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700-270 - NGFW Express for Account Managers - BrainDump Information

Vendor Name : Cisco
Exam Code : 700-270
Exam Name : NGFW Express for Account Managers
Questions and Answers : 60 Q & A
Updated On : October 18, 2018
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700-270 exam Dumps Source : NGFW Express for Account Managers

Test Code : 700-270
Test Name : NGFW Express for Account Managers
Vendor Name : Cisco
Q&A : 60 Real Questions

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Cisco Cisco NGFW Express for

Empowering Defenders: AMP solidarity and Cisco probability Response | killexams.com Real Questions and Pass4sure dumps

Defenders have a lot of work to do, and many challenges to overcome. whereas conducting the Cisco 2018 protection Capabilities Benchmark analyze, the place we touched greater than 3600 shoppers across 26 international locations, these assumptions have been confirmed. we have considered that defenders are battling the orchestration of a mixture of safety items and that, by itself, might also obfuscate rather than clarify the protection panorama.

Let’s take a moment to think about a security team and the initiatives it performs daily. Reviewing expanding numbers of alerts, making an attempt to correlate suggestions from various sources to construct a complete picture of every knowledge threat, triaging and assigning priorities, are all advanced initiatives performed below time pressures. The purpose is to right now get a hold of an adequate response strategy in response to the clear understanding of the possibility, its scope of compromise, and the talents hurt it might trigger. This procedure is frequently error-susceptible and time-consuming when it is guide. at the identical time when figuring out the indicators becomes a challenge, high severity threats can slip throughout the defenses.

we've heard from the vast majority of customers that an integrated approach is simpler to enforce and is greater within your means. paying attention to and knowing the needs of our consumers has always been a priority for us. therefore, to empower protection analysts with effective weapons to defend their corporations, Cisco has developed a protection structure that helps streamline safety operations. Most recently we have developed two choices: one a platform and the different a means: Cisco hazard Response and AMP solidarity. both are unique trends and whereas they are distinct, they serve the identical strategic purpose.

AMP solidarity

AMP solidarity is a means that enables companies to register their AMP-enabled contraptions (Cisco NGFW, NGIPS, ESA, CES, WSA with a Malware/AMP subscription) in the AMP for Endpoints Console. during this manner, those devices can also be viewed and queried (for sample observations) the identical way the AMP for Endpoints Console already gives for endpoints. This integration allows for correlating file propagation facts throughout all the hazard vectors in a single person Interface (global File Trajectory view).

world File Trajectory view (showcasing file switch via an e-mail gateway, down to the endpoint, across the community to an extra endpoint)

but it surely doesn’t cease there. AMP cohesion additionally means that you can create commonplace file whitelists and file blacklists (through the identical AMP for Endpoints Console) and implement them across all of the registered AMP-enabled devices within the firm alongside your AMP endpoints (international Outbreak manage).

international Outbreak handle (adding a file to a simple Detection record which enforces a blocking motion throughout all AMP-enabled contraptions and endpoints)

In an incident response situation, being in a position to quickly remember the scope of compromise and the way threats propagate throughout the environment, is essential. Being capable of implement coverage throughout the malware inspection gateways and endpoints constantly helps safety groups retailer time and tackle threats that rely.

keep in mind that AMP harmony is a capacity. It doesn’t introduce new dashboards or policies – it’s all managed in the course of the AMP for Endpoints Console. That helps you derive more price out of your present AMP investments.

Cisco probability Response

Cisco chance Response (prior to now called Cisco Visibility) is an imaginative platform that brings collectively protection-related assistance from Cisco and third-celebration sources right into a single, intuitive investigation and response console. It does so via a modular design that serves as an integration framework for adventure logs and chance intelligence. Modules allow for the swift correlation of information through constructing relationship graphs that in turn, permit security groups to gain a clear view of the attack, as well as to instantly make effective response moves.

Cisco hazard Response Relationship Graph

As of the time of publishing this weblog, Cisco risk Response brings collectively experience logs and threat intelligence from numerous Cisco and 3rd celebration modules. It’s probably that by means of the team you read this weblog, the platform has delivered additional modules and capabilities.

Cisco chance Response Modules

The glaring price here is automation and the discount of incident response lag caused through moving via distinct person interfaces and trying to correlate available records manually. That’s exactly what probability Response does for you. The every day workflow is also streamlined through the integrated case administration tool named “Casebook”. it really is a tiny UI component that permits you to accumulate and pivot on observables, assign names to your investigations, take notes and a good deal more. Casebooks are built on a cloud API and information storage, and can be referenced by way of any product (along with your credentials). as a result of this, they could follow you from product to product, eventually across the complete Cisco security portfolio.

Casebook

Cisco hazard Response is at the moment purchasable to AMP for Endpoints and danger Grid consumers, who can take abilities of this powerful platform and the chances it gives today.

Tying AMP cohesion and Cisco danger Response collectively

on account that both of these developments supply brought price to security groups via tighter native integrations, how do they relate to each and every different? primary – Cisco possibility Response queries correlated event telemetry from AMP for Endpoints and means that you can right away take containment actions. It does so through the AMP for Endpoints API, by way of the AMP for Endpoints module enabled in danger Response. considering the fact that AMP for Endpoints Console is a vital region to correlate telemetry from AMP-enabled devices, this suggestions may also be used to enrich relationship graphs developed via possibility Response. On true of that, world Outbreak manage capabilities added through AMP cohesion may also be used throughout the possibility Response consumer Interface.

AMP harmony pursuits in danger Response

AMP harmony brings your AMP-enabled machine facts to chance Response via the AMP for Endpoints module, and in flip probability Response means that you can quickly take motion at each the endpoint and facet layers of your AMP deployment according to investigation effects across all chance Response statistics.

As Cisco continues to strengthen new modules for risk Response, enabling AMP solidarity should be an not obligatory step to correlate event telemetry from AMP-enabled instruments. eventually hazard Response can be capable of question these gadgets (WSA, ESA, CES, NGFW, NGIPS) at once without needing to depend on the AMP for Endpoints module (which is above all important for clients who should not have AMP for Endpoints).

Conclusion

With the relationship graph provided by means of threat Response, correlating probability intelligence and logs from quite a lot of methods is less complicated than ever before. knowing alerts, tracking the scope of compromise, understanding how threats propagate across the network is now more intuitive and automated. consequently, what used to take protection groups hours of work now takes most effective minutes. Responding to threats and implementing containment movements is executed during the identical person Interface which helps maintain time when it’s essential most. we have seen how frequently greater than two thousand valued clientele have incorporated probability Response and AMP harmony into their every day workflows. looking at how these safety teams across the world retailer time with these new trends is immensely pleasant.

Our engineering teams continue to develop integration elements like AMP cohesion, and continue to construct new facets and modules for Cisco probability Response. You need your Cisco protection investments to work more desirable, collectively. we are listening and making it ensue, across the portfolio.


Cisco is hiring greater women and non-white personnel, and that they credit score this delivery-up for helping | killexams.com Real Questions and Pass4sure dumps

  • Textio's augmented writing device can help make job descriptions greater inclusive.
  • The start-up has Fortune 500 purchasers, including Cisco and American specific.
  • Textio is on CNBC's 2018 Upstart a hundred listing as a start-up to monitor.
  • The other day Michael Krupa signed the forms for a two-year renewal of Cisco's CSCO subscription to utility from Textio , whose expertise helps individuals write job adverts that resonate with a various pool of americans.

    Krupa failed to hesitate — it became relatively priced, and or not it's made a measurable contribution in view that Cisco launched it for all the company's recruiters to use worldwide.

    Cisco now gets 10 % extra female job candidates and it takes much less time to fill positions, talked about Krupa, senior director for digitization and business intelligence inside the company's office of inclusion and collaboration.

    extra from CNBC Upstart a hundred:How a tiny company that explains the news received Ryan Seacrest and Jimmy Iovine to investTwo Shark Tank winners are turning tv success into tens of millions with one key ingredientCNBC unveils its annual list of a hundred promising delivery-united states of americato observe

    "we are the most diverse Cisco we've got been since the yr 2000," Krupa observed in an interview with CNBC, pointing to the company's newest diversity record , which indicates 24 percent of Cisco's worldwide employees are women, whereas 47 % of U.S. personnel establish as nonwhite or non-Caucasian. Textio has contributed to the improvements, Krupa spoke of.

    Many expertise companies were rushing to enhance their diversity numbers after the largest ones started to record facts in 2014.

    Textio become centered the identical 12 months, however improving variety throughout the evaluation of the words americans use wasn't basically the common aspect of the enterprise, noted co-founder and chief technology officer Jensen Harris.

    firstly he and his spouse, Kieran Snyder, who is the other co-founder and the beginning-up's CEO, imagined putting collectively a corporation that may support parents discover local playgrounds from their cell instruments. The couple, who met whereas they both worked at Microsoft MSFT , included a corporation referred to as Kidgrid.

    however then the couple got a more robust concept: predicting issues like no matter if Kickstarter campaigns would be funded based mostly merely on the text covered in the web page in regards to the crusade. They raised their first funding circular according to this technology. that's once they began engaged on their first product, referred to as Textio rent, which uses artificial intelligence to analyze job posts as americans classification them out or edit them, and highlights phrases that may lead to fine in addition to terrible effects.

    As you tweak a job publish and enrich its content material, Textio updates the ranking for the put up, in accordance with how gender-impartial and jargon-free the language is, in order that fewer individuals are discouraged from applying. The service stays hip to adjustments in language in job descriptions over time.

    Krupa, at Cisco, maintains an eye on rankings company-wide.

    "We started probably at the beginning of the year, I consider, at 78, and we have now been inching up. It feels like we're at about 87, so this is relatively good from the birth of the year," he said.

    application business Atlassian team has been a Textio consumer for more than three years now. back then it became hiring 10 % of girls for technical roles. In Atlassian's most contemporary fiscal year, which ended on June 30, the fee changed into 22.9 p.c. Aubrey Blanche, global head of variety and belonging at the business, noted Textio is certainly one of a couple of things that have helped the enterprise increase its statistics.

    Textio has helped in changing the attitude of the lots of of Atlassian employees — essentially in recruiting —who use its net software, Blanche referred to. however some people in advertising at Atlassian also use Textio to refine textual content destined for the business's website, she referred to.

    "or not it's been a really important a part of assisting us build a balanced crew over time," Blanche observed.

    Carving a brand new area of interest

    today Seattle-primarily based Textio has greater than a hundred employees — whose paychecks still raise the old Kidgrid identify — and it has elevated its focus to messages recruiters send directly to candidates. The delivery-up is on CNBC's 2018 Upstart list and has raised almost $30 million in funding, from investors like Bloomberg Beta, Cowboy Ventures, Emergence Capital and Scale assignment partners.

    other technology corporations on its consumer list encompass box, Dropbox, eBay, IBM, Intel, Twitter, VMware, Zillow and Presidio PSDO . backyard tech, customers consist of American categorical, CVS and Lockheed Martin LMT .

    Story Continues

    The assortment of consumers isn't shabby for one of these young enterprise. It likely helps that Textio would not have many competitors in the meanwhile. The handiest obtrusive alternative, Harris observed, is when corporations insist on following the hunch of definite people who believe they know the language that might possibly be making a difference.

    Textio may continue to grow by sticking with diversity in hiring. next 12 months the beginning-up will bring its equipment to new areas, even though, because it looks to make what it calls "augmented writing" more pervasive, Harris referred to. He declined to be greater certain.

    greater From CNBC


    Cisco Webex experiences virtually week-lengthy shut down | killexams.com Real Questions and Pass4sure dumps

    Cisco Webex team valued clientele had been unhappy ultimate week as the platform experienced week lengthy service outages across nearly the entire system.

    It began Tuesday, September twenty fourth simply earlier than eight:30 p.m. EST, with Cisco updating its reputation site declaring, “WebEx groups functions are currently impacted by an ongoing provider outage. Engineering substances are online and dealing to fix services. We apologize for the influence and all fingers are on deck to fix teams, conferences, Calling, Care and Context capabilities.”

    The outages persisted although, with most of the functions plagued by technical concerns together with, Webex Calling, control Hub, Hybrid functions, teams conferences and devices, and Context service.

    Cisco Webex purchasers instantly took to Twitter to voice their frustrations and curiosity over why the platform became experiencing technical difficulties.

    Wow. Cisco Webex has been down for almost 24 hours. whatever thing definitely bad must have long past down.

    — fortunate (@aluckydoggo) September 25, 2018

    https://twitter.com/NJDavidD/repute/1044564964160221184

    22 hours outage. really!? distinctive business meetings affected nowadays throughout our international business. we've our first Webex Video assembly with 15 participants in Atlanta, Austin, Copenhagen, Hamburg & Stuttgart at 8am tomorrow. i'm not in the mood for a repeat of nowadays. #CiscoWebex

    — Klaus Feldam (@klausfeldam) September 26, 2018

    A Webex ‘down detector‘, suggests that purchasers around the globe have been affected, together with the stronger Toronto area, tons of the U.S., massive elements of Europe and so far as Australia.

    Cisco CEO Chuck Robbins took to Twitter on the primary day of the outages pointing out:

    The @webex outage these days is unacceptable, and we ask for forgiveness for the disruption caused to you, our customers. Webex conferences is now purposeful. Our engineers are working to repair Webex groups and confirm this doesn’t take place again. thanks for your patience & trust. @Cisco

    — Chuck Robbins (@ChuckRobbins) September 25, 2018

    concerns over viable security breaches were expressed by way of clients on-line, despite the fact the Cisco Collaboration twitter page commented on Twitter saying “there is no latest indication of a malicious adventure, but we're taking appropriate precautions. thanks for your patience and believe.”

    Screenshot of a string of feedback on Cisco CEO Chuck Robbins tweet mentioning that “the outage today is unacceptable, and we say sorry for the disruption caused to you, our customers.”

