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Segment Financial Data (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segment Information | Segment information for the years ended December 31 are as follows:
|  | 2024
(dollars in millions) |  | Net Sales | Research and Development |  | Other Segment Items (1) |  | Operating Profit (Loss) |  | Operating Profit (Loss) Margins
Collins Aerospace |  | $ | 28,284 |  |  | $ | (1,408) |  |  | $ | (22,741) |  |  | $ | 4,135 |  |  | 14.6 | %
Pratt & Whitney |  | 28,066 |  |  | (1,086) |  |  | (24,965) |  |  | 2,015 |  |  | 7.2 | %
Raytheon |  | 26,713 |  |  | (452) |  |  | (23,667) |  |  | 2,594 |  |  | 9.7 | %
Total segment |  | 83,063 |  |  | (2,946) |  |  | (71,373) |  |  | 8,744 |  |  | 10.5 | %
Eliminations and other (2) |  | (2,325) |  |  |  |  |  |  | (48) |  |  |
Corporate expenses and other unallocated items (3) |  | — |  |  |  |  |  |  | (933) |  |  |
FAS/CAS operating adjustment |  | — |  |  |  |  |  |  | 833 |  |  |
Acquisition accounting adjustments |  | — |  |  |  |  |  |  | (2,058) |  |  |
Consolidated |  | $ | 80,738 |  |  |  |  |  |  | $ | 6,538 |  |  | 8.1 | %
(1) Includes Cost of sales, Selling, General, and Administrative expenses, and Other income (expense), net. (2) Includes the operating results of certain smaller operations. (3) 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 and Summary of Accounting Principles” for additional information.
|  | 2023
(dollars in millions) |  | Net Sales | Research and Development |  | Other Segment Items (1) |  | Operating Profit (Loss) | Operating Profit (Loss) Margins
Collins Aerospace |  | $ | 26,253 |  |  | $ | (1,317) |  |  | $ | (21,111) |  |  | $ | 3,825 |  |  | 14.6 | %
Pratt & Whitney (3) |  | 18,296 |  |  | (1,001) |  |  | (18,750) |  |  | (1,455) |  |  | (8.0) | %
Raytheon |  | 26,350 |  |  | (500) |  |  | (23,471) |  |  | 2,379 |  |  | 9.0 | %
Total segment |  | 70,899 |  |  | (2,818) |  |  | (63,332) |  |  | 4,749 |  |  | 6.7 | %
Eliminations and other (2) |  | (1,979) |  |  |  |  |  |  | (42) |  |  |
Corporate expenses and other unallocated items |  | — |  |  |  |  |  |  | (275) |  |  |
FAS/CAS operating adjustment |  | — |  |  |  |  |  |  | 1,127 |  |  |
Acquisition accounting adjustments |  | — |  |  |  |  |  |  | (1,998) |  |  |
Consolidated |  | $ | 68,920 |  |  |  |  |  |  | $ | 3,561 |  |  | 5.2 | %
(1) Includes Cost of sales, Selling, General, and Administrative expenses, and Other income (expense), net. (2) Includes the operating results of certain smaller operations. (3) Includes the impacts of the Powder Metal Matter.
|  | 2022
(dollars in millions) |  | Net Sales | Research and Development |  | Other Segment Items (1) |  | Operating Profit (Loss) | Operating Profit (Loss) Margins
Collins Aerospace |  | $ | 23,052 |  |  | $ | (1,232) |  |  | $ | (19,004) |  |  | $ | 2,816 |  |  | 12.2 | %
Pratt & Whitney |  | 20,530 |  |  | (889) |  |  | (18,566) |  |  | 1,075 |  |  | 5.2 | %
Raytheon |  | 25,176 |  |  | (500) |  |  | (22,228) |  |  | 2,448 |  |  | 9.7 | %
Total segment |  | 68,758 |  |  | (2,621) |  |  | (59,798) |  |  | 6,339 |  |  | 9.2 | %
Eliminations and other (2) |  | (1,684) |  |  |  |  |  |  | (23) |  |  |
Corporate expenses and other unallocated items (3) |  | — |  |  |  |  |  |  | (318) |  |  |
FAS/CAS operating adjustment |  | — |  |  |  |  |  |  | 1,399 |  |  |
Acquisition accounting adjustments |  | — |  |  |  |  |  |  | (1,893) |  |  |
Consolidated |  | $ | 67,074 |  |  |  |  |  |  | $ | 5,504 |  |  | 8.2 | %
(1) Includes Cost of sales, Selling, General, and Administrative expenses, and Other income (expense), net. (2) Includes the operating results of certain smaller operations. (3) Includes the net expenses related to the U.S. Army’s LTAMDS program. Beginning in 2023, LTAMDS results are included in the Raytheon segment.
