Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Apr. 01, 2018 | Apr. 23, 2018 | |
Document and Entity Information | ||
Entity Registrant Name | RAYTHEON CO/ | |
Entity Central Index Key | 1,047,122 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Apr. 1, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | RTN | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 287,250,000 | |
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Apr. 01, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 2,748,000,000 | $ 3,103,000,000 |
Short-term investments | 0 | 297,000,000 |
Receivables, net | 1,639,000,000 | 1,324,000,000 |
Contract assets | 5,444,000,000 | 5,247,000,000 |
Inventories | 640,000,000 | 594,000,000 |
Prepaid expenses and other current assets | 489,000,000 | 761,000,000 |
Total current assets | 10,960,000,000 | 11,326,000,000 |
Property, plant and equipment, net | 2,478,000,000 | 2,439,000,000 |
Goodwill | 14,871,000,000 | 14,871,000,000 |
Other assets, net | 2,188,000,000 | 2,224,000,000 |
Total assets | 30,497,000,000 | 30,860,000,000 |
Current liabilities | ||
Commercial paper | 300,000,000 | 300,000,000 |
Contract liabilities | 2,949,000,000 | 2,927,000,000 |
Accounts payable | 1,255,000,000 | 1,519,000,000 |
Accrued employee compensation | 921,000,000 | 1,342,000,000 |
Other current liabilities | 1,354,000,000 | 1,260,000,000 |
Total current liabilities | 6,779,000,000 | 7,348,000,000 |
Accrued retiree benefits and other long-term liabilities | 8,238,000,000 | 8,287,000,000 |
Long-term debt | 4,751,000,000 | 4,750,000,000 |
Commitments and contingencies (Note 10) | ||
Redeemable noncontrolling interest (Note 11) | 492,000,000 | 512,000,000 |
Raytheon Company stockholders’ equity | ||
Common stock, par value, $0.01 per share, 1,450 shares authorized, 287 and 288 shares outstanding at April 1, 2018 and December 31, 2017, respectively | 3,000,000 | 3,000,000 |
Additional paid-in capital | 0 | 0 |
Accumulated other comprehensive loss | (9,095,000,000) | (7,935,000,000) |
Retained earnings | 19,329,000,000 | 17,895,000,000 |
Total Raytheon Company stockholders’ equity | 10,237,000,000 | 9,963,000,000 |
Noncontrolling interests in subsidiaries | 0 | 0 |
Total equity | 10,237,000,000 | 9,963,000,000 |
Total liabilities, redeemable noncontrolling interest and equity | $ 30,497,000,000 | $ 30,860,000,000 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares shares in Millions | Apr. 01, 2018 | Dec. 31, 2017 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,450 | 1,450 |
Common stock, shares outstanding | 287.2 | 288.4 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Net sales | ||
Products | $ 5,254 | $ 5,044 |
Services | 1,013 | 956 |
Total net sales | 6,267 | 6,000 |
Operating expenses | ||
Cost of sales—products | 3,737 | 3,617 |
Cost of sales—services | 795 | 749 |
General and administrative expenses | 694 | 686 |
Total operating expenses | 5,226 | 5,052 |
Operating income | 1,041 | 948 |
Non-operating (income) expense, net | ||
Retirement benefits non-service expense | 239 | 207 |
Interest expense | 47 | 58 |
Interest income | (7) | (5) |
Other (income) expense, net | 5 | (7) |
Total non-operating (income) expense, net | 284 | 253 |
Income from continuing operations before taxes | 757 | 695 |
Federal and foreign income taxes | 133 | 198 |
Income from continuing operations | 624 | 497 |
Income (loss) from discontinued operations, net of tax | (1) | 3 |
Net income | 623 | 500 |
Less: Net income (loss) attributable to noncontrolling interests in subsidiaries | (10) | (6) |
Net income attributable to Raytheon Company | $ 633 | $ 506 |
Basic earnings per share attributable to Raytheon Company common stockholders: | ||
Income from continuing operations | $ 2.20 | $ 1.73 |
Income (loss) from discontinued operations, net of tax | 0 | 0.01 |
Net income | 2.20 | 1.74 |
Diluted earnings per share attributable to Raytheon Company common stockholders: | ||
Income from continuing operations | 2.20 | 1.73 |
Income (loss) from discontinued operations, net of tax | 0 | 0.01 |
Net income | $ 2.19 | $ 1.74 |
Amounts attributable to Raytheon Company common stockholders: | ||
Income from continuing operations | $ 634 | $ 503 |
Income (loss) from discontinued operations, net of tax | (1) | 3 |
Net income | $ 633 | $ 506 |
Dividends declared per share | $ 0.8675 | $ 0.7975 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Net income | $ 623,000,000 | $ 500,000,000 |
Pension and other postretirement benefit plans, net: | ||
Amortization of prior service cost included in net income | 1,000,000 | 1,000,000 |
Amortization of net actuarial loss included in net income | 347,000,000 | 281,000,000 |
Pension and other postretirement benefit plans, net | 348,000,000 | 282,000,000 |
Foreign exchange translation | 24,000,000 | 11,000,000 |
Cash flow hedges | (10,000,000) | (2,000,000) |
Unrealized gains (losses) on investments and other, net | 0 | 0 |
Other comprehensive income (loss), before tax | 362,000,000 | 291,000,000 |
Income tax benefit (expense) related to items of other comprehensive income (loss) | (71,000,000) | (98,000,000) |
Other comprehensive income (loss), net of tax | 291,000,000 | 193,000,000 |
Reclassification of stranded tax effects | (1,451,000,000) | 0 |
Total comprehensive income (loss) | (537,000,000) | 693,000,000 |
Less: Comprehensive income (loss) attributable to noncontrolling interests in subsidiaries | (10,000,000) | (6,000,000) |
Comprehensive income (loss) attributable to Raytheon Company | $ (527,000,000) | $ 699,000,000 |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - USD ($) | Total | Common stock [Member] | Additional paid-in capital [Member] | Accumulated other comprehensive income (loss) [Member] | Retained earnings [Member] | Total Raytheon Company stockholders' equity [Member] | Noncontrolling interest in subsidiaries (1) [Member] | [1] |
Beginning Balance at Dec. 31, 2016 | $ 10,157,000,000 | $ 3,000,000 | $ 0 | $ (7,411,000,000) | $ 17,565,000,000 | $ 10,157,000,000 | $ 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income attributable to Raytheon Company | 506,000,000 | 506,000,000 | 506,000,000 | |||||
Net Income (loss) excluding redeemable noncontrolling interest | 506,000,000 | 0 | ||||||
Other comprehensive income (loss), net of tax | 193,000,000 | 193,000,000 | 193,000,000 | |||||
Adjustment of redeemable noncontrolling interest to redemption value | 139,000,000 | 139,000,000 | 139,000,000 | |||||
Dividends declared | (231,000,000) | 1,000,000 | (232,000,000) | (231,000,000) | ||||
Common stock plans activity | 58,000,000 | 58,000,000 | 58,000,000 | |||||
Share repurchases | (438,000,000) | (59,000,000) | (379,000,000) | (438,000,000) | ||||
Ending Balance at Apr. 02, 2017 | 10,384,000,000 | 3,000,000 | 0 | (7,218,000,000) | 17,599,000,000 | 10,384,000,000 | 0 | |
Beginning Balance at Dec. 31, 2017 | 9,963,000,000 | 3,000,000 | 0 | (7,935,000,000) | 17,895,000,000 | 9,963,000,000 | 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income attributable to Raytheon Company | 633,000,000 | 633,000,000 | 633,000,000 | |||||
Net Income (loss) excluding redeemable noncontrolling interest | 633,000,000 | 0 | ||||||
Other comprehensive income (loss), net of tax | 291,000,000 | 291,000,000 | 291,000,000 | |||||
Reclassification of stranded tax effects | 0 | (1,451,000,000) | 1,451,000,000 | 0 | ||||
Adjustment of redeemable noncontrolling interest to redemption value | 11,000,000 | 11,000,000 | 11,000,000 | |||||
Dividends declared | (251,000,000) | 1,000,000 | (252,000,000) | (251,000,000) | ||||
Common stock plans activity | 62,000,000 | 62,000,000 | 62,000,000 | |||||
Share repurchases | (472,000,000) | (63,000,000) | (409,000,000) | (472,000,000) | ||||
Ending Balance at Apr. 01, 2018 | $ 10,237,000,000 | $ 3,000,000 | $ 0 | $ (9,095,000,000) | $ 19,329,000,000 | $ 10,237,000,000 | $ 0 | |
[1] | Excludes redeemable noncontrolling interest which is not considered equity. See “Note 11: Forcepoint Joint Venture” for additional information. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Cash flows from operating activities | ||
Net income | $ 623,000,000 | $ 500,000,000 |
(Income) loss from discontinued operations, net of tax | 1,000,000 | (3,000,000) |
Income from continuing operations | 624,000,000 | 497,000,000 |
Adjustments to reconcile to net cash provided by (used in) operating activities from continuing operations, net of the effect of acquisitions and divestitures | ||
Depreciation and amortization | 135,000,000 | 130,000,000 |
Stock-based compensation | 63,000,000 | 57,000,000 |
Deferred income taxes | (77,000,000) | (54,000,000) |
Changes in assets and liabilities | ||
Receivables, net | (314,000,000) | (155,000,000) |
Contract assets and contract liabilities | (174,000,000) | (554,000,000) |
Inventories | (46,000,000) | 9,000,000 |
Prepaid expenses and other current assets | 138,000,000 | 125,000,000 |
Income taxes receivable/payable | 290,000,000 | 244,000,000 |
Accounts payable | (167,000,000) | (219,000,000) |
Accrued employee compensation | (420,000,000) | (361,000,000) |
Other current liabilities | (60,000,000) | (1,000,000) |
Accrued retiree benefits | 306,000,000 | 283,000,000 |
Other, net | (15,000,000) | (42,000,000) |
Net cash provided by (used in) operating activities from continuing operations | 283,000,000 | (41,000,000) |
Net cash provided by (used in) operating activities from discontinued operations | 1,000,000 | 0 |
Net cash provided by (used in) operating activities | 284,000,000 | (41,000,000) |
Cash flows from investing activities | ||
Additions to property, plant and equipment | (219,000,000) | (86,000,000) |
Proceeds from sales of property, plant and equipment | 0 | 11,000,000 |
Additions to capitalized internal use software | (12,000,000) | (16,000,000) |
Purchases of short-term investments | 0 | (399,000,000) |
Maturities of short-term investments | 309,000,000 | 100,000,000 |
Payments for purchases of acquired companies, net of cash received | 0 | (39,000,000) |
Other | (1,000,000) | (1,000,000) |
Net cash provided by (used in) investing activities | 77,000,000 | (430,000,000) |
Cash flows from financing activities | ||
Dividends paid | (230,000,000) | (215,000,000) |
Net borrowings (payments) on commercial paper | 0 | 0 |
Contribution from noncontrolling interest in Forcepoint | 0 | 8,000,000 |
Other | (5,000,000) | 0 |
Net cash provided by (used in) financing activities | (707,000,000) | (645,000,000) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (346,000,000) | (1,116,000,000) |
Cash, cash equivalents and restricted cash at beginning of the year | 3,115,000,000 | 3,303,000,000 |
Cash, cash equivalents and restricted cash at end of period | 2,769,000,000 | 2,187,000,000 |
Share Repurchase Program [Member] | ||
Cash flows from financing activities | ||
Repurchases of common stock | (400,000,000) | (400,000,000) |
Satisfy tax withholding [Member] | ||
Cash flows from financing activities | ||
Repurchases of common stock | $ (72,000,000) | $ (38,000,000) |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Apr. 01, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation We prepared the accompanying unaudited consolidated financial statements of Raytheon Company and all wholly-owned, majority-owned or otherwise controlled subsidiaries on the same basis as our annual audited financial statements. We condensed or omitted certain information and footnote disclosures normally included in our annual audited financial statements, which we prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). Our quarterly financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2017 . As used in this report, the terms “we,” “us,” “our,” “Raytheon” and the “Company” mean Raytheon Company and its subsidiaries, unless the context indicates another meaning. In the opinion of management, our financial statements reflect all adjustments, which are of a normal recurring nature, necessary for presentation of financial statements for interim periods in accordance with U.S. GAAP and with the instructions to Form 10-Q in Article 10 of Securities and Exchange Commission (SEC) Regulation S-X. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of our financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates, and any such differences may be material to our financial statements. In addition, we reclassified certain amounts to conform to our current period presentation. |
Accounting Standards
Accounting Standards | 3 Months Ended |
Apr. 01, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Accounting Standards | Accounting Standards In February 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which allows companies to reclassify stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017 (2017 Act), from accumulated other comprehensive income to retained earnings. These stranded tax effects refer to the tax amounts included in accumulated other comprehensive income at the previous 35% U.S. statutory tax rate, for which the related deferred tax asset or liability was remeasured to the new 21% U.S. corporate statutory federal tax rate in the period of the 2017 Act enactment. The new standard is effective for fiscal years beginning after December 15, 2018, with early adoption permitted, and can be applied either in the period of adoption or retrospectively to each period impacted by the 2017 Act. We elected to early adopt the new standard in the first quarter of 2018 and we elected to reclassify the stranded income tax effects of the 2017 Act from accumulated other comprehensive income to retained earnings in the period of adoption. This resulted in an increase to accumulated other comprehensive loss (AOCL) of $1,451 million and an increase in retained earnings of $1,451 million in the first quarter of 2018, almost all of which related to our pension and other postretirement benefit (PRB) plans, net. The standard did not have an impact on our results of operations or liquidity. Income tax effects remaining in accumulated other comprehensive income will be released into earnings as the related pretax amounts are reclassified to earnings. In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which changed certain presentation and disclosure requirements for employers that sponsor defined benefit pension and PRB plans. The new standard required the service cost component of the net benefit cost to be in the same line item as other compensation in operating income and the other components of net benefit cost to be presented outside of operating income on a retrospective basis. The new standard was effective for fiscal years beginning after December 15, 2017. We adopted the requirements of the new standard in the first quarter of 2018 on a retrospective basis for the presentation of only the service cost component in operating expenses, and the reclassification of the other components of the net benefit cost to retirement benefits non-service expense within non-operating (income) expense, net. The impact to our fiscal quarters and year-ended 2017 and year-ended 2016 financial results was as follows: Three Months Ended Twelve Months Ended (In millions) Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017 Dec 31, 2017 Dec 31, 2016 Cost of sales $ (186 ) $ (222 ) $ (164 ) $ (164 ) $ (736 ) $ (458 ) General and administrative expenses (44 ) (48 ) (42 ) (43 ) (177 ) (143 ) Total operating expenses (230 ) (270 ) (206 ) (207 ) (913 ) (601 ) Operating income 230 270 206 207 913 601 Total non-operating (income) expense, net 230 270 206 207 913 601 Income from continuing operations after taxes — — — — — — Net income $ — $ — $ — $ — $ — $ — The remaining provisions of the standard did not have a material impact on our financial position, results of operations or liquidity. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which requires lessees to recognize a right-of-use asset and lease liability for most lease arrangements. The new standard is effective for fiscal years beginning after December 15, 2018, with early adoption permitted, and must be adopted using the modified retrospective approach. We intend to adopt the standard on the effective date of January 1, 2019. We are currently evaluating the potential changes from this ASU to our future financial reporting and disclosures and designing and implementing related processes and controls. We expect the standard to have an impact of approximately $1 billion on our assets and liabilities for the addition of right-of-use assets and lease liabilities, but we do not expect it to have a material impact on our results of operations or liquidity. Other new pronouncements issued but not effective until after April 1, 2018 are not expected to have a material impact on our financial position, results of operations or liquidity. |
Changes in Estimates under Perc
Changes in Estimates under Percentage of Completion Contract Accounting | 3 Months Ended |
Apr. 01, 2018 | |
Accounting Policies [Abstract] | |
