XML 37 R23.htm IDEA: XBRL DOCUMENT v3.22.0.1
Variable Interest Entities
 12 Months Ended
Dec. 31, 2021
Schedule of Variable Interest Entities [Abstract]  
Variable Interest Entity Disclosure [Text Block] VARIABLE INTEREST ENTITIES
Pratt & Whitney holds a 61% program share interest in the International Aero Engines AG (IAE) collaboration with MTU Aero Engines AG (MTU) and Japanese Aero Engines Corporation (JAEC) and a 49.5% ownership interest in IAE. IAE’s business purpose is to coordinate the design, development, manufacturing and product support of the V2500 engine program through involvement with the collaborators. Additionally, Pratt & Whitney, JAEC and MTU are participants in International Aero Engines, LLC (IAE LLC), whose business purpose is to coordinate the design, development, manufacturing and product support for the PW1100G-JM engine for the Airbus A320neo aircraft and the PW1400G-JM engine for the Irkut MC-21 aircraft. Pratt & Whitney holds a 59% program share interest and a 59% ownership interest in IAE LLC. IAE and IAE LLC retain limited equity with the primary economics of the programs passed to the participants. As such, we have determined that IAE and IAE LLC are variable interest entities with Pratt & Whitney as the primary beneficiary. IAE and IAE LLC have, therefore, been consolidated. The carrying amounts and classification of assets and liabilities for variable interest entities in our Consolidated Balance Sheet as of December 31, 2021 and 2020 are as follows:
(dollars in millions)20212020
Current assets$7,081 $6,652 
Noncurrent assets825 868 
Total assets$7,906 $7,520 
Current liabilities$7,965 $7,365 
Noncurrent liabilities54 89 
Total liabilities$8,019 $7,454