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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 March 31, 2020
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 1-812
____________________________________ 
RAYTHEON TECHNOLOGIES CORPORATION
____________________________________ 
Delaware 06-0570975
(State or other jurisdiction of incorporation)(I.R.S. Employer Identification No.)

870 Winter Street,Waltham,Massachusetts02451
(Address of principal executive offices, including zip code)
(781)522-3000
(Registrant's telephone number, including area code)

United Technologies Corporation
10 Farm Springs Road, Farmington, Connecticut 06032
(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)
Floating Rate Notes due 2020RTX 20BNew York Stock Exchange
(CUSIP 75513E AA9)

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  .
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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) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post 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," "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 March 31, 2020 there were 866,160,621 shares of Common Stock outstanding.



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Explanatory Note

On April 3, 2020, United Technologies Corporation ("UTC" or “the Company”) combined its aerospace businesses with Raytheon Company ("Raytheon") in a merger of equals transaction with Raytheon surviving as a wholly owned subsidiary of UTC ("the Raytheon Merger"). Upon the closing of the Raytheon Merger, the Company’s name changed to “Raytheon Technologies Corporation.” Prior to the Raytheon Merger, UTC separated its Carrier and Otis businesses from its aerospace businesses (such separations, "the Separation Transactions").

The financial statements of the Company contained herein are as of and for the period ended March 31, 2020, a date that is prior to the date of the completion of the Separation Transactions and the Raytheon Merger. Therefore, the financial statements and other information contained herein relate, except as otherwise expressly noted herein, to UTC prior to giving effect to the Separation Transactions and the Raytheon Merger, and, accordingly, include the results of the Otis and Carrier businesses but do not include the results of Raytheon. Future filings will reflect the results of the Company after giving effect to the Separation Transactions and the Raytheon Merger, providing for the combined businesses of UTC (excluding the Carrier and Otis businesses) and Raytheon. Historical operations of Otis and Carrier will be presented as discontinued operations in those filings.







































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RAYTHEON TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
CONTENTS OF QUARTERLY REPORT ON FORM 10-Q
Quarter Ended March 31, 2020
 
 Page


Raytheon Technologies Corporation and its subsidiaries' names, abbreviations thereof, logos, and product and service designators are all either the registered or unregistered trademarks or tradenames of Raytheon Technologies Corporation and its subsidiaries. Names, abbreviations of names, logos, and products and service 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

RAYTHEON TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited) 
 Quarter Ended March 31,
(dollars in millions, except per share amounts)20202019
Net Sales:
Product sales$12,432  $12,875  
Service sales5,778  5,490  
18,210  18,365  
Costs and Expenses:
Cost of products sold9,781  10,286  
Cost of services sold3,627  3,421  
Research and development671  728  
Selling, general and administrative2,248  1,997  
16,327  16,432  
Other (expense) income, net(76) 112  
Operating profit1,807  2,045  
Non-service pension (benefit)(188) (208) 
Debt extinguishment costs660    
Interest expense, net380  431  
Income from operations before income taxes955  1,822  
Income tax expense941  397  
Net income from operations14  1,425  
Less: Noncontrolling interest in subsidiaries' earnings from operations97  79  
Net (loss) income attributable to common shareowners$(83) $1,346  
(Loss) Earnings Per Share of Common Stock - Basic:
Net (loss) income attributable to common shareowners$(0.10) $1.58  
(Loss) Earnings Per Share of Common Stock - Diluted:
Net (loss) income attributable to common shareowners$(0.10) $1.56  
See accompanying Notes to Condensed Consolidated Financial Statements

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RAYTHEON TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE (LOSS) INCOME
(Unaudited)

