  82 82 Cash flow hedges 19 19 Unrealized gains on residual interest securities 2 2 Interest rate lock 1 1 Comprehensive income 351 Dividends declared—$0.80 per share (332) (332) Issuance of common stock 264 264 Common stock plan activity 22 22 Trust preferred security distributions (11) (11) Treasury stock activity  (2) (2) Balance at December 31, 2003 $4 $8,421 $(2,194) $ (6) $ 2,937 $ 9,162 The accompanying notes are an integral part of the financial statements.