Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Jan. 31, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Registrant Name | 'UNITED TECHNOLOGIES CORP /DE/ | ' | ' |
Entity Central Index Key | '0000101829 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $85,185,959,757 |
Entity Common Stock, Shares Outstanding | ' | 915,236,403 | ' |
Consolidated_Statement_of_Oper
Consolidated Statement of Operations (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net Sales: | ' | ' | ' |
Product sales | $45,253 | $40,729 | $38,882 |
Service sales | 17,373 | 16,979 | 16,872 |
Total net sales | 62,626 | 57,708 | 55,754 |
Costs and Expenses: | ' | ' | ' |
Cost of products sold | 34,063 | 31,094 | 29,252 |
Cost of services sold | 11,258 | 11,059 | 11,117 |
Research and development | 2,529 | 2,371 | 1,951 |
Selling, general and administrative | 6,718 | 6,452 | 6,161 |
Total costs and expenses | 54,568 | 50,976 | 48,481 |
Other income, net | 1,151 | 952 | 573 |
Operating profit | 9,209 | 7,684 | 7,846 |
Interest expense, net | 897 | 773 | 496 |
Income from continuing operations before income taxes | 8,312 | 6,911 | 7,350 |
Income tax expense | 2,238 | 1,711 | 2,134 |
Net income from continuing operations | 6,074 | 5,200 | 5,216 |
Less: Noncontrolling interest in subsidiaries' earnings from continuing operations | 388 | 353 | 385 |
Income from continuing operations attributable to common shareowners | 5,686 | 4,847 | 4,831 |
Discontinued operations (Note 3): | ' | ' | ' |
Income (loss) from operations | 63 | -998 | 255 |
(Loss) gain on disposal | -33 | 2,030 | 0 |
Income tax benefit (expense) | 5 | -742 | -97 |
Net income from discontinued operations | 35 | 290 | 158 |
Less: Noncontrolling interest in subsidiaries' earnings from discontinued operations | 0 | 7 | 10 |
Income from discontinued operations attributable to common shareowners | 35 | 283 | 148 |
Net income attributable to common shareowners | $5,721 | $5,130 | $4,979 |
Earnings Per Share of Common Stock - Basic: | ' | ' | ' |
Net income from continuing operations attributable to common shareowners | $6.31 | $5.41 | $5.41 |
Net income attributable to common shareowners | $6.35 | $5.73 | $5.58 |
Earnings Per Share of Common Stock - Diluted: | ' | ' | ' |
Net income from continuing operations attributable to common shareowners | $6.21 | $5.35 | $5.33 |
Net income attributable to common shareowners | $6.25 | $5.66 | $5.49 |
Dividends Per Share of Common Stock | $2.19 | $2.03 | $1.87 |
Weighted average number of shares outstanding: | ' | ' | ' |
Basic shares | 901 | 895.2 | 892.3 |
Diluted shares | 915.1 | 906.6 | 906.8 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Top Element - 00007 - Statement- Consolidated Statement of Comprehensive Income Abstract | ' | ' | ' |
Net income from continuing operations | $6,074 | $5,200 | $5,216 |
Net income from discontinued operations | 35 | 290 | 158 |
Net income | 6,109 | 5,490 | 5,374 |
Foreign currency translation adjustments | ' | ' | ' |
Foreign currency translation adjustments arising during the period | -523 | 556 | -278 |
Less: reclassification adjustments for loss (gain) on sale of an investment in a foreign entity recognized in net income | 25 | -100 | 115 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax, Portion Attributable to Parent | -498 | 456 | -163 |
Change in pension and post-retirement benefit plans | ' | ' | ' |
Net actuarial gain (loss) arising during the period | 3,987 | -1,542 | -2,692 |
Prior service (cost) credit arising during period | -225 | 211 | -21 |
Other | 50 | -3 | -9 |
Less: amortization of actuarial loss, prior service cost, and transition obligation | 906 | 689 | 441 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax, Portion Attributable to Parent | 4,718 | -645 | -2,281 |
Tax (expense) benefit | -1,735 | 205 | 796 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent | 2,983 | -440 | -1,485 |
Unrealized gain (loss) on available-for-sale securities | ' | ' | ' |
Unrealized holding gain arising during period | 332 | 91 | 78 |
Less: reclassification adjustments for gain included in net income | -91 | -123 | -27 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax, Portion Attributable to Parent | 241 | -32 | 51 |
Tax (expense) benefit | -90 | 13 | -21 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent | 151 | -19 | 30 |
Change in unrealized cash flow hedging | ' | ' | ' |
Unrealized cash flow hedging (loss) gain arising during period | -136 | 88 | -46 |
Less: loss (gain) reclassified into Product sales | 25 | -31 | -96 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax, Portion Attributable to Parent | -111 | 57 | -142 |
Tax benefit (expense) | 29 | -4 | 36 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Portion Attributable to Parent | -82 | 53 | -106 |
Other comprehensive income (loss), net of tax | 2,554 | 50 | -1,724 |
Comprehensive income | 8,663 | 5,540 | 3,650 |
Less: comprehensive income attributable to noncontrolling interest | -374 | -368 | -392 |
Comprehensive income atrributable to common shareowners | $8,289 | $5,172 | $3,258 |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $4,619 | $4,819 |
Accounts receivable (net of allowance for doubtful accounts of $488 and $443) | 11,458 | 11,099 |
Inventories and contracts in progress, net | 10,330 | 9,537 |
Future income tax benefits, current | 1,964 | 1,611 |
Assets held for sale | 0 | 1,071 |
Other assets, current | 1,071 | 1,473 |
Total Current Assets | 29,442 | 29,610 |
Customer financing assets | 1,156 | 1,150 |
Future income tax benefits | 1,236 | 1,599 |
Fixed assets, net | 8,866 | 8,518 |
Goodwill | 28,168 | 27,801 |
Intangible assets, net | 15,521 | 15,189 |
Other assets | 6,205 | 5,542 |
Total Assets | 90,594 | 89,409 |
Liabilities and Equity | ' | ' |
Short-term borrowings | 388 | 503 |
Accounts payable | 6,965 | 6,431 |
Accrued liabilities | 15,335 | 15,310 |
Liabilities held for sale | 0 | 421 |
Long-term debt currently due | 112 | 1,121 |
Total Current Liabilities | 22,800 | 23,786 |
Long-term debt | 19,741 | 21,597 |
Future pension and postretirement benefit obligations | 3,444 | 7,520 |
Other long-term liabilities | 11,279 | 9,199 |
Total Liabilities | 57,264 | 62,102 |
Commitments and contingent liabilities (Notes 5 and 17) | ' | ' |
Redeemable noncontrolling interest | 111 | 238 |
Capital Stock: | ' | ' |
Preferred Stock, $1 par value; 250,000 shares authorized; None issued or outstanding | 0 | 0 |
Common Stock, $1 par value; 4,000,000 shares authorized; 1,417,724 and 1,407,780 shares issued | 14,764 | 13,976 |
Treasury Stock - 501,038 and 488,931 common shares at average cost | -20,431 | -19,251 |
Retained earnings | 40,539 | 36,776 |
Unearned ESOP shares | -126 | -139 |
Total Accumulated other comprehensive loss | -2,880 | -5,448 |
Total Shareowners' Equity | 31,866 | 25,914 |
Noncontrolling interest | 1,353 | 1,155 |
Total Equity | 33,219 | 27,069 |
Total Liabilities and Equity | $90,594 | $89,409 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts | $488 | $443 |
Preferred Stock, par value | $1 | ' |
Preferred Stock. shares authorized | 250,000 | ' |
Preferred Stock, shares outstanding | 0 | ' |
Common Stock, par value | $1 | ' |
Common Stock, shares authorized | 4,000,000 | ' |
Common Stock, Shares, Issued | 1,417,724 | 1,407,780 |
Treasury Stock, shares | 501,038 | 488,931 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Activities of Continuing Operations: | ' | ' | ' |
Net income attributable to common shareowners | $5,721 | $5,130 | $4,979 |
Noncontrolling interest in subsidiaries' earnings | 388 | 360 | 395 |
Net income | 6,109 | 5,490 | 5,374 |
Less: Net income from discontinued operations | 35 | 290 | 158 |
Net income from continuing operations | 6,074 | 5,200 | 5,216 |
Adjustments to reconcile income from continuing operations to net cash flows provided by operating activities of continuing operations: | ' | ' | ' |
Depreciation and amortization | 1,821 | 1,524 | 1,263 |
Deferred income tax provision | 242 | 120 | 334 |
Stock compensation cost | 275 | 210 | 221 |
Change in: | ' | ' | ' |
Accounts receivable | -531 | -165 | -697 |
Inventories and contracts in progress | -1,096 | -539 | -330 |
Other current assets | 74 | -4 | -24 |
Accounts payable and accrued liabilities | 1,354 | 811 | 760 |
Global pension contributions | -108 | -430 | -551 |
Other operating activities, net | -600 | -122 | 268 |
Net cash flows provided by operating activities of continuing operations | 7,505 | 6,605 | 6,460 |
Investing Activities of Continuing Operations: | ' | ' | ' |
Capital expenditures | -1,688 | -1,389 | -929 |
Increase in customer financing assets | -245 | -100 | -42 |
Decrease in customer financing assets | 110 | 75 | 92 |
