0000101829-24-000012 | 10-Q | XBRL Viewer

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Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 1,743	$ 1,481
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments	(121)	122
Pension and postretirement benefit plans adjustments	(51)	(146)
Change in unrealized cash flow hedging	(73)	12
Other comprehensive income (loss), before tax	(245)	(12)
Income tax benefit related to items of other comprehensive income (loss)	29	41
Other comprehensive income (loss), net of tax	(216)	29
Comprehensive income	1,527	1,510
Less: Comprehensive income attributable to noncontrolling interest	34	55
Comprehensive income attributable to common shareowners	$ 1,493	$ 1,455

Inventory, Net

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventory

Note 8: Inventory, net

Inventory, net consisted of the following:


(dollars in millions)	March 31, 2024		December 31, 2023
Raw materials	$	4,126	$	3,911
Work-in-process	4,384		4,162
Finished goods	3,876		3,704
Total inventory, net	$	12,386	$	11,777

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Effective Tax Rate	5.80%	18.40%
Effective Income Tax Rate Reconciliation, Tax Settlement, Amount	$ 275
Effective Income Tax Rate Reconciliation, Disposition of Business, Expense (Benefit), Amount	143
Tax Settlement Gain (Loss)	285
Minimum [Member]
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Decrease in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change	50
Maximum [Member]
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Increase in Unrecognized Tax Benefits is Reasonably Possible	$ 75

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Disclosures

Note 13: Fair Value Measurements

The following tables provide the valuation hierarchy classification of assets and liabilities that are carried at fair value and measured on a recurring basis in our Condensed Consolidated Balance Sheet:


	March 31, 2024
(dollars in millions)	Total		Level 1		Level 2		Level 3
Recurring fair value measurements:
Marketable securities held in trusts	$	705	$	646	$	59	$	—
Derivative assets	195		—		195		—
Derivative liabilities	212		—		212		—


	December 31, 2023
(dollars in millions)	Total		Level 1		Level 2		Level 3
Recurring fair value measurements:
Marketable securities held in trusts	$	745	$	682	$	63	$	—
Derivative assets	308		—		308		—
Derivative liabilities	180		—		180		—

Valuation Techniques. Our derivative assets and liabilities include foreign exchange contracts that are measured at fair value using internal models based on observable market inputs such as forward rates, interest rates, our own credit risk, and our counterparties’ credit risks.

As of March 31, 2024, there has not been any significant impact to the fair value of our derivative liabilities due to our own credit risk. Similarly, there has not been any significant adverse impact to our derivative assets based on our evaluation of our counterparties’ credit risks.

The following table provides carrying amounts and fair values of financial instruments that are not carried at fair value in our Condensed Consolidated Balance Sheet:


	March 31, 2024				December 31, 2023
(dollars in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value

Customer financing notes receivable	$	66	$	56	$	74	$	63

Long-term debt (excluding finance leases)	42,588		39,957		43,546		41,598

The following tables provide the valuation hierarchy classification of assets and liabilities that are not carried at fair value in our Condensed Consolidated Balance Sheet:


	March 31, 2024
(dollars in millions)	Total		Level 1		Level 2		Level 3

Customer financing notes receivable	$	56	$	—	$	56	$	—

Long-term debt (excluding finance leases)	39,957		—		35,914		4,043


	December 31, 2023
(dollars in millions)	Total		Level 1		Level 2		Level 3

Customer financing notes receivable	$	63	$	—	$	63	$	—

Long-term debt (excluding finance leases)	41,598		—		37,559		4,039

The fair value of our Short-term borrowings approximates the carrying value due to their short-term nature and is classified as level 3 within the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Sep. 30, 2023	Dec. 31, 2023
Loss Contingencies [Line Items]
Accrual for Environmental Loss Contingencies	$ 770		$ 760
Other Commitment	12,500
Charges as a result of Pratt & Whitney's accelerated inspection of PW1100G-JM GTF engines due to rare condition in powder metal.		$ 2,900
Pratt & Whitney's net program share of PW1100 GTF program		51.00%
Increase in accrued liabilities of Pratt & Whitney's program share of PW1100 GTF program		$ 2,800
Other accrued liabilities of Pratt & Whitney's program share of PW1100 GTF program	2,700		2,800
Loss Contingency, Damages Sought, Value	306
2019 U.S. Defense Contract Management Agency Claim Against Pratt & Whitney [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value	1,730
Loss Contingency, Interest	1,090
2013 U.S. Defense Contract Management Agency Claim Against Pratt & Whitney [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value	177
Loss Contingency, Interest	162
2018 U.S. Defense Contract Management Agency Claim Against Pratt & Whitney [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value	269
Loss Contingency, Interest	131
U. S. Defense Contract Management Agency Claim Against Pratt Whitney Third Claim
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value	277
Loss Contingency, Interest	59
Other Financing Arrangements [Member]
Loss Contingencies [Line Items]
Other Commitment	3,300
Commercial Aerospace [Member]
Loss Contingencies [Line Items]
Financing and other contractual commitments	$ 14,500		$ 14,600

Borrowings and Lines of Credit (Repayments of Long-Term Debt) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2024	Mar. 31, 2024
Notes 3.200% Due 2024
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		3.20%
Debt Instrument, Maturity Date, Description		2024
Repayments of Debt		$ 950
3 Month SOFR plus 1.225% due 2025
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		1.225%
Debt Instrument, Maturity Date, Description		2025
Forecast [Member] \| 3 Month SOFR plus 1.225% due 2025
Debt Instrument [Line Items]
Repayments of Debt	$ 500

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Financial Instruments (Details) € in Millions, $ in Millions	Mar. 31, 2024 USD ($)	Mar. 31, 2024 EUR (€)	Dec. 31, 2023 USD ($)
Derivatives, Fair Value [Line Items]
Derivative, Present Value of Aggregated Notional Amount	$ 14,900		$ 15,800
Notes 2.150% Due 2030
Derivatives, Fair Value [Line Items]
Long-term debt, euro-denominated \| €		€ 500
Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivatives designated as hedging instruments, Asset Derivatives	173		225
Derivatives not designated as hedging instruments, Asset Derivatives	22		83
Other Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivatives designated as hedging instruments, Liability Derivatives	166		143
Derivatives not designated as hedging instruments, Liability Derivatives	$ 46		$ 37

Equity (Summary of Changes in AOCI) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ (2,635)	$ (1,989)	$ (2,419)	$ (2,018)
Other comprehensive (loss) income before reclassifications, net - Foreign Currency Translation	(121)	122
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax	(7)	(4)
Other comprehensive (loss) income before reclassifications, net - Unrealized Hedging Gains (Losses)	(81)	(27)
Other comprehensive (loss) income before reclassifications, net	(209)	91
Amounts reclassified, pretax - Foreign Currency Translation	0	0
Amounts reclassified, pretax - Defined Benefit Plan	(44)	(142)
Amounts reclassified, pretax - Unrealized Hedging Gains (Losses)	8	39
Amounts reclassified, pre-tax	(36)	(103)
Tax benefit (expense) - Foreign Currency Translation	(1)	1
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax	12	38
Tax benefit (expense) - Unrealized Hedging Gains (Losses)	18	2
Income tax benefit related to items of other comprehensive income (loss)	29	41
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(562)	(882)	(440)	(1,005)
Defined Benefit Pension and Post-retirement Plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(2,065)	(890)	(2,026)	(782)
Unrealized hedging (losses) gains
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ (8)	$ (217)	$ 47	$ (231)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Fair Value Measurements (Fair Value Hierarchy Classification) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Portion at Other than Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Customer financing notes receivable	$ 66	$ 74
Long-term debt (excluding finance leases)	42,588	43,546
Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities held in trusts	705	745
Derivative assets	195	308
Derivative liabilities	212	180
Customer financing notes receivable	56	63
Long-term debt (excluding finance leases)	39,957	41,598
Marketable securities held in trusts	705	745
Fair Value Level 1 [Member] \| Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities held in trusts	646	682
Derivative assets	0	0
Derivative liabilities	0	0
Customer financing notes receivable	0	0
Long-term debt (excluding finance leases)	0	0
Fair Value Level 2 [Member] \| Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities held in trusts	59	63
Derivative assets	195	308
Derivative liabilities	212	180
Customer financing notes receivable	56	63
Long-term debt (excluding finance leases)	35,914	37,559
Fair Value Level 3 [Member] \| Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities held in trusts	0	0
Derivative assets	0	0
Derivative liabilities	0	0
Customer financing notes receivable	0	0
Long-term debt (excluding finance leases)	$ 4,043	$ 4,039

Inventory, Net (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

Inventory, net consisted of the following:


(dollars in millions)	March 31, 2024		December 31, 2023
Raw materials	$	4,126	$	3,911
Work-in-process	4,384		4,162
Finished goods	3,876		3,704
Total inventory, net	$	12,386	$	11,777

Accounts Receivable, Net (Tables)

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Schedule of Receivables, Net

Accounts receivable, net consisted of the following:


(dollars in millions)	March 31, 2024		December 31, 2023
Accounts receivable	$	10,600	$	11,154
Allowance for expected credit losses	(320)		(316)
Total accounts receivable, net	$	10,280	$	10,838

Guarantees (Tables)

3 Months Ended

Mar. 31, 2024

Guarantees [Abstract]

Schedule of Guarantees

As of March 31, 2024 and December 31, 2023, the following financial guarantees were outstanding:


	March 31, 2024				December 31, 2023
(dollars in millions)	Maximum Potential Payment		Carrying Amount of Liability		Maximum Potential Payment		Carrying Amount of Liability
Commercial aerospace financing arrangements	$	286	$	—	$	288	$	—
Third party guarantees	365		1		386		1

Product Warranty Disclosure

The changes in the carrying amount of service and product warranties and product performance guarantees for the quarters ended March 31, 2024 and 2023 were as follows:


(dollars in millions)	2024		2023
Balance as of January 1	$	1,091	$	1,109
Warranties and performance guarantees issued	65		69
Settlements	(71)		(84)
Other	(1)		(1)
Balance as of March 31	$	1,084	$	1,093

Financial Instruments

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Note 12: Financial Instruments

We enter into derivative instruments primarily for risk management purposes, including derivatives designated as hedging instruments and those utilized as economic hedges. We operate internationally and, in the normal course of business, are exposed to fluctuations in interest rates, foreign exchange rates, and commodity prices. These fluctuations can increase the costs of financing, investing, and operating the business. We have used derivative instruments, including swaps, forward contracts, and options, to manage certain foreign currency, interest rate, and commodity price exposures.

The present value of aggregate notional principal of our outstanding foreign currency hedges was $14.9 billion and $15.8 billion at March 31, 2024 and December 31, 2023, respectively. At March 31, 2024, all derivative contracts accounted for as cash flow hedges will mature by March 2036.

The following table summarizes the fair value and presentation in the Condensed Consolidated Balance Sheet for derivative instruments:


(dollars in millions)	Balance Sheet Location	March 31, 2024		December 31, 2023
Derivatives designated as hedging instruments:
Foreign exchange contracts	Other assets, current	$	173	$	225
	Other accrued liabilities	166		143
Derivatives not designated as hedging instruments:
Foreign exchange contracts	Other assets, current	$	22	$	83
	Other accrued liabilities	46		37

The effect of cash flow hedging relationships on Accumulated other comprehensive loss and on the Condensed Consolidated Statement of Operations in the quarters ended March 31, 2024 and 2023 are presented in “Note 17: Equity.” The amounts of gain or loss are attributable to foreign exchange contract activity and are primarily recorded as a component of Products sales when reclassified from Accumulated other comprehensive loss.

The Company utilizes the critical terms match method in assessing derivatives for hedge effectiveness. Accordingly, the hedged items and derivatives designated as hedging instruments are highly effective.

As of March 31, 2024, our €500 million principal value of euro-denominated long-term debt qualifies as a net investment hedge against our investments in European businesses, which is deemed to be effective.

The effect of derivatives not designated as hedging instruments is included within Other income, net, on the Condensed Consolidated Statement of Operations and is not significant.

Segment Financial Data (Segment Operating Performance) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 19,305	$ 17,214
Operating profit	$ 1,870	$ 1,687
Operating Profit Margin	9.70%	9.80%
Operating Segments
Segment Reporting Information [Line Items]
Revenues	$ 19,788	$ 17,642
Operating profit	$ 2,257	$ 1,883
Operating Profit Margin	11.40%	10.70%
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenues	$ (483)	$ (428)
Operating profit	(5)	51
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Revenues	0	0
Operating profit	(96)	(43)
Collins Aerospace [Member] \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	6,673	6,120
Operating profit	$ 849	$ 897
Operating Profit Margin	12.70%	14.70%
Pratt & Whitney [Member] \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	$ 6,456	$ 5,230
Operating profit	$ 412	$ 415
Operating Profit Margin	6.40%	7.90%
Raytheon \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	$ 6,659	$ 6,292
Operating profit	$ 996	$ 571
Operating Profit Margin	15.00%	9.10%
FAS/CAS Operating Adjustment \| Segment Reconciling Items
Segment Reporting Information [Line Items]
Revenues	$ 0	$ 0
Operating profit	214	289
Acquisition accounting adjustment member \| Segment Reconciling Items
Segment Reporting Information [Line Items]
Revenues	0	0
Operating profit	$ (500)	$ (493)

Condensed Consolidated Balance Sheet - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Cash and cash equivalents	$ 5,607	$ 6,587
Accounts receivable, net	10,280	10,838
Contract assets	13,104	12,139
Inventory, net	12,386	11,777
Other assets, current	6,646	7,076
Total current assets	48,023	48,417
Customer financing assets	2,359	2,392
Fixed assets	31,623	31,392
Accumulated depreciation	(15,985)	(15,644)
Fixed assets, net	15,638	15,748
Operating lease right-of-use assets	1,639	1,638
Goodwill	53,644	53,699
Intangible assets, net	34,960	35,399
Other assets	3,924	4,576
Total assets	160,187	161,869
Short-term borrowings	166	189
Accounts payable	10,522	10,698
Accrued employee compensation	1,862	2,491
Other accrued liabilities	15,006	14,917
Contract liabilities	17,119	17,183
Long-term debt currently due	344	1,283
Total current liabilities	45,019	46,761
Long-term debt	42,334	42,355
Operating lease liabilities, non-current	1,410	1,412
Future pension and postretirement benefit obligations	2,320	2,385
Other long-term liabilities	6,967	7,511
Total liabilities	98,050	100,424
Commitments and contingencies (Note 16)
Redeemable noncontrolling interest	37	35
Common stock	37,108	37,055
Treasury stock	(27,029)	(26,977)
Retained earnings	53,052	52,154
Unearned ESOP Shares	(11)	(15)
Accumulated other comprehensive loss	(2,635)	(2,419)
Total shareowners' equity	60,485	59,798
Noncontrolling interest	1,615	1,612
Total equity	62,100	61,410
Total liabilities, redeemable noncontrolling interest, and equity	$ 160,187	$ 161,869

Equity (Tables)

3 Months Ended

Mar. 31, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

A summary of the changes in each component of Accumulated other comprehensive loss, net of tax for the quarters ended March 31, 2024 and 2023 is provided below:


(dollars in millions)	Foreign Currency Translation		Defined Benefit Pension and Postretirement Plans		Unrealized Hedging Gains (Losses)		Accumulated Other Comprehensive Loss
Quarter Ended March 31, 2024
Balance at December 31, 2023	$	(440)	$	(2,026)	$	47	$	(2,419)
Other comprehensive income (loss) before reclassifications, net	(121)		(7)		(81)		(209)
Amounts reclassified, pre-tax	—		(44)		8		(36)
Tax benefit (expense)	(1)		12		18		29
Balance at March 31, 2024	$	(562)	$	(2,065)	$	(8)	$	(2,635)


(dollars in millions)	Foreign Currency Translation		Defined Benefit Pension and Postretirement Plans		Unrealized Hedging Gains (Losses)		Accumulated Other Comprehensive Loss
Quarter Ended March 31, 2023
Balance at December 31, 2022	$	(1,005)	$	(782)	$	(231)	$	(2,018)
Other comprehensive income (loss) before reclassifications, net	122		(4)		(27)		91
Amounts reclassified, pre-tax	—		(142)		39		(103)
Tax benefit (expense)	1		38		2		41

Balance at March 31, 2023	$	(882)	$	(890)	$	(217)	$	(1,989)

Inventory, Net (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 4,126	$ 3,911
Work-in-process	4,384	4,162
Finished goods	3,876	3,704
Inventory, net	$ 12,386	$ 11,777

Borrowings and Lines of Credit

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Borrowings and Lines of Credit

Note 9: Borrowings and Lines of Credit

As of March 31, 2024, we had a revolving credit agreement with various banks permitting aggregate borrowings of up to $5.0 billion, which expires in August 2028. As of March 31, 2024, there were no borrowings outstanding under this agreement.

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 March 31, 2024, our maximum commercial paper borrowing limit was $5.0 billion as the commercial paper is backed by our $5.0 billion revolving credit agreement. At March 31, 2024 and December 31, 2023, we had no commercial paper borrowings outstanding. During the quarter ended March 31, 2024, we had no new borrowings, and no repayments, of commercial paper with maturities greater than 90 days. During the quarter ended March 31, 2023, we had no new borrowings, and $100 million in repayments, of commercial paper with maturities greater than 90 days.

There were no issuances of long-term debt during the quarter ended March 31, 2024. We had the following issuances of long-term debt during the quarter ended March 31, 2023:


Date	Description of Notes	Aggregate 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

There were no repayments of long-term debt during the quarter ended March 31, 2023. We made the following repayment of long-term debt during the quarter ended March 31, 2024:


Date	Description of Notes	Aggregate Principal Balance (in millions)
March 15, 2024	3.200% notes due 2024	$	950

In April 2024, we repaid $500 million of the 3 Month Secured Overnight Financing Rate (SOFR) plus 1.225% term loan due 2025.

Long-term debt consisted of the following:


(dollars in millions)	March 31, 2024		December 31, 2023
3.200% notes due 2024 (1)	$	—	$	950
3.150% notes due 2024 (1)	300		300
3 Month SOFR plus 1.225% term loan due 2025	2,000		2,000
3.950% notes due 2025 (1)	1,500		1,500
5.000% notes due 2026 (1)	500		500
2.650% notes due 2026 (1)	719		719
3 Month SOFR plus 1.225% term loan due 2026	2,000		2,000
5.750% notes due 2026 (1)	1,250		1,250
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
5.750% notes due 2029 (1)	500		500
7.500% notes due 2029 (1)	414		414
2.150% notes due 2030 (€500 million principal value) (1)	542		548
2.250% notes due 2030 (1)	1,000		1,000
6.000% notes due 2031 (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		1,250
6.100% notes due 2034 (1)	1,500		1,500
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		1,250
6.400% notes due 2054 (1)	1,750		1,750
Other (including finance leases)	252		255
Total principal long-term debt	42,738		43,697
Other (fair market value adjustments, (discounts)/premiums, and debt issuance costs)	(60)		(59)
Total long-term debt	42,678		43,638
Less: current portion	344		1,283
Long-term debt, net of current portion	$	42,334	$	42,355

(1) We may redeem these notes, in whole or in part, at our option pursuant to their terms prior to the applicable maturity date.

The average maturity of our long-term debt at March 31, 2024 is approximately 13 years.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments, Gain (Loss) [Line Items]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table summarizes the fair value and presentation in the Condensed Consolidated Balance Sheet for derivative instruments:


(dollars in millions)	Balance Sheet Location	March 31, 2024		December 31, 2023
Derivatives designated as hedging instruments:
Foreign exchange contracts	Other assets, current	$	173	$	225
	Other accrued liabilities	166		143
Derivatives not designated as hedging instruments:
Foreign exchange contracts	Other assets, current	$	22	$	83
	Other accrued liabilities	46		37

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Note 1: Basis of Presentation The Condensed Consolidated Financial Statements at March 31, 2024 and for the quarters ended March 31, 2024 and 2023 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 2023 Annual Report on Form 10-K. Unless the context otherwise requires, the terms “we,” “our,” “us,” “the Company,” and “RTX” mean RTX Corporation and its subsidiaries. We reclassified certain immaterial prior period amounts within the Condensed Consolidated Statement of Cash Flows to conform to our current period presentation. Effective July 1, 2023, we streamlined the structure of our core businesses to three principal business segments: Collins Aerospace, Pratt & Whitney, and Raytheon. Prior period information has been recast to conform to our current period presentation. Raytheon follows 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 March 31, 2024 and 2023 with respect to Raytheon, we are referring to their March 31, 2024 and April 2, 2023 fiscal quarter ends, respectively. Pratt & Whitney Powder Metal Matter. As previously disclosed, Pratt & Whitney has determined that a rare condition in powder metal used to manufacture certain engine parts requires accelerated inspection of the PW1100G-JM (PW1100) Geared Turbofan (GTF) fleet, which powers the A320neo family of aircraft (A320neo) (herein referred to as the “Powder Metal Matter”). See “Note 16: Commitments and Contingencies” for additional information. Russia Sanctions. In response to Russia’s invasion of Ukraine, the U.S. government and the governments of various jurisdictions in which we operate, have imposed broad economic sanctions and export controls targeting specific industries, entities, and individuals in Russia. As a result of the Canadian government’s imposition of sanctions in February 2024, which included U.S.- and German-based Russian-owned entities from which we source titanium for use in our Canadian operations, we recorded charges of $175 million in the first quarter of 2024 within our Collins segment. These charges are primarily related to the recognition of unfavorable purchase commitments and an impairment of contract fulfillment costs that are no longer recoverable as a result of initiating alternative titanium sources. We continue to monitor developments, including additional sanctions and other measures, that could adversely affect the Company and/or our supply chain, business partners, or customers.

Goodwill and Intangible Assets (Amortization Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 526	$ 509
Amortization Expense, Remaining 2024	1,687
Amortization Expense, 2025	2,087
Amortization Expense, 2026	2,012
Amortization Expense, 2027	1,891
Amortization Expense, 2028	1,813
Amortization Expense, 2029	$ 1,604

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities	Note 16: Commitments and Contingencies Except as otherwise noted, while we are unable to predict the final outcome, based on information currently available, we do not believe that resolution of any of the following matters will have a material adverse effect upon our competitive position, results of operations, financial condition, or liquidity. Environmental. Our operations are subject to environmental regulation by federal, state, and local authorities in the United States and regulatory authorities with jurisdiction over our foreign operations. We have accrued for the costs of environmental remediation activities, including but not limited to investigatory, remediation, operating and maintenance costs, and performance guarantees, and periodically reassess these amounts. We do not expect any additional liability to have a material adverse effect on our results of operations, financial condition, or liquidity. As of March 31, 2024 and December 31, 2023, we had $770 million and $760 million, respectively, reserved for environmental remediation. Commercial Aerospace Financing and Other Commitments. We had commercial aerospace financing commitments and other contractual commitments of approximately $14.5 billion and $14.6 billion as of March 31, 2024 and December 31, 2023, respectively, on a gross basis before reduction for our collaboration partners’ share. Aircraft financing commitments, in the form of debt or lease financing, are provided to certain commercial aerospace customers. The extent to which the financing commitments will be utilized is not currently known, since customers may be able to obtain more favorable terms from other financing sources. We may also arrange for third-party investors to assume a portion of these commitments. The majority of financing commitments are collateralized arrangements. We may also lease aircraft and subsequently sublease the aircraft to customers under long-term non-cancelable operating leases, or pay deposits on behalf of our customers to secure production slots with the airframers (pre-delivery payments). Our financing commitments with customers are contingent upon maintenance of certain levels of financial condition by our customers. Associated risks on these commitments are mitigated due to the fact that interest rates are variable during the commitment term and are set at the date of funding based on current market conditions, the fair value of the underlying collateral, and the credit worthiness of our customers. As a result, the fair value of these financing commitments is expected to equal the amounts funded. We also have other contractual commitments to make payments to secure certain contractual rights to provide product on new aircraft platforms. The estimated amount and timing of these payments are generally based on future sales or engine flight hours. Payments made on these contractual commitments are included within intangible assets as exclusivity assets and are amortized over the term of underlying economic benefit. We have entered into certain collaboration arrangements, which may include participation by our collaboration partners in these commitments. In addition, in connection with our 2012 agreement to acquire Rolls-Royce’s ownership and collaboration interests in IAE, additional payments are due to Rolls-Royce contingent upon each hour flown through June 2027 by the V2500-powered aircraft in service as of the acquisition date. These flight hour payments are capitalized as collaboration intangible assets as payments are made. Other Financing Arrangements. We have entered into standby letters of credit and surety bonds with financial institutions to meet various bid, performance, warranty, retention, and advance payment obligations for us or our affiliates. We enter into these agreements to assist certain affiliates in obtaining financing on more favorable terms, making bids on contracts and performing their contractual obligations. The stated values of these letters of credit agreements and surety bonds totaled $3.3 billion as of March 31, 2024. Offset / Industrial Participation Obligations. We have entered into industrial cooperation agreements, sometimes in the form of either offset agreements or ICIP agreements, as a condition to obtaining orders for our products and services from certain customers in foreign countries. At March 31, 2024, the aggregate amount of these agreements, both agreed to and anticipated to be agreed to, had an outstanding notional value of approximately $12.5 billion. These agreements are designed to return economic value to the foreign country by requiring us to engage in activities supporting local defense or commercial industries, promoting a balance of trade, developing in-country technology capabilities, or addressing other local development priorities. Offset agreements may be satisfied through activities that do not require a direct cash payment, including transferring technology, providing manufacturing, training, and other consulting support to in-country projects, and the purchase by third parties (e.g., our vendors) of supplies from in-country vendors. These agreements may also be satisfied through our use of cash for activities such as subcontracting with local partners, purchasing supplies from in-country vendors, providing financial support for in-country projects, and making investments in local ventures. Such activities may also vary by country depending upon requirements as dictated by their governments. We typically do not commit to offset agreements until orders for our products or services are definitive. The amounts ultimately applied against our offset agreements are based on negotiations with the customers and typically require cash outlays that represent only a fraction of the notional value in the offset agreements. Offset programs usually extend over several or more years and may provide for penalties in the event we fail to perform in accordance with offset requirements. Historically, we have not been required to pay any penalties of significance. Government Oversight. In the ordinary course of business, the Company and its subsidiaries and our properties are subject to regulatory and governmental examinations, information gathering requests, inquiries, investigations, and threatened legal actions and proceedings. For example, we are now, and believe that, in light of the current U.S. government contracting environment, we will continue to be the subject of one or more U.S. government investigations. Our contracts with the U.S. government are also subject to audits. Agencies that oversee contract performance include: the Defense Contract Audit Agency (DCAA), the Defense Contract Management Agency (DCMA), the Inspectors General of the U.S. Department of Defense (DoD) and other departments and agencies, the Government Accountability Office (GAO), the Department of Justice (DOJ), and Congressional Committees. Other areas of our business operations may also be subject to audit and investigation by these and other agencies. From time to time, agencies investigate or conduct audits to determine whether our operations are being conducted in accordance with applicable requirements. Such investigations and audits may be initiated due to a number of reasons, including as a result of a whistleblower complaint. Such investigations and audits could result in administrative, civil or criminal liabilities, including repayments, fines, treble or other damages, forfeitures, restitution, or penalties being imposed upon us, the suspension of government export licenses, or the suspension or debarment from future U.S. government contracting. U.S. government investigations often take years to complete. The U.S. government also reserves the right to debar a contractor from receiving new government contracts for fraudulent, criminal, or other seriously improper conduct. The U.S. government could void any contracts found to be tainted by fraud. Like many defense contractors, we have received audit reports recommending the reduction of certain contract prices because, for example, cost or pricing data or cost accounting practices used to price and negotiate those contracts may not have conformed to government regulations. Some of these audit reports recommend that certain payments be repaid, delayed, or withheld, and may involve substantial amounts. We have made voluntary refunds in those cases we believe appropriate, have settled some allegations and, in some cases, continue to negotiate and/or litigate. The Company may be, and in some cases has been, required to make payments into escrow of disputed liabilities while the related litigation is pending. If the litigation is resolved in the Company’s favor, any such payments will be returned to the Company with interest. Our final allowable incurred costs for each year are also subject to audit and have, from time to time, resulted in disputes between us and the U.S. government, with litigation resulting at the Court of Federal Claims (COFC) or the Armed Services Board of Contract Appeals (ASBCA), or their related courts of appeals. In addition, the DOJ has, from time to time, convened grand juries to investigate possible irregularities by us. We also provide products and services to customers outside of the U.S., and those sales are subject to local government laws, regulations, and procurement policies and practices. Our compliance with such local government regulations or any applicable U.S. government regulations (e.g., the Foreign Corrupt Practices Act (FCPA) and International Traffic in Arms Regulations (ITAR)) may also be investigated or audited. In addition, we accrue for liabilities associated with those matters that are probable and can be reasonably estimated. The most likely liability amount to be incurred is accrued based upon a range of estimates. Where no amount within a range of estimates is more likely, then we accrue the minimum amount. Other than as specifically disclosed in this Form 10-Q, we do not expect these audits, investigations or disputes to have a material effect on our results of operations, financial condition, or liquidity, either individually or in the aggregate. Tax Treatment of Carrier and Otis Dispositions. Management has determined that the distributions of Carrier and Otis on April 3, 2020, and certain related internal business separation transactions, qualified as tax-free under applicable law. In making these determinations, we applied the tax law in the relevant jurisdictions to our facts and circumstances and obtained tax rulings from the relevant taxing authorities, tax opinions, and/or other external tax advice related to the concluded tax treatment. If the completed distributions of Carrier or Otis or certain internal business separation transactions were to fail to qualify for tax-free treatment, the Company could be subject to significant liabilities, and there could be material adverse impacts on the Company’s business, results of operations, financial condition, or liquidity in future reporting periods. Pratt & Whitney Powder Metal Matter. Pratt & Whitney has determined that a rare condition in powder metal used to manufacture certain engine parts requires accelerated inspection of the PW1100 GTF fleet, which powers the A320neo. This determination was made pursuant to Pratt & Whitney’s safety management system. On August 4, 2023, Pratt & Whitney issued a special instruction (SI), to operators of PW1100 GTF powered A320neo aircraft, which required accelerated inspections and engine removals covering an initial subset of operational engines, no later than September 15, 2023. During the third quarter of 2023, through its safety management system, Pratt & Whitney continued its engineering and industrial assessment which resulted in an updated fleet management plan for the remaining PW1100 fleet. This updated plan requires a combination of part inspections and retirements for some high pressure turbine and high pressure compressor parts made from affected raw material. Guidance to affected operators was released via service bulletins (SB) and SI in November 2023, and this guidance has been reflected in airworthiness directives issued by the Federal Aviation Administration (FAA). Consistent with previous information, the actions are expected to result in significant incremental shop visits through the end of 2026. As a result, Pratt & Whitney expects a significant increase in aircraft on ground levels for the PW1100 powered A320neo fleet through 2026. As a result of anticipated increased aircraft on ground levels and expected compensation to customers for this disruption, as well as incremental maintenance costs resulting from increased inspections and shop visits, Pratt & Whitney recorded a pre-tax operating profit charge in the third quarter of 2023 of $2.9 billion, reflecting Pratt & Whitney’s net 51% program share of the PW1100 program. This amount reflected our best estimate of expected customer compensation for the estimated duration of the disruption as well as the EAC adjustment impact of this matter to Pratt & Whitney’s long-term maintenance contracts. The incremental costs to the business’s long-term maintenance contracts include the estimated cost of additional inspections, replacement of parts, and other related impacts. The charge recorded in the third quarter of 2023 resulted in a net increase in Other accrued liabilities of $2.8 billion, which principally related to our 51% share of an accrual for expected customer compensation. At March 31, 2024 and December 31, 2023, we had Other accrued liabilities of $2.7 billion and $2.8 billion, respectively, related to the Powder Metal Matter. The change in the accrual during the quarter ended March 31, 2024 was primarily due to customer payments and credits issued. Other engine models within Pratt & Whitney’s fleet contain parts manufactured with affected powder metal, and while Pratt & Whitney continues to evaluate the impact of this powder metal issue on other engine models within its fleet, we do not currently believe there will be any significant financial impact with respect to these other engine models. The financial impact of the powder metal issue is based on historical experience and is subject to various assumptions and judgments, most notably, the number and expected timing of shop visits, inspection results and scope of work to be performed, turnaround time, availability of parts, available capacity at overhaul facilities and outcomes of negotiations with impacted customers. While these assumptions reflect our best estimates at this time, they are subject to variability. Potential changes to these assumptions and actual incurred costs could significantly affect the estimates inherent in our financial statements and could have a material effect on the Company’s results of operations for the periods in which they are recognized. Legal Proceedings. The Company and its subsidiaries are subject to various contract pricing disputes, government investigations, and litigation matters across jurisdictions, updates to certain of which are set forth below. Cost Accounting Standards Claims As previously disclosed, in April 2019, a Divisional Administrative Contracting Officer (DACO) of the United States DCMA asserted a claim against Pratt & Whitney to recover alleged overpayments of approximately $1.73 billion plus interest ($1.09 billion at March 31, 2024). The claim is based on Pratt & Whitney’s alleged noncompliance with Cost Accounting Standards (CAS) from January 1, 2007 to March 31, 2019, due to its method of allocating independent research and development costs to government contracts. Pratt & Whitney believes that the claim is without merit and filed an appeal to the ASBCA on June 7, 2019. As previously disclosed, in December 2013, a DCMA DACO asserted a claim against Pratt & Whitney to recover alleged overpayments of approximately $177 million plus interest ($162 million at March 31, 2024). The claim is based on Pratt & Whitney’s alleged noncompliance with CAS from January 1, 2005 to December 31, 2012, due to its method of determining the cost of collaborator parts used in the calculation of material overhead costs for government contracts. In 2014, Pratt & Whitney filed an appeal to the ASBCA. An evidentiary hearing was held and completed in June 2019. On November 22, 2021, the ASBCA issued its written decision sustaining in part and denying in part Pratt & Whitney’s appeal. The ASBCA rejected the DCMA’s asserted measure of the cost of collaborator parts, and ruled substantially in Pratt & Whitney’s favor on other liability issues. The ASBCA remanded the appeal to the parties for resolution of damages issues, which could require further proceedings at the ASBCA. On December 23, 2021, the DCMA filed a motion with the ASBCA seeking partial reconsideration of the November 22, 2021 decision. The motion for reconsideration was denied on August 29, 2022. On December 23, 2022, the DCMA filed an appeal to the United States Court of Appeals for the Federal Circuit. We continue to believe that the ASBCA’s rejection of the DCMA’s asserted measure of the cost of collaborator parts is well supported in fact and law and likely will be sustained. In December 2018, a DCMA DACO issued a second claim against Pratt & Whitney that similarly alleges that its method of determining the cost of collaborator parts does not comply with the CAS for calendar years 2013 through 2017. This second claim, which asserts the same measure of the cost of collaborator parts rejected by the ASBCA’s November 22, 2021 decision, demands payment of $269 million plus interest ($131 million at March 31, 2024). Pratt & Whitney appealed this second claim to the ASBCA in January 2019. In December 2023, a DCMA DACO issued a third claim against Pratt & Whitney that similarly alleges that its method of determining the cost of collaborator parts does not comply with the CAS for calendar years 2018 through 2022. This third claim, which asserts the same measure of the cost of collaborator parts rejected by the ASBCA’s prior decision, demands payment of $277 million plus interest ($59 million at March 31, 2024). Pratt & Whitney appealed this third claim to the ASBCA at the end of December 2023. Although subject to further litigation at the ASBCA and potentially further appellate proceedings, we continue to believe that the November 22, 2021 decision in the first claim will apply with equal legal effect to the second and third claims. Accordingly, we believe that the amounts demanded by the DCMA as set forth in the three claims are without legal basis and that any damages owed to the U.S. government for the three claims will not have a material adverse effect on our results of operations, financial condition, or liquidity. Thales-Raytheon Systems and Related Matters As previously disclosed, in 2019, Raytheon Company received a subpoena from the Securities and Exchange Commission (SEC) seeking information in connection with an investigation into whether there were improper payments made by Raytheon Company, our joint venture known as Thales-Raytheon Systems (TRS), or anyone acting on their behalf, in connection with TRS or Raytheon Company contracts in certain Middle East countries since 2014. In the first quarter of 2020, the DOJ advised Raytheon Company it had opened a parallel criminal investigation. In the third quarter of 2020, Raytheon Company received an additional subpoena from the SEC, seeking information and documents as part of its ongoing investigation. The Company maintains a rigorous anti-corruption compliance program, and continues to cooperate fully with the SEC’s and DOJ’s inquiries, and to examine through our own investigation whether there were any improper payments or any such conduct that was in violation of Raytheon Company policy. Although the investigation of these issues remains ongoing, information indicating that such conduct has occurred with respect to certain contracts has been identified. However, at this time, the Company is unable to predict the outcome of the SEC’s or DOJ’s inquiries. Further, based on the information available to date, we cannot reasonably estimate the range of potential loss or impact to the business that may result, but do not believe that the results of these inquiries will have a material adverse effect on our results of operations, financial condition, or liquidity. DOJ Investigation and Contract Pricing Disputes As previously disclosed, on October 8, 2020, the Company received a criminal subpoena from the DOJ seeking information and documents in connection with an investigation relating to financial accounting, internal controls over financial reporting, and cost reporting regarding Raytheon’s business since 2009. The investigation involves multi-year contracts subject to governmental regulation, including potential civil defective pricing claims for certain Raytheon contracts entered into between 2011 and 2013. As part of the same investigation, on March 24, 2021, the Company received a second criminal subpoena from the DOJ seeking documents relating to a certain Raytheon contract entered into in 2017. We are cooperating fully with, and will continue to review the issues raised by, the DOJ’s ongoing investigation. We continue to make substantial progress in our internal review of the issues raised by the DOJ investigation. Although we believe we have defenses to the potential claims, the Company has determined that there is a probable risk of liability for damages, interest, and potential penalties, and has accrued $306 million for this matter. We are currently unable to estimate an incremental loss, if any, which may result when the DOJ investigation is complete. Based on the information available to date, we do not believe the results of the DOJ investigation, or of any pending or potential civil litigation, will have a material adverse effect on our results of operations, financial condition, or liquidity. UTC Equity Conversion Litigation As previously disclosed, on December 6, 2022, a shareholder derivative lawsuit was filed in the Delaware Court of Chancery against the Company and certain current and former members of its Board of Directors, alleging that defendants breached their fiduciary duties in May 2020 by amending the method by which United Technologies Corporation (UTC) equity awards were converted to certain Company equity awards following the separation of UTC into three independent, publicly traded companies. We believe that the lawsuit lacks merit. Based on the information available to date, we do not believe that this matter will have a material adverse effect on our results of operations, financial condition, or liquidity. Civil Litigation Related to Employee Hiring Practices Pratt & Whitney is one of multiple defendants in a putative class action lawsuit pending in the United States District Court for the District of Connecticut alleging that Pratt & Whitney and the other defendants agreed to restrict the hiring and recruiting of certain engineers and skilled laborers in a manner that violated federal antitrust laws. Plaintiffs seek to represent different purported classes of engineers and skilled laborers employed by Pratt & Whitney and other supplier-defendants since 2011, and are seeking to recover treble damages in an undetermined amount, plus attorneys’ fees and costs of suit. We believe that the claims asserted lack merit. Based on the information available to date, we do not believe that this matter will have a material adverse effect on our results of operations, financial condition, or liquidity. In April 2024, a shareholder derivative lawsuit was filed in the Delaware Court of Chancery against the Company and certain current and former officers and directors of the Company alleging that defendants breached their fiduciary duties by failing to implement and enforce a reasonable oversight mechanism for compliance with antitrust laws. We believe that the lawsuit lacks merit. Based on the information available to date, we do not believe that this matter will have a material adverse effect on our results of operations, financial condition, or liquidity. Powder Metal Disclosure Litigation and SEC Investigation Following the Company’s disclosures of a rare condition in powder metal used to manufacture certain Pratt & Whitney engine parts, two sets of civil actions were filed against RTX. First, two putative federal securities class action lawsuits were filed in the United States District Court for the District of Connecticut against the Company and certain current and former executives of the Company. The lawsuits allege that defendants violated federal securities laws by making material misstatements and omitting material facts relating to Pratt & Whitney’s Geared Turbofan engine fleet, including the impact of the powder metal issue on the fleet, in various regulatory filings. The lawsuits were consolidated and remain pending. Second, multiple shareholder derivative lawsuits were filed against current and former Officers and Directors of the Company, all of which have now been consolidated into a single action which is pending in the United States District Court for the District of Delaware. The operative complaint in the consolidated action alleges that the defendants caused the Company to make materially false and misleading statements relating to Pratt & Whitney’s Geared Turbofan engines, and failed to maintain an adequate system of oversight, disclosure controls and procedures, and internal controls over financial reporting. Based on the information available to date, we do not believe that either matter will have a material adverse effect on our results of operations, financial condition, or liquidity. On November 7, 2023 and January 30, 2024, the Company received subpoenas from the SEC seeking engineering, operational, organizational, accounting, and financial documents in connection with an investigation relating to the Company’s disclosures in 2023 of issues arising from Pratt & Whitney’s use of powder metal in manufacturing various engine parts, its identification of certain risks associated with those manufacturing processes, and corrective actions identified by Pratt & Whitney to mitigate those risks. The Company is cooperating with the SEC and is responding to the subpoenas. At this time, we are unable to predict the timing or outcome of this SEC investigation. Where appropriate, we have recorded loss contingency accruals for the above-referenced matters, and the amounts individually, or in the aggregate, are not material. Other. As described in “Note 15: Guarantees,” we extend performance and operating cost guarantees beyond our normal warranty and service policies for extended periods on some of our products. We have accrued our estimate of the liability that may result under these guarantees and for service costs that are probable and can be reasonably estimated. We also have other commitments and contingent liabilities related to legal proceedings, self-insurance programs, and matters arising out of the normal course of business. We accrue contingencies based upon a range of possible outcomes. If no amount within this range is a better estimate than any other, then we accrue the minimum amount. In the ordinary course of business, the Company and its subsidiaries are also routinely defendants in, parties to, or otherwise subject to many pending and threatened legal actions, claims, disputes, and proceedings. These matters are often based on alleged violations of contract, product liability, warranty, regulatory, environmental, health and safety, employment, intellectual property, tax, and other laws. In some instances, claims for substantial monetary damages are asserted against the Company and its subsidiaries and could result in fines, penalties, compensatory or treble damages, or non-monetary relief. We do not believe that these matters will have a material adverse effect upon our results of operations, financial condition, or liquidity.

