United Technologies 2008 Annual Report Download - page 42

Five-Year Summary
(in millions, except per share amounts) 2008 2007 2006 2005 2004
For the year
Revenues $ 58,681 $ 54,759 $ 47,829 $ 42,725 $ 37,445
Research and development 1,771 1,678 1,529 1,367 1,267
Income before cumulative effect of a change in accounting principle 14,689 4,224 3,732 3,164 2,673
Net income 4,689 4,224 3,732 3,069 2,673
Earnings per share:
Basic:
Income before cumulative effect of a change in accounting principle 15.00 4.38 3.81 3.19 2.69
Cumulative effect of a change in accounting principle 1—— — (.09) —
Net income 5.00 4.38 3.81 3.10 2.69
Diluted:
Income before cumulative effect of a change in accounting principle 14.90 4.27 3.71 3.12 2.64
Cumulative effect of a change in accounting principle 1—— — (.09) —
Net income 4.90 4.27 3.71 3.03 2.64
Cash dividends per common share 1.35 1.17 1.02 .88 .70
Average number of shares of Common Stock outstanding:
Basic 938 964 980 991 993
Diluted 956 989 1,006 1,014 1,011
Cash flow from operations 6,161 5,330 4,803 4,334 3,596
Capital expenditures 1,216 1,153 954 929 795
Acquisitions, including debt assumed 1,448 2,336 1,049 4,583 1,295
Share repurchase 3,160 2,001 2,068 1,181 992
Dividends on Common Stock 21,210 1,080 951 832 660
At year end
Working capital $ 4,665 $ 4,602 $ 3,636 $ 1,861 $ 2,575
Total assets 356,469 54,575 47,141 45,925 40,441
Long-term debt, including current portion 410,453 8,063 7,074 6,628 4,271
Total debt 411,476 9,148 7,931 8,240 5,591
Debt to total capitalization 3,4 42% 30% 31% 33% 28%
Shareowners’ equity 3,4 15,917 21,355 17,297 16,991 14,266
Number of employees 223,100 225,600 214,500 218,200 209,700
▪During 2005, we acquired Kidde, which in conjunction with Chubb (acquired during 2003) forms the UTC Fire & Security segment.
▪During 2005, a 2-for-1 split of our common stock was effected in the form of a share dividend. All common share and per share amounts for periods prior to the split have been adjusted to reflect the split.
Note 1 During 2005, we adopted the provisions of Financial Accounting Standards Board (FASB) Interpretation No. 47, “Accounting for Conditional Asset Retirement Obligations (an interpretation of FASB Statement
No. 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 Postretirement Plans – an amendment of SFAS Nos. 87, 88, 106 and 132(R),” (SFAS 158)
which resulted in an approximately $1.8 billion non-cash charge to equity and a $2.4 billion non-cash reduction to total assets. In addition, we early-adopted the measurement date provisions of SFAS 158 effective
January 1, 2007, which increased shareowners’ equity by approximately $425 million and decreased long-term liabilities by approximately $620 million.
Note 4 The increase in the 2008 debt to total capitalization ratio reflects unrealized losses of approximately $4.2 billion, net of taxes, associated with the effect of market conditions on our pension plans, and the 2008 debt
issuances totaling $2.25 billion.
40 United Technologies Corporation