Changes in Estimates under Percentage of Completion Contract Accounting | Changes in Estimates under Percentage of Completion Contract Accounting We have a companywide standard and disciplined quarterly Estimate at Completion (EAC) process in which management reviews the progress and execution of our performance obligations. As part of this process, management reviews information including, but not limited to, any outstanding key contract matters, progress towards completion and the related program schedule, identified risks and opportunities and the related changes in estimates of revenues and costs. The risks and opportunities include management’s judgment about the ability and cost to achieve the schedule (e.g., the number and type of milestone events), technical requirements (e.g., a newly-developed product versus a mature product) and other contract requirements. Management must make assumptions and estimates regarding labor productivity and availability, the complexity of the work to be performed, the availability of materials, the length of time to complete the performance obligation (e.g., to estimate increases in wages and prices for materials and related support cost allocations), execution by our subcontractors, the availability and timing of funding from our customer and overhead cost rates, among other variables. These estimates also include the estimated cost of satisfying our industrial cooperation agreements, sometimes in the form of either offset obligations or in-country industrial participation (ICIP) agreements, required under certain contracts. These obligations may or may not be distinct depending on their nature. Based on this analysis, any quarterly adjustments to net sales, cost of sales and the related impact to operating income are recognized as necessary in the period they become known. These adjustments may result from positive program performance, and may result in an increase in operating income during the performance of individual performance obligations, if we determine we will be successful in mitigating risks surrounding the technical, schedule and cost aspects of those performance obligations or realizing related opportunities. Likewise, these adjustments may result in a decrease in operating income if we determine we will not be successful in mitigating these risks or realizing related opportunities. Changes in estimates of net sales, cost of sales and the related impact to operating income are recognized quarterly on a cumulative catch-up basis, which recognizes in the current period the cumulative effect of the changes on current and prior periods based on a performance obligation’s percentage of completion. A significant change in one or more of these estimates could affect the profitability of one or more of our performance obligations. When estimates of total costs to be incurred exceed total estimates of revenue to be earned on a performance obligation related to complex aerospace or defense equipment or related services, or product maintenance or separately priced extended warranty, a provision for the entire loss on the performance obligation is recognized in the period the loss is recorded. Net EAC adjustments had the following impact on our operating results: Three Months Ended (In millions, except per share amounts) Apr 1, 2018 Apr 2, 2017 Operating income $ 115 $ 54 Income from continuing operations attributable to Raytheon Company 91 35 Diluted earnings per share (EPS) from continuing operations attributable to Raytheon Company $ 0.32 $ 0.12 In addition, net revenue recognized from our performance obligations satisfied in previous periods was $138 million and $75 million in the first quarters of 2018 and 2017 , respectively. This primarily relates to EAC adjustments that impacted revenue. |
Earnings Per Share (EPS)
Earnings Per Share (EPS) | 3 Months Ended |
Apr. 01, 2018 | |
Earnings Per Share [Abstract] | |
Earnings per Share (EPS) | Earnings Per Share (EPS) We compute basic and diluted EPS using actual income from continuing operations attributable to Raytheon Company common stockholders, income (loss) from discontinued operations attributable to Raytheon Company common stockholders and net income attributable to Raytheon Company, and our actual weighted-average shares outstanding rather than the numbers presented within our unaudited consolidated financial statements, which are rounded to the nearest million. As a result, it may not be possible to recalculate EPS as presented in our unaudited consolidated financial statements. Furthermore, it may not be possible to recalculate EPS attributable to Raytheon Company common stockholders by adjusting EPS from continuing operations by EPS from discontinued operations. We include all unvested stock awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, in the number of shares outstanding in our basic EPS calculation as they are considered participating securities. As a result, we have included all of our outstanding unvested awards of restricted stock, as well as restricted stock units (RSUs) and Long-term Performance Plan (LTPP) awards that meet the retirement eligible criteria in our calculation of basic EPS. We disclose EPS for common stock and unvested stock-based payment awards, and separately disclose distributed and undistributed earnings. Distributed earnings represent common stock dividends and dividends earned on unvested awards of restricted stock and stock-based payment awards of retirement eligible employees. Undistributed earnings represent earnings that were available for distribution but were not distributed. Common stock and unvested stock-based payment awards earn dividends equally. As described in “Note 11: Forcepoint Joint Venture,” we record redeemable noncontrolling interest related to Vista Equity Partners’ interest in Forcepoint. We reflect the redemption value adjustments for redeemable noncontrolling interest in both the basic and diluted EPS calculation for the portion of redemption value that is in excess of the fair value of noncontrolling interest. As a result, both basic and diluted EPS were increased by $0.01 in first quarter of 2017 . EPS from continuing operations attributable to Raytheon Company common stockholders and unvested stock-based payment awards was as follows: Three Months Ended Apr 1, 2018 Apr 2, 2017 Basic EPS attributable to Raytheon Company common stockholders: Distributed earnings $ 0.87 $ 0.80 Undistributed earnings 1.33 0.93 Total $ 2.20 $ 1.73 Diluted EPS attributable to Raytheon Company common stockholders: Distributed earnings $ 0.87 $ 0.80 Undistributed earnings 1.33 0.93 Total $ 2.20 $ 1.73 Basic and diluted EPS from discontinued operations attributable to Raytheon Company common stockholders and unvested stock-based payment awards was a loss of less than $0.01 and earnings of $0.01 for the first quarters of 2018 and 2017 , respectively. Income attributable to participating securities was as follows: Three Months Ended (In millions) Apr 1, 2018 Apr 2, 2017 Income from continuing operations attributable to participating securities $ 7 $ 7 Income (loss) from discontinued operations, net of tax attributable to participating securities (1) — — Net income attributable to participating securities $ 7 $ 7 (1) Income (loss) from discontinued operations, net of tax attributable to participating securities was a loss of less than $1 million and income of less than $1 million for the first quarters of 2018 and 2017 , respectively. The weighted-average shares outstanding for basic and diluted EPS were as follows: Three Months Ended (In millions) Apr 1, 2018 Apr 2, 2017 Shares for basic EPS (1) 288.5 292.5 Effect of dilutive securities 0.3 0.3 Shares for diluted EPS 288.8 292.8 (1) Includes 3.2 million and 4.1 million participating securities for the first quarters of 2018 and 2017 , respectively. |
Inventories
Inventories | 3 Months Ended |
Apr. 01, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following : (In millions) Apr 1, 2018 Dec 31, 2017 Materials and purchased parts $ 73 $ 69 Work in process 545 504 Finished goods 22 21 Total $ 640 $ 594 Precontract costs are costs incurred to fulfill a contract prior to contract award. Precontract costs, including general and administrative expenses that are specifically chargeable to the customer, are deferred in inventories if we determine that the costs are probable of recovery under a specific anticipated contract. All other precontract costs, including start-up costs, are expensed as incurred. Costs that are deferred are recognized as contract costs upon the receipt of the anticipated contract. We included deferred precontract costs of $121 million and $101 million in inventories as work in process at April 1, 2018 and December 31, 2017 , respectively. |
Contract Assets and Contract Li
Contract Assets and Contract Liabilities | 3 Months Ended |
Apr. 01, 2018 | |
Contractors [Abstract] | |
Contract Assets and Contract Liabilities | Contract Assets and Contract Liabilities Our contract assets consist of unbilled amounts typically resulting from sales under long-term contracts when the cost-to-cost method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer. Our contract liabilities consist of advance payments and billings in excess of costs incurred and deferred revenue. The noncurrent portion of deferred revenue is included in accrued retiree benefits and other long-term liabilities in our consolidated balance sheets. Net contract assets (liabilities) consisted of the following : (In millions, except percentages) Apr 1, 2018 Dec 31, 2017 $ Change % Change Contract assets $ 5,444 $ 5,247 $ 197 3.8 % Contract liabilities—current (2,949 ) (2,927 ) (22 ) 0.8 % Contract liabilities—noncurrent (119 ) (127 ) 8 (6.3 )% Net contract assets (liabilities) $ 2,376 $ 2,193 $ 183 8.3 % The $183 million increase in our net contract assets (liabilities) from December 31, 2017 to April 1, 2018 was primarily due to a $197 million increase in our contract assets, principally due to the timing of milestone payments on certain international programs. In the first quarters of 2018 and 2017 , we recognized revenue of $652 million and $612 million related to our contract liabilities at January 1, 2018 and January 1, 2017 , respectively. Impairment losses recognized on our receivables and contract assets were de minimis in the first quarters of 2018 and 2017 . |
Deferred Commissions
Deferred Commissions | 3 Months Ended |
Apr. 01, 2018 | |
Deferred Costs [Abstract] | |
Deferred Commissions | Deferred Commissions Our incremental direct costs of obtaining a contract, which consist of sales commissions primarily for our security software sales at Forcepoint, are deferred and amortized over the period of contract performance or a longer period, generally the estimated life of the customer relationship, if renewals are expected and the renewal commission is not commensurate with the initial commission. We classify deferred commissions as current or noncurrent based on the timing of when we expect to recognize the expense. The current and noncurrent portions of deferred commissions are included in prepaid expenses and other current assets, and other assets, net, respectively, in our consolidated balance sheets. At April 1, 2018 and December 31, 2017 , we had deferred commissions of $38 million and $37 million , respectively. Amortization expense related to deferred commissions was $8 million and $5 million in the first quarters of 2018 and 2017 , respectively. |
Acquisitions and Goodwill
Acquisitions and Goodwill | 3 Months Ended |
Apr. 01, 2018 | |
Business Combinations [Abstract] | |
Acquisitions and Goodwill | Acquisitions and Goodwill In pursuing our business strategies, we acquire and make investments in certain businesses that meet strategic and financial criteria. There were no acquisitions in the first quarter of 2018 . A rollforward of goodwill by segment was as follows: (In millions) Integrated Defense Systems Intelligence, Information and Services Missile Systems Space and Airborne Systems Forcepoint (1) Total Balance at December 31, 2017 $ 1,706 $ 2,967 $ 4,154 $ 4,106 $ 1,938 $ 14,871 Effect of foreign exchange rates and other — — — — — — Balance at April 1, 2018 $ 1,706 $ 2,967 $ 4,154 $ 4,106 $ 1,938 $ 14,871 (1) At April 1, 2018 , Forcepoint’s fair value was estimated to exceed its net book value by approximately $1.3 billion . As discussed in “Note 11: Forcepoint Joint Venture,” we are required to determine Forcepoint’s fair value on a quarterly basis due to the accounting related to the redeemable noncontrolling interest. |
Derivative and Other Financial
Derivative and Other Financial Instruments | 3 Months Ended |
Apr. 01, 2018 | |
Summary of Derivative Instruments [Abstract] | |
Derivative and Other Financial Instruments | Derivatives and Other Financial Instruments Derivatives —Our primary market exposures are to foreign exchange rates and interest rates, and we use certain derivative financial instruments to help manage these exposures. We execute these instruments with financial institutions that we judge to be credit-worthy, and the majority of our foreign currency forward contracts are denominated in currencies of major industrial countries. We do not hold or issue derivative financial instruments for trading or speculative purposes. We use foreign currency forward contracts to fix the functional currency value of specific commitments, payments and receipts. The aggregate notional amount of our outstanding foreign currency forward contracts was $1,215 million and $1,354 million at April 1, 2018 and December 31, 2017 , respectively. The net notional exposure of these contracts was approximately $522 million and $525 million at April 1, 2018 and December 31, 2017 , respectively. The fair value of asset derivatives included in other assets, net and liability derivatives included in other current liabilities in our consolidated balance sheets related to foreign currency contracts were $27 million and $25 million , respectively, at April 1, 2018 and $28 million and $17 million , respectively, at December 31, 2017 . The fair values of these derivatives are Level 2 in the fair value hierarchy because they are determined based on a market approach utilizing externally quoted forward rates for similar contracts. Our foreign currency forward contracts contain offset or netting provisions to mitigate credit risk in the event of counterparty default, including payment default and cross default. At April 1, 2018 and December 31, 2017 , the fair value of our counterparty default exposure was less than $1 million and spread across numerous highly rated counterparties. There were no interest rate swaps outstanding at April 1, 2018 or December 31, 2017 . Other Financial Instruments — We invest in marketable securities in accordance with our short-term investment policy and cash management strategy. These marketable securities are classified as available-for-sale and are recorded at fair value as short-term investments in our consolidated balance sheets. These investments are deemed Level 2 assets under the fair value hierarchy as their fair value is determined under a market approach using valuation models that utilize observable inputs, including maturity date, issue date, settlement date and current rates. At April 1, 2018 we had no short-term investments as all short-term investments outstanding at December 31, 2017 matured in the first quarter of 2018. At December 31, 2017 , we had short-term investments of $297 million , consisting of highly rated bank certificates of deposit with a minimum long-term debt rating of A or A2 and a minimum short-term debt rating of A-1 or P-1 . The amortized cost of these securities closely approximated their fair value at December 31, 2017 . In the first quarter of 2017 , we recorded unrealized gains on short-term investments of less than $1 million , net of tax, in AOCL. We did not have any sales of short-term investments in the first quarters of 2018 or 2017 . In addition to the financial instruments discussed above, we hold other financial instruments, including cash and cash equivalents, notes receivable, commercial paper and long-term debt. The carrying amounts for cash and cash equivalents, notes receivable and commercial paper approximated their fair values. The carrying value of long-term debt was recorded at amortized cost. The estimated fair value of long-term debt was determined based on quoted prices in inactive markets, which falls within Level 2 of the fair value hierarchy. The carrying value and estimated fair value of long-term debt were as follows: (In millions) Apr 1, 2018 Dec 31, 2017 Carrying value of long-term debt $ 4,751 $ 4,750 Fair value of long-term debt 5,154 5,293 We did not have any transfers of assets or liabilities between levels of the fair value hierarchy during the first quarter of 2018 . At April 1, 2018 , short-term commercial paper borrowings outstanding were $300 million , which had a weighted-average interest rate and original maturity period of 2.051% and 9 days, respectively. At December 31, 2017 , short-term commercial paper borrowings outstanding were $300 million , which had a weighted-average interest rate and original maturity period of 1.583% and 20 days , respectively. The commercial paper notes outstanding have original maturities of not more than 90 days from the date of issuance. Supplemental Cash Flow Information— The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of such amounts in the consolidated statements of cash flows: (In millions) Apr 1, 2018 Dec 31, 2017 Cash and cash equivalents $ 2,748 $ 3,103 Restricted cash 21 12 Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows $ 2,769 $ 3,115 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Apr. 01, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Environmental Matters — We are involved in various stages of investigation and cleanup related to remediation of various environmental sites. Our estimate of the liability of total environmental remediation costs includes the use of a discount rate and takes into account that a portion of these costs is eligible for future recovery through the pricing of our products and services to the U.S. government. We regularly assess the probability of recovery of these costs, which requires us to make assumptions about the extent of cost recovery under our contracts and the amount of future contract activity. We consider such recovery probable based on government contracting regulations and our long history of receiving reimbursement for such costs, and accordingly have recorded the estimated future recovery of these costs from the U.S. government within prepaid expenses and other current assets, in our consolidated balance sheets. Our estimates regarding remediation costs to be incurred were as follows: (In millions, except percentages) Apr 1, 2018 Dec 31, 2017 Total remediation costs—undiscounted $ 210 $ 206 Weighted-average discount rate 5.2 % 5.2 % Total remediation costs—discounted $ 147 $ 142 Recoverable portion 95 92 We also lease certain government-owned properties and generally are not liable for remediation of preexisting environmental contamination at these sites. As a result, we generally do not provide for these costs in our consolidated financial statements. Due to the complexity of environmental laws and regulations, the varying costs and effectiveness of alternative cleanup methods and technologies, the uncertainty of insurance coverage and the unresolved extent of our responsibility, it is difficult to determine the ultimate outcome of environmental matters. However, we do not expect any additional liability to have a material adverse effect on our financial position, results of operations or liquidity. Financing Arrangements and Other— We issue guarantees, and banks and surety companies issue, on our behalf, letters of credit and surety bonds to meet various bid, performance, warranty, retention and advance payment obligations for us or our affiliates. These instruments expire on various dates through 2026. Additional guarantees of project performance for which there is no stated value