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Raytheon Co. (NYSE:RTN)

This company has been moved to the archive! The financial data has not been updated since February 12, 2020.

Common-Size Balance Sheet: Assets

Raytheon Co., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Cash and cash equivalents 12.42 11.32 10.06 10.99 7.95
Short-term investments 0.00 0.00 0.96 0.33 2.98
Receivables, net 3.95 5.17 4.29 4.05 3.99
Contract assets 17.71 17.56 17.00 16.58 15.01
Inventories 1.94 2.38 1.92 2.19 2.17
Prepaid expenses and other current assets 1.83 1.66 2.47 1.38 1.41
Current assets 37.85% 38.09% 36.70% 35.53% 33.51%
Property, plant and equipment, net 9.70 8.91 7.90 7.21 6.85
Operating lease right-of-use assets 2.53 0.00 0.00 0.00 0.00
Goodwill 43.05 46.65 48.19 49.21 50.31
Marketable securities held in trust 2.18 2.01 2.05 1.83 1.79
Computer software, net of accumulated amortization 0.73 0.82 0.93 0.97 1.00
Other intangible assets, net of accumulated amortization 0.82 1.13 1.56 1.99 2.39
Deferred tax asset 1.54 1.04 1.74 2.51 3.09
Other noncurrent assets, net 1.60 1.35 0.92 0.76 1.05
Other assets, net 6.87% 6.35% 7.21% 8.05% 9.33%
Noncurrent assets 62.15% 61.91% 63.30% 64.47% 66.49%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

Between 2015 and 2019, the asset composition of the entity shifted toward a higher concentration of current assets and a corresponding reduction in noncurrent assets. Total current assets increased from 33.51% of total assets in 2015 to 37.85% by the end of 2019, while noncurrent assets declined from 66.49% to 62.15% over the same period.

Liquidity and Short-Term Asset Trends
A consistent upward trend is observed in cash and cash equivalents, which grew from 7.95% of total assets in 2015 to 12.42% in 2019. This indicates an increase in the entity's immediate liquidity position. Contract assets, a significant component of the current asset base, also showed steady growth, rising from 15.01% to 17.71%. This suggest a growing proportion of unbilled receivables or work-in-progress relative to the total asset base. Inventories remained relatively stable, fluctuating within a narrow range between 1.92% and 2.38%.
Intangible Asset and Goodwill Erosion
The most substantial change in the balance sheet is the steady decline of goodwill, which decreased from 50.31% of total assets in 2015 to 43.05% in 2019. Other intangible assets also experienced a downward trajectory, falling from 2.39% to 0.82% over the five-year period. The reduction in these categories suggests either an amortization of acquired assets or an increase in the total asset base through other means that diluted the relative weight of goodwill.
Fixed Asset and Operational Investment
Net property, plant, and equipment showed a consistent increase, rising from 6.85% in 2015 to 9.70% in 2019, indicating a higher relative investment in tangible operating infrastructure. Additionally, the emergence of operating lease right-of-use assets at 2.53% in 2019 reflects the adoption of new accounting standards regarding lease capitalization.
Other Noncurrent Asset Dynamics
Deferred tax assets showed a general decline, starting at 3.09% in 2015 and ending at 1.54% in 2019. Other assets, net, also trended downward from 9.33% to 6.87% over the analysis period, contributing to the overall decrease in the weight of noncurrent assets.

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