Quarter Ended March 31,
(dollars in millions)20202019
Net income from operations$14  $1,425  
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments(1,444) 521  
Pension and postretirement benefit plans adjustments79  33  
Change in unrealized cash flow hedging(282) 8  
Other comprehensive (loss) income, net of tax(1,647) 562  
Comprehensive (loss) income(1,633) 1,987  
Less: Comprehensive income attributable to noncontrolling interest(91) (82) 
Comprehensive (loss) income attributable to common shareowners$(1,724) $1,905  
See accompanying Notes to Condensed Consolidated Financial Statements
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RAYTHEON TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)
(dollars in millions)March 31, 2020December 31, 2019
Assets
Cash and cash equivalents$8,001  $7,378  
Accounts receivable, net13,104  13,524  
Contract assets, current4,549  4,184  
Inventory, net11,506  10,950  
Other assets, current1,715  1,461  
Total Current Assets38,875  37,497  
Customer financing assets3,496  3,477  
Future income tax benefits1,444  1,611  
Fixed assets25,544  25,686  
Less: Accumulated depreciation(13,060) (12,931) 
Fixed assets, net12,484  12,755  
Operating lease right-of-use assets
2,624  2,599  
Goodwill47,481  48,063  
Intangible assets, net25,600  26,046  
Other assets7,568  7,668  
Total Assets$139,572  $139,716  
Liabilities and Equity
Short-term borrowings$1,725  $2,364  
Accounts payable10,976  10,809  
Accrued liabilities11,055  11,737  
Contract liabilities, current6,384  6,180  
Long-term debt currently due1,362  3,496  
Total Current Liabilities31,502  34,586  
Long-term debt43,232  37,788  
Future pension and postretirement benefit obligations3,225  3,502  
Operating lease liabilities
2,126  2,144  
Contract liabilities, non-current5,554  5,732  
Other long-term liabilities11,903  11,638  
Total Liabilities97,542  95,390  
Commitments and contingent liabilities (Note 16)
Redeemable noncontrolling interest95  95  
Shareowners' Equity:
Common Stock23,099  23,019  
Treasury Stock(32,665) (32,626) 
Retained earnings60,826  61,594  
Unearned ESOP shares(61) (64) 
Accumulated other comprehensive loss(11,788) (10,149) 
Total Shareowners' Equity39,411  41,774  
Noncontrolling interest2,524  2,457  
Total Equity41,935  44,231  
Total Liabilities and Equity$139,572  $139,716  
See accompanying Notes to Condensed Consolidated Financial Statements
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RAYTHEON TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
 Quarter Ended March 31,
(dollars in millions)20202019
Operating Activities:
Net income from operations$14  $1,425  
Adjustments to reconcile net income from operations to net cash flows provided by operating activities:
Depreciation and amortization980  942  
Deferred income tax provision485  21  
Stock compensation cost87  64  
Net periodic pension and other postretirement benefit(136) (120) 
Change in:
Accounts receivable196  849  
Contract assets, current(220) (215) 
Inventory(707) (697) 
Other current assets(191) (165) 
Accounts payable and accrued liabilities(318) (588) 
Contract liabilities, current353  371  
Global pension contributions(39) (32) 
Canadian government settlement  (38) 
Other operating activities, net157  (317) 
