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Segment Financial Data (Tables) | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Segment Information | Segment information for the years ended December 31 are as follows:
|  | Net Sales |  | Operating Profit (Loss) |  | Operating Profit (Loss) Margins
(dollars in millions) |  | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Collins Aerospace |  | $ | 20,597 |  |  | $ | 18,449 |  |  | $ | 19,288 |  |  | $ | 2,343 |  |  | $ | 1,759 |  |  | $ | 1,466 |  |  | 11.4 | % |  | 9.5 | % |  | 7.6 | %
Pratt & Whitney |  | 20,530 |  |  | 18,150 |  |  | 16,799 |  |  | 1,075 |  |  | 454 |  |  | (564) |  |  | 5.2 | % |  | 2.5 | % |  | (3.4) | %
Raytheon Intelligence & Space |  | 14,312 |  |  | 15,180 |  |  | 11,069 |  |  | 1,342 |  |  | 1,833 |  |  | 1,020 |  |  | 9.4 | % |  | 12.1 | % |  | 9.2 | %
Raytheon Missiles & Defense |  | 14,863 |  |  | 15,539 |  |  | 11,396 |  |  | 1,519 |  |  | 2,004 |  |  | 880 |  |  | 10.2 | % |  | 12.9 | % |  | 7.7 | %
Total segment |  | 70,302 |  |  | 67,318 |  |  | 58,552 |  |  | 6,279 |  |  | 6,050 |  |  | 2,802 |  |  | 8.9 | % |  | 9.0 | % |  | 4.8 | %
Eliminations and other (1) |  | (3,228) |  |  | (2,930) |  |  | (1,965) |  |  | (174) |  |  | (133) |  |  | (107) |  |  |  |  |  |  |
Corporate expenses and other unallocated items (2) |  | — |  |  | — |  |  | — |  |  | (318) |  |  | (552) |  |  | (590) |  |  |  |  |  |  |
FAS/CAS operating adjustment |  | — |  |  | — |  |  | — |  |  | 1,520 |  |  | 1,796 |  |  | 1,106 |  |  |  |  |  |  |
Acquisition accounting adjustments(3) |  | — |  |  | — |  |  | — |  |  | (1,893) |  |  | (2,203) |  |  | (5,100) |  |  |  |  |  |  |
Consolidated |  | $ | 67,074 |  |  | $ | 64,388 |  |  | $ | 56,587 |  |  | $ | 5,414 |  |  | $ | 4,958 |  |  | $ | (1,889) |  |  | 8.1 | % |  | 7.7 | % |  | (3.3) | %
(1) Includes the operating results of certain smaller non-reportable business segments. 2020 amounts include Forcepoint, LLC, which was acquired as part of the Raytheon merger, and subsequently disposed of on January 8, 2021. (2) Includes the net expenses related to the U.S. Army’s LTAMDS project. (3) Operating profit (loss) in 2020 includes the $3.2 billion goodwill impairment charge in the second quarter of 2020 related to two Collins reporting units. Refer to “Note 2: Business Acquisitions, Dispositions, Goodwill and Intangible Assets” for additional information.
| Total Assets |  | Capital Expenditures |  | Depreciation & Amortization
(dollars in millions) | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Collins Aerospace (1) | $ | 67,030 |  |  | $ | 67,564 |  |  | $ | 655 |  |  | $ | 665 |  |  | $ | 638 |  |  | $ | 742 |  |  | $ | 728 |  |  | $ | 736 |
Pratt & Whitney (1) | 36,205 |  |  | 33,414 |  |  | 949 |  |  | 700 |  |  | 565 |  |  | 724 |  |  | 642 |  |  | 729 |
Raytheon Intelligence & Space (1) | 21,174 |  |  | 21,545 |  |  | 320 |  |  | 305 |  |  | 218 |  |  | 209 |  |  | 187 |  |  | 154 |
Raytheon Missiles & Defense (1) | 27,852 |  |  | 28,766 |  |  | 260 |  |  | 287 |  |  | 280 |  |  | 333 |  |  | 333 |  |  | 228 |
Total segment | 152,261 |  |  | 151,289 |  |  | 2,184 |  |  | 1,957 |  |  | 1,701 |  |  | 2,008 |  |  | 1,890 |  |  | 1,847 |
Corporate, eliminations and other | 6,603 |  |  | 10,115 |  |  | 104 |  |  | 177 |  |  | 94 |  |  | 99 |  |  | 152 |  |  | 155 |
Acquisition accounting adjustments |  |  |  |  |  |  |  |  |  |  | 2,001 |  |  | 2,515 |  |  | 2,154 |
Consolidated | $ | 158,864 |  |  | $ | 161,404 |  |  | $ | 2,288 |  |  | $ | 2,134 |  |  | $ | 1,795 |  |  | $ | 4,108 |  |  | $ | 4,557 |  |  | $ | 4,156 |
(1) Total assets include acquired intangible assets and the property, plant and equipment fair value adjustment. Related amortization expense is included in Acquisition accounting adjustments.
Geographic External Sales by Origin and Long-Lived Assets |
|  | External Net Sales |  | Long-Lived Assets
(dollars in millions) |  | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021
United States |  | $ | 57,869 |  |  | $ | 55,837 |  |  | $ | 48,560 |  |  | $ | 12,162 |  |  | $ | 11,731 |
International |  |  |  |  |  |  |  |  |  |
Europe |  | 3,874 |  |  | 3,630 |  |  | 3,696 |  |  | 1,132 |  |  | 1,255 |
Asia Pacific |  | 1,778 |  |  | 1,748 |  |  | 1,574 |  |  | 801 |  |  | 854 |
Middle East and North Africa |  | 173 |  |  | 136 |  |  | 103 |  |  | 113 |  |  | 129 |
Other |  | 3,380 |  |  | 3,037 |  |  | 2,654 |  |  | 962 |  |  | 1,003 |
Consolidated |  | $ | 67,074 |  |  | $ | 64,388 |  |  | $ | 56,587 |  |  | $ | 15,170 |  |  | $ | 14,972 |
Disaggregation of Revenue | Segment sales disaggregated by geographic region for the years ended December 31 are as follows:
| 2022
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon Intelligence & Space | Raytheon Missiles & Defense | Other | Total
United States | $ | 9,847 |  | $ | 10,433 |  | $ | 11,418 |  | $ | 9,482 |  | $ | 10 |  | $ | 41,190 |
Europe | 5,374 |  | 4,211 |  | 418 |  | 1,108 |  | — |  | 11,111 |
Asia Pacific | 2,021 |  | 3,775 |  | 747 |  | 1,514 |  | — |  | 8,057 |
Middle East and North Africa | 474 |  | 450 |  | 231 |  | 2,444 |  | — |  | 3,599 |
Other | 1,240 |  | 1,658 |  | 141 |  | 78 |  | — |  | 3,117 |
Consolidated net sales | 18,956 |  | 20,527 |  | 12,955 |  | 14,626 |  | 10 |  | 67,074 |
Inter-segment sales | 1,641 |  | 3 |  | 1,357 |  | 237 |  | (3,238) |  | — |
Business segment sales | $ | 20,597 |  | $ | 20,530 |  | $ | 14,312 |  | $ | 14,863 |  | $ | (3,228) |  | $ | 67,074 |
| 2021
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon Intelligence & Space | Raytheon Missiles & Defense | Other | Total
United States | $ | 9,341 |  | $ | 9,034 |  | $ | 12,126 |  | $ | 9,495 |  | $ | 15 |  | $ | 40,011 |
Europe | 4,421 |  | 3,488 |  | 434 |  | 1,255 |  | — |  | 9,598 |
Asia Pacific | 1,851 |  | 3,885 |  | 771 |  | 1,462 |  | — |  | 7,969 |
Middle East and North Africa | 462 |  | 441 |  | 469 |  | 3,007 |  | — |  | 4,379 |
Other | 915 |  | 1,302 |  | 144 |  | 70 |  | — |  | 2,431 |
Consolidated net sales | 16,990 |  | 18,150 |  | 13,944 |  | 15,289 |  | 15 |  | 64,388 |
Inter-segment sales | 1,459 |  | — |  | 1,236 |  | 250 |  | (2,945) |  | — |
Business segment sales | $ | 18,449 |  | $ | 18,150 |  | $ | 15,180 |  | $ | 15,539 |  | $ | (2,930) |  | $ | 64,388 |
| 2020
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon Intelligence & Space | Raytheon Missiles & Defense | Other | Total
