United Technologies 2011 Annual Report Download - page 55

MANAGEMENT’S DISCUSSION AND ANALYSIS
CAUTIONARY NOTE CONCERNING FACTORS THAT MAY
AFFECT FUTURE RESULTS
This 2011 Annual Report to Shareowners (2011 Annual Report)
contains statements which, to the extent they are not
statements of historical or present fact, constitute “forward-
looking statements” under the securities laws. From time to
time, oral or written forward-looking statements may also be
included in other materials released to the public. These
forward-looking statements are intended to provide
management’s current expectations or plans for our future
operating and financial performance, based on assumptions
currently believed to be valid. Forward-looking statements
can be identified by the use of words such as “believe,”
“expect,” “expectations,” “plans,” “strategy,” “prospects,”
“estimate,” “project,” “target,” “anticipate,” “will,” “should,”
“see,” “guidance,” “confident” and other words of similar
meaning in connection with a discussion of future operating
or financial performance. Forward-looking statements may
include, among other things, statements relating to future
sales, earnings, cash flow, results of operations, uses of cash
and other measures of financial performance. All forward-
looking statements involve risks, uncertainties and other
factors that may cause actual results to differ materially from
those expressed or implied in the forward-looking
statements. Such risks, uncertainties and other factors
include, without limitation:
• the effect of economic conditions in the markets in which
we operate in the United States and globally and any
changes therein, including financial market conditions,
fluctuations in commodity prices, interest rates and foreign
currency exchange rates, levels of end market demand in
construction and in both the commercial and defense
segments of the aerospace industry, levels of air travel,
financial difficulties (including bankruptcy) of commercial
airlines, the impact of weather conditions and natural
disasters and the financial condition of our customers and
suppliers;
• in respect of our recently announced agreement to acquire
Goodrich Corporation (Goodrich) and Pratt & Whitney’s
recently announced transactions with Rolls-Royce, the
satisfaction of conditions precedent to, and consummation
of, the proposed transactions, the timing of consummation
of the proposed transactions, the timing and
consummation of proposed financing in connection with
the proposed transactions, and the ability of the parties to
secure regulatory approvals, and in the case of the
Goodrich transaction, the approval of Goodrich’s
shareholders, in a timely manner;
• in respect of our recently announced agreement to acquire
Goodrich, our ability to integrate the acquired operations
and to realize synergies and opportunities for growth and
innovation;
• our ability to realize the intended benefits of recently
announced organizational changes;
• future levels of indebtedness and capital spending and
research and development spending;
• future availability of credit and factors that may affect such
availability, including credit market conditions and our
capital structure;
• delays and disruption in delivery of materials and services
from suppliers;
• new business opportunities;
• cost reduction efforts and restructuring costs and savings
and other consequences thereof;
• the scope, nature or impact of other acquisition and
divestiture activity, including integration of acquired
businesses into our existing businesses;
• the development, production, delivery, support,
performance and anticipated benefits of advanced
technologies and new products and services;
• the anticipated benefits of diversification and balance of
operations across product lines, regions and industries;
• the impact of the negotiation of collective bargaining
agreements and labor disputes;
• the outcome of legal proceedings and other contingencies;
• future repurchases of our common stock;
• pension plan assumptions and future contributions; and
• the effect of changes in tax, environmental and other laws
and regulations or political conditions in the United States
and other countries in which we operate.
In addition, our Annual Report on Form 10-K for 2011 includes
important information as to risks, uncertainties and other
factors that may cause actual results to differ materially from
those expressed or implied in the forward-looking
statements. See the “Notes to Consolidated Financial
Statements” under the heading “Contingent Liabilities,” the
section titled “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” under the
headings “Business Overview,” “Critical Accounting
Estimates,” “Results of Operations,” and “Liquidity and
Financial Condition,” and the section titled “Risk Factors.” Our
Annual Report on Form 10-K for 2011 also includes important
information as to these factors in the “Business” section
under the headings “General,” “Description of Business by
Segment” and “Other Matters Relating to Our Business as a
Whole,” and in the “Legal Proceedings” section. Additional
important information as to these factors is included in this
2011 Annual Report in the section titled “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” under the headings “Environmental Matters” and
“Restructuring Costs.” The forward-looking statements speak
only as of the date of this report or, in the case of any
document incorporated by reference, the date of that
document. We undertake no obligation to publicly update or
revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as
required by applicable law. Additional information as to
factors that may cause actual results to differ materially from
those expressed or implied in the forward-looking statements
are disclosed from time to time in our other filings with the
SEC.
2011 ANNUAL REPORT 53