Document
false860--12-31Q220192019-06-30truefalse10 Farm Springs RoadFarmington06032CT0000101829YesfalseLarge Accelerated FilerDEUNITED TECHNOLOGIES CORP /DE/falsefalse728-70005100000The three-month EURIBOR rate as of June 30, 2019 was approximately -0.345%. The notes may be redeemed at our option in whole, but not in part, at any time in the event of certain developments affecting U.S. taxation. The three-month EURIBOR rate as of June 30, 2019 was approximately -0.345%. The notes may be redeemed at our option in whole, but not in part, at any time in the event of certain developments affecting U.S. taxation. The three-month LIBOR rate as of June 30, 2019 was approximately 2.319%. The three-month LIBOR rate as of June 30, 2019 was approximately 2.319%. We may redeem these notes at our option pursuant to their terms. We may redeem these notes at our option pursuant to their terms.We may redeem these notes at our option pursuant to their terms.We may redeem these notes at our option pursuant to their terms.We may redeem these notes at our option pursuant to their terms.We may redeem these notes at our option pursuant to their terms. Rockwell Collins debt which remained outstanding following the Merger.We may redeem these notes at our option pursuant to their terms.We may redeem these notes at our option pursuant to their terms.We may redeem these notes at our option pursuant to their terms. We may redeem these notes at our option pursuant to their terms.Rockwell Collins debt which remained outstanding following the Merger.We may redeem these notes at our option pursuant to their terms.Rockwell Collins debt which remained outstanding following the Merger.We may redeem these notes at our option pursuant to their terms.Rockwell Collins debt which remained outstanding following the Merger.We may redeem these notes at our option pursuant to their terms.Rockwell Collins debt which remained outstanding following the Merger.We may redeem these notes at our option pursuant to their terms.Rockwell Collins debt which remained outstanding following the Merger.We may redeem these notes at our option pursuant to their terms.We may redeem these notes at our option pursuant to their terms.We may redeem these notes at our option pursuant to their terms.We may redeem these notes at our option pursuant to their terms.We may redeem these notes at our option pursuant to their terms.We may redeem these notes at our option pursuant to their terms.Rockwell Collins debt which remained outstanding following the Merger.We may redeem these notes at our option pursuant to their terms.We may redeem these notes at our option pursuant to their terms.Rockwell Collins debt which remained outstanding following the Merger.We may redeem these notes at our option pursuant to their terms.We may redeem these notes at our option pursuant to their terms.We may redeem these notes at our option pursuant to their terms.Rockwell Collins debt which remained outstanding following the Merger.We may redeem these notes at our option pursuant to their terms.We may redeem these notes at our option pursuant to their terms.We may redeem these notes at our option pursuant to their terms.We may redeem these notes at our option pursuant to their terms.We may redeem these notes at our option pursuant to their terms.We may redeem these notes at our option pursuant to their terms.0.00150.011250.01150.012500.015000.018750.019000.01950.019500.02150.023000.026500.0280.028000.0310.031250.0320.033500.0350.03650.0370.037500.03950.031000.040500.041250.041500.04350.04450.046250.0480.045000.045000.048750.05250.054000.057000.060500.061250.067000.068000.070000.071000.075000.087500.08875EURIBOR plus 0.15% floating rate notes due 2019 (€750 million principal value) 2EURIBOR plus 0.20% floating rate notes due 2020 (€750 million principal value) 2LIBOR plus 0.650% floating rate notes due 2021 1,3LIBOR plus 0.350% floating rate notes due 2019 3 2018-05-182018-08-162018-05-182018-05-182018-08-162018-08-162018-08-162018-08-162018-08-162018-08-162019202020192021202120242023201920262020201920212030202220262022202420212027202420212027202320232046202520222047202820452047203820482043202020422020201920352040203620382028203620382027202920212019P20Y0MP10Y0MP15Y0M180 days after the date on which each of the separations of Otis and Carrier have been consummated2021-03-152021-08-052021-08-052019-03-1500000$1.73 billion€215 million (approximately $245 million)$177 million4/1/2019August 3, 2012December 24, 2013Our estimated total liability to resolve all pending and unasserted potential future asbestos claims through 2059 is approximately $328 million and is principally recorded in Other long-term liabilities on our Condensed Consolidated Balance Sheet as of June 30, 2019. This amount is on a pre-tax basis, not discounted, and excludes the Company’s legal fees to defend the asbestos claims (which will continue to be expensed by the Company as they are incurred). In addition, the Company has an insurance recovery receivable for probable asbestos related recoveries of approximately $147 million, which is included primarily in Other assets on our Condensed Consolidated Balance Sheet as of June 30, 2019. The amounts recorded by UTC for asbestos-related liabilities and insurance recoveries are based on currently available information and assumptions that we believe are reasonable. Our actual liabilities or insurance recoveries could be higher or lower than those recorded if actual results vary significantly from the assumptions. Key variables in these assumptions include the number and type of new claims to be filed each year, the outcomes or resolution of such claims, the average cost of resolution of each new claim, the amount of insurance available, the allocation methodologies, the contractual terms with each insurer with whom we have reached settlements, the resolution of coverage issues with other excess insurance carriers with whom we have not yet achieved settlements, and the solvency risk with respect to our insurance carriers. Other factors that may affect our future liability include uncertainties surrounding the litigation process from jurisdiction to jurisdiction and from case to case, legal rulings that may be made by state and federal courts, and the passage of state or federal legislation. At the end of each year, the Company will evaluate all of these factors and, with input from an outside actuarial expert, make any necessary adjustments to both our estimated asbestos liabilities and insurance recoveries.P4Y0M22DIn October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. The amendments in this update for determining whether a decision-making fee is a variable interest require reporting entities to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety (as currently required in generally accepted accounting principles (GAAP)). These amendments also will create alignment between determining whether a decision making fee is a variable interest and determining whether a reporting entity within a related party group is the primary beneficiary of a VIE. This will significantly reduce the risk that decision makers with insignificant direct and indirect interests could be deemed the primary beneficiary of a VIE. The provisions of this ASU are effective for years beginning after December 15, 2019, with early adoption permitted. 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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
 ____________________________________ 
FORM 10-Q
____________________________________ 
ý
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                  to                 
Commission file number 1-812
____________________________________ 
UNITED TECHNOLOGIES CORPORATION
____________________________________ 
DELAWARE
 