Net cash flows provided by operating activities661  1,500  
Investing Activities:
Capital expenditures(412) (363) 
Investments in businesses (Note 1)(5) (19) 
Dispositions of businesses (Note 1)  133  
Increase in customer financing assets, net(88) (173) 
Increase in collaboration intangible assets(78) (87) 
(Payments) receipts from settlements of derivative contracts(639) 92  
Other investing activities, net(61) 23  
Net cash flows used in investing activities(1,283) (394) 
Financing Activities:
Issuance of long-term debt17,207  32  
Repayment of long-term debt(13,836) (26) 
Debt extinguishment costs(660)   
Decrease in short-term borrowings, net(626) (349) 
Proceeds from Common Stock issued under employee stock plans6  5  
Dividends paid on Common Stock(614) (609) 
Repurchase of Common Stock(47) (29) 
Other financing activities, net(68) (101) 
Net cash flows provided by (used in) financing activities1,362  (1,077) 
Effect of foreign exchange rate changes on cash and cash equivalents(94) 41  
Net increase in cash, cash equivalents and restricted cash646  70  
Cash, cash equivalents and restricted cash, beginning of year7,420  6,212  
Cash, cash equivalents and restricted cash, end of period8,066  6,282  
Less: Restricted cash65  42  
Cash and cash equivalents, end of period$8,001  $6,240  
See accompanying Notes to Condensed Consolidated Financial Statements
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RAYTHEON TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(Unaudited)
Quarter Ended March 31,
(dollars in millions, except per share amounts; shares in thousands)20202019
Equity beginning balance$44,231  $40,610  
Common Stock
Beginning balance23,019  22,514  
Common Stock issued under employee plans81  57  
Purchase of subsidiary shares from noncontrolling interest, net(1)   
Redeemable noncontrolling interest fair value adjustment  (7) 
Ending balance23,099  22,564  
Treasury Stock
Beginning balance(32,626) (32,482) 
Common Stock issued under employee plans4  3  
Common Stock repurchased(43) (32) 
Ending balance(32,665) (32,511) 
Retained Earnings
Beginning balance61,594  57,823  
Net (loss) income(83) 1,346  
Dividends on Common Stock(614) (609) 
Dividends on ESOP Common Stock(17) (18) 
Redeemable noncontrolling interest fair value adjustment1  4  
ASU 2018-02 adoption impact (Note 13)  745  
Other, including the adoption impact of ASU 2016-13 (Note 19)(55) (12) 
Ending balance60,826  59,279  
Unearned ESOP Shares
Beginning balance(64) (76) 
Common Stock issued under employee plans3  1  
Ending balance(61) (75) 
Accumulated Other Comprehensive (Loss) Income
Beginning balance(10,149) (9,333) 
Other comprehensive (loss) income, net of tax(1,639) 559  
ASU 2018-02 adoption impact (Note 13)  (745) 
Ending balance(11,788) (9,519) 
Noncontrolling Interest
Beginning balance2,457  2,164  
Net Income97  79  
Redeemable noncontrolling interest in subsidiaries' earnings  3  
Other comprehensive (loss) income, net of tax(6) 3  
Dividends attributable to noncontrolling interest(58) (44) 
Capital contributions34    
Other  3  
Ending balance2,524  2,208  
Equity at March 31$41,935  $41,946  
Supplemental share information
Shares of Common Stock issued under employee plans2,050  1,028  
Shares of Common Stock repurchased330  256  
Dividends per share of Common Stock$0.735  $0.735  