    As time went on Cisco persisted to update its status, making greater than 60 posts as features continued to event technical concerns, complications had been identified and then ultimately restored.

    however Cisco shoppers continued to categorical frustration over how long it turned into taking, even declaring that perhaps it changed into time to switch over to other competitor team collaboration structures comparable to Microsft teams, Zoom and even Slack.

    Cisco’s collaboration services have been round for many years, it wasn’t until previous this year that it rebranded all its a lot of collaboration functions beneath one umbrella, Cisco Webex.

    latest status

    lots of the features for WebEx were ultimately restored Friday at 12:38 EST, Cisco’s reputation website brought up, “service restoration efforts have been ongoing, and many of our provider deployments have accomplished. Webex Calling, WebEx handle Hub, WebEx Hybrid capabilities, Webex groups conferences and devices and Context provider have been totally restored. These are at all times monitored and are operating as anticipated.”

    Updates endured through into Monday however with repairs nonetheless be made to Hybrid Calendar features, Developer APIs and Care Assistant bot. notwithstanding, it’s global systems reputation web site states as of Monday, “All methods are a go and Webex is operating smoothly with out a concerns.”

    After basically every week with the whole platform done, it looks that most of services have been restored, with still no definite answer as to why these outages took place in the first area. ITBusiness.ca reached out to Cisco Webex, however a spokesperson observed that they have been unable to add additional comment.




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    NGFW Express for Account Managers

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    Palo Alto: Recovery Or Mediocrity? | killexams.com real questions and Pass4sure dumps

    No result found, try new keyword!Before discussing the company's results in detail, let me express a mea culpa. I suggested three months ... The company has adjusted its prior year's earnings presentation to take account of the accou...

    Annual Study Reveals Average Cost of Cyber Crime Escalates 96 Percent to $12.7 Million per Organization | killexams.com real questions and Pass4sure dumps

    PALO ALTO, CA--(Marketwired - Oct 15, 2014) - HP ( NYSE : HPQ ) today unveiled the results from its fifth annual study in partnership with the Ponemon Institute detailing the rising cost, frequency and time to resolve cyber attacks.

    Conducted by the Ponemon Institute and sponsored by HP Enterprise Security, the 2014 Cost of Cyber Crime Study found the average annualized cost of cyber crime incurred by a benchmark sample of U.S. organizations was $12.7 million,1 representing a 96 percent increase since the study was initiated five years ago.2 The results also revealed the time it takes to resolve a cyber attack has increased by 33 percent during this same period, with the average cost incurred to resolve a single attack totaling more than $1.6 million.

    During the study period, significant cyber crimes occurred in the U.S. involving the theft of millions of payment cards, Internet credentials, intellectual property and online bank accounts. According to the 2014 Cost of Cyber Crime Study, advanced security intelligence tools such as Security Information and Event Management (SIEM) solutions, Intrusion Prevention Systems (IPS) with reputation feeds, network intelligence systems and big data analytics help organizations detect and contain cyber attacks resulting in significant reductions in the annualized cost of cyber crime.1

    "Adversaries only need to be successful once to gain access to your data, while their targets must be successful every time to stop the barrage of attacks their organizations face each day," said Art Gilliland, Senior Vice President and general manager, Enterprise Security Products, HP. "No amount of investment can completely protect organizations from highly sophisticated cyber attacks, but improving and prioritizing your organization's ability to disrupt the adversary with actionable intelligence solutions such as SIEM, can significantly improve attack containment and reduce the overall financial impact."

    Key findings from the 2014 Cost of Cyber Crime Study

  • Cyber crimes continue to be very costly: The average annualized cost of cyber crime incurred was $12.7 million, with a range of $1.6 million to $61 million; an increase of 9 percent or $1.1 million over the average cost reported in 2013.2
  • Cyber crimes are intrusive and common: Organizations experienced a 176 percent increase in the number of cyber attacks, with an average of 138 successful attacks per week, compared to 50 attacks per week when the study was initially conducted in 2010.2
  • Cyber crimes require more time to resolve: The average time to detect a malicious or criminal attack by a global study sample of organizations was 170 days. The longest average time segmented by type of attack was 259 days, and involved incidents concerning malicious insiders. The average time to resolve a cyber attack once detected was 45 days, while the average cost incurred during this period was $1,593,627 -- representing a 33-percent increase over last year's estimated average cost of $1,035,769 for a 32-day period.2
  • Cyber crimes impact all industries: Of the 17 industries included in the study, all reported to have been impacted by cyber crime, and in the U.S., the highest annual cost per organization was reported in the Energy & Utilities and Defense industries. The average annualized cost per company in the Energy & Utilities, Technology and Retail sectors rose most significantly in the U.S. when compared to average annualized cost over the 5 years the study has been published. The retail sector alone has more than doubled when compared to average cost over the five year period.1
  • The most costly cyber crimes

  • The most costly cyber crimes are those caused by denial of services, malicious insiders and malicious code. These account for more than 55 percent of all cyber crime costs per organization on an annual basis.3
  • Information theft continues to represent the highest external cost, followed by the costs associated with business disruption.4 On an annual basis, information theft accounts for 40 percent of total external costs (down 2 percent from the five-year average), while costs associated with disruption to business or lost productivity account for 38 percent of external costs (up 7 percent from the five-year average).
  • Recovery and detection are the most costly internal activities, accounting for 49 percent of the total annual internal activity cost with cash outlays and direct labor representing the majority of these costs.1
  • Deployment of security intelligence solutions makes a difference Organizations using security intelligence technologies were more efficient in detecting and containing cyber attacks. For those having deployed a SIEM solution, the average cost savings was $5.3 million per year, a 32 percent increase in savings from last year. Organizations with technologies such as an Intrusion Prevention System (IPS) and Next-generation Firewall (NGFW) boasted a 15 percent ROI result.

    "Business disruption, information loss and the time it takes to detect a breach collectively represented the highest cost to organizations experiencing a breach," said Dr. Larry Ponemon, chairman and founder, Ponemon Institute. "Based on more than 2,000 interviews, the annual Cost of Cyber Crime research continues to provide valuable insights into the rising cost of cyber attacks to help organizations across all industries understand the serious financial impact that can result if measures are not taken to put solutions, process and expertise in place to minimize risk."

    In addition to the fifth annual study of U.S. organizations, Ponemon conducted cyber cost studies for organizations in Australia, Germany, Japan, France and the United Kingdom. A study of Russian companies was conducted for the first time this year. Of the countries surveyed, the U.S. sample reported the highest total average cost of cyber crime at $12.7 million, while the Russian sample reported the lowest, at $3.3 million.1 The global results are available in a separate report entitled, 2014 Global Report on the Cost of Cyber Crime.

    Learn more about research findings Detailed findings from the 2014 Cost of Cyber Crime Study are available via webcast. Details for the U.S. webinar can be found here. Details for the EMEA webinar can be found here and the APJ webinar can be found here. For more information, including the reports and an assessment tool, visit www.hp.com/go/Ponemon.

    Additional information about HP Enterprise Security Products is available at www.hpenterprisesecurity.com and HP Enterprise Security Services at www.hp.com/enterprise/security.

    HP's premier EMEA client event, HP Discover, takes place Dec. 2 - 4 in Barcelona, Spain.

    About HP HP creates new possibilities for technology to have a meaningful impact on people, businesses, governments and society. With the broadest technology portfolio spanning printing, personal systems, software, services and IT infrastructure, HP delivers solutions for customers' most complex challenges in every region of the world. More information about HP is available at http://www.hp.com.

    Story Continues

    © 2014 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. The only warranties for HP products and services are set forth in the express warranty statements accompanying such products and services. Nothing herein should be construed as constituting an additional warranty. HP shall not be liable for technical or editorial errors or omissions contained herein.

    1 "2014 Cost of Cyber Crime Study: United States," Ponemon Institute, October 2014.2 Based on internal analysis of the results from the 2010-2014 "Cost of Cyber Crime Study: United States" reports from Ponemon Institute.3 This year the category "malicious insider" includes the cost of stolen devices.4 In the context of this study, an external cost is one that is created by external factors such as fines, litigation, marketability of stolen intellectual properties and more.


    RAYTHEON C : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-Q) | killexams.com real questions and Pass4sure dumps

    OVERVIEW

    We develop technologically advanced and integrated products, services and solutions in our core markets: sensing; effects; command, control, communications, computers, cyber and intelligence; mission support; and cybersecurity. We serve both domestic and international customers, primarily as a prime contractor or subcontractor on a broad portfolio of defense and related programs for government customers. We operate in five segments: Integrated Defense Systems (IDS); Intelligence, Information and Services (IIS); Missile Systems (MS); Space and Airborne Systems (SAS); and Forcepoint. For a more detailed description of our segments, see "Business Segments" within Item 1 of our Annual Report on Form 10-K for the year ended December 31, 2016. As previously announced, effective January 1, 2017, we elected to early adopt the requirements of Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) using the full retrospective method as discussed in "Note 2: Accounting Standards" within Item 1 of this Form 10-Q. All amounts and disclosures set forth in this Form 10-Q reflect these changes. The following discussion should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2016 and our unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q. CRITICAL ACCOUNTING ESTIMATES UPDATE Our consolidated financial statements are based on the application of U.S. Generally Accepted Accounting Principles (GAAP), which require us to make estimates and assumptions about future events that affect the amounts reported in our unaudited consolidated financial statements and the accompanying notes. Our critical accounting estimates are detailed in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2016. Significant changes to our critical accounting estimates as a result of adopting Topic 606 are discussed below: Revenue Recognition We determine the appropriate revenue recognition for our contracts with customers by analyzing the type, terms and conditions of each contract or arrangement with a customer. We classify contract revenues as product or service according to the predominant attributes of the relevant underlying contracts unless the contract can clearly be split between product and service. We define service revenue as revenue from activities that are not associated with the design, development or production of tangible assets, the delivery of software code or a specific capability. Our service revenue is primarily related to our IIS business segment.

    The following provides additional information about our contracts with customers, the judgments we make in accounting for those contracts, and the resulting amounts recognized in our financial statements.

    Accounting for long-term contracts for complex aerospace or defense equipment (or related services)-To determine the proper revenue recognition method for contracts for complex aerospace or defense equipment or related services, we evaluate whether two or more contracts should be combined and accounted for as one single contract and whether the combined or single contract should be accounted for as more than one performance obligation. This evaluation requires significant judgment and the decision to combine a group of contracts or separate the combined or single contract into multiple performance obligations could change the amount of revenue and profit recorded in a given period. For most of our contracts, the customer contracts with us to provide a significant service of integrating a complex set of tasks and components into a single project or capability (even if that single project results in the delivery of multiple units). Hence, the entire contract is accounted for as one performance obligation. Less commonly, however, we may promise to provide distinct goods or services within a contract in which case we separate the contract into more than one performance obligation. If a contract is separated into more than one performance obligation, we allocate the total transaction price to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised goods or services underlying each performance obligation. We infrequently sell standard products with observable standalone sales. In cases where we do, the observable standalone sales are used to determine the standalone selling price. More frequently, we sell a customized customer specific solution, and in these cases we typically use the expected cost plus a margin approach to estimate the standalone selling price of each performance obligation. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. For certain contracts that meet the foregoing requirements, primarily international direct commercial sale contracts, we are required to obtain certain regulatory approvals. In these cases, we recognize revenue based on the likelihood of obtaining regulatory approvals based upon all known facts and circumstances. 34

    --------------------------------------------------------------------------------

    Table of Contents

    We generally recognize revenue over time as we perform because of continuous transfer of control to the customer. For U.S. government contracts, this continuous transfer of control to the customer is supported by clauses in the contract that allow the customer to unilaterally terminate the contract for convenience, pay us for costs incurred plus a reasonable profit and take control of any work in process. Similarly, for non-U.S. government contracts, the customer typically controls the work in process as evidenced either by contractual termination clauses or by our rights to payment for work performed to date plus a reasonable profit to deliver products or services that do not have an alternative use to the Company. Because of control transferring over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. We generally use the cost-to-cost measure of progress for our contracts because it best depicts the transfer of control to the customer which occurs as we incur costs on our contracts. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues, including estimated fees or profits, are recorded proportionally as costs are incurred. Costs to fulfill include labor, materials and subcontractors' costs, other direct costs and an allocation of indirect costs including pension and any other postretirement benefit (PRB) expense under U.S. government Cost Accounting Standards (CAS). Due to the nature of the work required to be performed on many of our performance obligations, the estimation of total revenue and cost at completion (the process described below in more detail) is complex, subject to many variables and requires significant judgment. It is common for our long-term contracts to contain award fees, incentive fees, or other provisions that can either increase or decrease the transaction price. These variable amounts generally are awarded upon achievement of certain performance metrics, program milestones or cost targets and can be based upon customer discretion. We estimate variable consideration at the most likely amount to which we expect to be entitled. We include estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of our anticipated performance and all information (historical, current and forecasted) that is reasonably available to us. Contracts are often modified to account for changes in contract specifications and requirements. We consider contract modifications to exist when the modification either creates new or changes the existing enforceable rights and obligations. Most of our contract modifications are for goods or services that are not distinct from the existing contract due to the significant integration service provided in the context of the contract and are accounted for as if they were part of that existing contract. The effect of a contract modification on the transaction price and our measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis. 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 referred to as offset obligations, required under certain contracts. 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. 35

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    Net EAC adjustments had the following impact on our operating results:

