Raytheon Technologies (RTX) 2008年年度報告「NYSE」.pdf

《Raytheon Technologies (RTX) 2008年年度報告「NYSE」.pdf》由會員分享，可在線閱讀，更多相關《Raytheon Technologies (RTX) 2008年年度報告「NYSE」.pdf（141頁珍藏版）》請在三個皮匠報告上搜索。

1、Raytheon 2008 Annual Report$18.5$19.7$21.3$23.2$17.4Years ended December 31200620072008In millions,except per share amounts and percentagesBacklog$33,838$36,614$38,884Net Sales 19,70721,301 23,174Operating Income 1,9442,328 2,596Income from Continuing Operations(Adjusted in 2007&2008)1 1,1871,4741,7

2、19Diluted EPS from Continuing Operations(Adjusted in 2007&2008)1 2.633.314.06Operating Cash Flow fromw Continuing Operations 2,4771,249 2,036Dividends Declared per Share 0.961.02 1.12Debt to Capital 26.3%15.3%20.3%Return on Invested Capital(Adjusted in 2007&2008)1 8.3%9.5%10.8%Raytheon Financial Hig

3、hlightsBACKLOG NET SALES OPERATING INCOME$31.5$33.8$36.6$38.9$29.9$1.6$2.3$1.9$2.610.8%$1.38.3%9.5%6.5%5.4%12008 income from continuing operations,diluted EPS from continuing operations and return on invested capital have all been adjusted to exclude the$45 million($69 millionpretax)or$0.11 per dilu

4、ted share unfavorable adjustment due to the impact of pension investment returns on existing contracts(CAS Pension Adjustment).2007 income fromcontinuing operations,diluted EPS from continuing operations and return on invested capital have all been adjusted to exclude the$219 million or$0.49 per dil

5、uted sharefavorable adjustment due to certain tax-related benefits.fiThese measures are non-GAAP fi nancialfi measures.Please see the page that precedes the back cover of this report fora reconciliation of these measures to GAAP and a discussion of why the Company is presenting this information.In b

6、illions,except percentagesROIC(Adjusted in 2007&2008)1040506070804050607080405060708040506070835050_Eds 14/3/09 11:07:48 PM2Dear Fellow Shareholders,I am pleased to report that 2008 was another strong yearfor our company.We successfully executed our strategy and had strong operating results,reflecte

7、d in a recordflyear-end backlog of$38.9 billion,nine percent sales growth and 23 percent growth in adjusted earnings per share from continuing operations.We had excellent operating cash flow of$2 billion for the year,and we continued to flimprove Return on Invested Capital.All of our businessesperfo

8、rmed well.The Raytheon team has worked hard these last several years to intensify our focus on the customer,to reshape andfocus our portfolio on our core government and defense business,to become extremely process disciplined,andto perform strongly on our programs and stay on budget.This last point

9、has been of utmost importance to us.Balance Sheet Strength We have also worked hard to strengthen the balance sheet.In September 2008,our senior debt rating was upgraded by both Fitch and Standard&Poors to A-.We ended theyear in a strong cash position,with our cash on hand nearly equal to our debt o

10、utstanding,which means our net-debt was near zero.The result of our solid balance sheet is that we have beenable to both invest in our businesses future and to return cash to shareholders through increased dividends andshare repurchases.Clearly,it was a tumultuous year infinancial markets and in the

11、 economy,and none of us fiare immune to these forces.At Raytheon,we did see an impact from market performance on our pension plan investments.We made$660 million in discretionary cash contributions to the plans in 2008 and$900 millionin 2007.While the near-term outlook for the financialfimarkets and

12、 the economy continues to be uncertain,we remain committed to continue to meet our pension obligations going forward.International SuccessAs we move forward with our strategic plan for growth,one of the key drivers of our growth strategy is our focus on fexpanding international sales,and in 2008“int

13、ernational”contributed 28 percent of total bookings.The success of the companys international strategy is reflected in theflresurgence of our Patriot program,highlighted by anorder in 2008 of up to$3.3 billion for the Patriot air andmissile defense system for the United Arab Emirates.This follows on

14、 other important international programswhich,while previously awarded,achieved significant pro-figram milestones in 2008,including in the United Kingdomthe e-Borders program for the U.K.Border Agency and the Airborne Stand-Off Radar(ASTOR)system for theU.K.Ministry of Defence;and in Australia missio

15、n systems integration and support for the Australian Navys HobartClass Air Warfare Destroyer.I am also pleased to report thatthe Royal Moroccan Air Force has now selected Raytheonsdigital electronic warfare suite to equip its F-16s,a strategic win with a core technology internationally.U.S.ProgramsW

16、ith respect to U.S.programs,I want to share with you a few of the many examples that reflf ect the strength of ourflteam and our focus on performance,relationships andsolutions that drive customer success.The fi rst example has a long name and an importantfiobjective.In 2008,we were awarded the Air

17、Traffic ControlfiOptimum Training Solution(ATCOTS)contract to providetraining support for Federal Aviation Administration air traffi c controllers.As you will read in this report,fiATCOTS is a building block in the transition from todays ground-based air traffic control environment to future fisatel

18、lite-based systems.The second example is our selection for the design and development phase of the Joint Precision Approach and Landing System(JPALS)for the U.S.Navy.JPALS has a big mission:to provide pilots with an advanced pinpoint landing capability on aircraft carriers.35050_Eds 24/3/09 11:07:51

19、 PM3The third example captured worldwide attention inFebruary 2008 as Raytheon technology played a pivotalrole in the successful intercept of a non-functioningsatellite.The companys Standard Missile-3 interceptedthe target 153 miles over the Pacific Ocean.The Sea-Based fiX-band radar,designed and bu

20、ilt by Raytheon,tracked thesatellite prior to the missile engagement and performedthe hit assessment afterward.Throughout the process,Raytheon engineers worked closely with our customers andteammates to ensure mission success.The SM-3 satelliteintercept team was recently awarded Aviation Weeks 52ndA

21、nnual Laureate Award,which recognizes outstanding achievement,strategy,leadership and heroism in aviation,aerospace and defense.Prepared To Embrace The FutureAt the beginning of this letter,I summarized the scope of our progress these last several years in focusing onfcustomer success,reshaping our

22、portfolio,improving process discipline,and strengthening the balance sheet.This years Annual Report puts the spotlight on another key contributor to the companys success:innovation.Raytheonis a technology company,and we are very proud of ourteams wonderful solutions.from Universal ControlSystems tha

23、t enhance performance in piloting unmanned aerial systems.to our role in two of TIME Magazines 50 Best Inventions of 2008:our Radio Frequency componentsfor NASAs soon-to-be launched Lunar Reconnaissance Orbiter and our Active Protection System that is being developed for the U.S.Army.In the pages th

24、at follow,you will read about some of the many,many technology solu-tions developed by our world-class engineers and scientists.Our engineers and scientists inspire us.They show us what can be accomplished when we look at the world with fresh eyes,collaborate,welcome new ideas and try to do things d

25、ifferently.We feel so strongly about this mindset that weare redoubling our efforts on innovation at Raytheon.Thatis,we want there to be an innovative approach to meetingneeds that extends beyond our engineers and scientiststo include all members of our teamwhether they are developing a more effi ci

26、ent way to close the fifinancialfiquarter,rolling out a new ethics education program toreinforce our core values,strengthening our leadership anddevelopment programs,or fi nding new ways to help securefithe science,technology,engineering and mathematics(STEM)pipeline for the future.Science,Technolog

27、y,Engineering and MathematicsThis is a tall order,but I believe we have made a strongstart.Our teams work in support of STEM education is agood example of innovation broadly defined and executed.fiWe know STEM education is important to Raytheonbecause we are,after all,a technology company that must

28、always be able to retain and attract STEM talent.We alsoknow that future generations,and society,will need thesesame skills to prosper.In the long run,it is the single best investment we can make for our country.Given the importance of the STEM education challenge,thecompanys approach has been innov

29、ative and multifaceted.Our MathMovesUprogram,developed by Raytheon in 2005,is reaching out to middle school students on their own terms to help them make the connection betweenstudying math and science now and having exciting careers later.Since its inception,the program has touched thelives of more

30、 than 700,000 students,teachers and parentsthrough interactive learning programs,contests,live events,scholarships,tutoring programs and more.A core component of MathMovesU is an exciting new sponsorship at Epcott t at the Walt Disney World Resortcalled the Sum of All Thrills.This interactive exhibi

31、t.is scheduled to be unveiled later this year at the INNOVENTIONS pavilion.The exhibit will offer children(and the child in all of us)an exciting experience to lhelp instill a passion for math and engineering principles.It is an experience one will not soon forget.Raytheon has teamed with the New En

32、gland Patriots to unveil another exciting educational experience,The Hall at Patriot Place presented by Raytheon.It is our hope that tens of thousands of students will experience the mathand science education program we have developed for school groups visiting one of the most exciting venues in the

33、 country.VisionStrategyGoalsValues35050_Eds 34/7/09 1:10:13 PM4The company isy pleased,as well,to be title sponsor ofthe 2009-2011 MATHCOUNTSNational Competition,another innovative approach to promote excitement inmath among young students.Last but not least,the company hasy developed a uniquemodeli

34、ng tool using system dynamics techniques torepresent how studentswmove through the U.S.STEMeducational system.Raytheon and the Business-HigherEducation Forum,of whichfI am honored to be vice-chair,are now workingw with others to form a community ofyresearchers and modelers to expand the effort.We be

35、lievewe have demonstrated that the modeling of thefU.S.education system is an effective method for examiningeducational policy changes,yand this is quite encouraging.While the world is wrestling with economic challengesat the moment,many businessyleaders believe,as I do,that we cannot afford to turn

36、 away fromyother strategicimperatives,like STEM education,that will be fundamentalto the health of ourf companies and our society iny the yearsto come.This is why weyhave declared 2009 to be the“Yearof Mathfin Action.”By expandingy our STEM engagement and visibility iny 2009,we hope to elevate the d

37、iscussion and,more importantly,toinspire the next generation of scientistsf and engineers.Corporate ResponsibilityOur work inkthe STEM area is consistent with a sense ofcorporate responsibility thatyhas guided our company forymany years.yRaytheon was founded in 1922;so our missionextends beyond the

38、scope of af generation or two.It is anongoing commitment to the success of ourfexternal andinternal communities.As you will read in this Annual Report,the companysefforts on behalf offourf employees and communitiesreceived wide recognition in 2008,ranging from designa-tion as one of Americasf Safest

39、 Companies by EHSyTodayMagazine;to the Environmental Protection Agencys/Department of EnergysfENERGY STAR SustainedExcellence Award;to a 100 percent score for the fourth yearin a row onwthe Corporate Equality Indexyfromx the HumanRights Campaign Foundation.Ultimately,then,we are dedicated to support

40、ing the successof ourf customers around the world,our shareholders,ouremployees,our communities and our other stakeholders.WeWW are well aware that servicemen and women aroundthe world depend on the dedication and expertise of thefRaytheon team.On behalf off Raytheonsf 73,000 employees,I would like

41、to offer our deepest thanks to these servicemenand women,and their families,for their service andsacrifi ce.fi We remain dedicated to their safety andy success.A Strong,Diverse Portfolio to Meet Global NeedsRaytheon,then,moves forward drawing on deep experi-ence,with a leadership team that is season

42、ed and ready,with solid values and a strong,diverse portfolio built oncore capabilities that support the needs of ourfcustomers.Our work thesek last several years has helped prepare us tomeet the challenges of ourf time and to capitalize on theopportunities that await us.In essence,weve been trainin

43、gfor this moment for a long time and,as a result,we standready toy embrace the future that lies ahead with enthusiasmand a deep-rooted belief inf our ability toy succeed,together.We approach this future with a shared vision:“to be themost admired defense and aerospace systems supplierthrough world-c

44、lass people and technology.”I”want you toknow thatw you have our commitment we will continue towork ourk hardest to maintain and grow yourwsupport.A proudp member of thefRaytheony team for 37 years,WilliamWilli H.H SwansonSChairman and Chief Executivef OfficerfiMarch 2009“Raytheon,then,moves forward

45、 drawing on deep experience,with a leadership team that is seasoned and ready,with solid values and a strong,diverse portfolio built on core capabilities that support the needs of our customers.Our work these last several years has helped prepare us to meet the challenges of our time and to capitali

46、ze on the opportunities that await us.”35050_Eds 44/7/09 1:09:57 PMIts all about innovation.Air.Land.Sea.Space.Cyberspace.Wherever the need,Raytheon is there with innovations that protect,defend and secure.Our domain knowledge and technological leadership continue to fuel growth in core markets and

47、adjacent markets,domestically and internationally.Our record of NoDoubt performance on behalf of customers in 80 countries grew stronger than ever in 2008,generating excellent results for our shareholders.Yet we have much more to do.Our commitment is absolute.Our opportunities are endless.35050_Eds

48、54/3/09 11:07:52 PMABC6INNOV35050_Eds 64/3/09 11:07:52 PM7Innovations spring from every Raytheon busi-ness to create value across every region of theearth.(A)IDS project for a robotic exoskeleton suit turns science fi ction into reality by ampli-fifying the wearers strength,endurance andagility.(B)I

49、IS Universal Control Systems usebreakthrough visualization technologies to enhance performance in piloting unmannedaerial systems.(C)MS Laser Area Defense System uses a solid-state laser to protect warfi ghters against mortar fi re while avoidingfithe hazards of caustic chemicals.(D)“Bullets that sh

50、oot bullets”was how TIMEdescribed NCS Active Protection System in naming itone of the 50 Best Inventions of 2008.(E)SASextended its decade-long leadership in Active Electronically Scanned Array radar by deliver-ing better performance on more platformsthan ever.(F)NASAs TS-managed NeutralBuoyancy Lab

51、oratory in Houston enables astronauts to train in full-size mock-ups and near-weightless conditions.DEFATION35050_Eds 74/3/09 11:07:58 PM35050_Eds 84/6/09 3:12:58 PM9Sensing technologies provideprecise situational data foreffective battlespace deci-sions.They alsoyadvance ourunderstanding of thefphy

52、sicalenvironment on,above andbeyond the earth.Raytheonsensing solutions exploit thefull electromagnetic spectrum,including electro-optical,radiofrequency(RF),yhyperspec-tral,acoustic,ultraviolet andradiological.Our AESA radarinnovations are creating newoptions for fi ghterfi aircraft aswell as unpre

53、cedented capacityfor real-time communications.Taking data capture to new heights(A)B-2 Radar Modernization Program antenna undergoing test and verifi cation at the Raytheon systems integration lab.(B)Raytheon Advanced Combat Radar(RACR)brings scalable AESA capability to multiple fi ghter aircraft.(C

54、)The Multi-Function Radio Frequency System,shown in production,provides crucial radar and fi re control input for Raytheons Active Protection System.SENSINGABC A Raytheon technician preparesa miniaturized synthetic apertureradar(Mini-SAR)antenna forthermal vacuum testing.Raytheonprovided antennas,RF

55、 electronicsand fl ightfl software for the Mini-SARsystem currently flyingfl aboard theIndian Space Research OrganisationsChandrayaan-1 spacecraftpartof a new generation of orbitinginstruments searching for ice on thelunar surface.35050_Eds 94/3/09 11:08:04 PMAdvances in effects technolo-gies enable

56、 commanders toachieve specificfi militaryoutcomes with increasingprecision,whether strikinga target,disabling enemyinformation systems orapplying directed energyto protect troops in urbancombat.Raytheon solutionsare at the forefront of thesefdevelopments,supported byworld-class capabilities inareas

57、ranging from airframesto guidance and navigationsystems to high-resolutionsensors and targeting systems.(A)A Raytheon Standard Missile-3 drew worldwide attention when it successfully brought down a non-functioning satellite in February 2008.(Photo courtesy of Department of Defense)(B)Excalibur bring

58、s next-generation precision to U.S.Army and Marine Corps artillery.(C)Active Denial uses millimeter-wave directed energy technology to create a zone of protection,repelling individuals without causing injury.(Photo courtesy of Department of Defense)EFFECTS10Exactly as intendedABIn December 2008,Rayt

59、heons NonLine of Sight Launch System(NLOS-LS)completed the third guided testfl ightfl of the Precision Attack Missile.Using its fi re-and-forgetfiuncooledimaging infrared seeker,the missilescored a direct hit against a station-ary T-72 tank.The success of all threetest fl ightsfl brings the revoluti

60、onaryNLOS-LS capability one step closer tothe warfi ghter.fiC35050_Eds 104/3/09 11:08:07 PM35050_Eds 114/6/09 3:13:17 PM1235050_Eds 124/6/09 3:13:33 PM13C3I(Command,Control,Communications and Intelligence)systems turnan extraordinary range of real-time data into a unifi edfiresource for decision-mak

61、ers on and off the battlefi eld.fiRaytheons leadership in C3I spans air,land,sea,space and cyberspace,combining pioneering tech-nology with global insightto provide NoDoubt MissionAssurance across the fullspectrum of offensive anddefensive operations.(A)High above the earth,Raytheon technology helps

62、 to guide satellites that monitor weather and climate patterns for more precise forecasting.(B)The Global Broadcast Service delivers everything from critical intelligence data to broadband video for todays warfi ghter and supporting forces.(C)The Distributed Common Ground System Integration Backbone

63、 provides a global,interoperable architecture for intelligence data sharing and collaboration.C3IIntegrated information solutionsABC Raytheon information assurance and information security solutions leverage decades of experience to protect global infrastructures from complex threats.In addition to

64、reducing vulnerability across the entire information spectrum,Raytheon offers an unmatched array of information operations capabilities for U.S.government and allied forces around the world.35050_Eds 134/6/09 4:55:12 PM14Complex technologies,xextreme conditions,constantchange:Mission Supportmust emb

65、race them all withsystems that ensure fl aw-flless performance.Raytheonaddresses every corneryof thisfvast market,from informa-tion management to logistics,maintenance and training.Our innovative solutionsrefl ectfl a relentless pursuit ofperfection and a proud tradi-tion of servicef to our military

66、,our nation and the world.(A)Two U.S.Air Force CV-22 Osprey tilt-rotor aircraft take off during a night training mission at Kirtland Air Force Base,N.M.(U.S.Air Force photo by Staff Sgt.Markus Maier)(B)Raytheon repairs and provides spares for the AN/SPY-1 radar and MK 99 Fire Control System on the D

67、DG-51,both key components of the AEGIS system.(U.S.Navy photo)(C)The A-10 Thunderbolt II provides top cover for ground forces in Southwest Asia.(U.S.Air Force photo by Master Sgt.Robert Wieland)MISSIONSUPPORT24/7 responsibilityABCA Raytheon-led team is providing anew generation of integrated train-i

68、ng solutions for air traffi cfi controlprofessionals under contract tothe Federal Aviation Administra-tion.Drawing on the work of sevenpartners and decades of experiencein flightflsafety,the Raytheon Com-pany Air Traffi cfiControl OptimumTraining Solution contract is also acrucial building block in

69、the transi-tion from todays ground-based airtrafficfi control environment to futuresatellite-based systems.35050_Eds 144/3/09 11:08:23 PM35050_Eds 154/7/09 2:14:32 PM35050_Eds 164/7/09 5:09:32 PMWith customers in 80countries and officesfi in19,Raytheon is a leadingplayer in a fast-movingglobal marke

70、tplace.In 2008,international contributed28 percent of totalf book-ings,refl ectingflgrowinginternational demand forour homeland securitysolutions as well as our broadcapabilities in command andcontrol and missile defense.(A)United Kingdom residents and visitors are just two of the constituencies mad

71、e safer by the multilayered e-Borders system now being deployed throughout the country.(B)Raytheons Airborne Stand-Off Radar continued to prove its value in intelligence,surveillance and reconnaissance on operational missions in Afghanistan in 2008.(C)Raytheon Australia provides mission systems inte

72、gration and support for the Australian Navys Hobart Class Air Warfare Destroyer.INTERNATIONAL17A global force for goodABC A multi-billion-dollar contract winhelped make 2008 a year of interna-tional resurgence for the time-testedPatriot,the cornerstone of globalair and missile defense.Building onthe

73、 success of the U.S.Armys“PureFleet”program,Raytheon launcheda comprehensive new build of thePatriot to further enhance perfor-mance and facilitate allies upgradeto the configurationfi3 standard.35050_Eds 174/7/09 2:01:47 PM18Sensing.Effects.C3I.Mission Support.Interna-tional.These core markets fram

74、e Raytheons success in 2008 and our strategy for 2009 and beyond.But our commitment to innovation transcends them all,opening new opportunities even in the midst of a challenging economy.Raytheons world-class people and technology have proved their merits repeatedly across every Every Raytheon busin

75、ess is built on a foundation of innovation and execution.Our success in 2008 leaves us well prepared for the rigors of 2009.35050_Eds 184/6/09 4:54:53 PM19dimension of economic and geopolitical turbu-lence.Our disciplined management,advanced innovation process and experienced workforce are not only

76、vital assets for our company,but daily contributors to the safety and well-being of people everywhere.All six Raytheon businesses made signifi cant gains in 2008.Here are some of their accomplishments.35050_Eds 194/3/09 11:08:39 PM20Integrated Defense SystemsWith 2008 sales of$5.1 billion,Integrated

77、 DefenseSystems(IDS)is Raytheons leader in global capa-bilities integration,providing affordable integratedsolutions to a broad international and domestic customer base.The year ended with an order representing up to$3.3 billion from the United Arab Emirates for thePatriot air and missile defense sy

78、stem,underscoringits resurgence as the premier system in the world.UAE joins 11 other countries,including the U.S.,that rely on Patriot as a key component of their air and missile programs.Also during 2008,IDS achieved Capability Maturity Model Integration(CMMI)Level 5,validatingengineering processe

