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Segment Financial Data (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Segment Information | Segment information for the years ended December 31 are as follows:
|  | Net Sales |  | Operating Profit (Loss) |  | Operating Profit (Loss) Margins
(dollars in millions) |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Collins Aerospace |  | $ | 26,253 |  |  | $ | 23,052 |  |  | $ | 21,152 |  |  | $ | 3,825 |  |  | $ | 2,816 |  |  | $ | 2,380 |  |  | 14.6 | % |  | 12.2 | % |  | 11.3 | %
Pratt & Whitney (2) |  | 18,296 |  |  | 20,530 |  |  | 18,150 |  |  | (1,455) |  |  | 1,075 |  |  | 454 |  |  | (8.0) | % |  | 5.2 | % |  | 2.5 | %
Raytheon |  | 26,350 |  |  | 25,176 |  |  | 26,611 |  |  | 2,379 |  |  | 2,448 |  |  | 3,399 |  |  | 9.0 | % |  | 9.7 | % |  | 12.8 | %
Total segment |  | 70,899 |  |  | 68,758 |  |  | 65,913 |  |  | 4,749 |  |  | 6,339 |  |  | 6,233 |  |  | 6.7 | % |  | 9.2 | % |  | 9.5 | %
Eliminations and other (1) |  | (1,979) |  |  | (1,684) |  |  | (1,525) |  |  | (42) |  |  | (23) |  |  | 4 |  |  |  |  |  |  |
Corporate expenses and other unallocated items (3) |  | — |  |  | — |  |  | — |  |  | (275) |  |  | (318) |  |  | (552) |  |  |  |  |  |  |
FAS/CAS operating adjustment |  | — |  |  | — |  |  | — |  |  | 1,127 |  |  | 1,399 |  |  | 1,654 |  |  |  |  |  |  |
Acquisition accounting adjustments |  | — |  |  | — |  |  | — |  |  | (1,998) |  |  | (1,893) |  |  | (2,203) |  |  |  |  |  |  |
Consolidated |  | $ | 68,920 |  |  | $ | 67,074 |  |  | $ | 64,388 |  |  | $ | 3,561 |  |  | $ | 5,504 |  |  | $ | 5,136 |  |  | 5.2 | % |  | 8.2 | % |  | 8.0 | %
(1) Includes the operating results of certain smaller operations. (2) 2023 includes the impacts of the Powder Metal Matter. (3) 2022 and 2021 included the net expenses related to the U.S. Army’s LTAMDS program. Beginning in 2023, LTAMDS results are included in the Raytheon segment.
| Total Assets |  | Capital Expenditures |  | Depreciation & Amortization
(dollars in millions) | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Collins Aerospace (1) | $ | 72,085 |  |  | $ | 70,404 |  |  | $ | 628 |  |  | $ | 671 |  |  | $ | 697 |  |  | $ | 724 |  |  | $ | 756 |  |  | $ | 741 |
Pratt & Whitney (1) | 40,723 |  |  | 36,205 |  |  | 1,025 |  |  | 949 |  |  | 700 |  |  | 736 |  |  | 724 |  |  | 642 |
Raytheon (1) | 44,929 |  |  | 45,666 |  |  | 637 |  |  | 563 |  |  | 558 |  |  | 544 |  |  | 526 |  |  | 504 |
Total segment | 157,737 |  |  | 152,275 |  |  | 2,290 |  |  | 2,183 |  |  | 1,955 |  |  | 2,004 |  |  | 2,006 |  |  | 1,887 |
Corporate, eliminations, and other | 4,132 |  |  | 6,589 |  |  | 125 |  |  | 105 |  |  | 179 |  |  | 126 |  |  | 101 |  |  | 155 |
Acquisition accounting adjustments |  |  |  |  |  |  |  |  |  |  | 2,081 |  |  | 2,001 |  |  | 2,515 |
Consolidated | $ | 161,869 |  |  | $ | 158,864 |  |  | $ | 2,415 |  |  | $ | 2,288 |  |  | $ | 2,134 |  |  | $ | 4,211 |  |  | $ | 4,108 |  |  | $ | 4,557 |
(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.
Geographic External Sales by Origin and Long-Lived Assets |
|  | External Net Sales |  | Long-Lived Assets
(dollars in millions) |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022
United States (1) |  | $ | 57,539 |  |  | $ | 57,869 |  |  | $ | 55,837 |  |  | $ | 12,646 |  |  | $ | 12,162 |
International |  |  |  |  |  |  |  |  |  |
Europe |  | 4,849 |  |  | 3,874 |  |  | 3,630 |  |  | 1,207 |  |  | 1,132 |
Asia Pacific |  | 2,182 |  |  | 1,778 |  |  | 1,748 |  |  | 808 |  |  | 801 |
Middle East and North Africa |  | 492 |  |  | 173 |  |  | 136 |  |  | 103 |  |  | 113 |
Other regions |  | 3,858 |  |  | 3,380 |  |  | 3,037 |  |  | 984 |  |  | 962 |
Consolidated |  | $ | 68,920 |  |  | $ | 67,074 |  |  | $ | 64,388 |  |  | $ | 15,748 |  |  | $ | 15,170 |
(1) 2023 external net sales includes the reduction in sales from the Powder Metal Matter.