    Three Months Ended Nine Months Ended (In millions, except per share amounts) Oct 1, 2017 Oct 2, 2016 Oct 1, 2017 Oct 2, 2016 Operating income $ 149 $ 114 $ 315 $ 269 Income from continuing operations attributable to Raytheon Company 97 74 205 187 Diluted earnings per share (EPS) from continuing operations attributable to Raytheon Company$ 0.33$ 0.25$ 0.70$ 0.63 In addition, net revenue recognized from our performance obligations satisfied in previous periods was $184 million and $125 million in the third quarters of 2017 and 2016, respectively, and $398 million and $317 million in the first nine months of 2017 and 2016, respectively. This primarily relates to EAC adjustments that impacted revenue. CONSOLIDATED RESULTS OF OPERATIONS As described in our "Cautionary Note Regarding Forward-Looking Statements" on page 3 of this Form 10-Q, our interim period results of operations and period-to-period comparisons of such results, particularly at a segment level, may not be indicative of our future operating results. Additionally, we use a fiscal calendar, which may result in differences in the number of work days in the current and comparable prior interim period and could affect period-to-period comparisons. The following discussions of comparative results among periods, including the discussion of segment results, should be viewed in this context. Total Net Sales The composition of external net sales by products and services for each segment in the third quarter and first nine months of 2017 was approximately the following: (% of segment total external net sales) IDS IIS MS SAS Forcepoint Products 90 % 45 % 95 % 100 % 90 % Services 10 % 55 % 5 % - % 10 % Three Months Ended % of Total Net Sales (In millions, except percentages) Oct 1, 2017 Oct 2, 2016 Oct 1, 2017 Oct 2, 2016 Net sales Products $ 5,305$ 5,061 84.4 % 84.2 % Services 979 953 15.6 % 15.8 % Total net sales $ 6,284$ 6,014 100.0 % 100.0 % Total Net Sales - Third Quarter of 2017 vs. Third Quarter of 2016-The increase in total net sales of $270 million in the third quarter of 2017 compared to the third quarter of 2016 was primarily due to higher external net sales of $173 million at MS primarily due to higher net sales on the Paveway™ program driven by reductions of expected costs to fulfill industrial cooperation agreements and higher net sales on the Excalibur® program due to the recognition of previously deferred precontract costs based on a contract award in the third quarter of 2017. Products and Services Net Sales - Third Quarter of 2017 vs. Third Quarter of 2016-The increase in products net sales of $244 million in the third quarter of 2017 compared to the third quarter of 2016 was primarily due to higher external products net sales of $150 million at MS primarily due to the programs described above in Total Net Sales. The increase in services net sales of $26 million in the third quarter of 2017 compared to the third quarter of 2016 was primarily due to higher external services net sales of $23 million at MS spread across numerous programs with no individual or common significant driver. Nine Months Ended % of Total Net Sales (In millions, except percentages) Oct 1, 2017 Oct 2, 2016 Oct 1, 2017 Oct 2, 2016 Net sales Products $ 15,656$ 14,990 84.3 % 84.0 % Services 2,909 2,855 15.7 % 16.0 % Total net sales $ 18,565$ 17,845 100.0 % 100.0 % Total Net Sales - First Nine Months of 2017 vs. First Nine Months of 2016-The increase in total net sales of $720 million in the first nine months of 2017 compared to the first nine months of 2016 was primarily due to higher external net sales of $404 million 36

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    at MS and higher external net sales of $189 million at IDS. The increase in external net sales at MS was primarily due to higher net sales on the Paveway program principally driven by international requirements, higher net sales on the Standard Missile-3 (SM-3®) program principally driven by planned increases in production, higher net sales on the Excalibur program due to recognition of previously deferred precontract costs based on a contract award in the third quarter of 2017, higher net sales on the Standard Missile-2 (SM-2) program due to the recognition of previously deferred precontract costs based on a contract award in the second quarter of 2017 and planned increases in production, and higher net sales on an international missile defense program due to planned increases in production, partially offset by lower net sales on the Advanced Medium-Range Air-to-Air Missile (AMRAAM®) program driven by the recognition of previously deferred precontract costs based on a contract award in the first quarter of 2016 and lower net sales on the Exoatmospheric Kill Vehicle (EKV) program due to a planned decline in production. The increase in external net sales at IDS was primarily due to higher net sales on an international early warning radar program awarded in the first quarter of 2017 and on an international Patriot™ program driven by an award in the fourth quarter of 2016, partially offset by lower sales on an international air and missile defense system program due to the scheduled completion of certain production phases of the program. Products and Services Net Sales - First Nine Months of 2017 vs. First Nine Months of 2016-The increase in products net sales of $666 million in the first nine months of 2017 compared to the first nine months of 2016 was primarily due to higher external products net sales of $336 million at MS and $224 million at IDS both primarily due to the programs described above in Total Net Sales. Services net sales in the first nine months of 2017 were relatively consistent with the first nine months of 2016.

    Sales to Major Customers - Third Quarter of 2017 vs. Third Quarter of 2016 and First Nine Months of 2017 vs. First Nine Months of 2016

    Three Months Ended % of Total Net Sales (In millions, except percentages) Oct 1, 2017 Oct 2, 2016 Oct 1, 2017 Oct 2, 2016 Sales to the U.S. government(1)(2) $ 4,190$ 4,002 67 % 67 % U.S. direct commercial sales and other U.S. sales 95 99 2 % 1 % Foreign military sales through the U.S. government 787 763 12 % 13 % Foreign direct commercial sales and other foreign sales(1) 1,212 1,150 19 % 19 % Total net sales $ 6,284$ 6,014 100 % 100 %

    (1) Excludes foreign military sales through the U.S. government.

    (2) Includes sales to the U.S. Department of Defense (DoD) of $4,035 million, or

    64% of total net sales, in the third quarter of 2017 and $3,848 million, or

    64% of total net sales, in the third quarter of 2016. Nine Months Ended % of Total Net Sales (In millions, except percentages) Oct 1, 2017 Oct 2, 2016 Oct 1, 2017 Oct 2, 2016 Sales to the U.S. government(1)(2) $ 12,367$ 11,907 67 % 67 % U.S. direct commercial sales and other U.S. sales 283 325 1 % 2 % Foreign military sales through the U.S. government 2,390 2,181 13 % 12 % Foreign direct commercial sales and other foreign sales(1) 3,525 3,432 19 % 19 % Total net sales $ 18,565$ 17,845 100 % 100 %

    (1) Excludes foreign military sales through the U.S. government.

    (2) Includes sales to the U.S.DoD of $11,841 million, or 64% of total net sales,

    in the first nine months of 2017 and $11,352 million, or 64% of total net

    sales, in the first nine months of 2016.

    Total Cost of Sales Cost of sales, for both products and services, consists of labor, materials and subcontractors costs, as well as related allocated costs. For each of our contracts, we manage the nature and amount of direct costs at the contract level, and manage indirect costs through cost pools as required by government accounting regulations. The estimate of the actual amount of direct and indirect costs forms the basis for estimating our total costs at completion of the contract. Three Months Ended % of Total Net Sales (In millions, except percentages) Oct 1, 2017 Oct 2, 2016 Oct 1, 2017 Oct 2, 2016 Cost of sales Products $ 3,872$ 3,705 61.6 % 61.6 % Services 818 769 13.0 % 12.8 % Total cost of sales $ 4,690$ 4,474 74.6 % 74.4 % 37

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    Total Cost of Sales - Third Quarter of 2017 vs. Third Quarter of 2016-The increase in total cost of sales of $216 million in the third quarter of 2017 compared to the third quarter of 2016 was primarily due to higher external cost of sales at MS primarily due to the programs discussed above in Total Net Sales. Products and Services Cost of Sales - Third Quarter of 2017 vs. Third Quarter of 2016-The increase in products cost of sales of $167 million in the third quarter of 2017 compared to the third quarter of 2016 was primarily due to higher external products cost of sales at MS principally due to the programs described above in Total Net Sales. The increase in services cost of sales of $49 million in the third quarter of 2017 compared to the third quarter of 2016 was primarily due to higher external services cost of sales at IIS driven principally by higher external service costs of sales on a classified contract due to increased scope on a follow-on contract and higher external service costs of sales on a classified contract awarded in the third quarter of 2017. Nine Months Ended % of Total Net Sales (In millions, except percentages) Oct 1, 2017 Oct 2, 2016 Oct 1, 2017 Oct 2, 2016 Cost of sales Products $ 11,531$ 10,948 62.1 % 61.4 % Services 2,374 2,329 12.8 % 13.1 % Total cost of sales $ 13,905$ 13,277 74.9 % 74.5 % Total Cost of Sales - First Nine Months of 2017 vs. First Nine Months of 2016-The increase in total cost of sales of $628 million in the first nine months of 2017 compared to the first nine months of 2016 was primarily due to higher external cost of sales at MS and IDS. The increase in external cost of sales at MS was primarily due to the programs described above in Total Net Sales with the remaining change spread across numerous programs with no individual or common significant driver. The increase in external cost of sales at IDS was driven principally by the tax-free gain of $158 million from the sale of our equity method investment in Thales-Raytheon Systems Company S.A.S. (TRS SAS) in the second quarter of 2016. Products and Services Cost of Sales - First Nine Months of 2017 vs. First Nine Months of 2016-The increase in products cost of sales of $583 million in the first nine months of 2017 compared to the first nine months of 2016 was primarily due to higher external products cost of sales at MS and IDS. The increase in external products cost of sales at MS was primarily due to the programs described above in Total Net Sales with the remaining change spread across numerous programs with no individual or common significant driver. The increase in external products cost of sales at IDS was principally driven by the tax-free gain of $158 million from the sale of our equity method investment in TRS SAS in the second quarter of 2016. Services cost of sales in the first nine months of 2017 were relatively consistent with the first nine months of 2016.

    General and Administrative Expenses

    Three Months Ended % of Total Net Sales (In millions, except percentages) Oct 1, 2017 Oct 2, 2016 Oct 1, 2017 Oct 2, 2016 Administrative and selling expenses $ 549 $ 531 8.7 % 8.8 % Research and development expenses 187 179 3.0 % 3.0 %

    Total general and administrative expenses $ 736 $ 710

    11.7 % 11.8 % The increase in administrative and selling expenses of $18 million in the third quarter of 2017 compared to the third quarter of 2016 was primarily due to an increase in selling and marketing expenses of $17 million principally driven by increased selling and marketing expense of $16 million at Forcepoint, primarily driven by higher costs for the sales organization due to increased salesforce staffing and higher amortization of deferred commissions. Included in administrative and selling expenses is the provision for state income taxes, which generally can be recovered through the pricing of products and services to the U.S. government. Net state income taxes allocated to our contracts were $9 million and $8 million in the third quarters of 2017 and 2016, respectively. Research and development expenses in the third quarter of 2017 were relatively consistent with the third quarter of 2016 in amount and as a percentage of total net sales. 38

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    Nine Months Ended % of Total Net Sales (In millions, except percentages) Oct 1, 2017 Oct 2, 2016 Oct 1, 2017 Oct 2, 2016 Administrative and selling expenses $ 1,654$ 1,594 8.9 % 8.9 % Research and development expenses 558 559 3.0 % 3.1 %

    Total general and administrative expenses $ 2,212$ 2,153

    11.9 % 12.1 % The increase in administrative and selling expenses of $60 million in the first nine months of 2017 compared to the first nine months of 2016 was primarily due to an increase in selling and marketing expenses of $46 million principally driven by increased selling and marketing expense of $34 million at Forcepoint, primarily driven by higher costs for the sales organization due to increased salesforce staffing and higher amortization of deferred commissions.

    Net state income taxes allocated to our contracts were $22 million and $19 million in the first nine months of 2017 and 2016, respectively.

    Research and development expenses in the first nine months of 2017 were relatively consistent with the first nine months of 2016 in amount and as a percentage of total net sales. Included in the change in research and development expenses was lower research and development expenses of $12 million at MS driven principally by lower independent research and development activity related to advanced technologies efforts that substantially completed in 2016 and higher research and development expenses of $9 million at Forcepoint driven principally by the Skyfence acquisition in the first quarter of 2017.

    Total Operating Expenses

    Three Months Ended Nine Months Ended (In millions, except percentages) Oct 1, 2017 Oct 2, 2016 Oct 1, 2017 Oct 2, 2016 Total operating expenses $ 5,426$ 5,184$ 16,117$ 15,430 % of Total Net Sales 86.3 % 86.2 % 86.8 % 86.5 % The increase in total operating expenses of $242 million in the third quarter of 2017 compared to the third quarter of 2016 was primarily due to the increase in total cost of sales of $216 million, the primary drivers of which are described above in Total Cost of Sales.

    The increase in total operating expenses of $687 million in the first nine months of 2017 compared to the first nine months of 2016 was due to the increase in total cost of sales of $628 million, the primary drivers of which are described above in Total Cost of Sales.

    Operating Income

    Three Months Ended Nine Months Ended (In millions, except percentages) Oct 1, 2017 Oct 2, 2016 Oct 1, 2017 Oct 2, 2016 Operating income $ 858$ 830$ 2,448$ 2,415 % of Total Net Sales 13.7 % 13.8 % 13.2 % 13.5 % The increase in operating income of $28 million in the third quarter of 2017 compared to the third quarter of 2016 was due to the increase in total net sales of $270 million, the primary drivers of which are described above in Total Net Sales, partially offset by the increase in total operating expenses of $242 million, the primary drivers of which are described above in Total Operating Expenses. The increase in operating income of $33 million in the first nine months of 2017 compared to the first nine months of 2016 was due to the increase in total net sales of $720 million, the primary drivers of which are described above in Total Net Sales, partially offset by the increase in total operating expenses of $687 million, the primary drivers of which are described above in Total Operating Expenses. Included in Operating Income in the first nine months of 2016 was the tax-free gain of $158 million from the sale of our equity method investment in TRS SAS in the second quarter of 2016. 39

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    Total Non-Operating (Income) Expense, Net

    Three Months Ended Nine Months Ended (In millions) Oct 1, 2017 Oct 2, 2016 Oct 1, 2017 Oct 2, 2016 Non-operating (income) expense, net Interest expense $ 48$ 58$ 157$ 174 Interest income (4 ) (4 ) (14 ) (12 ) Other (income) expense, net (2 ) (4 ) 26 (7 )

    Total non-operating (income) expense, net $ 42$ 50

    $ 169$ 155

    The decrease in total non-operating (income) expense, net of $8 million in the third quarter of 2017 compared to the third quarter of 2016 was primarily due to a decrease in interest expense of $10 million due to the repurchase of long-term debt in the second quarter of 2017. The increase in total non-operating (income) expense, net of $14 million in the first nine months of 2017 compared to the first nine months of 2016 was primarily due to the $39 million pretax charge associated with the make-whole provision on the early repurchase of long-term debt in the second quarter of 2017, partially offset by a decrease in interest expense of $17 million due to the repurchase of long-term debt and a $7 million change in the mark-to-market of marketable securities held in trust associated with certain of our nonqualified deferred compensation and employee benefit plans, due to net gains of $16 million in the first nine months of 2017 compared to net gains of $9 million in the first nine months of 2016.

    Federal and Foreign Income Taxes

    Three Months Ended Nine Months Ended (In millions, except percentages) Oct 1, 2017 Oct 2, 2016 Oct 1, 2017 Oct 2, 2016 Federal and foreign income taxes $ 248$ 239$ 667$ 601 Effective tax rate 30.4 % 30.6 % 29.3 % 26.6 % Our effective tax rate in the third quarter of 2017 was 30.4% compared to 30.6% in the third quarter of 2016. The decrease of 0.2% was composed of various items which individually or collectively are not significant. Our effective tax rate in the third quarter of 2017 was 4.6% lower than the statutory federal rate primarily due to the domestic manufacturing deduction, which decreased the rate by 2.5%, and the research and development (R&D) tax credit, which decreased the rate by 1.2%. The remaining decrease of 0.9% is composed of various items which individually or collectively are not significant. Our effective tax rate in the third quarter of 2016 was 4.4% lower than the statutory federal rate primarily due to the domestic manufacturing deduction, which decreased the rate by 3.2%, and the R&D tax credit, which decreased the rate by 1.2%. Our effective tax rate in the first nine months of 2017 was 29.3% compared to 26.6% in the first nine months of 2016. The increase of 2.7% was primarily due to the tax-free gain related to the sale of our equity method investment in TRS SAS in the second quarter of 2016, which decreased the 2016 rate by 2.5%. The remaining increase of 0.2% is composed of various items which individually or collectively are not significant. Our effective tax rate in the first nine months of 2017 was 5.7% lower than the statutory federal rate primarily due to the domestic manufacturing deduction, which decreased the rate by 2.8%, the tax benefit recognized upon settlement of equity awards, which decreased the rate by 1.7%, and the R&D tax credit, which decreased the rate by 1.3%. The offsetting increase of 0.1% is composed of various items which individually or collectively are not significant. Our effective tax rate in the first nine months of 2016 was 8.4% lower than the statutory federal rate primarily due to the domestic manufacturing deduction, which decreased the rate by 2.9%, the tax-free gain related to the sale of our equity method investment in TRS SAS, which decreased the rate by 2.5%, the tax benefit recognized upon settlement of equity awards which decreased the rate by 2.1%, and the R&D tax credit, which decreased the rate by 1.2%. The offsetting increase of 0.3% is composed of various items which individually or collectively are not significant. 40

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    Income from Continuing Operations

    Three Months Ended Nine Months Ended (In millions) Oct 1, 2017 Oct 2, 2016 Oct 1, 2017 Oct 2, 2016 Income from continuing operations $ 568 $ 541 $

    1,612 $ 1,659

    The increase in income from continuing operations of $27 million in the third quarter of 2017 compared to the third quarter of 2016 was primarily due to an increase of $28 million in operating income, the primary drivers of which are described above in Operating Income. The decrease in income from continuing operations of $47 million in the first nine months of 2017 compared to the first nine months of 2016 was primarily due to an increase of $66 million in federal and foreign income taxes principally driven by the tax-free gain of $158 million related to the sale of our equity method investment in TRS SAS in the second quarter of 2016, partially offset by an increase of $33 million in operating income, the primary drivers of which are described above in Operating Income. Net Income Three Months Ended Nine Months Ended (In millions) Oct 1, 2017 Oct 2, 2016 Oct 1, 2017 Oct 2, 2016 Net income $ 567 $ 542 $ 1,614$ 1,660 The increase in net income of $25 million in the third quarter of 2017 compared to the third quarter of 2016 was primarily due to the $27 million increase in income from continuing operations, the primary drivers of which are described above in Income from Continuing Operations. The decrease in net income of $46 million in the first nine months of 2017 compared to the first nine months of 2016 was primarily due to the $47 million decrease in income from continuing operations, the primary drivers of which are described above in Income from Continuing Operations.

    Diluted EPS from Continuing Operations Attributable to Raytheon Company Common Stockholders

    Three Months Ended Nine Months Ended (In millions, except per share amounts) Oct 1, 2017 Oct 2, 2016 Oct 1, 2017 Oct 2, 2016 Income from continuing operations attributable to Raytheon Company$ 573 $ 543 $ 1,629$ 1,688 Diluted weighted-average shares outstanding 291.0 295.5 291.9 297.5 Diluted EPS from continuing operations attributable to Raytheon Company$ 1.97$ 1.84

    $ 5.59$ 5.67

    The increase in diluted EPS from continuing operations attributable to Raytheon Company common stockholders of $0.13 in the third quarter of 2017 compared to the third quarter of 2016 was primarily due to the increase in income from continuing operations described above in Income from Continuing Operations and a decrease in weighted-average shares outstanding, which was affected by the common stock share activity shown in the table below. The decrease in diluted EPS from continuing operations attributable to Raytheon Company common stockholders of $0.08 in the first nine months of 2017 compared to the first nine months of 2016 was primarily due to the decrease in income from continuing operations described above in Income from Continuing Operations, partially offset by a decrease in weighted-average shares outstanding, which was affected by the common stock share activity shown in the table below.

    Our common stock share activity was as follows:

    Three Months Ended Nine Months Ended (In millions) Oct 1, 2017 Oct 2, 2016 Oct 1, 2017 Oct 2, 2016 Beginning balance 290.1 295.1 292.8 299.0 Stock plans activity - - 1.1 1.6 Share repurchases (1.1 ) (1.5 ) (4.9 ) (7.0 ) Ending balance 289.0 293.6 289.0 293.6 41

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    Diluted EPS Attributable to Raytheon Company Common Stockholders

    Three Months Ended Nine Months Ended (In millions, except per share amounts) Oct 1, 2017 Oct 2, 2016 Oct 1, 2017 Oct 2, 2016 Net income attributable to Raytheon Company$ 572 $ 544 $ 1,631$ 1,689 Diluted weighted-average shares outstanding 291.0 295.5 291.9 297.5 Diluted EPS attributable to Raytheon Company$ 1.97$ 1.84$ 5.60$ 5.68 The increase in diluted EPS attributable to Raytheon Company common stockholders of $0.13 in the third quarter of 2017 compared to the third quarter of 2016 was primarily due to the $0.13 increase in diluted EPS from continuing operations attributable to Raytheon Company common stockholders described above in Diluted EPS from Continuing Operations Attributable to Raytheon Company Common Stockholders. The decrease in diluted EPS attributable to Raytheon Company common stockholders of $0.08 in the first nine months of 2017 compared to the first nine months of 2016 was primarily due to the $0.08 decrease in diluted EPS from continuing operations attributable to Raytheon Company common stockholders described above in Diluted EPS from Continuing Operations Attributable to Raytheon Company Common Stockholders. SEGMENT RESULTS We report our results in the following segments: Integrated Defense Systems (IDS); Intelligence, Information and Services (IIS); Missile Systems (MS); Space and Airborne Systems (SAS); and Forcepoint. As previously announced, effective January 1, 2017, we elected to early adopt the requirements of Topic 606 using the full retrospective method as discussed in "Note 2: Accounting Standards" within Item 1 of this Form 10-Q. The amounts and presentation of our business segments, including corporate and eliminations for intersegment activity, set forth in this Form 10-Q reflect these changes.

    The following provides some context for viewing our segment performance through the eyes of management.

    Given the nature of our business, bookings, total net sales and operating income (and the related operating margin percentage), which we disclose and discuss at the segment level, are most relevant to an understanding of management's view of our segment performance, and often these measures have significant interrelated effects, as described below. In addition, we disclose and discuss backlog, which represents future sales that we expect to recognize over the remaining contract period, which is generally several years. We also disclose total operating expenses and the components of total operating expenses within our segment disclosures. Bookings-We disclose the amount of bookings and notable contract awards for each segment. Bookings generally represent the dollar value of new contracts awarded to us during the reporting period and include firm orders for which funding has not been appropriated. We believe bookings are an important measure of future performance and are an indicator of potential future changes in total net sales, because we cannot record revenues under a new contract without first having a booking in the current or a preceding period. Bookings are impacted by the timing and amounts of awards in a given period, which are subject to numerous factors, including: the desired capability by the customer and urgency of customer needs; customer budgets and other fiscal constraints; political and economic and other environmental factors; the timing of customer negotiations; the timing of governmental approvals and notifications; and the timing of option exercises or increases in scope. In addition, due to these factors, quarterly bookings tend to fluctuate from period to period, particularly on a segment basis. As a result, we believe comparing bookings on a quarterly basis or for periods less than one year is less meaningful than for longer periods and that shorter term changes in bookings may not necessarily indicate a material trend. Three Months Ended Nine Months Ended Bookings (in millions) Oct 1, 2017 Oct 2, 2016 Oct 1, 2017 Oct 2, 2016 Integrated Defense Systems $ 412$ 1,025$ 3,274$ 3,315 Intelligence, Information and Services 1,910 1,731 5,017 4,583 Missile Systems 2,501 1,932 5,999 5,455 Space and Airborne Systems 1,948 2,060 4,481 6,479 Forcepoint 186 175 406 395 Total $ 6,957$ 6,923$ 19,177$ 20,227 42

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    Included in bookings were international bookings of $886 million and $1,427 million in the third quarters of 2017 and 2016, respectively, and $5,043 million and $5,293 million in the first nine months of 2017 and 2016, respectively, which included foreign military bookings through the U.S. government. International bookings amounted to 13% and 21% of total bookings in the third quarters of 2017 and 2016, respectively, and 26% of total bookings in both the first nine months of 2017 and 2016. We record bookings for not-to-exceed contract awards (e.g., undefinitized contract awards, binding letter agreements) based on reasonable estimates of expected contract definitization. We subsequently adjust bookings to reflect the actual amounts definitized, or prior to definitization when facts and circumstances indicate that our previously estimated amounts are no longer reasonable. The timing of awards that may cover multiple fiscal years influences the size of bookings in each year. Bookings exclude unexercised contract options and potential orders under ordering-type contracts (e.g., indefinite-delivery, indefinite-quantity (IDIQ) type contracts), and are reduced for contract cancellations and terminations of bookings recognized in the current year. We reflect contract cancellations and terminations from prior year bookings, as well as the impact of changes in foreign exchange rates, directly as an adjustment to backlog in the period in which the cancellation or termination occurs and the impact is determinable. Backlog-We disclose period-end backlog for each segment, which is equivalent to our remaining performance obligations. Backlog represents the dollar value of firm orders for which work has not been performed. Backlog generally increases with bookings and generally converts into sales as we incur costs under the related contractual commitments. Therefore, we discuss changes in backlog, including any individually significant cancellations, for each of our segments, as we believe such discussion provides an understanding of the awarded but not executed portions of our contracts. Backlog excludes unexercised contract options and potential orders under ordering-type contracts (e.g., IDIQ). Backlog is affected by changes in foreign exchange rates. Backlog (in millions) Oct 1, 2017 Dec 31, 2016 Integrated Defense Systems $ 9,089$ 10,159 Intelligence, Information and Services 6,368 5,662 Missile Systems 11,943 11,568 Space and Airborne Systems 8,826 8,834 Forcepoint(1) 450 486 Total $ 36,676$ 36,709

    (1) Forcepoint backlog excludes the unfavorable impact of $17 million and $45

    million at October 1, 2017 and December 31, 2016, respectively, related to

    the Acquisition Accounting Adjustments to record acquired deferred revenue at

    fair value. Total Net Sales-We generally express changes in total net sales in terms of volume. Volume generally refers to increases or decreases in revenues related to varying amounts of total operating expenses, which are comprised of cost of sales and general and administrative expenses, which include administrative and selling expenses (including bid and proposal costs) and research and development expenses, incurred on individual contracts (i.e., from performance against contractual commitments on our bookings related to engineering, production or service activity). Therefore, we discuss volume changes attributable principally to individual programs or product lines unless there is a discrete event (e.g., a major contract termination, natural disaster or major labor strike), or some other unusual item that has a material effect on changes in a segment's volume for a reported period. Due to the nature of our contracts, the amount of costs incurred and related revenues will naturally fluctuate over the lives of our contracts. As a result, in any reporting period, the changes in volume on numerous contracts are likely to be due to normal fluctuations in our engineering, production or service activities. 43

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    Total net sales by segment were as follows:

    Three Months Ended Nine Months Ended Total Net Sales (in millions) Oct 1, 2017 Oct 2, 2016 Oct 1, 2017 Oct 2, 2016 Integrated Defense Systems $ 1,391$ 1,334$ 4,251$ 4,069 Intelligence, Information and Services 1,543 1,534 4,605 4,653 Missile Systems 1,945 1,770 5,602 5,199 Space and Airborne Systems 1,597 1,590 4,760 4,582 Forcepoint 170 167 452 443 Eliminations (355 ) (364 ) (1,077 ) (1,037 ) Total business segment sales 6,291 6,031 18,593 17,909 Acquisition Accounting Adjustments (7 ) (17 ) (28 ) (64 ) Total $ 6,284$ 6,014$ 18,565$ 17,845 Total Operating Expenses-We generally disclose operating expenses for each segment in terms of the following: 1) cost of sales-labor; 2) cost of sales-materials and subcontractors; and 3) other costs of sales and other operating expenses. Included in cost of sales-labor is the incurred direct labor costs associated with the performance of contracts in the current period and any applicable overhead and fringe costs. Included in cost of sales-materials and subcontractors is the incurred direct materials costs, subcontractor costs (which could include effort performed by other Raytheon segments or locations) and applicable overhead allocations in the current period. Included in other cost of sales and other operating expenses is other direct costs not captured in labor or material and subcontractor costs, such as precontract costs previously deferred, costs previously deferred into inventory on contracts using commercial or units of delivery accounting, applicable overhead allocations, general and administrative expenses, which include administrative and selling expenses (including bid and proposal costs) and research and development expenses, other direct costs (such as ancillary services and travel expenses) and adjustments for loss contracts.

