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Annual Report 2019 United Technologies Is a Global Leader in the Aerospace and Financials at a Glance Building Industries

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Annual Report 2019 United Technologies Is a Global Leader in the Aerospace and Financials at a Glance Building Industries Annual Report 2019 United Technologies is a global leader in the aerospace and Financials at a Glance building industries. Our aerospace businesses — Collins Aerospace Systems and Pratt & Whitney — United Technologies provides high-technology products and services to the aerospace are redefining the future of flight and building industries worldwide. In 2019 UTC net sales were $77 billion. with next-generation aircraft engines and integrated systems and components. Our commercial 1 Cash flow from building businesses — Carrier and Adjusted net sales Adjusted diluted earnings (dollars in billions) per common share from operations Otis — are carrying on their rich continuing operations1 (dollars in billions) legacy of improving the quality of life (dollars per share) by developing sustainable solutions 77.0 8.26 8.9 that keep people comfortable and 7.61 safe, that shape skylines, and that 66.5 60.2 6.61 6.65 57.4 6.30 6.8 keep people on the move. Through 56.5 6.4 6.3 the efforts of our more than 240,000 5.6 employees worldwide, UTC continues to build on its legacy of innovation and superior customer service. To learn more, visit www.utc.com. United Technologies 15 16 17 18 19 15 16 17 18 19 15 16 17 18 19 is transforming itself. Following our merger with Raytheon Company, we will return to our roots as an aerospace and defense Contents Research and Dividends paid per Debt to capital company. We helped invent modern flight and 02 Letter to Shareowners development 2 common share (percent) continue to make the great leaps in technology Foldout (dollars in billions) (dollars per share) Our Legacy of Transformation that advance it. Carrier and Otis can claim similar 04 Business Highlights 5.3 2.94 53 achievements. Carrier has been keeping people 2.84 2.72 50 12 Social Impact 2.62 47 comfortable, safe and productive for more than a 2.56 45 15 Financials 4.0 41 century, while Otis has been shaping skylines and 3.8 3.8 3.9 37 Cautionary Note Concerning reinventing the way people move for even longer. Factors That May Affect Following the spinoffs and merger, we will go Future Results forward as three great independent companies — 81 Reconciliation of Non-GAAP Raytheon Technologies, Carrier and Otis. Measures to Corresponding GAAP Measures 82 Board of Directors 15 16 17 18 19 15 16 17 18 19 15 16 17 18 19 83 Leadership 84 Shareowner Information 1 See page 81 for additional information regarding these non-GAAP measures. Inside Back Cover 2 Amounts include company- and customer-funded research and development. Recognition About the Covers: The front and back covers of our annual report mark Captions for page 1: (TOP LEFT) Collins Aerospace’s avionics two historic events. The back illustrates our first annual report. It was technologies help ensure efficiency and safety in flight operations. Its issued in 1929 by United Aircraft & Transport Corporation, the forerunner integrated and advanced flight deck solutions help reduce operating costs of what eventually would become United Technologies Corporation. The and enhance the flying experience. (TOP RIGHT) Otis field professionals front cover represents our last annual report as United Technologies. maintain more than 2 million elevators and escalators worldwide. (BOTTOM Following our merger with Raytheon Company, we will become Raytheon LEFT) Carrier continues to lead the HVAC industry, which it helped to Technologies Corporation, a premier systems provider with advanced create. Its AquaEdge 23XRV chiller incorporates significant breakthroughs technologies to address rapidly growing segments within aerospace and in water-cooled chiller technology to provide excellent reliability and defense. Carrier and Otis, which became part of UTC in the 1970s, will superior efficiencies without compromising the environment. (BOTTOM regain their status as independent companies and continue to develop RIGHT) For nearly a century, Pratt & Whitney has advanced aviation and smart, integrated solutions for their customers. taken it to new levels. Its revolutionary GTF engine leads in efficiency, environmental performance and noise reduction. Dear Fellow Investor into Raytheon Technologies. Going number of military aircraft. And for the movement for more than two decades, and orientation as well as thought. In forward we will benefit from our legacy 5% flying public, the business’ focus on establishing aggressive impact reduction 2017 we pledged to achieve gender of innovation, leading-edge technology Organic growth * innovation resulted in advancements in goals that today are consistent with parity in our leadership by 2030. In 2019 and our relentless focus on providing cabin interiors, more streamlined check- global initiatives such as the Paris we expanded our commitment and customers with world-leading products in processes for passengers and faster Climate Accord. Since 1997 we have launched a strategic partnership in the and services. United Technologies’ broadband