Investments in businesses | -151 | -16,026 | -357 |
Dispositions of businesses | 1,560 | 425 | 494 |
Increase in collaboration intangible assets | -722 | -1,543 | 0 |
Other investing activities, net | -328 | -237 | 70 |
Net cash flows used in investing activities of continuing operations | -1,464 | -18,795 | -672 |
Financing Activities of Continuing Operations: | ' | ' | ' |
Issuance of long-term debt | 92 | 10,899 | 59 |
Repayment of long-term debt | -2,862 | -842 | -616 |
(Decrease) increase in short-term borrowings, net | -113 | -214 | 562 |
Common Stock issued under employee stock plans | 378 | 522 | 226 |
Dividends paid on Common Stock | -1,908 | -1,752 | -1,602 |
Repurchase of Common Stock | -1,200 | 0 | -2,175 |
Other financing activities, net | -327 | -592 | -437 |
Net cash flows (used in) provided by financing activities of continuing operations | -5,940 | 8,021 | -3,983 |
Discontinued Operations: | ' | ' | ' |
Net cash (used in) provided by operating activities | -628 | 41 | 130 |
Net cash provided by (used in) investing activities | 351 | 2,974 | -35 |
Net cash used in financing activities | 0 | 0 | -22 |
Net cash flows (used in) provided by discontinued operations | -277 | 3,015 | 73 |
Effect of foreign exchange rate changes on cash and cash equivalents | -41 | 30 | -1 |
Net (decrease) increase in cash and cash equivalents | -217 | -1,124 | 1,877 |
Cash and cash equivalents, beginning of year | 4,836 | 5,960 | 4,083 |
Cash and cash equivalents, end of year | 4,619 | 4,836 | 5,960 |
Less: Cash and cash equivalents of businesses held for sale | 0 | 17 | 0 |
Cash and cash equivalents | 4,619 | 4,819 | 5,960 |
Supplemental Disclosure of Cash Flow Information: | ' | ' | ' |
Interest paid, net of amounts capitalized | 1,047 | 725 | 642 |
Income taxes paid, net of refunds | 2,789 | 1,772 | 1,432 |
Non-cash investing and financing activities include: | ' | ' | ' |
Contributions of UTC Common Stock to domestic defined benefit pension plans | $0 | $0 | $450 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Equity (USD $) | Total | Common Stock [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Unearned ESOP Shares [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Non-controlling Interest [Member] | Redeemable Non-controlling Interest [Member] |
In Millions, unless otherwise specified | ||||||||
Balance at Dec. 31, 2010 | $22,332 | $12,597 | ($17,468) | $30,191 | ($166) | ($3,769) | $947 | $317 |
Comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 5,374 | ' | ' | 4,979 | ' | ' | 395 | ' |
Redeemable noncontrolling interest in subsidiaries' earnings | -25 | ' | ' | ' | ' | ' | -25 | 25 |
Other comprehensive income (loss), net of tax | -1,727 | ' | ' | ' | ' | -1,721 | -6 | 3 |
Common Stock issued under employee plans, net of tax benefit | 687 | 672 | 10 | ' | 14 | ' | ' | ' |
Treasury Stock Reissued at Lower than Repurchase Price | ' | ' | ' | -9 | ' | ' | ' | ' |
Common Stock contributed to defined benefit pension plans | 450 | 227 | 223 | ' | ' | ' | ' | ' |
Treasury Stock, Value, Acquired, Cost Method | -2,175 | ' | -2,175 | ' | ' | ' | ' | ' |
Dividends on Common Stock | -1,602 | ' | ' | -1,602 | ' | ' | ' | ' |
Dividends on ESOP Common Stock | -63 | ' | ' | -63 | ' | ' | ' | ' |
Dividends attributable to noncontrolling interest | -363 | ' | ' | ' | ' | ' | -363 | -15 |
Redeemable noncontrolling interest accretion | -9 | ' | ' | -9 | ' | ' | ' | 9 |
Purchase of subsidiary shares from noncontrolling interest | -73 | -54 | ' | ' | ' | ' | -19 | -2 |
Sale of subsidiary shares in noncontrolling interest | 26 | 3 | ' | ' | ' | ' | 23 | ' |
Other changes in noncontrolling interest | -12 | ' | ' | ' | ' | ' | -12 | 21 |
Balance at Dec. 31, 2011 | 22,820 | 13,445 | -19,410 | 33,487 | -152 | -5,490 | 940 | 358 |
Comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 5,490 | ' | ' | 5,130 | ' | ' | 360 | ' |
Redeemable noncontrolling interest in subsidiaries' earnings | -24 | ' | ' | ' | ' | ' | -24 | 24 |
Other comprehensive income (loss), net of tax | 44 | ' | ' | ' | ' | 42 | 2 | 6 |
Common Stock issued under employee plans, net of tax benefit | 654 | 643 | 18 | ' | 13 | ' | ' | ' |
Treasury Stock Reissued at Lower than Repurchase Price | ' | ' | ' | -20 | ' | ' | ' | ' |
Common Stock contributed to defined benefit pension plans | 279 | 138 | ' | ' | ' | ' | ' | ' |
Treasury Stock reissued under employee plans | ' | ' | 141 | ' | ' | ' | ' | ' |
Equity Units issuance | -216 | -216 | ' | ' | ' | ' | ' | ' |
Dividends on Common Stock | -1,752 | ' | ' | -1,752 | ' | ' | ' | ' |
Dividends on ESOP Common Stock | -67 | ' | ' | -67 | ' | ' | ' | ' |
Dividends attributable to noncontrolling interest | -337 | ' | ' | ' | ' | ' | -337 | -18 |
Redeemable noncontrolling interest accretion | -2 | ' | ' | -2 | ' | ' | ' | 2 |
Purchase of subsidiary shares from noncontrolling interest | -38 | -34 | ' | ' | ' | ' | -4 | -34 |
Sale of subsidiary shares in noncontrolling interest | 52 | ' | ' | ' | ' | ' | 52 | ' |
Other changes in noncontrolling interest | 66 | ' | ' | ' | ' | ' | 66 | ' |
Redeemable noncontrolling interest reclassification to noncontrolling interest | 100 | ' | ' | ' | ' | ' | 100 | -100 |
Balance at Dec. 31, 2012 | 27,069 | 13,976 | -19,251 | 36,776 | -139 | -5,448 | 1,155 | 238 |
Comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 6,109 | ' | ' | 5,721 | ' | ' | 388 | ' |
Redeemable noncontrolling interest in subsidiaries' earnings | -5 | ' | ' | ' | ' | ' | -5 | 5 |
Other comprehensive income (loss), net of tax | 2,563 | ' | ' | ' | ' | 2,568 | -5 | -9 |
Common Stock issued under employee plans, net of tax benefit | 889 | 837 | 20 | 19 | 13 | ' | ' | ' |
Treasury Stock, Value, Acquired, Cost Method | -1,200 | ' | -1,200 | ' | ' | ' | ' | ' |
Dividends on Common Stock | -1,908 | ' | ' | -1,908 | ' | ' | ' | ' |
Dividends on ESOP Common Stock | -69 | ' | ' | -69 | ' | ' | ' | ' |
Dividends attributable to noncontrolling interest | -355 | ' | ' | ' | ' | ' | -355 | -5 |
Purchase of subsidiary shares from noncontrolling interest | -143 | -49 | ' | ' | ' | ' | -94 | -3 |
Sale of subsidiary shares in noncontrolling interest | 243 | ' | ' | ' | ' | ' | 243 | ' |
Disposition of noncontrolling interest | -7 | ' | ' | ' | ' | ' | -7 | -82 |
Redeemable noncontrolling interest reclassification to noncontrolling interest | 33 | ' | ' | ' | ' | ' | 33 | -33 |
Balance at Dec. 31, 2013 | $33,219 | $14,764 | ($20,431) | $40,539 | ($126) | ($2,880) | $1,353 | $111 |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes in Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Common Stock issued under employee plans, shares | 10.4 | 8 | 7.2 |
Tax benefit from Common Stock issued under employee plans | $115 | $67 | $81 |
Common Stock contributed to defined benefit pension plans, shares | ' | ' | 5.7 |
Common Stock repurchased, shares | 12.6 | ' | 26.9 |
Treasury stock reissued under employee plans, shares | ' | 3.6 | ' |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
SEC Schedule Article 12-09 Valuation And Qualifying Accounts [Abstract] | ' | ||||
Schedule Of Valuation And Qualifying Accounts Disclosure [Text Block] | ' | ||||
SCHEDULE II | |||||
UNITED TECHNOLOGIES CORPORATION AND SUBSIDIARIES | |||||
Valuation and Qualifying Accounts | |||||
Three years ended December 31, 2013 | |||||
(Millions of Dollars) | |||||
Allowances for Doubtful Accounts and Other Customer Financing Activity: | |||||
Balance December 31, 2010 | $ | 448 | |||
Provision charged to income | 88 | ||||
Doubtful accounts written off (net) | (38 | ) | |||
Other adjustments | (42 | ) | |||
Balance December 31, 2011 | 456 | ||||
Provision charged to income | 72 | ||||
Doubtful accounts written off (net) | (23 | ) | |||
Other adjustments | 12 | ||||
Balance December 31, 2012 | 517 | ||||
Provision charged to income | 74 | ||||
Doubtful accounts written off (net) | (68 | ) | |||
Other adjustments | 20 | ||||
Balance December 31, 2013 | $ | 543 | |||
Future Income Tax Benefits—Valuation allowance: | |||||
Balance December 31, 2010 | $ | 911 | |||
Additions charged to income tax expense | 130 | ||||
Reductions credited to income tax expense | (27 | ) | |||
Other adjustments | (37 | ) | |||
Balance December 31, 2011 | 977 | ||||
Additions charged to income tax expense | 124 | ||||
Additions charged to goodwill, due to acquisitions | 71 | ||||
Reductions credited to income tax expense | (245 | ) | |||
Other adjustments | (23 | ) | |||
Balance December 31, 2012 | 904 | ||||
Additions charged to income tax expense | 134 | ||||
Additions charged to goodwill, due to acquisitions | 12 | ||||
Reductions credited to income tax expense | (52 | ) | |||
Other adjustments | (56 | ) | |||
Balance December 31, 2013 | $ | 942 | |||
Summary_of_Accounting_Principl
Summary of Accounting Principles | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Notes to Consolidated Financial Statements [Abstract] | ' | |||||||||||
Summary of Accounting Principles | ' | |||||||||||
SUMMARY OF ACCOUNTING PRINCIPLES | ||||||||||||
The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Actual results could differ from those estimates. Certain reclassifications have been made to the prior year amounts to conform to the current year presentation. | ||||||||||||
Consolidation. The Consolidated Financial Statements include the accounts of United Technologies Corporation (UTC) and its controlled subsidiaries. Intercompany transactions have been eliminated. | ||||||||||||
Cash and Cash Equivalents. Cash and cash equivalents includes cash on hand, demand deposits and short-term cash investments that are highly liquid in nature and have original maturities of three months or less. | ||||||||||||
On occasion, we are required to maintain cash deposits with certain banks with respect to contractual obligations related to acquisitions or divestitures or other legal obligations. As of December 31, 2013 and 2012, the amount of such restricted cash was approximately $47 million and $35 million, respectively. | ||||||||||||
Accounts Receivable. Current and long-term accounts receivable include retainage of $173 million and $172 million and unbilled receivables of $1,495 million and $1,363 million as of December 31, 2013 and 2012, respectively. | ||||||||||||
Retainage represents amounts that, pursuant to the applicable contract, are not due until project completion and acceptance by the customer. Unbilled receivables represent revenues that are not currently billable to the customer under the terms of the contract. These items are expected to be collected in the normal course of business. See Note 5 for further discussion of additional deferred assets recorded in connection with long-term aftermarket contracts with commercial aerospace industry customers. | ||||||||||||
Marketable Equity Securities. Equity securities that have a readily determinable fair value and that we do not intend to trade are classified as available-for-sale and carried at fair value. Unrealized holding gains and losses are recorded as a separate component of shareowners' equity, net of deferred income taxes. | ||||||||||||
Inventories and Contracts in Progress. Inventories and contracts in progress are stated at the lower of cost or estimated realizable value and are primarily based on first-in, first-out (FIFO) or average cost methods; however, certain UTC Aerospace Systems and UTC Climate, Controls & Security entities use the last-in, first-out (LIFO) method. If inventories that were valued using the LIFO method had been valued under the FIFO method, they would have been higher by $133 million and $139 million at December 31, 2013 and 2012, respectively. | ||||||||||||
Costs accumulated against specific contracts or orders are at actual cost. Valuation reserves for excess, obsolete, and slow-moving inventory are estimated by comparing the inventory levels of individual parts to both future sales forecasts or production requirements and historical usage rates in order to identify inventory where the resale value or replacement value is less than inventoriable cost. Other factors that management considers in determining the adequacy of these reserves include whether individual inventory parts meet current specifications and cannot be substituted for a part currently being sold or used as a service part, overall market conditions, and other inventory management initiatives. Manufacturing costs are allocated to current production and firm contracts. | ||||||||||||
Equity Method Investments. Investments in which we have the ability to exercise significant influence, but do not control, are accounted for under the equity method of accounting and are included in Other assets on the Consolidated Balance Sheet. Under this method of accounting, our share of the net earnings or losses of the investee is included in Other income, net on the Consolidated Statement of Operations since the activities of the investee are closely aligned with the operations of the business segment holding the investment. We evaluate our equity method investments whenever events or changes in circumstance indicate that the carrying amounts of such investments may be impaired. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in earnings in the current period. There were no significant impairment charges recorded in 2013 on our equity method investments. | ||||||||||||
Goodwill and Intangible Assets. Goodwill represents costs in excess of fair values assigned to the underlying net assets of acquired businesses. Goodwill and intangible assets deemed to have indefinite lives are not amortized. Goodwill and indefinite-lived intangible assets are subject to annual impairment testing using the guidance and criteria described in the FASB ASC Topic "Intangibles—Goodwill and Other." This testing compares carrying values to fair values and, when appropriate, the carrying value of these assets is reduced to fair value. | ||||||||||||
Intangible assets consist of service portfolios, patents, trademarks/tradenames, customer relationships and other intangible assets including a collaboration asset established in connection with the restructuring of participants' interests in IAE as discussed further in Note 2. Acquired intangible assets are recognized at fair value in purchase accounting and then amortized to cost of sales and selling, general & administrative expenses over the applicable useful lives. Also included within other intangible assets are commercial aerospace payments made to secure certain contractual rights to provide product on new aircraft platforms. Consideration paid on these contractual commitments is capitalized when it is no longer conditional. | ||||||||||||
Useful lives of finite-lived intangible assets are estimated based upon the nature of the intangible asset and the industry in which the intangible asset is used. These intangible assets are amortized based on the pattern in which the economic benefits of the intangible assets are consumed. For both our commercial aerospace collaboration assets and exclusivity arrangements, the pattern of economic benefit generally results in lower amortization during the development period with increasing amortization as programs enter full rate production and aftermarket cycles. If a pattern of economic benefit cannot be reliably determined, a straight-line amortization method is used. The range of estimated useful lives is as follows: | ||||||||||||
Collaboration asset | 30 years | |||||||||||
Customer relationships and related programs | 2 to 32 years | |||||||||||
Purchased service contracts | 5 to 30 years | |||||||||||
Patents & trademarks | 3 to 40 years | |||||||||||
Exclusivity assets | 3 to 25 years | |||||||||||
Other Long-Lived Assets. We evaluate the potential impairment of other long-lived assets when appropriate. If the carrying value of other long-lived assets held and used exceeds the sum of the undiscounted expected future cash flows, the carrying value is written down to fair value. | ||||||||||||
Long-Term Financing Receivables. Our long-term and financing receivables primarily represent balances related to the aerospace businesses such as long-term trade accounts receivable, leases, and notes receivable. We also have other long-term receivables in our commercial businesses; however, both the individual and aggregate amounts of those other receivables are not significant. | ||||||||||||
Long-term trade accounts receivable represent amounts arising from the sale of goods and services with a contractual maturity date of greater than one year and are recognized as "Other assets" in our Consolidated Balance Sheet. Notes and leases receivable represent notes and lease receivables other than receivables related to operating leases, and are recognized as "Customer financing assets" in our Consolidated Balance Sheet. The following table summarizes the balance by class of aerospace long-term receivables as of December 31, 2013 and 2012: | ||||||||||||
(dollars in millions) | 2013 | 2012 | ||||||||||
Long-term trade accounts receivable | $ | 714 | $ | 593 | ||||||||
Notes and leases receivable | 583 | 584 | ||||||||||
Total long-term receivables | $ | 1,297 | $ | 1,177 | ||||||||