also remain outstanding. The stated values outstanding consisted of the following : (In millions) Apr 1, 2018 Dec 31, 2017 Guarantees $ 224 $ 216 Letters of credit 2,797 2,416 Surety bonds 166 166 All guarantees at April 1, 2018 and December 31, 2017 related to our joint venture in Thales-Raytheon Systems Air and Missile Defense Command and Control S.A.S. (TRS AMDC2). Included in letters of credit above were $49 million and $47 million at April 1, 2018 and December 31, 2017 , respectively, related to our joint venture in TRS AMDC2. We provide these guarantees and letters of credit to TRS AMDC2 and other affiliates to assist these entities in obtaining financing on more favorable terms, making bids on contracts and performing their contractual obligations. While we expect these entities to satisfy their loans and meet their project performance and other contractual obligations, their failure to do so may result in a future obligation to us. We periodically evaluate the risk of TRS AMDC2 and other affiliates failing to meet their obligations described above. At April 1, 2018 , we believe the risk that TRS AMDC2 and other affiliates will not be able to meet their obligations is minimal for the foreseeable future based on their current financial condition. All obligations were current at April 1, 2018 . We had an estimated liability of $2 million at both April 1, 2018 and December 31, 2017 related to these guarantees. As discussed in “Note 11: Forcepoint Joint Venture,” under the joint venture agreement between Raytheon Company and Vista Equity Partners, Raytheon may be required to purchase Vista Equity Partners’ interest in Forcepoint. We have entered into industrial cooperation agreements, sometimes in the form of either offset agreements or in-country industrial participation (ICIP) agreements, as a condition to obtaining orders for our products and services from certain customers in foreign countries. At April 1, 2018 , the aggregate amount of our offset agreements, both agreed to and anticipated to be agreed to, had an outstanding notional value of approximately $9.5 billion . These agreements are designed to return economic value to the foreign country by requiring us to engage in activities supporting local defense or commercial industries, promoting a balance of trade, developing in-country technology capabilities or addressing other local development priorities. Offset agreements may be satisfied through activities that do not require a direct cash payment, including transferring technology, providing manufacturing, training and other consulting support to in-country projects, and the purchase by third parties (e.g., our vendors) of supplies from in-country vendors. These agreements may also be satisfied through our use of cash for activities such as subcontracting with local partners, purchasing supplies from in-country vendors, providing financial support for in-country projects and making investments in local ventures. Such activities may also vary by country depending upon requirements as dictated by their governments. We typically do not commit to offset agreements until orders for our products or services are definitive. The amounts ultimately applied against our offset agreements are based on negotiations with the customers and typically require cash outlays that represent only a fraction of the notional value in the offset agreements. Offset programs usually extend over several or more years and may provide for penalties in the event we fail to perform in accordance with offset requirements. We have historically not been required to pay any such penalties. As a U.S. government contractor, we are subject to many levels of audit and investigation by the U.S. government relating to our contract performance and compliance with applicable rules and regulations. Agencies that oversee contract performance include: the Defense Contract Audit Agency (DCAA); the Defense Contract Management Agency (DCMA); the Inspectors General of the U.S. Department of Defense (DoD) and other departments and agencies; the Government Accountability Office (GAO); the Department of Justice (DOJ); and Congressional Committees. Other areas of our business operations may also be subject to audit and investigation by these and/or other agencies. From time to time, agencies investigate or conduct audits to determine whether our operations are being conducted in accordance with applicable requirements. Such investigations and audits may be initiated due to a number of reasons, including as a result of a whistleblower complaint. Such investigations and audits could result in administrative, civil or criminal liabilities, including repayments, fines or penalties being imposed upon us, the suspension of government export licenses or the suspension or debarment from future U.S. government contracting. U.S. government investigations often take years to complete and many result in no adverse action against us. Our final allowable incurred costs for each year are also subject to audit and have, from time to time, resulted in disputes between us and the U.S. government, with litigation resulting at the Court of Federal Claims (COFC) or the Armed Services Board of Contract Appeals (ASBCA) or their related courts of appeals. In addition, the DOJ has, from time to time, convened grand juries to investigate possible irregularities by us. We also provide products and services to customers outside of the U.S., and those sales are subject to local government laws, regulations and procurement policies and practices. Our compliance with such local government regulations or any applicable U.S. government regulations (e.g., the Foreign Corrupt Practices Act (FCPA) and International Traffic in Arms Regulations (ITAR)) may also be investigated or audited. Other than as specifically disclosed herein, we do not expect these audits, investigations or disputes to have a material effect on our financial position, results of operations or liquidity, either individually or in the aggregate. In addition, various other claims and legal proceedings generally incidental to the normal course of business are pending or threatened against, or initiated by, us. We do not expect any of these proceedings to result in any additional liability or gains that would materially affect our financial position, results of operations or liquidity. In connection with certain of our legal matters, we may be entitled to insurance recovery for qualified legal costs or other incurred costs. We do not expect any insurance recovery to have a material impact on the financial exposure that could result from these matters. |
Forcepoint Joint Venture
Forcepoint Joint Venture | 3 Months Ended |
Apr. 01, 2018 | |
Forcepoint Joint Venture [Abstract] | |
Forcepoint Joint Venture | Forcepoint Joint Venture Forcepoint is a cybersecurity joint venture company with Vista Equity Partners. The joint venture agreement between Raytheon and Vista Equity Partners provides Vista Equity Partners with certain rights to require Forcepoint to pursue an initial public offering at any time after four years and three months following the closing date of May 29, 2015, or pursue a sale of the company at any time after five years following the closing date. In either of these events, Raytheon has the option to purchase all, but not less than all, of Vista Equity Partners’ interest in Forcepoint for cash at a price equal to fair value as determined under the joint venture agreement. Additionally, Vista Equity Partners has the ability to liquidate its ownership through a put option, which became exercisable on May 29, 2017. The put option allows Vista Equity Partners to require Raytheon to purchase all, but not less than all, of Vista Equity Partners’ interest in Forcepoint for cash at a price equal to fair value as determined under the joint venture agreement. Lastly, at any time on or after May 29, 2018, Raytheon has the option to purchase all, but not less than all, of Vista Equity Partners’ interest in Forcepoint at a price equal to fair value as determined under the joint venture agreement. The joint venture agreement provides for the process under which the parties would determine the fair value of the interest and could result in a payment by Raytheon shortly after the exercise of Vista Equity Partners’ put option or Raytheon’s purchase option; however, the ultimate timing will depend on the actions of the parties and other factors. The estimate of fair value for purposes of presenting the redeemable noncontrolling interest in our consolidated balance sheets could differ from the parties’ determination of fair value for the interest under the joint venture agreement. Vista Equity Partners’ adjusted equity interest in the Forcepoint joint venture was 19.5% at April 1, 2018 . Vista Equity Partners’ interest in Forcepoint is presented as redeemable noncontrolling interest, outside of stockholders’ equity, in our consolidated balance sheets. The redeemable noncontrolling interest is recognized at the greater of the estimated redemption value as of the balance sheet date, which was $492 million at April 1, 2018 , or the carrying value, defined as the initial value adjusted for Vista Equity Partners’ share of the cumulative impact of net income (loss), other changes in accumulated other comprehensive income (loss) and additional contributions, which was $300 million at April 1, 2018 . Adjustments to the redemption value over the period from the date of acquisition to the redemption date are immediately recorded to retained earnings. A rollforward of redeemable noncontrolling interest was as follows: Three Months Ended (In millions) Apr 1, 2018 Apr 2, 2017 Beginning balance $ 512 $ 449 Net income (loss) (10 ) (6 ) Other comprehensive income (loss), net of tax (1) 1 — Contribution from noncontrolling interest — 8 Adjustment of noncontrolling interest to redemption value (11 ) (102 ) Ending balance $ 492 $ 349 (1) Other comprehensive income (loss), net of tax, was income of less than $1 million for the first quarter of 2017 . |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Apr. 01, 2018 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders’ Equity The changes in shares of our common stock outstanding were as follows: Three Months Ended (In millions) Apr 1, 2018 Apr 2, 2017 Beginning balance 288.4 292.8 Stock plans activity 1.0 1.1 Share repurchases (2.2 ) (2.9 ) Ending balance 287.2 291.0 From time to time, our Board of Directors authorizes the repurchase of shares of our common stock. In November 2015, our Board authorized the repurchase of up to $2.0 billion of our outstanding common stock. In November 2017, our Board also authorized the repurchase of up to an additional $2.0 billion of our outstanding common stock. At April 1, 2018 , we had approximately $2.4 billion available under the 2017 and 2015 repurchase programs. Share repurchases will take place from time to time at management’s discretion depending on market conditions. Share repurchases also include shares surrendered by employees to satisfy tax withholding obligations in connection with restricted stock, RSUs and LTPP awards issued to employees. Our share repurchases were as follows: Three Months Ended (In millions) Apr 1, 2018 Apr 2, 2017 $ Shares $ Shares Shares repurchased under our share repurchase programs $ 400 1.9 $ 400 2.7 Shares repurchased to satisfy tax withholding obligations 72 0.3 38 0.2 Total share repurchases $ 472 2.2 $ 438 2.9 In March 2018 , our Board of Directors authorized a n 8.8% increase to our annual dividend payout rate from $3.19 to $3.47 per share. Our Board of Directors also declared dividends of $0.8675 per share during the first quarter of 2018 , compared to dividends of $0.7975 per share during the first quarter of 2017 . Dividends are subject to quarterly approval by our Board of Directors. Stock-based Compensation Plans Restricted Stock and RSUs— During the first quarter of 2018 , we granted 0.7 million combined shares of restricted stock and RSUs with a weighted-average grant-date fair value of $213.39 per share , calculated under the intrinsic value method. These awards generally vest in equal installments on each of the second, third and fourth anniversary dates of the award’s grant date. LTPP— During the first quarter of 2018 , we granted RSUs subject to the 2018–2020 LTPP plan with an aggregate target award of 0.1 million units and a weighted-average grant-date fair value of $205.43 per share. The performance goals for the 2018–2020 LTPP award are independent of each other and based on three metrics, as defined in the LTPP award agreements: return on invested capital (ROIC), weighted at 50% ; total shareholder return (TSR) relative to a peer group, weighted at 25% ; and cumulative free cash flow from continuing operations (CFCF), weighted at 25% . The ultimate award, which is determined at the end of the three-year cycle, can range from zero to 200% of the target award and includes dividend equivalents, which are not included in the aggregate target award numbers. The grant-date fair value is based upon the value determined under the intrinsic value method for the CFCF and ROIC portions of the award and the Monte Carlo simulation method for the TSR portion of the award. Forcepoint Plans— In 2015, Forcepoint established long-term incentive plans that provide for awards of unit appreciation rights and profits interests in the joint venture to Forcepoint management and key employees. Awards are approved by the Board of Forcepoint. These awards vest over a specified period of time and settlement is subject to a liquidity event defined as either a change in control or an initial public offering of the joint venture. In certain limited circumstances other vesting conditions may apply, and the impact attributable to these vesting conditions was expense of $1 million for the first quarter of 2018 and income of $1 million for the first quarter of 2017 . At April 1, 2018 , there were 174 thousand combined units and/or profits interests authorized for award under these plans. Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) includes gains and losses associated with pension and PRB , foreign exchange translation adjustments, the effective portion of gains and losses on derivative instruments qualified as cash flow hedges, and unrealized gains (losses) on available-for-sale investments . The computation of other comprehensive income (loss) and its components are presented in the consolidated statements of comprehensive income (loss). A rollforward of accumulated other comprehensive income (loss) was as follows: Pension and PRB plans, net (1) Foreign exchange translation Cash flow hedges (2) Unrealized gains (losses) on investments and other, net (3) Total (In millions) Balance at December 31, 2017 $ (7,843 ) $ (95 ) $ 6 $ (3 ) $ (7,935 ) Before tax amount 348 24 (10 ) — 362 Tax (expense) or benefit (73 ) — 2 — (71 ) Net of tax amount 275 24 (8 ) — 291 Reclassification of stranded tax effects (1,452 ) — 1 — (1,451 ) Balance at April 1, 2018 $ (9,020 ) $ (71 ) $ (1 ) $ (3 ) $ (9,095 ) Balance at December 31, 2016 $ (7,234 ) $ (175 ) $ — $ (2 ) $ (7,411 ) Before tax amount 282 11 (2 ) — 291 Tax (expense) or benefit (99 ) — 1 — (98 ) Net of tax amount 183 11 (1 ) — 193 Balance at April 2, 2017 $ (7,051 ) $ (164 ) $ (1 ) $ (2 ) $ (7,218 ) (1) Pension and PRB plans, net, is shown net of cumulative tax benefits of $2,398 million and $3,923 million at April 1, 2018 and December 31, 2017 , respectively. (2) Cash flow hedges are shown net of cumulative tax expense of zero and $3 million at April 1, 2018 and December 31, 2017 , respectively. (3) Unrealized gains (losses) on investments and other, net are shown net of cumulative tax expense of $1 million at April 1, 2018 and December 31, 2017 . On December 22, 2017, the President signed the 2017 Act, which reduced the U.S. corporate statutory federal tax rate to 21% for 2018. At December 31, 2017 the deferred tax amounts recorded through other comprehensive income prior to the enactment date using the prior 35% statutory tax rate remained in other comprehensive income despite the fact that the related deferred tax assets and liabilities were remeasured to reflect the newly enacted tax rate of 21%. These are referred to as stranded tax effects. Under ASU 2018-02 we have elected to reclassify these stranded tax effects from AOCL to retained earnings in the first quarter of 2018. See “Note 2: Accounting Standards” for additional details. After the enactment date, any deferred tax amounts recorded to other comprehensive income are recorded at the 21% tax rate. The income tax effects remaining in AOCL will be released into earnings as the related pretax amounts are reclassified to earnings. Other material amounts reclassified out of AOCL related to the amortization of net actuarial loss associated with our pension plans which were $344 million and $279 million before tax in the first quarters of 2018 and 2017 , respectively. This component of AOCL is included in the calculation of net periodic pension expense (income). See “Note 13: Pension and Other Employee Benefits” for additional details. We expect $7 million of after tax net unrealized gains on our cash flow hedges at April 1, 2018 to be reclassified into earnings at then-current values over the next 12 months as the underlying hedged transactions occur. |
Pension and Other Employee Bene
Pension and Other Employee Benefits | 3 Months Ended |
Apr. 01, 2018 | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | |
Pension and Other Employee Benefits | Pension and Other Employee Benefits We have pension plans covering the majority of our employees hired prior to January 1, 2007, including certain employees in foreign countries (Pension Benefits). Our primary pension obligations relate to our domestic Internal Revenue Service (IRS) qualified pension plans. In addition, we provide certain health care and life insurance benefits to retired employees and to eligible employees upon retirement through PRB plans. We also sponsor nonqualified defined benefit and defined contribution plans to provide benefits in excess of qualified plan limits. We have set aside certain assets in a separate trust, which we expect to be used to pay for trust obligations. The fair value of marketable securities held in trust, which are considered Level 1 assets under the fair value hierarchy, consisted of the following : (In millions) Apr 1, 2018 Dec 31, 2017 Marketable securities held in trust $ 633 $ 633 Included in marketable securities held in trust in the table above was $408 million and $410 million at April 1, 2018 and December 31, 2017 , respectively, related to the nonqualified defined contribution plans. The liabilities related to the nonqualified defined contribution plans were $422 million at both April 1, 2018 and December 31, 2017 . The components of net periodic pension expense (income) were as follows: Three Months Ended (In millions) Apr 1, 2018 Apr 2, 2017 Operating expense Service cost $ 127 $ 117 Non-operating expense Interest cost 253 267 Expected return on plan assets (363 ) (345 ) Amortization of prior service cost included in net periodic pension expense 1 1 Recognized net actuarial loss 344 279 Total pension non-service expense 235 202 Net periodic pension expense (income) $ 362 $ 319 Net periodic pension expense (income) includes income of $2 million and expense of less than $1 million from foreign Pension Benefits plans in the first quarters of 2018 and 2017 , respectively. Net periodic PRB expense was $5 million and $6 million in the first quarters of 2018 and 2017 , respectively. Long-term pension and PRB liabilities consisted of the following: (In millions) Apr 1, 2018 Dec 31, 2017 Long-term pension liabilities $ 7,492 $ 7,515 Long-term PRB liabilities 368 368 Total long-term pension and PRB liabilities $ 7,860 $ 7,883 We made the following contributions to our pension and PRB plans: Three Months Ended (In millions) Apr 1, 2018 Apr 2, 2017 Required pension contributions $ 58 $ 37 PRB contributions 3 5 We did not make any discretionary contributions to our pension plans during the first quarters of 2018 and 2017 ; however, we periodically evaluate whether to make discretionary contributions. |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 01, 2018 | |
Income Taxes Paid, Net [Abstract] | |
Income Taxes | Income Taxes We are subject to income taxes in the U.S. and numerous foreign jurisdictions. We have participated in the IRS Compliance Assurance Process (CAP) program since 2011. All IRS examinations of our tax years prior to 2015 are closed. We continue to participate in the CAP program for the 2015, 2016, 2017 and 2018 tax years. We are also under audit by multiple state and foreign tax authorities. In December 2017, we received the IRS Revenue Agent’s Report for the 2015 tax year which proposed approximately $41 million in adjustments related to the Forcepoint transaction and a U.K. share redemption transaction. We disagree with the adjustments and have protested the proposed adjustments with the IRS Appeals division. Therefore, no amount related to these IRS adjustments is reflected in unrecognized tax benefits as of April 1, 2018 . There has been no material change in our unrecognized tax benefit since December 31, 2017 . On December 22, 2017, the President signed the Tax Cuts and Jobs Act of 2017 (2017 Act) which enacted a wide range of changes to the U.S. corporate income tax system. The 2017 Act reduced the U.S. corporate statutory federal tax rate to 21% effective in 2018, eliminated the domestic manufacturing deduction benefit and introduced other tax base broadening measures, changed rules for expensing and capitalizing business expenditures, established a territorial tax system for foreign earnings as well as a minimum tax on certain foreign earnings, provided for a one-time transition tax on previously undistributed foreign earnings, and introduced new rules for the treatment of certain export sales. Also on December 22, 2017, the SEC issued Staff Accounting Bulletin No. 118 (SAB 118), which provided companies with additional guidance on how to account for the 2017 Act in their financial statements, allowing companies to use a measurement period. At April 1, 2018 , we had not completed our accounting for the tax effects of enactment of the 2017 Act. We made a reasonable estimate of the remeasurement of our existing deferred tax balances and the one-time transition tax for foreign earnings and profits (E&P), and recognized these provisional amounts in the fourth quarter of 2017. In the first quarter of 2018 , we refined our provisional calculation for the one-time transition tax for foreign E&P and recognized an additional income tax expense of $13 million . The refinement of the estimate was primarily due to the issuance of new guidance by the IRS, specifically IRS Notices 2018-07, 2018-13 and 2018-26. This amount may change when we finalize the calculation of post-1986 foreign E&P previously deferred from U.S. federal taxation and finalize the amounts held in cash or other specified assets. We will finalize both provisional estimates before the end of 2018 after completing our reviews and analysis of any additional interpretations issued during this measurement period and our analysis of foreign E&P as it relates to the one-time transition tax. With the adoption of a minimum tax on foreign earnings, the Company will be subject to tax on global intangible low-taxed income (GILTI) in future periods. We are continuing to evaluate this provision and will not make a policy election on how to account for GILTI (as a period expense or as part of our rate on deferred taxes) until we have the necessary information available, including the interpretations of the new rules, to analyze the impacts and complete our analysis. We will make an election before the end of 2018. Because we have not made a policy election, no amounts for GILTI are included in our deferred taxes. Although we believe the significant impacts from the 2017 Act are those described above, we continue to review and evaluate the other provisions of the 2017 Act. This review could result in changes to the amounts we have provisionally recorded. We will complete this review and evaluation before the end of 2018. |
Business Segment Reporting
Business Segment Reporting | 3 Months Ended |
Apr. 01, 2018 | |
Segment Reporting [Abstract] | |
Business Segment Reporting | Business Segment Reporting Our reportable segments, organized based on capabilities and technologies, are: Integrated Defense Systems (IDS); Intelligence, Information and Services (IIS); Missile Systems (MS); Space and Airborne Systems (SAS); and Forcepoint. Segment total net sales and operating income include intersegment sales and profit generally recorded at cost-plus a specified fee, which may differ from what the selling entity would be able to obtain on sales to external customers. Eliminations include intersegment sales and profit eliminations. Corporate operating income includes expenses that represent unallocated costs and certain other corporate costs not considered part of management’s evaluation of reportable segment operating performance. Acquisition Accounting Adjustments include the adjustments to record acquired deferred revenue at fair value as part of our purchase price allocation process and the amortization of acquired intangible assets related to historical acquisitions. Segment financial results were as follows: Three Months Ended Total Net Sales (in millions) Apr 1, 2018 Apr 2, 2017 Integrated Defense Systems $ 1,489 $ 1,398 Intelligence, Information and Services 1,582 1,507 Missile Systems 1,848 1,756 Space and Airborne Systems 1,568 1,555 Forcepoint 141 144 Eliminations (357 ) (350 ) Total business segment sales 6,271 6,010 Acquisition Accounting Adjustments (4 ) (10 ) Total $ 6,267 $ 6,000 Three Months Ended Intersegment Sales (in millions) Apr 1, 2018 Apr 2, 2017 Integrated Defense Systems $ 15 $ 15 Intelligence, Information and Services 162 177 Missile Systems 35 28 Space and Airborne Systems 139 126 Forcepoint 6 4 Total $ 357 $ 350 Three Months Ended Operating Income (in millions) Apr 1, 2018 Apr 2, 2017 Integrated Defense Systems $ 273 $ 212 Intelligence, Information and Services 117 111 Missile Systems 212 216 Space and Airborne Systems 193 190 Forcepoint (7 ) 16 Eliminations (40 ) (37 ) Total business segment operating income 748 708 Acquisition Accounting Adjustments (33 ) (42 ) FAS/CAS Operating Adjustment 354 315 Corporate (28 ) (33 ) Total $ 1,041 $ 948 Three Months Ended Intersegment Operating Income (in millions) Apr 1, 2018 Apr 2, 2017 Integrated Defense Systems $ 2 $ 1 Intelligence, Information and Services 17 17 Missile Systems 3 3 Space and Airborne Systems 14 13 Forcepoint 4 3 Total $ 40 $ 37 The FAS/CAS Operating Adjustment, which is reported as a separate line in our segment results above, represents the difference between the service cost component of our pension and PRB expense or income under Financial Accounting Standards (FAS) in accordance with U.S. GAAP and our pension and PRB expense under U.S. government Cost Accounting Standards (CAS). In the first quarter of 2018, we adopted the requirements of ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, on a retrospective basis, which reclassified all components of FAS expense, other than service cost, to non-operating income. The results of each segment only include pension and PRB expense under CAS that we generally recover through the pricing of our products and services to the U.S. government. The pension and PRB components of the FAS/CAS Operating Adjustment were as follows: Three Months Ended (In millions) Apr 1, 2018 Apr 2, 2017 FAS/CAS Pension Operating Adjustment $ 351 $ 311 FAS/CAS PRB Operating Adjustment 3 4 FAS/CAS Operating Adjustment $ 354 $ 315 Total assets for each of our business segments were as follows: Total Assets (in millions) Apr 1, 2018 Dec 31, 2017 Integrated Defense Systems (1) $ 5,188 $ 4,679 Intelligence, Information and Services (1) 4,264 4,230 Missile Systems (1) 7,388 7,338 Space and Airborne Systems (1) 6,733 6,696 Forcepoint (1) 2,466 2,543 Corporate 4,458 5,374 Total $ 30,497 $ 30,860 (1) Total assets includes intangible assets. Related amortization expense is included in Acquisition Accounting Adjustments. We disaggregate our revenue from contracts with customers by geographic location, customer-type and contract-type for each of our segments, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. See details in the tables below. Three Months Ended April 1, 2018 Disaggregation of Total Net Sales (in millions) Integrated Defense Systems Intelligence, Information and Services Missile Systems Space and Airborne Systems Forcepoint Other Total United States Sales to the U.S. government (1) Fixed-price contracts $ 226 $ 252 $ 584 $ 544 $ 21 $ — $ 1,627 Cost-type contracts 402 956 630 642 3 — 2,633 Direct commercial sales and other U.S. sales Fixed-price contracts 2 28 11 26 49 — 116 Cost-type contracts — 4 — — — — 4 Asia/Pacific Foreign military sales through the U.S. government Fixed-price contracts 29 51 96 30 — — 206 Cost-type contracts 25 14 17 2 — — 58 Direct commercial sales and other foreign sales (1) Fixed-price contracts 146 44 43 50 16 — 299 Cost-type contracts 27 — — 2 — — 29 Middle East and North Africa Foreign military sales through the U.S. government Fixed-price contracts 195 3 81 54 — — 333 Cost-type contracts 32 1 6 15 — — 54 Direct commercial sales and other foreign sales (1) Fixed-price contracts 347 5 231 21 6 — 610 Cost-type contracts — — — — — — — All other (principally Europe) Foreign military sales through the U.S. government Fixed-price contracts — — 25 9 — — 34 Cost-type contracts 8 — 24 1 — — 33 Direct commercial sales and other foreign sales (1) Fixed-price contracts 33 51 65 33 36 — 218 Cost-type contracts 2 11 — — — — 13 Total net sales 1,474 1,420 1,813 1,429 131 — 6,267 Intersegment sales 15 162 35 139 6 (357 ) — Acquisition Accounting Adjustments — — — — 4 (4 ) — Reconciliation to business segment sales $ 1,489 $ 1,582 $ 1,848 $ 1,568 $ 141 $ (361 ) $ 6,267 (1) Excludes foreign military sales through the U.S. government. Three Months Ended April 1, 2018 Total Net Sales by Geographic Area (in millions) Integrated Defense Systems Intelligence, Information and Services Missile Systems Space and Airborne Systems Forcepoint Total United States $ 630 $ 1,240 $ 1,225 $ 1,212 $ 73 $ 4,380 Asia/Pacific 227 109 156 84 16 592 Middle East and North Africa 574 9 318 90 6 997 All other (principally Europe) 43 62 114 43 36 298 Total net sales $ 1,474 $ 1,420 $ 1,813 $ 1,429 $ 131 $ 6,267 Three Months Ended April 1, 2018 Total Net Sales by Major Customer (in millions) Integrated Defense Systems Intelligence, Information and Services Missile Systems Space and Airborne Systems Forcepoint Total Sales to the U.S. government (1) $ 628 $ 1,208 $ 1,214 $ 1,186 $ 24 $ 4,260 U.S. direct commercial sales and other U.S. sales 2 32 11 26 49 120 Foreign military sales through the U.S. government 289 69 249 111 — 718 Foreign direct commercial sales and other foreign sales (1) 555 111 339 106 58 1,169 Total net sales $ 1,474 $ 1,420 $ 1,813 $ 1,429 $ 131 $ 6,267 (1) Excludes foreign military sales through the U.S. government. Three Months Ended April 1, 2018 Total Net Sales by Contract Type (in millions) Integrated Defense Systems Intelligence, Information and Services Missile Systems Space and Airborne Systems Forcepoint Total Fixed-price contracts $ 978 $ 434 $ 1,136 $ 767 $ 128 $ 3,443 Cost-type contracts 496 986 677 662 3 2,824 Total net sales $ 1,474 $ 1,420 $ 1,813 $ 1,429 $ 131 $ 6,267 Three Months Ended April 2, 2017 Disaggregation of Total Net Sales (in millions) Integrated Defense Systems Intelligence, Information and Services Missile Systems Space and Airborne Systems Forcepoint Other Total United States Sales to the U.S. government (1) Fixed-price contracts $ 185 $ 263 $ 604 $ 531 $ 22 $ — $ 1,605 Cost-type contracts 370 861 483 662 3 — 2,379 Direct commercial sales and other U.S. sales Fixed-price contracts 2 26 — 7 53 — 88 Cost-type contracts — 10 — — — — 10 Asia/Pacific Foreign military sales through the U.S. government Fixed-price contracts 44 43 71 18 — — 176 Cost-type contracts 34 17 17 2 — — 70 Direct commercial sales and other foreign sales (1) Fixed-price contracts 158 37 47 74 12 — 328 Cost-type contracts 39 — — — — — 39 Middle East and North Africa Foreign military sales through the U.S. government Fixed-price contracts 269 5 104 40 — — 418 Cost-type contracts 38 — 6 — — — 44 Direct commercial sales and other foreign sales (1) Fixed-price contracts 223 6 233 52 6 — 520 Cost-type contracts — — — — — — — All other (principally Europe) Foreign military sales through the U.S. government Fixed-price contracts — 2 26 8 — — 36 Cost-type contracts 5 — 17 2 — — 24 Direct commercial sales and other foreign sales (1) Fixed-price contracts 11 54 119 33 34 — 251 Cost-type contracts 5 6 1 — — — 12 Total net sales 1,383 1,330 1,728 1,429 130 — 6,000 Intersegment sales 15 177 28 126 4 (350 ) — Acquisition Accounting Adjustments — — — — 10 (10 ) — Reconciliation to business segment sales $ 1,398 $ 1,507 $ 1,756 $ 1,555 $ 144 $ (360 ) $ 6,000 (1) Excludes foreign military sales through the U.S. government. Three Months Ended April 2, 2017 Total Net Sales by Geographic Area (in millions) Integrated Defense Systems Intelligence, Information and Services Missile Systems Space and Airborne Systems Forcepoint Total United States $ 557 $ 1,160 $ 1,087 $ 1,200 $ 78 $ 4,082 Asia/Pacific 275 97 135 94 12 613 Middle East and North Africa 530 11 343 92 6 982 All other (principally Europe) 21 62 163 43 34 323 Total net sales $ 1,383 $ 1,330 $ 1,728 $ 1,429 $ 130 $ 6,000 Three Months Ended April 2, 2017 Total Net Sales by Major Customer (in millions) Integrated Defense Systems Intelligence, Information and Services Missile Systems Space and Airborne Systems Forcepoint Total Sales to the U.S. government (1) $ 555 $ 1,124 $ 1,087 $ 1,193 $ 25 $ 3,984 U.S. direct commercial sales and other U.S. sales 2 36 — 7 53 98 Foreign military sales through the U.S. government 390 67 241 70 — 768 Foreign direct commercial sales and other foreign sales (1) 436 103 400 159 52 1,150 Total net sales $ 1,383 $ 1,330 $ 1,728 $ 1,429 $ 130 $ 6,000 (1) Excludes foreign military sales through the U.S. government. Three Months Ended April 2, 2017 Total Net Sales by Contract Type (in millions) Integrated Defense Systems Intelligence, Information and Services Missile Systems Space and Airborne Systems Forcepoint Total Fixed-price contracts $ 892 $ 436 $ 1,204 $ 763 $ 127 $ 3,422 Cost-type contracts 491 894 524 666 3 2,578 Total net sales $ 1,383 $ 1,330 $ 1,728 $ 1,429 $ 130 $ 6,000 |
Remaining Performance Obligatio
Remaining Performance Obligations | 3 Months Ended |
Apr. 01, 2018 | |
Remaining Performance Obligations [Abstract] | |
Remaining Performance Obligations | Remaining Performance Obligations Remaining performance obligations represents the transaction price of firm orders for which work has not been performed and excludes unexercised contract options and potential orders under ordering-type contracts (e.g., indefinite-delivery, indefinite-quantity (IDIQ)). As of April 1, 2018 , the aggregate amount of the transaction price allocated to remaining performance obligations was $38,139 million . The Company expects to recognize revenue on approximately half and three-quarters of the remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter. |
Accounting Standards (Tables)
Accounting Standards (Tables) | 3 Months Ended |
Apr. 01, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncement, Impact, ASU 2017-07 | Three Months Ended Twelve Months Ended (In millions) Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017 Dec 31, 2017 Dec 31, 2016 Cost of sales $ (186 ) $ (222 ) $ (164 ) $ (164 ) $ (736 ) $ (458 ) General and administrative expenses (44 ) (48 ) (42 ) (43 ) (177 ) (143 ) Total operating expenses (230 ) (270 ) (206 ) (207 ) (913 ) (601 ) Operating income 230 270 206 207 913 601 Total non-operating (income) expense, net 230 270 206 207 913 601 Income from continuing operations after taxes — — — — — — Net income $ — $ — $ — $ — $ — $ — |
Changes in Estimates under Pe25
Changes in Estimates under Percentage of Completion Contract Accounting (Tables) | 3 Months Ended |
Apr. 01, 2018 | |
Accounting Policies [Abstract] | |
Net EAC adjustments | Net EAC adjustments had the following impact on our operating results: Three Months Ended (In millions, except per share amounts) Apr 1, 2018 Apr 2, 2017 Operating income $ 115 $ 54 Income from continuing operations attributable to Raytheon Company 91 35 Diluted earnings per share (EPS) from continuing operations attributable to Raytheon Company $ 0.32 $ 0.12 |
Earnings Per Share (EPS) (Table
Earnings Per Share (EPS) (Tables) | 3 Months Ended |
