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76 UNITED TECHNOLOGIES CORPORATION
The project financing obligations noted above are asso-
ciated with the sale of rights to unbilled revenues related to the
ongoing activity of an entity owned by UTC Climate, Controls and
Security. The percentage of total short-term borrowings and long-
term debt at variable interest rates was 9% and 7% at
December 31, 2012 and 2011, respectively. Interest rates on our
commercial paper borrowings are considered variable due to their
short-term duration and high-frequency of turnover.
The schedule of principal payments required on long-term
debt for the next five years and thereafter is:
(DOLLARS IN MILLIONS)
2013 $ 1,121
2014 40
2015 2,733
2016 320
2017 2,521
Thereafter 15,630
Total $ 22,365
We have an existing universal shelf registration statement
filed with the Securities and Exchange Commission (SEC) for an
indeterminate amount of securities for future issuance, subject to
our internal limitations on the amount of securities to be issued
under this shelf registration statement.
NOTE 10: EQUITY
As of January 1, 2012, we adopted the provisions of the FASB
issued ASU No. 2011-05, “Presentation of Comprehensive
Income.” As a result of this adoption, we have presented total
comprehensive income for each of the periods presented within the
consecutive statements of Consolidated Statement of Operations
and Consolidated Statement of Comprehensive Income.
A summary of the changes in each component of accumu-
lated other comprehensive (loss) income, for the years ended
December 31, is provided below:
(DOLLARS IN MILLIONS)
Foreign
Currency
Translation
Defined Benefit
Pension and
Post-retirement
Plans
Unrealized Gains
(Losses) on
Available-for-
Sale Securities
Unrealized
Hedging
(Losses)
Gains
Accumulated
Other
Comprehensive
(Loss) Income
Balance at December 31, 2011 $ 206 $ (5,810) $ 164 $ (50) $ (5,490)
Other comprehensive income—quarter ended March 31, 2012 318 99 11 61 489
Other comprehensive (loss) income—quarter ended June 30, 2012 (628) 136 (42) (140) (674)
Other comprehensive income—quarter ended September 30, 2012 690 187 2 133 1,012
Other comprehensive income (loss)—quarter ended December 31, 2012 68 (862) 10 (1) (785)
Balance at December 31, 2012 $ 654 $ (6,250) $ 145 $ 3 $ (5,448)