Investments, which are included in other assets, consisted of the following at December 31: RAYTHEON COMPANY 333 P47 333 Company irrevocably and without recourse, transferred the receiv- ables to the QSPE which in turn, issued beneficial interests in these receivables to a commercial paper conduit. The assets of the QSPE are not available to pay the claims of the Company or any other entity. The Company retained a subordinated interest in the receiv- ables sold of approximately 17 percent. The conduit obtained the funds to purchase the interest in the receivables, other than the retained interest, by selling commercial paper to third-party investors. The Company retained responsibility for the collection and administration of receivables. The Company continues serv- icing the sold receivables and charges the third party conduit a monthly servicing fee at market rates. The Company accounted for the sale under Statement of Financial Accounting Standards No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities. The gain was determined at the date of transfer based upon the rel- ative fair value of the assets sold and the interests retained. The Company estimated the fair value at the date of transfer and at December 31, 2003 based on the present value of future expected cash flows using certain key assumptions, including collection period and a discount rate of 5.0%. At December 31, 2003 a 10 and 20 percent adverse change in the collection period and dis- count rate would not have a material effect on the Company’s finan- cial position or results of operations. At December 31, 2003, the outstanding balance of securitized accounts receivable held by the third party conduit totaled $320 mil- lion, of which the Company’s subordinated retained interest was $58 million, and the fair value of the servicing asset was $6 million.  The Company also maintained a program under which it sold general aviation and commuter aircraft long-term receivables under a receivables purchase facility through the end of 2002. The Company bought out the receivables that remained in the facility in 2002 for $1,029 million and brought the related assets onto the Company’s books. In connection with the buyback, the Company recorded the long-term receivables at estimated fair value using the reserves established in 2001, as described in Note A, Accounting Policies, Impairment of Long-Lived Assets. The loss resulting from the sale of receivables was $6 million and $2 million in 2002 and 2001, respectively. The increase in computer software in 2003 was due to the Company’s conversion of significant portions of its existing finan- cial systems to a new integrated financial package. Accumulated amortization of computer software was $241 million and $219 mil- lion at December 31, 2003 and 2002, respectively. In 2001, the Company formed a joint venture, Thales-Raytheon Systems (TRS) that has two major operating subsidiaries, one of which the Company controls and consolidates. TRS is a system of systems integrator and provides fully customized solutions through the integration of command and control centers, radars, and com- munication networks. HRL Laboratories is a scientific research facility whose staff engages in the areas of space and defense technologies. Indra develops flight data processors for air traffic control automation systems. TelASIC Communications delivers high performance, cost-effective radio frequency (RF), analog mixed signal, and digital solutions for both the commercial and defense electronics markets. Hughes Arabia Limited was formed in connection with the award of the Peace Shield program and offers certain tax advantages to the Company.  In 2003, the Company sold its investment in Alliance Laundry Systems for $15 million and recorded a loss of $4 million. The Company had sold its commercial laundry business unit to Alliance in 1998 for $315 million in cash and $19 million in securities.  In 2003, the Company sold the remaining interest in its former aviation support business (Raytheon Aerospace) for $97 million and recorded a gain of $82 million. The Company had sold a major- ity interest in Raytheon Aerospace in 2001 for $154 million in cash and retained $47 million in trade receivables and $66 million in preferred and common equity in the business. The $66 million rep- resented a 26 percent ownership interest and was recorded at zero because the new entity was highly-leveraged. 2003 ( In millions) Ownership % 2003 2002 Equity method investments: Thales-Raytheon Systems Co. Ltd. 50.0 $7 8 $5 HRL Laboratories, LLC 33.3 30 29 Indra ATM S.L. 49.0 12 12 TelASIC Communications 23.5 7 2 Hughes Arabia Limited 49.0 1 13 Raytheon Aerospace — — 5 Other n/a 8 — 136 120 Other investments: Alliance Laundry Systems — 19 Other 10 15 10 34 Total $146 $154