We determine a receivable is impaired when, based on current information and events, it is probable that we will be unable to collect amounts due according to the contractual terms of the receivable agreement. Factors considered in assessing collectability and risk include, but are not limited to, examination of credit quality indicators and other evaluation measures, underlying value of any collateral or security interests, significant past due balances, historical losses, and existing economic conditions. | ||||||||||||
We determine credit ratings for each customer in our portfolio based upon public information and information obtained directly from our customers. We conduct a review of customer credit ratings, published historical credit default rates for different rating categories, and multiple third party aircraft value publications as a basis to validate the reasonableness of the allowance for losses on these balances quarterly or when events and circumstances warrant. Customer credit ratings range from an extremely strong capacity to meet financial obligations, to customers whose uncollateralized receivable is in default. There can be no assurance that actual results will not differ from estimates or that consideration of these factors in the future will not result in an increase or decrease to the allowance for credit losses on long-term receivables. Based upon the customer credit ratings, approximately 9% of the total long-term receivables reflected in the table above were considered to bear high credit risk as of both December 31, 2013 and 2012. See Note 5 for further discussion of commercial aerospace industry assets and commitments. | ||||||||||||
Reserves for credit losses on receivables relate to specifically identified receivables that are evaluated individually for impairment. For notes and leases receivable we determine a specific reserve for exposure based on the difference between the carrying value of the receivable and the estimated fair value of the related collateral in connection with the evaluation of credit risk and collectability. For long-term trade accounts receivable, we evaluate credit risk and collectability individually to determine if an allowance is necessary. Our long-term receivables reflected in the table above, which include reserves of $49 million and $60 million as of December 31, 2013 and 2012, respectively, are individually evaluated for impairment. At both December 31, 2013 and 2012, we did not have any significant balances that are considered to be delinquent, on non-accrual status, past due 90 days or more, or considered to be impaired. | ||||||||||||
Income Taxes. In the ordinary course of business there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax benefits for all years subject to examination based upon management's evaluation of the facts, circumstances, and information available at the reporting date. For those tax positions where it is more-likely-than-not that a tax benefit will be sustained, we have recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. Where applicable, associated interest expense has also been recognized. We recognize accrued interest related to unrecognized tax benefits in interest expense. Penalties, if incurred, would be recognized as a component of income tax expense. | ||||||||||||
Revenue Recognition. As a result of our diverse product and service mix and customer base, we use multiple revenue recognition practices. We recognize sales for product or services in contracts within the scope of Staff Accounting Bulletin ("SAB") Topic 13, Revenue Recognition. Products and services included within the scope of this SAB Topic include heating, ventilating, air-conditioning and refrigeration systems, non-complex alarm and fire detection and suppression systems, commercially funded research and development contracts and non-complex aerospace components. Sales within the scope of this SAB Topic are recognized when persuasive evidence of an arrangement exists, product delivery has occurred or services have been rendered, pricing is fixed or determinable and collectability is reasonably assured. Subsequent changes in service contracts are accounted for prospectively. | ||||||||||||
Contract Accounting and Separately Priced Maintenance and Extended Warranty Aftermarket Contracts: For our construction-type and certain production-type contracts, sales are recognized on a percentage-of-completion basis following contract accounting methods. Contracts consist of enforceable agreements which form the basis of our unit of accounting for measuring sales, accumulating costs and recording loss provisions as necessary. Contract accounting requires estimates of award fees and other sources of variable consideration as well as future costs over the performance period of the contract. Cost estimates also include the estimated cost of satisfying our offset obligations required under certain contracts. Cost estimates are subject to change and result in adjustments to margins on contracts in progress. The extent of progress toward completion on our long-term commercial aerospace equipment and production-type helicopter contracts is measured using units of delivery or other contractual milestones. The extent of progress towards completion on our development and other cost reimbursement contracts in our aerospace businesses and elevator and escalator sales, installation, modernization and other construction contracts in our commercial businesses is measured using cost-to-cost based input measures. Contract costs include estimated inventoriable manufacturing, engineering, product warranty and product performance guarantee costs, as appropriate. Contract costs are primarily averaged until actual costs approximate the average for those units of accounting which use output measures when measuring progress towards completion. | ||||||||||||
For separately priced product maintenance and extended warranty aftermarket contracts, sales are recognized over the contract period. In the commercial businesses, sales are primarily recognized on a straight-line basis. In the aerospace businesses, sales are primarily recognized in proportion to cost as sufficient historical evidence indicates that costs of performing services under the contract are incurred on an other than straight-line basis. | ||||||||||||
Losses, if any, on long-term contracts are provided for when evident. Loss provisions on original equipment contracts are recognized to the extent estimated contract costs exceed the estimated consideration from the products contemplated under the contractual arrangement. For new commitments, we generally record loss provisions at the earlier of contract announcement or contract signing except for certain requirements contracts under which losses are recorded upon receipt of the purchase order which obligates us to perform. For existing commitments, anticipated losses on contracts are recognized in the period in which losses become evident. Products contemplated under contractual arrangement include firm quantities of products purchased under contract and, in the large commercial engine and wheels and brakes businesses, future highly probable sales of replacement parts required by regulation that are expected to be purchased subsequently for incorporation into the original equipment. In the large commercial engine and wheels and brakes businesses, when the combined original equipment and aftermarket arrangements for each individual sales campaign are profitable, we record original equipment product losses, as applicable, at the time of delivery. | ||||||||||||
We review our cost estimates on significant contracts on a quarterly basis, and for others, no less frequently than annually or when circumstances change and warrant a modification to a previous estimate. We record changes in contract estimates using the cumulative catch-up method in accordance with the "Revenue Recognition" Topic of the FASB ASC. The net increase in operating profits as a result of significant changes in aerospace contract estimates was $167 million in 2013 driven by several favorable contract adjustments recorded throughout the year largely at the Pratt & Whitney segment. The impact of these adjustments was not considered significant to either the sales or operating profits of the segment in the quarter in which they were recorded other than the impact of a contract termination which was disclosed in the Pratt & Whitney segment results in the first quarter of 2013. The net change in contract estimates also includes the $27 million and $157 million adverse impacts revisions in estimate on the CH-148 Canadian Maritime Helicopter program resulting from ongoing program delays in 2013 and 2012, respectively. | ||||||||||||
