XML 40 R24.htm IDEA: XBRL DOCUMENT
v3.25.1

Segment Financial Data | 3 Months Ended
--- | ---
Mar. 31, 2025
Segment Reporting [Abstract] |
Segment Financial Data | Note 18: Segment Financial Data Our operations, for the periods presented herein, are classified into three principal segments: Collins, Pratt & Whitney, and Raytheon. Our segments are generally based on the management structure of the businesses and the grouping of similar operating companies, where each management organization has general operating autonomy over diversified products and services. RTX’s chief operating decision maker (CODM) is our President and Chief Executive Officer. The CODM uses segment operating profit as a profitability measure to assess actual and forecasted segment performance to make decisions regarding incentive compensation and the allocation of capital and other investments. Total sales and operating profit by segment include inter-segment sales which are generally recorded at cost-plus a specified fee or at a negotiated fixed price. These pricing arrangements may result in margins different than what the purchasing segment realizes on the ultimate third-party sale. We present a FAS/CAS operating adjustment outside of segment results, which represents the difference between the service cost component of our pension and PRB expense under the Financial Accounting Standards (FAS) requirements of U.S. Generally Accepted Accounting Principles (GAAP) and our pension and PRB expense under U.S. government Cost Accounting Standards (CAS) primarily related to our Raytheon segment. While the ultimate liability for pension and PRB costs under FAS and CAS is similar, the pattern of cost recognition is different. Over time, we generally expect to recover the related Raytheon pension and PRB liabilities through the pricing of our products and services to the U.S. government. Collins and Pratt & Whitney generally record pension and PRB expense on a FAS basis. Acquisition accounting adjustments include the amortization of acquired intangible assets related to acquisitions, the amortization of the property, plant, and equipment fair value adjustment acquired through acquisitions, the amortization of customer contractual obligations related to loss making or below market contracts acquired, and goodwill impairment, if applicable. These adjustments are not considered part of management’s evaluation of segment results. Results for the quarters ended March 31, 2025 and 2024 are as follows:
| 2025
(dollars in millions) | Net Sales | Research and Development | Other Segment Items (1) | Operating Profit | Operating Profit Margin
Collins Aerospace | $ | 7,217 |  | $ | (313) |  | $ | (5,816) |  | $ | 1,088 |  | 15.1 | %
Pratt & Whitney | 7,366 |  | (229) |  | (6,557) |  | 580 |  | 7.9 | %
Raytheon | 6,340 |  | (98) |  | (5,564) |  | 678 |  | 10.7 | %
Total segment | 20,923 |  | $ | (640) |  | $ | (17,937) |  | 2,346 |  | 11.2 | %
Eliminations and other (2) | (617) |  |  |  | 12 |  |
Corporate expenses and other unallocated items | — |  |  |  | (38) |  |
FAS/CAS operating adjustment | — |  |  |  | 185 |  |
Acquisition accounting adjustments | — |  |  |  | (470) |  |
Consolidated | $ | 20,306 |  |  |  | $ | 2,035 |  | 10.0 | %
(1) Includes Cost of sales, Selling, general, and administrative expenses, and Other income, net. (2) Includes the operating results of certain smaller operations.
