Exhibit 12
RAYTHEON COMPANY
STATEMENT REGARDING COMPUTATION OF
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
(dollar amounts in millions except for ratio)
(excludes RE&C and AIS for all periods
except for Interest costs, which includes RE&C and AIS)
2000 (1) | 2001 (1) | 2002 | 2003 | 2004 | ||||||
Income from continuing operations before taxes per statements of income | 1,076 | 762 | 579 | |||||||
Add: | ||||||||||
Fixed charges | 658 | 611 | 497 | |||||||
Amortization of capitalized interest | 2 | 2 | 1 | |||||||
Less: | ||||||||||
Capitalized interest | 0 | 0 | 0 | |||||||
Income as adjusted | 1,736 | 1,375 | 1,077 | |||||||
Fixed charges: | ||||||||||
Portion of rents representative of interest factor | 82 | 74 | 79 | |||||||
Interest costs | 576 | 537 | 418 | |||||||
Capitalized interest | 0 | 0 | 0 | |||||||
Fixed charges | 658 | 611 | 497 | |||||||
Equity security distributions | 15 | 15 | 5 | |||||||
Combined fixed charges | 673 | 627 | 502 | |||||||
Ratio of earnings to combined fixed charges | 2.6 | 2.2 | 2.1 | |||||||
(1) | The Company is omitting the financial data for 2001 and 2000 previously included in Exhibit 12 for the reasons discussed in the Explanatory Note and in Item 6 (Selected Financial Data.) |