United Technologies 2011 Annual Report Download - page 29

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Exhibit 13
FIVE-YEAR SUMMARY
(Dollars in millions, except per share amounts) 2011 2010 2009 2008 2007
FOR THE YEAR
Net sales $ 58,190 $ 54,326 $ 52,425 $ 59,119 $ 54,876
Research and development 2,058 1,746 1,558 1,771 1,678
Restructuring costs 336 443 830 357 166
Net income 5,374 4,711 4,179 5,053 4,548
Net income attributable to common shareowners 4,979 4,373 3,829 4,689 4,224
Earnings per share:
Basic:
Net income attributable to common shareowners 5.58 4.82 4.17 5.00 4.38
Diluted:
Net income attributable to common shareowners 5.49 4.74 4.12 4.90 4.27
Cash dividends per common share 1.87 1.70 1.54 1.35 1.17
Average number of shares of Common Stock outstanding:
Basic 892 908 917 938 964
Diluted 907 923 929 956 989
Cash flow from operations 6,590 5,906 5,353 6,161 5,330
Capital expenditures 983 865 826 1,216 1,153
Acquisitions, including debt assumed4372 2,797 703 1,448 2,336
Repurchases of Common Stock 2,175 2,200 1,100 3,160 2,001
Dividends paid on Common Stock11,602 1,482 1,356 1,210 1,080
AT YEAR END
Working capital $ 7,142 $ 5,778 $ 5,281 $ 4,665 $ 4,602
Total assets461,452 58,493 55,762 56,837 54,888
Long-term debt, including current portion29,630 10,173 9,490 10,453 8,063
Total debt210,260 10,289 9,744 11,476 9,148
Total debt to total capitalization231% 32% 32% 41% 29%
Total equity222,820 22,332 20,999 16,681 22,064
Number of employees3, 4 199,900 208,200 206,700 223,100 225,600
Note 1 Excludes dividends paid on Employee Stock Ownership Plan Common Stock.
Note 2 The increase in the 2008 debt to total capitalization ratio, as compared to 2007, 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. The decrease in the 2009 debt to total capitalization
ratio, as compared to 2008, reflects the reversal of unrealized losses in our pension plans of approximately $1.1 billion, the beneficial impact of foreign exchange
rate movement of approximately $1.0 billion, and the reduction of approximately $1.7 billion of total debt.
Note 3 The decrease in 2011, as compared with 2010, includes the impact of divestitures primarily within the UTC Fire & Security and Carrier segments, as well as
headcount reductions associated with restructuring actions across UTC.
Note 4 The increase in 2010, as compared with 2009, includes the impact of acquisitions across the company, most notably the 2010 acquisition of the GE Security
business within the UTC Fire & Security segment. The increase in the number of employees in 2010 associated with acquisition activity was partially offset by
headcount reductions associated with restructuring actions across UTC.
2011 ANNUAL REPORT 27