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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
 ____________________________________ 
FORM 10-Q
____________________________________ 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                  to                 
Commission file number 001-00812
____________________________________ 
RTX CORPORATION
(Exact name of registrant as specified in its charter)
____________________________________ 
Delaware 06-0570975
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1000 Wilson Boulevard,Arlington,Virginia22209
 (Address of principal executive offices) (Zip Code)
(781)522-3000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock ($1 par value)RTXNew York Stock Exchange
(CUSIP 75513E 101)
2.150% Notes due 2030RTX 30New York Stock Exchange
(CUSIP 75513E AB7)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  .    No  .
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  .    No  .
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”


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“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated Filer
Non-accelerated FilerSmaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  .    No  .
At September 30, 2023 there were 1,437,901,284 shares of Common Stock outstanding.



2

Table of Contents
RTX CORPORATION
AND SUBSIDIARIES
CONTENTS OF QUARTERLY REPORT ON FORM 10-Q
Quarter Ended September 30, 2023
 
 Page


RTX Corporation and its subsidiaries’ names, abbreviations thereof, logos, and products and services designators are all either the registered or unregistered trademarks or tradenames of RTX Corporation and its subsidiaries. Names, abbreviations of names, logos, and products and services designators of other companies are either the registered or unregistered trademarks or tradenames of their respective owners. References to internet web sites in this Form 10-Q are provided for convenience only. Information available through these web sites is not incorporated by reference into this Form 10-Q.

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PART I – FINANCIAL INFORMATION

Item 1.    Financial Statements
RTX CORPORATION
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited) 
 Quarter Ended September 30,Nine Months Ended September 30,
(dollars in millions, except per share amounts)2023202220232022
Net Sales:
Products sales$8,615 $12,756 $34,813 $36,876 
Services sales4,849 4,195 14,180 12,105 
Total net sales13,464 16,951 48,993 48,981 
Costs and Expenses:
Cost of sales - products9,289 10,493 31,078 30,353 
Cost of sales - services3,461 2,971 9,835 8,527 
Research and development712 662 2,048 1,995 
Selling, general and administrative1,401 1,351 4,364 4,184 
Total costs and expenses14,863 15,477 47,325 45,059 
Other income, net3 46 116 91 
Operating profit (loss)(1,396)1,520 1,784 4,013 
Non-operating expense (income), net:
Non-service pension income(443)(468)(1,334)(1,422)
Interest expense, net369 311 1,017 958 
Total non-operating expense (income), net(74)(157)(317)(464)
Income (loss) from continuing operations before income taxes(1,322)1,677 2,101 4,477 
Income tax expense (benefit)(389)282 194 618 
Net income (loss) from continuing operations(933)1,395 1,907 3,859 
Less: Noncontrolling interest in subsidiaries’ earnings from continuing operations51 8 138 65 
Net income (loss) from continuing operations attributable to common shareowners(984)1,387 1,769 3,794 
Loss from discontinued operations attributable to common shareowners   (19)
Net income (loss) attributable to common shareowners$(984)$1,387 $1,769 $3,775 
Earnings (loss) Per Share attributable to common shareowners - Basic:
Income (loss) from continuing operations$(0.68)$0.94 $1.22 $2.57 
Loss from discontinued operations   (0.02)
Net income (loss) attributable to common shareowners$(0.68)$0.94 $1.22 $2.55 
Earnings (loss) Per Share attributable to common shareowners - Diluted:
Income (loss) from continuing operations$(0.68)$0.94 $1.21 $2.55 
Loss from discontinued operations   (0.01)
Net income (loss) attributable to common shareowners$(0.68)$0.94 $1.21 $2.54 
See accompanying Notes to Condensed Consolidated Financial Statements

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RTX CORPORATION
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
Quarter Ended September 30,Nine Months Ended September 30,
(dollars in millions)2023202220232022
Net income (loss) from continuing and discontinued operations$(933)$1,395 $1,907 $3,840 
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments(441)(1,050)85 (1,998)
Pension and postretirement benefit plans adjustments(104)48 (433)116 
Change in unrealized cash flow hedging(123)(251)174 (396)
Other comprehensive income (loss), before tax(668)(1,253)(174)(2,278)
Income tax benefit related to items of other comprehensive income (loss)54 62 76 71 
Other comprehensive income (loss), net of tax(614)(1,191)(98)(2,207)
Comprehensive income (loss)(1,547)204 1,809 1,633 
Less: Comprehensive income attributable to noncontrolling interest51 8 138 65 
Comprehensive income (loss) attributable to common shareowners$(1,598)$196 $1,671 $1,568 
See accompanying Notes to Condensed Consolidated Financial Statements