79、s as a performance predictor on defense contracts;delivered 300 Rapid Aerostat Initial Deployment(RAID)towers that are savinglives at forward operating bases;and successfully completed a series of reviews that are enabling the Zumwalt-class destroyer program to transition tofull production,successfu

80、lly meeting or exceedingyall cost and schedule requirements.Dan Smith,PresidentIntelligence and Information SystemsIntelligence and Information Systems(IIS),with2008 sales of$3.1 billion,is a leading provider of intelligence systems and solutions for customers worldwide.Leveraging key capabilities i

81、n systemsintegration,geospatial intelligence,command andcontrol,and environmental solutions,IIS serves four key market areas:national and tactical Intelligence,Surveillance and Reconnaissance,DoD/Civil Space,Homeland Security/Federal IT,and Information Operations/Information Assurance.Additionally,R

82、aytheon offers innovative security solutions that support todays global economies from emerging 21stcentury threats.In 2008,Raytheon acquired SI Government Solutions and Telemus Solutions to meet customer demand and offer a full spectrum of capabilities in all majordimensions of information security

83、.IIS continues to support key growth areas in home-land security by developing technologies that protectborders and ensure visitor legitimacy.ThroughRaytheons Intelligent Border Architecture,Knowl-edge Management and Knowledge Discovery,worldleading biometric systems,and robust modelingand simulatio

84、n,IIS provides solutions to meet a variety of border security needs.Lynn Dugle,President35050_Eds 204/7/09 5:08:19 PM21Ship mission center at the SeapowerCapability CenterOperational Centre forthe e-Borders Programme35050_Eds 214/7/09 5:08:47 PM22Missile Systems(MS),with 2008 sales of$5.4 billion,is

85、 the worlds leading producer of missile systems forU.S.and allied forces.From global missile defense to directed energy solutions,it provides revolution-ary technologies to meet customer needs in theevolving battlespace.In 2008,Raytheon technology played the pivotal rolein destroying a non-functioni

86、ng satellite.A modifiedfiStandard Missile-3 performed beyond its intendedcapabilities to intercept the target in space.MS also won the Aviation Week Program ExcellenceAward for Program Management for its Miniature Air Launched Decoy,TMy ywhich also received a U.S.Air Force contract for low-rate init

87、ial production.MALDTM protects aircraft by neutralizing enemy air defenses.With its combat-proven Excalibur precision guidedartillery round and selection by the U.S.Army to develop the Mid-Range Munition for the Future Combat System,MS established itself as the leaderin the new and growing precision

88、 munitions market.MS also continued to grow its business worldwidewith a record$2 billion in orders from 40 inter-national customers.Missile SystemsTaylor Lawrence,PresidentNetwork Centric Systems(NCS),with 2008 sales of$4.5 billion,achieved significant increases in sales,fioperating profits and ret

89、urn on invested capital fi(ROIC).The business ended the year with a record backlog of$5.7 billion,up 12.4%from 2007.These excellent results reflect strength across the flentire business,including strong demand for nettedreconnaissance,fi re control,and weapon locating radar systems.In new programs,N

90、CS won the con-tract for the Joint Precision Approach and LandingSystem,an advanced pinpoint shipboard landingcapability for the U.S.Navy.On the technology front,NCS made major advances in developing the U.S.Armys Active Protection System,an innovative technology that will protectmanned ground vehic

91、les by intercepting and defeat-ing rocket propelled grenades and other threats.NCS also received important patents in advanced imaging for electro-optics and intrusion detectionfor security systems.NCS continued developing its position in interna-tional and adjacent markets with key initiatives inai

92、r traffi c and highway management systems,border fisecurity and critical infrastructure protection,andcivil communication solutions.Network Centric SystemsColin Schottlaender,President35050_Eds 224/7/09 5:07:06 PM23Missile Systems showcase in Tucson,AZPerimeter IntrusionDetection System(PIDS)35050_E

93、ds 234/7/09 5:07:35 PM24Space and Airborne SystemsSpace and Airborne Systems(SAS),with 2008 sales of$4.4 billion,is a global leader in space andaviation sensing and technology for radar and electro-optical infrared systems.Under the F-15E radar modernization program,SAS began equipping the U.S.Air F

94、orce Strike Eagle with the AESA radar and other technology upgrades that will extend its life for decades.The program involvesan estimated 224 F-15Es.The Royal Moroccan Air Force selected SAS digital electronic warfare suite,ACES,to equip its F-16s.The Airborne Stand-Off Radar(ASTOR)system entered s

95、ervice for the U.K.Ministry of Defence,and is deployed in southwest Asia.SAS deliveredthe common sensor payload for the U.S.Army andcontinues development of multispectral targeting systems for both manned and unmanned aircraft.SAS Mini-SAR technology was deployed onboardthe Indian Space Research Org

96、anisationsChandrayaan-1 lunar spacecraft,where it issearching for ice on the moon.Jon Jones,PresidentTechnical ServicesTechnical Services(TS),with 2008 sales of$2.6 billion,provides technical,scientific and fiprofessional services for defense,federal and commercial customers worldwide.A globalworkfo

97、rce of more than 9,000 employees providesMission Support,training,counter-proliferation and counter-terrorism,range operations,product support,homeland security solutionsand customized engineering services to ensure customer success.In 2008,TS led a team that was awarded the Federal Aviation Adminis

98、trations Air Traffic ControlfiOptimum Training Solution(ATCOTS)contractto maintain and improve air traffic controller fi(ATC)training.TS also manages the U.S.ArmysWarfighter Field Operations Customer Support fi(FOCUS)program,which has trained warfighters at fi500 locations worldwide since the busine

99、ss initiatedthe contract in 2008.TS continues to support NASAs Neutral Buoyancy Lab and Space Vehicle Mockup Facility at the Johnson Space Center in Houston,and works withthe Defense Threat Reduction Agency(DTRA)on international counter-proliferation and counter-terrorism programs in countries of th

100、e formerSoviet Union.Rick Yuse,President35050_Eds 244/4/09 12:04:26 PM25Warfighter Field fiOperations Customer Support(Warfighter FOCUS)fiAdvanced ResponsiveTactically Effective MilitaryImaging Spectrometer(ARTEMIS)35050_Eds 254/4/09 12:05:39 PM26As part of Raytheons commitment to greener and more e

101、fficient operations,next year we will transition to afiNotice and Access program for our Annual Report,encouraging shareholders to access their meeting materialsonline.We will continue to report on the companys programs and activities in the areas of stewardship and corporate responsibility in our C

102、orporate Responsibility Report.Growth in sales and earnings are not the only measures of Raytheons success.Our qualitative achievements are also important,from breakthroughs in technology and engineering to advances in workplace safety,leadership in math and science education,companywide volunteeris

103、m and support for U.S.troops and their families.Taken together,these achievements define Raytheon as a responsible corporate citizen.And withfieach passing year,the links between citizenship and financialfiperformance grow stronger.Throughout the company,2008 was a year of sustained accom-plishment

104、in education,service and environmental stewardship.We are proud of the recognition we have received from the organizations on the facing page.And we are especially proud of the Raytheon employees who took on the challenge of volunteer-ism in a difficult economic year.Between corporate philanthropy f

105、iand individual initiative,we made a difference for thousands of beneficiaries,from the soldiers and military families served by fiOperation Homelink to the students and teachers at MathMovesUevents and NASA Future Forums across the United States.Corporate Responsibility35050_Eds 264/3/09 11:10:06 P

106、M27Eighth-graders from Florida and Texas face off at a MATHCOUNTS national competition.For years Raytheon has supportedlocal,regional and national programs to encourage student interest in math and science at every level from kindergartenthrough college.The company has been a MATHCOUNTS sponsor sinc

107、e 1995 and will be the title sponsor for the organiza-tions national competitions from 2009 through 2011.MATHCOUNTS2008 Award HighlightsTwo Raytheon businesses factored intotop-ten winners on TIME magazines 50 BestInventions of 2008f(November 10,2008).Space and Airborne Systems provided crucialRF co

108、mponents for the#3 winner,NASAsLunar Reconnaissance Orbiter(LRO),set forlaunch in the spring of 2009.fClose behindat#8 was Network Centrick SystemsActiveProtection System,shown on page 7.EHS Today magaziney named Raytheon oneof Americasf Safest Companies.The awardrecognizes Raytheons enterprise-wide

109、Environmental,Health and Safety(EHS)yefforts,including innovative campaigns suchas Safety Madness,yOlympic Madness andKids RCool.Raytheon earned the Disability RightsyLegal Centers 2008 Corporate Award for itscommitment to diversity andymeaningfulemployment opportunities for peoplewith disabilities.

110、Raytheon received the U.S.EnvironmentalProtection Agency/U.S.Department ofEnergy 2008yENERGY STAR SustainedRExcellence Award,the highest honor givento ENERGY STAR partners.RRaytheons Board of Directorsfhas beennamed 2008 Board of thef Year by they NewEngland chapter of thefNational Associationof Cor

111、poratef Directors.The award recog-nizes outstanding guidance in steering acompany throughya period of extraordinaryfgrowth or other significantfi development.The Association of thefUnited States Army(AUSA)has honored Raytheon Chairmanand CEO William H.Swanson with theprestigious John W.Dixon Award,p

112、resentedannually fory outstanding contributionsto national defense by ay member of thefindustrial community.Swanson wasrecognized for“working tirelessly onybehalfof ourfmen and women in uniform.”The Human Rights Campaign(HRC)Foundation named Raytheon as one ofAmericas“Best Places to Work,”refl”ectin

113、gflits perfect score on the HRC CorporateEquality Index.yRaytheon earned the#8 position onDiversityBs list of topf 50organizations for multicultural businessopportunities.35050_Eds 274/7/09 1:50:03 PM282008 Form 10-K35050_Eds 284/3/09 11:10:09 PMUNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHING

114、TON,D.C.20549FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIESEXCHANGE ACT OF 1934For the fiscal year ended December 31,2008.TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIESEXCHANGE ACT OF 1934For the transition period fromtoCommission File Number 1-13699RAYT

115、HEON COMPANY(Exact Name of Registrant as Specified in its Charter)Delaware95-1778500(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

116、s telephone number,including area code)Securities registered pursuant to Section 12(b)of the Act:Title of Each ClassName of Each Exchange on Which RegisteredCommon Stock,$.01 par valueNew York Stock ExchangeSecurities registered pursuant to Section 12(g)of the Act:NoneIndicate by check mark if the r

117、egistrant is a well-known seasoned issuer,as defined in Rule 405 of the SecuritiesAct.Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d)of theAct.Yes No Indicate by check mark whether the registrant(1)has filed all reports required

118、 to be filed by Section 13 or 15(d)of theSecurities Exchange Act of 1934 during the preceding 12 months(or for such shorter period that the Registrant wasrequired to file such reports),and(2)has been subject to such filing requirements for the past 90 days.Yes No Indicate by check mark if disclosure

119、 of delinquent filers pursuant to Item 405 of Regulation S-K is not containedherein,and will not be contained,to the best of registrants knowledge,in definitive proxy or information statementsincorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.Indicate by check