| Total Assets |  | Capital Expenditures |  | Depreciation & Amortization
(dollars in millions) | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Collins Aerospace (1) | $ | 72,372 |  |  | $ | 72,085 |  |  | $ | 786 |  |  | $ | 628 |  |  | $ | 671 |  |  | $ | 841 |  |  | $ | 724 |  |  | $ | 756 |
Pratt & Whitney (1) | 44,307 |  |  | 40,723 |  |  | 968 |  |  | 1,025 |  |  | 949 |  |  | 784 |  |  | 736 |  |  | 724 |
Raytheon (1) | 44,936 |  |  | 44,929 |  |  | 771 |  |  | 637 |  |  | 563 |  |  | 520 |  |  | 544 |  |  | 526 |
Total segment | 161,615 |  |  | 157,737 |  |  | 2,525 |  |  | 2,290 |  |  | 2,183 |  |  | 2,145 |  |  | 2,004 |  |  | 2,006 |
Corporate, eliminations, and other | 1,246 |  |  | 4,132 |  |  | 100 |  |  | 125 |  |  | 105 |  |  | 80 |  |  | 126 |  |  | 101 |
Acquisition accounting adjustments |  |  |  |  |  |  |  |  |  |  | 2,139 |  |  | 2,081 |  |  | 2,001 |
Consolidated | $ | 162,861 |  |  | $ | 161,869 |  |  | $ | 2,625 |  |  | $ | 2,415 |  |  | $ | 2,288 |  |  | $ | 4,364 |  |  | $ | 4,211 |  |  | $ | 4,108 |
(1) Total assets include acquired intangible assets and the property, plant, and equipment fair value adjustment. Related amortization expense is included in Acquisition accounting adjustments.
Geographic External Sales by Origin and Long-Lived Assets |
|  | External Net Sales |  | Long-Lived Assets
(dollars in millions) |  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023
United States (1) |  | $ | 67,701 |  |  | $ | 57,539 |  |  | $ | 57,869 |  |  | $ | 13,041 |  |  | $ | 12,646 |
International |  |  |  |  |  |  |  |  |  |
Europe |  | 5,493 |  |  | 4,849 |  |  | 3,874 |  |  | 1,189 |  |  | 1,207 |
Asia Pacific |  | 2,587 |  |  | 2,182 |  |  | 1,778 |  |  | 834 |  |  | 808 |
Middle East and North Africa |  | 486 |  |  | 492 |  |  | 173 |  |  | 98 |  |  | 103 |
Other regions |  | 4,471 |  |  | 3,858 |  |  | 3,380 |  |  | 927 |  |  | 984 |
Consolidated |  | $ | 80,738 |  |  | $ | 68,920 |  |  | $ | 67,074 |  |  | $ | 16,089 |  |  | $ | 15,748 |
(1) 2023 external net sales includes the reduction in sales from the Powder Metal Matter.
