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Table of Contents
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 June 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)
Raytheon Technologies Corporation
(Former name, former address and former fiscal year, if changed since last report)
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  .


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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,” “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 June 30, 2023 there were 1,455,514,944 shares of Common Stock outstanding.



2

Table of Contents
RTX CORPORATION
AND SUBSIDIARIES
CONTENTS OF QUARTERLY REPORT ON FORM 10-Q
Quarter Ended June 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.

3

Table of Contents
PART I – FINANCIAL INFORMATION

Item 1.    Financial Statements
RTX CORPORATION
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited) 
 Quarter Ended June 30,Six Months Ended June 30,
(dollars in millions, except per share amounts)2023202220232022
Net Sales:
Products sales$13,411 $12,258 $26,198 $24,120 
Services sales4,904 4,056 9,331 7,910 
Total net sales18,315 16,314 35,529 32,030 
Costs and Expenses:
Cost of sales - products11,089 10,040 21,789 19,860 
Cost of sales - services3,429 2,816 6,374 5,556 
Research and development729 698 1,336 1,333 
Selling, general and administrative1,635 1,424 3,033 2,893 
Total costs and expenses16,882 14,978 32,532 29,642 
Other income, net25 17 113 45 
Operating profit1,458 1,353 3,110 2,433 
Non-operating expense (income), net:
Non-service pension income(447)(474)(891)(954)
Interest expense, net333 329 648 647 
Total non-operating expense (income), net(114)(145)(243)(307)
Income from continuing operations before income taxes1,572 1,498 3,353 2,740 
Income tax expense213 160 513 276 
Net income from continuing operations1,359 1,338 2,840 2,464 
Less: Noncontrolling interest in subsidiaries’ earnings from continuing operations32 34 87 57 
Net income from continuing operations attributable to common shareowners1,327 1,304 2,753 2,407 
Loss from discontinued operations attributable to common shareowners   (19)
Net income attributable to common shareowners$1,327 $1,304 $2,753 $2,388 
Earnings (loss) Per Share attributable to common shareowners - Basic:
Income from continuing operations$0.91 $0.88 $1.89 $1.62 
Loss from discontinued operations   (0.01)
Net income attributable to common shareowners$0.91 $0.88 $1.89 $1.61 
Earnings (loss) Per Share attributable to common shareowners - Diluted:
Income from continuing operations$0.90 $0.88 $1.87 $1.61 
Loss from discontinued operations   (0.01)
Net income attributable to common shareowners$0.90 $0.88 $1.87 $1.60 
See accompanying Notes to Condensed Consolidated Financial Statements

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RTX CORPORATION
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
Quarter Ended June 30,Six Months Ended June 30,
(dollars in millions)2023202220232022
Net income from continuing and discontinued operations$1,359 $1,338 $2,840 $2,445 
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments404 (708)526 (948)
Pension and postretirement benefit plans adjustments(183)47 (329)68 
Change in unrealized cash flow hedging285 (182)297 (145)
Other comprehensive income (loss), before tax506 (843)494 (1,025)
Income tax (expense) benefit related to items of other comprehensive income (loss)(19)27 22 9 
Other comprehensive income (loss), net of tax487 (816)516 (1,016)
Comprehensive income1,846 522 3,356 1,429 
Less: Comprehensive income attributable to noncontrolling interest32 34 87 57 
Comprehensive income attributable to common shareowners$1,814 $488 $3,269 $1,372 
See accompanying Notes to Condensed Consolidated Financial Statements

