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Segment Financial Data (Tables) | 9 Months Ended
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Sep. 30, 2021
Segment Reporting [Abstract] |
Revised Segment Financial Results | Revised financial results for the fiscal quarters and year ended 2020 were as follows:
| 2020
(dollars in millions) | Q1 | Q2 | Q3 | Q4 | FY
Net Sales |  |  |  |  |
Collins Aerospace Systems | $ | 6,438 |  | $ | 4,202 |  | $ | 4,274 |  | $ | 4,374 |  | $ | 19,288 |
Pratt & Whitney | 5,353 |  | 3,487 |  | 3,494 |  | 4,465 |  | 16,799 |
Raytheon Intelligence & Space | — |  | 3,387 |  | 3,749 |  | 3,933 |  | 11,069 |
Raytheon Missiles & Defense | — |  | 3,506 |  | 3,706 |  | 4,184 |  | 11,396 |
Total segments | 11,791 |  | 14,582 |  | 15,223 |  | 16,956 |  | 58,552 |
Eliminations and other | (431) |  | (521) |  | (476) |  | (537) |  | (1,965) |
Consolidated | $ | 11,360 |  | $ | 14,061 |  | $ | 14,747 |  | $ | 16,419 |  | $ | 56,587 |
Operating Profit (Loss) |  |  |  |  |
Collins Aerospace Systems | $ | 1,246 |  | $ | (317) |  | $ | 526 |  | $ | 11 |  | $ | 1,466 |
Pratt & Whitney | 475 |  | (457) |  | (615) |  | 33 |  | (564) |
Raytheon Intelligence & Space | — |  | 309 |  | 350 |  | 361 |  | 1,020 |
Raytheon Missiles & Defense | — |  | 398 |  | 449 |  | 33 |  | 880 |
Total segments | 1,721 |  | (67) |  | 710 |  | 438 |  | 2,802 |
Eliminations and other | (25) |  | (27) |  | (49) |  | (6) |  | (107) |
Corporate expenses and other unallocated items | (130) |  | (277) |  | (84) |  | (99) |  | (590) |
FAS/CAS operating adjustment | — |  | 356 |  | 380 |  | 370 |  | 1,106 |
Acquisition accounting adjustments | (271) |  | (3,745) |  | (523) |  | (561) |  | (5,100) |
Consolidated | $ | 1,295 |  | $ | (3,760) |  | $ | 434 |  | $ | 142 |  | $ | (1,889) |
Segment Operating Profit (Loss) Margin |  |  |  |  |
Collins Aerospace Systems | 19.4 | % | (7.5) | % | 12.3 | % | 0.3 | % | 7.6 | %
Pratt & Whitney | 8.9 | % | (13.1) | % | (17.6) | % | 0.7 | % | (3.4) | %
Raytheon Intelligence & Space | NM | 9.1 | % | 9.3 | % | 9.2 | % | 9.2 | %
Raytheon Missiles & Defense | NM | 11.4 | % | 12.1 | % | 0.8 | % | 7.7 | %
Total segment | 14.6 | % | (0.5) | % | 4.7 | % | 2.6 | % | 4.8 | %
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Results for the quarters ended September 30, 2021 and 2020 are as follows:
| Net Sales |  | Operating Profit (Loss) |  | Operating Profit (Loss) Margins
(dollars in millions) | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Collins Aerospace Systems | $ | 4,592 |  |  | $ | 4,274 |  |  | $ | 478 |  |  | $ | 526 |  |  | 10.4 | % |  | 12.3 | %
Pratt & Whitney | 4,725 |  |  | 3,494 |  |  | 187 |  |  | (615) |  |  | 4.0 | % |  | (17.6) | %
Raytheon Intelligence & Space | 3,740 |  |  | 3,749 |  |  | 391 |  |  | 350 |  |  | 10.5 | % |  | 9.3 | %
Raytheon Missiles & Defense | 3,902 |  |  | 3,706 |  |  | 490 |  |  | 449 |  |  | 12.6 | % |  | 12.1 | %
Total segment | 16,959 |  |  | 15,223 |  |  | 1,546 |  |  | 710 |  |  | 9.1 | % |  | 4.7 | %
Eliminations and other(1) | (746) |  |  | (476) |  |  | (27) |  |  | (49) |  |  |  |  |
Corporate expenses and other unallocated items (2) | — |  |  | — |  |  | (89) |  |  | (84) |  |  |  |  |
FAS/CAS operating adjustment | — |  |  | — |  |  | 499 |  |  | 380 |  |  |  |  |
Acquisition accounting adjustments | — |  |  | — |  |  | (586) |  |  | (523) |  |  |  |  |
Consolidated | $ | 16,213 |  |  | $ | 14,747 |  |  | $ | 1,343 |  |  | $ | 434 |  |  | 8.3 | % |  | 2.9 | %
(1) Includes the operating results of certain smaller non-reportable business segments. 2020 amounts include Forcepoint, which was acquired as part of the Raytheon Merger and subsequently disposed of on January 8, 2021. (2) Corporate expenses and other unallocated items include the net expenses related to the U.S. Army’s Lower Tier Air and Missile Defense Sensor (LTAMDS) project. Results for the nine months ended September 30, 2021 and 2020 are as follows:
| Net Sales |  | Operating Profit (Loss) |  | Operating Profit (Loss) Margins
(dollars in millions) | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Collins Aerospace Systems | $ | 13,507 |  |  | $ | 14,914 |  |  | $ | 1,298 |  |  | $ | 1,455 |  |  | 9.6 | % |  | 9.8 | %
Pratt & Whitney | 13,035 |  |  | 12,334 |  |  | 319 |  |  | (597) |  |  | 2.4 | % |  | (4.8) | %
Raytheon Intelligence & Space | 11,310 |  |  | 7,136 |  |  | 1,194 |  |  | 659 |  |  | 10.6 | % |  | 9.2 | %
Raytheon Missiles & Defense | 11,680 |  |  | 7,212 |  |  | 1,518 |  |  | 847 |  |  | 13.0 | % |  | 11.7 | %
Total segment | 49,532 |  |  | 41,596 |  |  | 4,329 |  |  | 2,364 |  |  | 8.7 | % |  | 5.7 | %
Eliminations and other (1) | (2,188) |  |  | (1,428) |  |  | (98) |  |  | (101) |  |  |  |  |
Corporate expenses and other unallocated items (2) | — |  |  | — |  |  | (319) |  |  | (491) |  |  |  |  |
FAS/CAS operating adjustment | — |  |  | — |  |  | 1,347 |  |  | 736 |  |  |  |  |
Acquisition accounting adjustments | — |  |  | — |  |  | (1,621) |  |  | (4,539) |  |  |  |  |
Consolidated | $ | 47,344 |  |  | $ | 40,168 |  |  | $ | 3,638 |  |  | $ | (2,031) |  |  | 7.7 | % |  | (5.1) | %
(1) Includes the operating results of certain smaller non-reportable business segments. 2020 amounts include Forcepoint, which was acquired as part of the Raytheon Merger and subsequently disposed of on January 8, 2021. (2) Corporate expenses and other unallocated items include the net expenses related to the U.S. Army’s LTAMDS project.
Disaggregation of Revenue | Segment sales disaggregated by geographic region for the quarters ended September 30, 2021 and 2020 are as follows:
| 2021 |  | 2020
(dollars in millions) | Collins Aerospace Systems | Pratt & Whitney | Raytheon Intelligence & Space | Raytheon Missiles & Defense | Other | Total |  | Collins Aerospace Systems | Pratt & Whitney | Raytheon Intelligence & Space | Raytheon Missiles & Defense | Other | Total
United States | $ | 2,334 |  | $ | 2,367 |  | $ | 2,977 |  | $ | 2,414 |  | $ | 4 |  | $ | 10,096 |  |  | $ | 2,378 |  | $ | 1,856 |  | $ | 2,999 |  | $ | 2,224 |  | $ | 109 |  | $ | 9,566 |
Asia Pacific | 465 |  | 1,007 |  | 199 |  | 335 |  | — |  | 2,006 |  |  | 358 |  | 772 |  | 205 |  | 355 |  | 13 |  | 1,703 |
Middle East and North Africa | 136 |  | 127 |  | 105 |  | 772 |  | — |  | 1,140 |  |  | 97 |  | 112 |  | 133 |  | 703 |  | 10 |  | 1,055 |
Europe | 1,066 |  | 943 |  | 107 |  | 297 |  | (5) |  | 2,408 |  |  | 965 |  | 572 |  | 100 |  | 337 |  | 38 |  | 2,012 |
Canada and All Other | 226 |  | 281 |  | 39 |  | 17 |  | — |  | 563 |  |  | 165 |  | 179 |  | 29 |  | 29 |  | 9 |  | 411 |
Consolidated net sales | 4,227 |  | 4,725 |  | 3,427 |  | 3,835 |  | (1) |  | 16,213 |  |  | 3,963 |  | 3,491 |  | 3,466 |  | 3,648 |  | 179 |  | 14,747 |
Inter-segment sales | 365 |  | — |  | 313 |  | 67 |  | (745) |  | — |  |  | 311 |  | 3 |  | 283 |  | 58 |  | (655) |  | — |
Business segment sales | $ | 4,592 |  | $ | 4,725 |  | $ | 3,740 |  | $ | 3,902 |  | $ | (746) |  | $ | 16,213 |  |  | $ | 4,274 |  | $ | 3,494 |  | $ | 3,749 |  | $ | 3,706 |  | $ | (476) |  | $ | 14,747 |
Segment sales disaggregated by geographic region for the nine months ended September 30, 2021 and 2020 are as follows:
| 2021 |  | 2020
(dollars in millions) | Collins Aerospace Systems | Pratt & Whitney | Raytheon Intelligence & Space | Raytheon Missiles & Defense | Other | Total |  | Collins Aerospace Systems | Pratt & Whitney | Raytheon Intelligence & Space | Raytheon Missiles & Defense | Other | Total
United States | $ | 6,899 |  | $ | 6,665 |  | $ | 8,962 |  | $ | 7,156 |  | $ | 15 |  | $ | 29,697 |  |  | $ | 8,027 |  | $ | 6,103 |  | $ | 5,627 |  | $ | 4,311 |  | $ | 156 |  | $ | 24,224 |
Asia Pacific | 1,340 |  | 2,771 |  | 608 |  | 1,061 |  | — |  | 5,780 |  |  | 1,350 |  | 2,980 |  | 405 |  | 701 |  | 26 |  | 5,462 |
Middle East and North Africa | 346 |  | 316 |  | 370 |  | 2,267 |  | — |  | 3,299 |  |  | 339 |  | 406 |  | 270 |  | 1,408 |  | 18 |  | 2,441 |
Europe | 3,207 |  | 2,376 |  | 339 |  | 949 |  | — |  | 6,871 |  |  | 3,497 |  | 2,101 |  | 202 |  | 628 |  | 104 |  | 6,532 |
Canada and All Other | 646 |  | 907 |  | 94 |  | 50 |  | — |  | 1,697 |  |  | 651 |  | 738 |  | 53 |  | 43 |  | 24 |  | 1,509 |
Consolidated net sales | 12,438 |  | 13,035 |  | 10,373 |  | 11,483 |  | 15 |  | 47,344 |  |  | 13,864 |  | 12,328 |  | 6,557 |  | 7,091 |  | 328 |  | 40,168 |
Inter-segment sales | 1,069 |  | — |  | 937 |  | 197 |  | (2,203) |  | — |  |  | 1,050 |  | 6 |  | 579 |  | 121 |  | (1,756) |  | — |
Business segment sales | $ | 13,507 |  | $ | 13,035 |  | $ | 11,310 |  | $ | 11,680 |  | $ | (2,188) |  | $ | 47,344 |  |  | $ | 14,914 |  | $ | 12,334 |  | $ | 7,136 |  | $ | 7,212 |  | $ | (1,428) |  | $ | 40,168 |
Segment sales disaggregated by customer for the quarters ended September 30, 2021 and 2020 are as follows:
| 2021 |  | 2020
(dollars in millions) | Collins Aerospace Systems | Pratt & Whitney | Raytheon Intelligence & Space | Raytheon Missiles & Defense | Other | Total |  | Collins Aerospace Systems | Pratt & Whitney | Raytheon Intelligence & Space | Raytheon Missiles & Defense | Other | Total
U.S. government (1) | $ | 1,101 |  | $ | 1,295 |  | $ | 2,923 |  | $ | 2,414 |  | $ | 4 |  | $ | 7,737 |  |  | $ | 1,238 |  | $ | 1,270 |  | $ | 2,944 |  | $ | 2,223 |  | $ | 72 |  | $ | 7,747 |
Foreign military sales through the U.S. government | 54 |  | 322 |  | 210 |  | 778 |  | — |  | 1,364 |  |  | 34 |  | 325 |  | 201 |  | 812 |  | — |  | 1,372 |
