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Segment Financial Data (Tables) | 3 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | Results for the quarters ended March 31, 2024 and 2023 are as follows:
| Net Sales |  | Operating Profit |  | Operating Profit Margins
(dollars in millions) | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Collins Aerospace | $ | 6,673 |  |  | $ | 6,120 |  |  | $ | 849 |  |  | $ | 897 |  |  | 12.7 | % |  | 14.7 | %
Pratt & Whitney | 6,456 |  |  | 5,230 |  |  | 412 |  |  | 415 |  |  | 6.4 | % |  | 7.9 | %
Raytheon (2) | 6,659 |  |  | 6,292 |  |  | 996 |  |  | 571 |  |  | 15.0 | % |  | 9.1 | %
Total segment | 19,788 |  |  | 17,642 |  |  | 2,257 |  |  | 1,883 |  |  | 11.4 | % |  | 10.7 | %
Eliminations and other (1) | (483) |  |  | (428) |  |  | (5) |  |  | 51 |  |  |  |  |
Corporate expenses and other unallocated items | — |  |  | — |  |  | (96) |  |  | (43) |  |  |  |  |
FAS/CAS operating adjustment | — |  |  | — |  |  | 214 |  |  | 289 |  |  |  |  |
Acquisition accounting adjustments | — |  |  | — |  |  | (500) |  |  | (493) |  |  |  |  |
Consolidated | $ | 19,305 |  |  | $ | 17,214 |  |  | $ | 1,870 |  |  | $ | 1,687 |  |  | 9.7 | % |  | 9.8 | %
(1) Includes the operating results of certain smaller operations. (2) Operating Profit includes a $0.4 billion gain, net of transaction and other related costs, related to the sale of our CIS business. See “Note 2: Acquisitions and Dispositions” for additional information.
Disaggregation of Revenue | Segment sales disaggregated by geographic region based on customer location for the quarters ended March 31, 2024 and 2023 are as follows:
| 2024 |  | 2023
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total |  | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total
United States | $ | 3,321 |  | $ | 3,010 |  | $ | 4,982 |  | $ | 48 |  | $ | 11,361 |  |  | $ | 3,097 |  | $ | 2,631 |  | $ | 4,776 |  | $ | 44 |  | $ | 10,548 |
Europe | 1,615 |  | 1,670 |  | 547 |  | 1 |  | 3,833 |  |  | 1,479 |  | 1,120 |  | 390 |  | 1 |  | 2,990 |
Asia Pacific | 691 |  | 1,194 |  | 541 |  | 1 |  | 2,427 |  |  | 591 |  | 905 |  | 554 |  | — |  | 2,050 |
Middle East and North Africa | 181 |  | 138 |  | 530 |  | — |  | 849 |  |  | 163 |  | 110 |  | 490 |  | — |  | 763 |
Other regions | 361 |  | 444 |  | 30 |  | — |  | 835 |  |  | 349 |  | 463 |  | 51 |  | — |  | 863 |
Consolidated net sales | 6,169 |  | 6,456 |  | 6,630 |  | 50 |  | 19,305 |  |  | 5,679 |  | 5,229 |  | 6,261 |  | 45 |  | 17,214 |
Inter-segment sales | 504 |  | — |  | 29 |  | (533) |  | — |  |  | 441 |  | 1 |  | 31 |  | (473) |  | — |
Business segment sales | $ | 6,673 |  | $ | 6,456 |  | $ | 6,659 |  | $ | (483) |  | $ | 19,305 |  |  | $ | 6,120 |  | $ | 5,230 |  | $ | 6,292 |  | $ | (428) |  | $ | 17,214 |
Segment sales disaggregated by type of customer for the quarters ended March 31, 2024 and 2023 are as follows:
| 2024 |  | 2023
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total |  | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total
Sales to the U.S. government (1) | $ | 1,564 |  | $ | 1,558 |  | $ | 4,957 |  | $ | 48 |  | $ | 8,127 |  |  | $ | 1,594 |  | $ | 1,222 |  | $ | 4,698 |  | $ | 43 |  | $ | 7,557 |
Foreign military sales through the U.S. government | 81 |  | 310 |  | 858 |  | — |  | 1,249 |  |  | 83 |  | 332 |  | 847 |  | — |  | 1,262 |
Foreign government direct commercial sales | 309 |  | 158 |  | 740 |  | 1 |  | 1,208 |  |  | 260 |  | 118 |  | 625 |  | 1 |  | 1,004 |
Commercial aerospace and other commercial sales | 4,215 |  | 4,430 |  | 75 |  | 1 |  | 8,721 |  |  | 3,742 |  | 3,557 |  | 91 |  | 1 |  | 7,391 |
Consolidated net sales | 6,169 |  | 6,456 |  | 6,630 |  | 50 |  | 19,305 |  |  | 5,679 |  | 5,229 |  | 6,261 |  | 45 |  | 17,214 |
Inter-segment sales | 504 |  | — |  | 29 |  | (533) |  | — |  |  | 441 |  | 1 |  | 31 |  | (473) |  | — |
Business segment sales | $ | 6,673 |  | $ | 6,456 |  | $ | 6,659 |  | $ | (483) |  | $ | 19,305 |  |  | $ | 6,120 |  | $ | 5,230 |  | $ | 6,292 |  | $ | (428) |  | $ | 17,214 |
(1) Excludes foreign military sales through the U.S. government. Segment sales disaggregated by sales type for the quarters ended March 31, 2024 and 2023 are as follows:
| 2024 |  | 2023
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total |  | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total
Products | $ | 4,833 |  | $ | 3,957 |  | $ | 5,467 |  | $ | 46 |  | $ | 14,303 |  |  | $ | 4,450 |  | $ | 3,052 |  | $ | 5,242 |  | $ | 43 |  | $ | 12,787 |
Services | 1,336 |  | 2,499 |  | 1,163 |  | 4 |  | 5,002 |  |  | 1,229 |  | 2,177 |  | 1,019 |  | 2 |  | 4,427 |
Consolidated net sales | 6,169 |  | 6,456 |  | 6,630 |  | 50 |  | 19,305 |  |  | 5,679 |  | 5,229 |  | 6,261 |  | 45 |  | 17,214 |
Inter-segment sales | 504 |  | — |  | 29 |  | (533) |  | — |  |  | 441 |  | 1 |  | 31 |  | (473) |  | — |
Business segment sales | $ | 6,673 |  | $ | 6,456 |  | $ | 6,659 |  | $ | (483) |  | $ | 19,305 |  |  | $ | 6,120 |  | $ | 5,230 |  | $ | 6,292 |  | $ | (428) |  | $ | 17,214 |
Raytheon segment sales disaggregated by contract type for the quarters ended March 31, 2024 and 2023 are as follows:
(dollars in millions) | 2024 |  | 2023
Fixed-price | $ | 3,293 |  |  | $ | 3,237 |
Cost-type | 3,337 |  |  | 3,024 |
Consolidated net sales | 6,630 |  |  | 6,261 |
Inter-segment sales | 29 |  |  | 31 |
Business segment sales | $ | 6,659 |  |  | $ | 6,292 |

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