120、 mark whether the registrant is a large accelerated filer,an accelerated filer,a non-accelerated filer,ora smaller reporting company.See the definitions of“large accelerated filer,”“accelerated filer”and“smaller reportingcompany”in Rule 12b-2 of the Exchange Act.Largeacceleratedfiler Acceleratedfile

121、r Non-acceleratedfiler Smallerreportingcompany Indicate by check mark whether the registrant is a shell company(as defined in Rule 12b-2 of the ExchangeAct).Yes No The aggregate market value of the voting stock held by non-affiliates of the Registrant as of June 29,2008,wasapproximately$23.4 billion

122、.The number of shares of Common Stock outstanding as of February 20,2009 was 400,119,000.Documents incorporated by reference and made a part of this Form 10-K:Portions of the Registrants Definitive Proxy Statement for its 2009 Annual Meeting of Stockholders are incorporatedby reference in Part III o

123、f this Form 10-K.INDEXPART IItem 1.Business.3Item 1A.Risk Factors.16Item 1B.Unresolved Staff Comments.23Item 2.Properties.23Item 3.Legal Proceedings.24Item 4.Submission of Matters to a Vote of Security Holders.25Executive Officers of the Registrant.25PART IIItem 5.Market for Registrants Common Equit

124、y and Related Stockholder Matters and Issuer Purchases ofEquity Securities.27Item 6.Selected Financial Data.30Item 7.Managements Discussion and Analysis of Financial Condition and Results of Operations.31Item 7A.Qualitative and Quantitative Disclosures About Market Risk.59Item 8.Financial Statements

125、 and Supplementary Data.61Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.101Item 9A.Controls and Procedures.101Item 9B.Other Information.101PART IIIItem 10.Directors,Executive Officers and Corporate Governance.101Item 11.Executive Compensation.102Item 12.

126、Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.102Item 13.Certain Relationships and Related Transactions,and Director Independence.102Item 14.Principal Accountant Fees and Services.102PART IVItem 15.Exhibits and Financial Statement Schedules.102SIGNATU

127、RES.1082PART IITEM 1.BUSINESSGeneralRaytheon Company,together with its subsidiaries,is an industry leader in defense and government electronics,space,information technology and technical services.We design,develop,manufacture,integrate,support and provide a widerange of technologically advanced prod

128、ucts,services and solutions for principally governmental customers in the UnitedStates and abroad.We act as a prime contractor or major subcontractor on numerous defense and related programs forthe U.S.Government,which accounted for 87%of our sales in 2008.We were founded in 1922 and are incorporate

129、d in the state of Delaware.We are the surviving company of the 1997merger of HE Holdings,Inc.and Raytheon Company.Our principal executive offices are located at 870 Winter Street,Waltham,Massachusetts 02451.In this section,we describe our business,including our business segments,product lines,custom

130、ers,operations and otherconsiderations.We also discuss some of our notable initiatives and achievements in 2008,such as certain key contractawards,new product introductions and acquisitions.Business SegmentsWe operate in six business segments:?Integrated Defense Systems;?Intelligence and Information

131、 Systems;?Missile Systems;?Network Centric Systems;?Space and Airborne Systems;and?Technical Services.Revenue and other financial information regarding our business segments is set forth on pages 43-51 of this Form 10-K.Integrated Defense Systems(IDS)IDS,headquartered in Tewksbury,Massachusetts,is a

132、 global capabilities integratorspecializing in space,air,surface,subsurface and homeland security solutions.IDS leverages its core domain knowledgeand key capabilities in sensors,command,control and communication(C3),effects and mission support to provide best-value solutions for warfighters and civ

133、il authorities.In 2008,IDS,as the prime contractor for the Patriot Air&Missile Defense System,a long-range,high-altitude systemdesigned to defeat advanced threats,provided Patriot Configuration 3 upgrades to the U.S.Army as well as major PatriotSystem upgrades and sales to international customers,in

134、cluding the United Arab Emirates.IDS also continued to serve asthe prime mission systems integrator for all electronic and combat systems of the Zumwalt Class Destroyer program(DDG 1000),successfully completing the U.S.Navys Production Readiness Review as well as other major reviews andassessments o

135、n this program,as the program transitions to production.IDS Terminal High Altitude Area Defense(THAAD)and Upgraded Early Warning Radar(UEWR)radars were key components in a successful missile defensedeployment and in various flight tests conducted by the U.S.Missile Defense Agency(MDA).IDS also conti

136、nued todevelop innovative solutions for applications in new markets,such as homeland security.IDS delivered the first sportsutility vehicle-based mobile radiation detection system to the U.S.Department of Homeland Securitys Domestic NuclearDetection Office(DNDO),which will allow the DNDO to provide

137、flexible mobile radiation detection capability in a widerange of operational environments and will enhance border security and national defense by detecting and deterring thesmuggling of nuclear materials through U.S.ports of entry,metropolitan and other areas.IDS key customers include the U.S.Navy,

138、Army,Air Force and Marine Corps,the MDA and the Department ofHomeland Security(DHS).Key international customers include Japan,Saudi Arabia,United Arab Emirates,Taiwan,Australia,Germany,Korea and the United Kingdom.3IDS has the following principal product lines:?Seapower Capability Systems(SCS)SCS is

139、 leading the U.S.Navys Open Architecture initiative,serving asprime contractor of the Navys newest and most capable mission systems for the Zumwalt class destroyer under theDDG 1000 program.SCS is designing and producing DDG 1000 mission systems equipment,which includes the TotalShip Computing Envir

140、onment,radar,sonar,associated electronics systems and the software and hardware for thesesystems.These capabilities are planned to be leveraged across the U.S.Navys family of ships.SCS also providessensors and effectors for anti-submarine and mine warfare mission areas,advanced combat systems for su

141、bmarinesand amphibious ships,high performance fire control systems for surface combatants and ship integration technologiesfor domestic and international naval and maritime customers.SCS is the integrator for the BYG-1 combat system,asystem of tactical control,weapons control and tactical network su

142、bsystems,to all U.S.submarines as well as toAustralias Collins class submarines.?National and Theater Security Programs(NTSP)NTSP provides integrated whole-life air and missiledefense systems which enable warfighters to sense,detect and engage threats through air and ground-based sensorsand command

143、and control systems as well as joint system solutions and intelligence support for air and ballisticmissile defense.NTSP produces systems and solutions such as Joint Land Attack Cruise Missile Defense ElevatedNetted Sensor(JLENS),a theater-based,advanced sensor system that provides long-endurance,ov

144、er-the-horizondetection and tracking capabilities required to defeat the threat of cruise missiles;Early Warning Radars,including theX-band Family-of-Radars,which enable threat detection,precision tracking,discrimination and classification ofballistic missile threats;and Surface Launched Advanced Me

145、dium Range Air to Air Missile(SL-AMRAAM),astate-of-the-art air defense system designed to defeat current and emerging cruise missiles and a wide range of airbreathing threats.?Patriot Programs(PP)PP,as the prime contractor,designs,develops and produces the Patriot Air&MissileDefense System,which ser

146、ves as the foundation of the U.S.Armys integrated air and missile defense against theescalating tactical ballistic missile threat.PP also provides the Patriot system to key international customers,includingthe Netherlands,Germany,Japan,Israel,Saudi Arabia,United Arab Emirates,Kuwait,Taiwan and Greec

147、e.Inaddition,PP provides the HAWK XXI system,an advanced air defense system against low-to medium-altitude airthreats with advanced fire control and battle management,to a wide range of international and coalition partners.?Civil Security and Response Programs(CSRP)CSRP provides integrated capabilit

148、ies in surveillance andmulti-domain awareness,knowledge management,decision support,and information fusion through a broad range ofsolutions to detect,identify,track and disseminate actionable information.CSRPs current solutions include theRelocatable Over The Horizon Radar(ROTHR)system,a long range

149、,land-based,wide area surveillance system;theATHENA Data Fusion system,an information infrastructure that enables the integration of a wide range ofinformation from a variety of sensors and other sources;and the Advanced Spectroscopic Portal(ASP),whichprovides the DHS with critically needed nuclear

150、detection capability.?Global Business Operations(GBO)GBO consists of a number of related IDS subsidiaries and programs,including Raytheon Sarcos,Raytheon Solipsys,Raytheon Anschtz and Raytheon Australia.These entities provide awide spectrum of capabilities,including integrated Command and Control(C2

151、)solutions for the domestic andinternational defense and homeland security markets,naval system capabilities for military and commercial marketsworldwide,netted sensor solutions which efficiently provide a single integrated picture from data provided by manysensors,and Advanced Robotics such as the

152、Exoskeleton Robotic Suit and the Multi-Dimensional Mobile Robot(snake).In Australia,GBO supports combat system design,development and procurement for major internationalprograms such as the Hobart class Air Warfare Destroyer(AWD)and the Collins Class submarine.GBO leveragestools,processes and subjec

153、t matter expertise developed on major U.S.programs to provide such capabilities to IDSinternational locations.Intelligence and Information Systems(IIS)IIS,headquartered in Garland,Texas,is a leading provider ofintelligence and information systems to government and commercial customers in the U.S.Dep

154、artment of Defense andcivil space,Intelligence,Surveillance and Reconnaissance(ISR),federal information technology,and homeland securitymarkets.IIS leverages broad capabilities and expertise in signal and image processing,geospatial intelligence,air-and4space-borne command and control,ground enginee

155、ring support,weather and environmental management,informationtechnology,identity management,information assurance and homeland security.IIS capabilities play a crucial role in theintegration and exploitation of large volumes of diverse information from across the intelligence community.In 2008,IIS c

156、ontinued to develop its business across the intelligence community while growing into international marketsand other new opportunities.IIS expanded its existing e-Borders contract,an advanced border control and securityprogram for the U.K.Home Office,to provide extended functionality and services fo

157、r the program.IIS completedacceptance testing of the National Polar-orbiting Operational Environmental Satellite System(NPOESS)ground station.NPOESS will be used to monitor global environmental conditions and collect and disseminate data related to weather,atmosphere,oceans,land and near-space envir

158、onments.IIS also completed significant milestones for the U.S.Air ForcesGlobal Positioning System(GPS)next-generation Control Segment(OCX).In addition,IIS continued to expand itscyber operations and information security capabilities,including through the acquisitions of SI Government Solutionsand Te

159、lemus Solutions,Inc.,two providers of strong niche capabilities who are well positioned with key customerrelationships and technologies critical to cyber security and cyber operations.IIS key customers include the U.S.Intelligence Community,the U.S.Department of Defense(DoD),the NationalOceanographi

160、c and Atmospheric Association(NOAA),the National Aeronautics and Space Administration(NASA),theU.K.Home Office and the DHS.IIS has the following principal product lines:?Strategic Intelligence Systems(SIS)SIS provides system engineering,development,integration and lifecycle support of complex,large-