Foreign government direct commercial sales | 258 |  | 126 |  | 216 |  | 642 |  | — |  | 1,242 |  |  | 230 |  | 120 |  | 245 |  | 589 |  | 2 |  | 1,186 |
Commercial aerospace and other commercial | 2,814 |  | 2,982 |  | 78 |  | 1 |  | (5) |  | 5,870 |  |  | 2,461 |  | 1,776 |  | 76 |  | 24 |  | 105 |  | 4,442 |
Consolidated net sales | 4,227 |  | 4,725 |  | 3,427 |  | 3,835 |  | (1) |  | 16,213 |  |  | 3,963 |  | 3,491 |  | 3,466 |  | 3,648 |  | 179 |  | 14,747 |
Inter-segment sales | 365 |  | — |  | 313 |  | 67 |  | (745) |  | — |  |  | 311 |  | 3 |  | 283 |  | 58 |  | (655) |  | — |
Business segment sales | $ | 4,592 |  | $ | 4,725 |  | $ | 3,740 |  | $ | 3,902 |  | $ | (746) |  | $ | 16,213 |  |  | $ | 4,274 |  | $ | 3,494 |  | $ | 3,749 |  | $ | 3,706 |  | $ | (476) |  | $ | 14,747 |
(1) Excludes foreign military sales through the U.S. government. Segment sales disaggregated by customer for the nine months ended September 30, 2021 and 2020 are as follows:
| 2021 |  | 2020
(dollars in millions) | Collins Aerospace Systems | Pratt & Whitney | Raytheon Intelligence & Space | Raytheon Missiles & Defense | Other | Total |  | Collins Aerospace Systems | Pratt & Whitney | Raytheon Intelligence & Space | Raytheon Missiles & Defense | Other | Total
U.S. government (1) | $ | 3,470 |  | $ | 3,748 |  | $ | 8,767 |  | $ | 7,155 |  | $ | 15 |  | $ | 23,155 |  |  | $ | 3,880 |  | $ | 3,792 |  | $ | 5,504 |  | $ | 4,301 |  | $ | 126 |  | $ | 17,603 |
Foreign military sales through the U.S. government | 119 |  | 961 |  | 627 |  | 2,449 |  | — |  | 4,156 |  |  | 166 |  | 877 |  | 419 |  | 1,578 |  | — |  | 3,040 |
Foreign government direct commercial sales | 804 |  | 392 |  | 662 |  | 1,877 |  | — |  | 3,735 |  |  | 659 |  | 380 |  | 458 |  | 1,154 |  | 2 |  | 2,653 |
Commercial aerospace and other commercial | 8,045 |  | 7,934 |  | 317 |  | 2 |  | — |  | 16,298 |  |  | 9,159 |  | 7,279 |  | 176 |  | 58 |  | 200 |  | 16,872 |
Consolidated net sales | 12,438 |  | 13,035 |  | 10,373 |  | 11,483 |  | 15 |  | 47,344 |  |  | 13,864 |  | 12,328 |  | 6,557 |  | 7,091 |  | 328 |  | 40,168 |
Inter-segment sales | 1,069 |  | — |  | 937 |  | 197 |  | (2,203) |  | — |  |  | 1,050 |  | 6 |  | 579 |  | 121 |  | (1,756) |  | — |
Business segment sales | $ | 13,507 |  | $ | 13,035 |  | $ | 11,310 |  | $ | 11,680 |  | $ | (2,188) |  | $ | 47,344 |  |  | $ | 14,914 |  | $ | 12,334 |  | $ | 7,136 |  | $ | 7,212 |  | $ | (1,428) |  | $ | 40,168 |
(1) Excludes foreign military sales through the U.S. government. Segment sales disaggregated by sales type for the quarters ended September 30, 2021 and 2020 are as follows:
| 2021 |  | 2020
(dollars in millions) | Collins Aerospace Systems | Pratt & Whitney | Raytheon Intelligence & Space | Raytheon Missiles & Defense | Other | Total |  | Collins Aerospace Systems | Pratt & Whitney | Raytheon Intelligence & Space | Raytheon Missiles & Defense | Other | Total
Products | $ | 3,336 |  | $ | 2,877 |  | $ | 2,613 |  | $ | 3,506 |  | $ | (1) |  | $ | 12,331 |  |  | $ | 3,231 |  | $ | 2,142 |  | $ | 2,615 |  | $ | 3,324 |  | $ | 157 |  | $ | 11,469 |
Services | 891 |  | 1,848 |  | 814 |  | 329 |  | — |  | 3,882 |  |  | 732 |  | 1,349 |  | 851 |  | 324 |  | 22 |  | 3,278 |
Consolidated net sales | 4,227 |  | 4,725 |  | 3,427 |  | 3,835 |  | (1) |  | 16,213 |  |  | 3,963 |  | 3,491 |  | 3,466 |  | 3,648 |  | 179 |  | 14,747 |
Inter-segment sales | 365 |  | — |  | 313 |  | 67 |  | (745) |  | — |  |  | 311 |  | 3 |  | 283 |  | 58 |  | (655) |  | — |
Business segment sales | $ | 4,592 |  | $ | 4,725 |  | $ | 3,740 |  | $ | 3,902 |  | $ | (746) |  | $ | 16,213 |  |  | $ | 4,274 |  | $ | 3,494 |  | $ | 3,749 |  | $ | 3,706 |  | $ | (476) |  | $ | 14,747 |
Segment sales disaggregated by sales type for the nine months ended September 30, 2021 and 2020 are as follows:
| 2021 |  | 2020
(dollars in millions) | Collins Aerospace Systems | Pratt & Whitney | Raytheon Intelligence & Space | Raytheon Missiles & Defense | Other | Total |  | Collins Aerospace Systems | Pratt & Whitney | Raytheon Intelligence & Space | Raytheon Missiles & Defense | Other | Total
Products | $ | 9,867 |  | $ | 7,882 |  | $ | 7,964 |  | $ | 10,446 |  | $ | 15 |  | $ | 36,174 |  |  | $ | 11,325 |  | $ | 7,285 |  | $ | 5,024 |  | $ | 6,480 |  | $ | 288 |  | $ | 30,402 |
Services | 2,571 |  | 5,153 |  | 2,409 |  | 1,037 |  | — |  | 11,170 |  |  | 2,539 |  | 5,043 |  | 1,533 |  | 611 |  | 40 |  | 9,766 |
Consolidated net sales | 12,438 |  | 13,035 |  | 10,373 |  | 11,483 |  | 15 |  | 47,344 |  |  | 13,864 |  | 12,328 |  | 6,557 |  | 7,091 |  | 328 |  | 40,168 |
Inter-segment sales | 1,069 |  | — |  | 937 |  | 197 |  | (2,203) |  | — |  |  | 1,050 |  | 6 |  | 579 |  | 121 |  | (1,756) |  | — |
Business segment sales | $ | 13,507 |  | $ | 13,035 |  | $ | 11,310 |  | $ | 11,680 |  | $ | (2,188) |  | $ | 47,344 |  |  | $ | 14,914 |  | $ | 12,334 |  | $ | 7,136 |  | $ | 7,212 |  | $ | (1,428) |  | $ | 40,168 |
RIS and RMD segment sales disaggregated by contract type for the quarters ended September 30, 2021 and 2020 are as follows:
| 2021 |  | 2020
(dollars in millions) | Raytheon Intelligence & Space | Raytheon Missiles & Defense |  | Raytheon Intelligence & Space | Raytheon Missiles & Defense
Fixed-price | $ | 1,506 |  | $ | 2,401 |  |  | $ | 1,510 |  | $ | 2,337 |
Cost-type | 1,921 |  | 1,434 |  |  | 1,956 |  | 1,311 |
Consolidated net sales | 3,427 |  | 3,835 |  |  | 3,466 |  | 3,648 |
Inter-segments sales | 313 |  | 67 |  |  | 283 |  | 58 |
Business segment sales | $ | 3,740 |  | $ | 3,902 |  |  | $ | 3,749 |  | $ | 3,706 |
RIS and RMD segment sales disaggregated by contract type for the nine months ended September 30, 2021 and 2020 are as follows:
| 2021 |  | 2020
(dollars in millions) | Raytheon Intelligence & Space | Raytheon Missiles & Defense |  | Raytheon Intelligence & Space | Raytheon Missiles & Defense
Fixed-price | $ | 4,533 |  | $ | 7,054 |  |  | $ | 2,781 |  | $ | 4,447 |
Cost-type | 5,840 |  | 4,429 |  |  | 3,776 |  | 2,644 |
Consolidated net sales | 10,373 |  | 11,483 |  |  | 6,557 |  | 7,091 |
Inter-segments sales | 937 |  | 197 |  |  | 579 |  | 121 |
Business segment sales | $ | 11,310 |  | $ | 11,680 |  |  | $ | 7,136 |  | $ | 7,212 |

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