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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
Schedule of Pension and PRB Contributions | We made the following contributions to our pension and PRB plans’ trusts during the years ended December 31:
(dollars in millions) | 2024 |  | 2023 |  | 2022
U.S. qualified defined benefit plans (1) | $ | — |  |  | $ | 69 |  |  | $ | — |
International defined benefit plans | 31 |  |  | 60 |  |  | 69 |
PRB plans | 30 |  |  | 28 |  |  | 25 |
(1) 2023 includes $50 million of RTX common stock contributions.
Schedule of Defined Benefit Plans Disclosures |
| Pension |  |
(dollars in millions) | 2024 |  | 2023 |  |  |  |
Change in Benefit Obligation: |  |  |  |  |  |  |
Beginning balance | $ | 49,592 |  |  | $ | 49,028 |  |  |  |  |
Service cost attributable to continuing operations | 189 |  |  | 222 |  |  |  |  |
Interest cost | 2,385 |  |  | 2,507 |  |  |  |  |
Actuarial (gain) loss | (2,013) |  |  | 1,909 |  |  |  |  |
Total benefits paid (1) | (3,633) |  |  | (4,258) |  |  |  |  |
Net settlement, curtailment, and special termination benefits | 9 |  |  | 5 |  |  |  |  |
Plan amendments | 36 |  |  | 19 |  |  |  |  |
Business combinations and divestitures | (23) |  |  | — |  |  |  |  |
Other (2) | (220) |  |  | 160 |  |  |  |  |
Ending balance | $ | 46,322 |  |  | $ | 49,592 |  |  |  |  |
Change in Plan Assets: |  |  |  |  |  |  |
Beginning balance | $ | 48,945 |  |  | $ | 47,960 |  |  |  |  |
Actual return on plan assets | 1,092 |  |  | 4,730 |  |  |  |  |
Employer contributions (1) | 235 |  |  | 363 |  |  |  |  |
Total benefits paid (1) | (3,633) |  |  | (4,258) |  |  |  |  |
Settlements | (3) |  |  | (2) |  |  |  |  |
Business combinations and divestitures | — |  |  | — |  |  |  |  |
Other (2) | (222) |  |  | 152 |  |  |  |  |
Ending balance | $ | 46,414 |  |  | $ | 48,945 |  |  |  |  |
(1) Includes benefit payments paid directly by the company. (2) The amount included in Other primarily reflects the impact of foreign exchange translation, primarily for plans in the United Kingdom and Canada, and participant contributions.
| Pension |  | PRB
(dollars in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Funded Status: |  |  |  |  |  |  |
Fair value of plan assets | $ | 46,414 |  |  | $ | 48,945 |  |  | $ | 314 |  |  | $ | 316 |
Benefit obligations | (46,322) |  |  | (49,592) |  |  | (898) |  |  | (962) |
Funded status of plan | $ | 92 |  |  | $ | (647) |  |  | $ | (584) |  |  | $ | (646) |
Amounts Recognized in the Consolidated Balance Sheet Consist of: |  |  |  |  |  |
Non-current assets | $ | 1,819 |  |  | $ | 1,296 |  |  | $ | — |  |  | $ | — |
Current liability | (195) |  |  | (206) |  |  | (61) |  |  | (64) |
Non-current liability | (1,532) |  |  | (1,737) |  |  | (523) |  |  | (582) |
Net amount recognized | $ | 92 |  |  | $ | (647) |  |  | $ | (584) |  |  | $ | (646) |
Amounts Recognized in Accumulated Other Comprehensive Loss Consist of: |  |  |  |  |
Net actuarial loss (gain) | $ | 4,926 |  |  | $ | 4,311 |  |  | $ | (296) |  |  | $ | (325) |
Prior service credit | (1,044) |  |  | (1,246) |  |  | (1) |  |  | (3) |
Net amount recognized | $ | 3,882 |  |  | $ | 3,065 |  |  | $ | (297) |  |  | $ | (328) |
Schedule of Expected Benefit Payments | The table below reflects the total benefit payments expected to be paid from the pension plans or from corporate assets.
(dollars in millions) | Pension |  |
2025 | $ | 4,178 |  |  |
2026 | 3,737 |  |  |
2027 | 3,670 |  |  |
2028 | 3,613 |  |  |
2029 | 3,594 |  |  |
2030-2034 | 17,158 |  |  |
Marketable Securities | The fair value of marketable securities held in trusts as of December 31 was as follows:
(dollars in millions) | 2024 |  | 2023
Marketable securities held in trusts | $ | 786 |  |  | $ | 745 |
Pension Plan [Member] |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets | Information for pension plans with accumulated benefit obligations in excess of plan assets:
(dollars in millions) | 2024 |  | 2023
Projected benefit obligation | $ | 3,260 |  |  | $ | 3,675 |
Accumulated benefit obligation | 3,239 |  |  | 3,645 |
Fair value of plan assets | 1,537 |  |  | 1,733 |
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets | Information for pension plans with projected benefit obligations in excess of plan assets:
(dollars in millions) | 2024 |  | 2023
Projected benefit obligation | $ | 3,298 |  |  | $ | 3,723 |
Accumulated benefit obligation | 3,272 |  |  | 3,687 |
Fair value of plan assets | 1,571 |  |  | 1,781 |
Schedule of Net Benefit Costs | The components of the net periodic pension income are as follows:
(dollars in millions) | 2024 |  | 2023 |  | 2022
Operating expense |  |  |  |  |
Service cost | $ | 189 |  |  | $ | 222 |  |  | $ | 470 |
Non-operating expense |  |  |  |  |
Interest cost | 2,385 |  |  | 2,507 |  |  | 1,520 |
Expected return on plan assets | (3,747) |  |  | (3,753) |  |  | (3,544) |
Amortization of prior service credit | (170) |  |  | (158) |  |  | (163) |
Recognized actuarial net (gain) loss | 20 |  |  | (378) |  |  | 305 |
Net settlement, curtailment, and special termination benefits loss | 13 |  |  | 6 |  |  | 2 |
Non-service pension income | (1,499) |  |  | (1,776) |  |  | (1,880) |
Total net periodic pension income | $ | (1,310) |  |  | $ | (1,554) |  |  | $ | (1,410) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Other changes in pension plan assets and benefit obligations recognized in other comprehensive loss in 2024 and 2023 are as follows:
(dollars in millions) |  |  |  |  | 2024 |  | 2023
Net actuarial loss (gain) arising during the period |  |  |  |  | $ | 642 |  |  | $ | 935 |
Amortization of actuarial gain (loss) |  |  |  |  | (20) |  |  | 378 |
Current year prior service cost |  |  |  |  | 36 |  |  | 19 |
Amortization of prior service credit |  |  |  |  | 170 |  |  | 158 |
Net settlement and curtailment |  |  |  |  | (12) |  |  | (3) |
Business combinations and divestitures |  |  |  |  | 9 |  |  | — |
Other (1) |  |  |  |  | (8) |  |  | 52 |
Total recognized in other comprehensive income (loss) |  |  |  |  | 817 |  |  | 1,539 |
Net recognized in net periodic income and other comprehensive loss |  |  |  |  | $ | (493) |  |  | $ | (15) |
(1) The amount included in Other primarily reflects the impact of foreign exchange translation, primarily for plans in the United Kingdom and Canada.
Defined Benefit Plan, Assumptions | Major assumptions used in determining the pension benefit obligation and net periodic pension (income) expense are presented in the following table as weighted-averages:
|  | Benefit Obligation |  | Net Periodic Benefit (Income) Expense
|  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2022
Discount rate |  |  |  |  |  |  |  |  |  |
PBO |  | 5.6 | % |  | 5.1 | % |  | 5.1 | % |  | 5.5 | % |  | 2.8 | %
Interest cost (1) |  | N/A |  | N/A |  | 5.0 | % |  | 5.3 | % |  | 2.3 | %
Service cost (1) |  | N/A |  | N/A |  | 5.0 | % |  | 5.4 | % |  | 3.1 | %
Salary scale |  | 4.4 | % |  | 4.4 | % |  | 4.4 | % |  | 4.4 | % |  | 4.4 | %
Expected return on plan assets |  | N/A |  | N/A |  | 7.1 | % |  | 7.1 | % |  | 6.5 | %
Interest crediting rate |  | 5.0 | % |  | 5.0 | % |  | 5.0 | % |  | 4.4 | % |  | 4.0 | %
(1) The discount rates used to measure the service cost and interest cost applies to our significant plans. The PBO discount rate is used for the service cost and interest cost measurements for non-significant plans.
