| 4Q | 4Q | % | Annual | Annual | % | ||
| 2012 | 2011 | Decrease | 2012 | 2011 | Change | ||
| mil $s | mil $s | mil $s | mil $s | ||||
| Net Income from continuing operations attributable to common shares, as reported | 466 | 539 | -14% | 1,889 | 1,848 | 2% | |
| Adjustments: | |||||||
| FAS/CAS Pension Charge | 44 | 54 | 166 | 219 | |||
| Loss on Early Debt Retirement | 19 | 19 | |||||
| UK Border Agency Charge | 60 | ||||||
| Favorable Tax Settlement | (60) | ||||||
| Non-GAAP Adjusted Net Income | 529 | 593 | -11% | 2,074 | 2,067 | 0% |
And from the most recent 2011 Proxy Statement filed with the SEC, below here is the executive compensation information for William Swanson, the Chairman and CEO of Raytheon:
| Non-equity | Increase | |||||
| Incentive | In | All | ||||
| Stock | Plan | Pension | Other | Total | ||
| Year | Salary | Awards | Compensation | Value | Compensation | Compensation |
| 000s | 000s | 000s | 000s | 000s | 000s | |
| 2011 | 1,370 | 10,291 | 3,000 | 1,770 | 440 | 16,871 |
| 2010 | 1,328 | 10,458 | 2,800 | 3,518 | 489 | 18,593 |
| 2009 | 1,298 | 10,353 | 3,050 | 3,533 | 462 | 18,696 |
| 3 Yr Total | 3,996 | 31,102 | 8,850 | 8,821 | 1,391 | 54,160 |
Raytheon's CEO's compensation is not nearly as extravagant as that of other large US Defense Contractor CEOs.
But try telling that to the many underemployed US citizens, who are working two or three part-time jobs making just above minimum wage. After all, Raytheon's CEO had Total Stock Awards of $31.1 mil, Total Increase in Pension Value of $8.9 mil, and Total Compensation of $54.2 mil, all in the three years from 2009 to 2011.
Raytheon gets a substantial portion of its Revenues and Earnings from the US Government, thus also from US taxpayers.
When you review many of the above compensation elements of Raytheon's CEO, it's difficult for me to understand why the Business Roundtable is now strongly lobbying for both Social Security and Medicare Benefits for retirees to be delayed until Age 70, especially when US Government spending to US Defense Contractors has been so excessive.
