United Technologies 2008 Annual Report Download

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United Technologies Corporation Annual Report 2008 Financial and Corporate Responsibility Performance
More with less.

Table of contents

  • Page 1
    United Technologies Corporation Annual Report 2008 Financial and Corporate Responsibility Performance More with less.

  • Page 2
    ... greenest Games in history. UTC partnered with China's Ministries of Housing and Urban-Rural Development and Environmental Protection to promote non-ozone depleting and energy efficient products. Carrier won 69 percent of the heating, ventilation and air-conditioning contracts awarded, including the...

  • Page 3
    Every day at UTC, we challenge ourselves to be better, to redefine what is possible and to do more with less through ... on the fundamentals that have consistently delivered results: productivity and cost, innovation and global presence combining for market leadership. CHALLENGE 2008 Annual Report 1

  • Page 4
    ... opportunities to field new products and believe these will vindicate management's and investors' confidence in building on UTC's already leading market franchises worldwide. Notable developments in 2008 included completion of ï¬,ight test at Airbus of Pratt & Whitney's new Geared Turbofan engine...

  • Page 5
    ... compliance with laws and regulations and UTC's Code of Ethics, environmental performance, and a safe and healthy place to work. For the first time, this Annual Report combines business and financial results with those on corporate responsibility. Notable accomplishments in 2008 were continued...

  • Page 6
    Financials At-a-glance United Technologies Corporation provides high technology products and services to the building systems and aerospace industries worldwide through our industry-leading businesses. In 2008, UTC revenues increased 7 percent to $58.7 billion. Cash ï¬,ow from operations less ...

  • Page 7
    ...integration, installation and servicing of access control, intruder alarm, video surveillance, and fire detection and suppression systems; monitoring, response and security personnel services. UTC Power Employees: 893 UTC Power does not report financial information as a separate segment. Fuel cell...

  • Page 8
    ... propulsion system powers the F-35 Lightning II flight test program. The program achieved supersonic flight and assembled 10 flight test engines in 2008. Other milestones include successfully completing more than 10,000 test hours and engine restart flight testing. 6 United Technologies Corporation

  • Page 9
    ... or generating electricity geothermally, UTC's products bring energy efficiency and conservation to the building systems and aerospace industries. We know everything we do today can be done better tomorrow, resulting in greater value for customers and shareowners. PERFORMANCE 2008 Annual Report 7

  • Page 10
    ... and test integrated technologies. The X2 Technology demonstrator is expected to ï¬,y approximately twice as fast as conventional helicopters while expanding high altitude performance, improving maneuverability and reducing noise. United Technologies Research Center (UTRC) supports UTC businesses by...

  • Page 11
    ...: The X2 Technology demonstrator during a Sikorsky test flight in Horseheads, N.Y. (left). Engineers analyzing sprays at UTRC in East Hartford, Conn. (right). This page: The launch of the Space Shuttle Atlantis, powered by three Pratt & Whitney Rocketdyne SSMEs in February 2008. Hamilton Sundstrand...

  • Page 12
    ... and objectives to deliver on our promises to customers. At UTC locations around the world, such as Hamilton Sundstrand's Energy, Space & Defense unit in Windsor Locks, Conn. (pictured), we track progress on a daily basis and adjust to changing business conditions. 10 United Technologies Corporation

  • Page 13
    ..., UTC applies our Achieving Competitive Excellence (ACE) operating system, carried out by each employee, every day. We call it an operating system because it's not a program with a beginning or end, but rather a way of thinking and performing. From design to manufacture to customer support, our...

  • Page 14
    ... only by-product is water. UTC Power has more than 8 million operating hours, and in 2008, its nextgeneration fuel cell was selected to supply power for the Freedom Tower and three other towers under construction at the World Trade Center site in New York City. 12 United Technologies Corporation

  • Page 15
    .... UTC's sustainable technologies, such as Gen2 elevators, high-speed elevators with regenerative drives, water-cooled HVAC systems, security and control systems, and fuel cell powered electrical systems, can substantially reduce energy use. Supported by 20 years of research and development, Pratt...

