Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Raytheon Co., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Products	24,435)	22,633)	21,416)	20,166)	19,443)
Services	4,741)	4,425)	3,932)	3,903)	3,804)
Net sales	29,176)	27,058)	25,348)	24,069)	23,247)
Cost of sales, products	(17,747)	(16,108)	(15,872)	(14,767)	(14,447)
Cost of sales, services	(3,666)	(3,465)	(3,204)	(3,180)	(3,127)
Cost of sales, products and services	(21,413)	(19,573)	(19,076)	(17,947)	(17,574)
Gross margin	7,763)	7,485)	6,272)	6,122)	5,673)
General and administrative expenses	(2,989)	(2,947)	(2,954)	(2,882)	(2,660)
Operating income	4,774)	4,538)	3,318)	3,240)	3,013)
Retirement benefits non-service expense	(688)	(1,230)	—)	—)	—)
Interest expense	(180)	(184)	(205)	(232)	(233)
Interest income	42)	31)	21)	16)	11)
Other income (expense), net	38)	(8)	(21)	6)	(4)
Non-operating income (expense), net	(788)	(1,391)	(205)	(210)	(226)
Income from continuing operations before taxes	3,986)	3,147)	3,113)	3,030)	2,787)
Federal and foreign income taxes	(658)	(264)	(1,114)	(857)	(733)
Income from continuing operations	3,328)	2,883)	1,999)	2,173)	2,054)
Income (loss) from discontinued operations, net of tax	1)	(1)	2)	1)	13)
Net income	3,329)	2,882)	2,001)	2,174)	2,067)
Net loss attributable to noncontrolling interests in subsidiaries	14)	27)	23)	37)	7)
Net income attributable to Raytheon Company	3,343)	2,909)	2,024)	2,211)	2,074)

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

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Income statement item	Description	The company
Net sales	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Raytheon Co. net sales increased from 2017 to 2018 and from 2018 to 2019.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Raytheon Co. operating income increased from 2017 to 2018 and from 2018 to 2019.
Income from continuing operations before taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Raytheon Co. income from continuing operations before taxes increased from 2017 to 2018 and from 2018 to 2019.
Net income attributable to Raytheon Company	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Raytheon Co. net income attributable to Raytheon Company increased from 2017 to 2018 and from 2018 to 2019.

Raytheon Co. (NYSE:RTN)

Income Statement