speeds. reduced annual greenhouse gas emissions United States and India with the nonprofit success today is built on businesses that $8.26 by more than 29% and water use by 57%, organization Girls Who Code. Together we were founded by visionary leaders. Elisha Adjusted earnings per share * Carrier saw the tremendous global reach and increased recycling of our industrial hope to build one of the largest pipelines Otis invented the elevator safety brake of its products and services expand process waste to more than 90%, all of future female leaders in the fields of in 1852. Willis Carrier invented modern even further, as evidenced by several while growing our top and bottom lines by engineering and technology. Additionally, air conditioning in 1902. Frederick new business wins. Burger King chose more than 230% and 480%, respectively. this past year saw UTC employees Rentschler developed the Wasp aircraft $6.6B Carrier’s Green & Cool natural refrigerant, generously donate their time to skills- engine in 1925. Arthur Collins developed Free cash flow * CO2Y systems, as its preferred Our commitment to sustainability extends based volunteerism, dedicating thousands the aircraft radio in 1935. Each of these condensing units for its restaurants to our products, which are designed of hours to mentor students through Greg Hayes, Chairman & CEO businesses was born of an innovation * See page 81 for additional information regarding in Spain. Carrier signed a strategic with an eye to reducing the energy and FIRST, a leading STEM-based educational needed to solve a customer problem and non-GAAP financial measures. cooperation agreement with Tim Hortons environmental footprints associated program, and to help rebuild communities the fundamental belief that there was a in China to provide integrated HVAC with their manufacture and use. We with Engineers Without Borders. better way. of aircraft engines and auxiliary power solutions and services for that company’s continue to be recognized for launching systems, and its GTF engine had more existing and future coffee houses many of the building industry’s most An Exciting Future 2019 was an extraordinary year for It is not easy to survive, let alone thrive, than 10,000 firm and option orders at throughout the country. The business energy-efficient heating, air-conditioning For all of us at United Technologies, United Technologies. We achieved for nearly a century, but through the the end of 2019. Approximately 1,400 also introduced two new refrigerated and refrigeration products, and for this past year has been exciting and record sales, adjusted earnings principles and visions of our founders, GTF engines are in service across six chiller islands for grocery stores and revolutionizing aerospace through quieter, fulfilling as well as challenging. Our per share and free cash flow. United Technologies has been able to continents. Since the engine’s entry markets in Europe, and continued its cleaner, more fuel-efficient jet engines. exceptional performance is testament to Importantly, we accomplished deliver solid returns to our investors while into service it has saved operators focus on building safety by installing the dedication, focus and sacrifice of our this as we embarked on a investing in our people and making a more than $550 million in fuel and more Edwards emergency communications Our commitment to investing in our 240,000 employees. They have continued transformational journey to position positive impact in our communities. than 2.5 million metric tons of carbon systems in campus environments such people has created an engaged to excel at the highest levels, and I our company for a new future. emissions. Pratt & Whitney also was as Bentley University in Massachusetts. workforce of lifelong learners, committed thank them for their commitment to Strong Financial Performance awarded a $5.7 billion contract by the to solving our world’s most complex this company and to our mission. We announced in June that United In 2019 our financial results exceeded the U.S. Department of Defense to fund more Otis, which moves 2 billion people challenges. Of all our accomplishments Technologies will merge with Raytheon, high end of the ranges we communicated than 330 F135 engines, which represents every day, is helping to drive a digital over the past 95 years, the success of Everyone here — and all who came creating Raytheon Technologies. This at the beginning of the year. United the largest F135 production contract renaissance in elevators. Otis has now our Employee Scholar Program is one of before us — have much to be proud of. followed our announcement in late 2018 Technologies had sales of $77 billion, in program history. equipped more than 75% of its field our greatest achievements. This program, For nine decades, United Technologies that we would separate Carrier and driven by Collins Aerospace Systems and technicians with iPhones and proprietary which was launched in 1996, has enabled has been a driving force of innovation, Otis into standalone public companies. Pratt & Whitney. Earnings per share on an The integration of Rockwell Collins with Otis apps that streamline service and our people to earn more than 41,000 performance and excellence.
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