| 2024
(dollars in millions) | Net Sales | Research and Development | Other Segment Items (1) | Operating Profit | Operating Profit Margin
Collins Aerospace | $ | 6,673 |  | $ | (313) |  | $ | (5,511) |  | $ | 849 |  | 12.7 | %
Pratt & Whitney | 6,456 |  | (269) |  | (5,775) |  | 412 |  | 6.4 | %
Raytheon (3) | 6,659 |  | (89) |  | (5,574) |  | 996 |  | 15.0 | %
Total segment | 19,788 |  | $ | (671) |  | $ | (16,860) |  | 2,257 |  | 11.4 | %
Eliminations and other (2) | (483) |  |  |  | (5) |  |
Corporate expenses and other unallocated items | — |  |  |  | (96) |  |
FAS/CAS operating adjustment | — |  |  |  | 214 |  |
Acquisition accounting adjustments | — |  |  |  | (500) |  |
Consolidated | $ | 19,305 |  |  |  | $ | 1,870 |  | 9.7 | %
(1) Includes Cost of sales, Selling, general, and administrative expenses, and Other income, net. (2) Includes the operating results of certain smaller operations. (3) Operating profit includes a $0.4 billion gain, net of transaction and other related costs, related to the sale of the CIS business. See “Note 2: Acquisitions and Dispositions” for additional information. Capital Expenditures and Depreciation & Amortization segment information for the quarters ended March 31, 2025 and 2024 are as follows:
| Capital Expenditures |  | Depreciation & Amortization
(dollars in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Collins Aerospace | $ | 112 |  |  | $ | 125 |  |  | $ | 217 |  |  | $ | 203 |
Pratt & Whitney | 153 |  |  | 139 |  |  | 194 |  |  | 193 |
Raytheon | 225 |  |  | 191 |  |  | 131 |  |  | 127 |
Total segment | 490 |  |  | 455 |  |  | 542 |  |  | 523 |
Corporate, eliminations, and other | 23 |  |  | 12 |  |  | 21 |  |  | 18 |
Acquisition accounting adjustments |  |  |  |  | 489 |  |  | 518 |
Consolidated | $ | 513 |  |  | $ | 467 |  |  | $ | 1,052 |  |  | $ | 1,059 |
Total assets by segment are as follows:
(dollars in millions) | March 31, 2025 |  | December 31, 2024
Collins Aerospace (1) | $ | 73,105 |  |  | $ | 72,372 |
Pratt & Whitney (1) | 46,248 |  |  | 44,307 |
Raytheon (1) | 44,681 |  |  | 44,936 |
Total segment | 164,034 |  |  | 161,615 |
Corporate, eliminations, and other | 830 |  |  | 1,246 |
Consolidated | $ | 164,864 |  |  | $ | 162,861 |
(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. We disaggregate our contracts from customers by geographic region based on customer location, by type of customer, and by sales type. Our geographic region based on customer location uses end user customer location where known or practical to determine, or in instances where the end user customer is not known or not practical to determine, uses “ship to” location as the customer location. In addition, for our Raytheon segment, we disaggregate our contracts from customers by contract type. We believe these categories best depict how the nature, amount, timing, and uncertainty of our revenue and cash flows are affected by economic factors. Segment sales disaggregated by geographic region based on customer location for the quarters ended March 31, 2025 and 2024 are as follows:
| 2025 |  | 2024
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total |  | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total
United States | $ | 3,348 |  | $ | 3,418 |  | $ | 4,447 |  | $ | 53 |  | $ | 11,266 |  |  | $ | 3,321 |  | $ | 3,010 |  | $ | 4,982 |  | $ | 48 |  | $ | 11,361 |
Europe | 1,730 |  | 1,839 |  | 843 |  | 1 |  | 4,413 |  |  | 1,615 |  | 1,670 |  | 547 |  | 1 |  | 3,833 |