Disaggregation of Revenue | Segment sales disaggregated by geographic region based on customer location for the years ended December 31 are as follows:
| 2023
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total
United States | $ | 13,185 |  | $ | 11,403 |  | $ | 20,187 |  | $ | 106 |  | $ | 44,881 |
Europe | 6,423 |  | 5,433 |  | 1,642 |  | 3 |  | 13,501 |
Asia Pacific | 2,625 |  | 4,227 |  | 2,196 |  | 1 |  | 9,049 |
Middle East and North Africa | 684 |  | 539 |  | 2,014 |  | — |  | 3,237 |
Other regions | 1,377 |  | 2,095 |  | 181 |  | — |  | 3,653 |
Powder Metal Matter | — |  | (5,401) |  | — |  | — |  | (5,401) |
Consolidated net sales | 24,294 |  | 18,296 |  | 26,220 |  | 110 |  | 68,920 |
Inter-segment sales | 1,959 |  | — |  | 130 |  | (2,089) |  | — |
Business segment sales | $ | 26,253 |  | $ | 18,296 |  | $ | 26,350 |  | $ | (1,979) |  | $ | 68,920 |
| 2022
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total
United States | $ | 11,944 |  | $ | 10,433 |  | $ | 18,643 |  | $ | 170 |  | $ | 41,190 |
Europe | 5,455 |  | 4,211 |  | 1,442 |  | 3 |  | 11,111 |
Asia Pacific | 2,165 |  | 3,775 |  | 2,116 |  | 1 |  | 8,057 |
Middle East and North Africa | 510 |  | 450 |  | 2,639 |  | — |  | 3,599 |
Other regions | 1,256 |  | 1,658 |  | 203 |  | — |  | 3,117 |
Consolidated net sales | 21,330 |  | 20,527 |  | 25,043 |  | 174 |  | 67,074 |
Inter-segment sales | 1,722 |  | 3 |  | 133 |  | (1,858) |  | — |
Business segment sales | $ | 23,052 |  | $ | 20,530 |  | $ | 25,176 |  | $ | (1,684) |  | $ | 67,074 |
| 2021
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total
United States | $ | 11,669 |  | $ | 9,034 |  | $ | 19,139 |  | $ | 169 |  | $ | 40,011 |
Europe | 4,488 |  | 3,488 |  | 1,619 |  | 3 |  | 9,598 |
Asia Pacific | 2,040 |  | 3,885 |  | 2,043 |  | 1 |  | 7,969 |
Middle East and North Africa | 483 |  | 441 |  | 3,455 |  | — |  | 4,379 |
Other regions | 933 |  | 1,302 |  | 196 |  | — |  | 2,431 |
Consolidated net sales | 19,613 |  | 18,150 |  | 26,452 |  | 173 |  | 64,388 |
Inter-segment sales | 1,539 |  | — |  | 159 |  | (1,698) |  | — |
Business segment sales | $ | 21,152 |  | $ | 18,150 |  | $ | 26,611 |  | $ | (1,525) |  | $ | 64,388 |
Segment sales disaggregated by type of customer for the years ended December 31 are as follows:
| 2023
(dollars in millions) | Collins Aerospace | Pratt & Whitney (2) | Raytheon | Other | Total
Sales to the U.S. government (1) | $ | 6,357 |  | $ | 5,206 |  | $ | 19,965 |  | $ | 100 |  | $ | 31,628 |
Foreign military sales through the U.S. government | 304 |  | 1,442 |  | 3,228 |  | — |  | 4,974 |
Foreign government direct commercial sales | 1,110 |  | 515 |  | 2,620 |  | 4 |  | 4,249 |
Commercial aerospace and other commercial sales (2) | 16,523 |  | 11,133 |  | 407 |  | 6 |  | 28,069 |
Consolidated net sales | 24,294 |  | 18,296 |  | 26,220 |  | 110 |  | 68,920 |
Inter-segment sales | 1,959 |  | — |  | 130 |  | (2,089) |  | — |
Business segment sales | $ | 26,253 |  | $ | 18,296 |  | $ | 26,350 |  | $ | (1,979) |  | $ | 68,920 |
(1) Excludes foreign military sales through the U.S. government. (2) Includes the reduction in sales from the Powder Metal Matter.
| 2022
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total
Sales to the U.S. government (1) | $ | 6,484 |  | $ | 5,272 |  | $ | 18,394 |  | $ | 167 |  | $ | 30,317 |
Foreign military sales through the U.S. government | 372 |  | 1,115 |  | 3,555 |  | — |  | 5,042 |
Foreign government direct commercial sales | 1,063 |  | 474 |  | 2,786 |  | 4 |  | 4,327 |
Commercial aerospace and other commercial sales | 13,411 |  | 13,666 |  | 308 |  | 3 |  | 27,388 |
Consolidated net sales | 21,330 |  | 20,527 |  | 25,043 |  | 174 |  | 67,074 |
Inter-segment sales | 1,722 |  | 3 |  | 133 |  | (1,858) |  | — |
Business segment sales | $ | 23,052 |  | $ | 20,530 |  | $ | 25,176 |  | $ | (1,684) |  | $ | 67,074 |
(1) Excludes foreign military sales through the U.S. government.
| 2021
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total
Sales to the U.S. government (1) | $ | 7,016 |  | $ | 5,140 |  | $ | 18,854 |  | $ | 167 |  | $ | 31,177 |
Foreign military sales through the U.S. government | 309 |  | 1,273 |  | 3,963 |  | 1 |  | 5,546 |
Foreign government direct commercial sales | 1,223 |  | 541 |  | 3,227 |  | 2 |  | 4,993 |
Commercial aerospace and other commercial sales | 11,065 |  | 11,196 |  | 408 |  | 3 |  | 22,672 |
Consolidated net sales | 19,613 |  | 18,150 |  | 26,452 |  | 173 |  | 64,388 |
Inter-segment sales | 1,539 |  | — |  | 159 |  | (1,698) |  | — |
Business segment sales | $ | 21,152 |  | $ | 18,150 |  | $ | 26,611 |  | $ | (1,525) |  | $ | 64,388 |
(1) Excludes foreign military sales through the U.S. government. The largest contributor to our Commercial aerospace and other commercial sales is Airbus. Sales to Airbus primarily relate to Pratt & Whitney and Collins products, and prior to discounts and incentives were approximately 17%, 14%, and 12% of total net sales in 2023, 2022, and 2021, respectively. Total net sales in 2023 includes the reduction in sales from the Powder Metal Matter. Segment sales disaggregated by sales type for the years ended December 31 are as follows:
| 2023
(dollars in millions) | Collins Aerospace | Pratt & Whitney (1) | Raytheon | Other | Total
Products | $ | 19,034 |  | $ | 8,579 |  | $ | 21,847 |  | $ | 111 |  | $ | 49,571 |
Services | 5,260 |  | 9,717 |  | 4,373 |  | (1) |  | 19,349 |
Consolidated net sales | 24,294 |  | 18,296 |  | 26,220 |  | 110 |  | 68,920 |
Inter-segment sales | 1,959 |  | — |  | 130 |  | (2,089) |  | — |
Business segment sales | $ | 26,253 |  | $ | 18,296 |  | $ | 26,350 |  | $ | (1,979) |  | $ | 68,920 |
(1) Includes the reduction in sales from the Powder Metal Matter.
| 2022
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total
Products | $ | 16,917 |  | $ | 12,411 |  | $ | 21,276 |  | $ | 169 |  | $ | 50,773 |
Services | 4,413 |  | 8,116 |  | 3,767 |  | 5 |  | 16,301 |
Consolidated net sales | 21,330 |  | 20,527 |  | 25,043 |  | 174 |  | 67,074 |
Inter-segment sales | 1,722 |  | 3 |  | 133 |  | (1,858) |  | — |
Business segment sales | $ | 23,052 |  | $ | 20,530 |  | $ | 25,176 |  | $ | (1,684) |  | $ | 67,074 |
| 2021
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total
Products | $ | 15,648 |  | $ | 11,189 |  | $ | 22,264 |  | $ | 169 |  | $ | 49,270 |
Services | 3,965 |  | 6,961 |  | 4,188 |  | 4 |  | 15,118 |
Consolidated net sales | 19,613 |  | 18,150 |  | 26,452 |  | 173 |  | 64,388 |
Inter-segment sales | 1,539 |  | — |  | 159 |  | (1,698) |  | — |
Business segment sales | $ | 21,152 |  | $ | 18,150 |  | $ | 26,611 |  | $ | (1,525) |  | $ | 64,388 |
Raytheon segment sales disaggregated by contract type for the years ended December 31 are as follows:
(dollars in millions) | 2023 |  | 2022 |  | 2021
Fixed-price | $ | 13,164 |  |  | $ | 12,910 |  |  | $ | 14,270 |
Cost-type | 13,056 |  |  | 12,133 |  |  | 12,182 |
Consolidated net sales | 26,220 |  |  | 25,043 |  |  | 26,452 |
Inter-segment sales | 130 |  |  | 133 |  |  | 159 |
Business segment sales | $ | 26,350 |  |  | $ | 25,176 |  |  | $ | 26,611 |

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