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v3.23.2

Segment Financial Data (Tables) | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | Results for the quarters ended June 30, 2023 and 2022 are as follows:
| Net Sales |  | Operating Profit |  | Operating Profit Margins
(dollars in millions) | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Collins Aerospace | $ | 5,850 |  |  | $ | 5,011 |  |  | $ | 821 |  |  | $ | 546 |  |  | 14.0 | % |  | 10.9 | %
Pratt & Whitney | 5,701 |  |  | 4,969 |  |  | 230 |  |  | 302 |  |  | 4.0 | % |  | 6.1 | %
Raytheon Intelligence & Space | 3,655 |  |  | 3,570 |  |  | 291 |  |  | 315 |  |  | 8.0 | % |  | 8.8 | %
Raytheon Missiles & Defense | 4,000 |  |  | 3,558 |  |  | 415 |  |  | 348 |  |  | 10.4 | % |  | 9.8 | %
Total segment | 19,206 |  |  | 17,108 |  |  | 1,757 |  |  | 1,511 |  |  | 9.1 | % |  | 8.8 | %
Eliminations and other(1) | (891) |  |  | (794) |  |  | (60) |  |  | (47) |  |  |  |  |
Corporate expenses and other unallocated items(2) | — |  |  | — |  |  | (59) |  |  | (42) |  |  |  |  |
FAS/CAS operating adjustment | — |  |  | — |  |  | 309 |  |  | 379 |  |  |  |  |
Acquisition accounting adjustments | — |  |  | — |  |  | (489) |  |  | (448) |  |  |  |  |
Consolidated | $ | 18,315 |  |  | $ | 16,314 |  |  | $ | 1,458 |  |  | $ | 1,353 |  |  | 8.0 | % |  | 8.3 | %
(1) Includes the operating results of certain smaller non-reportable business segments. (2) 2022 included the net expenses related to the U.S. Army’s Lower Tier Air and Missile Defense Sensor (LTAMDS) project. Beginning in 2023, LTAMDS results are included in the RMD segment. Results for the six months ended June 30, 2023 and 2022 are as follows:
| Net Sales |  | Operating Profit |  | Operating Profit Margins
(dollars in millions) | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Collins Aerospace | $ | 11,431 |  |  | $ | 9,835 |  |  | $ | 1,615 |  |  | $ | 986 |  |  | 14.1 | % |  | 10.0 | %
Pratt & Whitney | 10,931 |  |  | 9,498 |  |  | 645 |  |  | 453 |  |  | 5.9 | % |  | 4.8 | %
Raytheon Intelligence & Space | 7,220 |  |  | 7,142 |  |  | 615 |  |  | 693 |  |  | 8.5 | % |  | 9.7 | %
Raytheon Missiles & Defense | 7,671 |  |  | 7,085 |  |  | 743 |  |  | 735 |  |  | 9.7 | % |  | 10.4 | %
Total segment | 37,253 |  |  | 33,560 |  |  | 3,618 |  |  | 2,867 |  |  | 9.7 | % |  | 8.5 | %
Eliminations and other (1) | (1,724) |  |  | (1,530) |  |  | (47) |  |  | (81) |  |  |  |  |
Corporate expenses and other unallocated items (2) | — |  |  | — |  |  | (102) |  |  | (178) |  |  |  |  |
FAS/CAS operating adjustment | — |  |  | — |  |  | 623 |  |  | 757 |  |  |  |  |
Acquisition accounting adjustments | — |  |  | — |  |  | (982) |  |  | (932) |  |  |  |  |
Consolidated | $ | 35,529 |  |  | $ | 32,030 |  |  | $ | 3,110 |  |  | $ | 2,433 |  |  | 8.8 | % |  | 7.6 | %
(1) Includes the operating results of certain smaller non-reportable business segments. (2) 2022 included the net expenses related to the U.S. Army’s LTAMDS project. Beginning in 2023, LTAMDS results are included in the RMD segment.
