XML 32 R15.htm IDEA: XBRL DOCUMENT v3.23.3
Employee Benefit Plans
 9 Months Ended
Sep. 30, 2023
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits Disclosure
Note 9: Employee Benefit Plans
Pension and Postretirement Plans. We sponsor both funded and unfunded domestic and foreign defined benefit pension and postretirement benefit (PRB) plans and defined contribution plans.
Contributions to our plans were as follows:
 Quarter Ended September 30,Nine Months Ended September 30,
(dollars in millions)2023202220232022
U.S. qualified defined benefit plans$9 $— $9 $— 
International defined benefit plans13 18 42 48 
PRB plans8 8 20 18 
Defined contribution plans296 230 985 792 
In December 2020, we approved a change to the Raytheon Company domestic defined benefit pension plans for non-union participants to cease future benefit accruals based on an employee’s years of service and compensation under the historical formula effective December 31, 2022. The plan change does not impact participants’ historical benefit accruals. Benefits for service after December 31, 2022 are based on a cash balance formula. This plan change resulted in lower pension service cost beginning January 1, 2023.
The amounts recognized in the Condensed Consolidated Balance Sheet consist of:
(dollars in millions)September 30, 2023December 31, 2022
Noncurrent pension assets (included in Other assets)$3,996 $3,301 
Current pension and PRB liabilities (included in Accrued employee compensation)307 307 
Future pension and postretirement benefit obligations4,457 4,807 
The amounts recognized in Future pension and postretirement benefit obligations consist of:
(dollars in millions)September 30, 2023December 31, 2022
Noncurrent pension liabilities$3,816 $4,133 
Noncurrent PRB liabilities581 611 
Other pension and PRB related items
60 63 
Future pension and postretirement benefit obligations$4,457 $4,807 
The components of net periodic benefit (income) expense for our defined pension and PRB plans were as follows:
 
Pension Benefits
Quarter Ended September 30,
PRB
Quarter Ended September 30,
(dollars in millions)2023202220232022
Operating expense
Service cost$56 $118 $1 $2 
Non-operating expense
Interest cost627 380 12 7 
Expected return on plan assets(940)(883)(5)(5)
Amortization of prior service credit(39)(40)— — 
Recognized actuarial net (gain) loss(94)76 (8)(3)
 Net settlement, curtailment, and special termination benefit (gain) loss4 — — — 
Non-service pension income(442)(467)(1)(1)
Total net periodic benefit (income) expense$(386)$(349)$— $1 
 
Pension Benefits
Nine Months Ended September 30,
PRB
Nine Months Ended September 30,
(dollars in millions)2023202220232022
Operating expense
Service cost
$167 $354 $3 $6 
Non-operating expense
Interest cost1,880 1,142 36 21 
Expected return on plan assets(2,815)(2,661)(15)(16)
Amortization of prior service credit(118)(123)— — 
Recognized actuarial net (gain) loss(284)230 (24)(9)
Net settlement, curtailment, and special termination benefit (gain) loss6 (6)— — 
Non-service pension (income) expense(1,331)(1,418)(3)(4)
Total net periodic benefit (income) expense$(1,164)$(1,064)$— $2 
We have set aside assets in separate trusts, which we expect to be used to pay for certain nonqualified defined benefit and defined contribution plan obligations in excess of qualified plan limits. These assets are included in Other assets in our Condensed Consolidated Balance Sheet. The fair value of marketable securities held in trusts was as follows:
(dollars in millions)September 30, 2023December 31, 2022
Marketable securities held in trusts$737 $774