161、scale,commercial-off-the-shelf-based systems for proprietary and commercialimaging customers.SIS serves primarily classified customers and the U.K.Home Office with the e-Borders contract.?National Systems(NS)NS provides systems and operational support for signal intelligence(SIGINT)andmulti-intellig

162、ence(multi-INT)missions.Areas of concentration include mission/resource management,real-timemission execution,signal processing and analysis,information management and knowledge discovery,and operations,maintenance and engineering(OM&E)support.NS works on large mission systems integration projects f

163、or a varietyof proprietary customers.?OperationalTechnologiesandSolutions(OTS)OTS provides information management systems,broadband broadcast systems and operations support through its diverse capabilities.These capabilities includemanaging state-of-the-art collection systems and products for human

164、intelligence(HUMINT),and managing largevolumes of information securely and reliably.OTS primarily serves clients in the intelligence community.?RaytheonInformationSolutions(RIS)RISprovidesinformationtechnologysolutionsinhighperformance and technical computing,enterprise systems,e-Commerce,logistics

165、management,and scientific andengineering services.RIS is continuing to work on the U.S.VISIT program,an integrated,automated system to trackthe entry and exit of visitors into and out of the U.S.,and the FBI National Data Exchange program.RIS is alsoproviding systems development and integration work

166、 at the U.S.Patent and Trademark Office.?SpaceSystems(SS)SS provides satellite command and control software and mission and resourcemanagement,end-to-end information and network management,and modeling and simulation capabilities to itscustomers.SS provides services in support of the monitoring,coll

167、ection and dissemination of global environmentalconditions data related to weather,atmosphere,oceans,land and near-space environment for the NPOESS program.SS programs also include the development of a new system design for the next generation GPS-OCX.?Tactical Intelligence Systems(TIS)TIS provides

168、products and services relating to manned and unmannedSIGINT sensors,ground control of airborne SIGINT sensors,multi-INT ground systems,Unmanned Aerial Vehicle(UAV)ground stations and Intelligence,Surveillance and Reconnaissance(ISR)battle space management.TISprograms include the Distributed Common G

169、round System(DCGS),a network centric backbone for the U.S.armedforces;the Global Hawk Ground Segment,which enables the Global Hawk to provide continuous,all-weathersurveillance capability to the Joint Forces;and the Consolidated Field Services program in support of the U-2reconnaissance aircraft.5?I

170、nformation Security Solutions(ISS)ISS develops and provides cutting-edge solutions and advanceddevelopment in information security systems to protect customers critical information and infrastructures from themost complex threats.ISS serves both U.S.Government agencies and commercial customers.In ad

171、dition to expandingin information assurance and cyber-operations areas,Raytheon intends to leverage and incorporate the cyber-capabilities within ISS broadly across the Company,embedding information assurance technologies and know-howinto many of its core solutions and products.Missile Systems(MS)MS

172、,headquartered in Tucson,Arizona,is a premier developer and producer of missilesystems for the armed forces of the U.S.and other allied nations.Leveraging its key capabilities in advanced airframes,guidance and navigation systems,high-resolution sensors,targeting and netted systems,MS develops and s

173、upports abroad range of cutting edge weapon systems that includes missiles,smart munitions,projectiles,kinetic kill vehicles,space vehicles and directed energy effectors.In 2008,MS continued to demonstrate its missile systems capabilities with several significant test successes and contractawards.MS

174、 and the U.S.Navy successfully conducted the first two flight tests of the Standard Missile 6(SM-6)extendedrange anti-air warfare missile,which demonstrated the first successful integration of the Navys active missile technologyinto a weapon system that provides both near-term advanced anti-air warf

175、are and future over-the-horizon capability.Inaddition,MS through its participation in the NetFires LLC,successfully launched the Non Line-of Sight Launch Systems(NLOS-LS)Precision Attack Missile taking the missile system closer toward providing the warfighter a much-neededprecision weapon capability

176、.MS also successfully completed the development of the Miniature Air Launched Decoy(MALD),a small,low-cost cruise missile that serves as a decoy to confuse enemy sensors and received its firstproduction contract,as well as receiving an$80 million contract for phase III risk reduction for a new radar

177、 jammingvariant.MS(with partner Boeing)was awarded a contract for the technology demonstration phase of the productioncontract competition for the U.S.Army and Navy Joint Air-to-Ground Missile(JAGM)program to develop a singlemissile solution for rotary and fixed wing platforms.MS also developed and

178、successfully tested the Tandem WarheadSystem,a new conventional warhead technology to defeat hardened and deeply buried bunkers.The MDA and the U.S.Navy completed a successful mission,intercepting a non-functioning satellite with a specially modified StandardMissile-3.MS demonstrated innovative and

179、low cost capability to intercept a ballistic missile during boost phase fromairborne platforms resulting in the DoD funding for the Netcentric Airborne Defense Element(NCADE)program.MSwas awarded a MDA contract to continue the design and development of a Multiple Kill Vehicle(MKV-R)which willcounter

180、 complex ballistic missile threats during midcourse phase of flight with multiple kill vehicles launched from asingle interceptor.MS key customers include the U.S.Navy,Army,Air Force and Marine Corps,the MDA and the armed forces of morethan 40 allied nations.MS has the following principal product li

181、nes:?Naval Weapon Systems(NWS)NWS products and services provide layered defense capability and navalsurface fire support for the navies of more than 30 countries.NWS leverages its capabilities to provide forwardoperating base defense for the U.S.Army and Air Force.NWS develops,manufactures and suppo

182、rts the StandardMissile family of weapons with capabilities ranging from anti-air warfare to ballistic missile defense.In addition,NWSproduces the Phalanx Close-in Weapon System,the Rolling Airframe Missile(RAM),SeaRAM,and the Evolved SeaSparrow/Sparrow family of missiles for ship self-defense again

183、st air and surface threats.SeaRAM integrates the RAMinto the Phalanx mount and has been installed on the Littoral Combat Ship.NWS continues to evolve its products andtechnologies to encompass the full spectrum of threats,including the protection of land bases to counter terroristthreats.?Air Warfare

184、 Systems(AWS)AWS products and services enable U.S.Forces and its international customers toattack,suppress and destroy air and ground-based targets.Products include the Advanced Medium-Range Air-to-AirMissile(AMRAAM),a state-of-the-art,highly dependable and battle proven air-to-air missile that also

185、 has asurface-to-air launch application;Tomahawk Cruise Missile,an advanced surface-or sub-launched cruise missile withloitering and network communication capability;the Joint Standoff Weapon,a family of air-to-ground weapons that6employ an integrated GPS/Inertial Navigation system that guides the w

186、eapon to the target;the Paveway family oflaser and GPS-guided“smart”bombs;the AIM-9X Sidewinder;(MALD);the High-speed Anti-Radiation Missile(HARM)and the HARM Targeting System;and the Maverick precision strike missile.?Land CombatLand Combat provides missiles to the U.S.Army and Marine Corps and mor

187、e than 40 U.S.alliesand focuses on accelerating the deployment of precision munitions capability to land combat forces and expanding itsmission support capabilities.Land Combat provides the Stinger weapon system for air defense,the Tube-launchedOptically-guided Wire-controlled(TOW)weapon system,a lo

188、ng-range precision anti-armor/anti-fortification/anti-amphibious landing weapon system;the Javelin fire-and-forget anti-tank weapon and Excalibur,a GPS-guidedprojectile designed to provide organic indirect precision fire for ground forces.Land Combat is also developing theNLOSLS Precision Attack Mis

189、sile,a networked weapon system for precise fire against moving and stationary targets,and the Mid Range Munition(MRM),a precision-guided,120mm,gun-fired smart ammunition that will provide abeyond line-of-sight capability to the Army.?Exoatmospheric Kill Vehicle(EKV)EKV focuses on producing the exoat

190、mospheric kill vehicle,which isthe intercept component of the Ground Based Interceptor for the Ground-based Midcourse Defense system designedto protect the U.S.against limited ballistic missile attacks and is part of the Ballistic Missile Defense System(BMDS).The EKV consists of a multi-spectral sen

191、sor in a flight package,used to detect,discriminate and destroy incomingwarheads carrying weapons of mass destruction.?Other MS product lines include Kinetic Energy Interceptors(KEI),Advanced Missile Defense/Directed EnergyWeapons(AMD/DEW)and Advanced Programs.KEI focuses on designing and developing

192、 kinetic energy-basedmissiles that can intercept and destroy enemy ballistic missiles during their boost/ascent and mid-course phases offlight.AMD/DEW pursues opportunities in the missile defense and directed energy markets,including thedevelopment of new missile defense solutions,NASA/space applica

193、tions,modeling/simulation and discriminationcapabilities,high power microwave and high energy laser systems.Advanced Programs focuses on the developmentand early introduction of next generation end-to-end system solutions,architectures and mission capabilities for thewarfighter.Network Centric Syste

194、ms(NCS)NCS,headquartered in McKinney,Texas,develops and produces missionsolutions for networking,command and control,battle space awareness and transportation management.Majorprograms include command and control systems,integrated communications systems,netted sensor systems andhomeland security,as

195、well as civil applications and components to create these systems.In 2008,NCS continued developing and expanding its international business and presence overseas.NCS had keyinitiatives into adjacent markets including international and domestic border security,civil communications and firstresponder

196、interoperability as well as transportation solutions,including open road tolling.NCS was awarded the JointPrecision Approach and Landing System(JPALS)contract to provide an all-weather,anti-jam shipboard landingcapability to the U.S.Navy,which will enable pinpoint landing accuracy.This award reinfor

197、ces NCS market leadershipposition in the Satellite Based Augmentation Systems(SBAS)market.In addition,NCS Active Protection System(APS)successfully defeated multiple incoming projectiles fired simultaneously at a vehicle on the move and was named one ofTIME magazines 50 best inventions of 2008.This

198、capability is critical to defending our troops against rocket propelledgrenades in an urban environment and is a key element in the full-spectrum suite of“hit avoidance”technologies for theU.S.Army.NCS,as a key subcontractor to Lockheed Martin,will also co-lead the design,development and manufacture

199、of a new radio system on the DoDs Joint Tactical Radio System Airborne Maritime and Fixed site(JTRS AMF)contract.NCS key customers include the U.S.Army,Air Force,Navy and Marine Corps,and the Federal Aviation Administration(FAA),as well as numerous international customers.NCS has the following princ

200、ipal product lines:?Combat Systems(CS)CS provides integrated ground-based surveillance and target engagement solutionsdesigned to provide a significant advantage to the U.S.Army and Marine Corps warfighters.CS is developing ground7sensor capabilities for the U.S.Armys Future Combat Systems program,i

201、ncluding the APS,which uses vertical launchtechnology that launches an interceptor to shoot down rocket-propelled grenades or anti-tank guided missiles comingin from any direction.In addition,CS provides the Long Range Advanced Scout Surveillance System(LRAS3),a long-range multi-sensor system which

202、provides the ability to detect,identify and geo-locate distant targets;the IntegratedTarget Acquisition System(ITAS)which increases target detection,acquisition,recognition and engagement ranges;and HTI 2nd Generation FLIR(Horizontal Technology Integration Forward Looking Infrared)systems which prov

203、idethe host vehicle the capability to detect,recognize,acquire,and engage targets at extended ranges.?Integrated Communications Systems(ICS)ICS offers wireless,high-bandwidth and transformationalcommunication solutions for every DoD agency,and civil and international customers.These solutions enable

204、connectivity for Net-centric Operations(NCO)and the Global Information Grid(GIG)and provide missionassurance to customers with satellite,point-to-point and networked communications services that are effective onland,sea,undersea,air and space.Solutions include the Enhanced Position Location Reportin

205、g System(EPLRS),anintegrated networking system that provides robust,high-speed battlefield communications for warfighters;the SecureMobile Anti-Jam Reliable Tactical Terminal(SMART-T),a low-cost,extremely high frequency(EHF)satelliteterminal that provides robust,low probability of detection,jam-resi

206、stant,multi-channel communications in supportof the field commander;and the U.S.Navy Multi-band Terminal(NMT),a single terminal for the U.S.Navys nextgeneration satellite communications.?Command and Control Systems(C2S)C2S develops,delivers and supports domestic and internationalmilitary and civil c

207、ustomers,including the FAA,Department of Transportation and DoD,with integrated networkedcommand and control(C2)systems encompassing ground,air,space and security systems which are designed tosecurely capture,present and tailor actionable knowledge in real-time to the needs of decision makers(i.e.mi

208、litarycommander,air traffic controller,border patrol)to minimize information overload and enable rapid decisions.C2Sground,air and space capabilities include integrated communications,navigation,surveillance,air trafficmanagement,and open road tolling systems.C2S products include the U.S.Armys Advan

209、ced Field Artillery TacticalData System(AFATDS)and Joint Automated Deep Operations Coordination System(JADOCS),which provide forthe command and control of battlefield fires,effects and operations.C2S also is continuing to develop advancedairspace management capabilities with the FAA certified Wide A

210、rea Augmentation System(WAAS),JapansMultifunction Transport Satellite-based Augmentation System(MSAS)and Indias GPS-Aided GEO AugmentedNavigation(GAGAN)to improve airspace design flexibility and efficiency by removing route dependency on ground-based navigational aids.C2S is developing open road tol

211、ling systems for both the Florida Turnpike Toll System andthe Texas Department of Transportation.Additionally,C2S is developing and implementing the Perimeter IntrusionDetection System(PIDS)at four airports under the Port Authority of New York and New Jersey,and executingprograms for Middle East-bas

212、ed commercial,oil,gas and petrochemical companies to improve security of their mostcritical infrastructure.?Thales-Raytheon Systems,LLC(TRS)TRS is a joint venture between Thales Group and Raytheon.TRScombines the two companies capabilities in Air Command and Control Systems(ACCS),Air Operations Cent

213、ers,Battlefield Weapon Locating Radars and Military Air Surveillance Radars to provide cost-effective solutions formilitary air operations centers and joint operations centers.Solutions include the Firefinder Weapon Locating Radarsystem for the U.S.Army and international customers,the U.S.Battle Con

214、trol System(BCS),a next-generation airsovereignty command and control system,and the NATO Air Command and Control System(ACCS).?Precision Technologies and Components(PTC)PTC provides a broad range of imaging capabilities,including next-generation Xray,visible,infrared,and millimeter wave focal plane

215、 arrays for thermal imaging,earthremote sensing and astronomy applications,as well as precision optical and electronic solutions,electronic hardwareand software products that enhance the interoperability of communications systems,through its Raytheon VisionSystems and ELCAN products.PTC also designs

216、 and manufactures strategic mechanical products and provides relatedservices through its Raytheon Precision Manufacturing products.Customers include the DoD,NASA,andinternational customers.Space and Airborne Systems(SAS)SAS,headquartered in El Segundo,California,is a leader in the design anddevelopm

217、ent of integrated systems and solutions for advanced missions,including traditional and non-traditional8intelligence,surveillance and reconnaissance,precision engagement,unmanned aerial operations,special forcesoperations and space.Leveraging advanced concepts,state-of-the-art technologies and missi

218、on systems knowledge,SASprovides electro-optic/infrared sensors,airborne radars for surveillance and fire control applications,lasers,precisionguidance systems,electronic warfare systems and space-qualified systems for civilian and military applications.In 2008,SAS demonstrated the Advanced Distribu

219、ted Aperture System(ADAS),a high-definition situational awarenesscapability for helicopter aircrews,in conjunction with the U.S.Army Night Vision Electronic Systems directorate.SASand the U.K.Ministry of Defence successfully completed capabilities assurance mission testing of the Airborne Stand-OffR

220、adar(ASTOR)system,a world-class ground surveillance capability,prior to the system entering into service with theRoyal Air Force.In July,SAS delivered its 100thAPG-79 active electronically scanned array(AESA)radar system to TheBoeing Company and the U.S.Navy for use on F/A-18 and EA-18G aircraft.SAS

221、 also has been working on software anddesign development initiatives for the F-15E modernization program under a prime contract with Boeing for the U.S.AirForce.Additionally,SAS completed the manufacture and testing of the optics detector module for the AerosolPolarimetry Sensor(APS),which will ride

222、 on the NASA Glory satellite to enable a better understanding of the impact ofaerosols on global warming and climate change.SAS key customers include the U.S.Navy,Air Force and Army,as well as classified and international customers.SAS has the following principal product lines:?TacticalAirborneSyste

223、ms(TAS)TAS designs and manufactures cost-effective,high-performanceintegrated avionics to offer new capabilities to next generation platforms,and the global base of tactical airbornesystems.TAS provides solutions using advanced fire control radars,electronic warfare systems,processor solutionsand te

224、chnologies to customers including the U.S.Navy and Air Force and foreign governments.TAS produces radarsusing either mechanically scanned or AESA antennas for the U.S.Air Forces F-15 and B-2 aircraft and for the U.S.Navys F/A-18 fighter jet.TAS also provides electronic warfare equipment for aircraft

225、 and shipboard self-protectionsystems to counter threats and enhance platform and force survivability,including ALE-50 and Advanced TowedDecoys,and ALR-67(V)3 Radar Warning Receiver.In addition,TAS advanced airborne processors form the basis ofthe mission computer/signal processing systems in the F-

226、16,F-22 and F-35 aircraft.?Intelligence,Surveillance and Reconnaissance Systems(ISRS)ISRS designs and manufacturessensor,surveillance and targeting solutions that enable actionable information and persistence across the battlespace.ISRS provides maritime surveillance radars,terrain following/terrain

227、 avoidance(TF/TA)radars and electro-opticaland infrared sensors for surveillance,reconnaissance and targeting mission support,including the APY-10 radar forthe U.S.Navys Multi-Mission Maritime Aircraft,and the ASQ-228 ATFLIR targeting pod for the F/A-18.ISRS alsoprovides the Enhanced Integrated Sens

228、or Suite(EISS)for the Global Hawk unmanned aerial system,which enablesGlobal Hawk to scan large geographic areas and produce outstanding high-resolution reconnaissance imagery.Inaddition,ISRS provides integrated solutions for all tiers of airborne intelligence,surveillance and reconnaissancesystems,

229、including the dual mode Synthetic Aperture Radar/Moving Target Indicator(SAR/MTI)sensor for theASTOR program for the U.K.Ministry of Defence,which enables high-resolution images and the monitoring ofhostile forces.?Space Systems(SS)SS designs and manufactures space and space-qualified sensor payload

230、s for large nationalprograms and develops innovative solutions for emerging intelligence,defense,and civil space applications.SScustomers and programs are predominantly classified.Its non-classified programs include the Visible Infrared ImagerRadiometer Suite(VIIRS),which will provide advanced imagi

231、ng and radiometric capabilities onboard the NationalPolar-orbiting Operational Environmental Satellite System(NPOESS),and the Advanced Responsive TacticallyEffective Military Imaging Spectrometer(ARTEMIS),a sophisticated hyperspectral imaging sensor for theOperationally Responsive Space(ORS)Offices

232、flagship Tactical Satellite program.?Other SAS product lines include Advanced Concepts and Technologies(ACT)and Integrated Technology Programs(ITP).ACT conducts internal research and development for SAS and contract research and development forcustomers,including the Air Force Research Lab and the D

233、efense Advanced Research Projects Agency(DARPA).ITPprovides a wide range of state-of-the-art product families and engineering services in support of the DoDs recent9efforts to transform the capabilities and structure of the U.S.armed forces,including a variety of sophisticated GPSsystems and anti-ja

234、m solutions for many customers,including the U.S.Air Force and Navy.Technical Services(TS)TS,headquartered in Reston,Virginia,provides technical,scientific and professionalservices,as well as a full-spectrum of training services and outsourcing for defense,federal and commercial customersworldwide.I

235、t specializes in Mission Support,counter-proliferation and counter-terrorism,range operations,productsupport,homeland security solutions,and customized engineering services.Mission Support is Raytheons integrated setof cost effective technologies,solutions and services that support our customers,ens

236、uring operational readiness toachieve mission success.In 2008,TS continued to expand its Global Training Solutions capabilities and offerings.TS led a team that secured theAir Traffic Control Optimum Training Solution(ATCOTS)contract to maintain and improve air traffic controller(ATC)training and su

237、pport the FAA in meeting current and future ATC demands.In addition to providing training andtraining support to the FAAs U.S.air traffic control workforce,Raytheon supports training for NASA astronauts,andalmost every General Motors technician and active U.S.Army warfighter.The TS-led Warrior Train

238、ing Alliance,whichoperates the Warfighter Field Operations Customer Support(FOCUS)program to consolidate the U.S.Army live,virtualand constructive training operations and support systems worldwide,successfully completed the program transitionperiod in May and,since that time,has supported the traini

239、ng of warfighters at more than 400 locations worldwide.TS key customers include all branches of the U.S.Armed Forces,NASA,the FAA,the U.S.National Science Foundation,the Department of Energy,the Transportation Security Administration(TSA),the Defense Threat Reduction Agency(DTRA)and other agencies o

240、f the DHS,as well as international governments.TS has the following principal product lines:?Integrated Support Solutions(ISS)ISS,which supports systems and products from design to deploymentprovides mission systems and homeland security solutions,threat reduction and international operations and pr

241、oductsupport.ISS provides a range of capabilities including engineering services,field support,integrated logistics support,training,maintenance,installation and integration for U.S.and international government customers and contractors.ISS also specializes in the installation,diagnostics,maintenanc

242、e and upgrades of Raytheon products and systems atcustomer facilities and works with the FAA and TSA on select domestic homeland security programs.ISS providesmaintenance and site integration work on major command and control systems,and has provided telecommunicationupgrades at over 5,000 FAA facil

243、ities nationwide.ISS provides support to NASAs Neutral Buoyancy Lab and SpaceVehicle Mockup Facility at the Johnson Space Center,and also works with DTRA on international counter-proliferation and counter-terrorism programs in the former Soviet Union.?Customized Engineering&Depot Support(CEDS)CEDS p