Apr. 01, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | EPS from continuing operations attributable to Raytheon Company common stockholders and unvested stock-based payment awards was as follows: Three Months Ended Apr 1, 2018 Apr 2, 2017 Basic EPS attributable to Raytheon Company common stockholders: Distributed earnings $ 0.87 $ 0.80 Undistributed earnings 1.33 0.93 Total $ 2.20 $ 1.73 Diluted EPS attributable to Raytheon Company common stockholders: Distributed earnings $ 0.87 $ 0.80 Undistributed earnings 1.33 0.93 Total $ 2.20 $ 1.73 |
Income Attributable to Participating Securities | Income attributable to participating securities was as follows: Three Months Ended (In millions) Apr 1, 2018 Apr 2, 2017 Income from continuing operations attributable to participating securities $ 7 $ 7 Income (loss) from discontinued operations, net of tax attributable to participating securities (1) — — Net income attributable to participating securities $ 7 $ 7 (1) Income (loss) from discontinued operations, net of tax attributable to participating securities was a loss of less than $1 million and income of less than $1 million for the first quarters of 2018 and 2017 , respectively. |
Weighted-Average Shares Outstanding for Basic and Diluted EPS | The weighted-average shares outstanding for basic and diluted EPS were as follows: Three Months Ended (In millions) Apr 1, 2018 Apr 2, 2017 Shares for basic EPS (1) 288.5 292.5 Effect of dilutive securities 0.3 0.3 Shares for diluted EPS 288.8 292.8 (1) Includes 3.2 million and 4.1 million participating securities for the first quarters of 2018 and 2017 , respectively. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Apr. 01, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following : (In millions) Apr 1, 2018 Dec 31, 2017 Materials and purchased parts $ 73 $ 69 Work in process 545 504 Finished goods 22 21 Total $ 640 $ 594 |
Contract Assets and Contract 28
Contract Assets and Contract Liabilities (Tables) | 3 Months Ended |
Apr. 01, 2018 | |
Contractors [Abstract] | |
Net Contract Assets (Liabilities) | Net contract assets (liabilities) consisted of the following : (In millions, except percentages) Apr 1, 2018 Dec 31, 2017 $ Change % Change Contract assets $ 5,444 $ 5,247 $ 197 3.8 % Contract liabilities—current (2,949 ) (2,927 ) (22 ) 0.8 % Contract liabilities—noncurrent (119 ) (127 ) 8 (6.3 )% Net contract assets (liabilities) $ 2,376 $ 2,193 $ 183 8.3 % |
Acquisitions and Goodwill (Tabl
Acquisitions and Goodwill (Tables) | 3 Months Ended |
Apr. 01, 2018 | |
Business Combinations [Abstract] | |
Rollforward of Goodwill by Segment | A rollforward of goodwill by segment was as follows: (In millions) Integrated Defense Systems Intelligence, Information and Services Missile Systems Space and Airborne Systems Forcepoint (1) Total Balance at December 31, 2017 $ 1,706 $ 2,967 $ 4,154 $ 4,106 $ 1,938 $ 14,871 Effect of foreign exchange rates and other — — — — — — Balance at April 1, 2018 $ 1,706 $ 2,967 $ 4,154 $ 4,106 $ 1,938 $ 14,871 (1) At April 1, 2018 , Forcepoint’s fair value was estimated to exceed its net book value by approximately $1.3 billion . As discussed in “Note 11: Forcepoint Joint Venture,” we are required to determine Forcepoint’s fair value on a quarterly basis due to the accounting related to the redeemable noncontrolling interest. |
Derivative and Other Financia30
Derivative and Other Financial Instruments (Tables) | 3 Months Ended |
Apr. 01, 2018 | |
Summary of Derivative Instruments [Abstract] | |
Schedule of Long-term Debt Details | The carrying value and estimated fair value of long-term debt were as follows: (In millions) Apr 1, 2018 Dec 31, 2017 Carrying value of long-term debt $ 4,751 $ 4,750 Fair value of long-term debt 5,154 5,293 |
Supplemental Cash Flow Information | The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of such amounts in the consolidated statements of cash flows: (In millions) Apr 1, 2018 Dec 31, 2017 Cash and cash equivalents $ 2,748 $ 3,103 Restricted cash 21 12 Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows $ 2,769 $ 3,115 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Apr. 01, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Estimates of Total Remediation Costs | Our estimates regarding remediation costs to be incurred were as follows: (In millions, except percentages) Apr 1, 2018 Dec 31, 2017 Total remediation costs—undiscounted $ 210 $ 206 Weighted-average discount rate 5.2 % 5.2 % Total remediation costs—discounted $ 147 $ 142 Recoverable portion 95 92 |
Stated Values Outstanding | The stated values outstanding consisted of the following : (In millions) Apr 1, 2018 Dec 31, 2017 Guarantees $ 224 $ 216 Letters of credit 2,797 2,416 Surety bonds 166 166 |
Forcepoint Joint Venture (Table
Forcepoint Joint Venture (Tables) | 3 Months Ended |
Apr. 01, 2018 | |
Noncontrolling Interest [Line Items] | |
Redeemable Noncontrolling Interest Rollforward | A rollforward of redeemable noncontrolling interest was as follows: Three Months Ended (In millions) Apr 1, 2018 Apr 2, 2017 Beginning balance $ 512 $ 449 Net income (loss) (10 ) (6 ) Other comprehensive income (loss), net of tax (1) 1 — Contribution from noncontrolling interest — 8 Adjustment of noncontrolling interest to redemption value (11 ) (102 ) Ending balance $ 492 $ 349 (1) Other comprehensive income (loss), net of tax, was income of less than $1 million for the first quarter of 2017 . |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Apr. 01, 2018 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Changes in Shares of Common Stock Outstanding | The changes in shares of our common stock outstanding were as follows: Three Months Ended (In millions) Apr 1, 2018 Apr 2, 2017 Beginning balance 288.4 292.8 Stock plans activity 1.0 1.1 Share repurchases (2.2 ) (2.9 ) Ending balance 287.2 291.0 |
Repurchases of Common Stock | Our share repurchases were as follows: Three Months Ended (In millions) Apr 1, 2018 Apr 2, 2017 $ Shares $ Shares Shares repurchased under our share repurchase programs $ 400 1.9 $ 400 2.7 Shares repurchased to satisfy tax withholding obligations 72 0.3 38 0.2 Total share repurchases $ 472 2.2 $ 438 2.9 |
Schedule of Comprehensive Income (Loss) | A rollforward of accumulated other comprehensive income (loss) was as follows: Pension and PRB plans, net (1) Foreign exchange translation Cash flow hedges (2) Unrealized gains (losses) on investments and other, net (3) Total (In millions) Balance at December 31, 2017 $ (7,843 ) $ (95 ) $ 6 $ (3 ) $ (7,935 ) Before tax amount 348 24 (10 ) — 362 Tax (expense) or benefit (73 ) — 2 — (71 ) Net of tax amount 275 24 (8 ) — 291 Reclassification of stranded tax effects (1,452 ) — 1 — (1,451 ) Balance at April 1, 2018 $ (9,020 ) $ (71 ) $ (1 ) $ (3 ) $ (9,095 ) Balance at December 31, 2016 $ (7,234 ) $ (175 ) $ — $ (2 ) $ (7,411 ) Before tax amount 282 11 (2 ) — 291 Tax (expense) or benefit (99 ) — 1 — (98 ) Net of tax amount 183 11 (1 ) — 193 Balance at April 2, 2017 $ (7,051 ) $ (164 ) $ (1 ) $ (2 ) $ (7,218 ) (1) Pension and PRB plans, net, is shown net of cumulative tax benefits of $2,398 million and $3,923 million at April 1, 2018 and December 31, 2017 , respectively. (2) Cash flow hedges are shown net of cumulative tax expense of zero and $3 million at April 1, 2018 and December 31, 2017 , respectively. (3) Unrealized gains (losses) on investments and other, net are shown net of cumulative tax expense of $1 million at April 1, 2018 and December 31, 2017 . |
Pension and Other Employee Be34
Pension and Other Employee Benefits (Tables) | 3 Months Ended |
Apr. 01, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table [Line Items] | |
Marketable Securities | The fair value of marketable securities held in trust, which are considered Level 1 assets under the fair value hierarchy, consisted of the following : (In millions) Apr 1, 2018 Dec 31, 2017 Marketable securities held in trust $ 633 $ 633 |
Schedule of Pension and PRB Liabilities | Long-term pension and PRB liabilities consisted of the following: (In millions) Apr 1, 2018 Dec 31, 2017 Long-term pension liabilities $ 7,492 $ 7,515 Long-term PRB liabilities 368 368 Total long-term pension and PRB liabilities $ 7,860 $ 7,883 |
Schedule of Pension and PRB Contributions | We made the following contributions to our pension and PRB plans: Three Months Ended (In millions) Apr 1, 2018 Apr 2, 2017 Required pension contributions $ 58 $ 37 PRB contributions 3 5 |
Pension Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table [Line Items] | |
Components of Net Periodic Pension Expense | The components of net periodic pension expense (income) were as follows: Three Months Ended (In millions) Apr 1, 2018 Apr 2, 2017 Operating expense Service cost $ 127 $ 117 Non-operating expense Interest cost 253 267 Expected return on plan assets (363 ) (345 ) Amortization of prior service cost included in net periodic pension expense 1 1 Recognized net actuarial loss 344 279 Total pension non-service expense 235 202 Net periodic pension expense (income) $ 362 $ 319 |
Business Segment Reporting (Tab
Business Segment Reporting (Tables) | 3 Months Ended |
Apr. 01, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Operating Performance | Segment financial results were as follows: Three Months Ended Total Net Sales (in millions) Apr 1, 2018 Apr 2, 2017 Integrated Defense Systems $ 1,489 $ 1,398 Intelligence, Information and Services 1,582 1,507 Missile Systems 1,848 1,756 Space and Airborne Systems 1,568 1,555 Forcepoint 141 144 Eliminations (357 ) (350 ) Total business segment sales 6,271 6,010 Acquisition Accounting Adjustments (4 ) (10 ) Total $ 6,267 $ 6,000 Three Months Ended Intersegment Sales (in millions) Apr 1, 2018 Apr 2, 2017 Integrated Defense Systems $ 15 $ 15 Intelligence, Information and Services 162 177 Missile Systems 35 28 Space and Airborne Systems 139 126 Forcepoint 6 4 Total $ 357 $ 350 Three Months Ended Operating Income (in millions) Apr 1, 2018 Apr 2, 2017 Integrated Defense Systems $ 273 $ 212 Intelligence, Information and Services 117 111 Missile Systems 212 216 Space and Airborne Systems 193 190 Forcepoint (7 ) 16 Eliminations (40 ) (37 ) Total business segment operating income 748 708 Acquisition Accounting Adjustments (33 ) (42 ) FAS/CAS Operating Adjustment 354 315 Corporate (28 ) (33 ) Total $ 1,041 $ 948 Three Months Ended Intersegment Operating Income (in millions) Apr 1, 2018 Apr 2, 2017 Integrated Defense Systems $ 2 $ 1 Intelligence, Information and Services 17 17 Missile Systems 3 3 Space and Airborne Systems 14 13 Forcepoint 4 3 Total $ 40 $ 37 |
Components of FAS/CAS Operating Adjustment | The pension and PRB components of the FAS/CAS Operating Adjustment were as follows: Three Months Ended (In millions) Apr 1, 2018 Apr 2, 2017 FAS/CAS Pension Operating Adjustment $ 351 $ 311 FAS/CAS PRB Operating Adjustment 3 4 FAS/CAS Operating Adjustment $ 354 $ 315 |
Total Assets | Total assets for each of our business segments were as follows: Total Assets (in millions) Apr 1, 2018 Dec 31, 2017 Integrated Defense Systems (1) $ 5,188 $ 4,679 Intelligence, Information and Services (1) 4,264 4,230 Missile Systems (1) 7,388 7,338 Space and Airborne Systems (1) 6,733 6,696 Forcepoint (1) 2,466 2,543 Corporate 4,458 5,374 Total $ 30,497 $ 30,860 (1) Total assets includes intangible assets. Related amortization expense is included in Acquisition Accounting Adjustments. |
Disaggregation of Revenue | Three Months Ended April 1, 2018 Disaggregation of Total Net Sales (in millions) Integrated Defense Systems Intelligence, Information and Services Missile Systems Space and Airborne Systems Forcepoint Other Total United States Sales to the U.S. government (1) Fixed-price contracts $ 226 $ 252 $ 584 $ 544 $ 21 $ — $ 1,627 Cost-type contracts 402 956 630 642 3 — 2,633 Direct commercial sales and other U.S. sales Fixed-price contracts 2 28 11 26 49 — 116 Cost-type contracts — 4 — — — — 4 Asia/Pacific Foreign military sales through the U.S. government Fixed-price contracts 29 51 96 30 — — 206 Cost-type contracts 25 14 17 2 — — 58 Direct commercial sales and other foreign sales (1) Fixed-price contracts 146 44 43 50 16 — 299 Cost-type contracts 27 — — 2 — — 29 Middle East and North Africa Foreign military sales through the U.S. government Fixed-price contracts 195 3 81 54 — — 333 Cost-type contracts 32 1 6 15 — — 54 Direct commercial sales and other foreign sales (1) Fixed-price contracts 347 5 231 21 6 — 610 Cost-type contracts — — — — — — — All other (principally Europe) Foreign military sales through the U.S. government Fixed-price contracts — — 25 9 — — 34 Cost-type contracts 8 — 24 1 — — 33 Direct commercial sales and other foreign sales (1) Fixed-price contracts 33 51 65 33 36 — 218 Cost-type contracts 2 11 — — — — 13 Total net sales 1,474 1,420 1,813 1,429 131 — 6,267 Intersegment sales 15 162 35 139 6 (357 ) — Acquisition Accounting Adjustments — — — — 4 (4 ) — Reconciliation to business segment sales $ 1,489 $ 1,582 $ 1,848 $ 1,568 $ 141 $ (361 ) $ 6,267 (1) Excludes foreign military sales through the U.S. government. Three Months Ended April 1, 2018 Total Net Sales by Geographic Area (in millions) Integrated Defense Systems Intelligence, Information and Services Missile Systems Space and Airborne Systems Forcepoint Total United States $ 630 $ 1,240 $ 1,225 $ 1,212 $ 73 $ 4,380 Asia/Pacific 227 109 156 84 16 592 Middle East and North Africa 574 9 318 90 6 997 All other (principally Europe) 43 62 114 43 36 298 Total net sales $ 1,474 $ 1,420 $ 1,813 $ 1,429 $ 131 $ 6,267 Three Months Ended April 1, 2018 Total Net Sales by Major Customer (in millions) Integrated Defense Systems Intelligence, Information and Services Missile Systems Space and Airborne Systems Forcepoint Total Sales to the U.S. government (1) $ 628 $ 1,208 $ 1,214 $ 1,186 $ 24 $ 4,260 U.S. direct commercial sales and other U.S. sales 2 32 11 26 49 120 Foreign military sales through the U.S. government 289 69 249 111 — 718 Foreign direct commercial sales and other foreign sales (1) 555 111 339 106 58 1,169 Total net sales $ 1,474 $ 1,420 $ 1,813 $ 1,429 $ 131 $ 6,267 (1) Excludes foreign military sales through the U.S. government. Three Months Ended April 1, 2018 Total Net Sales by Contract Type (in millions) Integrated Defense Systems Intelligence, Information and Services Missile Systems Space and Airborne Systems Forcepoint Total Fixed-price contracts $ 978 $ 434 $ 1,136 $ 767 $ 128 $ 3,443 Cost-type contracts 496 986 677 662 3 2,824 Total net sales $ 1,474 $ 1,420 $ 1,813 $ 1,429 $ 131 $ 6,267 Three Months Ended April 2, 2017 Disaggregation of Total Net Sales (in millions) Integrated Defense Systems Intelligence, Information and Services Missile Systems Space and Airborne Systems Forcepoint Other Total United States Sales to the U.S. government (1) Fixed-price contracts $ 185 $ 263 $ 604 $ 531 $ 22 $ — $ 1,605 Cost-type contracts 370 861 483 662 3 — 2,379 Direct commercial sales and other U.S. sales Fixed-price contracts 2 26 — 7 53 — 88 Cost-type contracts — 10 — — — — 10 Asia/Pacific Foreign military sales through the U.S. government Fixed-price contracts 44 43 71 18 — — 176 Cost-type contracts 34 17 17 2 — — 70 Direct commercial sales and other foreign sales (1) Fixed-price contracts 158 37 47 74 12 — 328 Cost-type contracts 39 — — — — — 39 Middle East and North Africa Foreign military sales through the U.S. government Fixed-price contracts 269 5 104 40 — — 418 Cost-type contracts 38 — 6 — — — 44 Direct commercial sales and other foreign sales (1) Fixed-price contracts 223 6 233 52 6 — 520 Cost-type contracts — — — — — — — All other (principally Europe) Foreign military sales through the U.S. government Fixed-price contracts — 2 26 8 — — 36 Cost-type contracts 5 — 17 2 — — 24 Direct commercial sales and other foreign sales (1) Fixed-price contracts 11 54 119 33 34 — 251 Cost-type contracts 5 6 1 — — — 12 Total net sales 1,383 1,330 1,728 1,429 130 — 6,000 Intersegment sales 15 177 28 126 4 (350 ) — Acquisition Accounting Adjustments — — — — 10 (10 ) — Reconciliation to business segment sales $ 1,398 $ 1,507 $ 1,756 $ 1,555 $ 144 $ (360 ) $ 6,000 (1) Excludes foreign military sales through the U.S. government. Three Months Ended April 2, 2017 Total Net Sales by Geographic Area (in millions) Integrated Defense Systems Intelligence, Information and Services Missile Systems Space and Airborne Systems Forcepoint Total United States $ 557 $ 1,160 $ 1,087 $ 1,200 $ 78 $ 4,082 Asia/Pacific 275 97 135 94 12 613 Middle East and North Africa 530 11 343 92 6 982 All other (principally Europe) 21 62 163 43 34 323 Total net sales $ 1,383 $ 1,330 $ 1,728 $ 1,429 $ 130 $ 6,000 Three Months Ended April 2, 2017 Total Net Sales by Major Customer (in millions) Integrated Defense Systems Intelligence, Information and Services Missile Systems Space and Airborne Systems Forcepoint Total Sales to the U.S. government (1) $ 555 $ 1,124 $ 1,087 $ 1,193 $ 25 $ 3,984 U.S. direct commercial sales and other U.S. sales 2 36 — 7 53 98 Foreign military sales through the U.S. government 390 67 241 70 — 768 Foreign direct commercial sales and other foreign sales (1) 436 103 400 159 52 1,150 Total net sales $ 1,383 $ 1,330 $ 1,728 $ 1,429 $ 130 $ 6,000 (1) Excludes foreign military sales through the U.S. government. Three Months Ended April 2, 2017 Total Net Sales by Contract Type (in millions) Integrated Defense Systems Intelligence, Information and Services Missile Systems Space and Airborne Systems Forcepoint Total Fixed-price contracts $ 892 $ 436 $ 1,204 $ 763 $ 127 $ 3,422 Cost-type contracts 491 894 524 666 3 2,578 Total net sales $ 1,383 $ 1,330 $ 1,728 $ 1,429 $ 130 $ 6,000 |
Accounting Standards (Narrative
Accounting Standards (Narrative) (Details) | 3 Months Ended |
Apr. 01, 2018USD ($) | |
New Accounting Pronouncements [Line Items] | |
Reclassification of stranded tax effects | $ 0 |
Accounting Standards Update 2016-02 [Member] | Assets, Total [Member] | |
New Accounting Pronouncements [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (1,000,000,000) |
Accounting Standards Update 2016-02 [Member] | Liabilities, Total [Member] | |
New Accounting Pronouncements [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 1,000,000,000 |
AOCI Attributable to Parent [Member] | |
New Accounting Pronouncements [Line Items] | |
Reclassification of stranded tax effects | (1,451,000,000) |
Retained Earnings [Member] | |
New Accounting Pronouncements [Line Items] | |
Reclassification of stranded tax effects | $ 1,451,000,000 |
Accounting Standards (New Accou
Accounting Standards (New Accounting Pronouncement, Impact, ASU 2017-07) (Details) - Accounting Standards Update 2017-07 [Member] - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Apr. 02, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results | $ 230,000,000 | $ 270,000,000 | $ 206,000,000 | $ 207,000,000 | $ 913,000,000 | $ 601,000,000 |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | 0 | 0 | 0 | 0 | 0 | 0 |
Cost of Sales [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Expenses | (186,000,000) | (222,000,000) | (164,000,000) | (164,000,000) | (736,000,000) | (458,000,000) |
General and Administrative Expense [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Expenses | (44,000,000) | (48,000,000) | (42,000,000) | (43,000,000) | (177,000,000) | (143,000,000) |
Operating Expense [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Expenses | (230,000,000) | (270,000,000) | (206,000,000) | (207,000,000) | (913,000,000) | (601,000,000) |
Nonoperating (Income) Expense [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | 230,000,000 | 270,000,000 | 206,000,000 | 207,000,000 | 913,000,000 | 601,000,000 |
Continuing Operations [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Changes in Estimates under Pe38
Changes in Estimates under Percentage of Completion Contract Accounting (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Accounting Policies [Abstract] | ||
Performance Obligation Satisfied in Previous Period | $ 138 | $ 75 |
Changes in Estimates under Pe39
Changes in Estimates under Percentage of Completion Contract Accounting (Net EAC adjustments) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Change in Accounting Estimate [Line Items] | ||
Operating income | $ 1,041 | $ 948 |
Income from continuing operations attributable to Raytheon Company | $ 634 | $ 503 |
Diluted earnings per share (EPS) from continuing operations attributable to Raytheon Company | $ 2.20 | $ 1.73 |
Contracts Accounted for under Percentage of Completion [Member] | ||
Change in Accounting Estimate [Line Items] | ||
Operating income | $ 115 | $ 54 |
Income from continuing operations attributable to Raytheon Company | $ 91 | $ 35 |
Diluted earnings per share (EPS) from continuing operations attributable to Raytheon Company | $ 0.32 | $ 0.12 |
Earnings Per Share (EPS) (Narra
Earnings Per Share (EPS) (Narrative) (Details) - $ / shares | 3 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Earnings Per Share | ||
Favorable (unfavorable) impact to EPS, Basic | $ 2.20 | $ 1.74 |
Favorable (unfavorable) impact to EPS, Diluted | 2.19 | 1.74 |
Basic EPS from discontinued operations | 0 | 0.01 |
Diluted EPS from discontinued operations | 0 | 0.01 |
Maximum [Member] | ||
Earnings Per Share | ||
Basic EPS from discontinued operations | (0.01) | |
Diluted EPS from discontinued operations | $ (0.01) | |
Redemption Value Adjustment in Excess of Fair Value [Member] | ||
Earnings Per Share | ||
Favorable (unfavorable) impact to EPS, Basic | 0.01 | |
Favorable (unfavorable) impact to EPS, Diluted | $ 0.01 |
Earnings Per Share (EPS) (EPS f
Earnings Per Share (EPS) (EPS from Continuing Operations) (Details) - $ / shares | 3 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Basic EPS attributable to Raytheon Company common stockholders: | ||
Distributed earnings | $ 0.87 | $ 0.80 |
Undistributed earnings | 1.33 | 0.93 |
Total | 2.20 | 1.73 |
Diluted EPS attributable to Raytheon Company common stockholders: | ||
Distributed earnings | 0.87 | 0.80 |
Undistributed earnings | 1.33 | 0.93 |
Total | $ 2.20 | $ 1.73 |
Earnings Per Share (EPS) (Incom
Earnings Per Share (EPS) (Income from participating securities) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Earnings Per Share | ||
Net income attributable to participating securities | $ 7 | $ 7 |
Continuing Operations [Member] | ||
Earnings Per Share | ||
Net income attributable to participating securities | 7 | 7 |
Discontinued Operations [Member] | ||
Earnings Per Share | ||
Net income attributable to participating securities | 0 | 0 |
Discontinued Operations [Member] | Maximum [Member] | ||
Earnings Per Share | ||
Net income attributable to participating securities | $ (1) | $ 1 |
Earnings Per Share (EPS) (Weigh
Earnings Per Share (EPS) (Weighted-Average Shares) (Details) - shares shares in Millions | 3 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Earnings Per Share [Abstract] | ||
Shares for basic EPS(1) | 288.5 | 292.5 |
Effect of dilutive securities | 0.3 | 0.3 |
Shares for diluted EPS | 288.8 | 292.8 |
Shares for basic EPS, Participating Securities | 3.2 | 4.1 |
Inventory (Narrative) (Details)
Inventory (Narrative) (Details) - USD ($) $ in Millions | Apr. 01, 2018 | Dec. 31, 2017 |
Inventory [Line Items] | ||
Deferred precontract costs, work in process inventories | $ 121 | $ 101 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Millions | Apr. 01, 2018 | Dec. 31, 2017 |
Inventory [Line Items] | ||
Materials and purchased parts | $ 73 | $ 69 |
Work in process | 545 | 504 |
Finished goods | 22 | 21 |
Total | $ 640 | $ 594 |
Contract Assets and Contract 46
Contract Assets and Contract Liabilities (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Contractors [Abstract] | ||
Change in Net Contract Assets (Liabilities) | $ 183 | |
Change in Contract Asset | 197 | |
Revenue Recognized on Contract Liabilities | $ 652 | $ 612 |
Contract Assets and Contract 47
Contract Assets and Contract Liabilities (Net Contract Assets Liabilities) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 01, 2018 | Dec. 31, 2017 | |
Contractors [Abstract] | ||
Contract assets | $ 5,444 | $ 5,247 |
Change in Contract Asset | $ 197 | |
Percent Change in Contract Asset | 3.80% | |
Contract liabilities—current | $ (2,949) | (2,927) |
Change in Contract Liability, Current | $ (22) | |
Percent Change in Contract Liability, Current | 0.80% | |
Contract liabilities—noncurrent | $ (119) | (127) |
Change in Contract Liability, Noncurrent | $ 8 | |
Percent Change in Contract Liability, Noncurrent | (6.30%) | |
Net contract assets (liabilities) | $ 2,376 | $ 2,193 |
Change in Net Contract Assets (Liabilities) | $ 183 | |
Percent Change in Net Contract Assets (Liabilities) | 8.30% |
Deferred Commissions (Narrative
Deferred Commissions (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Apr. 01, 2018 | Apr. 02, 2017 | Dec. 31, 2017 | |
Deferred Costs [Abstract] | |||
Deferred Sales Commission | $ 38 | $ 37 | |
Amortization of Deferred Sales Commissions | $ 8 | $ 5 |
Acquisitions and Goodwill (Narr
Acquisitions and Goodwill (Narrative) (Details) | 3 Months Ended |
Apr. 01, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | 0 |
Acquisitions and Goodwill (Roll
Acquisitions and Goodwill (Rollforward of Goodwill by Segments) (Details) | 3 Months Ended |
Apr. 01, 2018USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 14,871,000,000 |
Effect of foreign exchange rates and other | 0 |
Ending balance | 14,871,000,000 |
Integrated Defense Systems | |
Goodwill [Roll Forward] | |
Beginning balance | 1,706,000,000 |
Effect of foreign exchange rates and other | 0 |
Ending balance | 1,706,000,000 |
Intelligence, Information and Services | |
Goodwill [Roll Forward] | |
Beginning balance | 2,967,000,000 |
Effect of foreign exchange rates and other | 0 |
Ending balance | 2,967,000,000 |
Missile Systems | |
Goodwill [Roll Forward] | |
Beginning balance | 4,154,000,000 |
Effect of foreign exchange rates and other | 0 |
Ending balance | 4,154,000,000 |
Space and Airborne Systems | |
Goodwill [Roll Forward] | |
Beginning balance | 4,106,000,000 |
Effect of foreign exchange rates and other | 0 |
Ending balance | 4,106,000,000 |
Forcepoint | |
Goodwill [Roll Forward] | |
Beginning balance | 1,938,000,000 |
Effect of foreign exchange rates and other | 0 |
Ending balance | 1,938,000,000 |
Estimated fair value in excess of book value | $ 1,300,000,000 |
Derivative and Other Financia51
Derivative and Other Financial Instruments (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |
Apr. 01, 2018USD ($)Swap | Apr. 02, 2017USD ($) | Dec. 31, 2017USD ($)Swap | |
Derivative and Other Financial Instruments | |||
Short-term investments | $ 0 | $ 297,000,000 | |
Sales of short-term investments | 0 | $ 0 | |
Commercial paper | $ 300,000,000 | $ 300,000,000 | |
Commercial Paper, Weighted Average Interest Rate | 2.051% | 1.583% | |
Commercial Paper, Weighted Average Original Maturity Period | 9 days | 20 days | |
Commercial paper, maximum original maturity period | 90 days | ||
Maximum [Member] | |||
Derivative and Other Financial Instruments | |||
Foreign currency forward contracts, off-set or netting provisions, fair value of counterparty default exposure | $ 1,000,000 | $ 1,000,000 | |
Unrealized gains on short-term investments | $ 1,000,000 | ||
Interest Rate Swap [Member] | |||
Derivative and Other Financial Instruments | |||
Interest rate swaps outstanding | Swap | 0 | 0 | |
Foreign Exchange Forward [Member] | |||
Derivative and Other Financial Instruments | |||
Notional Amount on foreign currency forward contracts | $ 1,215,000,000 | $ 1,354,000,000 | |
Foreign Currency Forward Contracts Net Notional Exposure | 522,000,000 | 525,000,000 | |
Fair Value, Inputs, Level 2 [Member] | |||
Derivative and Other Financial Instruments | |||
Short-term investments | 0 | 297,000,000 | |
Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Forward [Member] | |||
Derivative and Other Financial Instruments | |||
Derivative Asset | 27,000,000 | 28,000,000 | |
Derivative Liability | $ 25,000,000 | $ 17,000,000 |
Derivative and Other Financia52
Derivative and Other Financial Instruments (Schedule of Long-term Debt Details) (Details) - USD ($) $ in Millions | Apr. 01, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Carrying value of long-term debt | $ 4,751 | $ 4,750 |
Fair value of long-term debt | $ 5,154 | $ 5,293 |
Derivative and Other Financia53
Derivative and Other Financial Instruments (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions | Apr. 01, 2018 | Dec. 31, 2017 | Apr. 02, 2017 | Dec. 31, 2016 |
Derivative and Other Financial Instruments [Abstract] | ||||
Cash and cash equivalents | $ 2,748 | $ 3,103 | ||
Restricted cash | 21 | 12 | ||
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows | $ 2,769 | $ 3,115 | $ 2,187 | $ 3,303 |
Restricted Cash and Cash Equivalents, Current, Asset, Statement of Financial Position [Extensible List] | us-gaap:PrepaidExpenseAndOtherAssetsCurrent | us-gaap:PrepaidExpenseAndOtherAssetsCurrent |
Commitments and Contingencies54
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | Apr. 01, 2018 | Dec. 31, 2017 |
Commitments and Contingencies [Line Items] | ||
Letters of credit, amount outstanding | $ 2,797 | $ 2,416 |
Notional value of offset agreements with certain customers in foreign countries | 9,500 | |
Thales- Raytheon Systems Air and Missile Defense Command and Control S.A.S. (TRS AMDC2) [Member] | ||
Commitments and Contingencies [Line Items] | ||
Letters of credit, amount outstanding | 49 | 47 |
Estimated liability related to guarantees and letters of credit | $ 2 | $ 2 |
Commitments and Contingencies55
Commitments and Contingencies (Estimates of Total Remediation Costs) (Details) - USD ($) $ in Millions | Apr. 01, 2018 | Dec. 31, 2017 |
Environmental Remediation Obligations [Abstract] | ||
Total remediation costs—undiscounted | $ 210 | $ 206 |
Weighted-average discount rate | 5.20% | 5.20% |
Total remediation costs—discounted | $ 147 | $ 142 |
Recoverable portion | $ 95 | $ 92 |
Commitments and Contingencies56
Commitments and Contingencies (Stated Values Outstanding) (Details) - USD ($) $ in Millions | Apr. 01, 2018 | Dec. 31, 2017 |
Commitments and Contingencies Disclosure [Abstract] | ||
Guarantees | $ 224 | $ 216 |
Letters of credit | 2,797 | 2,416 |
Surety bonds | $ 166 | $ 166 |
Forcepoint Joint Venture (Narra
Forcepoint Joint Venture (Narrative) (Details) - USD ($) $ in Millions | Apr. 01, 2018 | Dec. 31, 2017 | Apr. 02, 2017 | Dec. 31, 2016 |
Noncontrolling Interest [Line Items] | ||||
Vista Equity Partners' Adjusted Equity Interest | 19.50% | |||
Estimated Redemption Value | $ 492 | $ 512 | $ 349 | $ 449 |
Redeemable Noncontrolling Interest, Carrying Value | $ 300 |
Forcepoint Joint Venture (Redee
Forcepoint Joint Venture (Redeemable Noncontrolling Interest Rollforward) (Details) - USD ($) | 3 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Noncontrolling Interest [Line Items] | ||
Beginning balance | $ 512,000,000 | $ 449,000,000 |
Net income (loss) | (10,000,000) | (6,000,000) |
Other comprehensive income (loss), net of tax(1) | 1,000,000 | 0 |
Contribution from noncontrolling interest | 0 | 8,000,000 |
Adjustment of noncontrolling interest to redemption value | (11,000,000) | (102,000,000) |
Ending balance | $ 492,000,000 | 349,000,000 |
Maximum [Member] | ||
Noncontrolling Interest [Line Items] | ||
Other comprehensive income (loss), net of tax(1) | $ 1,000,000 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | 36 Months Ended | ||||
Mar. 31, 2018 | Apr. 01, 2018 | Apr. 02, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2020 | Nov. 30, 2017 | Nov. 30, 2015 | |
Stockholders' Equity | ||||||||
Stock repurchase program, outstanding common stock available | $ 2,400 | |||||||
Increase in annual dividend payout rate | 8.80% | |||||||
Dividends declared per share | $ 0.8675 | $ 0.7975 | $ 3.19 | |||||
Amortization of net actuarial loss reclassified out of AOCL | $ (347) | $ (281) | ||||||
Cash Flow Hedge Gain to be Reclassified into earnings within Twelve Months | 7 | |||||||
Forcepoint | ||||||||
Stockholders' Equity | ||||||||
Expense (income) attributable to vesting conditions | $ 1 | (1) | ||||||
Shares authorized under stock plans | 174 | |||||||
Restricted Stock [Member] | ||||||||
Stockholders' Equity | ||||||||
Units granted in period | 700 | |||||||
Weighted Average Grant Date Fair Value | $ 213.39 | |||||||
Long-Term Performance Plan [Member] | ||||||||
Stockholders' Equity | ||||||||
Units granted in period | 100 | |||||||
Weighted Average Grant Date Fair Value | $ 205.43 | |||||||
Scenario, Forecast [Member] | ||||||||
Stockholders' Equity | ||||||||
Dividends declared per share | $ 3.47 | |||||||
Scenario, Forecast [Member] | Long-Term Performance Plan [Member] | ||||||||
Stockholders' Equity | ||||||||
Performance goals, return on invested capital, weighted | 50.00% | |||||||
Performance goals, total shareholder return, weighted | 25.00% | |||||||
Performance goals, cumulative free cash flow, weighted | 25.00% | |||||||
Scenario, Forecast [Member] | Long-Term Performance Plan [Member] | Upper Limit | ||||||||
Stockholders' Equity | ||||||||
Target award | 200.00% | |||||||
Scenario, Forecast [Member] | Long-Term Performance Plan [Member] | Lower Limit | ||||||||
Stockholders' Equity | ||||||||
Target award | 0.00% | |||||||
November Two Thousand Fifteen Board of Directors Authorization [Member] | ||||||||
Stockholders' Equity | ||||||||
Stock repurchase program, authorized amount | $ 2,000 | |||||||
November Two Thousand Seventeen Board of Directors Authorization [Member] | ||||||||
Stockholders' Equity | ||||||||
Stock repurchase program, authorized amount | $ 2,000 | |||||||
Pension Plan [Member] | ||||||||
Stockholders' Equity | ||||||||
Amortization of net actuarial loss reclassified out of AOCL | $ 344 | $ 279 |
Stockholders' Equity (Changes i
Stockholders' Equity (Changes in Shares of Common Stock Outstanding) (Details) - shares shares in Millions | 3 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Common Stock Outstanding [Roll Forward] | ||
Beginning balance | 288.4 | 292.8 |
Stock plans activity | 1 | 1.1 |
Share repurchases | (2.2) | (2.9) |
Ending balance | 287.2 | 291 |
Stockholders' Equity (Repurchas
Stockholders' Equity (Repurchases of Common Stock) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Stockholders' Equity | ||
Total shares repurchased | $ 472 | $ 438 |
Total shares repurchased | 2.2 | 2.9 |
Share Repurchase Program [Member] | ||
Stockholders' Equity | ||
Total shares repurchased | $ 400 | $ 400 |
Total shares repurchased | 1.9 | 2.7 |
Satisfy tax withholding [Member] | ||
Stockholders' Equity | ||
Total shares repurchased | $ 72 | $ 38 |
Total shares repurchased | 0.3 | 0.2 |
Stockholders' Equity (Comprehen
Stockholders' Equity (Comprehensive Income) (Details) - USD ($) | 3 Months Ended | ||
Apr. 01, 2018 | Apr. 02, 2017 | Dec. 31, 2017 | |
Stockholders' Equity | |||
Accumulated Other Comprehensive Income (Loss), Pension and PRB plans, net, beginning balance | $ (7,843,000,000) | $ (7,234,000,000) | |
Pension and PRB plans, net, Before tax amount | 348,000,000 | 282,000,000 | |
Pension and PRB plans, net, Tax (expense) or benefit | (73,000,000) | (99,000,000) | |
Pension and PRB plans, net, Net of tax amount | 275,000,000 | 183,000,000 | |
Pension and PRB plans, net, Tax Cuts and Jobs Act of 2017, Reclassification from AOCI to Retained Earnings | (1,452,000,000) | ||
Accumulated Other Comprehensive Income (Loss), Pension and PRB plans, net, ending balance | (9,020,000,000) | (7,051,000,000) | |
Accumulated Other Comprehensive Income (Loss), Foreign exchange translation, beginning balance | (95,000,000) | (175,000,000) | |
Foreign exchange translation, Before tax amount | 24,000,000 | 11,000,000 | |
Foreign exchange translation, Tax (expense) or benefit | 0 | 0 | |
Foreign exchange translation, Net of tax amount | 24,000,000 | 11,000,000 | |
Foreign exchange translation, Tax Cuts and Jobs Act of 2017, Reclassification from AOCI to Retained Earnings | 0 | ||
Accumulated Other Comprehensive Income (Loss), Foreign exchange translation, ending balance | (71,000,000) | (164,000,000) | |
Accumulated Other Comprehensive Income (Loss), Cash flow hedges, beginning balance | 6,000,000 | 0 | |
Cash flow hedges, Before tax amount | (10,000,000) | (2,000,000) | |
Cash flow hedges, Tax (expense) or benefit | 2,000,000 | 1,000,000 | |
Cash flow hedges, Net of tax amount | (8,000,000) | (1,000,000) | |
Cash flow hedges, Tax Cuts and Jobs Act of 2017, Reclassification from AOCI to Retained Earnings | 1,000,000 | ||
Accumulated Other Comprehensive Income (Loss), Cash flow hedges, ending balance | (1,000,000) | (1,000,000) | |
Accumulated Other Comprehensive Income (Loss), Unrealized gains (losses) on investments and other, net, beginning balance | (3,000,000) | (2,000,000) | |
Unrealized gains (losses) on investments and other, net, Before tax amount | 0 | 0 | |
Unrealized gains (losses) on investments and other, net, Tax (expense) or benefit | 0 | 0 | |
Unrealized gains (losses) on investments and other, net, Net of tax amount | 0 | 0 | |
Unrealized Holding Gains (Losses) on Investments and Other, Tax Cuts and Jobs Act of 2017, Reclassification from AOCI to Retained Earnings | 0 | ||