  • Page 16
    Hamilton Sundstrand provides key components of the fly-by-wire technology system for the Sikorsky UH-60M Upgrade BLACK HAWK, Canadian Maritime, CH-53K and X2 Technology demonstrator helicopters. This technology replaces mechanical flight controls with electronic systems that significantly enhance ...

  • Page 17
    ... harnessing it to deliver value to customers everywhere. Sometimes we find solutions in unexpected places, such as applying knowledge gained from modeling the surface physics of advanced materials in jet engine components to improve elevator brake system designs. INTEGRATION 2008 Annual Report 15

  • Page 18
    ... 50 years. In 2008, the U.S. Department of Energy selected UTC Power to lead a team to develop solid oxide fuel cells, which use ceramic cell technology that can be powered by a range of fuels. United Technologies Research Center (UTRC) provided initial research for this new generation of fuel cells...

  • Page 19
    ... fuel cell technology in development at UTRC in East Hartford, Conn. (right). This page: The Beijing South Railway Station, Beijing. Otis was selected for this infrastructure project to provide its energy efficient and environmentally sound products, such as the Gen2 elevator. Less weight. 2008...

  • Page 20
    ... 40 percent of revenues. Otis, Carrier and UTC Fire & Security, including its Sicli business, have service technicians in locations around the world, such as Paris (pictured). Our aerospace businesses also offer cost-effective services to customers globally. 18 United Technologies Corporation

  • Page 21
    ... on UTC's products and services to make cities more efficient, people more secure and travel more comfortable every single day. We deliver quality and reliability, always striving to reach new levels of customer satisfaction and shareholder value. We use customer feedback continually to recalibrate...

  • Page 22
    ... depend on UTC's integrated products and maintenance services. UTC's aftermarket services complement our core capabilities and provide cost-effective services to these customers. From hotels to cruise ships to landmark buildings, UTC Fire & Security's HI-FOG water mist fire protection system uses...

  • Page 23
    ...HI-FOG water mist fire protection system, Onity locking solutions and Otis elevators. This page: A service technician from UTC Fire & Security's Sicli business uses an iService handheld device (left). Pratt & Whitney's EcoPower system cleans an engine for Southwest Airlines. In 2008, Pratt & Whitney...

  • Page 24
    ... life possible and, in some cases, save lives. Over the past five years, Sikorsky helicopters have helped save 50,826 lives. Pictured: A Sikorsky Search and Rescue S-92 helicopter during a Maritime and Coastguard Agency training exercise in Stornoway, Scotland. 22 United Technologies Corporation

  • Page 25
    Successful businesses improve the human condition. At UTC, profitability and responsibility go hand in hand, and we measure success through financial, operational, ethical, and environment and safety metrics. We believe the profitability and responsibility elements are equally important, and our ...

  • Page 26
    ...ciently. Our products are diverse, but they all convert energy into useful work, from air conditioners and elevators to jet engines and helicopters. Our PureCycle geothermal power system uses hot water, a clean, renewable energy resource, to provide constant power. 24 United Technologies Corporation

  • Page 27
    ...ficient Carrier Evergreen 19XR chillers and UTC Fire & Security's HI-FOG water mist fire protection system, which uses up to 90 percent less water than traditional systems. While companies cannot guarantee lifelong employment, they can ensure opportunity, and UTC does. Our Employee Scholar Program...

  • Page 28
    ... performance by the end of 2010. These goals include reducing greenhouse gas emissions by 3 percent annually and water consumption by 2.5 percent annually. Since the beginning of 2007, we have achieved reductions of 11 percent on both metrics. UTC environmental reporting standards encourage the...

  • Page 29
    ...our worldwide recordable incident rate fell to .97. Regrettably, four UTC employees lost their lives while at work and 35 were seriously injured in 2008. There is no higher priority than employee safety and we continuously apply measures to achieve hazard-free workplaces. Open access to education is...

  • Page 30
    .... Otis and UTC have a zero tolerance policy for ethical misconduct and continuously work to strengthen governance activities and internal controls. Environment Objectives and Progress Reduce greenhouse gas emissions 3 percent annually and water consumption 2.5 percent annually from 2007 through 2010...

  • Page 31
    ... the UTC Code of Ethics" Environment Reduce greenhouse gas emissions 3 percent annually and water consumption 2.5 percent annually from 2007 through 2010 Invest $100 million from 2007 through 2010 in energy conservation projects, including co-generation systems Ensure compliance with environmental...

  • Page 32
    ...of UTC's business comes from government contracts and we only sell military equipment as allowed by goverment authorities. Our building systems customers include building owners and managers, contractors and property developers. UTC's supply chain includes more than 50,000 companies, and in 2008, we...

  • Page 33
    ...its supplier diversity efforts India's Ministry of Power awarded Carrier India First Prize for the National Energy Conservation Awards 2008 in the Consumer Goods Manufacturing Sector INROADS recognized UTC as its top corporate partner in 2008 for providing internships to 293 students Pratt & Whitney...

  • Page 34
    ... Operations Review: In 2008, homeowners, building owners, international transportation companies and food retail outlets relied more than ever on Carrier to provide innovative, environmentally responsible, high-performance heating, ventilation, air-conditioning and refrigeration solutions. Customer...

  • Page 35
    ... Sundstrand Operations Review: Hamilton Sundstrand's revenues grew 10 percent in 2008, due to new system integration wins, best-inclass aftermarket services and industrial market growth. Boeing 787 Dreamliner systems testing continued at Hamilton Sundstrand's Airplane Power System Integration...

  • Page 36
    ... International Financial Center in China, an office and hotel building that will be among the world's tallest. Otis is reinventing the industry it founded more than 150 years ago. To meet the ever-changing needs of today's building industry, Otis provides comprehensive service offerings. Otis' new...

  • Page 37
    ... missions to the moon and beyond. Corporate Responsibility Progress and Challenges: For the sixth consecutive year, Pratt & Whitney's Christchurch Engine Center received the highest health and safety rating from the New Zealand Safety Management Practices Program, making it one of only 20 companies...

  • Page 38
    ...76 helicopter airframes are 36 United Technologies Corporation now being built under a contract between Shanghai Sikorsky and Aviation Industries of China (AVIC II). Sikorsky's supply base in Turkey continues to grow, and plans to develop regional aviation centers are progressing in the Middle East...

  • Page 39
    ...Security's growing presence in Asia. In China, the company will supply fire detection, fire alarm, access control and monitoring systems for the Shanghai Metro Line 7. UTC Fire & Security further strengthened its presence in China's fire safety industry by investing in a number of local companies...

  • Page 40
    ... UTC Power to supply 12 PureCell Model 400 fuel cells for the Freedom Tower and three other towers under construction at the World Trade Center site in New York City. Samsung Everland also purchased 12 of the same fuel cell systems for installation at a GS Power plant in South Korea. Corporate...

  • Page 41
    ... May Affect Future Results Management's Report on Internal Control Over Financial Reporting Report of Independent Registered Public Accounting Firm Consolidated Statement of Operations Consolidated Balance Sheet Consolidated Statement of Cash Flows Consolidated Statement of Changes in Shareowners...

  • Page 42
    ...143)" (FIN 47) and Statement of Financial Accounting Standards (SFAS) 123R, "Share-Based Payment." Note 2 Excludes dividends paid on Employee Stock Ownership Plan common stock. Note 3 During 2006, we adopted the provisions of SFAS No. 158, "Employers' Accounting for Defined Benefit Pension and Other...

  • Page 43
    ... Operations Business Overview We are a global provider of high technology products and services to the building systems and aerospace industries. Our operations are classified into six principal business segments: Otis, Carrier, UTC Fire & Security, Pratt & Whitney, Hamilton Sundstrand and Sikorsky...

  • Page 44
    ... economic conditions. As with the prior year, the weakness in the U.S. residential market continued to affect Carrier's North American residential business where unit shipments declined 7%, however the broader market declined further. UTC Fire & Security experienced 3% organic revenue growth in 2008...

  • Page 45
    ... growth rates were significantly in excess of general industry growth levels while military OEM revenue growth was driven by government demand for military helicopters. The commercial businesses benefited from generally favorable worldwide economic conditions throughout most of 2007. Otis' growth...

  • Page 46
    ...to increased engineering effort in the J-2X propulsion program at Pratt & Whitney Rocketdyne as well as various space programs at Hamilton Sundstrand, while 2008 $ 689 5.6% 5.9% 2007 $ 666 6.2% 6.2% 2006 $ 606 6.2% 6.4% Interest expense Average interest rate during the year Short-term borrowings...

  • Page 47
    ...732 $ 3.71 Net income Diluted earnings per share The effective tax rates for 2008, 2007 and 2006 reflect tax benefits associated with lower tax rates on international earnings, which we intend to permanently reinvest outside the United States. The 2008 effective tax rate decreased as compared to...

  • Page 48
    ... business segments totaling $327 million as follows: Otis $21 million, Carrier $141 million, UTC Fire & Security $58 million, Pratt & Whitney $93 million, Hamilton Sundstrand $13 million and Eliminations & Other $1 million. The charges included $119 million in cost of sales, $204 million in selling...

  • Page 49
    ...16.6% 17.2% 7.8% 2006 18.3% 9.2% 6.3% 16.4% 16.7% 5.4% Otis Carrier UTC Fire & Security Pratt & Whitney Hamilton Sundstrand Sikorsky Commercial Businesses The financial performance of our commercial businesses can be influenced by a number of external factors including fluctuations in residential...

  • Page 50
    ... more than offset growth in the Building Systems and Services business while the Residential and Light Commercial International business was essentially flat. The year-overyear impact from a gain generated on the contribution of a business into a new venture operating in the Middle East and the...

  • Page 51
    ... businesses to the former Chubb segment. In the electronic security industry, UTC Fire & Security provides system integration, installation and service of intruder alarms, access control systems and video surveillance systems under several brand names including Chubb. In the fire safety industry...

  • Page 52
    ... sells engines for industrial applications and space propulsion systems. P&WC is a world leader in the production of engines powering business, regional, light jet, utility and military aircraft and helicopters. Pratt & Whitney Rocketdyne (PWR) is a leader in the design, development and manufacture...

  • Page 53
    ... units and propeller systems, serve commercial, military, regional, business and general aviation, as well as space and undersea applications. Aftermarket services include spare parts, overhaul and repair, engineering and technical support and fleet maintenance programs. Hamilton Sundstrand sells...

  • Page 54
    ... contracts, and logistics support programs for helicopters and other aircraft. Sales are made directly by Sikorsky and by its subsidiaries and joint ventures. Sikorsky is increasingly engaging in logistics support programs and partnering with its government and commercial customers to manage...

  • Page 55
    ... exceed net income. In addition to operating cash flows, other significant factors that affect our overall management of liquidity include: capital expenditures, customer financing requirements, investments in businesses, dividends, common stock repurchases, pension funding, access to the commercial...

  • Page 56
    ...defined pension plans in 2009 will meet or exceed the current funding requirements. Cash Flow from Investing Activities Year Ended December 31, (in millions of dollars) well as a number of smaller acquisitions across the businesses. Dispositions in both 2008 and 2007 consisted primarily of the sale...

  • Page 57
    ...and 31 million shares were repurchased under the new program. In addition to management's view that the repurchase of our common stock is a beneficial investment, we also repurchase to offset the dilutive effect of the issuance of stock and options under the stock-based employee benefit programs. At...

  • Page 58
    ... years, and the estimation of these costs requires management's judgment. The long-term nature of these contracts, the complexity of the products, and the strict safety and performance standards under which they are regulated can affect our ability to estimate costs precisely. As a result, we review...

  • Page 59
    ... for these employee benefit plans include the discount rate, expected return on plan assets, rate of increase in employee compensation levels, and health care cost increase projections. Assumptions are determined based on company data and appropriate market indicators, and are evaluated each year at...

  • Page 60
    ... service and warranty policies, performance and operating cost guarantees, estimated environmental remediation costs and payments under employee benefit programs. Due to the impact of current market conditions on our overall pension plans, our pension plans shifted from a net asset position in 2007...

  • Page 61
    ... standards of performance for our operations worldwide. We believe that expenditures necessary to comply with the present regulations governing environmental protection will not have a material effect upon our competitive position, results of operations, cash flows or financial condition...

  • Page 62
    ... civil False Claims Act and common law. This lawsuit relates to the "Fighter Engine Competition" between Pratt & Whitney's F100 engine and General Electric's F110 engine. The DOJ alleges that the government overpaid for F100 engines under contracts awarded by the U.S. Air Force in fiscal years 1985...

  • Page 63
    ... SFAS 161 is effective prospectively for financial statements issued for fiscal years and interim periods beginning after November 15, 2008, with early application permitted. We are currently evaluating the disclosure implications of this statement; however, the new statement will not have an impact...

  • Page 64
    ... of UTC's internal control over financial reporting, as of December 31, 2008, has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which is included herein. Louis R. Chênevert President and Chief Executive Officer /s/ Gregory...

  • Page 65
    ... internal control over financial reporting as of December 31, 2008, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Corporation's management is responsible for these financial statements...

  • Page 66
    ... interests in subsidiaries' earnings Net Income Earnings per Share of Common Stock Basic Diluted See accompanying Notes to Consolidated Financial Statements 31,774 10,787 1,771 6,724 7,625 689 6,936 1,883 364 $ 4,689 $ 5.00 $ 4.90 $ 4.38 $ 4.27 $ 3.81 $ 3.71 64 United Technologies Corporation

  • Page 67
    ... benefit obligations Other long-term liabilities Total Liabilities Commitments and Contingent Liabilities (Notes 4 and 15) Minority interests in subsidiary companies Shareowners' Equity: Capital Stock: Preferred Stock, $1 par value; Authorized-250,000 shares; None issued or outstanding Common Stock...

  • Page 68
    ... paid, net of refunds Non-cash investing and financing activities include: Contributions of UTC common stock of $250 during 2008 and $150 each in 2007 and 2006 to domestic defined benefit pension plans See accompanying Notes to Consolidated Financial Statements 66 United Technologies Corporation

  • Page 69
    ... and post-retirement benefit plans, net of income taxes of $419 Adjustment for sale of securities, including tax benefit of $50 Unrealized cash flow hedging gain, net of income taxes of $58 December 31, 2007 Common Stock issued under employee plans (5.7 million shares), including tax benefit of $32...

  • Page 70
    ... of all relevant information. For those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. Where applicable, associated interest has also been recognized. 68 United Technologies Corporation

  • Page 71
    ... and is conditioned upon the achievement of certain financial targets. Research and development costs incurred under contracts with customers are expensed as incurred and are reported as a component of cost of products sold. Revenue from such contracts is recognized as product sales when earned...

  • Page 72
    ... $300 million of identified intangible assets in connection with this acquisition. The acquisition of IESG enhances UTC Fire & Security's scale and capability in the electronic security business in key markets where we have a significant presence. IESG sells 70 United Technologies Corporation

  • Page 73
    ... water-based suppression systems and will expand the company's product and service offerings. The 2006 investments in businesses consisted principally of a number of smaller acquisitions including Red Hawk Industries by UTC Fire & Security, Page Group Ltd. by Hamilton Sundstrand and Longville Group...