See accompanying Notes to Condensed Consolidated Financial Statements
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RAYTHEON TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The Condensed Consolidated Financial Statements at March 31, 2020 and for the quarters ended March 31, 2020 and 2019 are unaudited, but in the opinion of management include all adjustments (consisting only of normal recurring adjustments) 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 in
particular, in light of the completion of the Separation Transactions, Distributions and Raytheon Merger (each defined below). The financial information included herein should be read in conjunction with the financial statements and notes in our Annual Report to Shareowners (2019 Annual Report) incorporated by reference in our Annual Report on Form 10-K for calendar year 2019 (2019 Form 10-K) and with our and Raytheon Company’s other filings with the U.S. Securities and Exchange Commission (“SEC”).
Separation Transactions and Distributions. On April 2, 2020, United Technologies Corporation (“UTC”) (since renamed Raytheon Technologies Corporation) completed the previously announced separation of its business into three independent, publicly traded companies – UTC, Carrier Global Corporation (“Carrier”) and Otis Worldwide Corporation (“Otis”) (such separations, the “Separation Transactions”). UTC distributed all of the outstanding shares of Carrier common stock and all of the outstanding shares of Otis common stock to UTC shareowners who held shares of UTC common stock as of the close of business on March 19, 2020, the record date for the distributions (the “Distributions”). UTC distributed 866,158,910 and 433,079,455 shares of common stock of Carrier and Otis, respectively in the Distributions, each of which was effective at 12:01 a.m., Eastern Time, on April 3, 2020. The financial statements of Raytheon Technologies Corporation for the period ended and as of March 31, 2020 include the financial position and results of Otis and Carrier. However, with the completion of the Separation Transactions and the Distributions, the historical results of Otis and Carrier will be presented as discontinued operations in our second quarter financial statements.
Raytheon Merger. On April 3, 2020, following the completion of the Separation Transactions and the Distributions, pursuant to an Agreement and Plan of Merger dated June 9, 2019, as amended, UTC and Raytheon Company ("Raytheon") completed their previously announced all-stock merger of equals transaction (the "Raytheon Merger"). Upon closing of the Raytheon Merger, UTC changed its name to “Raytheon Technologies Corporation”.
Unless the context otherwise requires, the terms “we,” “our,” “us,” “the Company”, “Raytheon Technologies", and "RTC" mean United Technologies Corporation and its subsidiaries when referring to periods prior to the Raytheon Merger and to the combined company, Raytheon Technologies Corporation, when referring to periods after the Raytheon Merger. Unless the context otherwise requires, the terms "Raytheon Company," "Raytheon," or "RTN" mean Raytheon Company and its subsidiaries prior to the Raytheon merger. The financial statements of Raytheon Technologies Corporation for the period ended and as of March 31, 2020 include the financial position and results of Otis and Carrier and do not include the financial position or operations of Raytheon since the Separation Transactions, the Distributions and the Raytheon Merger occurred subsequent to the end of the reporting period.
COVID-19 Pandemic. In March 2020, the coronavirus disease 2019 ("COVID-19") was declared a pandemic by the World Health Organization and a national emergency by the U.S. Government. The pandemic has negatively affected the U.S. and global economy, disrupted global supply chains and financial markets, and resulted in significant travel restrictions, including mandated facility closures and shelter-in-place orders in numerous jurisdictions around the world. Raytheon Technologies is taking all prudent measures to protect the health and safety of our employees, such as practicing social distancing, performing deep cleaning in all of our facilities, and enabling our employees to work from home where possible. We have also taken appropriate actions to help support our communities in addressing the challenges posed by the pandemic, including the production and donation of personal protective equipment.
Our business, operations and the industries in which we operate have been significantly impacted by public and private sector policies and initiatives in the U.S. and worldwide to address the transmission of COVID-19, such as the imposition of travel restrictions and the adoption of remote working. We began to experience issues related to COVID-19 in the first quarter, primarily related to a limited number of facility closures, less than full staffing, and disruptions in supplier deliveries, most significantly in our Aerospace businesses. However, our customers continued to receive our products during the quarter and the outbreak did not have a significant impact on our operating results for the three months ended March 31, 2020.
Subsequent to the quarter end, the continued disruption to air travel and commercial activities and the significant restrictions and limitations on businesses, particularly within the aerospace and commercial airlines industries, have negatively impacted global supply, demand and distribution capabilities. In particular, the significant decrease in air travel resulting from the COVID-19 pandemic is adversely affecting our airline and airframer customers, and their demand for the products and
