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Segment Financial Data (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Information
Segment information for the years ended December 31 are as follows:
 Net SalesOperating Profit (Loss)Operating Profit (Loss) Margins
(dollars in millions)202320222021202320222021202320222021
Collins Aerospace$26,253 $23,052 $21,152 $3,825 $2,816 $2,380 14.6 %12.2 %11.3 %
Pratt & Whitney (2)
18,296 20,530 18,150 (1,455)1,075 454 (8.0)%5.2 %2.5 %
Raytheon26,350 25,176 26,611 2,379 2,448 3,399 9.0 %9.7 %12.8 %
Total segment70,899 68,758 65,913 4,749 6,339 6,233 6.7 %9.2 %9.5 %
Eliminations and other (1)
(1,979)(1,684)(1,525)(42)(23)4 
Corporate expenses and other unallocated items (3)
— — — (275)(318)(552)
FAS/CAS operating adjustment— — — 1,127 1,399 1,654 
Acquisition accounting adjustments— — — (1,998)(1,893)(2,203)
Consolidated$68,920 $67,074 $64,388 $3,561 $5,504 $5,136 5.2 %8.2 %8.0 %
(1)    Includes the operating results of certain smaller operations.
(2)    2023 includes the impacts of the Powder Metal Matter.
(3)    2022 and 2021 included the net expenses related to the U.S. Army’s LTAMDS program. Beginning in 2023, LTAMDS results are included in the Raytheon segment.
 Total AssetsCapital ExpendituresDepreciation & Amortization
(dollars in millions)20232022202320222021202320222021
Collins Aerospace (1)
$72,085 $70,404 $628 $671 $697 $724 $756 $741 
Pratt & Whitney (1)
40,723 36,205 1,025 949 700 736 724 642 
Raytheon (1)
44,929 45,666 637 563 558 544 526 504 
Total segment157,737 152,275 2,290 2,183 1,955 2,004 2,006 1,887 
Corporate, eliminations, and other4,132 6,589 125 105 179 126 101 155 
Acquisition accounting adjustments2,081 2,001 2,515 
Consolidated$161,869 $158,864 $2,415 $2,288 $2,134 $4,211 $4,108 $4,557 
(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 SalesLong-Lived Assets
(dollars in millions)20232022202120232022
United States (1)
$57,539 $57,869 $55,837 $12,646 $12,162 
International
Europe4,849 3,874 3,630 1,207 1,132 
Asia Pacific2,182 1,778 1,748 808 801 
Middle East and North Africa492 173 136 103 113 
Other regions3,858 3,380 3,037 984 962 
Consolidated$68,920 $67,074 $64,388 $15,748 $15,170 
(1)    2023 external net sales includes the reduction in sales from the Powder Metal Matter.
Disaggregation of Revenue
Segment sales disaggregated by geographic region based on customer location for the years ended December 31 are as follows:
2023
(dollars in millions)Collins AerospacePratt & WhitneyRaytheonOtherTotal
United States$13,185 $11,403 $20,187 $106 $44,881 
Europe6,423 5,433 1,642 3 13,501 
Asia Pacific2,625 4,227 2,196 1 9,049 
Middle East and North Africa684 539 2,014 — 3,237 
Other regions1,377 2,095 181 — 3,653 
Powder Metal Matter— (5,401)— — (5,401)
Consolidated net sales24,294 18,296 26,220 110 68,920 
Inter-segment sales1,959 — 130 (2,089)— 
Business segment sales$26,253 $18,296 $26,350 $(1,979)$68,920 
2022
(dollars in millions)Collins AerospacePratt & WhitneyRaytheonOtherTotal
United States$11,944 $10,433 $18,643 $170 $41,190 
Europe5,455 4,211 1,442 3 11,111 
Asia Pacific2,165 3,775 2,116 1 8,057 
Middle East and North Africa510 450 2,639 — 3,599 
Other regions1,256 1,658 203 — 3,117 
Consolidated net sales21,330 20,527 25,043 174 67,074 
Inter-segment sales1,722 3 133 (1,858)— 
Business segment sales$23,052 $20,530 $25,176 $(1,684)$67,074 
2021
(dollars in millions)Collins AerospacePratt & WhitneyRaytheonOtherTotal
United States$11,669 $9,034 $19,139 $169 $40,011 
Europe4,488 3,488 1,619 3 9,598 
Asia Pacific2,040 3,885 2,043 1 7,969 
Middle East and North Africa483 441 3,455 — 4,379 
Other regions933 1,302 196 — 2,431 
Consolidated net sales19,613 18,150 26,452 173 64,388 
Inter-segment sales1,539 — 159 (1,698)— 
Business segment sales$21,152 $18,150 $26,611 $(1,525)$64,388 
Segment sales disaggregated by type of customer for the years ended December 31 are as follows:
2023
(dollars in millions)Collins Aerospace
Pratt & Whitney (2)
RaytheonOtherTotal
Sales to the U.S. government (1)
$6,357 $5,206 $19,965 $100 $31,628 
Foreign military sales through the U.S. government304 1,442 3,228 — 4,974 
Foreign government direct commercial sales1,110 515 2,620 4 4,249 
Commercial aerospace and other commercial sales (2)
16,523 11,133 407 6 28,069 
Consolidated net sales24,294 18,296 26,220 110 68,920 
Inter-segment sales1,959 — 130 (2,089)— 
Business segment sales$26,253 $18,296 $26,350 $(1,979)$68,920 
(1)    Excludes foreign military sales through the U.S. government.
(2)    Includes the reduction in sales from the Powder Metal Matter.
2022
(dollars in millions)Collins AerospacePratt & WhitneyRaytheonOtherTotal
Sales to the U.S. government (1)
$6,484 $5,272 $18,394 $167 $30,317 
Foreign military sales through the U.S. government372 1,115 3,555 — 5,042 
Foreign government direct commercial sales1,063 474 2,786 4 4,327 
Commercial aerospace and other commercial sales13,411 13,666 308 3 27,388 
Consolidated net sales21,330 20,527 25,043 174 67,074 
Inter-segment sales1,722 3 133 (1,858)— 
Business segment sales$23,052 $20,530 $25,176 $(1,684)$67,074 
(1)    Excludes foreign military sales through the U.S. government.
2021
(dollars in millions)Collins AerospacePratt & WhitneyRaytheonOtherTotal
Sales to the U.S. government (1)
$7,016 $5,140 $18,854 $167 $31,177 
Foreign military sales through the U.S. government309 1,273 3,963 1 5,546 
Foreign government direct commercial sales1,223 541 3,227 2 4,993 
Commercial aerospace and other commercial sales11,065 11,196 408 3 22,672 
Consolidated net sales19,613 18,150 26,452 173 64,388 
Inter-segment sales1,539 — 159 (1,698)— 
Business segment sales$21,152 $18,150 $26,611 $(1,525)$64,388 
(1)    Excludes foreign military sales through the U.S. government.
The largest contributor to our Commercial aerospace and other commercial sales is Airbus. Sales to Airbus primarily relate to Pratt & Whitney and Collins products, and prior to discounts and incentives were approximately 17%, 14%, and 12% of total net sales in 2023, 2022, and 2021, respectively. Total net sales in 2023 includes the reduction in sales from the Powder Metal Matter.
Segment sales disaggregated by sales type for the years ended December 31 are as follows:
2023
(dollars in millions)Collins Aerospace
Pratt & Whitney (1)
RaytheonOtherTotal
Products$19,034 $8,579 $21,847 $111 $49,571 
Services5,260 9,717 4,373 (1)19,349 
Consolidated net sales24,294 18,296 26,220 110 68,920 
Inter-segment sales1,959 — 130 (2,089)— 
Business segment sales$26,253 $18,296 $26,350 $(1,979)$68,920 
(1)    Includes the reduction in sales from the Powder Metal Matter.
2022
(dollars in millions)Collins AerospacePratt & WhitneyRaytheonOtherTotal
Products$16,917 $12,411 $21,276 $169 $50,773 
Services4,413 8,116 3,767 5 16,301 
Consolidated net sales21,330 20,527 25,043 174 67,074 
Inter-segment sales1,722 3 133 (1,858)— 
Business segment sales$23,052 $20,530 $25,176 $(1,684)$67,074 
2021
(dollars in millions)Collins AerospacePratt & WhitneyRaytheonOtherTotal
Products$15,648 $11,189 $22,264 $169 $49,270 
Services3,965 6,961 4,188 4 15,118 
Consolidated net sales19,613 18,150 26,452 173 64,388 
Inter-segment sales1,539 — 159 (1,698)— 
Business segment sales$21,152 $18,150 $26,611 $(1,525)$64,388 
Raytheon segment sales disaggregated by contract type for the years ended December 31 are as follows:
(dollars in millions)202320222021
Fixed-price$13,164 $12,910 $14,270 
Cost-type13,056 12,133 12,182 
Consolidated net sales26,220 25,043 26,452 
Inter-segment sales130 133 159 
Business segment sales$26,350 $25,176 $26,611