RTX Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>RTX Corp has submitted its 2023 annual report (10-K) detailing its financial performance and business operations.</b>

AI Summary

RTX Corp (RTX) filed a Annual Report (10-K) with the SEC on February 5, 2024. RTX Corp filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business is Aircraft Engines & Engine Parts. RTX Corp was formerly known as Raytheon Technologies Corp and United Technologies Corp /DE/. The company is incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking RTX Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of RTX Corp's financial health and strategic direction for the fiscal year 2023, crucial for investors assessing its performance. As a major player in the Aircraft Engines & Engine Parts industry, the details within this report offer insights into the company's operational standing and future outlook.

Risk Assessment

Risk Level: medium — RTX Corp shows moderate risk based on this filing. The company operates in the defense and aerospace sectors, which are subject to significant government regulation and contract fluctuations, as indicated by its SIC code and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand RTX Corp's performance and outlook in the aerospace and defense industry.

Key Numbers

• 20231231 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 20240205 — Filing Date (FILED AS OF DATE)
• 3724 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• RTX Corp (company) — FILER
• Raytheon Technologies Corp (company) — FORMER COMPANY
• United Technologies Corp /DE/ (company) — FORMER COMPANY
• AIRCRAFT ENGINES & ENGINE PARTS (company) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (company) — STATE OF INCORPORATION

Forward-Looking Statements

• RTX Corp will continue to report its fiscal year ending on December 31st in future annual filings. (RTX Corp) — high confidence, target: 2024-12-31
• The company will maintain its primary focus on aircraft engines and engine parts, consistent with its SIC code. (RTX Corp) — high confidence, target: 2025-02-05

FAQ

Industry Context

RTX Corp operates within the aerospace and defense industry, specifically in aircraft engines and engine parts.

Regulatory Implications

The company is subject to SEC regulations for public companies, requiring annual filings like the 10-K.

What Investors Should Do

1. Analyze the full 10-K for detailed financial statements and segment performance.
2. Review the risk factors section for potential challenges and mitigation strategies.
3. Compare key financial metrics with previous years to identify trends.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-05: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing for the 2023 fiscal year, following the 2022 10-K.

Key Financial Figures

• $1 — ange on which registered Common Stock ($1 par value) RTX New York Stock Exchange
• $3.5 billion — reements with global airlines valued at $3.5 billion in the aggregate. Collins continued to
• $196 billion — IQ) type contracts). Total backlog was $196 billion and $175 billion as of December 31, 202
• $175 billion — s). Total backlog was $196 billion and $175 billion as of December 31, 2023 and 2022, respe

Filing Documents

• rtx-20231231.htm (10-K) — 3785KB
• exhibit212023-12x3110xk.htm (EX-21) — 27KB
• exhibit232023-12x3110xk.htm (EX-23) — 3KB
• exhibit242023-12x3110xk.htm (EX-24) — 43KB
• exhibit3112023-12x3110xk.htm (EX-31.1) — 11KB
• exhibit3122023-12x3110xk.htm (EX-31.2) — 11KB
• exhibit3132023-12x3110xk.htm (EX-31.3) — 11KB
• exhibit322023-12x3110xk.htm (EX-32) — 8KB
• exhibit972023-12x3110xk.htm (EX-97) — 32KB
• rtx-20231231_g1.jpg (GRAPHIC) — 89KB
• 0000101829-24-000008.txt (&nbsp;) — 20031KB
• rtx-20231231.xsd (EX-101.SCH) — 108KB
• rtx-20231231_cal.xml (EX-101.CAL) — 113KB
• rtx-20231231_def.xml (EX-101.DEF) — 663KB
• rtx-20231231_lab.xml (EX-101.LAB) — 1460KB
• rtx-20231231_pre.xml (EX-101.PRE) — 964KB
• rtx-20231231_htm.xml (XML) — 3948KB

Risk Factors

Item 1A. Risk Factors 13

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 27

Cybersecurity

Item 1C. Cybersecurity 27

Properties

Item 2. Properties 30

Legal Proceedings

Item 3. Legal Proceedings 30

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 30 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31

Reserved

Item 6. Reserved 32

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 33

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 59

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 61

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 114

Controls and Procedures

Item 9A. Controls and Procedures 114

Other Information

Item 9B. Other Information 114

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 114 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 115

Executive Compensation

Item 11. Executive Compensation 116

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 116

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 116

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 116 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 117

Form 10-K Summary

Item 16. Form 10-K Summary 124

SIGNATURES

SIGNATURES 125 RTX Corporation and its subsidiaries' names, abbreviations thereof, logos, and products and services designators are all either the registered or unregistered trademarks or tradenames of RTX Corporation and its subsidiaries. Names, abbreviations of names, logos, and products and services designators of other companies are either the registered or unregistered trademarks or tradenames of their respective owners. References to internet web sites in this Form 10-K are provided for convenience only. Information available through these web sites is not incorporated by reference into this Form 10-K. 3 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS General RTX Corporation is an aerospace and defense company that provides advanced systems and services for commercial, military, and government customers worldwide. The terms "we," "us," "our," the "Company", and "RTX" mean RTX Corporation and its subsidiaries, unless the context indicates another meaning. We serve commercial and government customers in both the original equipment and aftermarket parts and services segments of the aerospace industry. Our defense business serves both domestic and international customers as a prime contractor or subcontractor on a broad portfolio of defense and related programs for military and government customers. RTX Corporation, formerly known as Raytheon Technologies, was incorporated in Delaware in 1934. The following description of our business should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" within Item 7 of this Form 10-K, including the information contained therein under the heading "Business Overview." Business Segments As previously announced, effective July 1, 2023, we streamlined the structure of our core businesses to three principal business segments: Collins Aerospace (Collins), Pratt & Whitney, and Raytheon, with each segment comprised of groups of similar operations. All segment information included in this Form 10-K is reflective of this new structure and prior period information has been recast to conform to our current period presentation. Collins Aerospace is a leading global provider of technologically advanced aerospace and defense products and aftermarket service solutions for civil and military aircraft manufacturers, commercial airlines, and regional, business and general aviation, as well as for defense and commercial space operations. Collins designs, manufactures and supplies electric power generation, management and distribution systems, environmental control systems, flight control systems, air data and ai

View Full Filing

View this 10-K filing on SEC EDGAR