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services of our Aerospace businesses. As of April 14, 2020, the International Air Transport Association had estimated that RPMs for the year ended December 31, 2020 could decline by 48% in comparison to the prior year due to the pandemic. As a result, our airline customers have reported significant reductions in fleet utilization, aircraft grounding and unplanned retirements, and have deferred and, in some cases, cancelled new aircraft deliveries. Airlines are shifting to cash conservation behaviors such as deferring engine maintenance, requesting extended payment terms, deferring delivery of new aircraft and spare engines and requesting discounts on engine maintenance. Additionally, we are seeing purchase order declines in line with publically communicated aircraft production volumes as OEM customers delay and cancel orders. We continue to monitor these trends and are working closely with our customers. We are actively mitigating costs and adjusting production schedules to accommodate these declines in demand. We have also begun taking actions to preserve capital and protect the long-term needs of our businesses, including cutting discretionary spending, significantly reducing capital expenditures and research and development spend, deferring merit increases, freezing non-essential hiring, repositioning employees to defense work, and furloughing a large percentage of our employees. Thus far, while some of the actions have impacted the former Raytheon Company businesses, most of these actions have been taken at our Aerospace businesses. We’re monitoring the environment closely and are prepared to take further actions if necessary. However, given the significant reduction in air travel, increased numbers of planes temporarily grounded, and continued travel restrictions that have resulted from the pandemic, we expect our future operating results, particularly those of our Aerospace businesses to be significantly impacted starting in the second quarter of 2020.
The financial impact of the COVID-19 pandemic cannot be reasonably estimated at this time as its impact depends on future developments, which are highly uncertain and cannot be predicted. While the long term outlook for the aerospace industry remains positive due the fundamental drivers of air travel demand, there is significant uncertainty with respect to when commercial air traffic levels will begin to recover, and whether and at what point capacity will return to and/or exceed pre-COVID-19 levels. Estimates of a return to pre-COVID-19 levels have generally fallen in the range of two or more years and are based on a wide-range of assumptions. New information may emerge concerning the scope, severity and duration of the COVID-19 pandemic, actions to contain its spread or treat its impact, and governmental, business and individuals’ actions taken in response to the pandemic (including restrictions and limitations on travel and transportation) among others.
We considered the outbreak and subsequent impacts to be a trigger to reassess our goodwill and intangibles valuations as well as significant assumptions of future income from our underlying assets and potential changes in our liabilities. In order to evaluate the impact, we had to make forecast assumptions of future business activity that are subject to a wide range of uncertainties, including those noted above. Based upon the dynamic environment, we will continue to evaluate in future periods whether these assumptions continue to be reasonable and will update the forecasts as needed.
Based upon our analysis, we have determined that none of our goodwill has been impaired as of March 31, 2020. However, the Company did record a total of $144 million in write-downs of assets in our aerospace businesses primarily related to the impairment of a trade name, increased estimated credit losses, and the impact of lower estimated future customer activity that reduced our assumptions of variable consideration and caused a write-off of manufacturing overhead in inventory in certain closed facilities. Given the uncertainty related to the severity and length of the pandemic, and its impact across the aerospace industry, we may be required to record additional charges or impairments in future periods.
Although the impact of COVID 19 on our commercial businesses and markets will be significant, we currently believe we have sufficient liquidity to withstand the potential impacts of COVID-19. With the completion of the Separation Transactions, the Distributions and the Raytheon Merger, we have a balanced and diversified portfolio of both aerospace and defense businesses which we believe will help mitigate the impacts of the COVID-19 pandemic and future business cycles. The former Raytheon Company businesses have not experienced significant facility closures and are taking all prudent measures similar to those discussed above.
Note 1: Acquisitions, Dispositions, Goodwill and Other Intangible Assets
Business Acquisitions. During the quarter ended March 31, 2020, our investment in business acquisitions was $5 million.
        As noted above, on April 3, 2020, pursuant to the agreement dated June 9, 2019, United Technologies and Raytheon Company completed their previously announced merger in an all-stock merger of equals, following the completion by United Technologies of the Separation Transactions and Distributions. Raytheon Company (NYSE:RTN) shares ceased trading prior to the market open on April 3, 2020, and each share of Raytheon common stock has been converted in the merger into the right to receive 2.3348 shares of United Technologies common stock previously traded on the NYSE under the ticker symbol “UTX." Upon closing of the Raytheon Merger, United Technologies’ name has changed to “Raytheon Technologies Corporation,” and its shares of common stock began trading as of April 3, 2020 on the NYSE under the ticker symbol “RTX.”

Supplemental Pro-Forma Data:
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Raytheon Company's results of operations have not been included in our financial statements for the quarter ended March 31, 2020 as the Raytheon Merger was completed on April 3, 2020. The following unaudited supplemental pro-forma data presents consolidated information as if the Raytheon Merger had been completed on January 1, 2019. The pro-forma results were calculated by combining the results of Raytheon Technologies with the stand-alone results of Raytheon Company for the pre-acquisition periods, which were adjusted to account for certain costs that would have been incurred during this pre-acquisition period. The results below reflect Raytheon Technologies excluding the results of Carrier and Otis, in order to more accurately represent the structure of Raytheon Technologies after completion of the Raytheon Merger.
 Quarter Ended March 31,
(dollars in millions, except per share amounts; shares in millions)20202019
Net sales$18,451  $17,623  
Net income attributable to common shareowners$1,760  $1,599  
Basic earnings per share of common stock$1.17  $