06-0570975
10 Farm Springs Road, Farmington, Connecticut 06032
(860) 728-7000
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock ($1 par value)
UTX
 
New York Stock Exchange
(CUSIP 913017 10 9)
 
 
 
1.125% Notes due 2021
UTX 21D
 
New York Stock Exchange
(CUSIP 913017 CD9)
 
 
 
1.250% Notes due 2023
UTX 23
 
New York Stock Exchange
(CUSIP U91301 AD0)
 
 
 
1.150% Notes due 2024
UTX 24A
 
New York Stock Exchange
(CUSIP 913017 CU1)
 
 
 
1.875% Notes due 2026
UTX 26
 
New York Stock Exchange
(CUSIP 913017 CE7)
 
 
 
2.150% Notes due 2030
UTX 30
 
New York Stock Exchange
(CUSIP 913017 CV9)
 
 
 
Floating Rate Notes due 2019
UTX 19C
 
New York Stock Exchange
(CUSIP 913017 CS6)
 
 
 
Floating Rate Notes due 2020
UTX 20B
 
New York Stock Exchange
(CUSIP 913017 CT4)
 
 
 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý.    No  ¨.


Table of Contents

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ý.    No  ¨.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
ý
Accelerated filer
¨
 
 
 
 
Non-accelerated filer
¨
Smaller reporting company
¨
 
 
 
 
 
 
Emerging growth company
¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨.    No  ý.
At June 30, 2019 there were 862,831,280 shares of Common Stock outstanding.





Table of Contents

UNITED TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
CONTENTS OF QUARTERLY REPORT ON FORM 10-Q
Quarter Ended June 30, 2019
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

United Technologies Corporation and its subsidiaries' names, abbreviations thereof, logos, and product and service designators are all either the registered or unregistered trademarks or tradenames of United Technologies Corporation and its subsidiaries. Names, abbreviations of names, logos, and products and service designators of other companies are either the registered or unregistered trademarks or tradenames of their respective owners. As used herein, the terms "we," "us," "our," "the Company," or "UTC," unless the context otherwise requires, mean United Technologies Corporation and its subsidiaries. References to internet web sites in this Form 10-Q are provided for convenience only. Information available through these web sites is not incorporated by reference into this Form 10-Q.

