United Technologies 2012 Annual Report Download - page 55

Cautionary Note Concerning Factors That May Affect Future Results 2012 ANNUAL REPORT 53
Cautionary Note Concerning Factors That May Affect Future Results
This 2012 Annual Report to Shareowners (2012 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 cur-
rently believed to be valid. Forward-looking statements can be iden-
tified 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. For those
statements we claim the protection of the safe harbor for forward-
looking statements contained in the U.S. Private Securities Liti-
gation Reform Act of 1995. Such risks, uncertainties and other
factors include, without limitation:
• the effect of economic conditions in the markets in which we
operate in the U.S. and globally and any changes therein, includ-
ing 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;
• our ability to integrate the acquired Goodrich 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 avail-
ability, including credit market conditions and our capital struc-
ture;
• 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 oper-
ations across product lines, regions and industries;
• the impact of the negotiation of collective bargaining agree-
ments 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 2012
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 Dis-
cussion and Analysis of Financial Condition and Results of Oper-
ations” 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 2012 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 2012 Annual Report in the section
titled “Management’s Discussion and Analysis of Financial Con-
dition 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.