Collaborations: Sales generated from engine programs, spare parts sales, and aftermarket business under collaboration arrangements are recorded consistent with our revenue recognition policies in our consolidated financial statements. Amounts attributable to our collaborators for their share of sales are recorded as an expense in our financial statements based upon the terms and nature of the arrangement. Costs associated with engine programs under collaborative arrangements are expensed as incurred. Under these arrangements, collaborators contribute their program share of engine parts, incur their own production costs and make certain payments to Pratt & Whitney for shared or joint program costs. The reimbursement of a collaborator's share of program costs is recorded as a reduction of the related expense item at that time. | ||||||||||||
Cash Payments to Customers: UTC Climate, Controls & Security customarily offers its customers incentives to purchase products to ensure an adequate supply of its products in the distribution channels. The principal incentive program provides reimbursements to distributors for offering promotional pricing for our products. We account for incentive payments made as a reduction in sales. In our aerospace businesses, we may make participation payments to certain customers to secure certain contract rights. We classify the subsequent amortization of these acquired intangible assets from our customers as a reduction in sales. Contractually stated prices in arrangements with our customers that include the acquisition of intangible rights within the scope of "Intangibles - Goodwill and Other" and deliverables within the scope of the FASB ASC Topic "Revenue Recognition" are not presumed to be representative of fair value for determining the amounts to allocate to each element of an arrangement. | ||||||||||||
Research and Development. Research and development costs not specifically covered by contracts and those related to the company sponsored share of research and development activity in connection with cost-sharing arrangements are charged to expense as incurred. Government research and development support, not associated with specific contracts, is recorded as a reduction to research and development expense in the period earned. Repayment, if any, is in the form of future royalties and is conditioned upon the achievement of certain financial targets including specific aircraft engine sales, total aircraft engine sales volume and total year-over-year sales growth of the entity receiving the government funding. Given the conditional and uncertain nature of any repayment obligations, royalty expense is typically recorded only upon engine shipment or is otherwise accrued monthly based upon the forecasted impact for the current year. The cumulative funding received under existing relationships has been approximately $2.2 billion of which approximately $500 million has been repaid to date in the form of royalties. | ||||||||||||
Research and development costs incurred under contracts with customers are included as a contract cost and reported as a component of cost of products sold when revenue from such contracts is recognized. Research and development costs in excess of contractual consideration is expensed as incurred. | ||||||||||||
Foreign Exchange. We conduct business in many different currencies and, accordingly, are subject to the inherent risks associated with foreign exchange rate movements. The financial position and results of operations of substantially all of our foreign subsidiaries are measured using the local currency as the functional currency. Foreign currency denominated assets and liabilities are translated into U.S. Dollars at the exchange rates existing at the respective balance sheet dates, and income and expense items are translated at the average exchange rates during the respective periods. The aggregate effects of translating the balance sheets of these subsidiaries are deferred as a separate component of shareowners' equity. | ||||||||||||
Derivatives and Hedging Activity. We have used derivative instruments, including swaps, forward contracts and options, to help manage certain foreign currency, interest rate and commodity price exposures. Derivative instruments are viewed as risk management tools by us and are not used for trading or speculative purposes. By their nature, all financial instruments involve market and credit risks. We enter into derivative and other financial instruments with major investment grade financial institutions and have policies to monitor the credit risk of those counterparties. We limit counterparty exposure and concentration of risk by diversifying counterparties. While there can be no assurance, we do not anticipate any material non-performance by any of these counterparties. We enter into transactions that are subject to enforceable master netting arrangements or other similar agreements with various counterparties. However, we have not elected to offset multiple contracts with a single counterparty and, as a result, the fair value of the derivative instruments in a loss position is not offset against the fair value of derivative instruments in a gain position. | ||||||||||||
Derivatives used for hedging purposes may be designated and effective as a hedge of the identified risk exposure at the inception of the contract. All derivative instruments are recorded on the balance sheet at fair value. Derivatives used to hedge foreign-currency-denominated balance sheet items are reported directly in earnings along with offsetting transaction gains and losses on the items being hedged. Derivatives used to hedge forecasted cash flows associated with foreign currency commitments or forecasted commodity purchases may be accounted for as cash flow hedges, as deemed appropriate. Gains and losses on derivatives designated as cash flow hedges are recorded in other comprehensive income and reclassified to earnings as a component of product sales or expenses, as applicable, when the hedged transaction occurs. To the extent that a previously designated hedging transaction is no longer an effective hedge, any ineffectiveness measured in the hedging relationship is recorded currently in earnings in the period it occurs. | ||||||||||||
To the extent the hedge accounting criteria are not met, the foreign currency forward contracts are utilized as economic hedges and changes in the fair value of these contracts are recorded currently in earnings in the period in which they occur. Additional information pertaining to foreign currency forward contracts is included in Note 14. | ||||||||||||
Environmental. Environmental investigatory, remediation, operating and maintenance costs are accrued when it is probable that a liability has been incurred and the amount can be reasonably estimated. The most likely cost to be incurred is accrued based on an evaluation of currently available facts with respect to each individual site, including existing technology, current laws and regulations and prior remediation experience. Where no amount within a range of estimates is more likely, the minimum is accrued. For sites with multiple responsible parties, we consider our likely proportionate share of the anticipated remediation costs and the ability of the other parties to fulfill their obligations in establishing a provision for those costs. Liabilities with fixed or reliably determinable future cash payments are discounted. Accrued environmental liabilities are not reduced by potential insurance reimbursements. | ||||||||||||
Pension and Postretirement Obligations. Guidance under the FASB ASC Topic "Compensation—Retirement Benefits" requires balance sheet recognition of the overfunded or underfunded status of pension and postretirement benefit plans. Under this guidance, actuarial gains and losses, prior service costs or credits, and any remaining transition assets or obligations that have not been recognized under previous accounting standards must be recognized in other comprehensive income, net of tax effects, until they are amortized as a component of net periodic benefit cost. | ||||||||||||
Product Performance Obligations. We extend performance and operating cost guarantees beyond our normal service and warranty policies for extended periods on some of our products, particularly commercial aircraft engines. Liability under such guarantees is based upon future product performance and durability. In addition, we incur discretionary costs to service our products in connection with product performance issues. We accrue for such costs that are probable and can be reasonably estimated. The costs associated with these product performance and operating cost guarantees require estimates over the full terms of the agreements, and require management to consider factors such as the extent of future maintenance requirements and the future cost of material and labor to perform the services. These cost estimates are largely based upon historical experience. See Note 16 for further discussion. | ||||||||||||