United States | $ | 10,132 |  | $ | 8,534 |  | $ | 8,704 |  | $ | 6,906 |  | $ | 284 |  | $ | 34,560 |
Europe | 4,643 |  | 2,726 |  | 307 |  | 1,031 |  | 149 |  | 8,856 |
Asia Pacific | 1,810 |  | 4,024 |  | 637 |  | 1,132 |  | 41 |  | 7,644 |
Middle East and North Africa | 421 |  | 505 |  | 410 |  | 2,077 |  | 30 |  | 3,443 |
Other | 904 |  | 1,001 |  | 83 |  | 73 |  | 23 |  | 2,084 |
Consolidated net sales | 17,910 |  | 16,790 |  | 10,141 |  | 11,219 |  | 527 |  | 56,587 |
Inter-segment sales | 1,378 |  | 9 |  | 928 |  | 177 |  | (2,492) |  | — |
Business segment sales | $ | 19,288 |  | $ | 16,799 |  | $ | 11,069 |  | $ | 11,396 |  | $ | (1,965) |  | $ | 56,587 |
Segment sales disaggregated by type of customer for the years ended December 31 are as follows:
| 2022
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon Intelligence & Space | Raytheon Missiles & Defense | Other | Total
U.S. government (1) | $ | 4,337 |  | $ | 5,272 |  | $ | 11,221 |  | $ | 9,477 |  | $ | 10 |  | $ | 30,317 |
Foreign military sales through the U.S. government | 238 |  | 1,115 |  | 604 |  | 3,085 |  | — |  | 5,042 |
Foreign government direct commercial sales | 978 |  | 474 |  | 827 |  | 2,048 |  | — |  | 4,327 |
Commercial aerospace and other commercial | 13,403 |  | 13,666 |  | 303 |  | 16 |  | — |  | 27,388 |
Consolidated net sales | 18,956 |  | 20,527 |  | 12,955 |  | 14,626 |  | 10 |  | 67,074 |
Inter-segment sales | 1,641 |  | 3 |  | 1,357 |  | 237 |  | (3,238) |  | — |
Business segment sales | $ | 20,597 |  | $ | 20,530 |  | $ | 14,312 |  | $ | 14,863 |  | $ | (3,228) |  | $ | 67,074 |
(1) Excludes foreign military sales through the U.S. government.
| 2021
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon Intelligence & Space | Raytheon Missiles & Defense | Other | Total
U.S. government (1) | $ | 4,685 |  | $ | 5,140 |  | $ | 11,844 |  | $ | 9,493 |  | $ | 15 |  | $ | 31,177 |
Foreign military sales through the U.S. government | 168 |  | 1,273 |  | 825 |  | 3,280 |  | — |  | 5,546 |
Foreign government direct commercial sales | 1,095 |  | 541 |  | 844 |  | 2,513 |  | — |  | 4,993 |
Commercial aerospace and other commercial | 11,042 |  | 11,196 |  | 431 |  | 3 |  | — |  | 22,672 |
Consolidated net sales | 16,990 |  | 18,150 |  | 13,944 |  | 15,289 |  | 15 |  | 64,388 |
Inter-segment sales | 1,459 |  | — |  | 1,236 |  | 250 |  | (2,945) |  | — |
Business segment sales | $ | 18,449 |  | $ | 18,150 |  | $ | 15,180 |  | $ | 15,539 |  | $ | (2,930) |  | $ | 64,388 |
(1) Excludes foreign military sales through the U.S. government.
