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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, 2022
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
____________________________________ 
RAYTHEON TECHNOLOGIES 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)

(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 September 30, 2022 there were 1,470,060,775 shares of Common Stock outstanding.



2

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RAYTHEON TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
CONTENTS OF QUARTERLY REPORT ON FORM 10-Q
Quarter Ended September 30, 2022
 
 Page


Raytheon Technologies Corporation and its subsidiaries’ names, abbreviations thereof, logos, and products and services 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 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
RAYTHEON TECHNOLOGIES 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)2022202120222021
Net Sales:
Products sales$12,756 $12,331 $36,876 $36,174 
Services sales4,195 3,882 12,105 11,170 
Total net sales16,951 16,213 48,981 47,344 
Costs and Expenses:
Cost of sales - products10,493 10,296 30,353 30,267 
Cost of sales - services2,971 2,793 8,527 8,014 
Research and development662 676 1,995 1,922 
Selling, general and administrative1,391 1,229 4,284 3,817 
Total costs and expenses15,517 14,994 45,159 44,020 
Other income, net46 124 91 314 
Operating profit1,480 1,343 3,913 3,638 
Non-operating expense (income), net
Non-service pension income(468)(491)(1,422)(1,472)
Interest expense, net311 358 958 1,046 
Total non-operating expense (income), net(157)(133)(464)(426)
Income from continuing operations before income taxes1,637 1,476 4,377 4,064 
Income tax expense242 3 518 690 
Net income from continuing operations1,395 1,473 3,859 3,374 
Less: Noncontrolling interest in subsidiaries’ earnings from continuing operations8 73 65 162 
Income from continuing operations attributable to common shareowners1,387 1,400 3,794 3,212 
Loss from discontinued operations attributable to common shareowners (7)(19)(34)
Net income attributable to common shareowners$1,387 $1,393 $3,775 $3,178 
Earnings (loss) Per Share attributable to common shareowners - Basic:
Income from continuing operations$0.94 $0.93 $2.57 $2.13 
Loss from discontinued operations  (0.02)(0.02)
Net income attributable to common shareowners$0.94 $0.93 $2.55 $2.11 
Earnings (loss) Per Share attributable to common shareowners - Diluted:
Income from continuing operations$0.94 $0.93 $2.55 $2.13 
Loss from discontinued operations  (0.01)(0.03)
Net income attributable to common shareowners$0.94 $0.93 $2.54 $2.10 
See accompanying Notes to Condensed Consolidated Financial Statements

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RAYTHEON TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
Quarter Ended September 30,Nine Months Ended September 30,
(dollars in millions)2022202120222021
Net income from continuing and discontinued operations$1,395 $1,466 $3,840 $3,340 
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments(1,050)(321)(1,998)(239)
Pension and postretirement benefit plans adjustments48 86 116 190 
Change in unrealized cash flow hedging(251)(167)(396)(139)
Other comprehensive income (loss), before tax(1,253)(402)(2,278)(188)
Income tax (expense) benefit related to items of other comprehensive income (loss)62 18 71 (17)
Other comprehensive loss, net of tax(1,191)(384)(2,207)(205)
Comprehensive income204 1,082 1,633 3,135 
Less: Comprehensive income attributable to noncontrolling interest8 73 65 162 
Comprehensive income attributable to common shareowners$196 $1,009 $1,568 $2,973 
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)September 30, 2022December 31, 2021
Assets
Current Assets
Cash and cash equivalents$5,381 $7,832 
Accounts receivable, net9,233 9,661 
Contract assets12,297 11,361 
Inventory, net10,443 9,178 
Other assets, current4,467 4,018 
Total current assets41,821 42,050 
Customer financing assets2,618 2,848 
Fixed assets28,201 27,637 
Accumulated depreciation(13,533)(12,665)
Fixed assets, net14,668 14,972 
Operating lease right-of-use assets1,802 1,958 
Goodwill53,168 54,436 
Intangible assets, net37,046 38,516 
Other assets7,102 6,624 
Total assets$158,225 $161,404 
Liabilities, Redeemable Noncontrolling Interest and Equity
Current Liabilities
Short-term borrowings$2,195 $134 
Accounts payable9,017 8,751 
Accrued employee compensation2,390 2,658 
Other accrued liabilities11,210 10,162 
Contract liabilities13,368 13,720 
Long-term debt currently due193 24 
Total current liabilities38,373 35,449 
Long-term debt31,059 31,327 
Operating lease liabilities, non-current1,539 1,657 
Future pension and postretirement benefit obligations7,362 7,855 
Other long-term liabilities8,124 10,417 
Total liabilities86,457 86,705 
Commitments and contingencies (Note 15)
Redeemable noncontrolling interest33 35 
Shareowners’ Equity:
Common stock37,829 37,483 
Treasury stock(15,141)(12,727)
Retained earnings51,652 50,265 
Unearned ESOP shares(31)(38)
Accumulated other comprehensive loss(4,122)(1,915)
Total shareowners’ equity70,187 73,068 
Noncontrolling interest1,548 1,596 
Total equity71,735 74,664 
Total liabilities, redeemable noncontrolling interest and equity$158,225 $161,404 
See accompanying Notes to Condensed Consolidated Financial Statements

