UNITED TECHNOLOGIES CORP /DE/ | 2013 | FY | 3


(dollars in millions)
 
2012
Amortization of inventory fair value adjustment 1
 
$
(103
)
Amortization of acquired Goodrich intangible assets, net 2
 
108

Utilization of contractual customer obligation 3
 
(96
)
Interest expense incurred on acquisition financing, net 4
 
63

1 
Removed the expense for inventory fair value adjustments recognized during the last two quarters of 2012, which would have been amortized as the corresponding inventory would have been completely sold during the first two quarters of 2011.
2 
Added the additional amortization of the acquired Goodrich intangible assets recognized at fair value in purchase accounting and eliminated the historical Goodrich intangible asset amortization expense.
3 
Added the additional utilization of the Goodrich contractual customer obligation recognized in purchase accounting.
4 
Added the additional interest expense for the debt incurred to finance our acquisition of Goodrich and reduced interest expense for the debt fair value adjustment which would have been amortized.

us-gaap:BusinessAcquisitionProFormaInformationNonrecurringAdjustmentsTableTextBlock

(dollars in millions, except per share amounts)
2012
Net sales
$
62,173

Net income attributable to common shareowners from continuing operations
5,095

Basic earnings per share of common stock from continuing operations
5.69

Diluted earnings per share of common stock from continuing operations
5.62


us-gaap:BusinessAcquisitionProFormaInformationTextBlock

 
2013
 
2012
(dollars in millions)
Gross
Amount

 
Accumulated
Amortization

 
Gross
Amount

 
Accumulated
Amortization

Amortized:
 
 
 
 
 
 
 
Service portfolios
$
2,234

 
$
(1,295
)
 
$
2,127

 
$
(1,202
)
Patents and trademarks
380

 
(181
)
 
412

 
(167
)
IAE collaboration
2,273

 

 
1,526

 

Customer relationships and other
12,049

 
(2,199
)
 
11,901

 
(1,718
)
 
16,936

 
(3,675
)
 
15,966

 
(3,087
)
Unamortized:
 
 
 
 
 
 
 
Trademarks and other
2,260

 

 
2,310

 

Total
$
19,196

 
$
(3,675
)
 
$
18,276

 
$
(3,087
)

us-gaap:IntangibleAssetsDisclosureTextBlock

(dollars in millions)
 
Cash and cash equivalents
$
538

Accounts receivable, net
1,205

Inventories and contracts in progress, net
1,673

Future income tax benefits, current
515

Other assets, current
647

Fixed assets
2,209

Intangible assets:
 
Customer relationships and related program assets
8,550

Trademarks
1,550

Other assets
1,501

Short-term borrowings
(84
)
Accounts payable
(587
)
Accrued liabilities
(1,919
)
Long-term debt
(2,961
)
Future pension and postretirement benefit obligations
(1,743
)
Other long-term liabilities:
 
Customer contractual obligations
(2,200
)
Other long-term liabilities
(4,013
)
Noncontrolling interests
(41
)
Total identifiable net assets
4,840

Goodwill
11,580

Total consideration transferred
$
16,420


us-gaap:ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock

(dollars in millions)
Balance as of
January 1,
2013

 
Goodwill
resulting from
business
combinations

 
Foreign
currency
translation
and other

 
Balance as of
December 31,
2013

Otis
$
1,583

 
$
152

 
$
6

 
$
1,741

UTC Climate, Controls & Security
9,868

 
2

 
(143
)
 
9,727

Pratt & Whitney
1,238

 

 
35

 
1,273

UTC Aerospace Systems
14,754

 
301

 
14

 
15,069

Sikorsky
353

 

 

 
353

Total Segments
27,796

 
455

 
(88
)
 
28,163

Eliminations and other
5

 

 

 
5

Total
$
27,801

 
$
455

 
$
(88
)
 
$
28,168


us-gaap:ScheduleOfGoodwillTextBlock

(dollars in millions)
2013
 
2012
Current assets
$
1,616

 
$
1,308

Noncurrent assets
1,066

 
899

Total assets
$
2,682

 
$
2,207

Current liabilities
$
1,895

 
$
1,468

Noncurrent liabilities
1,085

 
781

Total liabilities
$
2,980

 
$
2,249


us-gaap:ScheduleOfVariableInterestEntitiesTextBlock

(dollars in millions)
2014

 
2015

 
2016

 
2017

 
2018

Amortization expense
$
706

 
$
688

 
$
706

 
$
732

 
$
761


us-gaap:ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock