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Segment Financial Data (Tables)

12 Months Ended

Dec. 31, 2022

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


	Net Sales						Operating Profit (Loss)						Operating Profit (Loss) Margins
(dollars in millions)	2022		2021		2020		2022		2021		2020		2022		2021		2020
Collins Aerospace	$	20,597	$	18,449	$	19,288	$	2,343	$	1,759	$	1,466	11.4	%	9.5	%	7.6	%
Pratt & Whitney	20,530		18,150		16,799		1,075		454		(564)		5.2	%	2.5	%	(3.4)	%
Raytheon Intelligence & Space	14,312		15,180		11,069		1,342		1,833		1,020		9.4	%	12.1	%	9.2	%
Raytheon Missiles & Defense	14,863		15,539		11,396		1,519		2,004		880		10.2	%	12.9	%	7.7	%
Total segment	70,302		67,318		58,552		6,279		6,050		2,802		8.9	%	9.0	%	4.8	%
Eliminations and other (1)	(3,228)		(2,930)		(1,965)		(174)		(133)		(107)
Corporate expenses and other unallocated items (2)	—		—		—		(318)		(552)		(590)
FAS/CAS operating adjustment	—		—		—		1,520		1,796		1,106
Acquisition accounting adjustments(3)	—		—		—		(1,893)		(2,203)		(5,100)
Consolidated	$	67,074	$	64,388	$	56,587	$	5,414	$	4,958	$	(1,889)	8.1	%	7.7	%	(3.3)	%

(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) Includes the net expenses related to the U.S. Army’s LTAMDS project.

(3) Operating profit (loss) in 2020 includes the $3.2 billion goodwill impairment charge in the second quarter of 2020 related to two Collins 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)	2022		2021		2022		2021		2020		2022		2021		2020
Collins Aerospace (1)	$	67,030	$	67,564	$	655	$	665	$	638	$	742	$	728	$	736
Pratt & Whitney (1)	36,205		33,414		949		700		565		724		642		729
Raytheon Intelligence & Space (1)	21,174		21,545		320		305		218		209		187		154
Raytheon Missiles & Defense (1)	27,852		28,766		260		287		280		333		333		228
Total segment	152,261		151,289		2,184		1,957		1,701		2,008		1,890		1,847
Corporate, eliminations and other	6,603		10,115		104		177		94		99		152		155
Acquisition accounting adjustments											2,001		2,515		2,154

Consolidated	$	158,864	$	161,404	$	2,288	$	2,134	$	1,795	$	4,108	$	4,557	$	4,156

(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)	2022		2021		2020		2022		2021
United States	$	57,869	$	55,837	$	48,560	$	12,162	$	11,731
International
Europe	3,874		3,630		3,696		1,132		1,255
Asia Pacific	1,778		1,748		1,574		801		854
Middle East and North Africa	173		136		103		113		129
Other	3,380		3,037		2,654		962		1,003
Consolidated	$	67,074	$	64,388	$	56,587	$	15,170	$	14,972

Disaggregation of Revenue

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


	2022
(dollars in millions)	Collins Aerospace		Pratt & Whitney		Raytheon Intelligence & Space		Raytheon Missiles & Defense		Other		Total
United States	$	9,847	$	10,433	$	11,418	$	9,482	$	10	$	41,190
Europe	5,374		4,211		418		1,108		—		11,111
Asia Pacific	2,021		3,775		747		1,514		—		8,057
Middle East and North Africa	474		450		231		2,444		—		3,599
Other	1,240		1,658		141		78		—		3,117
Consolidated net sales	18,956		20,527		12,955		14,626		10		67,074
Inter-segment sales	1,641		3		1,357		237		(3,238)		—
Business segment sales	$	20,597	$	20,530	$	14,312	$	14,863	$	(3,228)	$	67,074


	2021
(dollars in millions)	Collins Aerospace		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

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		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

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

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


	2022
(dollars in millions)	Collins Aerospace		Pratt & Whitney		Raytheon Intelligence & Space		Raytheon Missiles & Defense		Other		Total
U.S. government (1)	$	4,337	$	5,272	$	11,221	$	9,477	$	10	$	30,317
Foreign military sales through the U.S. government	238		1,115		604		3,085		—		5,042
Foreign government direct commercial sales	978		474		827		2,048		—		4,327
Commercial aerospace and other commercial	13,403		13,666		303		16		—		27,388
Consolidated net sales	18,956		20,527		12,955		14,626		10		67,074
Inter-segment sales	1,641		3		1,357		237		(3,238)		—
Business segment sales	$	20,597	$	20,530	$	14,312	$	14,863	$	(3,228)	$	67,074

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


	2021
(dollars in millions)	Collins Aerospace		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		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.

Sales to Airbus primarily relate to Pratt & Whitney and Collins products, and prior to discounts and incentives were approximately 14%, 12% and 13% of total net sales in 2022, 2021 and 2020, respectively.

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


	2022
(dollars in millions)	Collins Aerospace		Pratt & Whitney		Raytheon Intelligence & Space		Raytheon Missiles & Defense		Other		Total
Products	$	14,857	$	12,411	$	10,261	$	13,234	$	10	$	50,773
Services	4,099		8,116		2,694		1,392		—		16,301
Consolidated net sales	18,956		20,527		12,955		14,626		10		67,074
Inter-segment sales	1,641		3		1,357		237		(3,238)		—
Business segment sales	$	20,597	$	20,530	$	14,312	$	14,863	$	(3,228)	$	67,074


	2021
(dollars in millions)	Collins Aerospace		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		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

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


	2022				2021				2020
(dollars in millions)	Raytheon Intelligence & Space		Raytheon Missiles & Defense		Raytheon Intelligence & Space		Raytheon Missiles & Defense		Raytheon Intelligence & Space		Raytheon Missiles & Defense
Fixed-price	$	5,357	$	8,763	$	6,338	$	9,406	$	4,526	$	7,080
Cost-type	7,598		5,863		7,606		5,883		5,615		4,139
Consolidated net sales	12,955		14,626		13,944		15,289		10,141		11,219
Inter-segment sales	1,357		237		1,236		250		928		177
Business segment sales	$	14,312	$	14,863	$	15,180	$	15,539	$	11,069	$	11,396