Collaborative Arrangements. In view of the risks and costs associated with developing new engines, Pratt & Whitney has entered into certain collaboration arrangements in which sales, costs and risks are shared. Sales generated from engine programs, spare parts, and aftermarket business under collaboration arrangements are recorded as earned in our financial statements. Amounts attributable to our collaborators for their share of sales are recorded as an expense in our financial statements based upon the terms and nature of the arrangement. Costs associated with engine programs under collaborative arrangements are expensed as incurred. Under these arrangements, collaborators contribute their program share of engine parts, incur their own production costs and make certain payments to Pratt & Whitney for shared or joint program costs. The reimbursement of the collaborators' share of program costs is recorded as a reduction of the related expense item at that time. As of December 31, 2013, the collaborators' interests in all commercial engine programs ranged from 2% to 49%, inclusive of a portion of Pratt & Whitney's interests held by other participants. Pratt & Whitney is the principal participant in all existing collaborative arrangements. There are no individually significant collaborative arrangements and none of the collaborators exceed a 31% share in an individual program. The following table illustrates the income statement classification and amounts attributable to transactions arising from the collaborative arrangements between participants for each period presented: | ||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | |||||||||
Collaborator share of sales: | ||||||||||||
Cost of products sold | $ | 1,820 | $ | 1,295 | $ | 963 | ||||||
Cost of services sold | 273 | 216 | 36 | |||||||||
Collaborator share of program costs (reimbursement of expenses incurred): | ||||||||||||
Cost of products sold | (127 | ) | (97 | ) | (88 | ) | ||||||
Research and development | (194 | ) | (203 | ) | (220 | ) | ||||||
Selling, general and administrative | (5 | ) | (7 | ) | (4 | ) |
Business_Acquisitions_Disposit
Business Acquisitions, Dispositions, Goodwill and Intangible Assets | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Notes to Consolidated Financial Statements [Abstract] | ' | |||||||||||||||||||
Note 2: Business Acquisitions, Dispositions, Goodwill and Intangible Assets | ' | |||||||||||||||||||
BUSINESS ACQUISITIONS, DISPOSITIONS, GOODWILL AND INTANGIBLE ASSETS | ||||||||||||||||||||
Business Acquisitions and Dispositions. Our investments in businesses in 2013, 2012 and 2011 totaled $151 million, $18.6 billion (including debt assumed of $2.6 billion) and $372 million (including debt assumed of $15 million), respectively. | ||||||||||||||||||||
On May 17, 2013, we completed the sale of the Pratt & Whitney Power Systems business to Mitsubishi Heavy Industries (MHI) for $432 million, excluding contingent consideration valued at approximately $200 million, and we entered into a long-term engineering and manufacturing agreement with MHI. The sale generated a pre-tax gain of approximately $193 million ($132 million after tax). Pratt & Whitney Power Systems has not been reclassified to Discontinued Operations due to our level of continuing involvement in the business post-sale. | ||||||||||||||||||||
On February 7, 2013, we completed the acquisition of Grupo Ascensores Enor, S.A. (Enor), a privately held company headquartered in Spain with operations in Spain and Portugal, which designs, manufactures, installs and services elevators. Enor's 2012 sales were approximately $50 million. Under the terms of the transaction, Zardoya Otis, S.A. (ZOSA), a non-wholly owned subsidiary of the Company, exchanged publicly traded shares of ZOSA with a fair value of approximately $240 million as of the transaction completion date for all of the shares of Enor. | ||||||||||||||||||||
On July 26, 2012, we completed the acquisition of Goodrich, a global supplier of systems and services to the aerospace and defense industry with 2011 sales of $8.1 billion. Goodrich products include aircraft nacelles and interior, actuation, landing and electronic systems. Under the terms of the agreement, Goodrich shareholders received $127.50 in cash for each share of Goodrich common stock they owned on July 26, 2012. This equated to a total enterprise value of $18.3 billion, including $1.9 billion in net debt assumed. The acquired Goodrich businesses were combined with the legacy Hamilton Sundstrand businesses to form the new UTC Aerospace Systems segment. The Goodrich acquisition and the formation of UTC Aerospace Systems provide increased scale, financial strength and complementary product offerings, allowing us to significantly strengthen our position in the aerospace and defense industry, create aftermarket efficiencies for our customers, accelerate our ability to drive innovation within the aerospace industry, and enhance our ability to support our customers with more integrated systems. This acquisition, coupled with our acquisition of an additional interest in IAE, as discussed below, further advances UTC's strategy of focusing on our core businesses. | ||||||||||||||||||||
To finance the cash consideration for the Goodrich acquisition and pay related fees, expenses and other amounts due and payable, we utilized the previously disclosed net proceeds of approximately $9.6 billion from the $9.8 billion of long-term notes issued on June 1, 2012, the net proceeds of approximately $1.1 billion from the equity units issued on June 18, 2012, $3.2 billion from the issuance of commercial paper during July 2012, and $2.0 billion of proceeds borrowed under our April 24, 2012 term loan credit agreement. For the remainder of the cash consideration, we utilized approximately $0.5 billion of cash and cash equivalents generated from operating activities. | ||||||||||||||||||||
Allocation of Consideration Transferred to Net Assets Acquired: | ||||||||||||||||||||
The following amounts represent the final determination as of July 26, 2012 (the closing date of the acquisition of Goodrich) of the fair value of identifiable assets acquired and liabilities assumed from the Goodrich acquisition, including adjustments made during the one year measurement period from the date of acquisition. Measurement period adjustments were not significant and were not retroactively reclassified to prior periods. | ||||||||||||||||||||
(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 | ||||||||||||||||||
In order to allocate the consideration transferred for Goodrich, the fair values of all identifiable assets and liabilities needed to be established. For accounting and financial reporting purposes, fair value is defined under the "Fair Value Measurements and Disclosures" Topic of the FASB ASC as the price that would be received upon sale of an asset or the amount paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market participants are assumed to be buyers and sellers in the principal (most advantageous) market for the asset or liability. Additionally, fair value measurements for an asset assume the highest and best use of that asset by market participants. Use of different estimates and judgments could yield different results. | ||||||||||||||||||||
In determining the fair value of identifiable assets acquired and liabilities assumed, a review was conducted for any significant contingent assets or liabilities existing as of the acquisition date. No significant contingencies related to existing legal or government action have been identified which existed as of the opening balance sheet date. Based upon our existing practices and phase II environmental assessments done on a number of Goodrich sites, we determined that environmental liability obligations of $325 million were assumed in connection with the acquisition. | ||||||||||||||||||||
