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Analysis of Income Taxes
- Income Tax Expense (Benefit)
- Effective Income Tax Rate (EITR)
- Components of Deferred Tax Assets and Liabilities
- Deferred Tax Assets and Liabilities, Classification
- Adjustments to Financial Statements: Removal of Deferred Taxes
- Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
- Adjusted Net Profit Margin
- Adjusted Total Asset Turnover
- Adjusted Financial Leverage
- Adjusted Return on Equity (ROE)
- Adjusted Return on Assets (ROA)
Income Tax Expense (Benefit)
Raytheon Technologies Corp., income tax expense (benefit), continuing operations
US$ in millions
12 months ended: | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | ||||||
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Income tax expense |
Based on: 10-K (filing date: 2020-02-06), 10-K (filing date: 2019-02-07), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-11).
Item | Description | The company |
---|---|---|
Current | Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. | Raytheon Technologies Corp.’s current decreased from 2017 to 2018 but then slightly increased from 2018 to 2019. |
Future | Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. | Raytheon Technologies Corp.’s future increased from 2017 to 2018 but then decreased significantly from 2018 to 2019. |
Income tax expense | Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. | Raytheon Technologies Corp.’s income tax expense decreased from 2017 to 2018 and from 2018 to 2019. |
Effective Income Tax Rate (EITR)
Raytheon Technologies Corp., effective income tax rate (EITR) reconciliation
Based on: 10-K (filing date: 2020-02-06), 10-K (filing date: 2019-02-07), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-11).
Item | Description | The company |
---|---|---|
Effective income tax rate, before U.S. tax reform | Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. | Raytheon Technologies Corp.’s effective income tax rate, before U.S. tax reform decreased from 2017 to 2018 but then increased from 2018 to 2019 exceeding 2017 level. |
Components of Deferred Tax Assets and Liabilities
Raytheon Technologies Corp., components of deferred tax assets and liabilities
US$ in millions
Based on: 10-K (filing date: 2020-02-06), 10-K (filing date: 2019-02-07), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-11).
Item | Description | The company |
---|---|---|
Future income tax benefits, gross | Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. | Raytheon Technologies Corp.’s future income tax benefits, gross increased from 2017 to 2018 and from 2018 to 2019. |
Future income tax benefits, net | Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. | Raytheon Technologies Corp.’s future income tax benefits, net increased from 2017 to 2018 and from 2018 to 2019. |
Future income tax benefits and payables, net | Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. | Raytheon Technologies Corp.’s future income tax benefits and payables, net decreased from 2017 to 2018 and from 2018 to 2019. |
Deferred Tax Assets and Liabilities, Classification
Raytheon Technologies Corp., deferred tax assets and liabilities, classification
US$ in millions
Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | ||
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Future income tax benefits | ||||||
Future income taxes payables |
Based on: 10-K (filing date: 2020-02-06), 10-K (filing date: 2019-02-07), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-11).
Item | Description | The company |
---|---|---|
Future income tax benefits | Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. | Raytheon Technologies Corp.’s future income tax benefits decreased from 2017 to 2018 and from 2018 to 2019. |
Future income taxes payables | Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. | Raytheon Technologies Corp.’s future income taxes payables increased from 2017 to 2018 and from 2018 to 2019. |
Adjustments to Financial Statements: Removal of Deferred Taxes
Raytheon Technologies Corp., adjustments to financial statements
US$ in millions
Based on: 10-K (filing date: 2020-02-06), 10-K (filing date: 2019-02-07), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-11).
Raytheon Technologies Corp., Financial Data: Reported vs. Adjusted
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Raytheon Technologies Corp., adjusted financial ratios
Based on: 10-K (filing date: 2020-02-06), 10-K (filing date: 2019-02-07), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-11).
Financial ratio | Description | The company |
---|---|---|
Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by total revenue. | Raytheon Technologies Corp.’s adjusted net profit margin ratio improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019. |
Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Raytheon Technologies Corp.’s adjusted total asset turnover ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019. |
Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
Raytheon Technologies Corp.’s adjusted financial leverage ratio increased from 2017 to 2018 but then decreased significantly from 2018 to 2019. |
Adjusted ROE | A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. | Raytheon Technologies Corp.’s adjusted ROE deteriorated from 2017 to 2018 and from 2018 to 2019. |
Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | Raytheon Technologies Corp.’s adjusted ROA deteriorated from 2017 to 2018 and from 2018 to 2019. |
Raytheon Technologies Corp., Financial Ratios: Reported vs. Adjusted
Adjusted Net Profit Margin
Based on: 10-K (filing date: 2020-02-06), 10-K (filing date: 2019-02-07), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-11).
2019 Calculations
1 Net profit margin = 100 × Net income attributable to common shareowners ÷ Net sales
= 100 × ÷ =
2 Adjusted net profit margin = 100 × Adjusted net income attributable to common shareowners ÷ Net sales
= 100 × ÷ =
Profitability ratio | Description | The company |
---|---|---|
Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by total revenue. | Raytheon Technologies Corp.’s adjusted net profit margin ratio improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019. |
Adjusted Total Asset Turnover
Based on: 10-K (filing date: 2020-02-06), 10-K (filing date: 2019-02-07), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-11).
2019 Calculations
1 Total asset turnover = Net sales ÷ Total assets
= ÷ =
2 Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= ÷ =
Activity ratio | Description | The company |
---|---|---|
Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Raytheon Technologies Corp.’s adjusted total asset turnover ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019. |
Adjusted Financial Leverage
Based on: 10-K (filing date: 2020-02-06), 10-K (filing date: 2019-02-07), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-11).
2019 Calculations
1 Financial leverage = Total assets ÷ Shareowners’ equity
= ÷ =
2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareowners’ equity
= ÷ =
Solvency ratio | Description | The company |
---|---|---|
Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
Raytheon Technologies Corp.’s adjusted financial leverage ratio increased from 2017 to 2018 but then decreased significantly from 2018 to 2019. |
Adjusted Return on Equity (ROE)
Based on: 10-K (filing date: 2020-02-06), 10-K (filing date: 2019-02-07), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-11).
2019 Calculations
1 ROE = 100 × Net income attributable to common shareowners ÷ Shareowners’ equity
= 100 × ÷ =
2 Adjusted ROE = 100 × Adjusted net income attributable to common shareowners ÷ Adjusted shareowners’ equity
= 100 × ÷ =
Profitability ratio | Description | The company |
---|---|---|
Adjusted ROE | A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. | Raytheon Technologies Corp.’s adjusted ROE deteriorated from 2017 to 2018 and from 2018 to 2019. |
Adjusted Return on Assets (ROA)
Based on: 10-K (filing date: 2020-02-06), 10-K (filing date: 2019-02-07), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-11).
2019 Calculations
1 ROA = 100 × Net income attributable to common shareowners ÷ Total assets
= 100 × ÷ =
2 Adjusted ROA = 100 × Adjusted net income attributable to common shareowners ÷ Adjusted total assets
= 100 × ÷ =
Profitability ratio | Description | The company |
---|---|---|
Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | Raytheon Technologies Corp.’s adjusted ROA deteriorated from 2017 to 2018 and from 2018 to 2019. |