XML 54 R42.htm IDEA: XBRL DOCUMENT v3.24.3

Segment Financial Data (Tables)

9 Months Ended

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

X

- 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
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

+ Details

Name:	us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

+ Details

Name:	us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_SegmentReportingAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration