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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
Net EAC adjustments
Net EAC adjustments had the following impact on our operating results:
(In millions, except per share amounts)
2019(1)

 
2018(1)

 
2017

Operating income
$
520

 
$
492

 
$
442

Income from continuing operations attributable to Raytheon Company
411

 
389

 
287

Diluted EPS from continuing operations attributable to Raytheon Company
$
1.47

 
$
1.36

 
$
0.98


(1)
Amounts reflect a U.S. statutory tax rate of 21%, which became effective in 2018 with the adoption of the Tax Cuts and Jobs Act of 2017 (2017 Act).
Schedule of Receivables, Net
Receivables, net, consisted of the following at December 31: 
(In millions)
2019

 
2018

U.S. government contracts (including foreign military sales)
$
777

 
$
1,121

Other customers
594

 
539

Allowance for doubtful accounts
(7
)
 
(12
)
Total receivables, net
$
1,364

 
$
1,648
Schedule of Inventories
Inventories consisted of the following at December 31: 
(In millions)
2019

 
2018

Materials and purchased parts
$
78

 
$
75

Work in process
574

 
662

Finished goods
19

 
21

Total
$
671

 
$
758
Schedule Of Property Plant And Equipment Estimated Useful Life Of Asset
Provisions for depreciation generally are computed using a combination of accelerated and straight-line methods and are based on estimated useful lives as follows: 
 
Years
Machinery and equipment
3–10
Buildings
20–45
Schedule of Accumulated Other Comprehensive Income (Loss)
A rollforward of accumulated other comprehensive income (loss) was as follows:
 
Pension and PRB plans, net(1)

 
Foreign exchange translation

 
Cash flow hedges(2)

 
Unrealized gains (losses) on investments and other, net(3)

 
Total

 
 
 
 
 
(In millions)
 
 
 
 
Balance at December 31, 2016
$
(7,234
)
 
$
(175
)
 
$
—

 
$
(2
)
 
$
(7,411
)
Before tax amount
(651
)
 
80

 
10

 
(1
)
 
(562
)
Tax (expense) benefit
42

 
—

 
(4
)
 
—

 
38

Net of tax amount
(609
)
 
80

 
6

 
(1
)
 
(524
)
Balance at December 31, 2017
(7,843
)
 
(95
)
 
6

 
(3
)
 
(7,935
)
Before tax amount
1,028

 
(36
)
 
(12
)
 
1

 
981

Tax (expense) benefit
(216
)
 
—

 
3

 
—

 
(213
)
Net of tax amount
812

 
(36
)
 
(9
)
 
1

 
768

Reclassification of stranded tax effects
(1,452
)
 
—

 
1

 
—

 
(1,451
)
Balance at December 31, 2018
(8,483
)
 
(131
)
 
(2
)
 
(2
)
 
(8,618
)
Before tax amount
(822
)
 
7

 
4

 
(3
)
 
(814
)
Tax (expense) benefit
173

 
—

 
(1
)
 
—

 
172

Net of tax amount
(649
)
 
7

 
3

 
(3
)
 
(642
)
Balance at December 31, 2019
$
(9,132
)
 
$
(124
)
 
$
1

 
$
(5
)
 
$
(9,260
)

(1)
Pension and PRB plans, net, is shown net of cumulative tax benefits of $2,428 million and $2,255 million at December 31, 2019 and December 31, 2018, respectively.
(2)
Cash flow hedges are shown net of cumulative tax of zero and tax benefits of $1 million at December 31, 2019 and December 31, 2018, respectively.
(3)
Unrealized gains (losses) on investments and other, net, are shown net of cumulative tax expense of $1 million at both December 31, 2019 and December 31, 2018.
Schedule of Derivative Assets and Liabilities The fair value of asset derivatives included in other assets, net and liability derivatives included in other current liabilities in our consolidated balance sheets related to foreign currency forward contracts were as follows:
(In millions)
 
2019

 
2018

Asset derivatives related to foreign currency forward contracts
 
$
29

 
$
26

Liability derivatives related to foreign currency forward contracts
 
15

 
34