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RTX CORPORATION
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)
(dollars in millions)June 30, 2023December 31, 2022
Assets
Current Assets
Cash and cash equivalents$5,391 $6,220 
Accounts receivable, net9,903 9,108 
Contract assets12,970 11,534 
Inventory, net11,997 10,617 
Other assets, current5,654 4,964 
Total current assets45,915 42,443 
Customer financing assets2,457 2,603 
Fixed assets30,175 29,116 
Accumulated depreciation(14,880)(13,946)
Fixed assets, net15,295 15,170 
Operating lease right-of-use assets1,812 1,829 
Goodwill54,122 53,840 
Intangible assets, net36,234 36,823 
Other assets6,326 6,156 
Total assets$162,161 $158,864 
Liabilities, Redeemable Noncontrolling Interest and Equity
Current Liabilities
Short-term borrowings$1,076 $625 
Accounts payable10,128 9,896 
Accrued employee compensation2,121 2,401 
Other accrued liabilities11,719 10,999 
Contract liabilities15,162 14,598 
Long-term debt currently due1,554 595 
Total current liabilities41,760 39,114 
Long-term debt32,723 30,694 
Operating lease liabilities, non-current1,570 1,586 
Future pension and postretirement benefit obligations4,579 4,807 
Other long-term liabilities7,442 8,449 
Total liabilities88,074 84,650 
Commitments and contingencies (Note 15)
Redeemable noncontrolling interest31 36 
Shareowners’ Equity:
Common stock38,228 37,939 
Treasury stock(16,713)(15,530)
Retained earnings52,489 52,269 
Unearned ESOP shares(22)(28)
Accumulated other comprehensive loss(1,502)(2,018)
Total shareowners’ equity72,480 72,632 
Noncontrolling interest1,576 1,546 
Total equity74,056 74,178 
Total liabilities, redeemable noncontrolling interest and equity$162,161 $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)
 Six Months Ended June 30,
(dollars in millions)20232022
Operating Activities:
Net income from continuing operations$2,840 $2,464 
Adjustments to reconcile net income from continuing operations to net cash flows (used in) provided by operating activities:
Depreciation and amortization2,078 2,013 
Deferred income tax benefit(700)(1,147)
Stock compensation cost212 212 
Net periodic pension and other postretirement income(778)(714)
Change in:
Accounts receivable(699)(790)
Contract assets(1,430)(525)
Inventory(1,322)(1,033)
Other current assets(634)(353)
Accounts payable and accrued liabilities(149)2,109 
Contract liabilities255 (309)
Other operating activities, net183 (165)
Net cash flows (used in) provided by operating activities from continuing operations(144)1,762 
Investing Activities:
Capital expenditures(1,046)(918)
Dispositions of businesses, net of cash transferred 88 
Customer financing assets receipts (payments), net42 (7)
Increase in other intangible assets(314)(185)
Receipts (payments) from settlements of derivative contracts, net45 (151)
Other investing activities, net71 37 
Net cash flows used in investing activities from continuing operations(1,202)(1,136)
Financing Activities:
Issuance of long-term debt2,974  
Repayment of long-term debt(3)(2)
Change in commercial paper, net (Note 8)470  
Change in other short-term borrowings, net(24)(17)
Dividends paid on common stock(1,634)(1,543)
Repurchase of common stock(1,158)(1,779)
Other financing activities, net(157)(286)
Net cash flows provided by (used in) financing activities from continuing operations468 (3,627)
Effect of foreign exchange rate changes on cash and cash equivalents19 (20)
Net decrease in cash, cash equivalents and restricted cash(859)(3,021)
Cash, cash equivalents and restricted cash, beginning of period6,291 7,853 
Cash, cash equivalents and restricted cash, end of period5,432 4,832 
Less: Restricted cash, included in Other assets, current and Other assets41 65 
Cash and cash equivalents, end of period$5,391 $4,767 
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 June 30,Six Months Ended June 30,
(dollars in millions, except per share amounts; shares in thousands)2023202220232022
Equity beginning balance$74,347 $73,986 $74,178 $74,664 
Common Stock
Beginning balance38,031 37,504 37,939 37,483 
Common stock plans activity198 169 290 203 
Purchase of subsidiary shares from noncontrolling interest, net(1) (1)(13)
Ending balance38,228 37,673 38,228 37,673 
Treasury Stock
Beginning balance(16,112)(13,483)(15,530)(12,727)
Common stock repurchased(601)(1,056)(1,183)(1,812)
Ending balance(16,713)(14,539)(16,713)(14,539)
Retained Earnings
Beginning balance52,891 50,592 52,269 50,265 
Net income1,327 1,304 2,753 2,388 
Dividends on common stock(1,687)(1,597)(2,477)(2,342)
Dividends on ESOP common stock(29)(27)(42)(40)
Other(13)(1)(14) 
Ending balance52,489 50,271 52,489 50,271 
Unearned ESOP Shares
Beginning balance(26)(36)(28)(38)
Common stock plans activity4 3 6 5 
Ending balance(22)(33)(22)(33)
Accumulated Other Comprehensive Loss
Beginning balance(1,989)(2,115)(2,018)(1,915)
Other comprehensive income (loss), net of tax487 (816)516 (1,016)
Ending balance(1,502)(2,931)(1,502)(2,931)
Noncontrolling Interest
Beginning balance1,552 1,524 1,546 1,596 
Net income32 34 87 57 
Less: Redeemable noncontrolling interest net income(1)(2)(3)(3)
Dividends attributable to noncontrolling interest(7)(11)(51)(75)
Purchase of subsidiary shares from noncontrolling interest, net   (19)
Disposition of noncontrolling interest, net (2)(3)(13)
Capital contributions 6  6 
Ending balance1,576 1,549 1,576 1,549 
Equity at June 30
$74,056 $71,990 $74,056 $71,990 
Supplemental share information
Shares of common stock issued under employee plans, net410 463 1,230 2,280 
Shares of common stock repurchased6,036 11,163 11,954 19,046 
Dividends declared per share of common stock$1.180 $1.100 $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 June 30, 2023 and for the quarters and six months ended June 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.
We reclassified certain immaterial prior period amounts within the Condensed Consolidated Statement of Cash Flows to conform to our current period presentation.
Effective July 17, 2023, we changed our legal name from Raytheon Technologies Corporation to RTX Corporation.
Raytheon Intelligence & Space (RIS) and Raytheon Missiles & Defense (RMD) follow 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 June 30, 2023 and 2022 with respect to RIS or RMD, we are referring to their July 2, 2023 and July 3, 2022 fiscal quarter ends, respectively.
Unless the context otherwise requires, the terms “we,” “our,” “us,” “the Company,” and “RTX” mean RTX Corporation and its subsidiaries.
Effective July 1, 2023, we streamlined the structure of our core businesses from four principal business segments to three principal business segments: Collins Aerospace, Pratt & Whitney, and Raytheon. All segment information included in this Form 10-Q is reflective of the four segments of Collins, Pratt & Whitney, RIS, and RMD in accordance with the management structure in place as of June 30, 2023. See “Note 20: Subsequent Events” 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 will continue to monitor future 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, and expect to fully return to and/or exceed pre-pandemic levels as we exit 2023. 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.