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted


	Quarter Ended March 31,
(dollars and shares in millions, except per share amounts)	2024		2023



Net income attributable to common shareowners	$	1,709	$	1,426
Basic weighted average number of shares outstanding	1,329.4		1,462.2
Stock awards and equity units (share equivalent)	7.9		12.0
Diluted weighted average number of shares outstanding	1,337.3		1,474.2
Earnings Per Share attributable to common shareowners:


Basic	$	1.29	$	0.98



Diluted	1.28		0.97

Variable Interest Entities

3 Months Ended

Mar. 31, 2024

Schedule of Variable Interest Entities [Abstract]

Variable Interest Entity Disclosure

Note 14: Variable Interest Entities

Pratt & Whitney holds a 61% program share interest in the International Aero Engines AG (IAE) collaboration with MTU Aero Engines AG (MTU) and Japanese Aero Engines Corporation (JAEC), and a 49.5% ownership interest in IAE. IAE’s business purpose is to coordinate the design, development, manufacturing, and product support of the V2500 engine program through involvement with the collaborators. Additionally, Pratt & Whitney, JAEC, and MTU are participants in the International Aero Engines, LLC (IAE LLC) collaboration, whose business purpose is to coordinate the design, development, manufacturing, and product support for the PW1100G-JM engine for the Airbus A320neo family of aircraft. Pratt & Whitney holds a 59% program share interest and a 59% ownership interest in IAE LLC. IAE and IAE LLC retain limited equity with the primary economics of the programs passed to the participants. As such, we have determined that IAE and IAE LLC are variable interest entities with Pratt & Whitney as the primary beneficiary. IAE and IAE LLC have, therefore, been consolidated. Other collaborators participate in Pratt & Whitney’s program share interest in IAE and IAE LLC. Pratt & Whitney’s net program share interest in IAE and IAE LLC, after considering its sub-collaborator share, is 57% and 51%, respectively. The carrying amounts and classification of assets and liabilities for variable interest entities in our Condensed Consolidated Balance Sheet are as follows:


(dollars in millions)	March 31, 2024		December 31, 2023
Current assets	$	9,200	$	9,309
Noncurrent assets	946		860
Total assets	$	10,146	$	10,169
Current liabilities	$	12,680	$	13,020
Noncurrent liabilities	84		31
Total liabilities	$	12,764	$	13,051

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure

Note 3: Goodwill and Intangible Assets

Goodwill. Changes in our goodwill balances for the quarter ended March 31, 2024 were as follows:


(dollars in millions)	Balance as of December 31, 2023		Acquisitions and Divestitures		Foreign Currency Translation and Other		Balance as of March 31, 2024
Collins Aerospace	$	33,135	$	—	$	(57)	$	33,078
Pratt & Whitney	1,563		—		—		1,563
Raytheon	18,984		—		2		18,986
Total Segments	53,682		—		(55)		53,627
Eliminations and other	17		—		—		17
Total	$	53,699	$	—	$	(55)	$	53,644

Intangible Assets. Identifiable intangible assets are comprised of the following:


	March 31, 2024				December 31, 2023
(dollars in millions)	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Amortized:


Collaboration assets	$	5,879	$	(1,747)	$	5,810	$	(1,688)
Exclusivity assets	3,516		(356)		3,460		(352)
Developed technology and other	1,211		(649)		1,219		(635)
Customer relationships	29,564		(11,115)		29,605		(10,683)
	40,170		(13,867)		40,094		(13,358)
Indefinite-lived:
Trademarks and other	8,657		—		8,663		—
Total	$	48,827	$	(13,867)	$	48,757	$	(13,358)

Amortization of intangible assets for the quarters ended March 31, 2024 and 2023 was $526 million and $509 million, respectively. The following is the expected amortization of intangible assets for the remainder of 2024 through 2029:


(dollars in millions)	Remaining 2024		2025		2026		2027		2028		2029
Amortization expense	$	1,687	$	2,087	$	2,012	$	1,891	$	1,813	$	1,604

Employee Benefit Plans

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits Disclosure

Note 10: Employee Benefit Plans

Pension and Postretirement Plans. We sponsor both funded and unfunded domestic and foreign defined benefit pension and postretirement benefit (PRB) plans and defined contribution plans.

Contributions to our plans were as follows:


	Quarter Ended March 31,
(dollars in millions)	2024		2023
U.S. qualified defined benefit plans	$	—	$	—
International defined benefit plans	2		8
PRB plans	9		4
Defined contribution plans	395		372

The amounts recognized in the Condensed Consolidated Balance Sheet consist of:


(dollars in millions)	March 31, 2024		December 31, 2023
Noncurrent pension assets (included in Other assets)	$	1,600	$	1,296
Current pension and PRB liabilities (included in Accrued employee compensation)	270		270
Future pension and postretirement benefit obligations	2,320		2,385

The amounts recognized in Future pension and postretirement benefit obligations consist of:


(dollars in millions)	March 31, 2024		December 31, 2023
Noncurrent pension liabilities	$	1,679	$	1,737
Noncurrent PRB liabilities	580		582
Other pension and PRB related items	61		66
Future pension and postretirement benefit obligations	$	2,320	$	2,385

The components of net periodic (income) expense for our defined pension and PRB plans were as follows:


	Pension Benefits Quarter Ended March 31,				PRB Quarter Ended March 31,
(dollars in millions)	2024		2023		2024		2023
Operating expense
Service cost	$	47	$	55	$	1	$	1
Non-operating expense
Interest cost	596		626		11		12
Expected return on plan assets	(937)		(937)		(5)		(5)
Amortization of prior service credit	(43)		(39)		—		—
Recognized actuarial net (gain) loss	5		(95)		(6)		(8)
Net settlement, curtailment, and special termination benefit (gain) loss	(7)		2		—		—
Non-service pension income	(386)		(443)		—		(1)
Total net periodic (income) expense	$	(339)	$	(388)	$	1	$	—

We have set aside assets in separate trusts, which we expect to be used to pay for certain nonqualified defined benefit and defined contribution plan obligations in excess of qualified plan limits. These assets are included in Other assets in our Condensed Consolidated Balance Sheet. The fair value of marketable securities held in trusts was as follows:


(dollars in millions)	March 31, 2024		December 31, 2023
Marketable securities held in trusts	$	705	$	745

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Equity

3 Months Ended

Mar. 31, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

Note 17: Equity

Common Stock - Share Repurchases. On October 24, 2023, we entered into accelerated share repurchase (ASR) agreements with certain financial institution counterparties to repurchase shares of our common stock for an aggregate purchase price of $10 billion. Pursuant to the ASR agreements, we made aggregate payments of $10 billion on October 26, 2023, and received initial deliveries of approximately 108.4 million shares of our common stock at a price of $78.38 per share, representing approximately 85% of the shares expected to be repurchased. The aggregate purchase price was recorded as a reduction to Shareowners’ equity, consisting of a $8.5 billion increase in Treasury stock and a $1.5 billion decrease in Common stock.

The final number of shares to be repurchased will be based on the average of the daily volume-weighted average prices of our common stock during the term of the ASR agreements, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR agreements. Upon final settlement of the ASR, under certain circumstances, each of the counterparties may be required to deliver additional shares of common stock, or we may be required to deliver shares of common stock or to make a cash payment to the counterparties, at our election. The final settlement of each transaction under the ASR agreements is scheduled to occur no later than the third quarter of 2024 and in each case may be accelerated at the option of the applicable counterparty.

Accumulated Other Comprehensive Loss. A summary of the changes in each component of Accumulated other comprehensive loss, net of tax for the quarters ended March 31, 2024 and 2023 is provided below:


(dollars in millions)	Foreign Currency Translation		Defined Benefit Pension and Postretirement Plans		Unrealized Hedging Gains (Losses)		Accumulated Other Comprehensive Loss
Quarter Ended March 31, 2024
Balance at December 31, 2023	$	(440)	$	(2,026)	$	47	$	(2,419)
Other comprehensive income (loss) before reclassifications, net	(121)		(7)		(81)		(209)
Amounts reclassified, pre-tax	—		(44)		8		(36)
Tax benefit (expense)	(1)		12		18		29
Balance at March 31, 2024	$	(562)	$	(2,065)	$	(8)	$	(2,635)


(dollars in millions)	Foreign Currency Translation		Defined Benefit Pension and Postretirement Plans		Unrealized Hedging Gains (Losses)		Accumulated Other Comprehensive Loss
Quarter Ended March 31, 2023
Balance at December 31, 2022	$	(1,005)	$	(782)	$	(231)	$	(2,018)
Other comprehensive income (loss) before reclassifications, net	122		(4)		(27)		91
Amounts reclassified, pre-tax	—		(142)		39		(103)
Tax benefit (expense)	1		38		2		41

Balance at March 31, 2023	$	(882)	$	(890)	$	(217)	$	(1,989)