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RAYTHEON TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
 Nine Months Ended September 30,
(dollars in millions)20222021
Operating Activities:
Net income from continuing operations$3,859 $3,374 
Adjustments to reconcile net income from continuing operations to net cash flows provided by operating activities:
Depreciation and amortization3,060 3,413 
Deferred income tax benefit(1,681)(142)
Stock compensation cost318 343 
Net periodic pension and other postretirement income(1,062)(1,073)
Change in:
Accounts receivable321 (397)
Contract assets(999)(1,117)
Inventory(1,434)(57)
Other current assets(584)(275)
Accounts payable and accrued liabilities1,298 425 
Contract liabilities(284)83 
Other operating activities, net(272)(596)
Net cash flows provided by operating activities from continuing operations2,540 3,981 
Investing Activities:
Capital expenditures(1,433)(1,180)
Investments in businesses(66)(6)
Dispositions of businesses, net of cash transferred (Note 2)
94 1,074 
Customer financing assets receipts, net25 24 
Increase in collaboration intangible assets(169)(138)
(Payments) receipts from settlements of derivative contracts, net(259)42 
Other investing activities, net(83)45 
Net cash flows used in investing activities from continuing operations(1,891)(139)
Financing Activities:
Issuance of long-term debt 1,981 
Repayment of long-term debt(2)(2,547)
Change in commercial paper, net (Note 8)2,067  
Change in other short-term borrowings, net(14)(41)
Dividends paid on common stock(2,337)(2,212)
Repurchase of common stock(2,395)(2,000)
Net transfers to discontinued operations (27)
Other financing activities, net(329)(336)
Net cash flows used in financing activities from continuing operations(3,010)(5,182)
Discontinued Operations:
Net cash used in operating activities (27)
Net cash used in investing activities  
Net cash provided by financing activities 27 
Net cash used in discontinued operations  
Effect of foreign exchange rate changes on cash and cash equivalents(57)10 
Net decrease in cash, cash equivalents and restricted cash(2,418)(1,330)
Cash, cash equivalents and restricted cash, beginning of period7,853 8,832 
Cash, cash equivalents and restricted cash, end of period5,435 7,502 
Less: Restricted cash, included in other assets54 26 
Cash and cash equivalents, end of period$5,381 $7,476 
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 September 30,Nine Months Ended September 30,
(dollars in millions, except per share amounts; shares in thousands)2022202120222021
Equity beginning balance$71,990 $72,721 $74,664 $73,852 
Common Stock
Beginning balance37,673 37,183 37,483 36,930 
Common stock plans activity156 160 359 413 
Purchase of subsidiary shares from noncontrolling interest, net  (13) 
Ending balance37,829 37,343 37,829 37,343 
Treasury Stock
Beginning balance(14,539)(11,424)(12,727)(10,407)
Common stock repurchased(602)(982)(2,414)(2,002)
Other 8  11 
Ending balance(15,141)(12,398)(15,141)(12,398)
Retained Earnings
Beginning balance50,271 48,954 50,265 49,423 
Net income1,387 1,393 3,775 3,178 
Dividends on common stock5 3 (2,337)(2,212)
Dividends on ESOP common stock  (40)(37)
Other(11)(7)(11)(9)
Ending balance51,652 50,343 51,652 50,343 
Unearned ESOP Shares
Beginning balance(33)(43)(38)(49)
Common stock plans activity2 2 7 8 
Ending balance(31)(41)(31)(41)
Accumulated Other Comprehensive Loss
Beginning balance(2,931)(3,555)(1,915)(3,734)
Other comprehensive loss, net of tax(1,191)(384)(2,207)(205)
Ending balance(4,122)(3,939)(4,122)(3,939)
Noncontrolling Interest
Beginning balance1,549 1,606 1,596 1,689 
Net income8 73 65 162 
Less: Redeemable noncontrolling interest net income(3)(2)(6)(5)
Dividends attributable to noncontrolling interest(6)(47)(81)(216)
Purchase of subsidiary shares from noncontrolling interest, net  (19) 
Disposition of noncontrolling interest, net (1)(13)(1)
Capital contributions  6  
Ending balance1,548 1,629 1,548 1,629 
Equity at September 30
$71,735 $72,937 $71,735 $72,937 
Supplemental share information
Shares of common stock issued under employee plans, net189 240 2,469 1,516 
Shares of common stock repurchased6,642 11,535 25,688 24,177 
Dividends declared per share of common stock$ $ $1.610 $1.495 
See accompanying Notes to Condensed Consolidated Financial Statements