244、rovides a broad spectrum of engineeringand limited-production services.CEDS provides Capability Maturity Model Integration(CMMI)level 5 softwareengineering and level 3 systems engineering.For the overall V-22 Osprey aircraft program,CEDS manages the SystemsIntegration Lab,leads the software support

245、activity,performs updates to operational flight profile software,providesmission planning software,and provides training devices.CEDS provides mission systems and avionics software forthe U.S.Marine Corps MV-22 assault aircraft and the U.S.Air Forces CV-22 aircraft.CEDS also designed andprovides int

246、egration and field support for the Shared Reconnaissance Pod,which provides real-time,high-resolutionimaging to F/A-18E/F air crews and air operation commanders in support of pre-mission intelligence,post-missiondamage assessment and real-time target tasking and retasking.CEDS also provides full lif

247、ecycle support for electronicsand weapons,both sea and land based.CEDS performs support on numerous platforms including the FirefinderBattlefield Radar,WSC-6 surface search radar,Seasparrow launcherMK 29 Guided Missile Launching System,KiddClass Destroyer and the U.S.Navys Extremely High Frequency S

248、atellite Program,which is a performance-basedlogistics program.CEDS also supports the National Ignition Facility at Lawrence Livermore National Laboratory,which develops advanced laser and fusion technologies.CEDS,through a Canadian subsidiary,also provides missionsupport to Canadas military across

249、numerous platforms including the Phalanx Weapons System,SPS-49 Air DefenseRadar and the APG-73 Radar.?Warfighter FOCUSThe TS-led Warrior Training Alliance(WTA)operates the Warfighter FOCUS program toconsolidate the U.S.Army live,virtual and constructive training operations and support systems worldw

250、ide.TS is10leading a team of more than 100 subcontractors on this 10-year program.The WTA provides integrated turnkey,lifecycle training services and support worldwide.Work performed by the WTA includes:support for trainingexercises and operations;maintenance for all training and range systems;curri

251、culum development and instruction;management oversight and administration for contractor activities;and supply support for all government-ownedproperty and material.?Raytheon Professional Services(RPS)RPS provides learning services and outsourcing services aimed atimproving its clients performance b

252、y redesigning how clients train their personnel,implementing new trainingdesigns,and managing their training in long-term outsourcing engagements.RPS clients include General Motors,Whirlpool,Barclays Bank,Nokia,Pfizer and NASA.?Raytheon Polar ServicesRaytheon Polar is the prime operations and logist

253、ics contractor to the NationalScience Foundation to support scientific research and maintain a geopolitical presence in Antarctica.It provides corebusiness applications,information security processes and oversight in accordance with stringent federal guidelines.International SubsidiariesWe conduct t

254、he operations and activities of our business segments in certaincountries through international subsidiaries,including Raytheon Systems Limited(RSL)for the U.K.,Raytheon Australiaand Raytheon Canada Limited(RCL).RSL designs,develops and manufactures advanced systems for network-enabledoperations,saf

255、ety critical control functions and precision systems for the U.K.Ministry of Defence and commercial airtraffic control organizations.Programs include e-Borders,an advanced border control and security program(with IIS),the Airborne Standoff Radar(ASTOR),a world-class ground surveillance capability(wi

256、th SAS)and the Joint EffectsTactical Targeting System(JETTS)(with NCS).Raytheon Australia is a Mission Support and mission systems integrationprovider to the Australian Government.Programs include the Air Warfare Destroyer contract to design,develop andprocure the combat system for the new Hobart Cl

257、ass destroyers(with IDS).Raytheon Australia also manages the entireoperations and maintenance requirements of the Canberra Deep Space Communication Complex and provides design,integration and lifecycle operations and maintenance services for the Royal Australian Defense Forces aerospacecapability(wi

258、th TS).RCL provides persistent surveillance radar for air traffic management systems(primarily with NCS).Sales to the U.S.GovernmentOur net sales to the U.S.Government,principally the DoD,were$20.2 billion in 2008,$18.3 billion in 2007 and$17.0billion in 2006,representing 87%,86%and 86%of total sale

259、s in 2008,2007 and 2006,respectively.Included in U.S.Government sales were foreign military sales through the U.S.Government of$1.8 billion,$1.5 billion and$1.3 billion in2008,2007 and 2006,respectively.U.S.Government Contracts and RegulationWe act as a prime contractor or major subcontractor for nu

260、merous U.S.Government programs.As a result,we aresubject to extensive regulations and requirements of the U.S.Government agencies and entities which govern theseprograms,including with respect to the award,administration and performance of contracts under such programs.Weare also subject to certain

261、unique business risks associated with the U.S.Government program funding andappropriations and government contracts and with supplying technologically-advanced,cutting edge defense-relatedproducts and services to the U.S.Government.U.S.Government contracts generally are subject to the Federal Acquis

262、ition Regulation(FAR),which sets forth policies,procedures and requirements for the acquisition of goods and services by the U.S.Government,agency-specificregulations that implement or supplement FAR,such as the DoDs Defense Federal Acquisition Regulation(DFAR)andother applicable laws and regulation

263、s.These regulations impose a broad range of requirements,many of which areunique to government contracting,including various procurement,import and export,security,contract pricing andcost,contract termination and adjustment,and audit requirements.A contractors failure to comply with theseregulation

264、s and requirements could result in reductions to the value of contracts,contract modifications or termination,and the assessment of penalties and fines and lead to suspension or debarment,for cause,from government contractingor subcontracting for a period of time.In addition,government contractors a

265、re also subject to routine audits andinvestigations by U.S.Government agencies such as the Defense Contract Audit Agency(DCAA).These agencies review acontractors performance under its contracts,cost structure and compliance with applicable laws,regulations and11standards.The DCAA also reviews the ad

266、equacy of and a contractors compliance with its internal control systems andpolicies,including the contractors purchasing,property,estimating,compensation and management informationsystems.For a discussion of certain risks associated with compliance with U.S.Government contract regulations andrequir

267、ements,see Item 1A“Risk Factors”of this Form 10-K.U.S.Government contracts include both cost reimbursement and fixed price contracts.Cost reimbursement contracts,subject to a contract-ceiling amount in certain cases,provide for the reimbursement of allowable costs plus the paymentof a fee.These cont

268、racts fall into three basic types:(i)cost plus fixed fee contracts which provide for the payment of afixed fee irrespective of the final cost of performance,(ii)cost plus incentive fee contracts which provide for increases ordecreases in the fee,within specified limits,based upon actual results as c

269、ompared to contractual targets relating to suchfactors as cost,performance and delivery schedule,and(iii)cost plus award fee contracts which provide for the paymentof an award fee determined at the discretion of the customer based upon the performance of the contractor againstpre-established criteri

270、a.Under cost reimbursement type contracts,the contractor is reimbursed periodically for allowablecosts and is paid a portion of the fee based on contract progress.Some costs incident to performing contracts have beenmade partially or wholly unallowable for reimbursement by statute,FAR or other regul

271、ation.Examples of such costsinclude charitable contributions,certain merger and acquisition costs,lobbying costs,interest expense and certainlitigation defense costs.Fixed-price contracts are either firm fixed-price contracts or fixed-price incentive contracts.Under firm fixed-pricecontracts,the con

272、tractor agrees to perform a specific scope of work for a fixed price and as a result,benefits from costsavings and carries the burden of cost overruns.Under fixed-price incentive contracts,the contractor shares with thegovernment savings accrued from contracts performed for less than target costs an

273、d costs incurred in excess of targets upto a negotiated ceiling price(which is higher than the target cost)and carries the entire burden of costs exceeding thenegotiated ceiling price.Accordingly,under such incentive contracts,the contractors profit may also be adjusted up ordown depending upon whet

274、her specified performance objectives are met.Under firm fixed-price and fixed-priceincentive type contracts,the contractor usually receives either milestone payments equaling up to 90%of the contractprice or monthly progress payments from the government generally in amounts equaling 80%of costs incu

275、rred undergovernment contracts.The remaining amount,including profits or incentive fees,is billed upon delivery and acceptanceof end items under the contract.For a discussion of certain risks associated with fixed price and cost reimbursementcontracts,see Item 1A“Risk Factors”of this Form 10-K.U.S.G

276、overnment contracts generally also permit the government to terminate the contract,in whole or in part,withoutprior notice,at the governments convenience or for default based on performance.If a contract is terminated forconvenience,the contractor is generally entitled to payments for its allowable

277、costs and will receive some allowance forprofit on the work performed.If a contract is terminated for default,the contractor is generally entitled to payments forits work that has been accepted by the government.The U.S.Governments right to terminate its contracts has not had amaterial adverse effec

278、t upon our operations or financial condition.For a discussion of the risks associated with the U.S.Governments right to terminate its contracts,see Item 1A“Risk Factors”of this Form 10-K.U.S.Government programs generally are implemented by the award of individual contracts and subcontracts.Congressg

279、enerally appropriates funds on a fiscal year basis even though a program may extend across several fiscal years.Consequently,programs are often only partially funded initially and additional funds are committed only as Congressmakes further appropriations.The contracts and subcontracts under a progr

280、am generally are subject to termination forconvenience or adjustment if appropriations for such programs are not available or change.The U.S.Government isrequired to equitably adjust a contract price for additions or reductions in scope or other changes ordered by it.For adiscussion of the risks ass

281、ociated with program funding and appropriations,see Item 1A“Risk Factors”and“Overview”within Item 7 of this Form 10-K.In addition,because we are engaged in supplying technologically-advanced,cutting edgedefense-related products and services to the U.S.Government,we are subject to certain business ri

282、sks,some of which arespecific to our industry.These risks include:the cost of obtaining and retaining trained and skilled employees;theuncertainty and instability of prices for raw materials and supplies;the problems associated with advanced designs,whichmay result in unforeseen technological diffic

283、ulties and cost overruns;and the intense competition and the constantnecessity for improvement in facilities and personnel training.Our sales to the U.S.Government may be affected bychanges in procurement policies,budget considerations,changing concepts of national defense,political developments12ab

284、road and other factors.See Item 1A“Risk Factors”and“Overview”within Item 7 of this Form 10-K for a moredetailed discussion of these and other related risks.We are also involved in U.S.Government programs,principally through our IIS and SAS business segments,which areclassified by the U.S.Government

285、and cannot be specifically described in this Form 10-K.The operating results of theseclassified programs are included in our consolidated financial statements.The business risks and considerationsassociated with these classified programs generally do not differ materially from those of our other U.S

286、.Governmentprograms and products.We are subject to government regulations and contract requirements which may differ from U.S.Government regulationwith respect to our sales to non-U.S.customers.See“International Sales”on page 14 of this Form 10-K for moreinformation regarding our sales outside of th

287、e U.S.and Item 1A“Risk Factors”for a discussion of the risks associatedwith international sales.See“Sales to the U.S.Government”on page 11 of this Form 10-K for information regarding the percentage of ourrevenues generated from sales to the U.S.Government.BacklogOur backlog of orders was$38.9 billio