3

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1.
Financial Statements

UNITED TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited) 
 
Quarter Ended June 30,
(dollars in millions, except per share amounts)
2019
 
2018
Net Sales:
 
 
 
Product sales
$
14,033

 
$
11,520

Service sales
5,601

 
5,185

 
19,634

 
16,705

Costs and Expenses:
 
 
 
Cost of products sold
10,863

 
9,154

Cost of services sold
3,550

 
3,268

Research and development
743

 
589

Selling, general and administrative
2,106

 
1,759

 
17,262

 
14,770

Other income, net
212

 
941

Operating profit
2,584

 
2,876

Non-service pension (benefit)
(216
)
 
(192
)
Interest expense, net
360

 
234

Income from operations before income taxes
2,440

 
2,834

Income tax expense
441

 
695

Net income from operations
1,999

 
2,139

Less: Noncontrolling interest in subsidiaries' earnings from operations
99

 
91

Net income attributable to common shareowners
$
1,900

 
$
2,048

Earnings Per Share of Common Stock - Basic:
 
 
 
Net income attributable to common shareowners
$
2.22

 
$
2.59

Earnings Per Share of Common Stock - Diluted:
 
 
 
Net income attributable to common shareowners
$
2.20

 
$
2.56


See accompanying Notes to Condensed Consolidated Financial Statements


4

Table of Contents

UNITED TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited) 
 
Six Months Ended June 30,
(dollars in millions, except per share amounts)
2019
 
2018
Net Sales:
 
 
 
Product sales
$
26,908

 
$
21,778

Service sales
11,091

 
10,169

 
37,999

 
31,947

Costs and Expenses:
 
 
 
Cost of products sold
21,149

 
17,170

Cost of services sold
6,971

 
6,532

Research and development
1,471

 
1,143

Selling, general and administrative
4,103

 
3,470

 
33,694

 
28,315

Other income, net
324

 
1,172

Operating profit
4,629

 
4,804

Non-service pension (benefit)
(424
)
 
(383
)
Interest expense, net
791

 
463

Income from operations before income taxes
4,262

 
4,724

Income tax expense
838

 
1,217

Net income from operations
3,424

 
3,507

Less: Noncontrolling interest in subsidiaries' earnings from operations
178

 
162

Net income attributable to common shareowners
$
3,246

 
$
3,345

Earnings Per Share of Common Stock - Basic:
 
 
 
Net income attributable to common shareowners
$
3.80

 
$
4.23

Earnings Per Share of Common Stock - Diluted:
 
 
 
Net income attributable to common shareowners
$
3.76

 
$
4.18


See accompanying Notes to Condensed Consolidated Financial Statements

5

Table of Contents

UNITED TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)

 
Quarter Ended June 30,
 
Six Months Ended June 30,
(dollars in millions)
2019
 
2018
 
2019
 
2018
Net income from operations
$
1,999

 
$
2,139

 
$
3,424

 
$
3,507

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Foreign currency translation adjustments
(423
)
 
(679
)
 
98

 
(140
)
Pension and postretirement benefit plans adjustments
24

 
80

 
57

 
153

ASU 2016-01 adoption impact (Note 12)

 

 

 
(5
)
Change in unrealized cash flow hedging
25

 
(186
)
 
33

 
(172
)
Other comprehensive (loss) income, net of tax
(374
)
 
(785
)
 
188

 
(164
)
Comprehensive income
1,625

 
1,354

 
3,612

 
3,343

Less: Comprehensive income attributable to noncontrolling interest
(100
)
 
(53
)
 
(182
)
 
(157
)
Comprehensive income attributable to common shareowners
$
1,525

 
$
1,301

 
$
3,430

 
$
3,186

See accompanying Notes to Condensed Consolidated Financial Statements

6

Table of Contents

UNITED TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)
(dollars in millions)
June 30, 2019
 
December 31, 2018
Assets
 
 
 