Disaggregation of Revenue | Segment sales disaggregated by geographic region based on customer location for the years ended December 31 are as follows:
| 2024
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total
United States | $ | 13,668 |  | $ | 13,025 |  | $ | 19,224 |  | $ | 170 |  | $ | 46,087 |
Europe | 6,634 |  | 6,376 |  | 2,962 |  | 3 |  | 15,975 |
Asia Pacific | 3,185 |  | 5,461 |  | 2,245 |  | 2 |  | 10,893 |
Middle East and North Africa | 840 |  | 650 |  | 1,968 |  | — |  | 3,458 |
Other regions | 1,602 |  | 2,552 |  | 171 |  | — |  | 4,325 |
Consolidated net sales | 25,929 |  | 28,064 |  | 26,570 |  | 175 |  | 80,738 |
Inter-segment sales | 2,355 |  | 2 |  | 143 |  | (2,500) |  | — |
Business segment sales | $ | 28,284 |  | $ | 28,066 |  | $ | 26,713 |  | $ | (2,325) |  | $ | 80,738 |
| 2023
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total
United States | $ | 13,185 |  | $ | 11,403 |  | $ | 20,187 |  | $ | 106 |  | $ | 44,881 |
Europe | 6,423 |  | 5,433 |  | 1,642 |  | 3 |  | 13,501 |
Asia Pacific | 2,625 |  | 4,227 |  | 2,196 |  | 1 |  | 9,049 |
Middle East and North Africa | 684 |  | 539 |  | 2,014 |  | — |  | 3,237 |
Other regions | 1,377 |  | 2,095 |  | 181 |  | — |  | 3,653 |
Powder Metal Matter | — |  | (5,401) |  | — |  | — |  | (5,401) |
Consolidated net sales | 24,294 |  | 18,296 |  | 26,220 |  | 110 |  | 68,920 |
Inter-segment sales | 1,959 |  | — |  | 130 |  | (2,089) |  | — |
Business segment sales | $ | 26,253 |  | $ | 18,296 |  | $ | 26,350 |  | $ | (1,979) |  | $ | 68,920 |
| 2022
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total
United States | $ | 11,944 |  | $ | 10,433 |  | $ | 18,643 |  | $ | 170 |  | $ | 41,190 |
Europe | 5,455 |  | 4,211 |  | 1,442 |  | 3 |  | 11,111 |
Asia Pacific | 2,165 |  | 3,775 |  | 2,116 |  | 1 |  | 8,057 |
Middle East and North Africa | 510 |  | 450 |  | 2,639 |  | — |  | 3,599 |
Other regions | 1,256 |  | 1,658 |  | 203 |  | — |  | 3,117 |
Consolidated net sales | 21,330 |  | 20,527 |  | 25,043 |  | 174 |  | 67,074 |
Inter-segment sales | 1,722 |  | 3 |  | 133 |  | (1,858) |  | — |
Business segment sales | $ | 23,052 |  | $ | 20,530 |  | $ | 25,176 |  | $ | (1,684) |  | $ | 67,074 |
Segment sales disaggregated by type of customer for the years ended December 31 are as follows:
| 2024
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total
Sales to the U.S. government (1) | $ | 6,850 |  | $ | 6,086 |  | $ | 19,142 |  | $ | 168 |  | $ | 32,246 |
Foreign military sales through the U.S. government | 384 |  | 1,528 |  | 3,853 |  | — |  | 5,765 |
Foreign government direct commercial sales | 1,242 |  | 712 |  | 3,361 |  | 2 |  | 5,317 |
Commercial aerospace and other commercial sales | 17,453 |  | 19,738 |  | 214 |  | 5 |  | 37,410 |
Consolidated net sales | 25,929 |  | 28,064 |  | 26,570 |  | 175 |  | 80,738 |
Inter-segment sales | 2,355 |  | 2 |  | 143 |  | (2,500) |  | — |
Business segment sales | $ | 28,284 |  | $ | 28,066 |  | $ | 26,713 |  | $ | (2,325) |  | $ | 80,738 |
(1) Excludes foreign military sales through the U.S. government.
| 2023
(dollars in millions) | Collins Aerospace | Pratt & Whitney (2) | Raytheon | Other | Total
Sales to the U.S. government (1) | $ | 6,357 |  | $ | 5,206 |  | $ | 19,965 |  | $ | 100 |  | $ | 31,628 |
Foreign military sales through the U.S. government | 304 |  | 1,442 |  | 3,228 |  | — |  | 4,974 |
Foreign government direct commercial sales | 1,110 |  | 515 |  | 2,620 |  | 4 |  | 4,249 |
Commercial aerospace and other commercial sales (2) | 16,523 |  | 11,133 |  | 407 |  | 6 |  | 28,069 |
Consolidated net sales | 24,294 |  | 18,296 |  | 26,220 |  | 110 |  | 68,920 |
Inter-segment sales | 1,959 |  | — |  | 130 |  | (2,089) |  | — |
Business segment sales | $ | 26,253 |  | $ | 18,296 |  | $ | 26,350 |  | $ | (1,979) |  | $ | 68,920 |
(1) Excludes foreign military sales through the U.S. government. (2) Includes the reduction in sales from the Powder Metal Matter.
