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Pension Costs, U.K. Border Program Dent Raytheon’s Net Earnings

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An unfavorable pension adjustment combined with a charge related to a border security program for the United Kingdom led Raytheon [RTN] to post a double-digit drop in net income in its first quarter amid flat sales. The $56 million after-tax charge for the e-Borders program was due to the U.K. Border Agency's decision to draw down on letters of credit provided earlier by Raytheon. The validity of that drawdown is part of ongoing arbitration proceedings related to the program, which…

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