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Note 2: Acquisitions, Dispositions, Goodwill and Intangible Assets
Goodwill. Changes in our goodwill balances for the six months ended June 30, 2023 were as follows:
(dollars in millions)Balance as of December 31, 2022Acquisitions and DivestituresForeign Currency Translation and Other
Balance as of June 30, 2023
Collins Aerospace$30,719 $ $282 $31,001 
Pratt & Whitney1,563   1,563 
Raytheon Intelligence & Space9,841   9,841 
Raytheon Missiles & Defense11,700   11,700 
Total Segments53,823  282 54,105 
Eliminations and other17   17 
Total$53,840 $ $282 $54,122 
Intangible Assets. Identifiable intangible assets are comprised of the following:
 June 30, 2023December 31, 2022
(dollars in millions)Gross AmountAccumulated AmortizationGross AmountAccumulated Amortization
Amortized:
Collaboration assets$5,663 $(1,531)$5,536 $(1,408)
Exclusivity assets3,151 (343)2,911 (323)
Developed technology and other1,220 (593)1,202 (544)
Customer relationships29,839 (9,836)29,775 (8,967)
39,873 (12,303)39,424 (11,242)
Indefinite-lived:
Trademarks and other8,664  8,641 — 
Total$48,537 $(12,303)$48,065 $(11,242)
Amortization of intangible assets for the quarters and six months ended June 30, 2023 and 2022 was $510 million and $1,019 million and $467 million and $954 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$973 $2,203 $2,089 $2,007 $1,891 $1,776 
On July 20, 2023, we entered into a definitive agreement to sell our actuation systems portfolio within our Collins segment for approximately $1.8 billion in cash. The closing of the transaction is subject to regulatory approvals and other customary closing conditions.

