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Segment Financial Data (Tables)

12 Months Ended

Dec. 31, 2021

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


	Net Sales						Operating Profit (Loss)						Operating Profit (Loss) Margins
(dollars in millions)	2021		2020		2019		2021		2020		2019		2021		2020		2019
Collins Aerospace Systems	$	18,449	$	19,288	$	26,028	$	1,759	$	1,466	$	4,508	9.5	%	7.6	%	17.3	%
Pratt & Whitney	18,150		16,799		20,902		454		(564)		1,801		2.5	%	(3.4)	%	8.6	%
Raytheon Intelligence & Space	15,180		11,069		—		1,833		1,020		—		12.1	%	9.2	%	—	%
Raytheon Missiles & Defense	15,539		11,396		—		2,004		880		—		12.9	%	7.7	%	—	%
Total segment	67,318		58,552		46,930		6,050		2,802		6,309		9.0	%	4.8	%	13.4	%
Eliminations and other (1)	(2,930)		(1,965)		(1,581)		(133)		(107)		(140)
Corporate expenses and other unallocated items (2)	—		—		—		(552)		(590)		(367)
FAS/CAS operating adjustment	—		—		—		1,796		1,106		—
Acquisition accounting adjustments(3)	—		—		—		(2,203)		(5,100)		(888)
Consolidated	$	64,388	$	56,587	$	45,349	$	4,958	$	(1,889)	$	4,914	7.7	%	(3.3)	%	10.8	%

(1) Includes the operating results of certain smaller non-reportable business segments. 2020 amounts include Forcepoint, LLC, which was acquired as part of the Raytheon Merger, and subsequently disposed of on January 8, 2021.

(2) Corporate expenses and other unallocated items in 2021 and 2020 include the net expenses related to the U.S. Army’s Lower Tier Air and Missile Defense Sensor (LTAMDS) project. No amounts were recorded in 2019.

(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: Business Acquisitions, Dispositions, Goodwill and Intangible Assets” for additional information.


	Total Assets				Capital Expenditures						Depreciation & Amortization
(dollars in millions)	2021		2020		2021		2020		2019		2021		2020		2019
Collins Aerospace Systems (1)	$	67,564	$	68,701	$	665	$	638	$	959	$	728	$	736	$	695
Pratt & Whitney (1)	33,414		32,780		700		565		822		642		729		614
Raytheon Intelligence & Space (1)	21,545		21,573		305		218		—		187		154		—
Raytheon Missiles & Defense (1)	28,766		29,337		287		280		—		333		228		—
Total segment	151,289		152,391		1,957		1,701		1,781		1,890		1,847		1,309
Corporate, eliminations and other	10,115		9,762		177		94		87		152		155		165
Acquisition accounting adjustments											2,515		2,154		1,234

Consolidated	$	161,404	$	162,153	$	2,134	$	1,795	$	1,868	$	4,557	$	4,156	$	2,708

(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)	2021		2020		2019		2021		2020
United States	$	55,837	$	48,560	$	35,125	$	11,731	$	11,560
International
Europe	3,630		3,696		4,419		1,255		1,371
Asia Pacific	1,748		1,574		1,989		854		893
Middle East and North Africa	136		103		203		129		137
Other	3,037		2,654		3,613		1,003		1,001
Consolidated	$	64,388	$	56,587	$	45,349	$	14,972	$	14,962

Disaggregation of Revenue

Segment sales disaggregated by geographic region for the years ended December 31 are as follows:


	2021
(dollars in millions)	Collins Aerospace Systems		Pratt & Whitney		Raytheon Intelligence & Space		Raytheon Missiles & Defense		Other		Total
United States	$	9,341	$	9,034	$	12,126	$	9,495	$	15	$	40,011
Europe	4,421		3,488		434		1,255		—		9,598
Asia Pacific	1,851		3,885		771		1,462		—		7,969
Middle East and North Africa	462		441		469		3,007		—		4,379
Canada and All Other	915		1,302		144		70		—		2,431
Consolidated net sales	16,990		18,150		13,944		15,289		15		64,388
Inter-segment sales	1,459		—		1,236		250		(2,945)		—
Business segment sales	$	18,449	$	18,150	$	15,180	$	15,539	$	(2,930)	$	64,388


