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v3.23.3

Segment Financial Data (Tables) | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | Results for the quarters ended September 30, 2023 and 2022 are as follows:
| Net Sales |  | Operating Profit (Loss) |  | Operating Profit (Loss) Margins
(dollars in millions) | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Collins Aerospace | $ | 6,629 |  |  | $ | 5,718 |  |  | $ | 903 |  |  | $ | 742 |  |  | 13.6 | % |  | 13.0 | %
Pratt & Whitney(2) | 926 |  |  | 5,380 |  |  | (2,482) |  |  | 316 |  |  | (268.0) | % |  | 5.9 | %
Raytheon | 6,472 |  |  | 6,308 |  |  | 560 |  |  | 686 |  |  | 8.7 | % |  | 10.9 | %
Total segment | 14,027 |  |  | 17,406 |  |  | (1,019) |  |  | 1,744 |  |  | (7.3) | % |  | 10.0 | %
Eliminations and other(1) | (563) |  |  | (455) |  |  | (69) |  |  | (13) |  |  |  |  |
Corporate expenses and other unallocated items(3) | — |  |  | — |  |  | (63) |  |  | (77) |  |  |  |  |
FAS/CAS operating adjustment | — |  |  | — |  |  | 272 |  |  | 348 |  |  |  |  |
Acquisition accounting adjustments | — |  |  | — |  |  | (517) |  |  | (482) |  |  |  |  |
Consolidated | $ | 13,464 |  |  | $ | 16,951 |  |  | $ | (1,396) |  |  | $ | 1,520 |  |  | (10.4) | % |  | 9.0 | %
(1) Includes the operating results of certain smaller operations. (2) 2023 includes the impacts of the Powder Metal Matter. (3) 2022 included the net expenses related to the U.S. Army’s Lower Tier Air and Missile Defense Sensor (LTAMDS) program. Beginning in 2023, LTAMDS results are included in the Raytheon segment. Results for the nine months ended September 30, 2023 and 2022 are as follows:
| Net Sales |  | Operating Profit (Loss) |  | Operating Profit (Loss) Margins
(dollars in millions) | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Collins Aerospace | $ | 19,133 |  |  | $ | 16,821 |  |  | $ | 2,699 |  |  | $ | 1,973 |  |  | 14.1 | % |  | 11.7 | %
Pratt & Whitney(2) | 11,857 |  |  | 14,878 |  |  | (1,837) |  |  | 769 |  |  | (15.5) | % |  | 5.2 | %
Raytheon | 19,464 |  |  | 18,515 |  |  | 1,775 |  |  | 1,920 |  |  | 9.1 | % |  | 10.4 | %
Total segment | 50,454 |  |  | 50,214 |  |  | 2,637 |  |  | 4,662 |  |  | 5.2 | % |  | 9.3 | %
Eliminations and other (1) | (1,461) |  |  | (1,233) |  |  | (34) |  |  | (25) |  |  |  |  |
Corporate expenses and other unallocated items (3) | — |  |  | — |  |  | (165) |  |  | (255) |  |  |  |  |
FAS/CAS operating adjustment | — |  |  | — |  |  | 845 |  |  | 1,045 |  |  |  |  |
Acquisition accounting adjustments | — |  |  | — |  |  | (1,499) |  |  | (1,414) |  |  |  |  |
Consolidated | $ | 48,993 |  |  | $ | 48,981 |  |  | $ | 1,784 |  |  | $ | 4,013 |  |  | 3.6 | % |  | 8.2 | %
(1) Includes the operating results of certain smaller operations. (2) 2023 includes the impacts of the Powder Metal Matter. (3) 2022 included the net expenses related to the U.S. Army’s Lower Tier Air and Missile Defense Sensor (LTAMDS) program. Beginning in 2023, LTAMDS results are included in the Raytheon segment. Total assets by segment are as follows:
(dollars in millions) | September 30, 2023 |  | December 31, 2022
Collins Aerospace (1) | $ | 72,006 |  |  | $ | 70,404 |
Pratt & Whitney (1) | 39,619 |  |  | 36,205 |
Raytheon (1) | 46,075 |  |  | 45,666 |
Total segment | 157,700 |  |  | 152,275 |
Corporate, eliminations, and other | 4,743 |  |  | 6,589 |
Consolidated | $ | 162,443 |  |  | $ | 158,864 |
(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.
