<PAGE>
Exhibit 12.1
RAYTHEON COMPANY AND SUBSIDIARIES
STATEMENT RE: COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(dollar amounts in millions)
<TABLE>
<CAPTION>
Three
Months
Ended
Fiscal Year -------
--------------------------------- April 2,
1995 1996 1997 1998 1999 2000
--------------------------------- -------
<S> <C> <C> <C> <C> <C> <C>
Income before taxes/income from
continuing operations before
taxes per statements of
income(a)...................... $1,195 $1,077 $ 766 $1,437 $ 828 $ 141
Add:
Portion of rents representative
of interest factor............. 41 45 50 113 166 36
Interest on indebtedness........ 197 256 397 739 739 187
------ ------ ------ ------ ------ -----
Income as adjusted........... 1,433 1,378 1,213 2,289 1,733 364
Fixed charges:
Portion of rents representative
of interest factor............. 41 45 50 113 166 36
Interest on indebtedness........ 197 256 397 739 739 187
Capitalized interest............ 1 3 4 2 2 --
------ ------ ------ ------ ------ -----
Fixed charges................ $ 239 $ 304 $ 451 $ 854 $ 907 $ 223
====== ====== ====== ====== ====== =====
Ratio of Earnings to Fixed
Charges........................ 6.0 4.5 2.7 2.7 1.9 1.6
====== ====== ====== ====== ====== =====
</TABLE>
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(a) The information presented for the fiscal years ended December 31, 1995,
1996, 1997, 1998 and 1999 reflect income before taxes. The information
presented for the three months ended April 2, 2000 reflects income from
continuing operations before taxes.
