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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q
 
ý
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
For the quarterly period ended March 31, 2019
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
 
For the transition period from               to              
Commission File Number 1-13699
________________________________________________________________________________
RAYTHEON COMPANY
(Exact name of Registrant as Specified in its Charter)
________________________________________________________________________________ 
Delaware
 
95-1778500
(State or Other Jurisdiction of Incorporation or Organization)
 
(I.R.S. Employer Identification No.)
870 Winter Street, Waltham, Massachusetts 02451
(Address of Principal Executive Offices) (Zip Code)
(781) 522-3000
(Registrant’s telephone number, including area code)
________________________________________________________________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes ý   No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes ý   No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
Large accelerated filer
 
ý
 
Accelerated filer
 
o
Non-accelerated filer
 
o
 
Smaller reporting company
 
o
 
 
 
 
Emerging growth company
 
o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨   No ý
Number of shares of common stock outstanding as of April 22, 2019 was 279,871,000.


Table of Contents

RAYTHEON COMPANY
TABLE OF CONTENTS
 
 
 
 
 
 
Page
PART I
 
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
PART II
 
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 6.
 
 

2

Table of Contents

Cautionary Note Regarding Forward-Looking Statements
This Form 10-Q contains forward-looking statements within the meaning of federal securities laws, including information regarding our financial outlook, future plans, objectives, business prospects, products and services, trends and anticipated financial performance, including with respect to: our revenue; our liquidity and capital resources; our capital expenditures; our bookings and backlog; our international sales, including our ability to do business in the Kingdom of Saudi Arabia (KSA) and delays in the Congressional Notification process for direct commercial sales contracts for precision guided munitions to certain Middle Eastern customers; our expected tax payments; our pension, nonqualified defined benefit and defined contribution plans funding; the impact of new accounting pronouncements and tax regulations; our unrecognized tax benefits; our recognition of revenue on certain performance obligations; our reclassifications of gains or losses on cash flow hedges; the impact and outcome of audits, legal and administrative proceedings, claims, investigations and commitments and contingencies; the impact of certain regional developments; and the impact of changes in foreign currency rates. You can identify these statements by the fact that they include words such as “will,” “believe,” “anticipate,” “expect,” “estimate,” “intend,” “plan,” or variations of these words, or similar expressions. These forward-looking statements are not statements of historical facts and represent only our current expectations regarding such matters. These statements inherently involve a wide range of known and unknown uncertainties. Our actual actions and results could differ materially from what is expressed or implied by these statements. Specific factors that could cause such a difference include, but are not limited to, those set forth under Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2018 and other important factors disclosed previously and from time to time in our other filings with the Securities and Exchange Commission (SEC). Given these factors, as well as other variables that may affect our operating results, you should not rely on forward-looking statements, assume that past financial performance will be a reliable indicator of future performance, or use historical trends to anticipate results or trends in future periods. We expressly disclaim any obligation or intention to provide updates to the forward-looking statements and the estimates and assumptions associated with them, except as required by law.



3

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
RAYTHEON COMPANY
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions, except per share amounts)
 
Mar 31, 2019
 
Dec 31, 2018
Assets
 
 
 
 
Current assets
 
 
 
 
Cash and cash equivalents
 
$
2,093

 
$
3,608

Receivables, net
 
1,424

 
1,648

Contract assets
 
5,971

 
5,594

Inventories
 
882

 
758

Prepaid expenses and other current assets
 
586

 
529

Total current assets
 
10,956

 
12,137

Property, plant and equipment, net
 
2,899

 
2,840

Operating lease right-of-use assets
 
816

 
805

Goodwill
 
14,882

 
14,864

Other assets, net
 
2,023

 
2,024

Total assets
 
$
31,576

 
$
32,670

 
 
 
 
 
Liabilities, Redeemable Noncontrolling Interests and Equity
 
 
 
 
Current liabilities
 
 
 
 
Commercial paper and current portion of long-term debt
 
$
800

 
$
300

Contract liabilities
 
2,930

 
3,309

Accounts payable
 
1,361

 
1,964

Accrued employee compensation
 
995

 
1,509

Other current liabilities
 
1,594

 
1,381

Total current liabilities
 
7,680

 
8,463

Accrued retiree benefits and other long-term liabilities
 
6,848

 
6,922

Long-term debt
 
4,256

 
4,755

Operating lease liabilities
 
652

 
647

Commitments and contingencies (Note 12)
 