The fair values of the customer relationship and related program intangible assets, which include the related aerospace program OEM and aftermarket cash flows, were determined by using an "income approach" which is the most common valuation approach utilized. Under this approach, the net earnings attributable to the asset or liability being measured are isolated using the discounted projected net cash flows. These projected cash flows are isolated from the projected cash flows of the combined asset group over the remaining economic life of the intangible asset or liability being measured. Both the amount and the duration of the cash flows are considered from a market participant perspective. Our estimates of market participant net cash flows considered historical and projected pricing, remaining developmental effort, operational performance including company specific synergies, aftermarket retention, product life cycles, material and labor pricing, and other relevant customer, contractual and market factors. Where appropriate, the net cash flows are probability-adjusted to reflect the uncertainties associated with the underlying assumptions, as well as the risk profile of the net cash flows utilized in the valuation. The probability-adjusted future cash flows are then discounted to present value using an appropriate discount rate. The customer relationship and related program intangible assets are being amortized on a straight-line basis (which approximates the economic pattern of benefits) over the estimated economic life of the underlying programs of 10 to 25 years. | ||||||||||||||||||||
We also identified customer contractual obligations on certain OEM development programs where the expected costs exceed the expected revenue under contract. We measured these liabilities under the provisions of the "Fair Value Measurements and Disclosures" Topic of the FASB ASC, which is based on the price to transfer the obligation to a market participant at the measurement date, assuming that the liability will remain outstanding in the marketplace. Based on the estimated net cash outflows of the OEM developmental programs plus a reasonable contracting profit margin required to transfer the contracts to market participants, we recorded assumed liabilities of approximately $2.2 billion. These liabilities will be liquidated in accordance with the underlying economic pattern of obligations, as reflected by the net cash outflows incurred on the OEM contracts. Total consumption of the contractual obligation for the year ended December 31, 2013 was approximately $278 million. Total consumption of the contractual obligation is expected to be as follows: $261 million in 2014, $220 million in 2015, $239 million in 2016, $242 million in 2017, $210 million in 2018 and $686 million thereafter. | ||||||||||||||||||||
Goodrich had not recorded an income tax liability on the unremitted earnings of its non-U.S. subsidiaries, which were approximately $853 million as of December 31, 2011. In connection with the Goodrich acquisition, UTC has made a determination to repatriate certain of these unremitted earnings, making such amounts subject to both U.S. and non-U.S. income taxes. Accordingly, an income tax liability of $215 million was recorded in purchase accounting for the unremitted earnings no longer considered permanently reinvested. | ||||||||||||||||||||
In 2010, Pratt & Whitney entered into a preferred supplier contract with Goodrich for the development and subsequent production of nacelles for the PW1500G (Bombardier CSeries) and PW1200G (Mitsubishi Regional Jet). That preferred supplier contract replaced previous contracts and preliminary Memorandum of Understandings entered into in 2006 and 2008. Under the 2010 agreement, Pratt & Whitney agreed to fund Goodrich's non-recurring development effort and established a recurring price for the production nacelles. Prior to the date of the Goodrich acquisition, Pratt & Whitney and Goodrich had asserted claims against each other in a contractual dispute and would have ultimately arbitrated the matter were it not for the acquisition. In accordance with ASC Topic 805, pre-existing relationships must be effectively settled at acquisition as the relationships become intercompany relationships upon acquisition and are eliminated in the post-combination financial statements. Any resulting settlement gains or losses should be measured at fair value and recorded on the acquisition date. Accordingly, a $46 million gain was recorded in other income by Pratt & Whitney in the quarter ended September 30, 2012 based upon a third party determination of the probability-weighted outcome had the matter gone to arbitration. No additional gain or loss was recorded in connection with the settlement of these pre-existing relationships as we determined that the terms of these two contracts were consistent with other similar market transactions at the time of our acquisition of Goodrich. | ||||||||||||||||||||
Under Goodrich's pre-existing management continuity arrangements (MCAs), we assumed change-in-control obligations related to certain executives at Goodrich. We evaluated the change-in-control provisions governed by the MCAs and for certain of the executives, we determined that we had assumed liabilities of approximately $74 million as the benefit payments were effectively single trigger arrangements in substance. We measured the assumed liability based on fair value concepts of ASC Topic 820, using weighted average techniques of possible outcomes of the employees electing to receive such benefits. We expensed approximately $12 million in 2012 for MCAs where we amended the term of the MCAs beyond the original expiration date for certain executives. We incurred expense of approximately $9 million in connection with MCA payments made in 2013. | ||||||||||||||||||||
Acquisition-Related Costs: | ||||||||||||||||||||
Acquisition-related costs have been expensed as incurred. In 2012 and 2011, approximately $95 million and $84 million, respectively, of transaction costs (including integration costs) were incurred in addition to approximately $67 million of restructuring costs, including exit costs in connection with the acquisition. | ||||||||||||||||||||
Supplemental Pro-Forma Data: | ||||||||||||||||||||
Goodrich's results of operations have been included in UTC's financial statements for the period subsequent to the completion of the acquisition on July 26, 2012. The following unaudited supplemental pro-forma data presents consolidated information as if the acquisition had been completed on January 1, 2011. There were no significant pro-forma adjustments required for the year ended December 31, 2013. The pro-forma results were calculated by combining the results of UTC with the stand-alone results of Goodrich for the pre-acquisition periods, which were adjusted to account for certain costs which would have been incurred during this pre-acquisition period: | ||||||||||||||||||||
(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 | |||||||||||||||||||
The unaudited supplemental pro-forma data above includes the following significant adjustments made to account for certain costs which would have been incurred if the acquisition had been completed on January 1, 2011, as adjusted for the applicable tax impact. As the Goodrich acquisition was completed on July 26, 2012, the pro-forma adjustments for 2012 in the table below only include the required adjustments through July 26, 2012: | ||||||||||||||||||||
(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. | |||||||||||||||||||
The unaudited supplemental pro-forma financial information does not reflect the potential realization of cost savings relating to the integration of the two companies. Further, the pro-forma data should not be considered indicative of the results that would have occurred if the acquisition and related financing had been consummated on January 1, 2011, nor are they indicative of future results. | ||||||||||||||||||||
In connection with regulatory approval of UTC's acquisition of Goodrich, regulatory authorities required UTC to dispose of the Goodrich electric power systems and the Goodrich pumps and engine controls businesses. Pursuant to regulatory obligations, these businesses had been held separately from UTC's and Goodrich's ongoing businesses since the acquisition of Goodrich by UTC. On March 18, 2013, we completed the sale of the Goodrich pumps and engine controls business to Triumph Group, Inc., and on March 26, 2013, we completed the sale of the Goodrich electric power systems business to Safran S.A. Combined proceeds from the sales of the two businesses were approximately $600 million. | ||||||||||||||||||||
Other Acquisition and Disposition Activity: | ||||||||||||||||||||
In 2012, UTC approved plans for the divestiture of a number of non-core businesses. Cash generated from these divestitures was used to repay debt incurred to finance the Goodrich acquisition. See Note 3 for further discussion. | ||||||||||||||||||||
