Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Raytheon Co., consolidated balance sheet: assets

US$ in millions

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Cash and cash equivalents	4,292)	3,608)	3,103)	3,303)	2,328)
Short-term investments	—)	—)	297)	100)	872)
Receivables, net	1,364)	1,648)	1,324)	1,218)	1,169)
Contract assets	6,122)	5,594)	5,247)	4,984)	4,395)
Inventories	671)	758)	594)	659)	635)
Prepaid expenses and other current assets	633)	528)	761)	414)	413)
Current assets	13,082)	12,136)	11,326)	10,678)	9,812)
Property, plant and equipment, net	3,353)	2,840)	2,439)	2,166)	2,005)
Operating lease right-of-use assets	875)	—)	—)	—)	—)
Goodwill	14,882)	14,864)	14,871)	14,788)	14,731)
Marketable securities held in trust	753)	642)	633)	550)	525)
Computer software, net of accumulated amortization	252)	261)	288)	291)	294)
Other intangible assets, net of accumulated amortization	283)	361)	481)	598)	700)
Deferred tax asset	534)	331)	537)	753)	906)
Other noncurrent assets, net	552)	429)	285)	228)	308)
Other assets, net	2,374)	2,024)	2,224)	2,420)	2,733)
Noncurrent assets	21,484)	19,728)	19,534)	19,374)	19,469)
Total assets	34,566)	31,864)	30,860)	30,052)	29,281)

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).

The financial data reveals several notable trends in the company's asset structure over the five-year period ending December 31, 2019.

Liquidity and Current Assets: Cash and cash equivalents demonstrate a consistent upward trend, increasing from $2,328 million in 2015 to $4,292 million in 2019, suggesting improved liquidity. Short-term investments are volatile, peaking at $872 million in 2015, sharply declining to $100 million in 2016 and then rising to $297 million in 2017 before disappearing from the data in later years, indicating a possible reclassification or disposal. Receivables experienced moderate growth, increasing from $1,169 million in 2015 to a peak of $1,648 million in 2018 before declining to $1,364 million in 2019, which may reflect changes in sales or collections practices. Contract assets consistently increased, rising from $4,395 million in 2015 to $6,122 million in 2019, highlighting a growing portion of revenue recognized but not yet billed. Inventories show fluctuations without a clear trend, rising modestly overall from $635 million in 2015 to $671 million in 2019, but with lower values in interim years. Prepaid expenses and other current assets increased notably in 2017 but otherwise remained relatively stable in the range of approximately $400 to $630 million. Overall, current assets steadily grew from $9,812 million in 2015 to $13,082 million in 2019, reflecting expansion in liquidity and working capital components.
Noncurrent Assets and Long-Term Investments: Property, plant, and equipment, net, shows a consistent and significant increase from $2,005 million in 2015 to $3,353 million in 2019, indicative of ongoing capital investment. An operating lease right-of-use asset appears only in 2019 with a value of $875 million, reflecting adoption of new lease accounting standards or acquisition of leased assets. Goodwill remains relatively stable, with minor fluctuations around $14,700 million, suggesting little change in the scale of acquisitions or impairment. Marketable securities held in trust increased steadily from $525 million to $753 million, indicating growth in long-term investment portfolios. Computer software net of amortization declined gradually from $294 million to $252 million, possibly due to amortization exceeding new investments. Other intangible assets, net, decreased significantly from $700 million to $283 million, reflecting amortization or disposals. Deferred tax assets showed a downward trend from $906 million in 2015 to $331 million in 2018, with a partial recovery to $534 million in 2019, which may be due to changes in tax positions or recognition of deferred tax benefits. Other noncurrent assets increased from $308 million to $552 million, signaling growing long-term asset components. Other assets, net, trended downward from $2,733 million to $2,024 million by 2018, with a subsequent increase to $2,374 million in 2019. Total noncurrent assets increased moderately from $19,469 million in 2015 to $21,484 million in 2019.
Total Assets: The total assets recorded consistent growth across the period, rising from $29,281 million in 2015 to $34,566 million in 2019, evidencing overall expansion in the company's asset base.

In summary, the company demonstrated a pattern of increasing liquidity and current assets, supported by steady growth in contract assets and capital expenditures on property and equipment. The inclusion of operating lease right-of-use assets in the final year suggests adaptation to accounting changes. While goodwill remained stable, intangible assets and deferred tax assets experienced declines, partially offset by increases in other long-term assets. The total asset growth underscores a broad-based expansion of financial resources over the period analyzed.

Assets: Selected Items

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Current Assets: Selected Items

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Raytheon Co. (NYSE:RTN)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items