	2020
(dollars in millions)	Collins Aerospace Systems		Pratt & Whitney		Raytheon Intelligence & Space		Raytheon Missiles & Defense		Other		Total
United States	$	10,132	$	8,534	$	8,704	$	6,906	$	284	$	34,560
Europe	4,643		2,726		307		1,031		149		8,856
Asia Pacific	1,810		4,024		637		1,132		41		7,644
Middle East and North Africa	421		505		410		2,077		30		3,443

Canada and All Other	904		1,001		83		73		23		2,084
Consolidated net sales	17,910		16,790		10,141		11,219		527		56,587
Inter-segment sales	1,378		9		928		177		(2,492)		—
Business segment sales	$	19,288	$	16,799	$	11,069	$	11,396	$	(1,965)	$	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
Europe	7,051		4,327		—		—		—		11,378
Asia Pacific	2,473		5,462		—		—		—		7,935
Middle East and North Africa	693		837		—		—		—		1,530

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

Segment sales disaggregated by customer for the years ended December 31 are as follows:


	2021
(dollars in millions)	Collins Aerospace Systems		Pratt & Whitney		Raytheon Intelligence & Space		Raytheon Missiles & Defense		Other		Total
U.S. government (1)	$	4,685	$	5,140	$	11,844	$	9,493	$	15	$	31,177
Foreign military sales through the U.S. government	168		1,273		825		3,280		—		5,546
Foreign government direct commercial sales	1,095		541		844		2,513		—		4,993
Commercial aerospace and other commercial	11,042		11,196		431		3		—		22,672
Consolidated net sales	16,990		18,150		13,944		15,289		15		64,388
Inter-segment sales	1,459		—		1,236		250		(2,945)		—
Business segment sales	$	18,449	$	18,150	$	15,180	$	15,539	$	(2,930)	$	64,388

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


	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	$	8,512	$	6,896	$	202	$	25,962
Foreign military sales through the U.S. government	218		1,229		640		2,498		—		4,585
Foreign government direct commercial sales	923		583		740		1,725		3		3,974
Commercial aerospace and other commercial	11,610		9,785		249		100		322		22,066
Consolidated net sales	17,910		16,790		10,141		11,219		527		56,587
Inter-segment sales	1,378		9		928		177		(2,492)		—
Business segment sales	$	19,288	$	16,799	$	11,069	$	11,396	$	(1,965)	$	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.

Sales to Airbus primarily relate to Pratt & Whitney and Collins Aerospace products, and prior to discounts and incentives were approximately 12%, 13% and 22% of total net sales in 2021, 2020 and 2019, respectively.

Segment sales disaggregated by sales type for the years ended December 31 are as follows:


	2021
(dollars in millions)	Collins Aerospace Systems		Pratt & Whitney		Raytheon Intelligence & Space		Raytheon Missiles & Defense		Other		Total
Products	$	13,404	$	11,189	$	10,735	$	13,927	$	15	$	49,270
Services	3,586		6,961		3,209		1,362		—		15,118
Consolidated net sales	16,990		18,150		13,944		15,289		15		64,388
Inter-segment sales	1,459		—		1,236		250		(2,945)		—
Business segment sales	$	18,449	$	18,150	$	15,180	$	15,539	$	(2,930)	$	64,388


	2020
(dollars in millions)	Collins Aerospace Systems		Pratt & Whitney		Raytheon Intelligence & Space		Raytheon Missiles & Defense		Other		Total
Products	$	14,664	$	10,186	$	7,775	$	10,232	$	462	$	43,319
Services	3,246		6,604		2,366		987		65		13,268
Consolidated net sales	17,910		16,790		10,141		11,219		527		56,587
Inter-segment sales	1,378		9		928		177		(2,492)		—
Business segment sales	$	19,288	$	16,799	$	11,069	$	11,396	$	(1,965)	$	56,587


	2019
(dollars in millions)	Collins Aerospace Systems		Pratt & Whitney		Raytheon Intelligence & Space		Raytheon Missiles & Defense		Other		Total
Products	$	19,991	$	12,994	$	—	$	—	$	13	$	32,998
Services	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

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


	2021				2020
(dollars in millions)	Raytheon Intelligence & Space		Raytheon Missiles & Defense		Raytheon Intelligence & Space		Raytheon Missiles & Defense
Fixed-price	$	6,338	$	9,406	$	4,526	$	7,080
Cost-type	7,606		5,883		5,615		4,139
Consolidated net sales	13,944		15,289		10,141		11,219
Inter-segment sales	1,236		250		928		177
Business segment sales	$	15,180	$	15,539	$	11,069	$	11,396