 

 
 
 
 
 
Redeemable noncontrolling interests
 
432

 
411

 
 
 
 
 
Equity
 
 
 
 
Raytheon Company stockholders’ equity
 
 
 
 
Common stock, par value, $0.01 per share, 1,450 shares authorized, 280 and 282 shares outstanding at March 31, 2019 and December 31, 2018, respectively
 
3

 
3

Additional paid-in capital
 

 

Accumulated other comprehensive loss
 
(8,399
)
 
(8,618
)
Retained earnings
 
20,104

 
20,087

Total Raytheon Company stockholders’ equity
 
11,708

 
11,472

Noncontrolling interests in subsidiaries
 

 

Total equity
 
11,708

 
11,472

Total liabilities, redeemable noncontrolling interests and equity
 
$
31,576

 
$
32,670


The accompanying notes are an integral part of the unaudited consolidated financial statements.

4

Table of Contents

RAYTHEON COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
 
 
 
Three Months Ended
(In millions, except per share amounts)
 
Mar 31, 2019
 
Apr 1, 2018
Net sales
 
 
 
 
Products
 
$
5,562

 
$
5,254

Services
 
1,167

 
1,013

Total net sales
 
6,729

 
6,267

Operating expenses
 
 
 
 
Cost of sales—products
 
4,002

 
3,737

Cost of sales—services
 
875

 
795

General and administrative expenses
 
739

 
694

Total operating expenses
 
5,616

 
5,226

Operating income
 
1,113

 
1,041

Non-operating (income) expense, net
 
 
 
 
Retirement benefits non-service expense
 
181

 
239

Interest expense
 
44

 
47

Interest income
 
(13
)
 
(7
)
Other (income) expense, net
 
(20
)
 
5

Total non-operating (income) expense, net
 
192

 
284

Income from continuing operations before taxes
 
921

 
757

Federal and foreign income taxes
 
146

 
133

Income from continuing operations
 
775

 
624

Income (loss) from discontinued operations, net of tax
 

 
(1
)
Net income
 
775

 
623

Less: Net income (loss) attributable to noncontrolling interests in subsidiaries
 
(6
)
 
(10
)
Net income attributable to Raytheon Company
 
$
781

 
$
633

 
 
 
 
 
Basic earnings per share attributable to Raytheon Company common stockholders:
 
 
 
 
Income from continuing operations
 
$
2.77

 
$
2.20

Income (loss) from discontinued operations, net of tax
 

 

Net income
 
2.77

 
2.20

Diluted earnings per share attributable to Raytheon Company common stockholders:
 
 
 
 
Income from continuing operations
 
$
2.77

 
$
2.20

Income (loss) from discontinued operations, net of tax
 

 

Net income
 
2.77

 
2.19

Amounts attributable to Raytheon Company common stockholders:
 

 
 
Income from continuing operations
 
$
781

 
$
634

Income (loss) from discontinued operations, net of tax
 

 
(1
)
Net income
 
$
781

 
$
633

The accompanying notes are an integral part of the unaudited consolidated financial statements.

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RAYTHEON COMPANY 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

 
Three Months Ended
(In millions)
Mar 31, 2019

 
Apr 1, 2018

Net income
$
775

 
$
623

Other comprehensive income (loss), before tax:
 
 
 
Pension and other postretirement benefit plans, net:
 
 
 
Amortization of prior service cost
1

 
1

Amortization of net actuarial loss
276

 
347

Pension and other postretirement benefit plans, net
277

 
348

Foreign exchange translation
8

 
24

Cash flow hedges
(10
)
 
(10
)
Unrealized gains (losses) on investments and other, net

 

Other comprehensive income (loss), before tax
275

 
362

Income tax benefit (expense) related to items of other comprehensive income (loss)
(56
)
 
(71
)
Other comprehensive income (loss), net of tax
219

 
291

Reclassification of stranded tax effects

 
(1,451
)
Total comprehensive income (loss)
994

 
(537
)
Less: Comprehensive income (loss) attributable to noncontrolling interests in subsidiaries
(6
)
 
(10
)
Comprehensive income (loss) attributable to Raytheon Company
$
1,000

 
$
(527
)
The accompanying notes are an integral part of the unaudited consolidated financial statements.


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RAYTHEON COMPANY
CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)
 
(In millions)
 
Common stock

 
Additional paid-in capital

 
Accumulated other comprehensive income (loss)

 
Retained earnings

 
Total Raytheon Company stockholders’ equity

 
Noncontrolling interests in subsidiaries(1)

 
Total equity

Balance at December 31, 2018
 
$
3

 
$

 
$
(8,618
)
 
$
20,087

 
$
11,472

 
$

 
$
11,472

Net income (loss)
 
 
 
 

 
 
 
781

 
781

 

 
781

Other comprehensive income (loss), net of tax
 
 
 
 
 
219

 
 
 
219

 
 
 
219

Adjustment of redeemable noncontrolling interests to redemption value
 
 
 
 
 
 
 
5

 
5

 
 
 
5

Dividends declared
 
 
 
1

 
 
 
(265
)
 
(264
)
 
 
 
(264
)
Common stock plans activity
 
 
 
61

 
 
 
 
 
61

 
 
 
61

Share repurchases
 
 
 
(62
)
 
 
 
(504
)
 
(566
)
 
 
 
(566
)
Balance at March 31, 2019
 
$
3

 
$

 
$
(8,399
)
 
$
20,104

 
$
11,708

 
$

 
$
11,708

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2017
 
$
3

 
$

 
$
(7,935
)
 
$
17,895

 
$
9,963

 
$

 
$
9,963

Net income (loss)
 
 
 
 
 
 
 
633

 
633

 

 
633

Other comprehensive income (loss), net of tax
 
 
 
 
 
291

 
 
 
291

 
 
 
291

Reclassification of stranded tax effects
 
 
 
 
 
(1,451
)
 
1,451

 

 
 
 

Adjustment of redeemable noncontrolling interests to redemption value
 
 
 
 
 
 
 
11

 
11

 
 
 
11

Dividends declared
 
 
 
1

 
 
 
(252
)
 
(251
)
 
 
 
(251
)
Common stock plans activity
 
 
 
62

 
 
 
 
 
62

 
 
 
62

Share repurchases
 
 
 
(63
)
 
 
 
(409
)
 
(472
)
 
 
 
(472
)
Balance at April 1, 2018
 
$
3

 
$

 
$
(9,095
)
 
$
19,329

 
$
10,237

 
$

 
$
10,237

(1)
Excludes redeemable noncontrolling interests which are not considered equity. See “Note 13: Redeemable Noncontrolling Interests” for additional information.
The accompanying notes are an integral part of the unaudited consolidated financial statements.

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RAYTHEON COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
 
 
Three Months Ended
(In millions)
 
Mar 31, 2019
 
Apr 1, 2018
Cash flows from operating activities
 
 
 
 
Net income
 
$
775

 
$
623

(Income) loss from discontinued operations, net of tax
 

 
1

Income from continuing operations
 
775

 
624

Adjustments to reconcile to net cash provided by (used in) operating activities from continuing operations, net of the effect of acquisitions and divestitures
 
 
 
 
Depreciation and amortization
 
140

 
135

Stock-based compensation
 
59

 
63

Deferred income taxes
 
(44
)
 
(77
)
Changes in assets and liabilities
 
 
 
 
Receivables, net
 
236

 
(314
)
Contract assets and contract liabilities
 
(731
)
 
(174
)
Inventories
 
(124
)
 
(46
)
Prepaid expenses and other current assets
 
(59
)
 
138

Income taxes receivable/payable
 
181

 
290

Accounts payable
 
(484
)
 
(167
)
Accrued employee compensation
 
(523
)
 
(420
)
Other current liabilities
 
3

 
(60
)
Accrued retiree benefits
 
219

 
306

Other, net
 
(59
)
 
(15
)
Net cash provided by (used in) operating activities from continuing operations
 
(411
)
 
283

Net cash provided by (used in) operating activities from discontinued operations
 

 
1

Net cash provided by (used in) operating activities
 
(411
)
 
284

Cash flows from investing activities
 
 
 
 
Additions to property, plant and equipment
 
(274
)
 
(219
)
Additions to capitalized internal use software
 
(10
)
 
(12
)
Maturities of short-term investments
 

 
309

Payments for purchases of acquired companies, net of cash received
 
(8
)
 

Other
 

 
(1
)
Net cash provided by (used in) investing activities
 
(292
)
 
77

Cash flows from financing activities
 
 
 
 
Dividends paid
 
(245
)
 