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RTX CORPORATION
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)
(dollars in millions)September 30, 2023December 31, 2022
Assets
Current Assets
Cash and cash equivalents$5,456 $6,220 
Accounts receivable, net10,058 9,108 
Contract assets12,696 11,534 
Inventory, net12,050 10,617 
Other assets, current6,258 4,964 
Total current assets46,518 42,443 
Customer financing assets2,452 2,603 
Fixed assets30,554 29,116 
Accumulated depreciation(15,207)(13,946)
Fixed assets, net15,347 15,170 
Operating lease right-of-use assets1,755 1,829 
Goodwill53,883 53,840 
Intangible assets, net35,865 36,823 
Other assets6,623 6,156 
Total assets$162,443 $158,864 
Liabilities, Redeemable Noncontrolling Interest, and Equity
Current Liabilities
Short-term borrowings$1,170 $625 
Accounts payable10,315 9,896 
Accrued employee compensation2,597 2,401 
Other accrued liabilities14,283 10,999 
Contract liabilities15,248 14,598 
Long-term debt currently due1,389 595 
Total current liabilities45,002 39,114 
Long-term debt32,701 30,694 
Operating lease liabilities, non-current1,523 1,586 
Future pension and postretirement benefit obligations4,457 4,807 
Other long-term liabilities7,514 8,449 
Total liabilities91,197 84,650 
Commitments and contingencies (Note 15)
Redeemable noncontrolling interest33 36 
Shareowners’ Equity:
Common stock38,388 37,939 
Treasury stock(18,170)(15,530)
Retained earnings51,513 52,269 
Unearned ESOP shares(19)(28)
Accumulated other comprehensive loss(2,116)(2,018)
Total shareowners’ equity69,596 72,632 
Noncontrolling interest1,617 1,546 
Total equity71,213 74,178 
Total liabilities, redeemable noncontrolling interest, and equity$162,443 $158,864 
See accompanying Notes to Condensed Consolidated Financial Statements

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RTX CORPORATION
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
 Nine Months Ended September 30,
(dollars in millions)20232022
Operating Activities:
Net income from continuing operations$1,907 $3,859 
Adjustments to reconcile net income from continuing operations to net cash flows provided by operating activities:
Depreciation and amortization3,152 3,060 
Deferred income tax benefit(728)(1,681)
Stock compensation cost319 318 
Net periodic pension and other postretirement income(1,164)(1,062)
Change in:
Accounts receivable(913)321 
Contract assets(1,163)(999)
Inventory(1,430)(1,434)
Other current assets(878)(584)
Accounts payable and accrued liabilities3,422 1,298 
Contract liabilities429 (284)
Other operating activities, net219 (272)
Net cash flows provided by operating activities from continuing operations3,172 2,540 
Investing Activities:
Capital expenditures(1,610)(1,433)
Investments in businesses (66)
Dispositions of businesses, net of cash transferred6 94 
Customer financing assets receipts, net41 25 
Increase in other intangible assets(536)(318)
Payments from settlements of derivative contracts, net(18)(259)
Other investing activities, net56 66 
Net cash flows used in investing activities from continuing operations(2,061)(1,891)
Financing Activities:
Issuance of long-term debt2,974  
Repayment of long-term debt(175)(2)
Change in commercial paper, net (Note 8)473 2,067 
Change in other short-term borrowings, net68 (14)
Dividends paid on common stock(2,472)(2,337)
Repurchase of common stock(2,587)(2,395)
Other financing activities, net(190)(329)
Net cash flows used in financing activities from continuing operations(1,909)(3,010)
Effect of foreign exchange rate changes on cash and cash equivalents4 (57)
Net decrease in cash, cash equivalents, and restricted cash(794)(2,418)
Cash, cash equivalents, and restricted cash, beginning of period6,291 7,853 
Cash, cash equivalents, and restricted cash, end of period5,497 5,435 
Less: Restricted cash, included in Other assets, current and Other assets41 54 
Cash and cash equivalents, end of period$5,456 $5,381 
See accompanying Notes to Condensed Consolidated Financial Statements

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RTX CORPORATION
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(Unaudited)
Quarter Ended September 30,Nine Months Ended September 30,
(dollars in millions, except per share amounts; shares in thousands)2023202220232022
Equity beginning balance$74,056 $71,990 $74,178 $74,664 
Common Stock
Beginning balance38,228 37,673 37,939 37,483 
Common stock plans activity160 156 450 359 
Purchase of subsidiary shares from noncontrolling interest, net  (1)(13)
Ending balance38,388 37,829 38,388 37,829 
Treasury Stock
Beginning balance(16,713)(14,539)(15,530)(12,727)
Common stock repurchased(1,457)(602)(2,640)(2,414)
Ending balance(18,170)(15,141)(18,170)(15,141)
Retained Earnings
Beginning balance52,489 50,271 52,269 50,265 
Net income (loss)(984)1,387 1,769 3,775 
Dividends on common stock5 5 (2,472)(2,337)
Dividends on ESOP common stock  (42)(40)
Other3 (11)(11)(11)
Ending balance51,513 51,652 51,513 51,652 
Unearned ESOP Shares
Beginning balance(22)(33)(28)(38)
Common stock plans activity3 2 9 7 
Ending balance(19)(31)(19)(31)
Accumulated Other Comprehensive Loss
Beginning balance(1,502)(2,931)(2,018)(1,915)
Other comprehensive income (loss), net of tax(614)(1,191)(98)(2,207)
Ending balance(2,116)(4,122)(2,116)(4,122)
Noncontrolling Interest
Beginning balance1,576 1,549 1,546 1,596 
Net income51 8 138 65 
Less: Redeemable noncontrolling interest net income(3)(3)(6)(6)
Dividends attributable to noncontrolling interest(7)(6)(58)(81)
Purchase of subsidiary shares from noncontrolling interest, net   (19)
Disposition of noncontrolling interest, net  (3)(13)
Capital contributions   6 
Ending balance1,617 1,548 1,617 1,548 
Equity at September 30
$71,213 $71,735 $71,213 $71,735 
Supplemental share information
Shares of common stock issued under employee plans, net202 189 1,432 2,469 
Shares of common stock repurchased17,816 6,642 29,770 25,688 
Dividends declared per share of common stock$ $ $1.730 $1.610 
See accompanying Notes to Condensed Consolidated Financial Statements

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RTX CORPORATION
AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1: Basis of Presentation
The Condensed Consolidated Financial Statements at September 30, 2023 and for the quarters and nine months ended September 30, 2023 and 2022 are unaudited, and in the opinion of management include adjustments of a normal recurring nature necessary for a fair statement of the results for the interim periods. The results reported in these Condensed Consolidated Financial Statements should not necessarily be taken as indicative of results that may be expected for the entire year. The financial information included herein should be read in conjunction with the financial statements and notes in our 2022 Annual Report on Form 10-K.
Effective July 17, 2023, we changed our legal name from Raytheon Technologies Corporation to RTX Corporation.
Unless the context otherwise requires, the terms “we,” “our,” “us,” “the Company,” and “RTX” mean RTX Corporation and its subsidiaries.
Raytheon follows a 4-4-5 fiscal calendar while Collins Aerospace (Collins) and Pratt & Whitney use a quarter calendar end. Throughout this Quarterly Report on Form 10-Q, when we refer to the quarters ended September 30, 2023 and 2022 with respect to Raytheon, we are referring to their October 1, 2023 and October 2, 2022 fiscal quarter ends, respectively.
We reclassified certain immaterial prior period amounts within the Condensed Consolidated Statement of Cash Flows to conform to our current period presentation.
Organizational Structure. As previously announced, effective July 1, 2023, we streamlined the structure of our core businesses to three principal business segments: Collins Aerospace, Pratt & Whitney, and Raytheon. All segment information included in this Form 10-Q is reflective of this new structure and prior period information has been recast to conform to our current period presentation. In conjunction with the segment realignment, the Company revised its accounting policy with respect to the financial statement presentation of an immaterial amount of state income taxes allocable to U.S. government contracts related to our legacy Raytheon Intelligence & Space (RIS) and Raytheon Missiles & Defense (RMD) segments. Prior to July 1, 2023, these state income taxes were classified as Selling, general and administrative expenses. Effective with the segment change, state income tax amounts previously reported within Selling, general and administrative expenses were reclassified to Income tax expense (benefit) within the Condensed Consolidated Statement of Operations, and prior period amounts have been reclassified to conform to our current period presentation.
Pratt & Whitney Powder Metal Matter. Pratt & Whitney has determined that a rare condition in powder metal used to manufacture certain engine parts requires accelerated inspection of the PW1100G-JM (PW1100) Geared Turbofan (GTF) fleet, which powers the A320neo family of aircraft (A320neo) (herein referred to as the “Powder Metal Matter”). See “Note 15: Commitments and Contingencies” for additional information.
Russia Sanctions. In response to the Russian military’s invasion of Ukraine on February 24, 2022, the U.S. government and the governments of various jurisdictions in which we operate, including Canada, the United Kingdom, the European Union, and others, have imposed broad economic sanctions and export controls targeting specific industries, entities, and individuals in Russia. The Russian government has implemented similar counter-sanctions and export controls targeting specific industries, entities, and individuals in the U.S. and other jurisdictions in which we operate, including certain members of the Company’s management team and Board of Directors. These government measures, among other limitations, restrict transactions involving various Russian banks and financial institutions and impose enhanced export controls limiting transfers of various goods, software, and technologies to and from Russia, including broadened export controls specifically targeting the aerospace sector. These measures have adversely affected, and could continue to adversely affect, the Company and/or our supply chain, business partners, or customers. As a result of these sanctions on Russia and export controls, in the first quarter of 2022, we recorded pretax charges of $290 million, $210 million net of tax, and the impact of noncontrolling interest, within our Collins and Pratt & Whitney businesses primarily related to increased estimates for credit losses on both our accounts receivable and contract assets, inventory reserves and purchase order obligations, impairment of customer financing assets for products under lease, impairment of contract fulfillment costs that are no longer recoverable, and a loss on the exit of our investment in a Russia-based joint venture. We continue to monitor developments, including additional sanctions and other measures, that could adversely affect the Company and/or our supply chain, business partners, or customers.
Coronavirus Disease 2019 (COVID-19) Pandemic. The COVID-19 pandemic caused continuing negative effects on the global economy, our business and operations, the labor market, supply chains, inflation, and the industries in which we operate. We believe the long-term outlook for the aerospace industry remains positive due to the fundamental drivers of air travel demand.

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Our expectations regarding the negative effects of the COVID-19 pandemic and ongoing recovery and their potential financial impact are based on available information and assumptions that we believe are reasonable at this time; however, the actual financial impact is highly uncertain and subject to a wide range of factors and future developments.
Note 2: Acquisitions, Dispositions, Goodwill, and Intangible Assets
Dispositions. On July 20, 2023, we entered into a definitive agreement to sell our actuation and flight control business within our Collins segment for gross proceeds of approximately $1.8 billion. The closing of the transaction is subject to regulatory approvals and other customary closing conditions.
Goodwill. Changes in our goodwill balances for the nine months ended September 30, 2023 were as follows:
(dollars in millions)Balance as of December 31, 2022Acquisitions and DivestituresForeign Currency Translation and Other
Balance as of September 30, 2023
Collins Aerospace$32,846 $(3)$48 $32,891 
Pratt & Whitney1,563   1,563 
Raytheon19,414  (2)19,412 
Total Segments53,823 (3)46 53,866 
Eliminations and other17   17 
Total$53,840 $(3)$46 $53,883 
Effective July 1, 2023, we implemented a new organizational structure resulting in a change from four segments to three segments. As a result, we reassigned goodwill and customer relationship intangibles to our new segment structure. Goodwill was reassigned on a relative fair value basis and we tested goodwill related to the impacted reporting units immediately before and after the reassignment and determined that no impairment existed.
Intangible Assets. Identifiable intangible assets are comprised of the following:
 September 30, 2023December 31, 2022
(dollars in millions)Gross AmountAccumulated AmortizationGross AmountAccumulated Amortization
Amortized:
Collaboration assets$5,742 $(1,621)$5,536 $(1,408)
Exclusivity assets3,290 (344)2,911 (323)
Developed technology and other1,212 (608)1,202 (544)
Customer relationships29,830 (10,282)29,775 (8,967)
40,074 (12,855)39,424 (11,242)
Indefinite-lived:
Trademarks and other8,646  8,641 — 
Total$48,720 $(12,855)$48,065 $(11,242)
Amortization of intangible assets for the quarters and nine months ended September 30, 2023 and 2022 was $545 million and $1,564 million and $497 million and $1,451 million, respectively. The following is the expected amortization of intangible assets for the remainder of 2023 through 2028: 
(dollars in millions)Remaining 202320242025202620272028
Amortization expense$449 $2,195 $2,102 $2,025 $1,905 $1,803 


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Note 3: Earnings Per Share
 Quarter Ended September 30,Nine Months Ended September 30,
(dollars and shares in millions, except per share amounts)2023202220232022
Net income (loss) attributable to common shareowners:
Income (loss) from continuing operations$(984)$1,387 $1,769 $3,794 
Loss from discontinued operations   (19)
Net income (loss) attributable to common shareowners$(984)$1,387 $1,769 $3,775 
Basic weighted average number of shares outstanding1,448.1 1,470.1 1,455.7 1,478.7 
Stock awards and equity units (share equivalent) 9.2 10.2 10.2 
Diluted weighted average number of shares outstanding1,448.1 1,479.3 1,465.9 1,488.9 
Earnings (Loss) Per Share attributable to common shareowners - Basic:
Income (loss) from continuing operations$(0.68)$0.94 $1.22 $2.57 
Loss from discontinued operations   (0.02)
Net income (loss) attributable to common shareowners$(0.68)$0.94 $1.22 $2.55 
Earnings (Loss) Per Share attributable to common shareowners - Diluted:
Income (loss) from continuing operations$(0.68)$0.94 $1.21 $2.55 
Loss from discontinued operations   (0.01)
Net income (loss) attributable to common shareowners$(0.68)$0.94 $1.21 $2.54 
The computation of diluted earnings per share (EPS) excludes the effect of the potential exercise of stock awards, including stock appreciation rights and stock options, when the average market price of the common stock is lower than the exercise price of the related stock awards during the period because the effect would be anti-dilutive. In addition, the computation of diluted EPS excludes the effect of the potential release or exercise of stock awards when the awards’ assumed proceeds exceed the average market price of the common shares during the period. For the quarter and nine months ended September 30, 2023, the number of stock awards excluded from the computation was 20.5 million and 7.0 million, respectively. For the quarter and nine months ended September 30, 2022, the number of stock awards excluded from the computation was 10.4 million and 7.1 million, respectively. All outstanding stock awards are excluded in the computation of diluted EPS in the quarter ended September 30, 2023 because their effect was antidilutive due to the loss from continuing operations.
Note 4: Changes in Contract Estimates at Completion
We review our Estimates at Completion (EACs) at least annually or when a change in circumstances warrants a modification to a previous estimate. For significant contracts, we review our EACs more frequently. Due to the nature of the work required to be performed on many of the Company’s performance obligations, the estimation of total revenue and cost at completion is complex, subject to many variables, and requires significant judgment by management on a contract by contract basis. As part of this process, management reviews information including, but not limited to, any outstanding key contract matters, progress towards completion and the related program schedule, identified risks and opportunities, and the related changes in estimates of revenues and costs. The risks and opportunities relate to management’s judgment about the ability and cost to achieve the schedule, consideration of customer-directed delays or reductions in scheduled deliveries, technical requirements, customer activity levels, such as flight hours or aircraft landings, and related variable consideration. Management must make assumptions and estimates regarding contract revenue and costs, including estimates of labor productivity and availability, the complexity and scope of the work to be performed, the availability and cost of materials including any impact from changing costs or inflation, the length of time to complete the performance obligation, execution by our subcontractors, the availability and timing of funding from our customer, overhead cost rates, and current and past maintenance cost and frequency driven by estimated aircraft and engine utilization and estimated useful lives of components, among others. In particular, fixed-price development programs involve significant management judgment, as development contracts by nature have elements that have not been done before and thus, are highly subject to future unexpected cost changes. Cost estimates may also include the estimated cost of satisfying our industrial cooperation agreements, sometimes in the form of either offset obligations or in-country industrial participation (ICIP) agreements, required under certain contracts. These obligations may or may not be distinct depending on their nature. If cash is paid to a customer to satisfy our offset obligations it is recorded as a reduction in the transaction price.
Changes in estimates of net sales, cost of sales, and the related impact to operating profit on contracts recognized over time are recognized on a cumulative catch-up basis, which recognizes the cumulative effect of the profit changes on current and prior

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periods based on a performance obligation’s percentage of completion in the current period. A significant change in one or more of these estimates could affect the profitability of one or more of our performance obligations. Our EAC adjustments also include the establishment of, and changes to, loss provisions for our contracts accounted for on a percentage of completion basis.
Net EAC adjustments had the following impact on our operating results:
Quarter Ended September 30,Nine Months Ended September 30,
(dollars in millions, except per share amounts)2023202220232022
Total net sales$(235)$72 $(304)$150 
Operating profit (loss)(279)7 (433)2 
Income (loss) from continuing operations attributable to common shareowners(1)
(220)6 (342)2 
Diluted earnings (loss) per share from continuing operations attributable to common shareowners (1)
$(0.15)$ $(0.23)$ 
(1)     Amounts reflect a U.S. statutory tax rate of 21%, which approximates our tax rate on our EAC adjustments.
Note 5: Accounts Receivable, Net
Accounts receivable, net consisted of the following:
(dollars in millions)September 30, 2023December 31, 2022
Accounts receivable$10,422 $9,560 
Allowance for expected credit losses(364)(452)
Total accounts receivable, net$10,058 $9,108 
Note 6: Contract Assets and Liabilities
Contract assets reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities relate to payments received in advance of the satisfaction of performance under the contract. We receive payments from customers based on the terms established in our contracts. Total contract assets and contract liabilities were as follows:
(dollars in millions)September 30, 2023December 31, 2022
Contract assets$12,696 $11,534 
Contract liabilities(15,248)(14,598)
Net contract liabilities$(2,552)$(3,064)
Contract assets increased $1,162 million during the nine months ended September 30, 2023 primarily due to sales in excess of billings on certain contracts at Raytheon and Pratt & Whitney, partially offset by a decrease in contract assets driven by a customer insolvency charge recorded in the second quarter of 2023 and the EAC impacts related to the Powder Metal Matter, both at Pratt & Whitney. Contract liabilities increased $650 million during the nine months ended September 30, 2023 primarily due to billings in excess of sales on certain contracts at Pratt & Whitney and Collins. We recognized revenue of $0.9 billion and $4.4 billion during the quarter and nine months ended September 30, 2023, respectively, related to contract liabilities as of January 1, 2023 and $1.1 billion and $4.1 billion during the quarter and nine months ended September 30, 2022, respectively, related to contract liabilities as of January 1, 2022.
As of September 30, 2023, our Contract liabilities include approximately $390 million of advance payments received from a Middle East customer on contracts for which we no longer believe we will be able to execute on or obtain required regulatory approvals. These advance payments may become refundable to the customer if the contracts are ultimately terminated.
Contract assets include an allowance for expected credit losses of $235 million and $318 million as of September 30, 2023 and December 31, 2022, respectively.