| 2022
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total
Sales to the U.S. government (1) | $ | 6,484 |  | $ | 5,272 |  | $ | 18,394 |  | $ | 167 |  | $ | 30,317 |
Foreign military sales through the U.S. government | 372 |  | 1,115 |  | 3,555 |  | — |  | 5,042 |
Foreign government direct commercial sales | 1,063 |  | 474 |  | 2,786 |  | 4 |  | 4,327 |
Commercial aerospace and other commercial sales | 13,411 |  | 13,666 |  | 308 |  | 3 |  | 27,388 |
Consolidated net sales | 21,330 |  | 20,527 |  | 25,043 |  | 174 |  | 67,074 |
Inter-segment sales | 1,722 |  | 3 |  | 133 |  | (1,858) |  | — |
Business segment sales | $ | 23,052 |  | $ | 20,530 |  | $ | 25,176 |  | $ | (1,684) |  | $ | 67,074 |
(1) Excludes foreign military sales through the U.S. government. The largest contributor to our Commercial aerospace and other commercial sales is Airbus. Sales to Airbus primarily relate to Pratt & Whitney and Collins products, and prior to discounts and incentives were approximately 14%, 17%, and 14% of total net sales in 2024, 2023, and 2022, respectively. Total net sales in 2023 includes the reduction in sales from the Powder Metal Matter. Segment sales disaggregated by sales type for the years ended December 31 are as follows:
| 2024
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total
Products | $ | 20,272 |  | $ | 16,316 |  | $ | 22,872 |  | $ | 152 |  | $ | 59,612 |
Services | 5,657 |  | 11,748 |  | 3,698 |  | 23 |  | 21,126 |
Consolidated net sales | 25,929 |  | 28,064 |  | 26,570 |  | 175 |  | 80,738 |
Inter-segment sales | 2,355 |  | 2 |  | 143 |  | (2,500) |  | — |
Business segment sales | $ | 28,284 |  | $ | 28,066 |  | $ | 26,713 |  | $ | (2,325) |  | $ | 80,738 |
| 2023
(dollars in millions) | Collins Aerospace | Pratt & Whitney (1) | Raytheon | Other | Total
Products | $ | 19,034 |  | $ | 8,579 |  | $ | 21,847 |  | $ | 111 |  | $ | 49,571 |
Services | 5,260 |  | 9,717 |  | 4,373 |  | (1) |  | 19,349 |
Consolidated net sales | 24,294 |  | 18,296 |  | 26,220 |  | 110 |  | 68,920 |
Inter-segment sales | 1,959 |  | — |  | 130 |  | (2,089) |  | — |
Business segment sales | $ | 26,253 |  | $ | 18,296 |  | $ | 26,350 |  | $ | (1,979) |  | $ | 68,920 |
(1) Includes the reduction in sales from the Powder Metal Matter.
| 2022
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total
Products | $ | 16,917 |  | $ | 12,411 |  | $ | 21,276 |  | $ | 169 |  | $ | 50,773 |
Services | 4,413 |  | 8,116 |  | 3,767 |  | 5 |  | 16,301 |
Consolidated net sales | 21,330 |  | 20,527 |  | 25,043 |  | 174 |  | 67,074 |
Inter-segment sales | 1,722 |  | 3 |  | 133 |  | (1,858) |  | — |
Business segment sales | $ | 23,052 |  | $ | 20,530 |  | $ | 25,176 |  | $ | (1,684) |  | $ | 67,074 |
Raytheon segment sales disaggregated by contract type for the years ended December 31 are as follows:
(dollars in millions) | 2024 |  | 2023 |  | 2022
Fixed-price | $ | 14,515 |  |  | $ | 13,164 |  |  | $ | 12,910 |
Cost-type | 12,055 |  |  | 13,056 |  |  | 12,133 |
Consolidated net sales | 26,570 |  |  | 26,220 |  |  | 25,043 |
Inter-segment sales | 143 |  |  | 130 |  |  | 133 |
Business segment sales | $ | 26,713 |  |  | $ | 26,350 |  |  | $ | 25,176 |

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