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Borrowings and Lines of Credit (Tables) | 9 Months Ended
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Sep. 30, 2020
Debt Disclosure [Abstract] |
Schedule of Short-Term Debt [Table Text Block] |
(dollars in millions) | September 30, 2020 |  | December 31, 2019
Commercial paper | $ | 160 |  |  | $ | — |
Other borrowings | 68 |  |  | 2,293 |
Total short-term borrowings | $ | 228 |  |  | $ | 2,293 |
Schedule of Long Term Debt Issuances | We had the following issuances of long-term debt during the nine months ended September 30, 2020, which is inclusive of issuances made by Otis and Carrier which were primarily used by the Company to extinguish Raytheon Technologies short-term and long-term debt, and therefore were treated as a distribution from discontinued operations within financing activities from continuing operation on our Condensed Consolidated Statement of Cash Flows:
(dollars in millions) |  |
Issuance Date | Description of Notes | Aggregate Principal Balance
May 18, 2020 | 2.250% notes due 2030 | $ | 1,000 |
| 3.125% notes due 2050 | 1,000 |
March 27, 2020 | Term Loan due 2023 (Otis) (1) | 1,000 |
| Term Loan due 2023 (Carrier) (1) | 1,750 |
February 27, 2020 | 1.923% notes due 2023 (1) | 500 |
| LIBOR plus 0.450% floating rate notes due 2023 (1) | 500 |
| 2.056% notes due 2025 (1) | 1,300 |
| 2.242% notes due 2025 (1) | 2,000 |
| 2.293% notes due 2027 (1) | 500 |
| 2.493% notes due 2027 (1) | 1,250 |
| 2.565% notes due 2030 (1) | 1,500 |
| 2.722% notes due 2030 (1) | 2,000 |
| 3.112% notes due 2040 (1) | 750 |
| 3.377% notes due 2040 (1) | 1,500 |
| 3.362% notes due 2050 (1) | 750 |
| 3.577% notes due 2050 (1) | 2,000 |
|  | $ | 19,300 |
(1) The debt issuances and term loan draws reflect debt incurred by Otis and Carrier. The net proceeds of these issuances were primarily utilized to extinguish Raytheon Technologies short-term and long-term debt in order to not exceed the maximum applicable net indebtedness required by the Raytheon Merger Agreement.
Schedule of Long Term Debt Repayments | We had the following repayments of long-term debt during the nine months ended September 30, 2020 and 2019:
(dollars in millions) |  |
Repayment Date | Description of Notes | Aggregate Principal Balance
May 19, 2020 | 3.650% notes due 2023 (1)(2) | $ | 410 |
May 15, 2020 | EURIBOR plus 0.20% floating rate notes due 2020 (€750 million principal value)(2) | 817 |
March 29, 2020 | 4.500% notes due 2020 (1)(2) | 1,250 |
| 1.125% notes due 2021 (€950 million principal value) (1)(2) | 1,082 |
| 1.250% notes due 2023 (€750 million principal value) (1)(2) | 836 |
| 1.150% notes due 2024 (€750 million principal value) (1)(2) | 841 |
| 1.875% notes due 2026 (€500 million principal value) (1)(2) | 567 |
March 3, 2020 | 1.900% notes due 2020 (1)(2) | 1,000 |
| 3.350% notes due 2021 (1)(2) | 1,000 |
| LIBOR plus 0.650% floating rate notes due 2021 (1)(2) | 750 |
| 1.950% notes due 2021 (1)(2) | 750 |
| 2.300% notes due 2022 (1)(2) | 500 |
| 3.100% notes due 2022 (1)(2) | 2,300 |
| 2.800% notes due 2024 (1)(2) | 800 |
March 2, 2020 | 4.875% notes due 2020 (1)(2) | 171 |
February 28, 2020 | 3.650% notes due 2023 (1)(2) | 1,669 |
| 2.650% notes due 2026 (1)(2) | 431 |
Total debt repayments during the nine months ended September 30, 2020 |  | $ | 15,174 |
July 15, 2019 | 1.950% notes due 2019 | 300 |
| 5.250% notes due 2019 | 300 |
Total debt repayments during the nine months ended September 30, 2019 |  | $ | 600 |
(1) In connection with the early repayment of outstanding principal, Raytheon Technologies recorded debt extinguishment costs of $703 million for the nine months ended September 30, 2020, which are classified as discontinued operations in our Condensed Consolidated Statement of Operations as we would not have had to redeem the debt, except for the Separation Transactions. No proceeds of the notes issued May 18, 2020 were used to fund the May 19, 2020 redemption. (2) Extinguishment of Raytheon Technologies short-term and long-term debt in order to not exceed the maximum net indebtedness required by the Raytheon Merger Agreement.
