XML 75 R52.htm IDEA: XBRL DOCUMENT

Segment Financial Data (Tables)

12 Months Ended

Dec. 31, 2020

Segment information for the years ended December 31 is as follows:


	Net Sales						Operating Profit (Loss)						Operating Profit (Loss) Margins
(dollars in millions)	2020		2019		2018		2020		2019		2018		2020		2019		2018
Collins Aerospace Systems	$	19,288	$	26,028	$	16,634	$	1,466	$	4,508	$	2,397	7.6	%	17.3	%	14.4	%
Pratt & Whitney	16,799		20,902		19,402		(564)		1,801		1,402		(3.4)	%	8.6	%	7.2	%
Raytheon Intelligence & Space	10,841		—		—		1,014		—		—		9.4	%	—	%	—	%
Raytheon Missiles & Defense	11,660		—		—		890		—		—		7.6	%	—	%	—	%
Total segment	58,588		46,930		36,036		2,806		6,309		3,799		4.8	%	13.4	%	10.5	%
Eliminations and other (1)	(2,001)		(1,581)		(1,335)		(111)		(140)		(69)
Corporate expenses and other unallocated items (2)	—		—		—		(590)		(367)		(340)
FAS/CAS operating adjustment	—		—		—		1,106		—		—
Acquisition accounting adjustments(3)	—		—		—		(5,100)		(888)		(513)
Consolidated	$	56,587	$	45,349	$	34,701	$	(1,889)	$	4,914	$	2,877	(3.3)	%	10.8	%	8.3	%

(1) Includes the operating results of certain smaller non-reportable business segments, including Forcepoint, LLC, which was acquired as part of the Raytheon Merger, and subsequently disposed of in January 2021.

(2) The net expenses related to the U.S. Army’s Lower Tier Air and Missile Defense Sensor (LTAMDS) project of $130 million in 2020 are included in Corporate operating profit as they are not included in management’s evaluation of business segment results. No amounts were recorded in 2019 or 2018.

(3) Operating profit (loss) in 2020 includes the $3.2 billion goodwill impairment charge in the second quarter of 2020 related to two Collins Aerospace reporting units. Refer to “Note 2: Acquisitions, Dispositions, Goodwill and Intangible Assets” for additional information.


	Total Assets				Capital Expenditures						Depreciation & Amortization
(dollars in millions)	2020		2019		2020		2019		2018		2020		2019		2018
Collins Aerospace Systems (1)	$	68,701	$	74,049	$	638	$	959	$	515	$	736	$	695	$	396
Pratt & Whitney (1)	32,780		31,170		565		822		866		729		614		574
Raytheon Intelligence & Space (1)	20,911		—		214		—		—		152		—		—
Raytheon Missiles & Defense (1)	29,999		—		284		—		—		230		—		—
Total segment	152,391		105,219		1,701		1,781		1,381		1,847		1,309		970
Corporate, eliminations and other	9,698		2,573		94		87		86		155		165		161
Acquisition accounting adjustments											2,154		1,234		765
Assets related to discontinued operations	64		31,823
Consolidated	$	162,153	$	139,615	$	1,795	$	1,868	$	1,467	$	4,156	$	2,708	$	1,896

(1) Total assets include acquired intangible assets and 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)	2020		2019		2018		2020		2019
United States Operations	$	48,560	$	35,125	$	26,646	$	11,560	$	7,048
International Operations
Europe	3,696		4,419		3,092		1,371		1,268
Asia Pacific	1,574		1,989		1,645		893		917
Middle East and North Africa	103		203		226		137		132
Other	2,654		3,613		3,092		1,001		957
Consolidated	$	56,587	$	45,349	$	34,701	$	14,962	$	10,322

Disaggregation of Revenue

Segment sales disaggregated by geographic region for the years ended December 31, 2020, 2019 and 2018 are as follows:


	2020
(dollars in millions)	Collins Aerospace Systems		Pratt & Whitney		Raytheon Intelligence & Space		Raytheon Missiles & Defense		Other		Total
United States	$	10,132	$	8,534	$	8,500	$	7,110	$	284	$	34,560
Asia Pacific	1,810		4,024		613		1,156		41		7,644
Middle East and North Africa	421		505		376		2,111		30		3,443
Europe	4,643		2,726		307		1,031		149		8,856
Canada and All Other	904		1,001		83		73		23		2,084
Consolidated net sales	17,910		16,790		9,879		11,481		527		56,587
Inter-segment sales	1,378		9		962		179		(2,528)		—
Business segment sales	$	19,288	$	16,799	$	10,841	$	11,660	$	(2,001)	$	56,587


	2019
(dollars in millions)	Collins Aerospace Systems		Pratt & Whitney		Raytheon Intelligence & Space		Raytheon Missiles & Defense		Other		Total
United States	$	12,762	$	8,622	$	—	$	—	$	13	$	21,397
Asia Pacific	2,473		5,462		—		—		—		7,935
Middle East and North Africa	693		837		—		—		—		1,530
Europe	7,051		4,327		—		—		—		11,378
Canada and All Other	1,452		1,657		—		—		—		3,109
Consolidated net sales	24,431		20,905		—		—		13		45,349
Inter-segment sales	1,597		(3)		—		—		(1,594)		—
Business segment sales	$	26,028	$	20,902	$	—	$	—	$	(1,581)	$	45,349


	2018
(dollars in millions)	Collins Aerospace Systems		Pratt & Whitney		Raytheon Intelligence & Space		Raytheon Missiles & Defense		Other		Total
United States	$	7,079	$	8,575	$	—	$	—	$	12	$	15,666
Asia Pacific	1,525		5,112		—		—		—		6,637
Middle East and North Africa	425		457		—		—		—		882
Europe	5,508		4,023		—		—		—		9,531
Canada and All Other	748		1,237		—		—		—		1,985
Consolidated net sales	15,285		19,404		—		—		12		34,701
Inter-segment sales	1,349		(2)		—		—		(1,347)		—
Business segment sales	$	16,634	$	19,402	$	—	$	—	$	(1,335)	$	34,701

Segment sales disaggregated by customer for the years ended December 31, 2020, 2019 and 2018 are as follows:


	2020
(dollars in millions)	Collins Aerospace Systems		Pratt & Whitney		Raytheon Intelligence & Space		Raytheon Missiles & Defense		Other		Total
U.S. government (1)	$	5,159	$	5,193	$	8,309	$	7,099	$	202	$	25,962
Foreign military sales through the U.S. government	218		1,229		593		2,545		—		4,585
Foreign government direct commercial sales	923		583		729		1,736		3		3,974
Commercial aerospace and other commercial	11,610		9,785		248		101		322		22,066
Consolidated net sales	17,910		16,790		9,879		11,481		527		56,587
Inter-segment sales	1,378		9		962		179		(2,528)		—
Business segment sales	$	19,288	$	16,799	$	10,841	$	11,660	$	(2,001)	$	56,587

(1) Excludes foreign military sales through the U.S. government.


	2019
(dollars in millions)	Collins Aerospace Systems		Pratt & Whitney		Raytheon Intelligence & Space		Raytheon Missiles & Defense		Other		Total
U.S. government (1)	$	4,781	$	4,313	$	—	$	—	$	—	$	9,094
Foreign military sales through the U.S. government	255		1,316		—		—		—		1,571
Foreign government direct commercial sales	937		561		—		—		—		1,498
Commercial aerospace and other commercial	18,458		14,715		—		—		13		33,186
Consolidated net sales	24,431		20,905		—		—		13		45,349
Inter-segment sales	1,597		(3)		—		—		(1,594)		—
Business segment sales	$	26,028	$	20,902	$	—	$	—	$	(1,581)	$	45,349

(1) Excludes foreign military sales through the U.S. government.


	2018
(dollars in millions)	Collins Aerospace Systems		Pratt & Whitney		Raytheon Intelligence & Space		Raytheon Missiles & Defense		Other		Total
U.S. government (1)	$	2,643	$	3,917	$	—	$	—	$	—	$	6,560
Foreign military sales through the U.S. government	195		707		—		—		—		902
Foreign government direct commercial sales	737		538		—		—		—		1,275
Commercial aerospace and other commercial	11,710		14,242		—		—		12		25,964
Consolidated net sales	15,285		19,404		—		—		12		34,701
Inter-segment sales	1,349		(2)		—		—		(1,347)		—
Business segment sales	$	16,634	$	19,402	$	—	$	—	$	(1,335)	$	34,701

(1) Excludes foreign military sales through the U.S. government.

Sales to Airbus primarily relate to Pratt & Whitney and Collins Aerospace products, and prior to discounts and incentives were approximately $7,299 million, $9,879 million and $10,025 million for the years ended December 31, 2020, 2019 and 2018, respectively.

Segment sales disaggregated by sales type for the years ended December 31, 2020, 2019 and 2018 are as follows:


	2020
(dollars in millions)	Collins Aerospace Systems		Pratt & Whitney		Raytheon Intelligence & Space		Raytheon Missiles & Defense		Other		Total
Product	$	14,664	$	10,186	$	7,531	$	10,476	$	462	$	43,319
Service	3,246		6,604		2,348		1,005		65		13,268
Consolidated net sales	17,910		16,790		9,879		11,481		527		56,587
Inter-segment sales	1,378		9		962		179		(2,528)		—
Business segment sales	$	19,288	$	16,799	$	10,841	$	11,660	$	(2,001)	$	56,587


	2019
(dollars in millions)	Collins Aerospace Systems		Pratt & Whitney		Raytheon Intelligence & Space		Raytheon Missiles & Defense		Other		Total
Product	$	19,991	$	12,994	$	—	$	—	$	13	$	32,998
Service	4,440		7,911		—		—		—		12,351
Consolidated net sales	24,431		20,905		—		—		13		45,349
Inter-segment sales	1,597		(3)		—		—		(1,594)		—
Business segment sales	$	26,028	$	20,902	$	—	$	—	$	(1,581)	$	45,349


	2018
(dollars in millions)	Collins Aerospace Systems		Pratt & Whitney		Raytheon Intelligence & Space		Raytheon Missiles & Defense		Other		Total
Product	$	12,708	$	11,421	$	—	$	—	$	12	$	24,141
Service	2,577		7,983		—		—		—		10,560
Consolidated net sales	15,285		19,404		—		—		12		34,701
Inter-segment sales	1,349		(2)		—		—		(1,347)		—
Business segment sales	$	16,634	$	19,402	$	—	$	—	$	(1,335)	$	34,701

RIS and RMD segment sales disaggregated by contract type for the year ended December 31, 2020 are as follows:


	2020
(dollars in millions)	Raytheon Intelligence & Space		Raytheon Missiles & Defense
Fixed-price	$	4,319	$	7,287
Cost-type	5,560		4,194
Consolidated net sales	$	9,879	$	11,481