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RAYTHEON TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1: Basis of Presentation
The Condensed Consolidated Financial Statements at September 30, 2022 and for the quarters and nine months ended September 30, 2022 and 2021 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 2021 Annual Report on Form 10-K.
Raytheon Intelligence & Space (RIS) and Raytheon Missiles & Defense (RMD) follow a 4-4-5 fiscal calendar while Collins Aerospace Systems (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, 2022 and September 30, 2021 with respect to RIS or RMD, we are referring to their October 2, 2022 and October 3, 2021 fiscal quarter ends, respectively.
Unless the context otherwise requires, the terms “we,” “our,” “us,” “the Company,” “Raytheon Technologies,” and “RTC” mean Raytheon Technologies Corporation and its subsidiaries.
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. 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 receivables 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. Additionally, we reversed approximately $1.3 billion of remaining performance obligations (RPO) in the quarter ended March 31, 2022 related to our sales contracts in Russia at Pratt & Whitney and Collins. 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.
COVID-19 Pandemic. The coronavirus disease 2019 (COVID-19) pandemic continues to negatively affect the global economy, our business and operations, supply chains, and the industries in which we operate. However, we continue to see signs of ongoing recovery in commercial air travel. While we believe that the long-term outlook for the aerospace industry remains positive due to the fundamental drivers of air travel demand, there continues to be uncertainty with respect to when commercial air traffic capacity will fully return to and/or exceed pre-COVID-19 levels. Our expectations regarding 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
Acquisitions. During the nine months ended September 30, 2022 and 2021, our investment in business acquisitions were $66 million and $6 million, respectively, and consisted of immaterial acquisitions.
Dispositions. During the nine months ended September 30, 2022 and 2021, cash inflows related to dispositions were $94 million and $1.1 billion, respectively.
Our dispositions of businesses in the nine months ended September 30, 2022 consisted of immaterial dispositions.
Dispositions of businesses in the nine months ended September 30, 2021 reflect the January 8, 2021 sale of our Forcepoint business, for proceeds of $1.1 billion, net of cash transferred. We did not recognize a pre-tax gain or loss within the Condensed Consolidated Statement of Operations related to the sale of Forcepoint.

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Goodwill. Changes in our goodwill balances for the nine months ended September 30, 2022 were as follows:
(dollars in millions)Balance as of January 1, 2022Acquisitions and DivestituresForeign Currency Translation and Other
Balance as of September 30, 2022
Collins Aerospace Systems$31,384 $(36)$(1,293)$30,055 
Pratt & Whitney1,563   1,563 
Raytheon Intelligence & Space9,813 26 (2)9,837 
Raytheon Missiles & Defense11,659 41 (4)11,696 
Total Segments54,419 31 (1,299)53,151 
Eliminations and other17   17 
Total$54,436 $31 $(1,299)$53,168 
Intangible Assets. Identifiable intangible assets are comprised of the following:
 September 30, 2022December 31, 2021
(dollars in millions)Gross AmountAccumulated AmortizationGross AmountAccumulated Amortization
Amortized:
Collaboration assets$5,480 $(1,335)$5,319 $(1,173)
Exclusivity assets2,807 (320)2,673