Borrowings and Lines of Credit (Long-Term Debt) (Details) € in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2024 EUR (€)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Other (including finance leases)	$ 252			$ 255
Long-term Debt, Gross	42,738			43,697
Other (fair market value adjustments, (discounts)/premiums, and debt issuance costs)	(60)			(59)
Total long-term debt	42,678			43,638
Less: current portion	344			1,283
Long-term debt, net of current portion	$ 42,334			42,355
Notes 3.200% Due 2024
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.20%		3.20%
Debt Instrument, Maturity Date, Description	2024
Long-term Debt, Gross	$ 0			950
Notes 3.150% Due 2024
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.15%		3.15%
Debt Instrument, Maturity Date, Description	2024
Long-term Debt, Gross	$ 300			300
3 Month SOFR plus 1.225% due 2025
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	1.225%		1.225%
Debt Instrument, Maturity Date, Description	2025
Long-term Debt, Gross	$ 2,000			2,000
Notes 3.950% Due 2025
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.95%		3.95%
Debt Instrument, Maturity Date, Description	2025
Long-term Debt, Gross	$ 1,500			1,500
Notes 5.000% Due 2026
Debt Instrument [Line Items]
Proceeds from Issuance of Debt		$ 500
Debt Instrument, Interest Rate, Stated Percentage	5.00%	5.00%	5.00%
Debt Instrument, Maturity Date, Description	2026	2026
Long-term Debt, Gross	$ 500			500
Notes 2.650% Due 2026
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.65%		2.65%
Debt Instrument, Maturity Date, Description	2026
Long-term Debt, Gross	$ 719			719
3 Month SOFR plus 1.225% Term Loan due 2026
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	1.225%		1.225%
Debt Instrument, Maturity Date, Description	2026
Long-term Debt, Gross	$ 2,000			2,000
Notes 5.750% due 2026
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.75%		5.75%
Debt Instrument, Maturity Date, Description	2026
Long-term Debt, Gross	$ 1,250			1,250
Notes 3.125% Due 2027
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.125%		3.125%
Debt Instrument, Maturity Date, Description	2027
Long-term Debt, Gross	$ 1,100			1,100
Notes 3.500% Due 2027
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.50%		3.50%
Debt Instrument, Maturity Date, Description	2027
Long-term Debt, Gross	$ 1,300			1,300
Notes 7.200% Due 2027
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	7.20%		7.20%
Debt Instrument, Maturity Date, Description	2027
Long-term Debt, Gross	$ 382			382
Notes 7.100% Due 2027
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	7.10%		7.10%
Debt Instrument, Maturity Date, Description	2027
Long-term Debt, Gross	$ 135			135
Notes 6.700% Due 2028
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.70%		6.70%
Debt Instrument, Maturity Date, Description	2028
Long-term Debt, Gross	$ 285			285
Notes 7.000% Due 2028
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	7.00%		7.00%
Debt Instrument, Maturity Date, Description	2028
Long-term Debt, Gross	$ 185			185
Notes 4.125% Due 2028
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.125%		4.125%
Debt Instrument, Maturity Date, Description	2028
Long-term Debt, Gross	$ 3,000			3,000
Notes 5.750% due 2029
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.75%		5.75%
Debt Instrument, Maturity Date, Description	2029
Long-term Debt, Gross	$ 500			500
Notes 7.500% Due 2029
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	7.50%		7.50%
Debt Instrument, Maturity Date, Description	2029
Long-term Debt, Gross	$ 414			414
Notes 2.150% Due 2030
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.15%		2.15%
Debt Instrument, Maturity Date, Description	2030
Debt Instrument, Face Amount \| €			€ 500
Long-term Debt, Gross	$ 542			548
Notes 2.250% Due 2030
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.25%		2.25%
Debt Instrument, Maturity Date, Description	2030
Long-term Debt, Gross	$ 1,000			1,000
Notes 6.000% due 2031
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.00%		6.00%
Debt Instrument, Maturity Date, Description	2031
Long-term Debt, Gross	$ 1,000			1,000
Notes 1.900% due 2031
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	1.90%		1.90%
Debt Instrument, Maturity Date, Description	2031
Long-term Debt, Gross	$ 1,000			1,000
Notes 2.375% Due 2032
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.375%		2.375%
Debt Instrument, Maturity Date, Description	2032
Long-term Debt, Gross	$ 1,000			1,000
Notes 5.150% Due 2033
Debt Instrument [Line Items]
Proceeds from Issuance of Debt		$ 1,250
Debt Instrument, Interest Rate, Stated Percentage	5.15%	5.15%	5.15%
Debt Instrument, Maturity Date, Description	2033	2033
Long-term Debt, Gross	$ 1,250			1,250
Notes 6.100% due 2034
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.10%		6.10%
Debt Instrument, Maturity Date, Description	2034
Long-term Debt, Gross	$ 1,500			1,500
Notes 5.400% Due 2035
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.40%		5.40%
Debt Instrument, Maturity Date, Description	2035
Long-term Debt, Gross	$ 446			446
Notes 6.050% Due 2036
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.05%		6.05%
Debt Instrument, Maturity Date, Description	2036
Long-term Debt, Gross	$ 410			410
Notes 6.800% Due 2036
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.80%		6.80%
Debt Instrument, Maturity Date, Description	2036
Long-term Debt, Gross	$ 117			117
Notes 7.000% Due 2038
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	7.00%		7.00%
Debt Instrument, Maturity Date, Description	2038
Long-term Debt, Gross	$ 148			148
Notes 6.125% Due 2038
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.125%		6.125%
Debt Instrument, Maturity Date, Description	2038
Long-term Debt, Gross	$ 575			575
Notes 4.450% Due 2038
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.45%		4.45%
Debt Instrument, Maturity Date, Description	2038
Long-term Debt, Gross	$ 750			750
Notes 5.700% Due 2040
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.70%		5.70%
Debt Instrument, Maturity Date, Description	2040
Long-term Debt, Gross	$ 553			553
Notes 4.875% Due 2040
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.875%		4.875%
Debt Instrument, Maturity Date, Description	2040
Long-term Debt, Gross	$ 600			600
Notes 4.700% Due 2041
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.70%		4.70%
Debt Instrument, Maturity Date, Description	2041
Long-term Debt, Gross	$ 425			425
Notes 4.500% Due 2042
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.50%		4.50%
Debt Instrument, Maturity Date, Description	2042
Long-term Debt, Gross	$ 3,500			3,500
Notes 4.800% Due 2043
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.80%		4.80%
Debt Instrument, Maturity Date, Description	2043
Long-term Debt, Gross	$ 400			400
Notes 4.200% Due 2044
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.20%		4.20%
Debt Instrument, Maturity Date, Description	2044
Long-term Debt, Gross	$ 300			300
Notes 4.150% Due 2045
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.15%		4.15%
Debt Instrument, Maturity Date, Description	2045
Long-term Debt, Gross	$ 850			850
Notes 3.750% Due 2046
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.75%		3.75%
Debt Instrument, Maturity Date, Description	2046
Long-term Debt, Gross	$ 1,100			1,100
Notes 4.050% Due 2047
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.05%		4.05%
Debt Instrument, Maturity Date, Description	2047
Long-term Debt, Gross	$ 600			600
Notes 4.350% Due 2047
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.35%		4.35%
Debt Instrument, Maturity Date, Description	2047
Long-term Debt, Gross	$ 1,000			1,000
Notes 4.625% Due 2048
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.625%		4.625%
Debt Instrument, Maturity Date, Description	2048
Long-term Debt, Gross	$ 1,750			1,750
Notes 3.125% Due 2050
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.125%		3.125%
Debt Instrument, Maturity Date, Description	2050
Long-term Debt, Gross	$ 1,000			1,000
Notes 2.820% due 2051
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.82%		2.82%
Debt Instrument, Maturity Date, Description	2051
Long-term Debt, Gross	$ 1,000			1,000
Notes 3.030% Due 2052
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.03%		3.03%
Debt Instrument, Maturity Date, Description	2052
Long-term Debt, Gross	$ 1,100			1,100
Notes 5.375% Due 2053
Debt Instrument [Line Items]
Proceeds from Issuance of Debt		$ 1,250
Debt Instrument, Interest Rate, Stated Percentage	5.375%	5.375%	5.375%
Debt Instrument, Maturity Date, Description	2053	2053
Long-term Debt, Gross	$ 1,250			1,250
Notes 6.400% due 2054
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.40%		6.40%
Debt Instrument, Maturity Date, Description	2054
Long-term Debt, Gross	$ 1,750			$ 1,750

Accounts Receivable, Net

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Accounts Receivable, Net

Note 6: Accounts Receivable, Net

Accounts receivable, net consisted of the following:


(dollars in millions)	March 31, 2024		December 31, 2023
Accounts receivable	$	10,600	$	11,154
Allowance for expected credit losses	(320)		(316)
Total accounts receivable, net	$	10,280	$	10,838

Acquisitions and Dispositions (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended
	Jul. 20, 2023	Mar. 31, 2024	Mar. 31, 2024	Mar. 31, 2023
Business Acquisitions and Dispositions [Line Items]
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal			$ 415	$ 0
Raytheon's Cybersecurity, Intelligence and Services Business
Business Acquisitions and Dispositions [Line Items]
Proceeds from Divestiture of Businesses		$ 1,300
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal		400
Disposal Group, Not Discontinued Operation, Gain(Loss) on Disposal, After Tax		$ 200
Collins Actuation Systems Portfolio
Business Acquisitions and Dispositions [Line Items]
Expected Proceeds from Divestiture of Business	$ 1,800

Employee Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
PRB plans	$ 9	$ 4
Defined contribution plans	395	372
Liability, Defined Benefit Plan, Current	270		$ 270
Liability, Defined Benefit Pension Plan, Noncurrent	2,320		2,385
Non-service pension income	(386)	(444)
Marketable securities held in trusts	705		745
UNITED STATES
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plans	0	0
Foreign Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plans	2	8
Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Assets for Plan Benefits, Defined Benefit Plan	1,600		1,296
Liability, Defined Benefit Pension Plan, Noncurrent	1,679		1,737
Service cost	47	55
Interest cost	596	626
Expected return on plan assets	(937)	(937)
Amortization of prior service credit	(43)	(39)
Recognized actuarial net (gain) loss	5	(95)
Net settlement, curtailment, and special termination benefit (gain) loss	(7)	2
Non-service pension income	(386)	(443)
Total net periodic (income) expense	(339)	(388)
Other Postretirement Benefits Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Liability, Defined Benefit Pension Plan, Noncurrent	580		582
Service cost	1	1
Interest cost	11	12
Expected return on plan assets	(5)	(5)
Amortization of prior service credit	0	0
Recognized actuarial net (gain) loss	(6)	(8)
Net settlement, curtailment, and special termination benefit (gain) loss	0	0
Non-service pension income	0	(1)
Total net periodic (income) expense	1	$ 0
Other pension and PRB related items
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Liability, Defined Benefit Pension Plan, Noncurrent	$ 61		$ 66

Remaining Performance Obligations (RPO) (Details) $ in Billions	3 Months Ended
	Mar. 31, 2024 USD ($)
Remaining Performance Obligation [Line Items]
RPO	$ 202
RPO to be recognized within 12 months	25.00%
Revenue, Remaining Performance Obligations, RPO related to long-term commercial aerospace maintenance contracts at Pratt & Whitney	45.00%
Revenue, Remaining Performance Obligation, general span of Pratt & Whitney long-term commercial aerospace maintenance contracts, in years	20 years

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring


	March 31, 2024
(dollars in millions)	Total		Level 1		Level 2		Level 3
Recurring fair value measurements:
Marketable securities held in trusts	$	705	$	646	$	59	$	—
Derivative assets	195		—		195		—
Derivative liabilities	212		—		212		—


	December 31, 2023
(dollars in millions)	Total		Level 1		Level 2		Level 3
Recurring fair value measurements:
Marketable securities held in trusts	$	745	$	682	$	63	$	—
Derivative assets	308		—		308		—
Derivative liabilities	180		—		180		—

Fair Value, by Balance Sheet Grouping

The following table provides carrying amounts and fair values of financial instruments that are not carried at fair value in our Condensed Consolidated Balance Sheet:


	March 31, 2024				December 31, 2023
(dollars in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value

Customer financing notes receivable	$	66	$	56	$	74	$	63

Long-term debt (excluding finance leases)	42,588		39,957		43,546		41,598

The following tables provide the valuation hierarchy classification of assets and liabilities that are not carried at fair value in our Condensed Consolidated Balance Sheet:


	March 31, 2024
(dollars in millions)	Total		Level 1		Level 2		Level 3

Customer financing notes receivable	$	56	$	—	$	56	$	—

Long-term debt (excluding finance leases)	39,957		—		35,914		4,043


	December 31, 2023
(dollars in millions)	Total		Level 1		Level 2		Level 3

Customer financing notes receivable	$	63	$	—	$	63	$	—

Long-term debt (excluding finance leases)	41,598		—		37,559		4,039

Goodwill and Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 40,170	$ 40,094
Accumulated Amortization	(13,867)	(13,358)
Indefinite-Lived: Trademarks and Other	8,657	8,663
Total Intangible Assets Gross Excluding Goodwill	48,827	48,757
Collaboration assets
Finite-Lived Intangible Assets [Line Items]
Gross Amount	5,879	5,810
Accumulated Amortization	(1,747)	(1,688)
Exclusivity assets
Finite-Lived Intangible Assets [Line Items]
Gross Amount	3,516	3,460
Accumulated Amortization	(356)	(352)
Developed technology and other
Finite-Lived Intangible Assets [Line Items]
Gross Amount	1,211	1,219
Accumulated Amortization	(649)	(635)
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Amount	29,564	29,605
Accumulated Amortization	$ (11,115)	$ (10,683)

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill [Line Items]

Schedule of Goodwill

Changes in our goodwill balances for the quarter ended March 31, 2024 were as follows:


(dollars in millions)	Balance as of December 31, 2023		Acquisitions and Divestitures		Foreign Currency Translation and Other		Balance as of March 31, 2024
Collins Aerospace	$	33,135	$	—	$	(57)	$	33,078
Pratt & Whitney	1,563		—		—		1,563
Raytheon	18,984		—		2		18,986
Total Segments	53,682		—		(55)		53,627
Eliminations and other	17		—		—		17
Total	$	53,699	$	—	$	(55)	$	53,644

Schedule of Indefinite-Lived Intangible Assets

Identifiable intangible assets are comprised of the following:


	March 31, 2024				December 31, 2023
(dollars in millions)	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Amortized:


Collaboration assets	$	5,879	$	(1,747)	$	5,810	$	(1,688)
Exclusivity assets	3,516		(356)		3,460		(352)
Developed technology and other	1,211		(649)		1,219		(635)
Customer relationships	29,564		(11,115)		29,605		(10,683)
	40,170		(13,867)		40,094		(13,358)
Indefinite-lived:
Trademarks and other	8,657		—		8,663		—
Total	$	48,827	$	(13,867)	$	48,757	$	(13,358)

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The following is the expected amortization of intangible assets for the remainder of 2024 through 2029:


(dollars in millions)	Remaining 2024		2025		2026		2027		2028		2029
Amortization expense	$	1,687	$	2,087	$	2,012	$	1,891	$	1,813	$	1,604

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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+ Details

Segment Financial Data

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Reporting Disclosure

Note 18: Segment Financial Data

Our operations, for the periods presented herein, are classified into three principal segments: Collins, Pratt & Whitney, and Raytheon. Our segments are generally based on the management structure of the businesses and the grouping of similar operating companies, where each management organization has general operating autonomy over diversified products and services.

We present a FAS/CAS operating adjustment outside of segment results, which represents the difference between the service cost component of our pension and PRB expense under the Financial Accounting Standards (FAS) requirements of U.S. Generally Accepted Accounting Principles (GAAP) and our pension and PRB expense under U.S. government Cost Accounting Standards (CAS) primarily related to our Raytheon segment. While the ultimate liability for pension and PRB costs under FAS and CAS is similar, the pattern of cost recognition is different. Over time, we generally expect to recover the related Raytheon pension and PRB liabilities through the pricing of our products and services to the U.S. government. Collins and Pratt & Whitney generally record pension and PRB expense on a FAS basis.

Acquisition accounting adjustments include the amortization of acquired intangible assets related to acquisitions, the amortization of the property, plant, and equipment fair value adjustment acquired through acquisitions, the amortization of customer contractual obligations related to loss making or below market contracts acquired, and goodwill impairment, if applicable. These adjustments are not considered part of management’s evaluation of segment results.

Total sales and operating profit by segment include inter-segment sales which are generally recorded at cost-plus a specified fee or at a negotiated fixed price. These pricing arrangements may result in margins different than what the purchasing segment realizes on the ultimate third-party sale. Results for the quarters ended March 31, 2024 and 2023 are as follows:


	Net Sales				Operating Profit				Operating Profit Margins
(dollars in millions)	2024		2023		2024		2023		2024		2023
Collins Aerospace	$	6,673	$	6,120	$	849	$	897	12.7	%	14.7	%
Pratt & Whitney	6,456		5,230		412		415		6.4	%	7.9	%
Raytheon (2)	6,659		6,292		996		571		15.0	%	9.1	%
Total segment	19,788		17,642		2,257		1,883		11.4	%	10.7	%
Eliminations and other (1)	(483)		(428)		(5)		51
Corporate expenses and other unallocated items	—		—		(96)		(43)
FAS/CAS operating adjustment	—		—		214		289
Acquisition accounting adjustments	—		—		(500)		(493)
Consolidated	$	19,305	$	17,214	$	1,870	$	1,687	9.7	%	9.8	%

(1) Includes the operating results of certain smaller operations.

(2) Operating Profit includes a $0.4 billion gain, net of transaction and other related costs, related to the sale of our CIS business. See “Note 2: Acquisitions and Dispositions” for additional information.

We disaggregate our contracts from customers by geographic region based on customer location, by type of customer, and by sales type. Our geographic region based on customer location uses end user customer location where known or practical to determine, or in instances where the end user customer is not known or not practical to determine, uses “ship to” location as the customer location. In addition, for our Raytheon segment, we disaggregate our contracts from customers by contract type. We

believe these categories best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors.

Segment sales disaggregated by geographic region based on customer location for the quarters ended March 31, 2024 and 2023 are as follows:


	2024										2023
(dollars in millions)	Collins Aerospace		Pratt & Whitney		Raytheon		Other		Total		Collins Aerospace		Pratt & Whitney		Raytheon		Other		Total
United States	$	3,321	$	3,010	$	4,982	$	48	$	11,361	$	3,097	$	2,631	$	4,776	$	44	$	10,548
Europe	1,615		1,670		547		1		3,833		1,479		1,120		390		1		2,990
Asia Pacific	691		1,194		541		1		2,427		591		905		554		—		2,050
Middle East and North Africa	181		138		530		—		849		163		110		490		—		763
Other regions	361		444		30		—		835		349		463		51		—		863

Consolidated net sales	6,169		6,456		6,630		50		19,305		5,679		5,229		6,261		45		17,214
Inter-segment sales	504		—		29		(533)		—		441		1		31		(473)		—
Business segment sales	$	6,673	$	6,456	$	6,659	$	(483)	$	19,305	$	6,120	$	5,230	$	6,292	$	(428)	$	17,214

Segment sales disaggregated by type of customer for the quarters ended March 31, 2024 and 2023 are as follows:


	2024										2023
(dollars in millions)	Collins Aerospace		Pratt & Whitney		Raytheon		Other		Total		Collins Aerospace		Pratt & Whitney		Raytheon		Other		Total
Sales to the U.S. government (1)	$	1,564	$	1,558	$	4,957	$	48	$	8,127	$	1,594	$	1,222	$	4,698	$	43	$	7,557
Foreign military sales through the U.S. government	81		310		858		—		1,249		83		332		847		—		1,262
Foreign government direct commercial sales	309		158		740		1		1,208		260		118		625		1		1,004
Commercial aerospace and other commercial sales	4,215		4,430		75		1		8,721		3,742		3,557		91		1		7,391
Consolidated net sales	6,169		6,456		6,630		50		19,305		5,679		5,229		6,261		45		17,214
Inter-segment sales	504		—		29		(533)		—		441		1		31		(473)		—
Business segment sales	$	6,673	$	6,456	$	6,659	$	(483)	$	19,305	$	6,120	$	5,230	$	6,292	$	(428)	$	17,214

(1) Excludes foreign military sales through the U.S. government.

Segment sales disaggregated by sales type for the quarters ended March 31, 2024 and 2023 are as follows:


	2024										2023
(dollars in millions)	Collins Aerospace		Pratt & Whitney		Raytheon		Other		Total		Collins Aerospace		Pratt & Whitney		Raytheon		Other		Total
Products	$	4,833	$	3,957	$	5,467	$	46	$	14,303	$	4,450	$	3,052	$	5,242	$	43	$	12,787
Services	1,336		2,499		1,163		4		5,002		1,229		2,177		1,019		2		4,427
Consolidated net sales	6,169		6,456		6,630		50		19,305		5,679		5,229		6,261		45		17,214
Inter-segment sales	504		—		29		(533)		—		441		1		31		(473)		—
Business segment sales	$	6,673	$	6,456	$	6,659	$	(483)	$	19,305	$	6,120	$	5,230	$	6,292	$	(428)	$	17,214

Raytheon segment sales disaggregated by contract type for the quarters ended March 31, 2024 and 2023 are as follows:


(dollars in millions)	2024		2023

Fixed-price	$	3,293	$	3,237
Cost-type	3,337		3,024
Consolidated net sales	6,630		6,261
Inter-segment sales	29		31
Business segment sales	$	6,659	$	6,292

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Guarantees

3 Months Ended

Mar. 31, 2024

Guarantees [Abstract]

Guarantees

Note 15: Guarantees

We extend a variety of financial, market value, and product performance guarantees to third parties. These instruments expire on various dates through 2032. Additional guarantees of project performance for which there is no stated value also remain

outstanding. A portion of our third party guarantees are subject to indemnification for our benefit for any liabilities that could arise. As of March 31, 2024 and December 31, 2023, the following financial guarantees were outstanding:


	March 31, 2024				December 31, 2023
(dollars in millions)	Maximum Potential Payment		Carrying Amount of Liability		Maximum Potential Payment		Carrying Amount of Liability
Commercial aerospace financing arrangements	$	286	$	—	$	288	$	—
Third party guarantees	365		1		386		1

We have made residual value and other guarantees related to various commercial aerospace customer financing arrangements. The estimated fair market values of the guaranteed assets equal or exceed the value of the related guarantees, net of existing reserves. Collaboration partners’ share of these financing guarantees were $134 million and $135 million at March 31, 2024 and December 31, 2023, respectively.

We also have obligations arising from sales of certain businesses and assets, including those from representations and warranties and related indemnities for environmental, health and safety, tax, and employment matters. The maximum potential payment related to these obligations is not a specified amount, as a number of the obligations do not contain financial caps. The carrying amount of liabilities related to these obligations were $94 million and $97 million at March 31, 2024 and December 31, 2023, respectively. These primarily relate to environmental liabilities, which are included in our total environmental liabilities as further discussed in “Note 16: Commitments and Contingencies.”

We accrue for costs associated with guarantees when it is probable that a liability has been incurred and the amount can be reasonably estimated. The most likely cost to be incurred is accrued based on an evaluation of currently available facts, and where no amount within a range of estimates is more likely, the minimum is accrued.

We also provide service and warranty policies on our products and extend performance and operating cost guarantees beyond our normal service and warranty policies on some of our products, particularly commercial aircraft engines. In addition, we incur discretionary costs to service our products in connection with specific product performance issues. Liabilities for performance and operating cost guarantees are based upon future product performance and durability, and are largely estimated based upon historical experience. Adjustments are made to accruals as claims data and historical experience warrant.

The changes in the carrying amount of service and product warranties and product performance guarantees for the quarters ended March 31, 2024 and 2023 were as follows:


(dollars in millions)	2024		2023
Balance as of January 1	$	1,091	$	1,109
Warranties and performance guarantees issued	65		69
Settlements	(71)		(84)
Other	(1)		(1)
Balance as of March 31	$	1,084	$	1,093

Product and service guarantees incurred in connection with long term production contracts and certain aftermarket arrangements are generally accounted for within the contract estimates at completion.

- Definition

The entire disclosure for each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties.

+ References + Details

Equity (Accelerated Share Repurchase) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended
	Oct. 26, 2023	Mar. 31, 2024	Mar. 31, 2023	Oct. 24, 2023
Accelerated Share Repurchases [Line Items]
ASR Aggregate Purchase Price				$ 10,000
Repurchase of common stock		$ 56	$ 562
Treasury Stock, Common
Accelerated Share Repurchases [Line Items]
Common stock repurchased		$ 52	$ 582
October 26, 2023 [Member]
Accelerated Share Repurchases [Line Items]
Repurchase of common stock	$ 10,000
Treasury Stock, Shares, Acquired	108.4
Accelerated Share Repurchases, Initial Price Paid Per Share	$ 78.38
October 26, 2023 [Member] \| Treasury Stock, Common
Accelerated Share Repurchases [Line Items]
Common stock repurchased	$ 8,500
October 26, 2023 [Member] \| Common Stock [Member]
Accelerated Share Repurchases [Line Items]
Common stock repurchased	$ 1,500

Contract Assets and Liabilities

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Contract Assets and Liabilities

Note 7: Contract Assets and Liabilities

Contract assets reflect revenue recognized and performance obligations satisfied in advance of customer billings. 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)	March 31, 2024		December 31, 2023
Contract assets	$	13,104	$	12,139
Contract liabilities	(17,119)		(17,183)
Net contract liabilities	$	(4,015)	$	(5,044)

Contract assets increased $965 million during the quarter ended March 31, 2024 primarily due to sales in excess of billings on certain contracts at Pratt & Whitney and Raytheon. We recognized revenue of $2.6 billion during the quarter ended March 31, 2024, related to contract liabilities as of January 1, 2024 and $1.9 billion during the quarter ended March 31, 2023, related to contract liabilities as of January 1, 2023.

As of March 31, 2024, 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 are net of an allowance for expected credit losses of $194 million and $197 million as of March 31, 2024 and December 31, 2023, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Segment Financial Data (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Results for the quarters ended March 31, 2024 and 2023 are as follows:


	Net Sales				Operating Profit				Operating Profit Margins
(dollars in millions)	2024		2023		2024		2023		2024		2023
Collins Aerospace	$	6,673	$	6,120	$	849	$	897	12.7	%	14.7	%
Pratt & Whitney	6,456		5,230		412		415		6.4	%	7.9	%
Raytheon (2)	6,659		6,292		996		571		15.0	%	9.1	%
Total segment	19,788		17,642		2,257		1,883		11.4	%	10.7	%
Eliminations and other (1)	(483)		(428)		(5)		51
Corporate expenses and other unallocated items	—		—		(96)		(43)
FAS/CAS operating adjustment	—		—		214		289
Acquisition accounting adjustments	—		—		(500)		(493)
Consolidated	$	19,305	$	17,214	$	1,870	$	1,687	9.7	%	9.8	%

(1) Includes the operating results of certain smaller operations.

Disaggregation of Revenue

Segment sales disaggregated by geographic region based on customer location for the quarters ended March 31, 2024 and 2023 are as follows:


	2024										2023
(dollars in millions)	Collins Aerospace		Pratt & Whitney		Raytheon		Other		Total		Collins Aerospace		Pratt & Whitney		Raytheon		Other		Total
United States	$	3,321	$	3,010	$	4,982	$	48	$	11,361	$	3,097	$	2,631	$	4,776	$	44	$	10,548
Europe	1,615		1,670		547		1		3,833		1,479		1,120		390		1		2,990
Asia Pacific	691		1,194		541		1		2,427		591		905		554		—		2,050
Middle East and North Africa	181		138		530		—		849		163		110		490		—		763
Other regions	361		444		30		—		835		349		463		51		—		863

Consolidated net sales	6,169		6,456		6,630		50		19,305		5,679		5,229		6,261		45		17,214
Inter-segment sales	504		—		29		(533)		—		441		1		31		(473)		—
Business segment sales	$	6,673	$	6,456	$	6,659	$	(483)	$	19,305	$	6,120	$	5,230	$	6,292	$	(428)	$	17,214

Segment sales disaggregated by type of customer for the quarters ended March 31, 2024 and 2023 are as follows:


	2024										2023
(dollars in millions)	Collins Aerospace		Pratt & Whitney		Raytheon		Other		Total		Collins Aerospace		Pratt & Whitney		Raytheon		Other		Total
Sales to the U.S. government (1)	$	1,564	$	1,558	$	4,957	$	48	$	8,127	$	1,594	$	1,222	$	4,698	$	43	$	7,557
Foreign military sales through the U.S. government	81		310		858		—		1,249		83		332		847		—		1,262
Foreign government direct commercial sales	309		158		740		1		1,208		260		118		625		1		1,004
Commercial aerospace and other commercial sales	4,215		4,430		75		1		8,721		3,742		3,557		91		1		7,391
Consolidated net sales	6,169		6,456		6,630		50		19,305		5,679		5,229		6,261		45		17,214
Inter-segment sales	504		—		29		(533)		—		441		1		31		(473)		—
Business segment sales	$	6,673	$	6,456	$	6,659	$	(483)	$	19,305	$	6,120	$	5,230	$	6,292	$	(428)	$	17,214

(1) Excludes foreign military sales through the U.S. government.

Segment sales disaggregated by sales type for the quarters ended March 31, 2024 and 2023 are as follows:


	2024										2023
(dollars in millions)	Collins Aerospace		Pratt & Whitney		Raytheon		Other		Total		Collins Aerospace		Pratt & Whitney		Raytheon		Other		Total
Products	$	4,833	$	3,957	$	5,467	$	46	$	14,303	$	4,450	$	3,052	$	5,242	$	43	$	12,787
Services	1,336		2,499		1,163		4		5,002		1,229		2,177		1,019		2		4,427
Consolidated net sales	6,169		6,456		6,630		50		19,305		5,679		5,229		6,261		45		17,214
Inter-segment sales	504		—		29		(533)		—		441		1		31		(473)		—
Business segment sales	$	6,673	$	6,456	$	6,659	$	(483)	$	19,305	$	6,120	$	5,230	$	6,292	$	(428)	$	17,214

Raytheon segment sales disaggregated by contract type for the quarters ended March 31, 2024 and 2023 are as follows:


(dollars in millions)	2024		2023

Fixed-price	$	3,293	$	3,237
Cost-type	3,337		3,024
Consolidated net sales	6,630		6,261
Inter-segment sales	29		31
Business segment sales	$	6,659	$	6,292

Contract Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Contract with Customer, Asset and Liability

Total contract assets and contract liabilities were as follows:


(dollars in millions)	March 31, 2024		December 31, 2023
Contract assets	$	13,104	$	12,139
Contract liabilities	(17,119)		(17,183)
Net contract liabilities	$	(4,015)	$	(5,044)

Acquisitions and Dispositions	3 Months Ended
Acquisitions and Dispositions	Mar. 31, 2024
Business Combinations [Abstract]
Acquisitions and Dispositions	Note 2: Acquisitions and Dispositions Dispositions. On March 29, 2024, we completed the sale of our Cybersecurity, Intelligence and Services (CIS) business within our Raytheon segment for proceeds of approximately $1.3 billion in cash, resulting in an aggregate pre-tax gain, net of transaction and other related costs, of $0.4 billion ($0.2 billion after tax), primarily recognized in Other income, net within the Condensed Consolidated Statement of Operations. As previously disclosed, on July 20, 2023, we entered into a definitive agreement to sell the actuation and flight control business within our Collins segment to Safran S.A. for gross proceeds of approximately $1.8 billion. The closing of the transaction is subject to regulatory approvals and other customary closing conditions. On November 16, 2023, the Italian government notified RTX that it has denied Safran’s proposed acquisition of the portion of the Collins business conducted by Microtecnica S.r.l. RTX and Safran have both appealed that decision to the relevant regional court in Italy, and continue to evaluate additional options in response to the Italian government’s decision.

Changes in Contract Estimates at Completion

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Changes in Contract Estimates at Completion

Note 5: 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 inputs, 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 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 March 31,
(dollars in millions, except per share amounts)	2024		2023
Total net sales	$	(18)	$	(40)
Operating profit	(162)		(124)
Income attributable to common shareowners (1)	(128)		(98)
Diluted earnings per share attributable to common shareowners (1)	$	(0.10)	$	(0.07)

(1) Amounts reflect a U.S. statutory tax rate of 21%, which approximates our tax rate on our EAC adjustments.

Condensed Consolidated Statement of Changes in Equity - USD ($) shares in Thousands, $ in Millions	Total	Common Stock [Member]	Treasury Stock, Common	Retained Earnings [Member]	Unearned ESOP Shares [Member]	AOCI Attributable to Parent [Member]	Noncontrolling Interest [Member]
Equity	$ 74,178
Stockholders' Equity Attributable to Parent		$ 37,939	$ (15,530)	$ 52,269	$ (28)	$ (2,018)
Noncontrolling interest							$ 1,546
Common stock plans activity		92			2
Common stock repurchased			(582)
Other				(1)
Net income attributable to common shareholders	$ 1,426			1,426
Dividends on common stock				(790)
Dividends on ESOP common stock				(13)
Other comprehensive income (loss), net of tax						29
Net income							55
Less: Redeemable noncontrolling interest net income							(2)
Dividends attributable to noncontrolling interest							(44)
Disposition of noncontrolling interest, net							(3)
Shares of common stock issued under employee plans, net	820
Shares of common stock repurchased	5,918
Dividends declared per share of common stock	$ 0.550
Equity	$ 74,347
Stockholders' Equity Attributable to Parent		38,031	(16,112)	52,891	(26)	(1,989)
Noncontrolling interest							1,552
Equity	61,410
Stockholders' Equity Attributable to Parent	59,798	37,055	(26,977)	52,154	(15)	(2,419)
Noncontrolling interest	1,612						1,612
Common stock plans activity		53			4
Common stock repurchased			(52)
Other				(28)
Net income attributable to common shareholders	$ 1,709			1,709
Dividends on common stock				(769)
Dividends on ESOP common stock				(14)
Other comprehensive income (loss), net of tax						(216)
Net income							34
Less: Redeemable noncontrolling interest net income							0
Dividends attributable to noncontrolling interest							(31)
Disposition of noncontrolling interest, net							0
Shares of common stock issued under employee plans, net	3,159
Shares of common stock repurchased	560
Dividends declared per share of common stock	$ 0.590
Equity	$ 62,100
Stockholders' Equity Attributable to Parent	60,485	$ 37,108	$ (27,029)	$ 53,052	$ (11)	$ (2,635)
Noncontrolling interest	$ 1,615						$ 1,615

Accounting Pronouncements	3 Months Ended
Accounting Pronouncements	Mar. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Accounting Pronouncements	Note 20: Accounting Pronouncements In March 2024, the SEC issued the final rule under SEC Release No. 33-11275 and 34-99678, The Enhancement and Standardization of Climate-Related Disclosures for Investors, requiring public companies to provide certain climate-related information in their registration statements and annual reports. The final rules will require information about a company’s climate-related risks that have materially impacted or are reasonably likely to have a material impact on its business strategy, results of operations, or financial condition, and the actual and potential material impacts of any identified climate-related risks on the company’s strategy, business model and outlook, as well as relating to assessment, management, oversight and mitigation of such material risks, material climate-related targets and goals, and material greenhouse gas emissions. Additionally, certain disclosures related to severe weather events and other natural conditions will be required in the audited financial statements. The first phase of the final rule is effective for fiscal years beginning in 2025. Disclosure for prior periods is only required if it was previously disclosed in an SEC filing. On April 4, 2024, the SEC voluntarily stayed implementation of the final rule to facilitate the orderly judicial resolution of pending legal challenges to the rule. We are currently evaluating the impact on our disclosures of adopting this new pronouncement. In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance income tax reporting disclosures and require disclosure of specific categories in the tabular rate reconciliation. The new standard is effective for fiscal years beginning after December 15, 2024, on a prospective basis. Early adoption and retrospective application are permitted. We are currently evaluating the impact on our disclosures of adopting this new pronouncement. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands the segment reporting disclosures and requires disclosure of segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss, amounts and description of its composition for other segment items, and interim disclosure of a reportable segment’s profit or loss and assets. Additionally, the amendments require the disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing performance and deciding how to allocate resources. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis. Early adoption is permitted. We are currently evaluating the impact on our disclosures of adopting this new pronouncement. Other new pronouncements issued but not effective until after March 31, 2024 are not expected to have a material impact on our results of operations, financial condition, or liquidity.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income attributable to common shareholders	$ 1,709	$ 1,426

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Schedule of contributions to plans

Contributions to our plans were as follows:


	Quarter Ended March 31,
(dollars in millions)	2024		2023
U.S. qualified defined benefit plans	$	—	$	—
International defined benefit plans	2		8
PRB plans	9		4
Defined contribution plans	395		372

Schedule of Amounts Recognized in Balance Sheet

The amounts recognized in the Condensed Consolidated Balance Sheet consist of:


(dollars in millions)	March 31, 2024		December 31, 2023
Noncurrent pension assets (included in Other assets)	$	1,600	$	1,296
Current pension and PRB liabilities (included in Accrued employee compensation)	270		270
Future pension and postretirement benefit obligations	2,320		2,385

The amounts recognized in Future pension and postretirement benefit obligations consist of:


(dollars in millions)	March 31, 2024		December 31, 2023
Noncurrent pension liabilities	$	1,679	$	1,737
Noncurrent PRB liabilities	580		582
Other pension and PRB related items	61		66
Future pension and postretirement benefit obligations	$	2,320	$	2,385

Schedule of Net Benefit Costs

The components of net periodic (income) expense for our defined pension and PRB plans were as follows:


	Pension Benefits Quarter Ended March 31,				PRB Quarter Ended March 31,
(dollars in millions)	2024		2023		2024		2023
Operating expense
Service cost	$	47	$	55	$	1	$	1
Non-operating expense
Interest cost	596		626		11		12
Expected return on plan assets	(937)		(937)		(5)		(5)
Amortization of prior service credit	(43)		(39)		—		—
Recognized actuarial net (gain) loss	5		(95)		(6)		(8)
Net settlement, curtailment, and special termination benefit (gain) loss	(7)		2		—		—
Non-service pension income	(386)		(443)		—		(1)
Total net periodic (income) expense	$	(339)	$	(388)	$	1	$	—

Marketable Securities

The fair value of marketable securities held in trusts was as follows:


(dollars in millions)	March 31, 2024		December 31, 2023
Marketable securities held in trusts	$	705	$	745

Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Variable Interest Entities [Abstract]

Schedule of Variable Interest Entities

The carrying amounts and classification of assets and liabilities for variable interest entities in our Condensed Consolidated Balance Sheet are as follows:


(dollars in millions)	March 31, 2024		December 31, 2023
Current assets	$	9,200	$	9,309
Noncurrent assets	946		860
Total assets	$	10,146	$	10,169
Current liabilities	$	12,680	$	13,020
Noncurrent liabilities	84		31
Total liabilities	$	12,764	$	13,051

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Cash Flows [Abstract]
Net income	$ 1,743	$ 1,481
Adjustments to reconcile net income to net cash flows provided by (used in) operating activities:
Depreciation and amortization	1,059	1,034
Deferred income tax benefit	(114)	(329)
Stock compensation cost	112	100
Net periodic pension and other postretirement income	(338)	(388)
Gain on sale of Cybersecurity, Intelligence and Services business, net of transaction costs	(415)	0
Change in:
Accounts receivable	431	(962)
Contract assets	(978)	(1,198)
Inventory	(646)	(720)
Other current assets	(225)	(526)
Accounts payable and accrued liabilities	(218)	490
Contract liabilities	(54)	223
Other operating activities, net	(15)	(68)
Net cash flows provided by (used in) operating activities	342	(863)
Investing Activities:
Capital expenditures	(467)	(520)
Dispositions of businesses, net of cash transferred	1,283	0
Increase in other intangible assets	(163)	(154)
Payments from settlements of derivative contracts, net	(1)	(13)
Other investing activities, net	41	108
Net cash flows provided by (used in) investing activities	693	(579)
Financing Activities:
Proceeds from long-term debt	0	2,971
Repayment of long-term debt	(950)	0
Change in commercial paper, net (Note 9)	0	(427)
Change in other short-term borrowings, net	(22)	22
Dividends paid on common stock	(769)	(790)
Repurchase of common stock	(56)	(562)
Other financing activities, net	(210)	(118)
Net cash flows (used in) provided by financing activities	(2,007)	1,096
Effect of foreign exchange rate changes on cash and cash equivalents	(8)	1
Net decrease in cash, cash equivalents, and restricted cash	(980)	(345)
Cash, cash equivalents, and restricted cash, beginning of period	6,626	6,291
Cash, cash equivalents, and restricted cash, end of period	5,646	5,946
Less: Restricted cash, included in Other assets, current and Other assets	39	53
Cash and cash equivalents, end of period	$ 5,607	$ 5,893