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Note 7: Inventory, net
Inventory, net consisted of the following:
(dollars in millions)September 30, 2023December 31, 2022
Raw materials$3,894 $3,477 
Work-in-process4,297 3,839 
Finished goods3,859 3,301 
Total inventory, net$12,050 $10,617 
Note 8: Borrowings and Lines of Credit
As of September 30, 2023, we had a revolving credit agreement with various banks permitting aggregate borrowings of up to $5.0 billion. This agreement was renewed in August 2023 and expires in August 2028. As of September 30, 2023, there were no borrowings outstanding under this agreement. The Company’s $2.0 billion revolving credit agreement scheduled to expire September 2023, was terminated in August 2023, and there were no outstanding borrowings at the time of termination.
From time to time, we use commercial paper borrowings for general corporate purposes, including the funding of potential acquisitions, pension contributions, debt refinancing, dividend payments, and repurchases of our common stock. The commercial paper notes have original maturities of not more than 364 days from the date of issuance. As of September 30, 2023, our maximum commercial paper borrowing limit was $5.0 billion as the commercial paper is backed by our $5.0 billion revolving credit agreement. We had $1.0 billion and $0.5 billion of commercial paper borrowings outstanding at September 30, 2023 and December 31, 2022, respectively, which is reflected in Short-term borrowings in our Condensed Consolidated Balance Sheet. At September 30, 2023 and December 31, 2022, short-term commercial paper borrowings outstanding had a weighted-average interest rate of 5.6% and 4.4%, respectively.
During the nine months ended September 30, 2023, we had no new borrowings, and $200 million of repayments, of commercial paper with maturities greater than 90 days. During the nine months ended September 30, 2022, we had $1.4 billion of proceeds from issuance, and no repayments, of commercial paper with maturities greater than 90 days.
We had the following issuances of long-term debt during the nine months ended September 30, 2023:
Issuance DateDescription of NotesAggregate Principal Balance (in millions)
February 27, 2023
5.000% notes due 2026
$500 
5.150% notes due 2033
1,250 
5.375% notes due 2053
1,250 
We made the following repayment of long-term debt during the nine months ended September 30, 2023:
Repayment DateDescription of NotesAggregate Principal Balance (in millions)
August 16, 2023
3.650% notes due 2023
$171 
Long-term debt consisted of the following:
(dollars in millions)September 30, 2023December 31, 2022
3.650% notes due 2023 (1)
$ $171 
3.700% notes due 2023 (1)
400 400 
3.200% notes due 2024 (1)
950 950 
3.150% notes due 2024 (1)
300 300 
3.950% notes due 2025 (1)
1,500 1,500 
2.650% notes due 2026 (1)
719 719 
5.000% notes due 2026 (1)
500  
3.125% notes due 2027 (1)
1,100 1,100 
3.500% notes due 2027 (1)
1,300 1,300 
7.200% notes due 2027 (1)
382 382 
7.100% notes due 2027
135 135 
6.700% notes due 2028
285 285 

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7.000% notes due 2028 (1)
185 185 
4.125% notes due 2028 (1)
3,000 3,000 
7.500% notes due 2029 (1)
414 414 
2.150% notes due 2030 (€500 million principal value) (1)
533 531 
2.250% notes due 2030 (1)
1,000 1,000 
1.900% notes due 2031 (1)
1,000 1,000 
2.375% notes due 2032 (1)
1,000 1,000 
5.150% notes due 2033 (1)
1,250  
5.400% notes due 2035 (1)
446 446 
6.050% notes due 2036 (1)
410 410 
6.800% notes due 2036 (1)
117 117 
7.000% notes due 2038
148 148 
6.125% notes due 2038 (1)
575 575 
4.450% notes due 2038 (1)
750 750 
5.700% notes due 2040 (1)
553 553 
4.875% notes due 2040 (1)
600 600 
4.700% notes due 2041 (1)
425 425 
4.500% notes due 2042 (1)
3,500 3,500 
4.800% notes due 2043 (1)
400 400 
4.200% notes due 2044 (1)
300 300 
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)
1,000 1,000 
4.625% notes due 2048 (1)
1,750 1,750 
3.125% notes due 2050 (1)
1,000 1,000 
2.820% notes due 2051 (1)
1,000 1,000 
3.030% notes due 2052 (1)
1,100 1,100 
5.375% notes due 2053 (1)
1,250  
Other (including finance leases)
260 253 
Total principal long-term debt34,087 31,249 
Other (fair market value adjustments, (discounts)/premiums, and debt issuance costs)3 40 
Total long-term debt34,090 31,289 
Less: current portion1,389 595 
Long-term debt, net of current portion$32,701 $30,694 
(1)    We may redeem these notes, in whole or in part, at our option pursuant to their terms prior to the applicable maturity date.
The average maturity of our long-term debt at September 30, 2023 is approximately 14 years.
Note 9: Employee Benefit Plans
Pension and Postretirement Plans. We sponsor both funded and unfunded domestic and foreign defined benefit pension and postretirement benefit (PRB) plans and defined contribution plans.

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Contributions to our plans were as follows:
 Quarter Ended September 30,Nine Months Ended September 30,
(dollars in millions)2023202220232022
U.S. qualified defined benefit plans$9 $ $9 $ 
International defined benefit plans13 18 42 48 
PRB plans8 8 20 18 
Defined contribution plans296 230 985 792 
In December 2020, we approved a change to the Raytheon Company domestic defined benefit pension plans for non-union participants to cease future