Schedule of Allocation of Plan Assets | The fair values of pension plan assets at December 31, 2024 and 2023 by asset category are as follows:
(dollars in millions) | Quoted Prices in Active Markets For Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Not Subject to Leveling (7) |  | Total
Asset Category: |  |  |  |  |  |  |  |  |
Public Equities |  |  |  |  |  |  |  |  |
Global Equities | $ | 6,195 |  |  | $ | 13 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,208 |
Global Equity Commingled Funds (1) | — |  |  | 624 |  |  | — |  |  | — |  |  | 624 |
Other Public Equities | — |  |  | — |  |  | — |  |  | 2,431 |  |  | 2,431 |
Private Equities (2) | — |  |  | — |  |  | — |  |  | 4,985 |  |  | 4,985 |
Fixed Income Securities |  |  |  |  |  |  |  |  |
Governments | 4,462 |  |  | 801 |  |  | — |  |  | — |  |  | 5,263 |
Corporate Bonds | 1 |  |  | 11,343 |  |  | — |  |  | — |  |  | 11,344 |
Structured Products | — |  |  | 27 |  |  | — |  |  | — |  |  | 27 |
Other Fixed Income | — |  |  | — |  |  | — |  |  | 11,259 |  |  | 11,259 |
Real Estate (3) | — |  |  | — |  |  | 1,481 |  |  | 1,557 |  |  | 3,038 |
Other (4) | — |  |  | 513 |  |  | — |  |  | 113 |  |  | 626 |
Cash & Cash Equivalents (5) | — |  |  | 341 |  |  | — |  |  | 79 |  |  | 420 |
Subtotal | $ | 10,658 |  |  | $ | 13,662 |  |  | $ | 1,481 |  |  | $ | 20,424 |  |  | $ | 46,225 |
Other Assets & Liabilities (6) |  |  |  |  |  |  |  |  | 189 |
Total at December 31, 2024 |  |  |  |  |  |  |  |  | $ | 46,414 |
Public Equities |  |  |  |  |  |  |  |  |
Global Equities | $ | 6,156 |  |  | $ | 4 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,160 |
Global Equity Commingled Funds (1) | — |  |  | 1,012 |  |  | — |  |  | — |  |  | 1,012 |
Other Public Equities | — |  |  | — |  |  | — |  |  | 2,308 |  |  | 2,308 |
Private Equities (2) | — |  |  | — |  |  | — |  |  | 4,936 |  |  | 4,936 |
Fixed Income Securities |  |  |  |  |  |  |  |  |
Governments | 3,507 |  |  | 1,560 |  |  | — |  |  | — |  |  | 5,067 |
Corporate Bonds | — |  |  | 13,185 |  |  | — |  |  | — |  |  | 13,185 |
Structured Products | — |  |  | 57 |  |  | — |  |  | — |  |  | 57 |
Other Fixed Income | — |  |  | — |  |  | — |  |  | 9,669 |  |  | 9,669 |
Real Estate (3) | — |  |  | — |  |  | 1,467 |  |  | 1,632 |  |  | 3,099 |
Other (4) | — |  |  | 560 |  |  | — |  |  | 2,415 |  |  | 2,975 |
Cash & Cash Equivalents (5) | — |  |  | 383 |  |  | — |  |  | 128 |  |  | 511 |
Subtotal | $ | 9,663 |  |  | $ | 16,761 |  |  | $ | 1,467 |  |  | $ | 21,088 |  |  | $ | 48,979 |
Other Assets & Liabilities (6) |  |  |  |  |  |  |  |  | (34) |
Total at December 31, 2023 |  |  |  |  |  |  |  |  | $ | 48,945 |
(1) Represents commingled funds that invest primarily in common stocks. (2) Represents limited partnership investments with general partners that primarily invest in equity and debt. (3) Represents investments in real estate including commingled funds and directly held properties. (4) Represents global balanced risk commingled funds that invest in multiple asset classes including equity, fixed income, and some commodities. “Other” also includes insurance contracts. (5) Represents short-term commercial paper, bonds, and other cash or cash-like instruments. (6) Represents receivables, payables, and certain individually immaterial international plan assets that are not leveled. (7) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented for the total pension benefits plan assets.
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | The fair value measurement of plan assets using significant unobservable inputs (Level 3) changed due to the following:
(dollars in millions) |  |  |  |  |  |  |  |  |
Balance, December 31, 2022 |  |  |  |  |  |  |  |  | $ | 1,650 |
Realized losses |  |  |  |  |  |  |  |  | (69) |
Unrealized losses relating to instruments still held in the reporting period |  |  |  |  |  |  |  |  | (134) |
Purchases, sales, and settlements, net |  |  |  |  |  |  |  |  | 20 |
Balance, December 31, 2023 |  |  |  |  |  |  |  |  | 1,467 |
Realized losses |  |  |  |  |  |  |  |  | (136) |
Unrealized gains relating to instruments still held in the reporting period |  |  |  |  |  |  |  |  | 27 |
Purchases, sales, and settlements, net |  |  |  |  |  |  |  |  | 123 |
Balance, December 31, 2024 |  |  |  |  |  |  |  |  | $ | 1,481 |

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