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Segment Financial Data (Tables)

12 Months Ended

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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