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Segment Financial Data (Tables)

9 Months Ended

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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- 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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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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