Accumulated Other Comprehensive Income (Loss), Unrealized gains (losses) on investments and other, net, ending balance | (3,000,000) | (2,000,000) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax, beginning balance | (7,935,000,000) | (7,411,000,000) | |
Other comprehensive income (loss), Before tax amount | 362,000,000 | 291,000,000 | |
Other comprehensive income (Loss), Tax (expense) or benefit | (71,000,000) | (98,000,000) | |
Other comprehensive income (loss), net of tax | 291,000,000 | 193,000,000 | |
Reclassification of stranded tax effects | (1,451,000,000) | 0 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax, ending balance | (9,095,000,000) | $ (7,218,000,000) | |
Pension and PRB plans tax benefit (expense) | 2,398,000,000 | $ 3,923,000,000 | |
Cash flow hedges tax benefit (expense) | 0 | (3,000,000) | |
Unrealized gains (losses) on investments and other, net tax benefit (expense) | $ (1,000,000) | $ (1,000,000) |
Pension and Other Employee Be63
Pension and Other Employee Benefits (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Apr. 01, 2018 | Apr. 02, 2017 | Dec. 31, 2017 | |
Pension and Other Postretirement Benefit [Line Items] | |||
Discretionary Pension Contributions | $ 0 | $ 0 | |
PRB Plan [Member] | |||
Pension and Other Postretirement Benefit [Line Items] | |||
Net periodic pension expense (income) | 5,000,000 | 6,000,000 | |
Foreign Plan [Member] | |||
Pension and Other Postretirement Benefit [Line Items] | |||
Net periodic pension expense (income) | (2,000,000) | ||
Maximum [Member] | Foreign Plan [Member] | |||
Pension and Other Postretirement Benefit [Line Items] | |||
Net periodic pension expense (income) | $ 1,000,000 | ||
Fair Value, Inputs, Level 1 [Member] | |||
Pension and Other Postretirement Benefit [Line Items] | |||
Marketable securities held in trust | 633,000,000 | $ 633,000,000 | |
Nonqualified Plan [Member] | |||
Pension and Other Postretirement Benefit [Line Items] | |||
Liabilities related to nonqualified contribution plan | 422,000,000 | 422,000,000 | |
Nonqualified Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Pension and Other Postretirement Benefit [Line Items] | |||
Marketable securities held in trust | $ 408,000,000 | $ 410,000,000 |
Pension and Other Employee Be64
Pension and Other Employee Benefits (Schedule of Marketable Securities) (Details) - USD ($) $ in Millions | Apr. 01, 2018 | Dec. 31, 2017 |
Fair Value, Inputs, Level 1 [Member] | ||
Marketable Securities [Line Items] | ||
Marketable securities held in trust | $ 633 | $ 633 |
Pension and Other Employee Be65
Pension and Other Employee Benefits (Schedule of Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Non-operating expense | ||
Total pension non-service expense | $ 239 | $ 207 |
Pension Plan [Member] | ||
Operating expense | ||
Service cost | 127 | 117 |
Non-operating expense | ||
Interest cost | 253 | 267 |
Expected return on plan assets | (363) | (345) |
Amortization of prior service cost included in net periodic pension expense | 1 | 1 |
Recognized net actuarial loss | 344 | 279 |
Total pension non-service expense | 235 | 202 |
Net periodic pension expense (income) | $ 362 | $ 319 |
Pension and Other Employee Be66
Pension and Other Employee Benefits (Schedule of Pension and PRB Liabilities) (Details) - USD ($) $ in Millions | Apr. 01, 2018 | Dec. 31, 2017 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table [Line Items] | ||
Defined Benefit Plan, Long-term Liabilities | $ 7,860 | $ 7,883 |
Pension Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table [Line Items] | ||
Defined Benefit Plan, Long-term Liabilities | 7,492 | 7,515 |
PRB Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table [Line Items] | ||
Defined Benefit Plan, Long-term Liabilities | $ 368 | $ 368 |
Pension and Other Employee Be67
Pension and Other Employee Benefits (Schedule of Pension and PRB Contributions) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Pension and Other Postretirement Benefit Expense [Line Items] | ||
Required pension contributions | $ 58 | $ 37 |
PRB contributions | $ 3 | $ 5 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ in Millions | 3 Months Ended |
Apr. 01, 2018USD ($) | |
Income Tax Disclosure [Abstract] | |
IRS Revenue Agent's Report Proposed Adjustment | $ 41 |
Impact of Tax Cuts and Jobs Act of 2017 - tax expense recorded related to foreign earnings | $ 13 |
Business Segment Reporting (Seg
Business Segment Reporting (Segment Results) (Details) - USD ($) | 3 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Segment Reporting Information [Line Items] | ||
Sales, Net | $ 6,267,000,000 | $ 6,000,000,000 |
Operating income | 1,041,000,000 | 948,000,000 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales, Net | 6,271,000,000 | 6,010,000,000 |
Operating income | 748,000,000 | 708,000,000 |
Intersegment Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales, Net | (357,000,000) | (350,000,000) |
Operating income | (40,000,000) | (37,000,000) |
Segment Reconciling Items [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales, Net | (361,000,000) | (360,000,000) |
Corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales, Net | 0 | 0 |
Operating income | (28,000,000) | (33,000,000) |
Integrated Defense Systems | ||
Segment Reporting Information [Line Items] | ||
Sales, Net | 1,474,000,000 | 1,383,000,000 |
Integrated Defense Systems | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales, Net | 1,489,000,000 | 1,398,000,000 |
Operating income | 273,000,000 | 212,000,000 |
Integrated Defense Systems | Intersegment Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales, Net | (15,000,000) | (15,000,000) |
Operating income | (2,000,000) | (1,000,000) |
Integrated Defense Systems | Segment Reconciling Items [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales, Net | 0 | 0 |
Intelligence, Information and Services | ||
Segment Reporting Information [Line Items] | ||
Sales, Net | 1,420,000,000 | 1,330,000,000 |
Intelligence, Information and Services | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales, Net | 1,582,000,000 | 1,507,000,000 |
Operating income | 117,000,000 | 111,000,000 |
Intelligence, Information and Services | Intersegment Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales, Net | (162,000,000) | (177,000,000) |
Operating income | (17,000,000) | (17,000,000) |
Intelligence, Information and Services | Segment Reconciling Items [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales, Net | 0 | 0 |
Missile Systems | ||
Segment Reporting Information [Line Items] | ||
Sales, Net | 1,813,000,000 | 1,728,000,000 |
Missile Systems | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales, Net | 1,848,000,000 | 1,756,000,000 |
Operating income | 212,000,000 | 216,000,000 |
Missile Systems | Intersegment Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales, Net | (35,000,000) | (28,000,000) |
Operating income | (3,000,000) | (3,000,000) |
Missile Systems | Segment Reconciling Items [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales, Net | 0 | 0 |
Space and Airborne Systems | ||
Segment Reporting Information [Line Items] | ||
Sales, Net | 1,429,000,000 | 1,429,000,000 |
Space and Airborne Systems | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales, Net | 1,568,000,000 | 1,555,000,000 |
Operating income | 193,000,000 | 190,000,000 |
Space and Airborne Systems | Intersegment Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales, Net | (139,000,000) | (126,000,000) |
Operating income | (14,000,000) | (13,000,000) |
Space and Airborne Systems | Segment Reconciling Items [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales, Net | 0 | 0 |
Forcepoint | ||
Segment Reporting Information [Line Items] | ||
Sales, Net | 131,000,000 | 130,000,000 |
Forcepoint | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales, Net | 141,000,000 | 144,000,000 |
Operating income | (7,000,000) | 16,000,000 |
Forcepoint | Intersegment Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales, Net | (6,000,000) | (4,000,000) |
Operating income | (4,000,000) | (3,000,000) |
Forcepoint | Segment Reconciling Items [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales, Net | (4,000,000) | (10,000,000) |
Acquisition Accounting Adjustments | ||
Segment Reporting Information [Line Items] | ||
Sales, Net | 0 | 0 |
Acquisition Accounting Adjustments | Segment Reconciling Items [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales, Net | (4,000,000) | (10,000,000) |
Operating income | (33,000,000) | (42,000,000) |
FAS CAS Operating Adjustment [Member] | Segment Reconciling Items [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating income | $ 354,000,000 | $ 315,000,000 |
Business Segment Reporting (Com
Business Segment Reporting (Components of FAS/CAS Operating Adjustment) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Segment Reporting Information [Line Items] | ||
Operating income | $ 1,041 | $ 948 |
FAS CAS Operating Adjustment [Member] | Segment Reconciling Items [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating income | 354 | 315 |
FAS/CAS Pension Operating Adjustment [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating income | 351 | 311 |
FAS/CAS PRB Operating Adjustment [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating income | $ 3 | $ 4 |
Business Segment Reporting (Tot
Business Segment Reporting (Total Assets) (Details) - USD ($) $ in Millions | Apr. 01, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 30,497 | $ 30,860 |
Corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 4,458 | 5,374 |
Integrated Defense Systems | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 5,188 | 4,679 |
Intelligence, Information and Services | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 4,264 | 4,230 |
Missile Systems | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 7,388 | 7,338 |
Space and Airborne Systems | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 6,733 | 6,696 |
Forcepoint | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 2,466 | $ 2,543 |
Business Segment Reporting (Dis
Business Segment Reporting (Disaggregation of Revenue) (Details) - USD ($) | 3 Months Ended | |
Apr. 01, 2018 | Apr. 02, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Sales, Net | $ 6,267,000,000 | $ 6,000,000,000 |
Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 3,443,000,000 | 3,422,000,000 |
Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 2,824,000,000 | 2,578,000,000 |
U.S. Government [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 4,260,000,000 | 3,984,000,000 |
Domestic Direct Commercial Sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 120,000,000 | 98,000,000 |
Foreign Military Sales through US Government [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 718,000,000 | 768,000,000 |
Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 1,169,000,000 | 1,150,000,000 |
United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 4,380,000,000 | 4,082,000,000 |
United States [Member] | U.S. Government [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 1,627,000,000 | 1,605,000,000 |
United States [Member] | U.S. Government [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 2,633,000,000 | 2,379,000,000 |
United States [Member] | Domestic Direct Commercial Sales [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 116,000,000 | 88,000,000 |
United States [Member] | Domestic Direct Commercial Sales [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 4,000,000 | 10,000,000 |
Asia Pacific [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 592,000,000 | 613,000,000 |
Asia Pacific [Member] | Foreign Military Sales through US Government [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 206,000,000 | 176,000,000 |
Asia Pacific [Member] | Foreign Military Sales through US Government [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 58,000,000 | 70,000,000 |
Asia Pacific [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 299,000,000 | 328,000,000 |
Asia Pacific [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 29,000,000 | 39,000,000 |
Middle East And North Africa [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 997,000,000 | 982,000,000 |
Middle East And North Africa [Member] | Foreign Military Sales through US Government [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 333,000,000 | 418,000,000 |
Middle East And North Africa [Member] | Foreign Military Sales through US Government [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 54,000,000 | 44,000,000 |
Middle East And North Africa [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 610,000,000 | 520,000,000 |
Middle East And North Africa [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
All Other Principally Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 298,000,000 | 323,000,000 |
All Other Principally Europe [Member] | Foreign Military Sales through US Government [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 34,000,000 | 36,000,000 |
All Other Principally Europe [Member] | Foreign Military Sales through US Government [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 33,000,000 | 24,000,000 |
All Other Principally Europe [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 218,000,000 | 251,000,000 |
All Other Principally Europe [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 13,000,000 | 12,000,000 |
Corporate [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Intersegment Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | (357,000,000) | (350,000,000) |
Segment Reconciling Items [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | (361,000,000) | (360,000,000) |
Operating Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 6,271,000,000 | 6,010,000,000 |
Integrated Defense Systems | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 1,474,000,000 | 1,383,000,000 |
Integrated Defense Systems | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 978,000,000 | 892,000,000 |
Integrated Defense Systems | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 496,000,000 | 491,000,000 |
Integrated Defense Systems | U.S. Government [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 628,000,000 | 555,000,000 |
Integrated Defense Systems | Domestic Direct Commercial Sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 2,000,000 | 2,000,000 |
Integrated Defense Systems | Foreign Military Sales through US Government [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 289,000,000 | 390,000,000 |
Integrated Defense Systems | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 555,000,000 | 436,000,000 |
Integrated Defense Systems | United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 630,000,000 | 557,000,000 |
Integrated Defense Systems | United States [Member] | U.S. Government [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 226,000,000 | 185,000,000 |
Integrated Defense Systems | United States [Member] | U.S. Government [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 402,000,000 | 370,000,000 |
Integrated Defense Systems | United States [Member] | Domestic Direct Commercial Sales [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 2,000,000 | 2,000,000 |
Integrated Defense Systems | United States [Member] | Domestic Direct Commercial Sales [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Integrated Defense Systems | Asia Pacific [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 227,000,000 | 275,000,000 |
Integrated Defense Systems | Asia Pacific [Member] | Foreign Military Sales through US Government [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 29,000,000 | 44,000,000 |
Integrated Defense Systems | Asia Pacific [Member] | Foreign Military Sales through US Government [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 25,000,000 | 34,000,000 |
Integrated Defense Systems | Asia Pacific [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 146,000,000 | 158,000,000 |
Integrated Defense Systems | Asia Pacific [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 27,000,000 | 39,000,000 |
Integrated Defense Systems | Middle East And North Africa [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 574,000,000 | 530,000,000 |
Integrated Defense Systems | Middle East And North Africa [Member] | Foreign Military Sales through US Government [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 195,000,000 | 269,000,000 |
Integrated Defense Systems | Middle East And North Africa [Member] | Foreign Military Sales through US Government [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 32,000,000 | 38,000,000 |
Integrated Defense Systems | Middle East And North Africa [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 347,000,000 | 223,000,000 |
Integrated Defense Systems | Middle East And North Africa [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Integrated Defense Systems | All Other Principally Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 43,000,000 | 21,000,000 |
Integrated Defense Systems | All Other Principally Europe [Member] | Foreign Military Sales through US Government [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Integrated Defense Systems | All Other Principally Europe [Member] | Foreign Military Sales through US Government [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 8,000,000 | 5,000,000 |
Integrated Defense Systems | All Other Principally Europe [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 33,000,000 | 11,000,000 |
Integrated Defense Systems | All Other Principally Europe [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 2,000,000 | 5,000,000 |
Integrated Defense Systems | Intersegment Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | (15,000,000) | (15,000,000) |
Integrated Defense Systems | Segment Reconciling Items [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Integrated Defense Systems | Operating Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 1,489,000,000 | 1,398,000,000 |
Intelligence, Information and Services | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 1,420,000,000 | 1,330,000,000 |
Intelligence, Information and Services | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 434,000,000 | 436,000,000 |
Intelligence, Information and Services | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 986,000,000 | 894,000,000 |
Intelligence, Information and Services | U.S. Government [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 1,208,000,000 | 1,124,000,000 |