Cash and cash equivalents
$
6,819

 
$
6,152

Accounts receivable, net
13,695

 
14,271

Contract assets, current
4,334

 
3,486

Inventory, net
10,934

 
10,083

Other assets, current
1,276

 
1,511

Total Current Assets
37,058

 
35,503

Customer financing assets
3,293

 
3,023

Future income tax benefits
1,712

 
1,646

Fixed assets
24,689

 
24,084

Less: Accumulated depreciation
(12,397
)
 
(11,787
)
Fixed assets, net
12,292

 
12,297

Operating lease right-of-use assets

2,740

 

Goodwill
48,358

 
48,112

Intangible assets, net
25,963

 
26,424

Other assets
7,574

 
7,206

Total Assets
$
138,990

 
$
134,211

Liabilities and Equity
 
 
 
Short-term borrowings
$
1,139

 
$
1,469

Accounts payable
11,109

 
11,080

Accrued liabilities
10,753

 
10,223

Contract liabilities, current
6,219

 
5,720

Long-term debt currently due
6,202

 
2,876

Total Current Liabilities
35,422

 
31,368

Long-term debt
37,910

 
41,192

Future pension and postretirement benefit obligations
3,663

 
4,018

Operating lease liabilities

2,258

 

Other long-term liabilities
16,651

 
16,914

Total Liabilities
95,904

 
93,492

Commitments and contingent liabilities (Note 15)

 

Redeemable noncontrolling interest
109

 
109

Shareowners' Equity:
 
 
 
Common Stock
22,718

 
22,514

Treasury Stock
(32,549
)
 
(32,482
)
Retained earnings
60,548

 
57,823

Unearned ESOP shares
(71
)
 
(76
)
Accumulated other comprehensive loss
(9,892
)
 
(9,333
)
Total Shareowners' Equity
40,754

 
38,446

Noncontrolling interest
2,223

 
2,164

Total Equity
42,977

 
40,610

Total Liabilities and Equity
$
138,990

 
$
134,211

See accompanying Notes to Condensed Consolidated Financial Statements

7

Table of Contents

UNITED TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
 
Six Months Ended June 30,
(dollars in millions)
2019
 
2018
Operating Activities:
 
 
 
Net income from operations
$
3,424

 
$
3,507

Adjustments to reconcile net income from operations to net cash flows provided by operating activities:
 
 
 
Depreciation and amortization
1,864

 
1,173

Deferred income tax provision
6

 
45

Stock compensation cost
156

 
117

Gain on sale of Taylor Company

 
(795
)
Change in:
 
 
 
Accounts receivable
769

 
(1,661
)
Contract assets, current
(491
)
 
(617
)
Inventory
(1,108
)
 
(962
)
Other current assets
51

 
301

Accounts payable and accrued liabilities
(58
)
 
2,010

Contract liabilities, current
381

 
440

Global pension contributions
(79
)
 
(59
)
Canadian government settlement
(38
)
 
(221
)
Other operating activities, net
(1,266
)
 
(723
)
Net cash flows provided by operating activities
3,611

 
2,555

Investing Activities:
 
 
 
Capital expenditures
(830
)
 
(709
)
Investments in businesses (Note 1)
(32
)
 
(134
)
Dispositions of businesses (Note 1)
133

 
1,094

Increase in customer financing assets, net
(331
)
 
(344
)
Increase in collaboration intangible assets
(169
)
 
(181
)
Receipts from settlements of derivative contracts
61

 
82

Other investing activities, net
(49
)
 
(46
)
Net cash flows used in investing activities
(1,217
)
 
(238
)
Financing Activities:
 
 
 
Issuance of long-term debt
56

 
2,429

Repayment of long-term debt
(65
)
 
(2,092
)
(Decrease) increase in short-term borrowings, net
(327
)
 
642

Proceeds from Common Stock issued under employee stock plans
11

 
6

Dividends paid on Common Stock
(1,219
)
 
(1,070
)
Repurchase of Common Stock
(69
)
 
(52
)
Other financing activities, net
(153
)
 
(74
)
Net cash flows used in financing activities
(1,766
)
 
(211
)
Effect of foreign exchange rate changes on cash and cash equivalents
16

 
(18
)
Net increase in cash, cash equivalents and restricted cash
644

 
2,088

Cash, cash equivalents and restricted cash, beginning of year
6,212

 
9,018

Cash, cash equivalents and restricted cash, end of period
6,856

 
11,106

Less: Restricted cash
37

 
38

Cash and cash equivalents, end of period
$
6,819

 
$
11,068


See accompanying Notes to Condensed Consolidated Financial Statements

8

Table of Contents

UNITED TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(Unaudited)
 