Disaggregation of Revenue | Segment sales disaggregated by geographic region for the quarters ended June 30, 2023 and 2022 are as follows:
| 2023 |  | 2022
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon Intelligence & Space | Raytheon Missiles & Defense | Other | Total |  | Collins Aerospace | Pratt & Whitney | Raytheon Intelligence & Space | Raytheon Missiles & Defense | Other | Total
United States | $ | 2,785 |  | $ | 2,847 |  | $ | 2,867 |  | $ | 2,727 |  | $ | 1 |  | $ | 11,227 |  |  | $ | 2,458 |  | $ | 2,562 |  | $ | 2,852 |  | $ | 2,313 |  | $ | — |  | $ | 10,185 |
Europe | 1,506 |  | 1,345 |  | 109 |  | 326 |  | — |  | 3,286 |  |  | 1,270 |  | 1,057 |  | 103 |  | 248 |  | — |  | 2,678 |
Asia Pacific | 568 |  | 972 |  | 214 |  | 355 |  | — |  | 2,109 |  |  | 455 |  | 825 |  | 190 |  | 338 |  | — |  | 1,808 |
Middle East and North Africa | 176 |  | 104 |  | 44 |  | 527 |  | — |  | 851 |  |  | 119 |  | 112 |  | 62 |  | 576 |  | — |  | 869 |
Other | 361 |  | 433 |  | 29 |  | 19 |  | — |  | 842 |  |  | 305 |  | 413 |  | 38 |  | 18 |  | — |  | 774 |
Consolidated net sales | 5,396 |  | 5,701 |  | 3,263 |  | 3,954 |  | 1 |  | 18,315 |  |  | 4,607 |  | 4,969 |  | 3,245 |  | 3,493 |  | — |  | 16,314 |
Inter-segment sales | 454 |  | — |  | 392 |  | 46 |  | (892) |  | — |  |  | 404 |  | — |  | 325 |  | 65 |  | (794) |  | — |
Business segment sales | $ | 5,850 |  | $ | 5,701 |  | $ | 3,655 |  | $ | 4,000 |  | $ | (891) |  | $ | 18,315 |  |  | $ | 5,011 |  | $ | 4,969 |  | $ | 3,570 |  | $ | 3,558 |  | $ | (794) |  | $ | 16,314 |
Segment sales disaggregated by geographic region for the six months ended June 30, 2023 and 2022 are as follows:
| 2023 |  | 2022
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon Intelligence & Space | Raytheon Missiles & Defense | Other | Total |  | Collins Aerospace | Pratt & Whitney | Raytheon Intelligence & Space | Raytheon Missiles & Defense | Other | Total
United States | $ | 5,433 |  | $ | 5,478 |  | $ | 5,673 |  | $ | 5,186 |  | $ | 5 |  | $ | 21,775 |  |  | $ | 4,707 |  | $ | 4,874 |  | $ | 5,718 |  | $ | 4,612 |  | $ | 4 |  | $ | 19,915 |
Europe | 2,964 |  | 2,465 |  | 217 |  | 630 |  | — |  | 6,276 |  |  | 2,584 |  | 1,936 |  | 210 |  | 520 |  | — |  | 5,250 |
Asia Pacific | 1,124 |  | 1,877 |  | 427 |  | 731 |  | — |  | 4,159 |  |  | 952 |  | 1,698 |  | 353 |  | 662 |  | — |  | 3,665 |
Middle East and North Africa | 332 |  | 214 |  | 80 |  | 988 |  | — |  | 1,614 |  |  | 231 |  | 190 |  | 143 |  | 1,134 |  | — |  | 1,698 |
Other | 706 |  | 896 |  | 60 |  | 43 |  | — |  | 1,705 |  |  | 598 |  | 800 |  | 74 |  | 30 |  | — |  | 1,502 |
Consolidated net sales | 10,559 |  | 10,930 |  | 6,457 |  | 7,578 |  | 5 |  | 35,529 |  |  | 9,072 |  | 9,498 |  | 6,498 |  | 6,958 |  | 4 |  | 32,030 |
Inter-segment sales | 872 |  | 1 |  | 763 |  | 93 |  | (1,729) |  | — |  |  | 763 |  | — |  | 644 |  | 127 |  | (1,534) |  | — |
Business segment sales | $ | 11,431 |  | $ | 10,931 |  | $ | 7,220 |  | $ | 7,671 |  | $ | (1,724) |  | $ | 35,529 |  |  | $ | 9,835 |  | $ | 9,498 |  | $ | 7,142 |  | $ | 7,085 |  | $ | (1,530) |  | $ | 32,030 |
Segment sales disaggregated by type of customer for the quarters ended June 30, 2023 and 2022 are as follows:
| 2023 |  | 2022