Asia Pacific | 826 |  | 1,241 |  | 525 |  | — |  | 2,592 |  |  | 691 |  | 1,194 |  | 541 |  | 1 |  | 2,427 |
Middle East and North Africa | 239 |  | 175 |  | 434 |  | — |  | 848 |  |  | 181 |  | 138 |  | 530 |  | — |  | 849 |
Other regions | 444 |  | 692 |  | 51 |  | — |  | 1,187 |  |  | 361 |  | 444 |  | 30 |  | — |  | 835 |
Consolidated net sales | 6,587 |  | 7,365 |  | 6,300 |  | 54 |  | 20,306 |  |  | 6,169 |  | 6,456 |  | 6,630 |  | 50 |  | 19,305 |
Inter-segment sales | 630 |  | 1 |  | 40 |  | (671) |  | — |  |  | 504 |  | — |  | 29 |  | (533) |  | — |
Business segment sales | $ | 7,217 |  | $ | 7,366 |  | $ | 6,340 |  | $ | (617) |  | $ | 20,306 |  |  | $ | 6,673 |  | $ | 6,456 |  | $ | 6,659 |  | $ | (483) |  | $ | 19,305 |
Segment sales disaggregated by type of customer for the quarters ended March 31, 2025 and 2024 are as follows:
| 2025 |  | 2024
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total |  | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total
Sales to the U.S. government (1) | $ | 1,659 |  | $ | 1,585 |  | $ | 4,435 |  | $ | 53 |  | $ | 7,732 |  |  | $ | 1,564 |  | $ | 1,558 |  | $ | 4,957 |  | $ | 48 |  | $ | 8,127 |
Foreign military sales through the U.S. government | 116 |  | 379 |  | 976 |  | — |  | 1,471 |  |  | 81 |  | 310 |  | 858 |  | — |  | 1,249 |
Foreign government direct commercial sales | 327 |  | 148 |  | 876 |  | 1 |  | 1,352 |  |  | 309 |  | 158 |  | 740 |  | 1 |  | 1,208 |
Commercial aerospace and other commercial sales | 4,485 |  | 5,253 |  | 13 |  | — |  | 9,751 |  |  | 4,215 |  | 4,430 |  | 75 |  | 1 |  | 8,721 |
Consolidated net sales | 6,587 |  | 7,365 |  | 6,300 |  | 54 |  | 20,306 |  |  | 6,169 |  | 6,456 |  | 6,630 |  | 50 |  | 19,305 |
Inter-segment sales | 630 |  | 1 |  | 40 |  | (671) |  | — |  |  | 504 |  | — |  | 29 |  | (533) |  | — |
Business segment sales | $ | 7,217 |  | $ | 7,366 |  | $ | 6,340 |  | $ | (617) |  | $ | 20,306 |  |  | $ | 6,673 |  | $ | 6,456 |  | $ | 6,659 |  | $ | (483) |  | $ | 19,305 |
(1) Excludes foreign military sales through the U.S. government. Segment sales disaggregated by sales type for the quarters ended March 31, 2025 and 2024 are as follows:
| 2025 |  | 2024
(dollars in millions) | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total |  | Collins Aerospace | Pratt & Whitney | Raytheon | Other | Total
Products | $ | 5,110 |  | $ | 4,032 |  | $ | 5,406 |  | $ | 43 |  | $ | 14,591 |  |  | $ | 4,833 |  | $ | 3,957 |  | $ | 5,467 |  | $ | 46 |  | $ | 14,303 |
Services | 1,477 |  | 3,333 |  | 894 |  | 11 |  | 5,715 |  |  | 1,336 |  | 2,499 |  | 1,163 |  | 4 |  | 5,002 |
Consolidated net sales | 6,587 |  | 7,365 |  | 6,300 |  | 54 |  | 20,306 |  |  | 6,169 |  | 6,456 |  | 6,630 |  | 50 |  | 19,305 |
Inter-segment sales | 630 |  | 1 |  | 40 |  | (671) |  | — |  |  | 504 |  | — |  | 29 |  | (533) |  | — |
Business segment sales | $ | 7,217 |  | $ | 7,366 |  | $ | 6,340 |  | $ | (617) |  | $ | 20,306 |  |  | $ | 6,673 |  | $ | 6,456 |  | $ | 6,659 |  | $ | (483) |  | $ | 19,305 |
Raytheon segment sales disaggregated by contract type for the quarters ended March 31, 2025 and 2024 are as follows:
(dollars in millions) | 2025 |  | 2024
Fixed-price | $ | 3,605 |  |  | $ | 3,293 |
Cost-type | 2,695 |  |  | 3,337 |
Consolidated net sales | 6,300 |  |  | 6,630 |
Inter-segment sales | 40 |  |  | 29 |
Business segment sales | $ | 6,340 |  |  | $ | 6,659 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration