United Technologies 2012 Annual Report Download - page 28

26 UNITED TECHNOLOGIES CORPORATION
Five-Year Summary
(DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS) 2012 2011 2010 2009 2008
For The Year
Net sales $ 57,708 $ 55,754 $ 52,275 $ 50,469 $ 56,824
Research and development52,371 1,951 1,656 1,460 1,650
Restructuring costs 590 315 387 787 328
Net income from continuing operations 5,200 5,216 4,523 4,060 4,890
Net income from continuing operations attributable to common
shareowners 4,847 4,831 4,195 3,719 4,534
Basic earnings per share—Net income from continuing operations
attributable to common shareowners 5.41 5.41 4.62 4.05 4.83
Diluted earnings per share—Net income from continuing operations
attributable to common shareowners 5.35 5.33 4.55 4.00 4.74
Cash dividends per common share 2.03 1.87 1.70 1.54 1.35
Average number of shares of Common Stock outstanding:
Basic 895 892 908 917 938
Diluted 907 907 923 929 956
Cash flows provided by operating activities of continuing operations 6,605 6,460 5,720 5,083 5,962
Capital expenditures 1,389 929 838 773 1,137
Acquisitions, including debt assumed418,620 372 2,781 676 1,408
Repurchases of Common Stock6–2,175 2,200 1,100 3,160
Dividends paid on Common Stock11,752 1,602 1,482 1,356 1,210
At Year End
Working capital $ 5,174 $ 7,142 $ 5,778 $ 5,281 $ 4,665
Total assets489,409 61,452 58,493 55,762 56,837
Long-term debt, including current portion222,718 9,630 10,173 9,490 10,453
Total debt223,221 10,260 10,289 9,744 11,476
Total debt to total capitalization246% 31% 32% 32% 41%
Total equity227,069 22,820 22,323 20,999 16,681
Number of employees3, 4 218,300 199,900 208,200 206,700 223,100
Amounts presented for 2008-2011 have been restated to reflect results from continuing operations consistent with 2012
presentation, where applicable. Refer to “Business Overview” section for additional information.
Note 1 Excludes dividends paid on Employee Stock Ownership Plan Common Stock.
Note 2 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. The increase in the 2012 debt to total capitalization
ratio, as compared to 2011, reflects the issuance of $9.8 billion in long-term debt, $1.1 billion in equity units and the
assumption of approximately $3 billion in long-term debt in connection with the acquisition of Goodrich. In connection with a
cash tender offer, approximately $635 million ($761 million fair value) of principal amount of legacy Goodrich debt was retired
in the fourth quarter 2012.
Note 3 The decrease in 2011, as compared with 2010, includes the impact of divestitures primarily within the UTC Climate,
Controls & Security segment, as well as net workforce reductions associated with restructuring actions across UTC.
Note 4 The increase in 2012, as compared with 2011, includes the net impact of acquisitions and divestitures across the Company,
most notably the 2012 acquisition of Goodrich and divestiture of the legacy Hamilton Sundstrand Industrial business, both
within the UTC Aerospace Systems segment, as well as the impact of other acquisitions and dispositions and restructuring
actions across UTC.
Note 5 The increase in 2012, as compared with 2011, includes approximately $250 million incremental research and development
spending related to the Goodrich businesses that were acquired during 2012, and approximately $65 million at Pratt &
Whitney to further advance development of multiple geared turbo fan platforms.
Note 6 In connection with the acquisition of Goodrich, repurchases of common stock under our share repurchase program were
suspended for 2012.