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon Intelligence & Space | Raytheon Missiles & Defense | Other | Total |  | Collins Aerospace | Pratt & Whitney | Raytheon Intelligence & Space | Raytheon Missiles & Defense | Other | Total
Sales to the U.S. government (1) | $ | 1,112 |  | $ | 1,313 |  | $ | 2,809 |  | $ | 2,723 |  | $ | 1 |  | $ | 7,958 |  |  | $ | 1,023 |  | $ | 1,417 |  | $ | 2,805 |  | $ | 2,314 |  | $ | — |  | $ | 7,559 |
Foreign military sales through the U.S. government | 41 |  | 352 |  | 144 |  | 704 |  | — |  | 1,241 |  |  | 53 |  | 304 |  | 149 |  | 675 |  | — |  | 1,181 |
Foreign government direct commercial sales | 259 |  | 102 |  | 206 |  | 522 |  | — |  | 1,089 |  |  | 263 |  | 116 |  | 212 |  | 504 |  | — |  | 1,095 |
Commercial aerospace and other commercial sales | 3,984 |  | 3,934 |  | 104 |  | 5 |  | — |  | 8,027 |  |  | 3,268 |  | 3,132 |  | 79 |  | — |  | — |  | 6,479 |
Consolidated net sales | 5,396 |  | 5,701 |  | 3,263 |  | 3,954 |  | 1 |  | 18,315 |  |  | 4,607 |  | 4,969 |  | 3,245 |  | 3,493 |  | — |  | 16,314 |
Inter-segment sales | 454 |  | — |  | 392 |  | 46 |  | (892) |  | — |  |  | 404 |  | — |  | 325 |  | 65 |  | (794) |  | — |
Business segment sales | $ | 5,850 |  | $ | 5,701 |  | $ | 3,655 |  | $ | 4,000 |  | $ | (891) |  | $ | 18,315 |  |  | $ | 5,011 |  | $ | 4,969 |  | $ | 3,570 |  | $ | 3,558 |  | $ | (794) |  | $ | 16,314 |
(1) Excludes foreign military sales through the U.S. government. Segment sales disaggregated by type of customer for the six months ended June 30, 2023 and 2022 are as follows:
| 2023 |  | 2022
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon Intelligence & Space | Raytheon Missiles & Defense | Other | Total |  | Collins Aerospace | Pratt & Whitney | Raytheon Intelligence & Space | Raytheon Missiles & Defense | Other | Total
Sales to the U.S. government (1) | $ | 2,244 |  | $ | 2,535 |  | $ | 5,551 |  | $ | 5,180 |  | $ | 5 |  | $ | 15,515 |  |  | $ | 2,074 |  | $ | 2,591 |  | $ | 5,617 |  | $ | 4,611 |  | $ | 4 |  | $ | 14,897 |
Foreign military sales through the U.S. government | 94 |  | 684 |  | 305 |  | 1,420 |  | — |  | 2,503 |  |  | 107 |  | 501 |  | 309 |  | 1,440 |  | — |  | 2,357 |
Foreign government direct commercial sales | 499 |  | 220 |  | 407 |  | 967 |  | — |  | 2,093 |  |  | 514 |  | 219 |  | 416 |  | 905 |  | — |  | 2,054 |
Commercial aerospace and other commercial sales | 7,722 |  | 7,491 |  | 194 |  | 11 |  | — |  | 15,418 |  |  | 6,377 |  | 6,187 |  | 156 |  | 2 |  | — |  | 12,722 |
Consolidated net sales | 10,559 |  | 10,930 |  | 6,457 |  | 7,578 |  | 5 |  | 35,529 |  |  | 9,072 |  | 9,498 |  | 6,498 |  | 6,958 |  | 4 |  | 32,030 |
Inter-segment sales | 872 |  | 1 |  | 763 |  | 93 |  | (1,729) |  | — |  |  | 763 |  | — |  | 644 |  | 127 |  | (1,534) |  | — |
Business segment sales | $ | 11,431 |  | $ | 10,931 |  | $ | 7,220 |  | $ | 7,671 |  | $ | (1,724) |  | $ | 35,529 |  |  | $ | 9,835 |  | $ | 9,498 |  | $ | 7,142 |  | $ | 7,085 |  | $ | (1,530) |  | $ | 32,030 |
(1) Excludes foreign military sales through the U.S. government. Segment sales disaggregated by sales type for the quarters ended June 30, 2023 and 2022 are as follows:
| 2023 |  | 2022
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon Intelligence & Space | Raytheon Missiles & Defense | Other | Total |  | Collins Aerospace | Pratt & Whitney | Raytheon Intelligence & Space | Raytheon Missiles & Defense | Other | Total
Products | $ | 4,162 |  | $ | 3,199 |  | $ | 2,503 |  | $ | 3,546 |  | $ | 1 |  | $ | 13,411 |  |  | $ | 3,577 |  | $ | 2,982 |  | $ | 2,564 |  | $ | 3,135 |  | $ | — |  | $ | 12,258 |
Services | 1,234 |  | 2,502 |  | 760 |  | 408 |  | — |  | 4,904 |  |  | 1,030 |  | 1,987 |  | 681 |  | 358 |  | — |  | 4,056 |
Consolidated net sales | 5,396 |  | 5,701 |  | 3,263 |  | 3,954 |  | 1 |  | 18,315 |  |  | 4,607 |  | 4,969 |  | 3,245 |  | 3,493 |  | — |  | 16,314 |
Inter-segment sales | 454 |  | — |  | 392 |  | 46 |  | (892) |  | — |  |  | 404 |  | — |  | 325 |  | 65 |  | (794) |  | — |
Business segment sales | $ | 5,850 |  | $ | 5,701 |  | $ | 3,655 |  | $ | 4,000 |  | $ | (891) |  | $ | 18,315 |  |  | $ | 5,011 |  | $ | 4,969 |  | $ | 3,570 |  | $ | 3,558 |  | $ | (794) |  | $ | 16,314 |
Segment sales disaggregated by sales type for the six months ended June 30, 2023 and 2022 are as follows:
| 2023 |  | 2022
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon Intelligence & Space | Raytheon Missiles & Defense | Other | Total |  | Collins Aerospace | Pratt & Whitney | Raytheon Intelligence & Space | Raytheon Missiles & Defense | Other | Total
Products | $ | 8,162 |  | $ | 6,251 |  | $ | 5,013 |  | $ | 6,767 |  | $ | 5 |  | $ | 26,198 |  |  | $ | 7,059 |  | $ | 5,615 |  | $ | 5,168 |  | $ | 6,274 |  | $ | 4 |  | $ | 24,120 |
Services | 2,397 |  | 4,679 |  | 1,444 |  | 811 |  | — |  | 9,331 |  |  | 2,013 |  | 3,883 |  | 1,330 |  | 684 |  | — |  | 7,910 |
Consolidated net sales | $ | 10,559 |  | $ | 10,930 |  | $ | 6,457 |  | $ | 7,578 |  | $ | 5 |  | $ | 35,529 |  |  | $ | 9,072 |  | $ | 9,498 |  | $ | 6,498 |  | $ | 6,958 |  | $ | 4 |  | $ | 32,030 |
Inter-segment sales | 872 |  | 1 |  | 763 |  | 93 |  | (1,729) |  | — |  |  | 763 |  | — |  | 644 |  | 127 |  | (1,534) |  | — |
Business segment sales | $ | 11,431 |  | $ | 10,931 |  | $ | 7,220 |  | $ | 7,671 |  | $ | (1,724) |  | $ | 35,529 |  |  | $ | 9,835 |  | $ | 9,498 |  | $ | 7,142 |  | $ | 7,085 |  | $ | (1,530) |  | $ | 32,030 |
RIS and RMD segment sales disaggregated by contract type for the quarters ended June 30, 2023 and 2022 are as follows:
| 2023 |  | 2022
(dollars in millions) | Raytheon Intelligence & Space | Raytheon Missiles & Defense |  | Raytheon Intelligence & Space | Raytheon Missiles & Defense
Fixed-price | $ | 1,368 |  | $ | 2,258 |  |  | $ | 1,353 |  | $ | 2,043 |
Cost-type | 1,895 |  | 1,696 |  |  | 1,892 |  | 1,450 |
Consolidated net sales | 3,263 |  | 3,954 |  |  | 3,245 |  | 3,493 |
Inter-segment sales | 392 |  | 46 |  |  | 325 |  | 65 |
Business segment sales | $ | 3,655 |  | $ | 4,000 |  |  | $ | 3,570 |  | $ | 3,558 |
RIS and RMD segment sales disaggregated by contract type for the six months ended June 30, 2023 and 2022 are as follows:
| 2023 |  | 2022
(dollars in millions) | Raytheon Intelligence & Space | Raytheon Missiles & Defense |  | Raytheon Intelligence & Space | Raytheon Missiles & Defense
Fixed-price | $ | 2,755 |  | $ | 4,353 |  |  | $ | 2,693 |  | $ | 4,118 |
Cost-type | 3,702 |  | 3,225 |  |  | 3,805 |  | 2,840 |
Consolidated net sales | 6,457 |  | 7,578 |  |  | 6,498 |  | 6,958 |
Inter-segments sales | 763 |  | 93 |  |  | 644 |  | 127 |
Business segment sales | $ | 7,220 |  | $ | 7,671 |  |  | $ | 7,142 |  | $ | 7,085 |

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