Schedule of Long-term Debt [Table Text Block] | Long-term debt consisted of the following:
(dollars in millions) | September 30, 2020 |  | December 31, 2019
4.875% notes due 2020 | $ | — |  |  | $ | 171 |
4.500% notes due 2020 | — |  |  | 1,250 |
1.900% notes due 2020 | — |  |  | 1,000 |
EURIBOR plus 0.20% floating rate notes due 2020 (€750 million principal value) | — |  |  | 831 |
3.125% notes due 2020 (2) | 1,000 |  |  | — |
8.750% notes due 2021 | 250 |  |  | 250 |
3.100% notes due 2021 | 250 |  |  | 250 |
3.350% notes due 2021 | — |  |  | 1,000 |
LIBOR plus 0.650% floating rate notes due 2021 | — |  |  | 750 |
1.950% notes due 2021 | — |  |  | 750 |
1.125% notes due 2021 (€950 million principal value) | — |  |  | 1,053 |
2.300% notes due 2022 | — |  |  | 500 |
2.800% notes due 2022 | 1,100 |  |  | 1,100 |
3.100% notes due 2022 | — |  |  | 2,300 |
2.500% notes due 2022 (2) | 1,100 |  |  | — |
1.250% notes due 2023 (€750 million principal value) | — |  |  | 831 |
3.650% notes due 2023 (1) | 171 |  |  | 2,250 |
3.700% notes due 2023 | 400 |  |  | 400 |
2.800% notes due 2024 | — |  |  | 800 |
3.200% notes due 2024 | 950 |  |  | 950 |
1.150% notes due 2024 (€750 million principal value) | — |  |  | 831 |
3.150% notes due 2024 (2) | 300 |  |  | — |
3.950% notes due 2025 (1) | 1,500 |  |  | 1,500 |
1.875% notes due 2026 (€500 million principal value) | — |  |  | 554 |
2.650% notes due 2026 (1) | 719 |  |  | 1,150 |
3.125% notes due 2027 (1) | 1,100 |  |  | 1,100 |
3.500% notes due 2027 | 1,300 |  |  | 1,300 |
7.200% notes due 2027 (2) | 382 |  |  | — |
7.100% notes due 2027 | 141 |  |  | 141 |
6.700% notes due 2028 | 400 |  |  | 400 |
7.000% notes due 2028 (2) | 185 |  |  | — |
4.125% notes due 2028 (1) | 3,000 |  |  | 3,000 |
7.500% notes due 2029 (1) | 550 |  |  | 550 |
2.150% notes due 2030 (€500 million principal value) (1) | 583 |  |  | 554 |
2.250% notes due 2030 (1) | 1,000 |  |  | — |
5.400% notes due 2035 (1) | 600 |  |  | 600 |
6.050% notes due 2036 (1) | 600 |  |  | 600 |
6.800% notes due 2036 (1) | 134 |  |  | 134 |
7.000% notes due 2038 | 159 |  |  | 159 |
6.125% notes due 2038 (1) | 1,000 |  |  | 1,000 |
4.450% notes due 2038 (1) | 750 |  |  | 750 |
5.700% notes due 2040 (1) | 1,000 |  |  | 1,000 |
4.875% notes due 2040 (2) | 600 |  |  | — |
4.700% notes due 2041 (2) | 425 |  |  | — |
4.500% notes due 2042 (1) | 3,500 |  |  | 3,500 |
4.800% notes due 2043 | 400 |  |  | 400 |
4.200% notes due 2044 (2) | 300 |  |  | — |
4.150% notes due 2045 (1) | 850 |  |  | 850 |
3.750% notes due 2046 (1) | 1,100 |  |  | 1,100 |
4.050% notes due 2047 (1) | 600 |  |  | 600 |
4.350% notes due 2047 | 1,000 |  |  | 1,000 |
4.625% notes due 2048 (1) | 1,750 |  |  | 1,750 |
3.125% notes due 2050 (1) | 1,000 |  |  | — |
Other (including finance leases) | 299 |  |  | 315 |
Total principal long-term debt | 32,448 |  |  | 41,274 |
Other (fair market value adjustments, (discounts)/premiums, and debt issuance costs) | 105 |  |  | (315) |
Total long-term debt | 32,553 |  |  | 40,959 |
Less: current portion | 1,307 |  |  | 3,258 |
Long-term debt, net of current portion | $ | 31,246 |  |  | $ | 37,701 |
(1) We may redeem these notes at our option pursuant to their terms. (2) Debt assumed in the Raytheon Merger.
Schedule of Weighted average interest rates [Table Text Block] | The average interest expense rate on our total borrowings for the quarters and nine months ended September 30, 2020 and 2019 was as follows:
| Quarter Ended September 30, |  |  |  | Nine Months Ended September 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
Average interest expense rate | 4.2 | % |  | 3.6 | % |  | 4.0 | % |  | 3.7 | %

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