    Operating Income (and the related operating margin percentage)-We generally express changes in segment operating income in terms of volume, net changes in EAC adjustments or changes in contract mix and other program performance.

    The impact of changes in volume on operating income excludes the impact of net EAC adjustments and the impact of changes in contract mix and other program performance and is calculated based on changes in costs on individual programs at an overall margin for the segment. Changes in net EAC adjustments typically relate to the current period impact of revisions to total estimated revenues and costs at completion. These changes reflect improved or deteriorated operating performance or award fee rates. For a full description of our EAC process, refer to Critical Accounting Estimates. Given that we have thousands of individual contracts and the types and complexity of the assumptions and estimates we must make on an on-going basis, we have both favorable and unfavorable EAC adjustments. We had the following aggregate EAC adjustments for the periods presented: Three Months Ended Nine Months Ended EAC Adjustments (in millions) Oct 1, 2017 Oct 2, 2016 Oct 1, 2017 Oct 2, 2016 Gross favorable $ 321 $ 221 $ 786 $ 628 Gross unfavorable (172 ) (107 ) (471 ) (359 ) Total net EAC adjustments $ 149 $ 114

    $ 315 $ 269

    Significant EAC adjustments in the third quarters and first nine months of 2017 and 2016 are discussed in the Operating Income and Margin section of each business segment's discussion below. The increase in net EAC adjustments of $35 million in the third quarter of 2017 compared to the third quarter of 2016 was primarily due to the increase in net EAC adjustments at MS. The increase in net EAC adjustments of $46 million in the first nine months of 2017 compared to the first nine months of 2016 was primarily due to increases in net EAC adjustments at IDS and MS partially offset by the decrease in net EAC adjustments at SAS. Refer to the individual segment results for further information. Changes in contract mix and other program performance refer to changes in operating margin due to a change in the relative volume of contracts with higher or lower fee rates such that the overall average margin rate for the segment changes, and other drivers of program performance including margin rate increases or decreases due to EAC adjustments in prior periods. A higher or lower expected fee rate at the initial award of a contract typically correlates to the contract's risk profile, which is often specifically driven by the type of customer and related procurement regulations, the type of contract (e.g., fixed-price vs. cost-plus), the maturity 44

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    of the product or service and the scope of work. Changes in contract mix and other performance also include all other items which are not related to volume or EAC adjustments. Because each segment has thousands of contracts in any reporting period, changes in operating income and margin are likely to be due to normal changes in volume, net EAC adjustments, and contract mix and other performance on many contracts with no single change, or series of related changes, materially driving a segment's change in operating income or operating margin percentage.

    Operating income by segment was as follows:

    Three Months Ended Nine Months Ended Operating Income (in millions) Oct 1, 2017 Oct 2, 2016 Oct 1, 2017 Oct 2, 2016 Integrated Defense Systems $ 231$ 211$ 688$ 733 Intelligence, Information and Services 112 123 338 347 Missile Systems 280 235 732 660 Space and Airborne Systems 212 215 620 587 Forcepoint 23 41 41 69 Eliminations (39 ) (42 ) (113 ) (109 ) Total business segment operating income 819 783 2,306 2,287 Acquisition Accounting Adjustments (39 ) (46 ) (123 ) (155 ) FAS/CAS Adjustment 78 104 295 318 Corporate - (11 ) (30 ) (35 ) Total $ 858$ 830$ 2,448$ 2,415 Integrated Defense Systems Three Months Ended Nine Months Ended (In millions, except percentages) Oct 1, 2017 Oct 2, 2016 % Change Oct 1, 2017 Oct 2, 2016 % Change Total net sales $ 1,391$ 1,334 4.3 % $ 4,251$ 4,069 4.5 % Total operating expenses Cost of sales-labor 532 487 9.2 % 1,597 1,494 6.9 % Cost of sales-materials and subcontractors 420 436 (3.7 )% 1,304 1,371 (4.9 )% Other cost of sales and other operating expenses 208 200 4.0 % 662 471 40.6 % Total operating expenses 1,160 1,123 3.3 % 3,563 3,336 6.8 % Operating income $ 231$ 211 9.5 % $ 688$ 733 (6.1 )% Operating margin 16.6 % 15.8 % 16.2 % 18.0 % Change in Operating Three Months Ended Oct 1, 2017 Versus Three Nine Months Ended Oct 1, 2017 Versus Nine Income (in millions) Months Ended Oct 2, 2016 Months Ended Oct 2, 2016 Volume $ 6 $ 11 Net change in EAC adjustments 12 57 Mix and other performance 2 (113 ) Total change in operating income $ 20 $ (45 ) Three Months Ended Nine Months Ended (In millions, except percentages) Oct 1, 2017 Oct 2, 2016 % Change Oct 1, 2017 Oct 2, 2016 % Change Bookings $ 412 $ 1,025 (59.8 )% $ 3,274$ 3,315 (1.2 )% Total Net Sales-The increase in total net sales of $57 million in the third quarter of 2017 compared to the third quarter of 2016 was primarily due to higher net sales of $64 million on an international early warning radar program awarded in the first quarter of 2017 and $28 million on an international Patriot program driven by an award in the fourth quarter of 2016, partially offset by 45

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    lower sales of $38 million on an international air and missile defense system program due to the scheduled completion of certain production phases of the program.

    The increase in total net sales of $182 million in the first nine months of 2017 compared to the first nine months of 2016 was primarily due to higher net sales of $174 million on an international early warning radar program awarded in the first quarter of 2017 and $88 million on an international Patriot program driven by an award in the fourth quarter of 2016, partially offset by lower sales of $93 million on an international air and missile defense system program due to the scheduled completion of certain production phases of the program. Total Operating Expenses-The increase in total operating expenses of $37 million in the third quarter of 2017 compared to the third quarter of 2016 was primarily due to an increase in labor costs of $45 million, approximately half of which was due to activity on the international early warning radar program described above in Total Net Sales, with the remaining change spread across numerous programs with no individual or common significant driver. The increase in total operating expenses of $227 million in the first nine months of 2017 compared to the first nine months of 2016 was due to an increase in other cost of sales and other operating expenses of $191 million and an increase in labor costs of $103 million. The increase in other cost of sales and other operating expenses was principally driven by the tax-free gain of $158 million from the sale of our equity method investment in TRS SAS in the second quarter of 2016. The increase in labor costs was primarily due to activity on the international early warning radar program described above in Total Net Sales. Operating Income and Margin-The increase in operating income of $20 million and the related increase in operating margin in the third quarter of 2017 compared to the third quarter of 2016 was primarily due to a net change in EAC adjustments of $12 million primarily driven by labor and material production efficiencies on integrated air and missile defense programs. Included in the change in mix and other performance was an $8 million gain on a real estate transaction in the third quarter of 2017 and a $7 million gain on a real estate transaction in the third quarter of 2016. The decrease in operating income of $45 million and the related decrease in operating margin in the first nine months of 2017 compared to the first nine months of 2016 was primarily due to a change in mix and other performance of $113 million, partially offset by a net change in EAC adjustments of $57 million. The change in mix and other performance was driven principally by the tax-free gain of $158 million from the sale of our equity method investment in TRS SAS in the second quarter of 2016, partially offset by higher sales on the international Patriot program described above in Total Net Sales. Also included in the change in mix and other performance was an $8 million gain on a real estate transaction in the third quarter of 2017 and a $7 million gain on a real estate transaction in the third quarter of 2016. The net change in EAC adjustments was driven principally by an unfavorable profit adjustment of $36 million in the first quarter of 2016 on an international command and control program driven by costs to replace or repair shelters which the subcontractor refused to remedy resulting in the subcontractor being terminated. Backlog and Bookings-Backlog was $9,089 million at October 1, 2017, compared to $10,159 million at December 31, 2016. The decrease in backlog of $1,070 million or 11% at October 1, 2017, compared to December 31, 2016 was primarily due to net sales in excess of bookings at our International Air and Missile Defense product line. Bookings decreased by $613 million in the third quarter of 2017 compared to the third quarter of 2016. In the third quarter of 2016, IDS booked $265 million to provide advanced Patriot air and missile defense capabilities for an international customer and $92 million for the Engineering and Manufacturing Development phase on the competitively awarded Enterprise Air Surveillance Radar (EASR) program for the U.S. Navy. Bookings decreased by $41 million in the first nine months of 2017 compared to the first nine months of 2016. In the first nine months of 2017, IDS booked $1,003 million for the Upgraded Early Warning Radar (UEWR) system for Qatar, $414 million on the Air and Missile Defense Radar (AMDR) program for the U.S. Navy, $256 million to provide Patriot engineering services support for U.S. and international customers and $180 million on the Multi-Function RF System (MFRFS) program for the U.S. Army. IDS also booked $178 million on two international Patriot contracts. In addition to the bookings noted above, in the first nine months of 2016, IDS booked $487 million to provide advanced Patriot air and missile defense capabilities for Kuwait, $354 million on the Aegis weapon system for the U.S. Navy and international customers, $191 million to provide Patriot engineering services support for U.S. and international customers, $117 million for in-service support for the Collins class submarine for the Royal Australian Navy and $84 million to provide advanced Patriot air and missile defense capability for the U.S. Army. IDS also booked $198 million on a classified program. 46

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    Intelligence, Information and Services

    Three Months Ended Nine Months Ended (In millions, except percentages) Oct 1, 2017 Oct 2, 2016 % Change Oct 1, 2017 Oct 2, 2016 % Change Total net sales $ 1,543$ 1,534 0.6 % $ 4,605$ 4,653 (1.0 )% Total operating expenses Cost of sales-labor 663 622 6.6 % 1,970 1,914 2.9 % Cost of sales-materials and subcontractors 578 581 (0.5 )% 1,697 1,797 (5.6 )% Other cost of sales and other operating expenses 190 208 (8.7 )% 600 595 0.8 % Total operating expenses 1,431 1,411 1.4 % 4,267 4,306 (0.9 )% Operating income $ 112$ 123 (8.9 )% $ 338$ 347 (2.6 )% Operating margin 7.3 % 8.0 % 7.3 % 7.5 % Change in Operating Three Months Ended Oct 1, 2017 Versus Nine Months Ended Oct 1, 2017 Versus Nine Income (in millions) Three Months Ended Oct 2, 2016 Months Ended Oct 2, 2016 Volume $ 1 $ (4 ) Net change in EAC adjustments - (4 ) Mix and other performance (12 ) (1 ) Total change in operating income $ (11 )$ (9 ) Three Months Ended Nine Months Ended (In millions, except percentages) Oct 1, 2017 Oct 2, 2016 % Change Oct 1, 2017 Oct 2, 2016 % Change Bookings $ 1,910$ 1,731 10.3 % $ 5,017$ 4,583 9.5 %

    Total Net Sales-Total net sales in the third quarter of 2017 were relatively consistent with the third quarter of 2016.

    Total net sales in the first nine months of 2017 were relatively consistent with the first nine months of 2016. Included in the change in total net sales was lower net sales of $54 million on a program for the U.S. Army which substantially completed in 2016, lower net sales of $45 million on a classified program for an international customer, which substantially completed in 2016, higher net sales of $62 million on a U.S. Air Force program due to increased contract activities and higher net sales of $57 million on programs in support of the U.S. Army's Warfighter FOCUS activities driven principally by customer determined activity levels. Total Operating Expenses-Total operating expenses in the third quarter of 2017 were relatively consistent with the third quarter of 2016. The increase in labor costs of $41 million was spread across numerous programs with no individual or common significant driver. The decrease in other cost of sales and other operating expenses of $18 million was primarily due to the timing of costs applied to contracts through rates. Total operating expenses in the first nine months of 2017 were relatively consistent with the first nine months of 2016. Over half of the decrease in material and subcontractors costs of $100 million was driven principally by activity on the program for the U.S. Army and on the classified program for an international customer, both described above in Total Net Sales. This was partially offset by activity on the programs in support of the U.S. Army's Warfighter FOCUS activities described above in Total Net Sales, with the remaining change spread across numerous programs with no individual or common significant driver. Operating Income and Margin-The decrease in operating income of $11 million and the related decrease in operating margin in the third quarter of 2017 compared to the third quarter of 2016 was primarily due to a change in mix and other performance of $12 million approximately half of which was due to a $6 million gain related to the termination and expected cost recovery of a pension plan for one of our joint ventures in the third quarter of 2016, with the remaining change spread across numerous programs with no individual or common significant driver. Also included in mix and other performance in the third quarter of 2016 was a $2 million gain on a real estate transaction. The decrease in operating income of $9 million in the first nine months of 2017 compared to the first nine months of 2016 was primarily due to a net change in EAC adjustments of $4 million and a decrease in volume of $4 million. The net change in EAC adjustments was primarily driven by higher than expected development costs of $13 million for a classified program for an international customer, partially offset by lower adjustments for a munitions release capability program for the U.S. Air Force. 47

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    The decrease in volume was spread across numerous programs with no individual or common significant driver. Included in mix and other performance in the first nine months of 2017 was a $2 million gain on a real estate transaction in the first quarter of 2017. Included in mix and other performance in the first nine months of 2016 was a $3 million net gain related to the termination and expected cost recovery for a pension plan in one of our joint ventures and a $2 million gain on a real estate transaction in the third quarter of 2016. The decrease in operating margin in the first nine months of 2017 compared to the first nine months of 2016 was primarily due to the net change in EAC adjustments. Backlog and Bookings-Backlog was $6,368 million at October 1, 2017, compared to $5,662 million at December 31, 2016. The increase in backlog of $706 million or 12% at October 1, 2017, compared to December 31, 2016 was primarily due to the classified bookings and the U.S. Air Force program bookings described below. Bookings increased by $179 million in the third quarter of 2017 compared to the third quarter of 2016. In the third quarter of 2017, IIS booked $309 million on domestic training programs and $160 million on foreign training programs in support of Warfighter FOCUS activities and $104 million to provide intelligence, surveillance and reconnaissance (ISR) support for the U.S. Air Force. IIS also booked $686 million on a number of classified contracts, including $220 million on a multi-year award for a classified customer. In the third quarter of 2016, IIS booked $255 million on the Joint Precision Approach and Landing System (JPALS) program for the U.S. Navy program, $241 million on domestic training programs and $45 million on foreign training programs in support of Warfighter FOCUS activities, $107 million to provide intelligence, surveillance and reconnaissance (ISR) support for the U.S. Air Force, and $101 million to provide a common ground station for unmanned vehicles for the U.S. Air Force. IIS also booked $435 million on a number of classified contracts. Bookings increased by $434 million in the first nine months of 2017 compared to the first nine months of 2016. In addition to the bookings above, in the first nine months of 2017, IIS booked approximately $1.3 billion on U.S. Air Force programs and $339 million on domestic training programs and $101 million on foreign training programs in support of Warfighter FOCUS activities. IIS also booked $945 million on a number of classified contracts, including $228 million on a multi-year award for a classified customer. In addition to the bookings above, in the first nine months of 2016, IIS booked $479 million on domestic training programs and $173 million on foreign training programs in support of Warfighter FOCUS activities. IIS also booked $301 million for a U.S. Air Force program and $1,038 million on a number of classified contracts.

    Missile Systems

    Three Months Ended Nine Months Ended (In millions, except percentages) Oct 1, 2017 Oct 2, 2016 % Change Oct 1, 2017 Oct 2, 2016 % Change Total net sales $ 1,945$ 1,770 9.9 % $ 5,602$ 5,199 7.8 % Total operating expenses Cost of sales-labor 596 528 12.9 % 1,706 1,582 7.8 % Cost of sales-materials and subcontractors 787 770 2.2 % 2,413 2,123 13.7 % Other cost of sales and other operating expenses 282 237 19.0 % 751 834 (10.0 )% Total operating expenses 1,665 1,535 8.5 % 4,870 4,539 7.3 % Operating income $ 280$ 235 19.1 % $ 732$ 660 10.9 % Operating margin 14.4 % 13.3 % 13.1 % 12.7 %

    Change in Operating Three Months Ended Oct 1, 2017 Versus Three Nine Months Ended Oct 1, 2017 Versus Nine Income (in millions)

    Months Ended Oct 2, 2016 Months Ended Oct 2, 2016 Volume $ 18 $ 46 Net change in EAC adjustments 25 23 Mix and other performance 2 3 Total change in operating income $ 45 $ 72 Three Months Ended Nine Months Ended (In millions, except percentages) Oct 1, 2017 Oct 2, 2016 % Change Oct 1, 2017 Oct 2, 2016 % Change Bookings $ 2,501$ 1,932 29.5 % $ 5,999$ 5,455 10.0 % 48

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    Total Net Sales-The increase in total net sales of $175 million in the third quarter of 2017 compared to the third quarter of 2016 was primarily due to $85 million of higher net sales on the Paveway program driven by reductions of expected costs to fulfill industrial cooperation agreements and $60 million of higher net sales on the Excalibur program due to the recognition of previously deferred precontract costs based on a contract award in the third quarter of 2017. The increase in total net sales of $403 million in the first nine months of 2017 compared to the first nine months of 2016 was primarily due to $161 million of higher net sales on the Paveway program principally driven by international requirements, $108 million of higher net sales on the SM-3 program principally driven by planned increases in production, $76 million of higher net sales on the Excalibur program due to recognition of previously deferred precontract costs based on a contract award in the third quarter of 2017, $74 million of higher net sales on the SM-2 program due to the recognition of previously deferred precontract costs based on a contract award in the second quarter of 2017 and planned increases in production, and $72 million of higher net sales on an international missile defense program due to planned increases in production, partially offset by $150 million of lower net sales on the AMRAAM program driven by the recognition of previously deferred precontract costs based on a contract award in the first quarter of 2016 and $101 million of lower net sales on the EKV program due to a planned decline in production. Total Operating Expenses-The increase in total operating expenses of $130 million in the third quarter of 2017 compared to the third quarter of 2016 was primarily due to an increase in labor costs of $68 million and an increase in other cost of sales and other operating expenses of $45 million. The increase in labor costs was spread across numerous programs with no individual or common significant driver. The increase in other cost of sales and other operating expenses was driven principally by international intercompany activity and the timing of costs applied to contracts through rates. The increase in total operating expenses of $331 million in the first nine months of 2017 compared to the first nine months of 2016 was primarily due to an increase in materials and subcontractors costs of $290 million and an increase in labor costs of $124 million, partially offset by a decrease in other cost of sales and other operating expenses of $83 million. The increase in materials and subcontractors costs was driven by activity on the Paveway and international missile defense programs described above in Total Net Sales and activity on the Phalanx® program due to program requirements. Included in the change in labor costs was lower activity on the EKV program described above in Total Net Sales and higher activity on the SM-3 program described above in Total Net Sales, with the remaining change spread across numerous programs with no individual or common significant driver. The decrease in other cost of sales and other operating expenses was driven principally by the amount of previously deferred precontract costs based on contract awards, which had an impact of $57 million. Operating Income and Margin-The increase of $45 million in operating income and the related increase in operating margin in the third quarter of 2017 compared to the third quarter of 2016 was due to a net change in EAC adjustments of $25 million primarily driven by reductions of expected costs to fulfill industrial cooperation agreements for an international customer resulting in adjustments of $37 million and $36 million on two contracts due to a favorable change in requirements in the third quarter of 2017, partially offset by an unfavorable $40 million adjustment on a $1.4 billion contract, driven by the final contract modification in the third quarter of 2017 which was less than we anticipated based upon the previous contract price negotiations. The increase in operating income of $72 million in the first nine months of 2017 compared to the first nine months of 2016 was due to an increase in volume of $46 million and a net change in EAC adjustments of $23 million. The increase in volume was primarily due to activity on the programs described above in Total Net Sales with the remaining change spread across numerous programs with no individual or common significant driver. The net change in EAC adjustments in the first nine months of 2017 was driven by reductions of expected costs to fulfill industrial cooperation agreements for an international customer resulting in adjustments of $37 million and $36 million on two contracts due to a favorable change in requirements in the third quarter of 2017, partially offset by an unfavorable $40 million adjustment on a $1.4 billion contract, driven by the final contract modification in the third quarter of 2017 which was less than we anticipated based upon the previous contract price negotiations. The increase in operating margin in the first nine months of 2017 compared to the first nine months of 2016 was primarily driven by the net change in EAC adjustments. Backlog and Bookings-Backlog was $11,943 million at October 1, 2017, compared to $11,568 million at December 31, 2016. The increase in backlog of $375 million or 3% at October 1, 2017, compared to December 31, 2016 was primarily due to bookings in excess of sales within our Advanced Missile Systems and Land Warfare Systems product lines, partially offset by sales in excess of bookings within the Air Warfare Systems product line. Bookings increased by $569 million in the third quarter of 2017 compared to the third quarter of 2016. In the third quarter of 2017, MS booked $492 million for the Redesigned Kill Vehicle (RKV) program for the Missile Defense Agency (MDA), $348 million for Tube-launched, Optically-tracked, Wireless-guided (TOW®) missiles for the U.S. Army, U.S. Marine Corps and international customers, $206 million for Paveway for the U.S. Air Force and international customers, $145 million for Tomahawk for the U.S. Navy, $136 million for Excalibur for the U.S. Army, $102 million for SM-3 for the MDA, $91 million for Javelin for the U.S. Army and international customers, and $79 million for Horizontal Technology Integration (HTI) forward-looking infrared kits for the U.S. Army and an international customer. MS also booked $427 million 49

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    on classified contracts. In the third quarter of 2016, MS booked $538 million for SM-3 for the MDA and an international customer, $376 million for Phalanx weapon systems for the U.S. Navy and international customers and $176 million for TOW missiles for the U.S. Army, U.S. Marine Corps and international customers. Bookings increased by $544 million in the first nine months of 2017 compared to the first nine months of 2016. In addition to the bookings above, in the first nine months of 2017, MS booked $849 million for Paveway for international customers, $619 million for SM-2 for the U.S. Navy and international customers, $436 million for SM-3 for the MDA, $316 million for AIM-9X Sidewinder™ short-range air-to-air missiles, $116 million for the Long Range Precision Fires (LRPF) Missile system for the U.S. Army and $90 million for AMRAAM. MS also booked $290 million on classified contracts. In addition to the bookings above, in the first nine months of 2016, MS booked $755 million for AMRAAM for the U.S. Air Force, U.S. Navy and international customers, $517 million for Paveway for the U.S. Air Force and international customers, $297 million for AIM-9X Sidewinder short-range air-to-air missiles for the U.S. Navy, U.S. Air Force, U.S. Army and international customers, $272 million for Standard Missile-6 (SM-6®) for the U.S. Navy, $217 million for SM-3 for the MDA and an international customer, $186 million for the Woomera Mobile Range Upgrade program for the Royal Australian Air Force, $122 million for the Miniature Air Launched Decoy (MALD®) for the U.S. Air Force and $118 million for Evolved SeaSparrow Missiles (ESSM®) for the U.S. Navy and international customers. MS also booked $149 million on a number of classified contracts. Space and Airborne Systems Three Months Ended Nine Months Ended (In millions, except percentages) Oct 1, 2017 Oct 2, 2016 % Change Oct 1, 2017 Oct 2, 2016 % Change Total net sales $ 1,597$ 1,590 0.4 % $ 4,760$ 4,582 3.9 % Total operating expenses Cost of sales-labor 666 641 3.9 % 1,991 1,866 6.7 % Cost of sales-materials and subcontractors 460 495 (7.1 )% 1,380 1,349 2.3 % Other cost of sales and other operating expenses 259 239 8.4 % 769 780 (1.4 )% Total operating expenses 1,385 1,375 0.7 % 4,140 3,995 3.6 % Operating income $ 212$ 215 (1.4 )% $ 620$ 587 5.6 % Operating margin 13.3 % 13.5 % 13.0 % 12.8 % Change in Operating Three Months Ended Oct 1, 2017 Versus Nine Months Ended Oct 1, 2017 Versus Nine Income (in millions) Three Months Ended Oct 2, 2016 Months Ended Oct 2, 2016 Volume $ 1 $ 21 Net change in EAC adjustments (2 ) (30 ) Mix and other performance (2 ) 42 Total change in operating income $ (3 )$ 33 Three Months Ended Nine Months Ended (In millions, except percentages) Oct 1, 2017 Oct 2, 2016 % Change Oct 1, 2017 Oct 2, 2016 % Change Bookings $ 1,948$ 2,060 (5.4 )% $ 4,481$ 6,479 (30.8 )% Total Net Sales-Total net sales in the third quarter of 2017 were relatively consistent with the third quarter of 2016. Included in the change in total net sales was lower net sales of $42 million on an international classified program awarded in the first quarter of 2016 due to planned reduced schedule requirements. The remaining change in total net sales was spread across numerous programs with no individual or common significant driver. The increase in total net sales of $178 million in the first nine months of 2017 compared to the first nine months of 2016 was primarily due to higher net sales of $79 million on a domestic classified program awarded in the third quarter of 2016 and higher net sales of $78 million on the Next Generation Jammer (NGJ) program for the U.S. Navy, awarded in the second quarter of 2016, partially offset by lower net sales of $104 million on an international classified program awarded in the first quarter of 2016 due to planned reduced schedule requirements. The remaining change in total net sales was spread across numerous programs with no individual or common significant driver. 50

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    Total Operating Expenses-Total operating expenses in the third quarter of 2017 were relatively consistent with the third quarter of 2016. The increase in other costs of sales and other operating expenses of $20 million was primarily due the timing of costs applied to contracts through rates with the remaining change spread across numerous programs with no individual or common significant driver. The decrease in materials and subcontractors costs of $35 million was primarily due to activity on the international classified program described above in Total Net Sales, partially offset by activity on the NGJ program due to planned increases in scheduled activities. The increase in total operating expenses of $145 million in the first nine months of 2017 compared to the first nine months of 2016 was primarily due to an increase in labor costs of $125 million primarily driven by activity on the domestic classified and NGJ programs described above in Total Net Sales, with the remaining change spread across numerous programs with no individual or common significant driver.

    Operating Income and Margin-Operating income and margin in the third quarter of 2017 were relatively consistent with the third quarter of 2016.