  • Page 74
    ... levels of financial condition by the customers. In addition, we have residual value and other guarantees of $137 million as of December 31, 2008. We have a 33% interest in International Aero Engines AG (IAE), an international consortium of four shareholders organized to support the V2500 commercial...

  • Page 75
    ... salaries, wages and employee benefits Litigation and contract matters Service and warranty Income taxes payable Interest payable Accrued property, sales and use taxes Accrued restructuring costs Accrued workers compensation Other Rate Maturity $1,250 6.125% February 1, 2019 2008 Annual Report...

  • Page 76
    ...rate as of December 31, 2008 and 2007 was approximately 1.4%, and 4.7%, respectively. In April 2005, we issued $2.4 billion of long-term debt, the proceeds of which were used primarily to support the funding of the Kidde acquisition. The long-term... being redeemed. 74 United Technologies Corporation

  • Page 77
    ...sale of rights to unbilled revenues related to the ongoing activity of an entity recently acquired by Carrier. Principal payments required on long-term debt for the next five years are: $1,116 million in 2009, $1,133 million in 2010, $539 million in 2011, $503 million in 2012, and $3 million in 2013...

  • Page 78
    ... from continuing operations before income taxes and minority interests are: (in millions of dollars) 2008 $2,899 4,037 $6,936 2007 $2,786 3,598 $6,384 2006 $2,410 3,082 $5,492 United States Foreign U.S. income taxes have not been provided on undistributed earnings of international subsidiaries...

  • Page 79
    ... jurisdictions as Australia, Canada, China, France, Germany, Hong Kong, Italy, Japan, South Korea, Singapore, Spain, the United Kingdom and the United States. With few exceptions, we are no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations for years before 1998...

  • Page 80
    ... supplementary retirement benefits to certain employees and are not a material component of the projected benefit obligation. We contributed $250 million and $150 million of common stock to our domestic defined benefit pension plans during 2008 and 2007, respectively. Information for pension plans...

  • Page 81
    ... following table as weighted-averages: Benefit Obligation Net Cost 2008 Discount rate Salary scale Expected return on plan assets 6.1% 4.4% - 2007 6.0% 4.3% - 2008 6.0% 4.4% 8.3% 2007 5.4% 4.0% 8.3% 2006 5.5% 4.0% 8.3% In determining the expected return on plan assets, we consider the relative...

  • Page 82
    ... in Accumulated Other Comprehensive Income Consist of: Net actuarial gain Prior service cost $(123) (4) $(127) $ (76) (10) $ (86) The 2007 net cost assumptions reflect the early adoption of the measurement change provisions of SFAS 158, as discussed in Note 1. 80 United Technologies Corporation

  • Page 83
    ...that may be granted to officers and employees. Prior to April 13, 2005, our long-term incentive plan provided for the annual grant of awards in an amount not to exceed 2% of the aggregate number of shares of outstanding common stock, treasury shares and potential common stock (as determined by us in...

  • Page 84
    ... Term** Stock Options/Stock Appreciation Rights Performance Share Units/Restricted Stock * ** weighted-average exercise price per share weighted-average contractual remaining term in years 70,879 3,166 $47.24 - $451 $170 5.1 1.0 51,160 $40.24 $683 3.9 82 United Technologies Corporation

  • Page 85
    ...Otis Carrier UTC Fire & Security Pratt & Whitney Hamilton Sundstrand Eliminations & Other Total $ 29 164 66 114 13 1 $387 $ 60 2007 Actions. During 2008, we recorded net pre-tax restructuring and related charges totaling $10 million, including $9 million in cost of sales and $1 million in selling...