(230
)
Net borrowings (payments) on commercial paper
 

 

Repurchases of common stock under share repurchase programs
 
(500
)
 
(400
)
Repurchases of common stock to satisfy tax withholding obligations
 
(66
)
 
(72
)
Other
 
(5
)
 
(5
)
Net cash provided by (used in) financing activities
 
(816
)
 
(707
)
Net increase (decrease) in cash, cash equivalents and restricted cash
 
(1,519
)
 
(346
)
Cash, cash equivalents and restricted cash at beginning of the year
 
3,624

 
3,115

Cash, cash equivalents and restricted cash at end of period
 
$
2,105

 
$
2,769


The accompanying notes are an integral part of the unaudited consolidated financial statements.

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RAYTHEON COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 1: Basis of Presentation
We prepared the accompanying unaudited consolidated financial statements of Raytheon Company and all wholly-owned, majority-owned or otherwise controlled subsidiaries on the same basis as our annual audited financial statements. We condensed or omitted certain information and footnote disclosures normally included in our annual audited financial statements, which we prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). Our quarterly financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2018. As used in this report, the terms “we,” “us,” “our,” “Raytheon” and the “Company” mean Raytheon Company and its subsidiaries, unless the context indicates another meaning.

In the opinion of management, our financial statements reflect all adjustments, which are of a normal recurring nature, necessary for presentation of financial statements for interim periods in accordance with U.S. GAAP and with the instructions to Form 10-Q in Article 10 of Securities and Exchange Commission (SEC) Regulation S-X. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of our financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates, and any such differences may be material to our financial statements.

Effective January 1, 2019, we adopted the requirements of Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) using the modified retrospective approach as discussed below in “Note 2: Accounting Standards.” We reclassified certain balance sheet amounts to conform to our current period presentation. All amounts disclosed in this Form 10-Q reflect these changes.

Note 2: Accounting Standards
In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), which requires lessees to recognize a right-of-use asset and lease liability for most lease arrangements. Effective January 1, 2019, we adopted the requirements of the new lease standard using the modified retrospective approach, applying the new lease requirements at the beginning of the earliest period presented. In addition, we elected the package of practical expedients permitted under the transition guidance within the new standard, which, among other things, allows us to carry forward the historical lease classification. We did not elect the practical expedient to use hindsight in determining the lease term and in assessing impairment of right-of-use assets. The standard resulted in the recognition of operating lease right-of-use assets of $805 million and operating lease liabilities of $841 million, of which $194 million was classified as current and is included in other current liabilities in our consolidated balance sheet as of December 31, 2018, with immaterial changes to other balance sheet accounts. The standard had no impact on our results of operations or cash flows. In addition, new disclosures are provided to enable users to assess the amount, timing and uncertainty of cash flows arising from leases.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement: Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement (Topic 820), which eliminates the disclosure requirement of the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and modifies certain disclosure requirements related to Level 3 recurring and nonrecurring fair value measurements. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. Effective January 1, 2019, we elected to early adopt the requirements of the new standard on a prospective basis. The standard did not have an impact on our financial position, results of operations or liquidity.

In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-24): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract, which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. Effective January 1, 2019, we elected to early adopt the requirements of the new standard on a prospective basis. The standard did not have a material impact on our financial position, results of operations or liquidity.

Other new pronouncements adopted and issued but not effective until after March 31, 2019 did not and are not expected to have a material impact on our financial position, results of operations or liquidity.


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Table of Contents

Note 3: Significant Accounting Policies Update
Our significant accounting policies are detailed in “Note 1: Summary of Significant Accounting Policies” within Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2018. Significant changes to our accounting policies as a result of adopting Topic 842 are discussed below:

Leases—We determine if an arrangement is a lease or contains an embedded lease at inception. For lease agreements with both lease and nonlease components (e.g., common-area maintenance costs), we account for the nonlease components separately. Consideration is allocated to the lease and nonlease components based on the estimated standalone prices.

All of our leases are operating leases. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of the future lease payments over the lease term at the commencement date. The current portion of operating lease liabilities is included in other current liabilities in our consolidated balance sheets. For the majority of our leases, the discount rate used to determine the present value of the lease payments is our incremental borrowing rate as of the lease commencement date, as the implicit rate is not readily determinable. The operating lease right-of-use assets also includes any initial direct costs and any lease payments made at or before the commencement date, and is reduced for any unrestricted incentives received at or before the commencement date.

Some of our leases include options to extend or terminate the lease. We include these options in the recognition of our right-of-use assets and lease liabilities when it is reasonably certain that we will exercise the option. Very few of our leases include variable lease-related payments, such as escalation clauses based on consumer price index (CPI) rates, or residual guarantees. Variable payments that are based on an index or a rate are included in the recognition of our right-of-use assets and lease liabilities using the index or rate at lease commencement; however, changes to these lease payments due to rate or index updates are recorded as rent expense in the period incurred. Amounts probable of payment under residual guarantees are also included in the recognition of our right-of-use assets and lease liabilities.

Note 4: Changes in Estimates under Percentage of Completion Contract Accounting
We have a companywide standard and disciplined quarterly Estimate at Completion (EAC) process in which management reviews the progress and execution of our performance obligations. As part of this process, management reviews information including, but not limited to, any outstanding key contract matters, progress towards completion and the related program schedule, identified risks and opportunities and the related changes in estimates of revenues and costs. The risks and opportunities include management’s judgment about the ability and cost to achieve the schedule (e.g., the number and type of milestone events), technical requirements (e.g., a newly-developed product versus a mature product) and other contract requirements. Management must make assumptions and estimates regarding labor productivity and availability, the complexity of the work to be performed, the availability of materials, the length of time to complete the performance obligation (e.g., to estimate increases in wages and prices for materials and related support cost allocations), execution by our subcontractors, the availability and timing of funding from our customer, and overhead cost rates, among other variables. These estimates also include the estimated cost of satisfying our industrial cooperation agreements, sometimes in the form of either offset obligations or in-country industrial participation (ICIP) agreements, required under certain contracts. These obligations may or may not be distinct depending on their nature.

Based on this analysis, any quarterly adjustments to net sales, cost of sales and the related impact to operating income are recognized as necessary in the period they become known. These adjustments may result from positive program performance, and may result in an increase in operating income during the performance of individual performance obligations, if we determine we will be successful in mitigating risks surrounding the technical, schedule and cost aspects of those performance obligations or realizing related opportunities. Likewise, these adjustments may result in a decrease in operating income if we determine we will not be successful in mitigating these risks or realizing related opportunities. Changes in estimates of net sales, cost of sales and the related impact to operating income are recognized quarterly on a cumulative catch-up basis, which recognizes in the current period the cumulative effect of the changes on current and prior periods based on a performance obligation’s percentage of completion. A significant change in one or more of these estimates could affect the profitability of one or more of our performance obligations. When estimates of total costs to be incurred exceed total estimates of revenue to be earned on a performance obligation related to complex aerospace or defense equipment or related services, or product maintenance or separately priced extended warranty, a provision for the entire loss on the performance obligation is recognized in the period the loss is identified.


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Net EAC adjustments had the following impact on our operating results:
 
Three Months Ended
(In millions, except per share amounts)
Mar 31, 2019
 
Apr 1, 2018
Operating income
$
123

 
$
115

Income from continuing operations attributable to Raytheon Company
97

 
91

Diluted earnings per share (EPS) from continuing operations attributable to Raytheon Company
$
0.34

 
$
0.32



In addition, net revenue recognized from our performance obligations satisfied in previous periods was $158 million and $138 million in the first quarters of 2019 and 2018, respectively. This primarily relates to EAC adjustments that impacted revenue.

Note 5: Earnings Per Share (EPS)
We compute basic and diluted EPS using actual income from continuing operations attributable to Raytheon Company common stockholders, income (loss) from discontinued operations attributable to Raytheon Company common stockholders and net income attributable to Raytheon Company, and our actual weighted-average shares outstanding rather than the numbers presented within our unaudited consolidated financial statements, which are rounded to the nearest million. As a result, it may not be possible to recalculate EPS as presented in our unaudited consolidated financial statements. Furthermore, it may not be possible to recalculate EPS attributable to Raytheon Company common stockholders by adjusting EPS from continuing operations by EPS from discontinued operations.

We include all unvested stock awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, in the number of shares outstanding in our basic EPS calculation as they are considered participating securities. As a result, we have included all of our outstanding unvested awards of restricted stock, as well as restricted stock units (RSUs) and Long-term Performance Plan (LTPP) awards that meet the retirement eligible criteria in our calculation of basic EPS. We disclose EPS for common stock and unvested stock-based payment awards, and separately disclose distributed and undistributed earnings. Distributed earnings represent common stock dividends and dividends earned on unvested awards of restricted stock and stock-based payment awards of retirement eligible employees. Undistributed earnings represent earnings that were available for distribution but were not distributed. Common stock and unvested stock-based payment awards earn dividends equally.

As described in “Note 13: Redeemable Noncontrolling Interests,” we record redeemable noncontrolling interest related to Vista Equity Partners’ interest in Forcepoint. We reflect the redemption value adjustments related to this redeemable noncontrolling interest in both the basic and diluted EPS calculation for the portion of redemption value that is in excess of the fair value of noncontrolling interest. There was no impact to basic or diluted EPS in the first quarters of 2019 or 2018.

EPS from continuing operations attributable to Raytheon Company common stockholders and unvested stock-based payment awards was as follows: 
 
 
Three Months Ended
 
 
Mar 31, 2019
 
Apr 1, 2018
Basic EPS attributable to Raytheon Company common stockholders:
 
 
 
 
Distributed earnings
 
$
0.94

 
$
0.87

Undistributed earnings
 
1.83

 
1.33

Total
 
$
2.77

 
$
2.20

Diluted EPS attributable to Raytheon Company common stockholders:
 
 
 
 
Distributed earnings
 
$
0.94

 
$
0.87

Undistributed earnings
 
1.83

 
1.33

Total
 
$
2.77

 
$
2.20




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Table of Contents

Income attributable to participating securities was as follows:
 
Three Months Ended
(In millions)
Mar 31, 2019
 
Apr 1, 2018
Income from continuing operations attributable to participating securities
$
8

 
$
7

Income (loss) from discontinued operations, net of tax attributable to participating securities

 

Net income attributable to participating securities
$
8

 
$
7


The weighted-average shares outstanding for basic and diluted EPS were as follows: 
 
Three Months Ended
(In millions)
Mar 31, 2019
 
Apr 1, 2018
Shares for basic EPS(1)
281.9

 
288.5

Effect of dilutive securities
0.3

 
0.3

Shares for diluted EPS
282.2

 
288.8

(1)
Includes 2.8 million and 3.2 million participating securities for the first quarters of 2019 and 2018, respectively.

Note 6: Inventories
Inventories consisted of the following: 
(In millions)
 
Mar 31, 2019
 
Dec 31, 2018
Materials and purchased parts
 
$
74

 
$
75

Work in process
 
785

 
662

Finished goods
 
23

 
21

Total
 
$
882

 
$
758



Precontract costs are costs incurred to fulfill a contract prior to contract award. Precontract costs, including general and administrative expenses that are specifically chargeable to the customer, are deferred in inventories if we determine that the costs are probable of recovery under a specific anticipated contract. All other precontract costs, including start-up costs, are expensed as incurred. Costs that are deferred are recognized as contract costs upon the receipt of the anticipated contract. We included deferred precontract costs of $238 million and $163 million in inventories as work in process at March 31, 2019 and December 31, 2018, respectively.

Note 7: Contract Assets and Contract Liabilities
Our contract assets consist of unbilled amounts typically resulting from sales under long-term contracts when the cost-to-cost method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer. Our contract liabilities consist of advance payments and billings in excess of costs incurred and deferred revenue. The noncurrent portion of deferred revenue is included in accrued retiree benefits and other long-term liabilities in our consolidated balance sheets.

Net contract assets (liabilities) consisted of the following:
(In millions, except percentages)
 
Mar 31, 2019
 
Dec 31, 2018
 
$ Change
 
% Change
Contract assets
 
$
5,971

 
$
5,594

 
$
377

 
6.7
 %
Contract liabilities—current
 
(2,930
)
 
(3,309
)
 
379

 
(11.5
)%
Contract liabilities—noncurrent
 
(141
)
 
(150
)
 
9

 
(6.0
)%
Net contract assets (liabilities)
 
$
2,900

 
$
2,135

 
$
765

 
35.8
 %


The $765 million increase in our net contract assets (liabilities) from December 31, 2018 to March 31, 2019 was primarily due to a $379 million decrease in our current contract liabilities, primarily driven by revenue recognized on certain international programs with milestone payments or advances, and a $377 million increase in our contract assets, principally due to contractual billing terms on U.S. government and foreign military sales contracts and the timing of pending approvals on direct commercial sales contracts for precision gui