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View Annual Report 2018 Annual Report United Technologies Corporation 2018 Annual Report United Technologies Creating value through customer focus and innovation Financials at a Glance United Technologies provides high-technology products and services to the aerospace and commercial building industries worldwide. In 2018 UTC net sales were $66.5 billion. Adjusted net sales 1 Adjusted diluted Cash flow from (dollars in billions) earnings per common operations share from continuing (dollars in billions) operations 1 (dollars per share) 66.5 7.61 7.0 6.8 60.2 6.4 6.3 57.9 56.5 57.4 6.46 6.61 6.65 6.30 5.6 14 15 16 17 18 14 15 16 17 18 14 15 16 17 18 1 See page 77 for additional information regarding these non-GAAP measures. Research and Dividends paid per Debt to capital 3 2 Amounts include company- and customer-funded research and development 2 common share (percent) development. Prior year amounts have (dollars in billions) (dollars per share) been revised to reflect the adoption of ASU 2017-07, Compensation- Retirement Benefits (Topic 715), 4.5 2.84 53 Improving the Presentation of Net 2.62 2.72 4.0 2.56 47 3.8 3.8 3.9 2.36 45 Periodic Pension Cost and Net Periodic 41 38 Postretirement Benefit Cost. 3 The increase in the 2018 debt to capitalization ratio primarily reflects additional borrowings in 2018 used to finance the acquisition of Rockwell Collins as well as the acquisition of Rockwell Collins’ outstanding debt. 14 15 16 17 18 14 15 16 17 18 14 15 16 17 18 United Technologies Corp. is a global leader in the aerospace and building industries. Our aerospace businesses — Collins Aerospace Systems and Pratt & Whitney — are redefining Contents the future of flight with next-generation aircraft engines and integrated systems and components. Our commercial businesses — Carrier and Otis — are pioneering intelligent 02 Letter to Shareowners building solutions and services that keep people more productive, secure and on the move, 04 Business Highlights more comfortably and sustainably. 08 Innovation 09 Our People Our company was founded by some of the world’s greatest inventors. Through the 10 Social Impact imagination and spirit of our 240,000 employees, we are continuing their legacy of 11 Financials innovation, focused on delivering unsurpassed value to our customers. 33 Cautionary Note Concerning Factors That May Affect Future Results To learn more, visit www.utc.com. 77 Reconciliation of Non-GAAP Measures to Corresponding GAAP Measures 78 Board of Directors 79 Leadership About the cover: Danielle Grolman, senior engineer, exemplifies United Technologies’ long and 80 Shareowner Information storied legacy of innovation. She is one of more than 35,000 scientists and engineers working Inside Back Cover across the company to develop new and better solutions for our customers. Recognition “ At United Technologies we take great pride in our relentless focus on meeting the needs of our customers and fostering a culture of innovation. This enables us to drive continuous improvement in all that we do and extend our industry leadership, which grows shareowner value.” Greg Hayes, Chairman & CEO LEADERSHIP TEAM The United Technologies leadership team carries on the company’s long- standing commitment to customer service and innovation. Their passion for excellence and continuous improvement is what enables us to deliver outstanding performance. FIRST ROW: Gregory J. Hayes, Chairman & CEO; Elizabeth B. Amato, Executive Vice President & Chief Human Resources Officer; Akhil Johri, Executive Vice President & Chief Financial Officer SECOND ROW: Vincent M. Campisi, Senior Vice President & Chief Digital Officer, and Timothy J. McBride, Senior Vice President, Government Relations; Robert F. Leduc, President, Pratt & Whitney; Robert J. McDonough, President, Carrier THIRD ROW: Kelli Parsons, Senior Vice President & Chief Communications Officer;Paul Eremenko, Senior Vice President & Chief Technology Officer; Michael R. Dumais, Executive Vice President, Operations & Strategy, and Charles D. Gill Jr., Executive Vice President & General Counsel FOURTH ROW: Robert K. Ortberg, Chief Executive Officer, Collins Aerospace Systems; Judith F. Marks, President, Otis; David L. Gitlin, President & Chief Operating Officer, Collins Aerospace Systems United Technologies Corporation 01 Dear Fellow Investor Greg Hayes, Chairman & CEO The year 2018 will be remembered for Underpinning all the successes of 2018 is many things at United Technologies. our relentless focus on delivering the most 8% A year of record sales and earnings. advanced and innovative products and Organic growth * A year in which the Otis maintenance services to our customers around the world. portfolio exceeded 2 million units for And all this was possible only through the dedication and diligence of our 240,000 the first time. A year in which Pratt & employees. As I have said many times, Whitney manufactured more than $7.61 companies don’t innovate, people do. 1,000 large commercial and military Adjusted earnings per share * Likewise, companies don’t design, develop, engines for the first time in more manufacture or service our products, people than 30 years. And a year in which do. So please join me in thanking all the people Carrier grew its top line by 6 percent of United Technologies who have made this $4.4B organically while introducing more great performance in 2018 possible. Here are Free cash flow * than 100 new products. 2018 also saw some additional highlights. the completion of the Rockwell Collins * See page 77 for additional information regarding acquisition, which combined with our non-GAAP financial measures. UTC Aerospace Systems business STRONG FINANCIAL PERFORMANCE allowed us to create the preeminent In 2018 United Technologies had sales of $66.5 billion, driven by 8 percent organic aerospace systems supplier, now growth. Earnings per share on an adjusted basis HIGHLIGHTS FROM OUR BUSINESSES named Collins Aerospace Systems. were $7.61, a 14 percent increase over 2017. In addition to manufacturing over 1,000 large The most momentous decision in 2018, Spending on research and development totaled commercial and military engines, Pratt & however, was our decision to return United $4 billion, of which more than $2.5 billion was Whitney signed a $2 billion contract to supply Technologies to its roots as a preeminent company-funded. We generated $6.3 billion F135 engines in support of the Joint Strike aerospace systems supplier while establishing of cash flow from operations, and we invested Fighter program. Revenue from commercial Carrier and Otis as standalone independent $1.9 billion in capital expenditures to fund maintenance, repair and overhaul (MRO) companies. This decision, perhaps the most future organic growth. Net free cash flow was services increased significantly, and the difficult decision a Board of Directors can $4.4 billion. Dividends totaled $2.2 billion, Geared Turbofan engine aftermarket network make, will establish three industry-leading, and in October 2018 the Board approved a continued to mature, more than doubling the focused businesses that will drive long-term 5 percent increase in the dividend rate to number of engines overhauled in our shops value for investors, customers and employees. $2.94 per share on an annual basis. compared to 2017. 02 2018 Annual Report Collins Aerospace extended its industry escalators to metro, rail and airport projects talented, purpose-driven professionals. Many leadership in 2018. The business was awarded in 11 cities. Investment in digital also began are leaders in their communities — volunteering a contract to provide nacelles for the Dassault to bear fruit with the launch of a new digitally to make a positive social impact, mentoring Falcon 6X and selected to provide content on enhanced Otis Signature Service and the IoT- schoolchildren, encouraging STEM education Boeing’s U.S. Air Force T-X jet trainer, including enabled Otis ONE platform that uses remote and building a more sustainable future. the ACES 5 ejection seat, landing gear, and diagnostics, data analytics and machine We remain committed to being an open, wheels and brakes. The company also enjoyed learning to predict and prevent shutdowns. inclusive and diverse company. As part of significant demand for its wheel and brake the Paradigm for Parity coalition, we are systems as more than 35 airlines selected committed to achieving gender parity in our its equipment, representing commitments GROWING OUR DIGITAL FOOTPRINT senior leadership by 2030. We graduated the totaling more than $500 million. Commercial The relentless pace at which products and first classes from our Re-Empower Program, aftermarket sales at legacy UTC Aerospace services are becoming digitally enabled and which helps individuals get the confidence, Systems were strong as well, up 12 percent connected is fundamentally transforming support and training needed to re-enter organically in 2018. how we live and work. Our team in the new the workforce after a voluntary absence. In United Technologies Digital Accelerator in Against a backdrop of challenging geopolitical 2018 we invested more than $100 million in Brooklyn, New York, delivers fresh thinking conditions, our commercial businesses also employee learning and job training programs. and capabilities to the design of innovative achieved many successes. And, as a leadership team, we are investing our customer experiences, streamlined time in sponsorship, preparing future leaders Carrier opened a state-of-the-art building manufacturing capabilities and intelligent
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