288、n at December 31,2008 and$36.6 billion at December 31,2007.The 2008 amountincludes backlog of approximately$33.0 billion from the U.S.Government compared with$30.2 billion at the end of2007.Approximately$4.5 billion and$0.5 billion of the 2008 backlog amount represents direct foreign governmentbackl

289、og and non-government foreign backlog,respectively.Approximately$20.6 billion of the 2008 year-end backlog isnot expected to be filled during the following twelve months.These amounts include both funded backlog(unfilledorders for which funding is authorized,appropriated and contractually obligated

290、by the customer)and unfunded backlog(firm orders for which funding has not been appropriated or obligated to us).For additional information related tobacklog figures,see“Segment Results”within Item 7 of this Form 10-K.Research and DevelopmentWe conduct extensive research and development activities t

291、o continually enhance our existing products and services anddevelop new products and services to meet our customers changing needs and requirements and address new marketopportunities.During 2008,we expended$517 million on research and development efforts compared with$502 millionin 2007 and$464 mil

292、lion in 2006.These expenditures principally have been for product development for the U.S.Government,including bid and proposal efforts related to U.S.Government programs.We also conduct funded researchand development activities under U.S.Government contracts which are included in net sales.For addi

293、tional informationrelated to our research and development activities,see“Note 1:Accounting Policies”within Item 8 of this Form 10-K.Raw Materials,Suppliers and SeasonalityWe are dependent upon the delivery of materials by suppliers and the assembly of major components and subsystems bysubcontractors

294、 used in our products.Some products require relatively scarce raw materials.In addition,we must complywith specific procurement requirements which may,in effect,limit the suppliers and subcontractors we may utilize.Insome instances,for a variety of reasons,we are dependent on sole-source suppliers.W

295、e enter into long-term or volumepurchase agreements with certain suppliers and take other actions to ensure the availability of needed materials,components and subsystems.We generally have not experienced material difficulties in procuring the necessary rawmaterials,components and other supplies for

296、 our products.In recent years,our revenues in the second half of the year have generally exceeded revenues in the first half.The timingof U.S.Government awards,the availability of U.S.Government funding and product deliveries are among the factorsaffecting the periods in which revenues are recorded.

297、We expect this trend to continue in 2009.CompetitionWe directly participate in most major areas of development in the defense and government electronics,space,information technology and technical services and support markets.Technical superiority,reputation,price,pastperformance,delivery schedules,f

298、inancing and reliability are among the principal competitive factors considered by13customers in these markets.We compete worldwide with a number of U.S.and international companies in these markets,some of which may have more extensive or more specialized engineering,manufacturing and marketing capa

299、bilities thanwe do in some areas.The on-going consolidation of the U.S.and global defense,space and aerospace industries continuesto intensify competition and has reduced the number of principal prime contractors in the U.S.As a result of thisconsolidation,we frequently partner on various programs w

300、ith our major suppliers,some of whom are,from time totime,competitors on other programs.In addition,projected U.S.defense spending levels for periods beyond the near-term are uncertain and difficult to predict.Changes in U.S.defense spending may potentially limit certain future marketopportunities.S

301、ee Item 1A“Risk Factors”and“Overview”within Item 7 of this Form 10-K for a more detaileddiscussion of these and other related risks.Patents and LicensesWe own an intellectual property portfolio which includes many United States and foreign patents,as well as unpatentedknow-how,trademarks and copyrig

302、hts,all of which contribute to the preservation of our competitive position in themarket.In certain instances,we have augmented our technology base by licensing the proprietary intellectual property ofothers.We also license our intellectual property to others.While our intellectual property rights i

303、n the aggregate areimportant to the operation of Raytheon,we do not believe that any existing patent,license or other intellectual propertyright is of such importance that its loss or termination would have a material adverse effect on our business,taken as awhole.EmploymentAs of December 31,2008,we

304、 had approximately 73,000 employees.Approximately 8%of our employees are unionized.We consider our union-management relationships to be generally satisfactory.International SalesOur sales to customers outside the U.S.were$4.6 billion or 20%of total sales in 2008,$4.2 billion or 20%of total sales in2

305、007 and$3.7 billion or 19%of total sales in 2006.Included in sales to customers outside the U.S.were foreign militarysales through the U.S.Government of$1.8 billion,$1.5 billion and$1.3 billion,in 2008,2007 and 2006,respectively.International sales were principally in the fields of air defense syste

306、ms,missile systems,airborne radars,naval systems,airtraffic control systems,missile defense systems,electronic equipment,computer software and systems,homeland securitysolutions,personnel training,equipment maintenance and microwave communication and other products and servicespermitted under the In

307、ternational Traffic in Arms Regulations.Generally,we finance our foreign subsidiary workingcapital requirements in the applicable countries.Sales and income from international operations and investments aresubject to changes in currency values,domestic and foreign government laws,regulations and pro

308、curement policies andpractices which may differ from U.S.Government regulation,including import-export control,investments,exchangecontrols,repatriation of earnings and requirements to expend a portion of program funds in-country,embargoes andinternational hostilities.Exchange restrictions imposed b

309、y various countries could restrict the transfer of funds betweencountries and between Raytheon and its subsidiaries.We have acted to protect ourself against most undue risks throughinsurance,foreign exchange contracts,contract provisions,government guarantees or progress payments.See revenuesderived

310、 from external customers and long-lived assets by geographical areas set forth in“Note 16:Business SegmentReporting”within Item 8 of this Form 10-K.In connection with certain foreign sales,we utilize the services of sales representatives who are paid commissions inreturn for services rendered.The ex

311、port from the U.S.of many of our products may require the issuance of a license by either the U.S.Department ofState under the Arms Export Control Act of 1976(formerly the Foreign Military Sales Act),the U.S.Department ofCommerce under the Export Administration Act and its implementing regulations a

312、s kept in force by the InternationalEmergency Economic Powers Act of 1977(IEEPA),and/or the U.S.Department of the Treasury under IEEPA or theTrading with the Enemy Act of 1917.Such licenses may be denied for reasons of U.S.national security or foreign policy.In the case of certain exports of defense

313、 equipment and services,the Department of State must notify Congress at least15-60 days(depending on the identity of the country that will utilize the equipment and services)prior to authorizingsuch exports.During that time,the Congress may take action to block or delay a proposed export by joint re

314、solutionwhich is subject to Presidential veto.14Additional information regarding the risks associated with our international business is contained in Item 1A“RiskFactors”of this Form 10-K.Environmental RegulationOur operations are subject to and affected by a variety of federal,state and local envir

315、onmental protection laws andregulations.We have provided for the estimated cost to complete remediation where we have determined that it isprobable that we will incur such costs in the future to address the environmental impact at current or formerly ownedoperating facilities or at sites where we ha

316、ve been named a Potentially Responsible Party(PRP)by the EnvironmentalProtection Agency(EPA)or similarly designated by other environmental agencies.It is difficult to estimate the timingand ultimate amount of environmental cleanup costs to be incurred in the future due to the uncertainties regarding

317、 theextent of the required cleanup and the status of the law,regulations and their interpretations.In order to assess the potential impact on our consolidated financial statements,we estimate the possible remediationcosts that we could reasonably incur.Such estimates take into consideration the prof

318、essional judgment of ourenvironmental professionals and,in most cases,consultations with outside environmental specialists.If we are ultimately found to have liability at those sites where we have been designated a PRP,we expect that the actualcosts of remediation will be shared with other liable PR

319、Ps.Generally,PRPs that are ultimately determined to beresponsible parties are strictly liable for site clean-up and usually agree among themselves to share,on an allocated basis,the costs and expenses for investigation and remediation of hazardous materials.Under existing environmental laws,however,

320、responsible parties may be jointly and severally liable and,therefore,potentially liable for the full cost offunding such remediation.In the unlikely event that we are required to fund the entire cost of such remediation,thestatutory framework provides that we may pursue rights of contribution from

321、the other PRPs.The amounts we record donot reflect the unlikely event that we would be required to fund the entire cost of such remediation,nor do they reflectthe possibility that we may recover some of these environmental costs from insurance policies or from other PRPs,because neither manner of re

322、covery is deemed probable.However,a substantial portion of these costs are eligible forfuture recovery through the pricing of our products and services to the U.S.Government.We manage various government-owned facilities on behalf of the U.S.Government.At such facilities,environmentalcompliance and r

323、emediation costs have historically been the primary responsibility of the government and we relied(andcontinue to rely with respect to past practices)upon government funding to pay such costs.While the governmentremains responsible for capital and operating costs associated with environmental compli

324、ance,responsibility for finesand penalties associated with environmental noncompliance are typically borne by either the government or thecontractor,depending on the contract and the relevant facts.Fines and penalties are unallowable costs under thecontracts pursuant to which such facilities are man

325、aged.Most of the laws governing environmental matters include criminal provisions.If we were convicted of a criminalviolation of certain federal environmental statutes,including the Federal Clean Air Act and the Clean Water Act,thefacility or facilities involved in the violation would be placed by t

326、he EPA on the“Excluded Parties List”maintained by theGovernment Services Administration.The listing would continue until the EPA concluded that the cause of the violationhad been cured.Listed facilities cannot be used in performing any U.S.Government contract awarded during any periodof listing by t

327、he EPA.Additional information regarding the effect of compliance with environmental protection requirements and theresolution of environmental claims against Raytheon and its operations is contained in Item 1A“Risk Factors,”Item 3“LegalProceedings,”“CommitmentsandContingencies”withinItem 7and“Note11

328、:CommitmentsandContingencies”within Item 8 of this Form 10-K.Available Information and Stock Exchange CertificationOur Internet address is .The content on our website is available for informational purposes only.Youshould not rely upon such content for investment purposes and such content is not inc

329、orporated by reference into thisForm 10-K.15We make available free of charge on or through our Internet website under the heading“Investor Relations,”our annualreport on Form 10-K,quarterly reports on Form 10-Q,current reports on Form 8-K and amendments to those reports assoon as reasonably practica

330、ble after we electronically file such material with,or furnish it to,the Securities and ExchangeCommission.We also make available on or through our website copies of our key corporate governance documents,including our Governance Principles,Certificate of Incorporation,By-laws and charters for the A

331、udit Committee,Management Development and Compensation Committee,Governance and Nominating Committee and Public AffairsCommittee of the Board of Directors and our code of ethics entitled“Standards of Business Ethics and Conduct”.Stockholders may request free copies of these documents from our Invest

332、or Relations Department by writing toRaytheon Company,Investor Relations,870 Winter Street,Waltham,MA 02451,or by calling(781)522-5123 or bysending an email request to .We filed our annual CEO certification with the New York Stock Exchange on June 17,2008.ITEM 1A.RISK FACTORSThis Form 10-K and the i

333、nformation we are incorporating by reference contain forward-looking statements within themeaning of federal securities laws,including information regarding our 2009 financial outlook,future plans,objectives,business prospects and anticipated financial performance including our liquidity and capital resources and our pensionexpense.You can identify these statements by the fact that they include wo