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Segment Financial Data (Tables)

6 Months Ended

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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- 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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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