  • Page 86
    ... (in millions of dollars) Expected Costs Otis Carrier UTC Fire & Security Pratt & Whitney Hamilton Sundstrand Total $ 20 33 32 27 12 $124 $ (20) (33) (27) (25) (4) $(109) $- - (5) (2) (3) $ (10) $- - - - 5 $ 5 Assuming current market conditions continue, of the amount recorded in Shareowners...

  • Page 87
    ...and operating cost guarantees beyond our normal service and warranty policies on some of our products, particularly commercial aircraft engines. In addition, we incur discretionary costs to service our products in connection with specific product performance issues. Liability for 2008 Annual Report...

  • Page 88
    ... that address leasing transactions, while FSP FAS 157-2 delays the effective date of the application of SFAS 157 to fiscal years beginning after November 15, 2008 for all nonfinancial assets and nonfinancial liabilities that are recognized or disclosed at fair value in the financial statements on...

  • Page 89
    ... civil False Claims Act and common law. This lawsuit relates to the "Fighter Engine Competition" between Pratt & Whitney's F100 engine and General Electric's F110 engine. The DOJ alleges that the government overpaid for F100 engines under contracts awarded by the U.S. Air Force in fiscal years 1985...

  • Page 90
    .... Pratt & Whitney products include commercial, military, business jet and general aviation aircraft engines, parts and services, industrial gas turbines and space propulsion sold to a diversified customer base, including international and domestic commercial airlines and aircraft leasing companies...

  • Page 91
    ...448 1,629 1,771 $4,848 Major Customers. Revenues include sales under prime contracts and subcontracts to the U.S. government, primarily related to Pratt & Whitney, Hamilton Sundstrand and Sikorsky products, as follows: (in millions of dollars) Europe Asia Pacific Other 2008 $3,547 1,089 3,063 35...

  • Page 92
    ...$69.00 $72.60 $.265 $.265 $.320 $.320 Our common stock is listed on the New York Stock Exchange. The high and low prices are based on the Composite Tape of the New York Stock Exchange. There were approximately 25,408 registered shareholders at December 31, 2008. 90 United Technologies Corporation

  • Page 93
    ... Industrials 2003 United Technologies Corporation S&P 500 Index Dow Jones Industrial Average $100.00 $100.00 $100.00 2004 $110.73 $110.88 $105.56 December 2005 $121.85 $116.33 $107.41 2006 $138.50 $134.70 $127.84 2007 $172.35 $142.10 $139.18 2008 $123.35 $ 89.53 $ 93.93 2008 Annual Report...

  • Page 94
    ... Howard University (Educational Institution) André Villeneuve Non-Executive Chairman of LIFFE (Part of NYSE Euronext Group) Christine Todd Whitman President The Whitman Strategy Group (Management Consulting Firm) Former EPA Administrator Former Governor of New Jersey Permanent Committees Audit...

  • Page 95
    ... Treasurer Kelly Romano President, Building Systems and Services, Carrier John Saabas President, Pratt & Whitney Canada Pedro Sainz de Baranda President, South Europe and Mediterranean, Otis Margaret M. Smyth Vice President, Controller Scott D. Starrett President, Government Programs, Sikorsky Tobin...

  • Page 96
    ... and news releases, by either fax or mail, and obtain copies of the UTC Annual Report and Form 10-K. To access the service, dial 1.800.881.1914 from any touchtone phone and follow the recorded instructions. Stock Listing New York Stock Exchange Ticker Symbol UTX Electronic Access Registered...

  • Page 97
    ... you think of our financial and corporate responsibility performance and reporting. A response form is available at www.utc.com/responsibility. United Technologies Corporation and its subsidiaries' names, abbreviations thereof, logos and product and service designators are all either the registered...

  • Page 98
    United Technologies Building Hartford, Connecticut 06101 U.S.A. Carrier Hamilton Sundstrand Otis Pratt & Whitney Sikorsky UTC Fire & Security UTC Power 002CS17951