    The increase in operating income of $33 million in the first nine months of 2017 compared to the first nine months of 2016 was primarily due to a change in mix and other performance of $42 million and an increase in volume of $21 million, partially offset by a net change in EAC adjustments of $30 million. Included in the change in mix and other performance was an increase due to a gain of $15 million on a real estate transaction in the second quarter of 2017 and a decrease of $19 million due to lower activity on two international tactical radar systems programs due to scheduled completion of certain production phases. The remaining change in mix and other performance was spread across numerous programs with no individual or common significant driver. The increase in volume was driven by activity on the programs discussed above in Total Net Sales, with the remaining change spread across numerous programs with no individual or common significant driver. The net change in EAC adjustments was primarily driven by increased estimated labor and material production costs on the international classified program described above in Total Net Sales and on a protected communication systems production program. The increase in operating margin in the first nine months of 2017 compared to the first nine months of 2016 was primarily due to the change in mix and other performance, partially offset by the net change in EAC adjustments. Backlog and Bookings-Backlog was $8,826 million at October 1, 2017, compared to $8,834 million at December 31, 2016. Bookings decreased by $112 million in the third quarter of 2017 compared to the third quarter of 2016. In the third quarter of 2017, SAS booked approximately $200 million on classified and unclassified space programs and $84 million for radar components for the U.S. Navy and the Royal Australian Air Force. SAS also booked $435 million on a number of classified contracts. In the third quarter of 2016, SAS booked $164 million to provide integrated Sentinel support services for the U.K. Royal Air Force. SAS also booked $922 million on a number of classified contracts, including $525 million for a major classified contract. Bookings decreased by $1,998 million in the first nine months of 2017 compared to the first nine months of 2016. In addition to the bookings noted above, in the first nine months of 2017, SAS booked $256 million for Active Electronically Scanned Array (AESA) radars for the U.S. Air Force, $250 million on two contracts for international customers, one for military processors and one for radar warning receivers and $91 million for radar components for the U.S. Navy. SAS also booked $539 million on a number of classified contracts. In addition to the bookings noted above, in the first nine months of 2016, SAS booked $992 million on the NGJ program for the U.S. Navy, over $650 million on an international classified program, $553 million on the Joint Polar Satellite System (JPSS) program for NASA, $90 million on the next-generation Multi-Spectral Targeting System (MTS) for the U.S. Air Force and $894 million on a number of classified contracts. 51

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    Table of Contents Forcepoint Three Months Ended Nine Months Ended (In millions, except percentages) Oct 1, 2017 Oct 2, 2016 % Change Oct 1, 2017 Oct 2, 2016 % Change Total net sales $ 170$ 167 1.8 % $ 452$ 443 2.0 % Total operating expenses Cost of sales 29 28 3.6 % 80 80 - % Selling and marketing 64 48 33.3 % 176 142 23.9 % Research and development 38 32 18.8 % 105 96 9.4 % General and administrative 16 18 (11.1 )% 50 56 (10.7 )% Total operating expenses 147 126 16.7 % 411 374 9.9 %

    Operating income (loss) $ 23$ 41 (43.9 )% $

    41 $ 69 (40.6 )% Operating margin 13.5 % 24.6 % 9.1 % 15.6 % Three Months Ended Nine Months Ended (In millions, except percentages) Oct 1, 2017 Oct 2, 2016 % Change Oct 1, 2017 Oct 2, 2016 % Change Bookings $ 186 $ 175 6.3 % $ 406 $ 395 2.8 % Total Net Sales- Total net sales in the third quarter of 2017 were relatively consistent with the third quarter of 2016. Included in the change in total net sales was $5 million of higher Network Security sales primarily due to new business growth. Total net sales excluded the unfavorable impact related to the deferred revenue acquisition accounting adjustments described below in Acquisition Accounting Adjustments. The increase in total net sales of $9 million in the first nine months of 2017 compared to the first nine months of 2016 was primarily driven by $13 million of higher Network Security sales due to new business growth and $12 million of higher sales due to a higher mix of bookings with upfront sales recognition within Cloud Security and Data & Insider Threat Security, partially offset by $16 million of lower sales related to filtering products within Cloud Security. Total net sales excluded the unfavorable impact related to the deferred revenue acquisition accounting adjustments described below in Acquisition Accounting Adjustments.

    Total Operating Expenses-We disclose our operating expenses for the segment, which excludes amortization of acquired intangible assets and certain other acquisition and acquisition related expenses, in terms of the following: • Cost of sales-labor and overhead costs associated with analytic and

    technical support services; infrastructure costs associated with maintaining our databases; and labor, materials and overhead costs associated with providing our product offerings.

    • Selling and marketing-labor costs related to personnel engaged in selling

    and marketing and customer support functions; costs related to public

    relations, advertising, promotions and travel; and related overhead costs.

    • Research and development-labor costs for the development and management of

    new and existing products; and related overhead costs.

    • General and administrative expenses-labor costs for our executive, finance

    and administrative personnel; third party professional service fees; and related overhead costs. Total operating expenses in the third quarter of 2017 increased $21 million compared to the third quarter of 2016 primarily due to an increase in selling and marketing expense of $16 million and an increase in research and development expense of $6 million. The increase in selling and marketing expense was principally driven by higher costs for the sales organization due to increased salesforce staffing and higher amortization of deferred commissions. The increase in research and development expense was principally driven by the Skyfence acquisition in the first quarter of 2017. Total operating expenses excluded amortization of acquired intangible assets as described below in Acquisition Accounting Adjustments and certain unallocated costs which are included in Corporate. Total operating expenses in the first nine months of 2017 increased $37 million compared to the first nine months of 2016 primarily driven by an increase in selling and marketing expense of $34 million, partially offset by a decrease in general and administrative expense of $6 million. The increase in selling and marketing expense was principally driven by higher costs for the sales organization due to increased salesforce staffing and higher amortization of deferred commissions. The decrease in general and administrative expenses was primarily driven by higher costs related to the integration of Stonesoft in the first quarter of 2016. Total operating expenses excluded amortization of acquired intangible assets as described below in Acquisition Accounting Adjustments and certain unallocated costs which are included in Corporate. 52

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    Operating Income and Margin-The decrease in operating income of $18 million and the related decrease in operating margin in the third quarter of 2017 compared to the third quarter of 2016 was primarily due to the increase in total operating expenses described above in Total Operating Expenses. The decrease in operating income of $28 million and the related decrease in operating margin in the first nine months of 2017 compared to the first nine months of 2016 was primarily due to the increase in total operating expenses described above in Total Operating Expenses, partially offset by the increase in total net sales described above in Total Net Sales. Backlog and Bookings-Backlog was $450 million at October 1, 2017, compared to $486 million at December 31, 2016. The decrease in backlog of $36 million or 7% at October 1, 2017, compared to December 31, 2016 was primarily due to net sales in excess of bookings at our Cloud Security and Data & Insider Threat Security product line due to the seasonality of products experiencing lower bookings in the first nine months of each year.

    Bookings increased by $11 million in the third quarter of 2017 compared to the third quarter of 2016 primarily due to a $7 million increase in Global Government bookings principally driven by new business growth.

    Bookings increased by $11 million in the first nine months of 2017 compared to the first nine months of 2016 primarily due to a $19 million increase in Data & Insider Threat Security bookings, a $9 million increase in Network Security bookings and a $6 million increase in Global Government bookings, partially offset by a $22 million decrease in Cloud Security bookings principally driven by filtering products. Acquisition Accounting Adjustments Acquisition Accounting Adjustments include the adjustments to record acquired deferred revenue at fair value as part of our purchase price allocation process, referred to as the deferred revenue adjustment, and the amortization of acquired intangible assets related to historical acquisitions. These adjustments are not considered part of management's evaluation of segment results.

    The components of Acquisition Accounting Adjustments were as follows:

    Three Months Ended Nine Months Ended (In millions) Oct 1, 2017 Oct 2, 2016 Oct 1, 2017 Oct 2, 2016 Deferred revenue adjustment $ (7 )$ (17 )$ (28 )$ (64 ) Amortization of acquired intangibles (32 ) (29 ) (95 ) (91 )

    Total Acquisition Accounting Adjustments $ (39 )$ (46 )

    $ (123 )$ (155 )

    The deferred revenue adjustment for the third quarters and first nine months of 2017 and 2016 relates to acquisitions in the Forcepoint segment.

    Amortization of acquired intangibles related to acquisitions in the segments was as follows: Three Months Ended Nine Months Ended (In millions) Oct 1, 2017 Oct 2, 2016 Oct 1, 2017 Oct 2, 2016 Integrated Defense Systems $ - $ - $ - $ - Intelligence, Information and Services 5 4 15 13 Missile Systems - - 1 1 Space and Airborne Systems 3 4 8 13 Forcepoint 24 21 71 64 Total $ 32 $ 29 $ 95 $ 91 The change in our Acquisition Accounting Adjustments of $7 million in the third quarter of 2017 compared to the third quarter of 2016 was primarily due to a $10 million decrease in the deferred revenue adjustment, principally driven by the acquisition of Websense in the second quarter of 2015. The increase in the amortization of acquired intangibles of $3 million in the third quarter of 2017 compared to the third quarter of 2016 was primarily due to the acquisition of Stonesoft in the first quarter of 2016. 53

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    The change in our Acquisition Accounting Adjustments of $32 million in the first nine months of 2017 compared to the first nine months of 2016 was primarily due to a $36 million decrease in the deferred revenue adjustment, principally driven by the acquisition of Websense in the second quarter of 2015. The increase in the amortization of acquired intangibles of $4 million in the first nine months of 2017 compared to the first nine months of 2016 was primarily due to the acquisition of Stonesoft in the first quarter of 2016. FAS/CAS Adjustment The FAS/CAS Adjustment represents the difference between our pension and PRB expense or income under Financial Accounting Standards (FAS) requirements under U.S. GAAP and our pension and PRB expense under U.S. government Cost Accounting Standards (CAS). 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 components of the FAS/CAS Adjustment were as follows:

    Three Months Ended Nine Months Ended FAS/CAS Adjustment Income (Expense) (in millions) Oct 1, 2017 Oct 2, 2016 Oct 1, 2017 Oct 2, 2016 FAS/CAS Pension Adjustment $ 81$ 105$ 299 $ 318 FAS/CAS PRB Adjustment (3 ) (1 ) (4 ) - FAS/CAS Adjustment $ 78$ 104$ 295 $ 318

    The components of the FAS/CAS Pension Adjustment were as follows:

    Three Months Ended Nine Months Ended (In millions) Oct 1, 2017 Oct 2, 2016 Oct 1, 2017 Oct 2, 2016 FAS (expense) $ (387 )$ (283 )$ (1,025 )$ (810 ) CAS expense 468 388 1,324 1,128 FAS/CAS Pension Adjustment $ 81$ 105$ 299$ 318 The change in our FAS/CAS Pension Adjustment of $24 million in the third quarter of 2017 compared to the third quarter of 2016 was driven by a $104 million increase in our FAS expense and an $80 million increase in our CAS expense. The change in our FAS/CAS Pension Adjustment of $19 million in the first nine months of 2017 compared to the first nine months of 2016 was driven by a $215 million increase in our FAS expense and a $196 million increase in our CAS expense. The increase in our FAS expense in the third quarter and first nine months of 2017 was primarily due to the decrease in our long-term return on assets (ROA) assumption as described in our Annual Report on Form 10-K for the year ended December 31, 2016 and the update of our actuarial estimate as described in "Note 12: Pension and Other Employee Benefits." The increase in our CAS expense in the third quarter and first nine months of 2017 was primarily due to the CAS Harmonization phased transition to the use of a discount rate based on high quality corporate bonds, consistent with the Pension Protection Act of 2006, to measure liabilities in determining the CAS pension expense. As a result of the annual update of our actuarial estimate (as described in "Note 12: Pension and Other Employee Benefits"), our 2017 FAS/CAS Adjustment will change by an estimated $39 million of decreased income, $26 million of which was recorded in the third quarter of 2017 and $13 million of which will be recorded in the fourth quarter of 2017.

    Corporate

    Corporate operating income consists of unallocated costs and certain other corporate costs not considered part of management's evaluation of reportable segment operating performance.

    Operating income related to Corporate was as follows:

    Three Months Ended Nine Months Ended (In millions) Oct 1, 2017 Oct 2, 2016 Oct 1, 2017 Oct 2, 2016 Corporate $ - $ (11 )$ (30 )$ (35 )

    The change in operating income related to Corporate of $11 million in the third quarter of 2017 compared to the third quarter of 2016 was primarily due to adjustments to liabilities with respect to contractual, regulatory and operational risks as a result of the quarterly evaluation.

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    Operating income related to Corporate in the first nine months of 2017 was relatively consistent with the first nine months of 2016.

    FINANCIAL CONDITION AND LIQUIDITY

    Overview

    We pursue a capital deployment strategy that balances funding for growing our business, including: capital expenditures, acquisitions and research and development; prudently managing our balance sheet, including debt repayments and pension contributions; and returning cash to our shareholders, including dividend payments and share repurchases, as outlined below. Our need for, cost of and access to funds are dependent on future operating results, as well as other external conditions. We currently expect that cash and cash equivalents, available-for-sale securities, cash flow from operations and other available financing resources will be sufficient to meet anticipated operating, capital expenditure, investment, debt service and other financing requirements during the next 12 months and for the foreseeable future.

    In addition, the following table highlights selected measures of our liquidity and capital resources at October 1, 2017 and December 31, 2016: (In millions)

    Oct 1, 2017 Dec 31, 2016 Cash and cash equivalents $ 2,311$ 3,303 Short-term investments - 100 Working capital 4,286 4,346 Amount available under credit facilities 950 1,250 Operating Activities Nine Months Ended (In millions) Oct 1, 2017

    Oct 2, 2016 Net cash provided by (used in) operating activities from continuing operations

    $ 1,123$ 1,711 Net cash provided by (used in) operating activities 1,122 1,711

    The decrease in net cash provided by (used in) operating activities of $589 million in the first nine months of 2017 compared to the first nine months of 2016, was primarily due to the increase in pension contributions and tax payments in the first nine months of 2017 as discussed below.