Intelligence, Information and Services | Domestic Direct Commercial Sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 32,000,000 | 36,000,000 |
Intelligence, Information and Services | Foreign Military Sales through US Government [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 69,000,000 | 67,000,000 |
Intelligence, Information and Services | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 111,000,000 | 103,000,000 |
Intelligence, Information and Services | United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 1,240,000,000 | 1,160,000,000 |
Intelligence, Information and Services | United States [Member] | U.S. Government [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 252,000,000 | 263,000,000 |
Intelligence, Information and Services | United States [Member] | U.S. Government [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 956,000,000 | 861,000,000 |
Intelligence, Information and Services | United States [Member] | Domestic Direct Commercial Sales [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 28,000,000 | 26,000,000 |
Intelligence, Information and Services | United States [Member] | Domestic Direct Commercial Sales [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 4,000,000 | 10,000,000 |
Intelligence, Information and Services | Asia Pacific [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 109,000,000 | 97,000,000 |
Intelligence, Information and Services | Asia Pacific [Member] | Foreign Military Sales through US Government [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 51,000,000 | 43,000,000 |
Intelligence, Information and Services | Asia Pacific [Member] | Foreign Military Sales through US Government [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 14,000,000 | 17,000,000 |
Intelligence, Information and Services | Asia Pacific [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 44,000,000 | 37,000,000 |
Intelligence, Information and Services | Asia Pacific [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Intelligence, Information and Services | Middle East And North Africa [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 9,000,000 | 11,000,000 |
Intelligence, Information and Services | Middle East And North Africa [Member] | Foreign Military Sales through US Government [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 3,000,000 | 5,000,000 |
Intelligence, Information and Services | Middle East And North Africa [Member] | Foreign Military Sales through US Government [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 1,000,000 | 0 |
Intelligence, Information and Services | Middle East And North Africa [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 5,000,000 | 6,000,000 |
Intelligence, Information and Services | Middle East And North Africa [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Intelligence, Information and Services | All Other Principally Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 62,000,000 | 62,000,000 |
Intelligence, Information and Services | All Other Principally Europe [Member] | Foreign Military Sales through US Government [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 2,000,000 |
Intelligence, Information and Services | All Other Principally Europe [Member] | Foreign Military Sales through US Government [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Intelligence, Information and Services | All Other Principally Europe [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 51,000,000 | 54,000,000 |
Intelligence, Information and Services | All Other Principally Europe [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 11,000,000 | 6,000,000 |
Intelligence, Information and Services | Intersegment Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | (162,000,000) | (177,000,000) |
Intelligence, Information and Services | Segment Reconciling Items [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Intelligence, Information and Services | Operating Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 1,582,000,000 | 1,507,000,000 |
Missile Systems | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 1,813,000,000 | 1,728,000,000 |
Missile Systems | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 1,136,000,000 | 1,204,000,000 |
Missile Systems | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 677,000,000 | 524,000,000 |
Missile Systems | U.S. Government [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 1,214,000,000 | 1,087,000,000 |
Missile Systems | Domestic Direct Commercial Sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 11,000,000 | 0 |
Missile Systems | Foreign Military Sales through US Government [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 249,000,000 | 241,000,000 |
Missile Systems | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 339,000,000 | 400,000,000 |
Missile Systems | United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 1,225,000,000 | 1,087,000,000 |
Missile Systems | United States [Member] | U.S. Government [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 584,000,000 | 604,000,000 |
Missile Systems | United States [Member] | U.S. Government [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 630,000,000 | 483,000,000 |
Missile Systems | United States [Member] | Domestic Direct Commercial Sales [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 11,000,000 | 0 |
Missile Systems | United States [Member] | Domestic Direct Commercial Sales [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Missile Systems | Asia Pacific [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 156,000,000 | 135,000,000 |
Missile Systems | Asia Pacific [Member] | Foreign Military Sales through US Government [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 96,000,000 | 71,000,000 |
Missile Systems | Asia Pacific [Member] | Foreign Military Sales through US Government [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 17,000,000 | 17,000,000 |
Missile Systems | Asia Pacific [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 43,000,000 | 47,000,000 |
Missile Systems | Asia Pacific [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Missile Systems | Middle East And North Africa [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 318,000,000 | 343,000,000 |
Missile Systems | Middle East And North Africa [Member] | Foreign Military Sales through US Government [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 81,000,000 | 104,000,000 |
Missile Systems | Middle East And North Africa [Member] | Foreign Military Sales through US Government [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 6,000,000 | 6,000,000 |
Missile Systems | Middle East And North Africa [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 231,000,000 | 233,000,000 |
Missile Systems | Middle East And North Africa [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Missile Systems | All Other Principally Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 114,000,000 | 163,000,000 |
Missile Systems | All Other Principally Europe [Member] | Foreign Military Sales through US Government [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 25,000,000 | 26,000,000 |
Missile Systems | All Other Principally Europe [Member] | Foreign Military Sales through US Government [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 24,000,000 | 17,000,000 |
Missile Systems | All Other Principally Europe [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 65,000,000 | 119,000,000 |
Missile Systems | All Other Principally Europe [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 1,000,000 |
Missile Systems | Intersegment Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | (35,000,000) | (28,000,000) |
Missile Systems | Segment Reconciling Items [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Missile Systems | Operating Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 1,848,000,000 | 1,756,000,000 |
Space and Airborne Systems | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 1,429,000,000 | 1,429,000,000 |
Space and Airborne Systems | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 767,000,000 | 763,000,000 |
Space and Airborne Systems | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 662,000,000 | 666,000,000 |
Space and Airborne Systems | U.S. Government [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 1,186,000,000 | 1,193,000,000 |
Space and Airborne Systems | Domestic Direct Commercial Sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 26,000,000 | 7,000,000 |
Space and Airborne Systems | Foreign Military Sales through US Government [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 111,000,000 | 70,000,000 |
Space and Airborne Systems | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 106,000,000 | 159,000,000 |
Space and Airborne Systems | United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 1,212,000,000 | 1,200,000,000 |
Space and Airborne Systems | United States [Member] | U.S. Government [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 544,000,000 | 531,000,000 |
Space and Airborne Systems | United States [Member] | U.S. Government [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 642,000,000 | 662,000,000 |
Space and Airborne Systems | United States [Member] | Domestic Direct Commercial Sales [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 26,000,000 | 7,000,000 |
Space and Airborne Systems | United States [Member] | Domestic Direct Commercial Sales [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Space and Airborne Systems | Asia Pacific [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 84,000,000 | 94,000,000 |
Space and Airborne Systems | Asia Pacific [Member] | Foreign Military Sales through US Government [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 30,000,000 | 18,000,000 |
Space and Airborne Systems | Asia Pacific [Member] | Foreign Military Sales through US Government [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 2,000,000 | 2,000,000 |
Space and Airborne Systems | Asia Pacific [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 50,000,000 | 74,000,000 |
Space and Airborne Systems | Asia Pacific [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 2,000,000 | 0 |
Space and Airborne Systems | Middle East And North Africa [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 90,000,000 | 92,000,000 |
Space and Airborne Systems | Middle East And North Africa [Member] | Foreign Military Sales through US Government [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 54,000,000 | 40,000,000 |
Space and Airborne Systems | Middle East And North Africa [Member] | Foreign Military Sales through US Government [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 15,000,000 | 0 |
Space and Airborne Systems | Middle East And North Africa [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 21,000,000 | 52,000,000 |
Space and Airborne Systems | Middle East And North Africa [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Space and Airborne Systems | All Other Principally Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 43,000,000 | 43,000,000 |
Space and Airborne Systems | All Other Principally Europe [Member] | Foreign Military Sales through US Government [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 9,000,000 | 8,000,000 |
Space and Airborne Systems | All Other Principally Europe [Member] | Foreign Military Sales through US Government [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 1,000,000 | 2,000,000 |
Space and Airborne Systems | All Other Principally Europe [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 33,000,000 | 33,000,000 |
Space and Airborne Systems | All Other Principally Europe [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Space and Airborne Systems | Intersegment Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | (139,000,000) | (126,000,000) |
Space and Airborne Systems | Segment Reconciling Items [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Space and Airborne Systems | Operating Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 1,568,000,000 | 1,555,000,000 |
Forcepoint | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 131,000,000 | 130,000,000 |
Forcepoint | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 128,000,000 | 127,000,000 |
Forcepoint | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 3,000,000 | 3,000,000 |
Forcepoint | U.S. Government [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 24,000,000 | 25,000,000 |
Forcepoint | Domestic Direct Commercial Sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 49,000,000 | 53,000,000 |
Forcepoint | Foreign Military Sales through US Government [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Forcepoint | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 58,000,000 | 52,000,000 |
Forcepoint | United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 73,000,000 | 78,000,000 |
Forcepoint | United States [Member] | U.S. Government [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 21,000,000 | 22,000,000 |
Forcepoint | United States [Member] | U.S. Government [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 3,000,000 | 3,000,000 |
Forcepoint | United States [Member] | Domestic Direct Commercial Sales [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 49,000,000 | 53,000,000 |
Forcepoint | United States [Member] | Domestic Direct Commercial Sales [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Forcepoint | Asia Pacific [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 16,000,000 | 12,000,000 |
Forcepoint | Asia Pacific [Member] | Foreign Military Sales through US Government [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Forcepoint | Asia Pacific [Member] | Foreign Military Sales through US Government [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Forcepoint | Asia Pacific [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 16,000,000 | 12,000,000 |
Forcepoint | Asia Pacific [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Forcepoint | Middle East And North Africa [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 6,000,000 | 6,000,000 |
Forcepoint | Middle East And North Africa [Member] | Foreign Military Sales through US Government [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Forcepoint | Middle East And North Africa [Member] | Foreign Military Sales through US Government [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Forcepoint | Middle East And North Africa [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 6,000,000 | 6,000,000 |
Forcepoint | Middle East And North Africa [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Forcepoint | All Other Principally Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 36,000,000 | 34,000,000 |
Forcepoint | All Other Principally Europe [Member] | Foreign Military Sales through US Government [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Forcepoint | All Other Principally Europe [Member] | Foreign Military Sales through US Government [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Forcepoint | All Other Principally Europe [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 36,000,000 | 34,000,000 |
Forcepoint | All Other Principally Europe [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Forcepoint | Intersegment Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | (6,000,000) | (4,000,000) |
Forcepoint | Segment Reconciling Items [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | (4,000,000) | (10,000,000) |
Forcepoint | Operating Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 141,000,000 | 144,000,000 |
Corporate [Member] | United States [Member] | U.S. Government [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Corporate [Member] | United States [Member] | U.S. Government [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Corporate [Member] | United States [Member] | Domestic Direct Commercial Sales [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Corporate [Member] | United States [Member] | Domestic Direct Commercial Sales [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Corporate [Member] | Asia Pacific [Member] | Foreign Military Sales through US Government [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Corporate [Member] | Asia Pacific [Member] | Foreign Military Sales through US Government [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Corporate [Member] | Asia Pacific [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Corporate [Member] | Asia Pacific [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Corporate [Member] | Middle East And North Africa [Member] | Foreign Military Sales through US Government [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Corporate [Member] | Middle East And North Africa [Member] | Foreign Military Sales through US Government [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Corporate [Member] | Middle East And North Africa [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Corporate [Member] | Middle East And North Africa [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Corporate [Member] | All Other Principally Europe [Member] | Foreign Military Sales through US Government [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Corporate [Member] | All Other Principally Europe [Member] | Foreign Military Sales through US Government [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Corporate [Member] | All Other Principally Europe [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Corporate [Member] | All Other Principally Europe [Member] | Foreign direct commercial sales, excluding Foreign Military Sales through U.S. Gov [Member] | Cost-type Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Acquisition Accounting Adjustments | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | 0 | 0 |
Acquisition Accounting Adjustments | Segment Reconciling Items [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | (4,000,000) | (10,000,000) |
Operating Segments [Member] | Intersegment Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales, Net | $ 0 | $ 0 |
Remaining Performance Obligat73
Remaining Performance Obligations (Narrative) (Details) $ in Millions | 3 Months Ended |
Apr. 01, 2018USD ($) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining Performance Obligation | $ 38,139 |
Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation | The Company expects to recognize revenue on approximately half and three-quarters of the remaining performance obligations over the next 12 and 24 months, respectively, with the remaining recognized thereafter. |