Summary
RTX Corporation (RTX) filed an 8-K on July 25, 2023, to announce its second quarter 2023 results and disclose a significant organizational change. The company has realigned its business structure into three principal segments: Collins Aerospace, Pratt & Whitney, and Raytheon, effective July 1, 2023. This change consolidates the previous four segments (Collins Aerospace, Pratt & Whitney, Raytheon Intelligence & Space, and Raytheon Missiles & Defense) and will affect how the company reports its financial performance going forward. While the press release announcing Q2 2023 results is furnished as an exhibit, the 8-K primarily focuses on the segment realignment. RTX is providing supplemental, non-GAAP historical segment information to help investors understand the impact of this restructuring. Investors should note that this supplemental data is not prepared under GAAP and will be officially reflected in the company's Q3 2023 reporting, allowing for comparative analysis on the new structure.
Key Highlights
- 1RTX Corp announced a business segment realignment, consolidating from four to three principal segments: Collins Aerospace, Pratt & Whitney, and Raytheon.
- 2The new segment structure is effective July 1, 2023, and will impact future financial reporting.
- 3The company is providing supplemental, non-GAAP historical segment data to aid investor understanding of the restructuring's impact.
- 4This supplemental information is not prepared in accordance with U.S. GAAP and is intended to bridge to future GAAP reporting under the new structure.
- 5Investors should refer to the company's upcoming Q3 2023 Form 10-Q for comparative results under the new segment basis.
- 6The 8-K itself does not contain detailed Q2 2023 financial results but references a furnished press release (Exhibit 99.1).