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v3.24.2

Segment Financial Data (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | Results for the quarters ended June 30, 2024 and 2023 are as follows:
| Net Sales |  | Operating Profit |  | Operating Profit Margins
(dollars in millions) | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Collins Aerospace | $ | 6,999 |  |  | $ | 6,384 |  |  | $ | 1,118 |  |  | $ | 899 |  |  | 16.0 | % |  | 14.1 | %
Pratt & Whitney | 6,802 |  |  | 5,701 |  |  | 542 |  |  | 230 |  |  | 8.0 | % |  | 4.0 | %
Raytheon (2) | 6,511 |  |  | 6,700 |  |  | 127 |  |  | 644 |  |  | 2.0 | % |  | 9.6 | %
Total segment | 20,312 |  |  | 18,785 |  |  | 1,787 |  |  | 1,773 |  |  | 8.8 | % |  | 9.4 | %
Eliminations and other (1) | (591) |  |  | (470) |  |  | (36) |  |  | (16) |  |  |  |  |
Corporate expenses and other unallocated items (3) | — |  |  | — |  |  | (930) |  |  | (59) |  |  |  |  |
FAS/CAS operating adjustment | — |  |  | — |  |  | 212 |  |  | 284 |  |  |  |  |
Acquisition accounting adjustments | — |  |  | — |  |  | (504) |  |  | (489) |  |  |  |  |
Consolidated | $ | 19,721 |  |  | $ | 18,315 |  |  | $ | 529 |  |  | $ | 1,493 |  |  | 2.7 | % |  | 8.2 | %
(1) Includes the operating results of certain smaller operations. (2) Operating Profit and Margins include a $0.6 billion charge in the second quarter of 2024 related to the anticipated Raytheon Contract Termination. See “Note 5: Changes in Contract Estimates at Completion” for additional information. (3) Includes a $0.9 billion charge in the second quarter of 2024 related to the Expected Resolution of Certain Legal Matters. See “Note 1: Basis of Presentation” for additional information. Results for the six months ended June 30, 2024 and 2023 are as follows:
| Net Sales |  | Operating Profit |  | Operating Profit Margins
(dollars in millions) | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Collins Aerospace | $ | 13,672 |  |  | $ | 12,504 |  |  | $ | 1,967 |  |  | $ | 1,796 |  |  | 14.4 | % |  | 14.4 | %
Pratt & Whitney | 13,258 |  |  | 10,931 |  |  | 954 |  |  | 645 |  |  | 7.2 | % |  | 5.9 | %
Raytheon (2) | 13,170 |  |  | 12,992 |  |  | 1,123 |  |  | 1,215 |  |  | 8.5 | % |  | 9.4 | %
Total segment | 40,100 |  |  | 36,427 |  |  | 4,044 |  |  | 3,656 |  |  | 10.1 | % |  | 10.0 | %
Eliminations and other (1) | (1,074) |  |  | (898) |  |  | (41) |  |  | 35 |  |  |  |  |
Corporate expenses and other unallocated items (3) | — |  |  | — |  |  | (1,026) |  |  | (102) |  |  |  |  |
FAS/CAS operating adjustment | — |  |  | — |  |  | 426 |  |  | 573 |  |  |  |  |
Acquisition accounting adjustments | — |  |  | — |  |  | (1,004) |  |  | (982) |  |  |  |  |
Consolidated | $ | 39,026 |  |  | $ | 35,529 |  |  | $ | 2,399 |  |  | $ | 3,180 |  |  | 6.1 | % |  | 9.0 | %
(1) Includes the operating results of certain smaller operations. (2) Operating Profit and Margins include a $0.6 billion charge in the second quarter of 2024 related to the anticipated Raytheon Contract Termination and a $0.4 billion gain, net of transaction and other related costs, in the first quarter of 2024 related to the sale of our CIS business. See “Note 5: Changes in Contract Estimates at Completion” and “Note 2: Acquisitions and Dispositions,” respectively, for additional information. (3) Includes a $0.9 billion charge in the second quarter of 2024 related to the Expected Resolution of Certain Legal Matters. See “Note 1: Basis of Presentation” for additional information.
Disaggregation of Revenue | Segment sales disaggregated by geographic region based on customer location for the quarters ended June 30, 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 | $ | 3,406 |  | $ | 3,273 |  | $ | 4,914 |  | $ | 32 |  | $ | 11,625 |  |  | $ | 3,237 |  | $ | 2,847 |  | $ | 5,101 |  | $ | 42 |  | $ | 11,227 |
Europe | 1,645 |  | 1,407 |  | 536 |  | 1 |  | 3,589 |  |  | 1,521 |  | 1,345 |  | 419 |  | 1 |  | 3,286 |
Asia Pacific | 780 |  | 1,334 |  | 547 |  | — |  | 2,661 |  |  | 599 |  | 972 |  | 538 |  | — |  | 2,109 |
Middle East and North Africa | 195 |  | 172 |  | 424 |  | — |  | 791 |  |  | 181 |  | 104 |  | 566 |  | — |  | 851 |
Other regions | 390 |  | 615 |  | 50 |  | — |  | 1,055 |  |  | 366 |  | 433 |  | 43 |  | — |  | 842 |
Consolidated net sales | 6,416 |  | 6,801 |  | 6,471 |  | 33 |  | 19,721 |  |  | 5,904 |  | 5,701 |  | 6,667 |  | 43 |  | 18,315 |
Inter-segment sales | 583 |  | 1 |  | 40 |  | (624) |  | — |  |  | 480 |  | — |  | 33 |  | (513) |  | — |
Business segment sales | $ | 6,999 |  | $ | 6,802 |  | $ | 6,511 |  | $ | (591) |  | $ | 19,721 |  |  | $ | 6,384 |  | $ | 5,701 |  | $ | 6,700 |  | $ | (470) |  | $ | 18,315 |
Segment sales disaggregated by geographic region for the six months ended June 30, 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 | $ | 6,727 |  | $ | 6,283 |  | $ | 9,896 |  | $ | 80 |  | $ | 22,986 |  |  | $ | 6,334 |  | $ | 5,478 |  | $ | 9,877 |  | $ | 86 |  | $ | 21,775 |
Europe | 3,260 |  | 3,077 |  | 1,083 |  | 2 |  | 7,422 |  |  | 3,000 |  | 2,465 |  | 809 |  | 2 |  | 6,276 |
Asia Pacific | 1,471 |  | 2,528 |  | 1,088 |  | 1 |  | 5,088 |  |  | 1,190 |  | 1,877 |  | 1,092 |  | — |  | 4,159 |
Middle East and North Africa | 376 |  | 310 |  | 954 |  | — |  | 1,640 |  |  | 344 |  | 214 |  | 1,056 |  | — |  | 1,614 |
Other regions | 751 |  | 1,059 |  | 80 |  | — |  | 1,890 |  |  | 715 |  | 896 |  | 94 |  | — |  | 1,705 |
Consolidated net sales | 12,585 |  | 13,257 |  | 13,101 |  | 83 |  | 39,026 |  |  | 11,583 |  | 10,930 |  | 12,928 |  | 88 |  | 35,529 |
Inter-segment sales | 1,087 |  | 1 |  | 69 |  | (1,157) |  | — |  |  | 921 |  | 1 |  | 64 |  | (986) |  | — |
Business segment sales | $ | 13,672 |  | $ | 13,258 |  | $ | 13,170 |  | $ | (1,074) |  | $ | 39,026 |  |  | $ | 12,504 |  | $ | 10,931 |  | $ | 12,992 |  | $ | (898) |  | $ | 35,529 |
Segment sales disaggregated by type of customer for the quarters ended June 30, 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) | $ | 1,630 |  | $ | 1,511 |  | $ | 4,880 |  | $ | 31 |  | $ | 8,052 |  |  | $ | 1,574 |  | $ | 1,313 |  | $ | 5,030 |  | $ | 41 |  | $ | 7,958 |
Foreign military sales through the U.S. government | 82 |  | 386 |  | 801 |  | — |  | 1,269 |  |  | 67 |  | 352 |  | 822 |  | — |  | 1,241 |
Foreign government direct commercial sales | 317 |  | 160 |  | 694 |  | — |  | 1,171 |  |  | 276 |  | 102 |  | 709 |  | 2 |  | 1,089 |
Commercial aerospace and other commercial sales | 4,387 |  | 4,744 |  | 96 |  | 2 |  | 9,229 |  |  | 3,987 |  | 3,934 |  | 106 |  | — |  | 8,027 |
Consolidated net sales | 6,416 |  | 6,801 |  | 6,471 |  | 33 |  | 19,721 |  |  | 5,904 |  | 5,701 |  | 6,667 |  | 43 |  | 18,315 |
Inter-segment sales | 583 |  | 1 |  | 40 |  | (624) |  | — |  |  | 480 |  | — |  | 33 |  | (513) |  | — |
Business segment sales | $ | 6,999 |  | $ | 6,802 |  | $ | 6,511 |  | $ | (591) |  | $ | 19,721 |  |  | $ | 6,384 |  | $ | 5,701 |  | $ | 6,700 |  | $ | (470) |  | $ | 18,315 |
(1) Excludes foreign military sales through the U.S. government. Segment sales disaggregated by customer for the six months ended June 30, 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) | $ | 3,194 |  | $ | 3,069 |  | $ | 9,837 |  | $ | 79 |  | $ | 16,179 |  |  | $ | 3,168 |  | $ | 2,535 |  | $ | 9,728 |  | $ | 84 |  | $ | 15,515 |
Foreign military sales through the U.S. government | 163 |  | 696 |  | 1,659 |  | — |  | 2,518 |  |  | 150 |  | 684 |  | 1,669 |  | — |  | 2,503 |
Foreign government direct commercial sales | 626 |  | 318 |  | 1,434 |  | 1 |  | 2,379 |  |  | 536 |  | 220 |  | 1,334 |  | 3 |  | 2,093 |
Commercial aerospace and other commercial | 8,602 |  | 9,174 |  | 171 |  | 3 |  | 17,950 |  |  | 7,729 |  | 7,491 |  | 197 |  | 1 |  | 15,418 |
Consolidated net sales | 12,585 |  | 13,257 |  | 13,101 |  | 83 |  | 39,026 |  |  | 11,583 |  | 10,930 |  | 12,928 |  | 88 |  | 35,529 |
Inter-segment sales | 1,087 |  | 1 |  | 69 |  | (1,157) |  | — |  |  | 921 |  | 1 |  | 64 |  | (986) |  | — |
Business segment sales | $ | 13,672 |  | $ | 13,258 |  | $ | 13,170 |  | $ | (1,074) |  | $ | 39,026 |  |  | $ | 12,504 |  | $ | 10,931 |  | $ | 12,992 |  | $ | (898) |  | $ | 35,529 |
(1) Excludes foreign military sales through the U.S. government. Segment sales disaggregated by sales type for the quarters ended June 30, 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 | $ | 5,027 |  | $ | 3,849 |  | $ | 5,657 |  | $ | 29 |  | $ | 14,562 |  |  | $ | 4,603 |  | $ | 3,199 |  | $ | 5,568 |  | $ | 41 |  | $ | 13,411 |
Services | 1,389 |  | 2,952 |  | 814 |  | 4 |  | 5,159 |  |  | 1,301 |  | 2,502 |  | 1,099 |  | 2 |  | 4,904 |
Consolidated net sales | 6,416 |  | 6,801 |  | 6,471 |  | 33 |  | 19,721 |  |  | 5,904 |  | 5,701 |  | 6,667 |  | 43 |  | 18,315 |
Inter-segment sales | 583 |  | 1 |  | 40 |  | (624) |  | — |  |  | 480 |  | — |  | 33 |  | (513) |  | — |
Business segment sales | $ | 6,999 |  | $ | 6,802 |  | $ | 6,511 |  | $ | (591) |  | $ | 19,721 |  |  | $ | 6,384 |  | $ | 5,701 |  | $ | 6,700 |  | $ | (470) |  | $ | 18,315 |
Segment sales disaggregated by sales type for the six months ended June 30, 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 | $ | 9,860 |  | $ | 7,806 |  | $ | 11,124 |  | $ | 75 |  | $ | 28,865 |  |  | $ | 9,053 |  | $ | 6,251 |  | $ | 10,810 |  | $ | 84 |  | $ | 26,198 |
Services | 2,725 |  | 5,451 |  | 1,977 |  | 8 |  | 10,161 |  |  | 2,530 |  | 4,679 |  | 2,118 |  | 4 |  | 9,331 |
Consolidated net sales | $ | 12,585 |  | $ | 13,257 |  | $ | 13,101 |  | $ | 83 |  | $ | 39,026 |  |  | $ | 11,583 |  | $ | 10,930 |  | $ | 12,928 |  | $ | 88 |  | $ | 35,529 |
Inter-segment sales | 1,087 |  | 1 |  | 69 |  | (1,157) |  | — |  |  | 921 |  | 1 |  | 64 |  | (986) |  | — |
Business segment sales | $ | 13,672 |  | $ | 13,258 |  | $ | 13,170 |  | $ | (1,074) |  | $ | 39,026 |  |  | $ | 12,504 |  | $ | 10,931 |  | $ | 12,992 |  | $ | (898) |  | $ | 35,529 |
Raytheon segment sales disaggregated by contract type for the quarters ended June 30, 2024 and 2023 are as follows:
(dollars in millions) | 2024 |  | 2023
Fixed-price | $ | 3,318 |  |  | $ | 3,405 |
Cost-type | 3,153 |  |  | 3,262 |
Consolidated net sales | 6,471 |  |  | 6,667 |
Inter-segment sales | 40 |  |  | 33 |
Business segment sales | $ | 6,511 |  |  | $ | 6,700 |
Raytheon segment sales disaggregated by contract type for the six months ended June 30, 2024 and 2023 are as follows:
(dollars in millions) | 2024 |  | 2023
Fixed-price | $ | 6,611 |  |  | $ | 6,642 |
Cost-type | 6,490 |  |  | 6,286 |
Consolidated net sales | 13,101 |  |  | 12,928 |
Inter-segments sales | 69 |  |  | 64 |
Business segment sales | $ | 13,170 |  |  | $ | 12,992 |

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