 
Quarter Ended June 30,
 
Six Months Ended June 30,
(dollars in millions, except per share amounts; shares in thousands)
 
2019
 
2018
 
2019
 
2018
Equity beginning balance
 
$
41,946

 
$
32,492

 
$
40,610

 
$
31,421

Common Stock
 
 
 
 
 
 
 
 
Beginning balance
 
22,564

 
17,641

 
22,514

 
17,574

Common Stock issued under employee plans
 
154

 
106

 
211

 
174

Purchase of subsidiary shares from noncontrolling interest, net
 

 

 

 
(1
)
Redeemable noncontrolling interest fair value adjustment
 

 

 
(7
)
 

Ending balance
 
22,718

 
17,747

 
22,718

 
17,747

Treasury Stock
 
 
 
 
 
 
 
 
Beginning balance
 
(32,511
)
 
(35,619
)
 
(32,482
)
 
(35,596
)
Common Stock issued under employee plans
 
1

 
1

 
4

 
3

Common Stock repurchased
 
(39
)
 
(27
)
 
(71
)
 
(52
)
Ending balance
 
(32,549
)
 
(35,645
)
 
(32,549
)
 
(35,645
)
Retained Earnings
 
 
 
 
 
 
 
 
Beginning balance
 
59,279

 
55,533

 
57,823

 
55,242

Net Income
 
1,900

 
2,048

 
3,246

 
3,345

Dividends on Common Stock
 
(610
)
 
(535
)
 
(1,219
)
 
(1,070
)
Dividends on ESOP Common Stock
 
(18
)
 
(17
)
 
(36
)
 
(35
)
Redeemable noncontrolling interest fair value adjustment
 
(11
)
 

 
(7
)
 
(2
)
New Revenue Standard adoption impact
 

 

 

 
(480
)
ASU 2018-02 adoption impact (Note 12)
 

 

 
745

 

Other
 
8

 
(2
)
 
(4
)
 
27

Ending balance
 
60,548

 
57,027

 
60,548

 
57,027

Unearned ESOP Shares
 
 
 
 
 
 
 
 
Beginning balance
 
(75
)
 
(84
)
 
(76
)
 
(85
)
Common Stock issued under employee plans
 
4

 
3

 
5

 
4

Ending balance
 
(71
)
 
(81
)
 
(71
)
 
(81
)
Accumulated Other Comprehensive (Loss) Income
 
 
 
 
 
 
 
 
Beginning balance
 
(9,519
)
 
(6,937
)
 
(9,333
)
 
(7,525
)
Other comprehensive (loss) income, net of tax
 
(373
)
 
(747
)
 
186

 
(159
)
ASU 2018-02 adoption impact (Note 12)
 

 

 
(745
)
 

Ending balance
 
(9,892
)
 
(7,684
)
 
(9,892
)
 
(7,684
)
Noncontrolling Interest
 
 
 
 
 
 
 
 
Beginning balance
 
2,208

 
1,958

 
2,164

 
1,811

Net Income
 
99

 
91

 
178

 
162

Redeemable noncontrolling interest in subsidiaries' earnings
 
2

 
(3
)
 
5

 
(5
)
Other comprehensive income (loss), net of tax
 
1

 
(38
)
 
4

 
(5
)
Dividends attributable to noncontrolling interest
 
(101
)
 
(73
)
 
(145
)
 
(139
)
Purchase of subsidiary shares from noncontrolling interest, net
 
(1
)
 

 
(1
)
 
(1
)
Disposition of noncontrolling interest, net
 

 

 

 
(8
)
Capital contributions
 
18

 
42

 
18

 
162

Other
 
(3
)
 
5

 

 
5

Ending balance
 
2,223

 
1,982

 
2,223

 
1,982

Equity at June 30
 
$
42,977

 
$
33,346

 
$
42,977

 
$
33,346

 
 
 
 
 
Supplemental share information
Shares of Common Stock issued under employee plans
 
799

 
235

 
1,827

 
1,310