| 2020
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon Intelligence & Space | Raytheon Missiles & Defense | Other | Total
U.S. government (1) | $ | 5,159 |  | $ | 5,193 |  | $ | 8,512 |  | $ | 6,896 |  | $ | 202 |  | $ | 25,962 |
Foreign military sales through the U.S. government | 218 |  | 1,229 |  | 640 |  | 2,498 |  | — |  | 4,585 |
Foreign government direct commercial sales | 923 |  | 583 |  | 740 |  | 1,725 |  | 3 |  | 3,974 |
Commercial aerospace and other commercial | 11,610 |  | 9,785 |  | 249 |  | 100 |  | 322 |  | 22,066 |
Consolidated net sales | 17,910 |  | 16,790 |  | 10,141 |  | 11,219 |  | 527 |  | 56,587 |
Inter-segment sales | 1,378 |  | 9 |  | 928 |  | 177 |  | (2,492) |  | — |
Business segment sales | $ | 19,288 |  | $ | 16,799 |  | $ | 11,069 |  | $ | 11,396 |  | $ | (1,965) |  | $ | 56,587 |
(1) Excludes foreign military sales through the U.S. government. Sales to Airbus primarily relate to Pratt & Whitney and Collins products, and prior to discounts and incentives were approximately 14%, 12% and 13% of total net sales in 2022, 2021 and 2020, respectively. Segment sales disaggregated by sales type for the years ended December 31 are as follows:
| 2022
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon Intelligence & Space | Raytheon Missiles & Defense | Other | Total
Products | $ | 14,857 |  | $ | 12,411 |  | $ | 10,261 |  | $ | 13,234 |  | $ | 10 |  | $ | 50,773 |
Services | 4,099 |  | 8,116 |  | 2,694 |  | 1,392 |  | — |  | 16,301 |
Consolidated net sales | 18,956 |  | 20,527 |  | 12,955 |  | 14,626 |  | 10 |  | 67,074 |
Inter-segment sales | 1,641 |  | 3 |  | 1,357 |  | 237 |  | (3,238) |  | — |
Business segment sales | $ | 20,597 |  | $ | 20,530 |  | $ | 14,312 |  | $ | 14,863 |  | $ | (3,228) |  | $ | 67,074 |
| 2021
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon Intelligence & Space | Raytheon Missiles & Defense | Other | Total
Products | $ | 13,404 |  | $ | 11,189 |  | $ | 10,735 |  | $ | 13,927 |  | $ | 15 |  | $ | 49,270 |
Services | 3,586 |  | 6,961 |  | 3,209 |  | 1,362 |  | — |  | 15,118 |
Consolidated net sales | 16,990 |  | 18,150 |  | 13,944 |  | 15,289 |  | 15 |  | 64,388 |
Inter-segment sales | 1,459 |  | — |  | 1,236 |  | 250 |  | (2,945) |  | — |
Business segment sales | $ | 18,449 |  | $ | 18,150 |  | $ | 15,180 |  | $ | 15,539 |  | $ | (2,930) |  | $ | 64,388 |
| 2020
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon Intelligence & Space | Raytheon Missiles & Defense | Other | Total
Products | $ | 14,664 |  | $ | 10,186 |  | $ | 7,775 |  | $ | 10,232 |  | $ | 462 |  | $ | 43,319 |
Services | 3,246 |  | 6,604 |  | 2,366 |  | 987 |  | 65 |  | 13,268 |
Consolidated net sales | 17,910 |  | 16,790 |  | 10,141 |  | 11,219 |  | 527 |  | 56,587 |
Inter-segment sales | 1,378 |  | 9 |  | 928 |  | 177 |  | (2,492) |  | — |
Business segment sales | $ | 19,288 |  | $ | 16,799 |  | $ | 11,069 |  | $ | 11,396 |  | $ | (1,965) |  | $ | 56,587 |
RIS and RMD segment sales disaggregated by contract type for the years ended December 31 are as follows:
| 2022 |  | 2021 |  | 2020
(dollars in millions) | Raytheon Intelligence & Space | Raytheon Missiles & Defense |  | Raytheon Intelligence & Space | Raytheon Missiles & Defense |  | Raytheon Intelligence & Space | Raytheon Missiles & Defense
Fixed-price | $ | 5,357 |  | $ | 8,763 |  |  | $ | 6,338 |  | $ | 9,406 |  |  | $ | 4,526 |  | $ | 7,080 |
Cost-type | 7,598 |  | 5,863 |  |  | 7,606 |  | 5,883 |  |  | 5,615 |  | 4,139 |
Consolidated net sales | 12,955 |  | 14,626 |  |  | 13,944 |  | 15,289 |  |  | 10,141 |  | 11,219 |
Inter-segment sales | 1,357 |  | 237 |  |  | 1,236 |  | 250 |  |  | 928 |  | 177 |
Business segment sales | $ | 14,312 |  | $ | 14,863 |  |  | $ | 15,180 |  | $ | 15,539 |  |  | $ | 11,069 |  | $ | 11,396 |

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