Document
false--12-31Q320190000101829UNITED TECHNOLOGIES CORP /DE/The three-month EURIBOR rate as of September 30, 2019 was approximately -0.418%. 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 September 30, 2019 was approximately -0.418%. 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 September 30, 2019 was approximately 2.0851%. The three-month LIBOR rate as of September 30, 2019 was approximately 2.0851%. 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 Acquisition.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 Acquisition.We may redeem these notes at our option pursuant to their terms.Rockwell Collins debt which remained outstanding following the Acquisition.We may redeem these notes at our option pursuant to their terms.Rockwell Collins debt which remained outstanding following the Acquisition.We may redeem these notes at our option pursuant to their terms.Rockwell Collins debt which remained outstanding following the Acquisition.We may redeem these notes at our option pursuant to their terms.Rockwell Collins debt which remained outstanding following the Acquisition.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 Acquisition.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 Acquisition.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 Acquisition.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 $237 million)$177 million2694/1/2019August 3, 2012December 24, 201312/1/2018 The amounts recorded by UTC for asbestos-related liabilities are based on currently available information and assumptions that we believe are reasonable and are made with input from outside actuarial experts.  The estimated range of total liabilities to resolve all pending and unasserted potential future asbestos claims through 2059 is approximately $330 million to $395 million.  Where no amount within a range of estimates is more likely, the minimum is accrued. We have recorded the minimum amount of $330 million, which is principally recorded in Other long-term liabilities on our Consolidated Balance Sheet as of September 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 $142 million, which is included primarily in Other assets on our Condensed Consolidated Balance Sheet as of September 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.P4Y0M21DIn August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The new standard provides updated guidance surrounding implementation costs associated with cloud computing arrangements that are service contracts. The provisions of this ASU are effective for years beginning after December 15, 2020, with early adoption permitted. 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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
 ____________________________________ 
FORM 10-Q
____________________________________ 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 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
(State or other jurisdiction of incorporation)
 
(I.R.S. Employer Identification No.)
10 Farm Springs Road,
Farmington,
Connecticut
06032
(Address of principal executive offices, including zip code)
(860)
728-7000
(Registrant's telephone number, including area code)
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)
 
 
 


Table of Contents


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  .    No  .
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  .    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
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  .
At September 30, 2019 there were 863,268,940 shares of Common Stock outstanding.





Table of Contents

UNITED TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
CONTENTS OF QUARTERLY REPORT ON FORM 10-Q
Quarter Ended September 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 September 30,
(dollars in millions, except per share amounts)
2019
 
2018
Net Sales:
 
 
 
Product sales
$
13,651

 
$
11,254

Service sales
5,845

 
5,256

 
19,496

 
16,510

Costs and Expenses:
 
 
 
Cost of products sold
10,461

 
9,342

Cost of services sold
3,750

 
3,194

Research and development
732

 
586

Selling, general and administrative
2,104

 
1,681

 
17,047

 
14,803

Other income, net
37

 
131

Operating profit
2,486

 
1,838

Non-service pension (benefit)
(303
)
 
(188
)
Interest expense, net
401

 
258

Income from operations before income taxes
2,388

 
1,768

Income tax expense
1,131

 
419

Net income from operations
1,257

 
1,349

Less: Noncontrolling interest in subsidiaries' earnings from operations
109

 
111

Net income attributable to common shareowners
$
1,148

 
$
1,238

Earnings Per Share of Common Stock - Basic:
 
 
 
Net income attributable to common shareowners
$
1.34

 
$
1.56

Earnings Per Share of Common Stock - Diluted:
 
 
 
Net income attributable to common shareowners
$
1.33

 
$
1.54


See accompanying Notes to Condensed Consolidated Financial Statements


4

Table of Contents

UNITED TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited) 
 
Nine Months Ended September 30,
(dollars in millions, except per share amounts)
2019
 
2018
Net Sales:
 
 
 
Product sales
$
40,559

 
$
33,032

Service sales
16,936

 
15,425

 
57,495

 
48,457

Costs and Expenses:
 
 
 
Cost of products sold
31,610

 
26,512

Cost of services sold
10,721

 
9,726

Research and development
2,203

 
1,729

Selling, general and administrative
6,207

 
5,151

 
50,741

 
43,118

Other income, net
361

 
1,303

Operating profit
7,115

 
6,642

Non-service pension (benefit)
(727
)
 
(571
)
Interest expense, net
1,192

 
721

Income from operations before income taxes
6,650

 
6,492

Income tax expense
1,969

 
1,636

Net income from operations
4,681

 
4,856

Less: Noncontrolling interest in subsidiaries' earnings from operations
287

 
273

Net income attributable to common shareowners
$
4,394

 
$
4,583

Earnings Per Share of Common Stock - Basic:
 
