Stock Analysis on Net
Stock Analysis on Net

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: Liabilities and Stockholders’ Equity
Quarterly Data

Raytheon Co., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

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Dec 31, 2019 Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017 Dec 31, 2016 Oct 2, 2016 Jul 3, 2016 Apr 3, 2016 Dec 31, 2015 Sep 27, 2015 Jun 28, 2015 Mar 29, 2015
Commercial paper and current portion of long-term debt 4.34 1.52 2.49 2.53 0.94 1.00 0.98 0.98 0.97 0.99 0.99 0.84 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Contract liabilities 9.45 9.07 9.15 9.28 10.38 9.73 9.39 9.67 9.48 8.32 8.95 8.72 7.45 7.00 7.34 7.41 7.49 7.57 6.95 6.99
Accounts payable 5.20 4.48 4.25 4.31 6.16 4.62 4.49 4.12 4.92 4.45 4.23 4.29 5.06 4.80 4.83 4.52 4.79 4.56 4.12 4.10
Accrued employee compensation 5.25 4.40 4.23 3.15 4.74 4.15 4.05 3.02 4.35 3.85 3.90 2.92 4.11 3.84 3.83 2.79 3.94 4.07 3.39 3.26
Other current liabilities 4.10 4.34 4.34 5.05 3.78 4.25 3.92 4.44 4.08 3.83 3.72 4.35 4.77 4.73 4.67 5.22 4.70 5.43 5.38 5.92
Current liabilities 28.33% 23.81% 24.45% 24.32% 26.01% 23.75% 22.83% 22.23% 23.81% 21.44% 21.79% 21.12% 21.39% 20.38% 20.67% 19.94% 20.92% 21.63% 19.84% 20.27%
Accrued retiree benefits and other long-term liabilities 24.74 20.24 20.81 21.69 21.77 21.09 25.54 27.01 26.85 25.73 25.57 25.92 25.87 24.73 24.37 24.66 24.38 23.57 24.14 24.92
Long-term debt, excluding current portion 9.43 12.97 13.23 13.48 14.92 15.77 15.46 15.58 15.39 15.68 15.70 17.03 17.75 18.11 18.33 18.50 18.20 18.24 18.75 19.18
Operating lease liabilities, noncurrent 2.04 2.11 2.24 2.06 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-term liabilities 36.22% 35.32% 36.28% 37.23% 36.70% 36.86% 41.00% 42.59% 42.25% 41.42% 41.28% 42.95% 43.62% 42.84% 42.70% 43.15% 42.59% 41.81% 42.89% 44.09%
Total liabilities 64.55% 59.14% 60.73% 61.55% 62.71% 60.61% 63.83% 64.82% 66.06% 62.86% 63.07% 64.07% 65.01% 63.22% 63.37% 63.09% 63.51% 63.44% 62.73% 64.36%
Redeemable noncontrolling interests 0.09 1.30 1.35 1.37 1.29 1.86 1.67 1.61 1.66 1.28 1.15 1.17 1.49 1.24 1.18 1.14 1.21 1.17 1.21 0.00
Common stock, par value, $0.01 per share 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
Additional paid-in capital 0.00 0.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.10 1.36 2.11 2.93 3.74
Accumulated other comprehensive loss -26.79 -24.51 -25.42 -26.60 -27.05 -27.92 -28.83 -29.82 -25.71 -23.37 -23.14 -24.17 -24.66 -23.28 -23.71 -24.45 -24.51 -24.01 -24.95 -26.45
Retained earnings 62.14 63.95 63.33 63.67 63.04 65.44 63.33 63.38 57.99 59.21 58.90 58.92 58.15 58.81 59.15 59.46 57.73 56.59 57.37 57.62
Total Raytheon Company stockholders’ equity 35.36% 39.56% 37.92% 37.08% 36.00% 37.53% 34.51% 33.57% 32.28% 35.86% 35.78% 34.77% 33.50% 35.54% 35.45% 35.12% 34.59% 34.70% 35.36% 34.92%
Noncontrolling interests in subsidiaries 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.65 0.69 0.69 0.70 0.72
Total equity 35.36% 39.56% 37.92% 37.08% 36.00% 37.53% 34.51% 33.57% 32.28% 35.86% 35.78% 34.77% 33.50% 35.54% 35.45% 35.76% 35.28% 35.38% 36.06% 35.64%
Total liabilities, redeemable noncontrolling interests and equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-10-01), 10-Q (reporting date: 2017-07-02), 10-Q (reporting date: 2017-04-02), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-10-02), 10-Q (reporting date: 2016-07-03), 10-Q (reporting date: 2016-04-03), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-27), 10-Q (reporting date: 2015-06-28), 10-Q (reporting date: 2015-03-29).

The financial structure of the organization reflects a gradual shift in the composition of its obligations and equity from 2015 through 2019. Total liabilities have remained relatively stable, fluctuating between 59% and 66% of the total capital structure, while total equity has generally trended upward, peaking at 39.56% in September 2019 before moderating to 35.36% by the end of the period.

Current Liabilities Trends
A consistent increase in the proportion of current liabilities is observed, rising from 20.27% in March 2015 to 28.33% by December 2019. This growth is driven largely by an increase in contract liabilities, which climbed from 6.99% to 9.45%, suggesting a higher reliance on customer advances or deferred revenue. Additionally, commercial paper and the current portion of long-term debt, which were not reported in the early part of the period, grew significantly to 4.34% by December 2019, indicating a shift toward shorter-term financing instruments.
Long-term Debt and Liabilities Dynamics
There is a pronounced downward trend in long-term liabilities, which decreased from 44.09% in March 2015 to 36.22% in December 2019. The most significant driver of this decline is long-term debt (excluding the current portion), which fell from 19.18% to 9.43% over the analyzed timeframe. This indicates a strategic reduction in long-term borrowing. Conversely, operating lease liabilities emerged as a new component of the balance sheet in 2019, stabilizing around 2%, likely reflecting changes in accounting standards regarding lease recognition.
Equity Composition and Retained Earnings
Total stockholders' equity shows a general upward trajectory, supported by a steady increase in retained earnings, which rose from 57.62% to 62.14% of the total structure. However, this growth is significantly offset by accumulated other comprehensive losses, which remained a substantial negative factor throughout the period, fluctuating between -23% and -29%. This suggests that while operational profitability is contributing to equity, unrealized losses in other comprehensive income are creating a persistent drag on the total equity position.
Overall Solvency and Capital Mix
The capital mix demonstrates a transition from long-term debt financing toward a combination of operational liabilities and retained earnings. The reduction in long-term debt, coupled with the increase in current liabilities and contract-related obligations, indicates a move toward a more liquid but shorter-term liability profile. The stability of the total liabilities to equity ratio suggests a maintained balance in the organization's overall solvency despite the internal shifts in debt maturity and equity components.

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