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v3.24.3

Segment Financial Data (Tables) | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | Results for the quarters ended September 30, 2024 and 2023 are as follows:
| Net Sales |  | Operating Profit (Loss) |  | Operating Profit (Loss) Margins
(dollars in millions) | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Collins Aerospace | $ | 7,075 |  |  | $ | 6,629 |  |  | $ | 1,062 |  |  | $ | 903 |  |  | 15.0 | % |  | 13.6 | %
Pratt & Whitney (2) | 7,239 |  |  | 926 |  |  | 557 |  |  | (2,482) |  |  | 7.7 | % |  | (268.0) | %
Raytheon | 6,386 |  |  | 6,472 |  |  | 647 |  |  | 560 |  |  | 10.1 | % |  | 8.7 | %
Total segment | 20,700 |  |  | 14,027 |  |  | 2,266 |  |  | (1,019) |  |  | 10.9 | % |  | (7.3) | %
Eliminations and other (1) | (611) |  |  | (563) |  |  | (14) |  |  | (69) |  |  |  |  |
Corporate expenses and other unallocated items | — |  |  | — |  |  | 100 |  |  | (63) |  |  |  |  |
FAS/CAS operating adjustment | — |  |  | — |  |  | 210 |  |  | 272 |  |  |  |  |
Acquisition accounting adjustments | — |  |  | — |  |  | (534) |  |  | (517) |  |  |  |  |
Consolidated | $ | 20,089 |  |  | $ | 13,464 |  |  | $ | 2,028 |  |  | $ | (1,396) |  |  | 10.1 | % |  | (10.4) | %
(1) Includes the operating results of certain smaller operations. (2) 2023 includes the impacts of the Powder Metal Matter. Results for the nine months ended September 30, 2024 and 2023 are as follows:
| Net Sales |  | Operating Profit (Loss) |  | Operating Profit (Loss) Margins
(dollars in millions) | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Collins Aerospace | $ | 20,747 |  |  | $ | 19,133 |  |  | $ | 3,029 |  |  | $ | 2,699 |  |  | 14.6 | % |  | 14.1 | %
Pratt & Whitney (2) | 20,497 |  |  | 11,857 |  |  | 1,511 |  |  | (1,837) |  |  | 7.4 | % |  | (15.5) | %
Raytheon (3) | 19,556 |  |  | 19,464 |  |  | 1,770 |  |  | 1,775 |  |  | 9.1 | % |  | 9.1 | %
Total segment | 60,800 |  |  | 50,454 |  |  | 6,310 |  |  | 2,637 |  |  | 10.4 | % |  | 5.2 | %
Eliminations and other (1) | (1,685) |  |  | (1,461) |  |  | (55) |  |  | (34) |  |  |  |  |
Corporate expenses and other unallocated items (4) | — |  |  | — |  |  | (926) |  |  | (165) |  |  |  |  |
FAS/CAS operating adjustment | — |  |  | — |  |  | 636 |  |  | 845 |  |  |  |  |
Acquisition accounting adjustments | — |  |  | — |  |  | (1,538) |  |  | (1,499) |  |  |  |  |
Consolidated | $ | 59,115 |  |  | $ | 48,993 |  |  | $ | 4,427 |  |  | $ | 1,784 |  |  | 7.5 | % |  | 3.6 | %
(1) Includes the operating results of certain smaller operations. (2) 2023 includes the impacts of the Powder Metal Matter. (3) 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. (4) Includes a $0.9 billion charge in the second quarter of 2024 related to the 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 September 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 | $ | 3,401 |  | $ | 3,346 |  | $ | 4,615 |  | $ | 49 |  | $ | 11,411 |  |  | $ | 3,323 |  | $ | 2,849 |  | $ | 4,987 |  | $ | (4) |  | $ | 11,155 |
Europe | 1,611 |  | 1,535 |  | 973 |  | 1 |  | 4,120 |  |  | 1,580 |  | 1,533 |  | 400 |  | 1 |  | 3,514 |
Asia Pacific | 825 |  | 1,449 |  | 515 |  | — |  | 2,789 |  |  | 674 |  | 1,191 |  | 549 |  | — |  | 2,414 |
Middle East and North Africa | 236 |  | 179 |  | 213 |  | — |  | 628 |  |  | 187 |  | 168 |  | 469 |  | — |  | 824 |
Other regions | 380 |  | 730 |  | 31 |  | — |  | 1,141 |  |  | 335 |  | 586 |  | 37 |  | — |  | 958 |
Powder Metal Matter | — |  | — |  | — |  | — |  | — |  |  | — |  | (5,401) |  | — |  | — |  | (5,401) |
Consolidated net sales | 6,453 |  | 7,239 |  | 6,347 |  | 50 |  | 20,089 |  |  | 6,099 |  | 926 |  | 6,442 |  | (3) |  | 13,464 |
Inter-segment sales | 622 |  | — |  | 39 |  | (661) |  | — |  |  | 530 |  | — |  | 30 |  | (560) |  | — |
Business segment sales | $ | 7,075 |  | $ | 7,239 |  | $ | 6,386 |  | $ | (611) |  | $ | 20,089 |  |  | $ | 6,629 |  | $ | 926 |  | $ | 6,472 |  | $ | (563) |  | $ | 13,464 |
Segment sales disaggregated by geographic region for the nine months ended September 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 | $ | 10,128 |  | $ | 9,629 |  | $ | 14,511 |  | $ | 129 |  | $ | 34,397 |  |  | $ | 9,657 |  | $ | 8,327 |  | $ | 14,865 |  | $ | 81 |  | $ | 32,930 |
Europe | 4,871 |  | 4,612 |  | 2,056 |  | 3 |  | 11,542 |  |  | 4,580 |  | 3,998 |  | 1,209 |  | 3 |  | 9,790 |
Asia Pacific | 2,296 |  | 3,977 |  | 1,603 |  | 1 |  | 7,877 |  |  | 1,864 |  | 3,068 |  | 1,640 |  | 1 |  | 6,573 |
Middle East and North Africa | 612 |  | 489 |  | 1,167 |  | — |  | 2,268 |  |  | 531 |  | 382 |  | 1,525 |  | — |  | 2,438 |
Other regions | 1,131 |  | 1,789 |  | 111 |  | — |  | 3,031 |  |  | 1,050 |  | 1,482 |  | 131 |  | — |  | 2,663 |
Powder Metal Matter | — |  | — |  | — |  | — |  | — |  |  | — |  | (5,401) |  | — |  | — |  | (5,401) |
Consolidated net sales | 19,038 |  | 20,496 |  | 19,448 |  | 133 |  | 59,115 |  |  | 17,682 |  | 11,856 |  | 19,370 |  | 85 |  | 48,993 |
Inter-segment sales | 1,709 |  | 1 |  | 108 |  | (1,818) |  | — |  |  | 1,451 |  | 1 |  | 94 |  | (1,546) |  | — |
Business segment sales | $ | 20,747 |  | $ | 20,497 |  | $ | 19,556 |  | $ | (1,685) |  | $ | 59,115 |  |  | $ | 19,133 |  | $ | 11,857 |  | $ | 19,464 |  | $ | (1,461) |  | $ | 48,993 |
Segment sales disaggregated by type of customer for the quarters ended September 30, 2024 and 2023 are as follows:
| 2024 |  | 2023
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total |  | Collins Aerospace | Pratt & Whitney (2) | Raytheon | Other | Total
Sales to the U.S. government (1) | $ | 1,757 |  | $ | 1,595 |  | $ | 4,595 |  | $ | 49 |  | $ | 7,996 |  |  | $ | 1,502 |  | $ | 1,239 |  | $ | 4,943 |  | $ | (6) |  | $ | 7,678 |
Foreign military sales through the U.S. government | 85 |  | 433 |  | 984 |  | — |  | 1,502 |  |  | 76 |  | 474 |  | 767 |  | — |  | 1,317 |
Foreign government direct commercial sales | 319 |  | 196 |  | 702 |  | 1 |  | 1,218 |  |  | 257 |  | 127 |  | 636 |  | — |  | 1,020 |
Commercial aerospace and other commercial sales | 4,292 |  | 5,015 |  | 66 |  | — |  | 9,373 |  |  | 4,264 |  | (914) |  | 96 |  | 3 |  | 3,449 |
Consolidated net sales | 6,453 |  | 7,239 |  | 6,347 |  | 50 |  | 20,089 |  |  | 6,099 |  | 926 |  | 6,442 |  | (3) |  | 13,464 |
Inter-segment sales | 622 |  | — |  | 39 |  | (661) |  | — |  |  | 530 |  | — |  | 30 |  | (560) |  | — |
Business segment sales | $ | 7,075 |  | $ | 7,239 |  | $ | 6,386 |  | $ | (611) |  | $ | 20,089 |  |  | $ | 6,629 |  | $ | 926 |  | $ | 6,472 |  | $ | (563) |  | $ | 13,464 |
(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 customer for the nine months ended September 30, 2024 and 2023 are as follows:
| 2024 |  | 2023
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total |  | Collins Aerospace | Pratt & Whitney (2) | Raytheon | Other | Total
Sales to the U.S. government (1) | $ | 4,951 |  | $ | 4,664 |  | $ | 14,432 |  | $ | 128 |  | $ | 24,175 |  |  | $ | 4,670 |  | $ | 3,774 |  | $ | 14,670 |  | $ | 79 |  | $ | 23,193 |
Foreign military sales through the U.S. government | 248 |  | 1,129 |  | 2,643 |  | — |  | 4,020 |  |  | 226 |  | 1,158 |  | 2,436 |  | — |  | 3,820 |