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Note 3: Earnings Per Share
 Quarter Ended June 30,Six Months Ended June 30,
(dollars and shares in millions, except per share amounts)2023202220232022
Net income attributable to common shareowners:
Income from continuing operations$1,327 $1,304 $2,753 $2,407 
Loss from discontinued operations   (19)
Net income attributable to common shareowners$1,327 $1,304 $2,753 $2,388 
Basic weighted average number of shares outstanding1,457.5 1,479.2 1,459.9 1,482.9 
Stock awards and equity units (share equivalent)11.2 10.4 11.6 10.8 
Diluted weighted average number of shares outstanding1,468.7 1,489.6 1,471.5 1,493.7 
Earnings (Loss) Per Share attributable to common shareowners - Basic:
Income from continuing operations$0.91 $0.88 $1.89 $1.62 
Loss from discontinued operations   (0.01)
Net income attributable to common shareowners$0.91 $0.88 $1.89 $1.61 
Earnings (Loss) Per Share attributable to common shareowners - Diluted:
Income from continuing operations$0.90 $0.88 $1.87 $1.61 
Loss from discontinued operations   (0.01)
Net income attributable to common shareowners$0.90 $0.88 $1.87 $1.60 
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 both the quarter and six months ended June 30, 2023, the number of stock awards excluded from the computation was 4.0 million. For the quarter and six months ended June 30, 2022, the number of stock awards excluded from the computation was 3.4 million and 5.4 million, respectively.
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 periods based on a performance obligation’s percentage of completion in the current period. A significant change in one or

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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 June 30,Six Months Ended June 30,
(dollars in millions, except per share amounts)2023202220232022
Total net sales$(29)$(19)$(69)$78 
Operating profit(30)(41)(154)(5)
Income from continuing operations attributable to common shareowners(1)
(24)(32)(122)(4)
Diluted earnings per share from continuing operations attributable to common shareowners (1)
$(0.02)$(0.02)$(0.08)$ 
(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)June 30, 2023December 31, 2022
Accounts receivable$10,289 $9,560 
Allowance for expected credit losses(386)(452)
Total accounts receivable, net$9,903 $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)June 30, 2023December 31, 2022
Contract assets$12,970 $11,534 
Contract liabilities(15,162)(14,598)
Net contract liabilities$(2,192)$(3,064)
Contract assets increased $1,436 million during the six months ended June 30, 2023 primarily due to sales in excess of billings on certain contracts at RMD and Pratt & Whitney, partially offset by a decrease in contract assets driven by a customer insolvency charge at Pratt & Whitney. Contract liabilities increased $564 million during the six months ended June 30, 2023 primarily due to billings in excess of sales on certain contracts at Pratt & Whitney. We recognized revenue of $1.5 billion and $3.4 billion during the quarter and six months ended June 30, 2023, respectively, related to contract liabilities as of January 1, 2023 and $1.2 billion and $3.0 billion during the quarter and six months ended June 30, 2022, respectively, related to contract liabilities as of January 1, 2022.
As of June 30, 2023, our Contract liabilities include approximately $405 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 $256 million and $318 million as of June 30, 2023 and December 31, 2022, respectively.

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Note 7: Inventory, net
Inventory, net consisted of the following:
(dollars in millions)June 30, 2023December 31, 2022
Raw materials$3,931 $3,477 
Work-in-process4,186 3,839 
Finished goods3,880 3,301 
Total inventory, net$11,997 $10,617 
Note 8: Borrowings and Lines of Credit
As of June 30, 2023, we had revolving credit agreements with various banks permitting aggregate borrowings of up to $7.0 billion, consisting of a $5.0 billion revolving credit agreement, which expires in April 2025, and a $2.0 billion revolving credit agreement, which expires in September 2023. As of June 30, 2023, there were no borrowings outstanding under these agreements.
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 June 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 June 30, 2023 and December 31, 2022, respectively, which is reflected in Short-term borrowings in our Condensed Consolidated Balance Sheet. At June 30, 2023 and December 31, 2022, short-term commercial paper borrowings outstanding had a weighted-average interest rate of 5.5% and 4.4%, respectively.
During the six months ended June 30, 2023, we had no new commercial paper borrowings with maturities greater than 90 days. During the six months ended June 30, 2023, we made $200 million in repayments of commercial paper with maturities greater than 90 days. During the six months ended June 30, 2022, we had no commercial paper borrowings or repayments with original maturities more than 90 days from the date of issuance.
We had the following issuances of long-term debt during the six months ended June 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 

Long-term debt consisted of the following:
(dollars in millions)June 30, 2023December 31, 2022
3.650% notes due 2023 (1)
$171 $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 
7.000% notes due 2028 (1)
185 185 
4.125% notes due 2028 (1)
3,000 3,000 

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7.500% notes due 2029 (1)
414 414 
2.150% notes due 2030 (€500 million principal value) (1)
544 531 
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)
262 253 
Total principal long-term debt34,271</