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Segment Financial Data (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Results for the quarters ended March 31, 2025 and 2024 are as follows:
2025
(dollars in millions)Net SalesResearch and Development
Other Segment Items (1)
Operating ProfitOperating Profit Margin
Collins Aerospace$7,217 $(313)$(5,816)$1,088 15.1 %
Pratt & Whitney7,366 (229)(6,557)580 7.9 %
Raytheon6,340 (98)(5,564)678 10.7 %
Total segment20,923 $(640)$(17,937)2,346 11.2 %
Eliminations and other (2)
(617)12 
Corporate expenses and other unallocated items— (38)
FAS/CAS operating adjustment— 185 
Acquisition accounting adjustments— (470)
Consolidated$20,306 $2,035 10.0 %
(1)    Includes Cost of sales, Selling, general, and administrative expenses, and Other income, net.
(2)    Includes the operating results of certain smaller operations.
2024
(dollars in millions)Net SalesResearch and Development
Other Segment Items (1)
Operating ProfitOperating Profit Margin
Collins Aerospace$6,673 $(313)$(5,511)$849 12.7 %
Pratt & Whitney6,456 (269)(5,775)412 6.4 %
Raytheon (3)
6,659 (89)(5,574)996 15.0 %
Total segment19,788 $(671)$(16,860)2,257 11.4 %
Eliminations and other (2)
(483)(5)
Corporate expenses and other unallocated items— (96)
FAS/CAS operating adjustment— 214 
Acquisition accounting adjustments— (500)
Consolidated$19,305 $1,870 9.7 %
(1)    Includes Cost of sales, Selling, general, and administrative expenses, and Other income, net.
(2)    Includes the operating results of certain smaller operations.
(3)    Operating profit includes a $0.4 billion gain, net of transaction and other related costs, related to the sale of the CIS business. See “Note 2: Acquisitions and Dispositions” for additional information.
Capital Expenditures and Depreciation & Amortization segment information for the quarters ended March 31, 2025 and 2024 are as follows:
 Capital ExpendituresDepreciation & Amortization
(dollars in millions)2025202420252024
Collins Aerospace$112 $125 $217 $203 
Pratt & Whitney153 139 194 193 
Raytheon225 191 131 127 
Total segment490 455 542 523 
Corporate, eliminations, and other23 12 21 18 
Acquisition accounting adjustments489 518 
Consolidated$513 $467 $1,052 $1,059 
Total assets by segment are as follows:
(dollars in millions)March 31, 2025December 31, 2024
Collins Aerospace (1)
$73,105 $72,372 
Pratt & Whitney (1)
46,248 44,307 
Raytheon (1)
44,681 44,936 
Total segment164,034 161,615 
Corporate, eliminations, and other830 1,246 
Consolidated$164,864 $162,861 
(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.
Disaggregation of Revenue
Segment sales disaggregated by geographic region based on customer location for the quarters ended March 31, 2025 and 2024 are as follows:
20252024
(dollars in millions)Collins AerospacePratt & WhitneyRaytheonOtherTotalCollins AerospacePratt & WhitneyRaytheonOtherTotal
United States$3,348 $3,418 $4,447 $53 $11,266 $3,321 $3,010 $4,982 $48 $11,361 
Europe1,730 1,839 843 1 4,413 1,615 1,670 547 1 3,833 
Asia Pacific826 1,241 525 — 2,592 691 1,194 541 1 2,427 
Middle East and North Africa239 175 434 — 848 181 138 530 — 849 
Other regions444 692 51 — 1,187 361 444 30 — 835 
Consolidated net sales6,587 7,365 6,300 54 20,306 6,169 6,456 6,630 50 19,305 
Inter-segment sales630 1 40 (671)— 504 — 29 (533)— 
Business segment sales$7,217 $7,366 $6,340 $(617)$20,306 $6,673 $6,456 $6,659 $(483)$19,305 
Segment sales disaggregated by type of customer for the quarters ended March 31, 2025 and 2024 are as follows:
20252024
(dollars in millions)Collins AerospacePratt & WhitneyRaytheonOtherTotalCollins Aerospace Pratt & WhitneyRaytheonOtherTotal
Sales to the U.S. government (1)
$1,659 $1,585 $4,435 $53 $7,732 $1,564 $1,558 $4,957 $48 $8,127 
Foreign military sales through the U.S. government116 379 976 — 1,471 81 310 858 — 1,249 
Foreign government direct commercial sales327 148 876 1 1,352 309 158 740 1 1,208 
Commercial aerospace and other commercial sales4,485 5,253 13 — 9,751 4,215 4,430 75 1 8,721 
Consolidated net sales6,587 7,365 6,300 54 20,306 6,169 6,456 6,630 50 19,305 
Inter-segment sales630 1 40 (671)— 504 — 29 (533)— 
Business segment sales$7,217 $7,366 $6,340 $(617)$20,306 $6,673 $6,456 $6,659 $(483)$19,305 
(1)    Excludes foreign military sales through the U.S. government.
Segment sales disaggregated by sales type for the quarters ended March 31, 2025 and 2024 are as follows:
20252024
(dollars in millions)Collins AerospacePratt & WhitneyRaytheonOtherTotalCollins AerospacePratt & WhitneyRaytheonOtherTotal
Products$5,110 $4,032 $5,406 $43 $14,591 $4,833 $3,957 $5,467 $46 $14,303 
Services1,477 3,333 894 11 5,715 1,336 2,499 1,163 4 5,002 
Consolidated net sales6,587 7,365 6,300 54 20,306 6,169 6,456 6,630 50 19,305 
Inter-segment sales630 1 40 (671)— 504 — 29 (533)— 
Business segment sales$7,217 $7,366 $6,340 $(617)$20,306 $6,673 $6,456 $6,659 $(483)$19,305 
Raytheon segment sales disaggregated by contract type for the quarters ended March 31, 2025 and 2024 are as follows:
(dollars in millions)20252024
Fixed-price$3,605 $3,293 
Cost-type2,695 3,337 
Consolidated net sales6,300 6,630 
Inter-segment sales40 29 
Business segment sales$6,340 $6,659