Changes in Contract Estimates at Completion (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Schedule of Change in Accounting Estimate

Net EAC adjustments had the following impact on our operating results:


	Quarter Ended March 31,
(dollars in millions, except per share amounts)	2024		2023
Total net sales	$	(18)	$	(40)
Operating profit	(162)		(124)
Income attributable to common shareowners (1)	(128)		(98)
Diluted earnings per share attributable to common shareowners (1)	$	(0.10)	$	(0.07)

(1) Amounts reflect a U.S. statutory tax rate of 21%, which approximates our tax rate on our EAC adjustments.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Tax Disclosure	Note 11: Income Taxes Our effective tax rate for the quarter ended March 31, 2024 was 5.8%, as compared to 18.4% for the quarter ended March 31, 2023. The lower effective tax rate for the quarter ended March 31, 2024 compared to the quarter ended March 31, 2023 is primarily driven by the $275 million tax benefit recognized as a result of the conclusion of the examination phases of the RTX and Rockwell Collins audits, partially offset by the tax costs related to the sale of the CIS business of $143 million. We conduct business globally and, as a result, RTX or one or more of our subsidiaries files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business, we are subject to examination by taxing authorities throughout the world, including such major jurisdictions as Canada, China, France, Germany, India, Poland, Saudi Arabia, Singapore, Switzerland, the United Kingdom, and the United States. With few exceptions, we are no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations for years before 2014. The Examination Division of the Internal Revenue Service (IRS) has concluded the examination phase of RTX (formerly United Technologies Corporation) tax years 2017 and 2018, pre-acquisition Rockwell Collins tax years 2016, 2017 and 2018, and pre-merger Raytheon Company tax years 2017, 2018 and 2019 as well as certain refund claims of Raytheon Company for tax years 2014, 2015 and 2016 filed prior to the Raytheon merger. The Company filed protests with respect to certain IRS proposed adjustments for each exam and will dispute these adjustments at the Appeals Division of the IRS. The timing of any resolution at the Appeals Division is uncertain. As a result of the conclusion of the examination phases for RTX and Rockwell Collins during the quarter ended March 31, 2024, the Company recognized a net income benefit of $285 million in the quarter, of which $275 million is within income tax expense. The net income benefit recognized includes the effects of adjusting interest accruals and certain tax related indemnity receivables. In the ordinary course of business, there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances, and information available at the reporting date. It is reasonably possible that over the next 12 months the amount of unrecognized tax benefits may change within a range of a net reduction of $50 million to a net increase of $75 million as a result of the revaluation of uncertain tax positions arising from developments in examinations, in appeals, or in the courts, or the closure of tax statutes.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S99
-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 740
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-Topic 740
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-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Guarantees (Details) - USD ($) $ in Millions	3 Months Ended
Guarantees (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Guarantor Obligations and Product Warranty [Line Items]
Balance as of January 1	$ 1,091	$ 1,109
Warranties and performance guarantees issued	65	69
Settlements	(71)	(84)
Other	(1)	(1)
Balance as of March 31	1,084	$ 1,093
Commercial Aerospace Financing Arrangements
Guarantor Obligations and Product Warranty [Line Items]
Maximum Potential Payment	286		$ 288
Carrying Amount of Liability	0		0
Third Party Guarantees
Guarantor Obligations and Product Warranty [Line Items]
Maximum Potential Payment	365		386
Carrying Amount of Liability	1		1
Commercial Aerospace [Member]
Guarantor Obligations and Product Warranty [Line Items]
Partner Share of Guarantor Obligations, Maximum Exposure, Undiscounted	134		135
Guarantee Type, Other
Guarantor Obligations and Product Warranty [Line Items]
Carrying Amount of Liability	$ 94		$ 97

Variable Interest Entities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Assets, Current	$ 48,023	$ 48,417
Total assets	160,187	161,869
Liabilities, Current	45,019	46,761
Total liabilities	98,050	100,424
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets, Current	9,200	9,309
Assets, Noncurrent	946	860
Total assets	10,146	10,169
Liabilities, Current	12,680	13,020
Liabilities, Noncurrent	84	31
Total liabilities	$ 12,764	$ 13,051
International Aero Engines AG [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Qualitative of Quantitative Information, Net Percentage	61.00%
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage	49.50%
Variable Interest Entity, Qualitative of Quantitative Information, Net Percentage Post	57.00%
International Aero Engines LLC [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Qualitative of Quantitative Information, Net Percentage	59.00%
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage	59.00%
Variable Interest Entity, Qualitative of Quantitative Information, Net Percentage Post	51.00%

Basis of Presentation (Details) $ in Millions	3 Months Ended
Basis of Presentation (Details) $ in Millions	Mar. 31, 2024 USD ($)
Basis of Presentation [Line Items]
Charges associated with alternative titanium sources at Collins	$ 175

Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Note 4: Earnings Per Share


	Quarter Ended March 31,
(dollars and shares in millions, except per share amounts)	2024		2023



Net income attributable to common shareowners	$	1,709	$	1,426
Basic weighted average number of shares outstanding	1,329.4		1,462.2
Stock awards and equity units (share equivalent)	7.9		12.0
Diluted weighted average number of shares outstanding	1,337.3		1,474.2
Earnings Per Share attributable to common shareowners:


Basic	$	1.29	$	0.98



Diluted	1.28		0.97

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 the quarters ended March 31, 2024 and 2023, the number of stock awards excluded from the computation was 15.3 million and 4.1 million, respectively.

Remaining Performance Obligations (RPO)	3 Months Ended
Remaining Performance Obligations (RPO)	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Remaining Performance Obligation	Note 19: Remaining Performance Obligations (RPO) RPO represents the aggregate amount of total contract transaction price that is unsatisfied or partially unsatisfied. Total RPO was $202 billion as of March 31, 2024. Of the total RPO as of March 31, 2024, we expect approximately 25% will be recognized as revenue over the next 12 months. Approximately 45% of our RPO relates to long-term commercial aerospace maintenance contracts at Pratt & Whitney, which are generally expected to be realized over a span of up to 20 years.

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2024 shares
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-00812
Entity Registrant Name	RTX CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	06-0570975
Entity Address, Address Line One	1000 Wilson Boulevard,
Entity Address, City or Town	Arlington,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22209
City Area Code	(781)
Local Phone Number	522-3000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	1,329,506,013
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000101829
Common Stock [Member]
Title of 12(b) Security	Common Stock ($1 par value)
Trading Symbol	RTX
Security Exchange Name	NYSE
Notes 2.150% Due 2030
Title of 12(b) Security	2.150% Notes due 2030
Trading Symbol	RTX 30
Security Exchange Name	NYSE

Changes in Contract Estimates at Completion (Schedule of Change in Accounting Estimate) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Change in Accounting Estimate [Line Items]
Total net sales	$ (18)	$ (40)
Operating profit	1,870	1,687
Contracts Accounted for under Percentage of Completion [Member]
Change in Accounting Estimate [Line Items]
Operating profit	(162)	(124)
Income attributable to common shareowners (1)	$ (128)	$ (98)
Diluted earnings per share attributable to common shareowners (1)	$ (0.10)	$ (0.07)

- Definition

Amount after tax of income (loss) from continuing operations attributable to the parent.

+ References

+ Details

- Definition

The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

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-Topic 250
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accounts Receivable, Net (Schedule of Receivables, Net) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Accounts receivable	$ 10,600	$ 11,154
Allowance for expected credit losses	(320)	(316)
Total accounts receivable, net	$ 10,280	$ 10,838

Borrowing and Lines of Credit (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Line of Credit Facility [Line Items]
Maximum Commercial Paper Borrowing Authority	$ 5,000
Commercial paper	0		$ 0
Proceeds from Issuance of Commercial Paper, Original Maturities Greater than 90 days	0	$ 0
Repayments of Commercial Paper, Original Maturities Greater than 90 days	$ 0	$ 100
Average Years of Maturity of Long Term Debt	13 years
Revolving Credit Agreement [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 5,000
Borrowings outstanding	$ 0

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net income attributable to common shareowners:
Net income attributable to common shareowners	$ 1,709	$ 1,426
Basic weighted average number of shares outstanding	1,329.4	1,462.2
Stock awards and equity units (share equivalent)	7.9	12.0
Diluted weighted average number of shares outstanding	1,337.3	1,474.2
Earnings Per Share attributable to common shareowners:
Earnings Per Share, Basic	$ 1.29	$ 0.98
Earnings Per Share, Diluted	$ 1.28	$ 0.97
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	15.3	4.1

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Goodwill and Intangible Assets (Goodwill) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill [Line Items]
Goodwill - Beginning Balance	$ 53,699
Goodwill - Acquisitions and Divestitures	0
Goodwill, Foreign Currency Translation and Other	(55)
Goodwill - Ending Balance	53,644
Collins Aerospace [Member]
Goodwill [Line Items]
Goodwill - Beginning Balance	33,135
Goodwill - Acquisitions and Divestitures	0
Goodwill, Foreign Currency Translation and Other	(57)
Goodwill - Ending Balance	33,078
Pratt & Whitney [Member]
Goodwill [Line Items]
Goodwill - Beginning Balance	1,563
Goodwill - Acquisitions and Divestitures	0
Goodwill, Foreign Currency Translation and Other	0
Goodwill - Ending Balance	1,563
Raytheon
Goodwill [Line Items]
Goodwill - Beginning Balance	18,984
Goodwill - Acquisitions and Divestitures	0
Goodwill, Foreign Currency Translation and Other	2
Goodwill - Ending Balance	18,986
Total Segments [Member]
Goodwill [Line Items]
Goodwill - Beginning Balance	53,682
Goodwill - Acquisitions and Divestitures	0
Goodwill, Foreign Currency Translation and Other	(55)
Goodwill - Ending Balance	53,627
Eliminations and other [Member]
Goodwill [Line Items]
Goodwill - Beginning Balance	17
Goodwill - Acquisitions and Divestitures	0
Goodwill, Foreign Currency Translation and Other	0
Goodwill - Ending Balance	$ 17

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Borrowings and Lines of Credit (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long Term Debt Issuances

We had the following issuances of long-term debt during the quarter ended March 31, 2023:


Date	Description of Notes	Aggregate 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

Schedule of Repayments of Long-Term Debt

We made the following repayment of long-term debt during the quarter ended March 31, 2024:


Date	Description of Notes	Aggregate Principal Balance (in millions)
March 15, 2024	3.200% notes due 2024	$	950

Schedule of Long-term Debt

Long-term debt consisted of the following:


(dollars in millions)	March 31, 2024		December 31, 2023
3.200% notes due 2024 (1)	$	—	$	950
3.150% notes due 2024 (1)	300		300
3 Month SOFR plus 1.225% term loan due 2025	2,000		2,000
3.950% notes due 2025 (1)	1,500		1,500
5.000% notes due 2026 (1)	500		500
2.650% notes due 2026 (1)	719		719
3 Month SOFR plus 1.225% term loan due 2026	2,000		2,000
5.750% notes due 2026 (1)	1,250		1,250
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
5.750% notes due 2029 (1)	500		500
7.500% notes due 2029 (1)	414		414
2.150% notes due 2030 (€500 million principal value) (1)	542		548
2.250% notes due 2030 (1)	1,000		1,000
6.000% notes due 2031 (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		1,250
6.100% notes due 2034 (1)	1,500		1,500
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		1,250
6.400% notes due 2054 (1)	1,750		1,750
Other (including finance leases)	252		255
Total principal long-term debt	42,738		43,697
Other (fair market value adjustments, (discounts)/premiums, and debt issuance costs)	(60)		(59)
Total long-term debt	42,678		43,638
Less: current portion	344		1,283
Long-term debt, net of current portion	$	42,334	$	42,355

(1) We may redeem these notes, in whole or in part, at our option pursuant to their terms prior to the applicable maturity date.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

Contract Asset and Liability (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenue from contract with customer [Line Items]
Contract assets	$ 13,104		$ 12,139
Contract liabilities	(17,119)		(17,183)
Net contract liabilities	(4,015)		(5,044)
Contract with Customer, Asset, Change	965
Contract with Customer, Liability, Revenue Recognized	2,600	$ 1,900
Advances received to date on contracts related to precision guided munitions to certain Middle Eastern customers pending U.S. government approval	405
Contract with Customer, Asset, Allowance for Credit Loss	$ 194		$ 197

Condensed Consolidated Statement of Operations - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Sales:
Net sales	$ 19,305	$ 17,214
Costs and Expenses:
Research and development	669	607
Selling, general and administrative	1,394	1,363
Total costs and expenses	17,807	15,615
Other income, net	372	88
Operating profit	1,870	1,687
Non-service pension income	(386)	(444)
Interest expense, net	405	315
Total non-operating expense (income), net	19	(129)
Income before income taxes	1,851	1,816
Income tax expense	108	335
Net income	1,743	1,481
Less: Noncontrolling interest in subsidiaries’ earnings	34	55
Net income attributable to common shareowners	$ 1,709	$ 1,426
Earnings Per Share attributable to common shareowners:
Basic	$ 1.29	$ 0.98
Diluted	$ 1.28	$ 0.97
Product [Member]
Net Sales:
Net sales	$ 14,303	$ 12,787
Costs and Expenses:
Cost of sales	12,216	10,700
Service [Member]
Net Sales:
Net sales	5,002	4,427
Costs and Expenses:
Cost of sales	$ 3,528	$ 2,945