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Segment Financial Data (Tables)

6 Months Ended

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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- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

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-Topic 606
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