(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. |
(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 |
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 | ) |
(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 |
(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 |
(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 |
(dollars in millions) | 2014 | 2015 | 2016 | 2017 | 2018 | ||||||||||||||
Amortization expense | $ | 706 | $ | 688 | $ | 706 | $ | 732 | $ | 761 |