Disaggregation of Revenue | Segment sales disaggregated by geographic region for the quarters ended September 30, 2023 and 2022 are as follows:
| 2023 |  | 2022
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total |  | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total
United States | $ | 3,323 |  | $ | 2,849 |  | $ | 4,987 |  | $ | (4) |  | $ | 11,155 |  |  | $ | 2,988 |  | $ | 2,756 |  | $ | 4,635 |  | $ | 43 |  | $ | 10,422 |
Europe | 1,580 |  | 1,533 |  | 400 |  | 1 |  | 3,514 |  |  | 1,251 |  | 1,074 |  | 337 |  | 1 |  | 2,663 |
Asia Pacific | 674 |  | 1,191 |  | 549 |  | — |  | 2,414 |  |  | 563 |  | 1,028 |  | 569 |  | — |  | 2,160 |
Middle East and North Africa | 187 |  | 168 |  | 469 |  | — |  | 824 |  |  | 143 |  | 160 |  | 675 |  | — |  | 978 |
Other regions | 335 |  | 586 |  | 37 |  | — |  | 958 |  |  | 313 |  | 360 |  | 55 |  | — |  | 728 |
Powder Metal Matter | — |  | (5,401) |  | — |  | — |  | (5,401) |  |  | — |  | — |  | — |  | — |  | — |
Consolidated net sales | 6,099 |  | 926 |  | 6,442 |  | (3) |  | 13,464 |  |  | 5,258 |  | 5,378 |  | 6,271 |  | 44 |  | 16,951 |
Inter-segment sales | 530 |  | — |  | 30 |  | (560) |  | — |  |  | 460 |  | 2 |  | 37 |  | (499) |  | — |
Business segment sales | $ | 6,629 |  | $ | 926 |  | $ | 6,472 |  | $ | (563) |  | $ | 13,464 |  |  | $ | 5,718 |  | $ | 5,380 |  | $ | 6,308 |  | $ | (455) |  | $ | 16,951 |
Segment sales disaggregated by geographic region for the nine months ended September 30, 2023 and 2022 are as follows:
| 2023 |  | 2022
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total |  | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total
United States | $ | 9,657 |  | $ | 8,327 |  | $ | 14,865 |  | $ | 81 |  | $ | 32,930 |  |  | $ | 8,775 |  | $ | 7,630 |  | $ | 13,802 |  | $ | 130 |  | $ | 30,337 |
Europe | 4,580 |  | 3,998 |  | 1,209 |  | 3 |  | 9,790 |  |  | 3,875 |  | 3,010 |  | 1,026 |  | 2 |  | 7,913 |
Asia Pacific | 1,864 |  | 3,068 |  | 1,640 |  | 1 |  | 6,573 |  |  | 1,594 |  | 2,726 |  | 1,505 |  | — |  | 5,825 |
Middle East and North Africa | 531 |  | 382 |  | 1,525 |  | — |  | 2,438 |  |  | 397 |  | 350 |  | 1,929 |  | — |  | 2,676 |
Other regions | 1,050 |  | 1,482 |  | 131 |  | — |  | 2,663 |  |  | 918 |  | 1,160 |  | 151 |  | 1 |  | 2,230 |
Powder Metal Matter | — |  | (5,401) |  | — |  | — |  | (5,401) |  |  | — |  | — |  | — |  | — |  | — |
Consolidated net sales | 17,682 |  | 11,856 |  | 19,370 |  | 85 |  | 48,993 |  |  | 15,559 |  | 14,876 |  | 18,413 |  | 133 |  | 48,981 |
Inter-segment sales | 1,451 |  | 1 |  | 94 |  | (1,546) |  | — |  |  | 1,262 |  | 2 |  | 102 |  | (1,366) |  | — |
Business segment sales | $ | 19,133 |  | $ | 11,857 |  | $ | 19,464 |  | $ | (1,461) |  | $ | 48,993 |  |  | $ | 16,821 |  | $ | 14,878 |  | $ | 18,515 |  | $ | (1,233) |  | $ | 48,981 |
Segment sales disaggregated by type of customer for the quarters ended September 30, 2023 and 2022 are as follows:
| 2023 |  | 2022
(dollars in millions) | Collins Aerospace | Pratt & Whitney(2) | Raytheon | Other | Total |  | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total
Sales to the U.S. government (1) | $ | 1,502 |  | $ | 1,239 |  | $ | 4,943 |  | $ | (6) |  | $ | 7,678 |  |  | $ | 1,610 |  | $ | 1,324 |  | $ | 4,579 |  | $ | 42 |  | $ | 7,555 |
Foreign military sales through the U.S. government | 76 |  | 474 |  | 767 |  | — |  | 1,317 |  |  | 85 |  | 295 |  | 895 |  | — |  | 1,275 |
Foreign government direct commercial sales | 257 |  | 127 |  | 636 |  | — |  | 1,020 |  |  | 227 |  | 116 |  | 720 |  | 1 |  | 1,064 |
Commercial aerospace and other commercial sales | 4,264 |  | (914) |  | 96 |  | 3 |  | 3,449 |  |  | 3,336 |  | 3,643 |  | 77 |  | 1 |  | 7,057 |
Consolidated net sales | 6,099 |  | 926 |  | 6,442 |  | (3) |  | 13,464 |  |  | 5,258 |  | 5,378 |  | 6,271 |  | 44 |  | 16,951 |
Inter-segment sales | 530 |  | — |  | 30 |  | (560) |  | — |  |  | 460 |  | 2 |  | 37 |  | (499) |  | — |
Business segment sales | $ | 6,629 |  | $ | 926 |  | $ | 6,472 |  | $ | (563) |  | $ | 13,464 |  |  | $ | 5,718 |  | $ | 5,380 |  | $ | 6,308 |  | $ | (455) |  | $ | 16,951 |
(1) Excludes foreign military sales through the U.S. government. (2) Includes the reduction in sales from the Powder Metal Matter. Segment sales disaggregated by type of customer for the nine months ended September 30, 2023 and 2022 are as follows:
| 2023 |  | 2022
(dollars in millions) | Collins Aerospace | Pratt & Whitney(2) | Raytheon | Other | Total |  | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total
Sales to the U.S. government (1) | $ | 4,670 |  | $ | 3,774 |  | $ | 14,670 |  | $ | 79 |  | $ | 23,193 |  |  | $ | 4,785 |  | $ | 3,915 |  | $ | 13,624 |  | $ | 128 |  | $ | 22,452 |
Foreign military sales through the U.S. government | 226 |  | 1,158 |  | 2,436 |  | — |  | 3,820 |  |  | 271 |  | 796 |  | 2,565 |  | — |  | 3,632 |
Foreign government direct commercial sales | 793 |  | 347 |  | 1,970 |  | 3 |  | 3,113 |  |  | 784 |  | 335 |  | 1,996 |  | 3 |  | 3,118 |
Commercial aerospace and other commercial sales | 11,993 |  | 6,577 |  | 294 |  | 3 |  | 18,867 |  |  | 9,719 |  | 9,830 |  | 228 |  | 2 |  | 19,779 |
Consolidated net sales | 17,682 |  | 11,856 |  | 19,370 |  | 85 |  | 48,993 |  |  | 15,559 |  | 14,876 |  | 18,413 |  | 133 |  | 48,981 |
Inter-segment sales | 1,451 |  | 1 |  | 94 |  | (1,546) |  | — |  |  | 1,262 |  | 2 |  | 102 |  | (1,366) |  | — |
Business segment sales | $ | 19,133 |  | $ | 11,857 |  | $ | 19,464 |  | $ | (1,461) |  | $ | 48,993 |  |  | $ | 16,821 |  | $ | 14,878 |  | $ | 18,515 |  | $ | (1,233) |  | $ | 48,981 |
(1) Excludes foreign military sales through the U.S. government. (2) Includes the reduction in sales from the Powder Metal Matter. Segment sales disaggregated by sales type for the quarters ended September 30, 2023 and 2022 are as follows:
| 2023 |  | 2022
(dollars in millions) | Collins Aerospace | Pratt & Whitney(1) | Raytheon | Other | Total |  | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total
Products | $ | 4,761 |  | $ | (1,486) |  | $ | 5,339 |  | $ | 1 |  | $ | 8,615 |  |  | $ | 4,194 |  | $ | 3,183 |  | $ | 5,336 |  | $ | 43 |  | $ | 12,756 |
Services | 1,338 |  | 2,412 |  | 1,103 |  | (4) |  | 4,849 |  |  | 1,064 |  | 2,195 |  | 935 |  | 1 |  | 4,195 |
Consolidated net sales | 6,099 |  | 926 |  | 6,442 |  | (3) |  | 13,464 |  |  | 5,258 |  | 5,378 |  | 6,271 |  | 44 |  | 16,951 |
Inter-segment sales | 530 |  | — |  | 30 |  | (560) |  | — |  |  | 460 |  | 2 |  | 37 |  | (499) |  | — |
Business segment sales | $ | 6,629 |  | $ | 926 |  | $ | 6,472 |  | $ | (563) |  | $ | 13,464 |  |  | $ | 5,718 |  | $ | 5,380 |  | $ | 6,308 |  | $ | (455) |  | $ | 16,951 |
(1) Includes the reduction in sales from the Powder Metal Matter. Segment sales disaggregated by sales type for the nine months ended September 30, 2023 and 2022 are as follows:
| 2023 |  | 2022
(dollars in millions) | Collins Aerospace | Pratt & Whitney(1) | Raytheon | Other | Total |  | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total
Products | $ | 13,813 |  | $ | 4,765 |  | $ | 16,149 |  | $ | 86 |  | $ | 34,813 |  |  | $ | 12,309 |  | $ | 8,798 |  | $ | 15,640 |  | $ | 129 |  | $ | 36,876 |
Services | 3,869 |  | 7,091 |  | 3,221 |  | (1) |  | 14,180 |  |  | 3,250 |  | 6,078 |  | 2,773 |  | 4 |  | 12,105 |
Consolidated net sales | $ | 17,682 |  | $ | 11,856 |  | $ | 19,370 |  | $ | 85 |  | $ | 48,993 |  |  | $ | 15,559 |  | $ | 14,876 |  | $ | 18,413 |  | $ | 133 |  | $ | 48,981 |
Inter-segment sales | 1,451 |  | 1 |  | 94 |  | (1,546) |  | — |  |  | 1,262 |  | 2 |  | 102 |  | (1,366) |  | — |
Business segment sales | $ | 19,133 |  | $ | 11,857 |  | $ | 19,464 |  | $ | (1,461) |  | $ | 48,993 |  |  | $ | 16,821 |  | $ | 14,878 |  | $ | 18,515 |  | $ | (1,233) |  | $ | 48,981 |
(1) Includes the reduction in sales from the Powder Metal Matter. Raytheon segment sales disaggregated by contract type for the quarters ended September 30, 2023 and 2022 are as follows:
(dollars in millions) | 2023 |  | 2022
Fixed-price | $ | 2,997 |  |  | $ | 3,180 |
Cost-type | 3,445 |  |  | 3,091 |
Consolidated net sales | 6,442 |  |  | 6,271 |
Inter-segment sales | 30 |  |  | 37 |
Business segment sales | $ | 6,472 |  |  | $ | 6,308 |
Raytheon segment sales disaggregated by contract type for the nine months ended September 30, 2023 and 2022 are as follows:
(dollars in millions) | 2023 |  | 2022
Fixed-price | $ | 9,639 |  |  | $ | 9,369 |
Cost-type | 9,731 |  |  | 9,044 |
Consolidated net sales | 19,370 |  |  | 18,413 |
Inter-segment sales | 94 |  |  | 102 |
Business segment sales | $ | 19,464 |  |  | $ | 18,515 |

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