    Pension Plan Contributions-We made the following contributions to our pension and PRB plans:

    Nine Months Ended (In millions) Oct 1, 2017 Oct 2, 2016 Required pension contributions $ 574 $ 112 PRB contributions 17 16 Tax Payments and Refunds-We made or (received) the following net tax payments or (refunds): Nine Months Ended (In millions) Oct 1, 2017 Oct 2, 2016 Federal $ 520 $ 460 Foreign 66 33 State 23 27

    We expect full-year net federal, foreign and state tax payments to be approximately $878 million in 2017.

    Interest Payments-We made interest payments on our outstanding debt of $141 million and $149 million in the first nine months of 2017 and 2016, respectively.

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    Table of Contents Investing Activities Nine Months Ended (In millions) Oct 1, 2017 Oct 2, 2016 Net cash provided by (used in) investing activities $ (318 ) $

    (82 )

    The change in net cash provided by (used in) investing activities of $236 million in the first nine months of 2017 compared to the first nine months of 2016 was primarily due to our short-term investments activity, which is described below in Short-term Investments Activity.

    Additions to Property, Plant and Equipment and Capitalized Internal Use Software-Additions to property, plant and equipment and capitalized internal use software were as follows: Nine Months Ended (In millions) Oct 1, 2017 Oct 2, 2016 Additions to property, plant and equipment $ 323 $

    344

    Additions to capitalized internal use software 49

    47

    We expect full-year property, plant and equipment and internal use software expenditures to be between approximately $555-$585 million and $95-$110 million, respectively, in 2017, consistent with the anticipated needs of our business and for specific investments including capital assets and facility improvements. Short-term Investments Activity-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. Activity related to short-term investments was as follows: Nine Months Ended (In millions) Oct 1, 2017 Oct 2, 2016

    Purchases of short-term investments $ (399 )$ (472 ) Maturities of short-term investments 517

    822

    Acquisitions-In pursuing our business strategies, we acquire and make investments in certain businesses that meet strategic and financial criteria. Payments for purchases of acquired companies, net of cash acquired, were as follows:

    Nine Months Ended (In millions) Oct 1, 2017 Oct 2, 2016 Payments for purchases of acquired companies, net of cash acquired $ (93 )$ (57 ) The increase of $36 million in payments for purchases of acquired companies, net of cash acquired, in the first nine months of 2017 compared to the first nine months of 2016 was due to Forcepoint's acquisition of the Skyfence cloud access security broker business, in February 2017 and RedOwl Analytics Inc., in August 2017, offset by Forcepoint's acquisition of the Stonesoft next-generation firewall (NGFW) business, including the Sidewinder proxy firewall technology, in January 2016. Financing Activities Nine Months Ended (In millions) Oct 1, 2017 Oct 2, 2016 Net cash provided by (used in) financing activities $ (1,784 ) $

    (1,615 )

    We generally use cash provided by operating activities and proceeds from the issuance of new debt as our primary source for the repayment of debt, payment of dividends, pension contributions and the repurchase of our common stock. The change in net cash provided by (used in) financing activities of $169 million in the first nine months of 2017 compared to the first nine months of 2016 was primarily due to the $591 million repayment of long-term debt in the second quarter of 2017, partially offset by the net proceeds from commercial paper issuance of $300 million, the activity on our share repurchases as discussed below and the $90 million net cash payment that we made to Thales S.A. in the second quarter of 2016 related to our acquisition of Thales S.A.'s noncontrolling interest in Raytheon Command and Control Solutions LLC (RCCS LLC) and the sale of our equity method investment in TRS SAS as a result of the amendment to the joint venture agreement. 56

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    Commercial Paper-In the first nine months of 2017, we received net proceeds of $300 million from the issuance of short-term commercial paper.

    Debt-In the second quarter of 2017, we exercised our call rights to repurchase, at prices based on fixed spreads to the U.S.Treasury rates, $591 million of our long-term debt due March and December 2018 at a loss of $39 million pretax, $25 million after tax, which is included in other (income) expense, net in the first nine months of 2017.

    Share Repurchases-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. At October 1, 2017, we had approximately $0.9 billion available under the 2015 repurchase program. 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 awards (RSAs), restricted stock units (RSUs) and Long-term Performance Plan (LTPP) awards issued to employees.

    Our share repurchases were as follows:

    Nine Months Ended (In millions) Oct 1, 2017 Oct 2, 2016 $ Shares $ Shares Shares repurchased under our share repurchase programs $ 700 4.4 $ 801 6.2 Shares repurchased to satisfy tax withholding obligations 84 0.5 95 0.8 Total share repurchases $ 784 4.9 $ 896 7.0

    Cash Dividends-Our Board of Directors authorized the following cash dividends:

    Nine Months Ended

    (In millions, except per share amounts) Oct 1, 2017Oct 2, 2016 Cash dividends declared per share $ 2.3925 $ 2.1975 Total dividends paid

    679 635 In March 2017, our Board of Directors authorized an 8.9% increase to our annual dividend payout rate from $2.93 to $3.19 per share. Dividends are subject to quarterly approval by our Board of Directors. CAPITAL RESOURCES Total long-term debt was $4.7 billion and $5.3 billion at October 1, 2017 and December 31, 2016, respectively. Our outstanding debt bears contractual interest at fixed interest rates ranging from 2.5% to 7.2% and matures at various dates from 2020 through 2044. Cash and Cash Equivalents and Short-term Investments-Cash and cash equivalents and short-term investments were $2.3 billion and $3.4 billion at October 1, 2017 and December 31, 2016, respectively. We may invest in: U.S. Treasuries; AAA/Aaa rated money market funds; certificates of deposit, time deposits and commercial paper of banks with a minimum long-term debt rating of A or A2 and minimum short-term debt rating of A-1 and P-1; and commercial paper of corporations with a minimum long-term debt rating of A- or A3 and minimum short-term debt rating of A-2 and P-2. Cash and cash equivalents and short-term investments balances held at our foreign subsidiaries were approximately $831 million and $641 million at October 1, 2017 and December 31, 2016, respectively. Earnings from our foreign subsidiaries are currently deemed to be indefinitely reinvested. We do not expect such reinvestment to affect our liquidity and capital resources, and we continuously evaluate our liquidity needs and ability to meet global cash requirements as a part of our overall capital deployment strategy. Factors that affect our global capital deployment strategy include anticipated cash flows, the ability to repatriate cash in a tax efficient manner, funding requirements for operations and investment activities, acquisitions and divestitures and capital market conditions. Commercial Paper-The Company may issue up to $1.25 billion of unsecured commercial paper notes, as the commercial paper is backed by our credit facility. The commercial paper notes outstanding have original maturities of not more than 90 days from the date of issuance. At October 1, 2017, short-term commercial paper borrowings outstanding were $300 million, which had a weighted-average interest rate and original maturity period of 1.282% and 24 days, respectively. The maximum amount of short-term commercial paper borrowings outstanding during the first nine months of 2017 was $340 million. At December 31, 2016, there were no commercial paper borrowings outstanding. 57

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    Credit Facilities-In November 2015, we entered into a $1.25 billion revolving credit facility maturing in November 2020. Under the $1.25 billion credit facility, we can borrow, issue letters of credit and backstop commercial paper. Borrowings under this facility bear interest at various rate options, including LIBOR plus a margin based on our credit ratings. Based on our credit ratings at October 1, 2017, borrowings would generally bear interest at LIBOR plus 80.5 basis points. The credit facility is composed of commitments from 20 separate highly rated lenders, each committing no more than 10% of the facility. As of October 1, 2017 and December 31, 2016, there were no borrowings outstanding under this credit facility and no outstanding letters of credit. At October 1, 2017, there was $300 million of commercial paper outstanding which reduced the remaining amount available for borrowing under the credit facility to $950 million. Under the $1.25 billion credit facility we must comply with certain covenants, including a ratio of total debt to total capitalization of no more than 60%. We were in compliance with the credit facility covenants as of October 1, 2017. Our ratio of total debt to total capitalization, as those terms are defined in the credit facility, was 31.7% at October 1, 2017. We are providing this ratio as this metric is used by our lenders to monitor our leverage and is also a threshold that could limit our ability to utilize this facility.

    Shelf Registrations-We have an effective shelf registration statement with the Securities and Exchange Commission, filed in June 2016, which covers the registration of debt securities, common stock, preferred stock and warrants.

    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 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) Oct 1, 2017 Dec 31, 2016 Total remediation costs-undiscounted $ 205$ 219 Weighted-average discount rate 5.2 % 5.2 %

    Total remediation costs-discounted $ 141$ 147 Recoverable portion

    92 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 2025. 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) Oct 1, 2017 Dec 31, 2016 Guarantees $ 215 $ 190 Letters of credit 2,646 2,345 Surety bonds 166 127 Included in guarantees and letters of credit described above were $215 million and $47 million, respectively, at October 1, 2017, and $180 million and $44 million, respectively, at December 31, 2016, related to our joint venture in Thales-Raytheon Systems Air and Missile Defense Command and Control S.A.S. (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 October 1, 2017, we believe the risk that 58

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    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 October 1, 2017. We had an estimated liability of $2 million and $3 million, at October 1, 2017 and December 31, 2016, respectively, related to these guarantees and letters of credit. The joint venture agreement between Raytheon and Vista Equity Partners relating to Forcepoint 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. 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 the put option; however, the ultimate timing will depend on the actions of the parties and other factors. Lastly, at any time on or after three years following the closing date, 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. At October 1, 2017, the fair value of the noncontrolling interest is estimated at $389 million and is subject to change based upon market conditions and business performance. The estimate of fair value for purposes of presenting the redeemable noncontrolling interest, outside of stockholders' equity, in our consolidated balance sheets could differ from the parties' determination of fair value for the put option under the joint venture agreement. We have entered into industrial cooperation agreements, sometimes referred to as offset agreements, as a condition to obtaining orders for our products and services from certain customers in foreign countries. At October 1, 2017, the aggregate amount of our offset agreements, both agreed to and anticipated to be agreed to, had an outstanding notional value of approximately $8.9 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. From time to time, these and other 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. We do not expect any material impact on our financial results from regional developments regarding Qatar. Almost all of our contracts in Qatar are foreign military sales contracts through the U.S. government and represent less than 5.2% of our backlog 59

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    at October 1, 2017. In addition, with respect to pending U.S. government approval of certain of our contracts for other Gulf Cooperation Council members, we believe the timing of these pending approvals will not have a material impact on our financial results. On June 23, 2016, the U.K. held a referendum in which British citizens approved an exit from the European Union (EU), commonly referred to as "Brexit." As a result of the referendum, there has been a decline in the value of the British pound as compared to the U.S. dollar and volatility in exchange rates may continue as the U.K. negotiates its exit from the EU. The British pound is the functional currency for approximately 2% of our sales. In addition, for any contracts that are not denominated in the same currency as the functional currency (for example, contracts denominated in British pounds where the functional currency is the U.S. dollar), we enter into foreign currency forward contracts to hedge our risk related to foreign currency exchange rate fluctuations. As a result, we currently do not expect the U.K.'s exit from the EU to have a material impact on our financial position, results of operations or liquidity. 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. Accounting Standards In May 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which replaces numerous requirements in U.S. GAAP, including industry-specific requirements, and provides companies with a single revenue recognition model for recognizing revenue from contracts with customers. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The two permitted transition methods under the new standard are the full retrospective method, in which case the standard would be applied to each prior reporting period presented and the cumulative effect of applying the standard would be recognized at the earliest period shown, or the modified retrospective method, in which case the cumulative effect of applying the standard would be recognized at the date of initial application. In July 2015, the FASB approved the deferral of the new standard's effective date by one year. The new standard is effective for annual reporting periods beginning after December 15, 2017. The FASB permits companies to adopt the new standard early, but not before the original effective date of annual reporting periods beginning after December 15, 2016. Effective January 1, 2017, we elected to early adopt the requirements of Topic 606 using the full retrospective method. The impact to our fiscal quarters and year-ended 2016 and year-ended 2015 income from continuing operations after taxes, net income and basic and diluted earnings per share (EPS) was as follows: Three Months Ended Twelve Months Ended (In millions, except per share amounts) Dec 31, 2016 Oct 2, 2016 Jul 3,

    2016 Apr 3, 2016Dec 31, 2016Dec 31, 2015 Income from continuing operations after taxes $

    12 $ 18 $ 9 $ - $ 39 $ 40 Net income 12 18 9 - 39 40 Basic EPS attributable to Raytheon Company common stockholders: Income from continuing operations after taxes $ 0.04 $ 0.05$ 0.02 $ - $ 0.10 $ 0.12 Net income 0.04 0.05 0.02 - 0.11 0.11 Diluted EPS attributable to Raytheon Company common stockholders: Income from continuing operations after taxes $ 0.03 $ 0.05$ 0.03 $ - $ 0.11 $ 0.12 Net income 0.04 0.05 0.03 - 0.11 0.11

    In addition, the cumulative impact to our retained earnings at January 1, 2015 was $13 million.

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    In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This ASU is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows by providing guidance on eight specific cash flow issues, including requirements that cash payments for debt prepayment or debt extinguishment costs be classified as cash outflows for financing activities and proceeds from the settlement of corporate-owned life insurance policies be classified as cash inflows from investing activities. The provisions of ASU 2016-15 are effective for years beginning after December 15, 2017, with early adoption permitted. We elected to early adopt the requirements of the new standard in the first quarter of 2017 using the retrospective transition method, as required by the new standard. The adoption of this ASU had an immaterial impact to our consolidated statements of cash flows. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which requires that restricted cash be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The provisions of ASU 2016-18 are effective for years beginning after December 15, 2017, with early adoption permitted. We elected to early adopt the requirements of the new standard in the first quarter of 2017 using the retrospective transition method, as required by the new standard. The adoption of this ASU had an immaterial impact to our consolidated statements of cash flows. 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:

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