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Borrowings and Lines of Credit (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Short-term Debt [Table Text Block]
(dollars in millions)20202019
Commercial paper$160 $— 
Other borrowings87 2,293 
Total short-term borrowings$247 $2,293 
Schedule of Weighted average interest rates [Table Text Block] The weighted-average interest expense rates applicable to short-term borrowings and total debt were as follows:
20202019
Average interest expense rate - average outstanding borrowings during the year:
Short-term borrowings2.0 %1.7 %
Total debt4.0 %3.6 %
Average interest expense rate - outstanding borrowings as of December 31:
Short-term borrowings0.6 %2.3 %
Total debt4.2 %3.6 %
Schedule of Issuances of Long-Term Debt
We had the following issuances of long-term debt during 2020, which is inclusive of issuances made by Carrier and Otis which were primarily used by the Company to extinguish certain Raytheon Technologies short-term and long-term debt and, therefore, were treated as a distribution from discontinued operations within financing activities from continuing operation on our Consolidated Statement of Cash Flows:
Issuance DateDescription of NotesAggregate Principal Balance (in millions)
May 18, 2020
2.250% notes due 2030
$1,000 
3.125% notes due 2050
1,000 
March 27, 2020
Term Loan due 2023 (Otis) (1)
1,000 
Term Loan due 2023 (Carrier) (1)
1,750 
February 27, 2020
1.923% notes due 2023 (1)
500 
LIBOR plus 0.450% floating rate notes due 2023 (1)
500 
2.056% notes due 2025 (1)
1,300 
2.242% notes due 2025 (1)
2,000 
2.293% notes due 2027 (1)
500 
2.493% notes due 2027 (1)
1,250 
2.565% notes due 2030 (1)
1,500 
2.722% notes due 2030 (1)
2,000 
3.112% notes due 2040 (1)
750 
3.377% notes due 2040 (1)
1,500 
3.362% notes due 2050 (1)
750 
3.577% notes due 2050 (1)
2,000 
(1)    The debt issuances and term loan draws reflect debt incurred by Carrier and Otis. The net proceeds of these issuances were primarily utilized to extinguish Raytheon Technologies short-term and long-term debt in order to not exceed the maximum applicable net indebtedness required by the Raytheon Merger Agreement.
Schedule of Repayments of Long-Term Debt
We made the following repayments of debt during 2020 and 2019:
Repayment DateDescription of NotesAggregate Principal Balance (in millions)
October 15, 2020
3.125% notes due 2020 (1)
$1,000 
May 19, 2020
3.650% notes due 2023 (2)(3)
$410 
May 15, 2020
EURIBOR plus 0.20% floating rate notes due 2020 (€750 million principal value)(3)
$817 
March 29, 2020
4.500% notes due 2020 (2)(3)
$1,250 
1.125% notes due 2021 (€950 million principal value) (2)(3)
$1,082 
1.250% notes due 2023 (€750 million principal value) (2)(3)
$836 
1.150% notes due 2024 (€750 million principal value) (2)(3)
$841 
1.875% notes due 2026 (€500 million principal value) (2)(3)
$567 
March 3, 2020
1.900% notes due 2020 (2)(3)
$1,000 
3.350% notes due 2021 (2)(3)
$1,000 
LIBOR plus 0.650% floating rate notes due 2021 (2)(3)
$750 
1.950% notes due 2021 (2)(3)
$750 
2.300% notes due 2022 (2)(3)
$500 
3.100% notes due 2022 (2)(3)
$2,300 
2.800% notes due 2024 (2)(3)
$800 
March 2, 2020
4.875% notes due 2020 (2)(3)
$171 
February 28, 2020
3.650% notes due 2023 (2)(3)
$1,669 
2.650% notes due 2026 (2)(3)
$431 
November 15, 2019
8.875% notes due 2019
$271 
November 13, 2019
EURIBOR plus 0.15% floating rate notes due 2019
€750 
November 1, 2019
LIBOR plus 0.350% floating rate notes due 2019
$350 
1.500% notes due 2019
$650 
July 15, 2019
1.950% notes due 2019 (4)
$300 
5.250% notes due 2019 (4)
$300 
(1)    These notes were assumed in connection with the Raytheon Merger and subsequently repaid.
(2)    In connection with the early repayment of outstanding principal, Raytheon Technologies recorded debt extinguishment costs of $703 million for the year ended December 31, 2020, which are classified as discontinued operations in our Consolidated Statement of Operations as we would not have had to redeem the debt, except for the Separation Transactions. No proceeds of the notes issued May 18, 2020 were used to fund the May 19, 2020 redemption.
(3)    Extinguishment of Raytheon Technologies short-term and long-term debt in order to not exceed the maximum net indebtedness required by the Raytheon Merger Agreement.
(4)    These notes were assumed in connection with the Rockwell Collins Acquisition and subsequently repaid.
Schedule of Long-term Debt Instruments
Long-term debt consisted of the following as of December 31:
(dollars in millions)20202019
4.875% notes due 2020
$— $171 
4.500% notes due 2020
— 1,250 
1.900% notes due 2020
— 1,000 
EURIBOR plus 0.20% floating rate notes due 2020 (€750 million principal value)
— 831 
8.750% notes due 2021
250 250 
3.100% notes due 2021
250 250 
3.350% notes due 2021
— 1,000 
LIBOR plus 0.650% floating rate notes due 2021
— 750 
1.950% notes due 2021
— 750 
1.125% notes due 2021 (€950 million principal value)
— 1,053 
2.300% notes due 2022
— 500 
2.800% notes due 2022
1,100 1,100 
3.100% notes due 2022
— 2,300 
2.500% notes due 2022 (2)
1,100 — 
1.250% notes due 2023 (€750 million principal value)
— 831 
3.650% notes due 2023 (1)
171 2,250 
3.700% notes due 2023
400 400 
2.800% notes due 2024
— 800 
3.200% notes due 2024
950 950 
1.150% notes due 2024 (€750 million principal value)
— 831 
3.150% notes due 2024 (2)
300 — 
3.950% notes due 2025 (1)
1,500 1,500 
1.875% notes due 2026 (€500 million principal value)
— 554 
2.650% notes due 2026 (1)
719 1,150 
3.125% notes due 2027 (1)
1,100 1,100 
3.500% notes due 2027
1,300 1,300 
7.200% notes due 2027 (2)
382 — 
7.100% notes due 2027
141 141 
6.700% notes due 2028
400 400 
7.000% notes due 2028 (2)
185 — 
4.125% notes due 2028 (1)
3,000 3,000 
7.500% notes due 2029 (1)
550 550 
2.150% notes due 2030 (€500 million principal value)(1)
612 554 
2.250% notes due 2030 (1)
1,000 — 
5.400% notes due 2035 (1)
600 600 
6.050% notes due 2036 (1)
600 600 
6.800% notes due 2036 (1)
134 134 
7.000% notes due 2038
159 159 
6.125% notes due 2038 (1)
1,000 1,000 
4.450% notes due 2038 (1)
750 750 
5.700% notes due 2040 (1)
1,000 1,000 
4.875% notes due 2040 (2)
600 — 
4.700% notes due 2041 (2)
425 — 
4.500% notes due 2042 (1)
3,500 3,500 
4.800% notes due 2043
400 400 
4.200% notes due 2044 (2)
300 — 
4.150% notes due 2045 (1)
850 850 
3.750% notes due 2046 (1)
1,100 1,100 
4.050% notes due 2047 (1)
600 600 
4.350% notes due 2047
1,000 1,000 
4.625% notes due 2048 (1)
1,750 1,750 
3.125% notes due 2050 (1)
1,000 — 
Other (including finance leases)292 315 
Total principal long-term debt31,470 41,274 
Other (fair market value adjustments, (discounts)/premiums and debt issuance costs)106 (315)
Total long-term debt31,576 40,959 
Less: current portion550 3,258 
Long-term debt, net of current portion$31,026 $37,701 
(1)    We may redeem these notes at our option pursuant to their terms.
(2)    Debt assumed in the Raytheon Merger.
Schedule of Principal Payments on Long-term Debt [Table Text Block] The schedule of principal payments required on long-term debt for the next five years and thereafter is:
(in millions)
2021$550 
20222,224 
2023581 
20241,262 
20251,582 
Thereafter25,271 
Total$31,470