Foreign government direct commercial sales | 945 |  | 514 |  | 2,136 |  | 2 |  | 3,597 |  |  | 793 |  | 347 |  | 1,970 |  | 3 |  | 3,113 |
Commercial aerospace and other commercial sales | 12,894 |  | 14,189 |  | 237 |  | 3 |  | 27,323 |  |  | 11,993 |  | 6,577 |  | 294 |  | 3 |  | 18,867 |
Consolidated net sales | 19,038 |  | 20,496 |  | 19,448 |  | 133 |  | 59,115 |  |  | 17,682 |  | 11,856 |  | 19,370 |  | 85 |  | 48,993 |
Inter-segment sales | 1,709 |  | 1 |  | 108 |  | (1,818) |  | — |  |  | 1,451 |  | 1 |  | 94 |  | (1,546) |  | — |
Business segment sales | $ | 20,747 |  | $ | 20,497 |  | $ | 19,556 |  | $ | (1,685) |  | $ | 59,115 |  |  | $ | 19,133 |  | $ | 11,857 |  | $ | 19,464 |  | $ | (1,461) |  | $ | 48,993 |
(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, 2024 and 2023 are as follows:
| 2024 |  | 2023
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total |  | Collins Aerospace | Pratt & Whitney (1) | Raytheon | Other | Total
Products | $ | 5,024 |  | $ | 4,119 |  | $ | 5,524 |  | $ | 41 |  | $ | 14,708 |  |  | $ | 4,761 |  | $ | (1,486) |  | $ | 5,339 |  | $ | 1 |  | $ | 8,615 |
Services | 1,429 |  | 3,120 |  | 823 |  | 9 |  | 5,381 |  |  | 1,338 |  | 2,412 |  | 1,103 |  | (4) |  | 4,849 |
Consolidated net sales | 6,453 |  | 7,239 |  | 6,347 |  | 50 |  | 20,089 |  |  | 6,099 |  | 926 |  | 6,442 |  | (3) |  | 13,464 |
Inter-segment sales | 622 |  | — |  | 39 |  | (661) |  | — |  |  | 530 |  | — |  | 30 |  | (560) |  | — |
Business segment sales | $ | 7,075 |  | $ | 7,239 |  | $ | 6,386 |  | $ | (611) |  | $ | 20,089 |  |  | $ | 6,629 |  | $ | 926 |  | $ | 6,472 |  | $ | (563) |  | $ | 13,464 |
(1) Includes the reduction in sales from the Powder Metal Matter. Segment sales disaggregated by sales type for the nine months ended September 30, 2024 and 2023 are as follows:
| 2024 |  | 2023
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total |  | Collins Aerospace | Pratt & Whitney (1) | Raytheon | Other | Total
Products | $ | 14,884 |  | $ | 11,925 |  | $ | 16,648 |  | $ | 116 |  | $ | 43,573 |  |  | $ | 13,813 |  | $ | 4,765 |  | $ | 16,149 |  | $ | 86 |  | $ | 34,813 |
Services | 4,154 |  | 8,571 |  | 2,800 |  | 17 |  | 15,542 |  |  | 3,869 |  | 7,091 |  | 3,221 |  | (1) |  | 14,180 |
Consolidated net sales | $ | 19,038 |  | $ | 20,496 |  | $ | 19,448 |  | $ | 133 |  | $ | 59,115 |  |  | $ | 17,682 |  | $ | 11,856 |  | $ | 19,370 |  | $ | 85 |  | $ | 48,993 |
Inter-segment sales | 1,709 |  | 1 |  | 108 |  | (1,818) |  | — |  |  | 1,451 |  | 1 |  | 94 |  | (1,546) |  | — |
Business segment sales | $ | 20,747 |  | $ | 20,497 |  | $ | 19,556 |  | $ | (1,685) |  | $ | 59,115 |  |  | $ | 19,133 |  | $ | 11,857 |  | $ | 19,464 |  | $ | (1,461) |  | $ | 48,993 |
(1) Includes the reduction in sales from the Powder Metal Matter. Raytheon segment sales disaggregated by contract type for the quarters ended September 30, 2024 and 2023 are as follows:
(dollars in millions) | 2024 |  | 2023
Fixed-price | $ | 3,409 |  |  | $ | 2,997 |
Cost-type | 2,938 |  |  | 3,445 |
Consolidated net sales | 6,347 |  |  | 6,442 |
Inter-segment sales | 39 |  |  | 30 |
Business segment sales | $ | 6,386 |  |  | $ | 6,472 |
Raytheon segment sales disaggregated by contract type for the nine months ended September 30, 2024 and 2023 are as follows:
(dollars in millions) | 2024 |  | 2023
Fixed-price | $ | 10,020 |  |  | $ | 9,639 |
Cost-type | 9,428 |  |  | 9,731 |
Consolidated net sales | 19,448 |  |  | 19,370 |
Inter-segment sales | 108 |  |  | 94 |
Business segment sales | $ | 19,556 |  |  | $ | 19,464 |

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