 
 
Net income attributable to common shareowners
$
5.14

 
$
5.80

Earnings Per Share of Common Stock - Diluted:
 
 
 
Net income attributable to common shareowners
$
5.09

 
$
5.72


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 September 30,
 
Nine Months Ended September 30,
(dollars in millions)
2019
 
2018
 
2019
 
2018
Net income from operations
$
1,257

 
$
1,349

 
$
4,681

 
$
4,856

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Foreign currency translation adjustments
(489
)
 
(181
)
 
(391
)
 
(321
)
Pension and postretirement benefit plans adjustments
(347
)
 
54

 
(290
)
 
207

ASU 2016-01 adoption impact (Note 12)

 

 

 
(5
)
Change in unrealized cash flow hedging
(107
)
 
69

 
(74
)
 
(103
)
Other comprehensive (loss) income, net of tax
(943
)
 
(58
)
 
(755
)
 
(222
)
Comprehensive income
314

 
1,291

 
3,926

 
4,634

Less: Comprehensive income attributable to noncontrolling interest
(91
)
 
(92
)
 
(273
)
 
(249
)
Comprehensive income attributable to common shareowners
$
223

 
$
1,199

 
$
3,653

 
$
4,385

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)
September 30, 2019
 
December 31, 2018
Assets
 
 
 
Cash and cash equivalents
$
7,341

 
$
6,152

Accounts receivable, net
13,607

 
14,271

Contract assets, current
4,316

 
3,486

Inventory, net
11,242

 
10,083

Other assets, current
1,310

 
1,511

Total Current Assets
37,816

 
35,503

Customer financing assets
3,372

 
3,023

Future income tax benefits
1,699

 
1,646

Fixed assets
24,649

 
24,084

Less: Accumulated depreciation
(12,449
)
 
(11,787
)
Fixed assets, net
12,200

 
12,297

Operating lease right-of-use assets

2,556

 

Goodwill
48,041

 
48,112

Intangible assets, net
25,686

 
26,424

Other assets
7,639

 
7,206

Total Assets
$
139,009

 
$
134,211

Liabilities and Equity
 
 
 
Short-term borrowings
$
1,327

 
$
1,469

Accounts payable
10,840

 
11,080

Accrued liabilities
11,672

 
10,223

Contract liabilities, current
6,233

 
5,720

Long-term debt currently due
5,495

 
2,876

Total Current Liabilities
35,567

 
31,368

Long-term debt
37,782

 
41,192

Future pension and postretirement benefit obligations
3,855

 
4,018

Operating lease liabilities

2,105

 

Other long-term liabilities
16,774

 
16,914

Total Liabilities
96,083

 
93,492

Commitments and contingent liabilities (Note 15)

 

Redeemable noncontrolling interest
107

 
109

Shareowners' Equity:
 
 
 
Common Stock
22,873

 
22,514

Treasury Stock
(32,588
)
 
(32,482
)
Retained earnings
61,069

 
57,823

Unearned ESOP shares
(67
)
 
(76
)
Accumulated other comprehensive loss
(10,819
)
 
(9,333
)
Total Shareowners' Equity
40,468

 
38,446

Noncontrolling interest
2,351

 
2,164

Total Equity
42,819

 
40,610

Total Liabilities and Equity
$
139,009

 
$
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)
 
Nine Months Ended September 30,
(dollars in millions)
2019
 
2018
Operating Activities:
 
 
 
Net income from operations
$
4,681

 
$
4,856

Adjustments to reconcile net income from operations to net cash flows provided by operating activities:
 
 
 
Depreciation and amortization
2,831

 
1,766

Deferred income tax provision
(19
)
 
70

Stock compensation cost
261

 
181

Portfolio separation tax cost
618

 

Gain on sale of Taylor Company

 
(799
)
Change in:
 
 
 
Accounts receivable
59

 
(2,379
)
Contract assets, current
(499
)
 
(892
)
Inventory
(1,503
)
 
(991
)
Other current assets
(111
)
 
262

Accounts payable and accrued liabilities
1,089

 
3,044

Contract liabilities, current
394

 
313

Global pension contributions
(89
)
 
(72
)
Canadian government settlement
(38
)
 
(221
)
Other operating activities, net
(1,573
)
 
(821
)
Net cash flows provided by operating activities
6,101

 
4,317

Investing Activities:
 
 
 
Capital expenditures
(1,359
)
 
(1,122
)
Investments in businesses (Note 1)
(39
)
 
(177
)
Dispositions of businesses (Note 1)
134

 
1,099

Increase in customer financing assets, net
(444
)
 
(453
)
Increase in collaboration intangible assets
(259
)
 
(302
)
Receipts from settlements of derivative contracts
158

 
71

Other investing activities, net
(164
)
 
(135
)
Net cash flows used in investing activities
(1,973
)
 
(1,019
)
Financing Activities:
 
 
 
Issuance of long-term debt
73

 
13,409

Repayment of long-term debt
(711
)
 
(2,093
)
(Decrease) increase in short-term borrowings, net
(104
)
 
1,228

Proceeds from Common Stock issued under employee stock plans
14

 
33

Dividends paid on Common Stock
(1,830
)
 
(1,606
)
Repurchase of Common Stock
(111
)
 
(72
)
Other financing activities, net
(225
)
 
(60
)
Net cash flows (used in) provided by financing activities
(2,894
)
 
10,839

Effect of foreign exchange rate changes on cash and cash equivalents
(65
)
 
(111
)
Net increase in cash, cash equivalents and restricted cash
1,169

 
14,026

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

 
9,018

Cash, cash equivalents and restricted cash, end of period
7,381

 
23,044

Less: Restricted cash
40

 
9,245

Cash and cash equivalents, end of period
$
7,341

 
$
13,799


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 September 30,
 
Nine Months Ended September 30,
(dollars in millions, except per share amounts; shares in thousands)
 
2019
 
2018
 
2019
 
2018
Equity beginning balance
 
$
42,977

 
$
33,346

 
$
40,610

 
$
31,421

Common Stock
 
 
 
 
 
 
 
 
Beginning balance
 
22,718

 
17,747

 
22,514

 
17,574

Common Stock issued under employee plans
 
161

 
122

 
372

 
296

Purchase of subsidiary shares from noncontrolling interest, net
 
(1
)
 

 
(1
)
 
(1
)
Redeemable noncontrolling interest fair value adjustment
 
(5
)
 

 
(12
)
 

Ending balance
 
22,873

 
17,869

 
22,873

 
17,869

Treasury Stock
 
 
 
 
 
 
 
 
Beginning balance
 
(32,549
)
 
(35,645
)
 
(32,482
)
 
(35,596
)
Common Stock issued under employee plans
 
1

 
1

 
5

 
4

Common Stock repurchased
 
(40
)
 
(23
)
 
(111
)
 
(75
)
Ending balance
 
(32,588
)
 
(35,667
)
 
(32,588
)
 
(35,667
)
Retained Earnings
 
 
 
 
 
 
 
 
Beginning balance
 
60,548

 
57,027

 
57,823

 
55,242

Net Income
 
1,148

 
1,238

 
4,394

 
4,583

Dividends on Common Stock
 
(611
)
 
(536
)
 
(1,830
)
 
(1,606
)
Dividends on ESOP Common Stock
 
(17
)
 
(18
)
 
(53
)
 
(53
)
Redeemable noncontrolling interest fair value adjustment
 
14

 
(6
)
 
7

 
(8
)
New Revenue Standard adoption impact
 

 

 

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

 

 
745

 

Other
 
(13
)
 
1

 
(17
)
 
28

Ending balance
 
61,069

 
57,706

 
61,069

 
57,706

Unearned ESOP Shares
 
 
 
 
 
 
 
 
Beginning balance
 
(71
)
 
(81
)
 
(76
)
 
(85
)
Common Stock issued under employee plans
 
4

 
2

 
9

 
6

Ending balance
 
(67
)
 
(79
)
 
(67
)
 
(79
)
Accumulated Other Comprehensive (Loss) Income
 
 
 
 
 
 
 
 
Beginning balance
 
(9,892
)
 
(7,684
)
 
(9,333
)
 
(7,525
)
Other comprehensive loss, net of tax
 
(927
)
 
(39
)
 
(741
)
 
(198
)
ASU 2018-02 adoption impact (Note 12)
 

 

 
(745
)
 

Ending balance
 
(10,819
)
 
(7,723
)
 
(10,819
)
 
(7,723
)
Noncontrolling Interest
 
 
 
 
 
 
 
 
Beginning balance
 
2,223

 
1,982

 
2,164

 
1,811

Net Income
 
109

 
111

 
287

 
273

Redeemable noncontrolling interest in subsidiaries' earnings
 
2

 

 
7

 
(5
)
Other comprehensive loss, net of tax
 
(18
)
 
(19
)
 
(14
)
 
(24
)
Dividends attributable to noncontrolling interest
 
(39
)
 
(73
)
 
(184
)
 
(212
)
Purchase of subsidiary shares from noncontrolling interest, net
 
(2
)
 

 
(3
)
 
(1
)
Acquisition of noncontrolling interest, net
 
3

 

 
3

 
(8
)
Capital contributions
 
73

 
138

 
91

 
300

Other
 

 
5