On June 29, 2012, Pratt & Whitney, Rolls-Royce plc (Rolls-Royce), MTU Aero Engines AG (MTU), and Japanese Aero Engines Corporation (JAEC), participants in the IAE collaboration, completed a restructuring of their interests in IAE. Under the terms of the agreement, Rolls-Royce sold its ownership and collaboration interests in IAE to Pratt & Whitney, while also entering into an agreement to license its V2500 intellectual property to Pratt & Whitney. In exchange for the increased ownership and collaboration interests and intellectual property license, Pratt & Whitney paid Rolls-Royce $1.5 billion at closing with additional payments due to Rolls-Royce during the fifteen year period following closing of the purchase, conditional upon each hour flown by V2500-powered aircraft in service at the closing. Payments made to Rolls-Royce under this agreement are capitalized as collaboration intangible assets, as further discussed below. In October 2011, Pratt & Whitney and Rolls-Royce announced their intention to form a new partnership to develop an engine to power future mid-sized aircraft. In September 2013, following further discussion and because of the current regulatory environment, the parties agreed not to proceed with this partnership. As a result of this decision, an additional collaboration intangible asset payment was made to Rolls-Royce in accordance with the underlying agreement. | ||||||||||||||||||||
The collaboration interest and intellectual property licenses are reflected as intangible assets and are amortized in relation to the economic benefits received over the remaining estimated 30 year life of the V2500 program. As a result of these transactions, Pratt & Whitney holds a 61% net interest in the collaboration and a 49.5% ownership interest in IAE. IAE's business purpose is to coordinate the design, development, manufacturing and product support of the V2500 program through involvement with the collaborators. IAE retains limited equity with the primary economics of the V2500 program passed to the participants in the separate collaboration arrangement. As such, we have determined that IAE is a variable interest entity, and Pratt & Whitney is the primary beneficiary under the criteria established in the FASB ASC Topic 810 "Consolidations" and has, therefore, been consolidated. The carrying amounts and classification of assets and liabilities for IAE in our Consolidated Balance Sheet as of December 31, 2013 and 2012 are as follows: | ||||||||||||||||||||
(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 | ||||||||||||||||
UTC Climate, Controls & Security continued its portfolio transformation efforts in 2013 with the disposition of a number of businesses, resulting in net a gain of approximately $55 million, including gains from the sale of businesses in Hong Kong and Australia. UTC Climate, Controls & Security portfolio transformation in 2012 included the disposition of a number of businesses resulting in impairment and other charges totaling approximately $180 million. During 2012, UTC Climate, Controls & Security also sold a controlling interest in a manufacturing and distribution joint venture in Asia generating a gain of approximately $215 million, and a controlling interest in a Canadian distribution business generating a gain of approximately $120 million. | ||||||||||||||||||||
Goodwill. The changes in the carrying amount of goodwill, by segment, are as follows: | ||||||||||||||||||||
(dollars in millions) | Balance as of | Goodwill | Foreign | Balance as of | ||||||||||||||||
January 1, | resulting from | currency | December 31, | |||||||||||||||||
2013 | business | translation | 2013 | |||||||||||||||||
combinations | and other | |||||||||||||||||||
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 | |||||||||||
Intangible Assets. Identifiable intangible assets are comprised of the following: | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(dollars in millions) | Gross | Accumulated | Gross | Accumulated | ||||||||||||||||
Amount | Amortization | Amount | 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 | ) | ||||||||||
The customer relationships intangible assets include payments made to our customers to secure certain contractual rights. We amortize these intangible assets based on the pattern of economic benefit, which may result in an amortization method other than straight-line. In accordance with the FASB ASC Topic 605, "Customer Payments and Incentives," we classify amortization of such payments as a reduction of sales. The IAE collaboration intangible asset is being amortized based upon the economic pattern of benefits as represented by the underlying cash flows. As these cash flows have been negative to date, no amortization has yet been recorded. Amortization of intangible assets was $710 million, $547 million and $398 million in 2013, 2012 and 2011, respectively. The following is the expected amortization of intangible assets for 2014 through 2018, which reflects an increase in expected amortization expense due to the pattern of economic benefit on certain aerospace intangible assets increasing over time. | ||||||||||||||||||||
(dollars in millions) | 2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||
Amortization expense | $ | 706 | $ | 688 | $ | 706 | $ | 732 | $ | 761 | ||||||||||
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Notes to Consolidated Financial Statements [Abstract] | ' | |||||||
Discontinued Operations | ' | |||||||
DISCONTINUED OPERATIONS | ||||||||
In 2012, the UTC Board of Directors approved plans for the divestiture of a number of non-core businesses, which were completed with the sale of Pratt & Whitney Rocketdyne (Rocketdyne) on June 14, 2013, as discussed below. Cash generated from these divestitures was used to repay debt incurred to finance the Goodrich acquisition. | ||||||||
On June 14, 2013, we completed the sale of substantially all operations of Rocketdyne to GenCorp Inc. for $411 million. The sale generated a pre-tax loss of approximately $7 million ($3 million after tax), which has been included in discontinued operations in the accompanying Consolidated Statement of Operations. | ||||||||
On February 12, 2013, we completed the disposition of UTC Power to ClearEdge Power. The disposition resulted in payments by UTC totaling $48 million, which included capitalization of the business prior to the sale and interim funding of operations as the buyer took control of a loss generating business. We have no continuing involvement with the UTC Power business post disposition. | ||||||||
On December 13, 2012, we completed the sale of the legacy Hamilton Sundstrand Industrial businesses to BC Partners and the Carlyle Group for $3.4 billion. The sale generated a pre-tax gain of approximately $2.1 billion ($0.9 billion after tax) which has been included in discontinued operations in the accompanying Consolidated Statement of Operations. The high effective tax rate is primarily attributable to non-deductible goodwill. | ||||||||
On August 7, 2012, we completed the disposition of Clipper Windpower (Clipper) to a private equity acquirer. The disposition resulted in payments totaling approximately $367 million which included capitalization of the business prior to sale, transaction fees, and funding of operations as the acquirer took control of a business with significant net liabilities. These payments are largely reflected in Net cash provided by (used in) investing activities within the discontinued operations section of the Consolidated Statement of Cash Flows. We have no continuing involvement with the Clipper business following disposition. | ||||||||
The legacy Hamilton Sundstrand Industrial businesses, as well as Clipper, Rocketdyne and UTC Power all met the "held-for-sale" criteria in 2012. The results of operations, including the net realized gains and losses on disposition, and the related cash flows which resulted from these non-core businesses, have been reclassified to Discontinued Operations in our Consolidated Statements of Operations and Cash Flows. | ||||||||
The following summarized financial information for our discontinued operations businesses has been segregated from continuing operations and reported as Discontinued Operations: | ||||||||
(dollars in millions) | 2013 | 2012 | ||||||
Discontinued Operations: | ||||||||
Net sales | $ | 309 | $ | 2,075 | ||||
Income (loss) from operations | $ | 63 | $ | (998 | ) | |||
Income tax expense | (32 | ) | (65 | ) | ||||
Income (loss) from operations, net of income taxes | 31 | (1,063 | ) | |||||
(Loss) gain on disposal | (33 | ) | 2,030 | |||||
Income tax benefit (expense) | 37 | (677 | ) | |||||
Net income from discontinued operations | $ | 35 | $ | 290 | ||||
Income (loss) from operations of discontinued operations for 2012 includes pre-tax impairment charges of approximately $1.2 billion. There were no impairment charges for 2013. These amounts were previously included in (loss) gain on disposal of discontinued operations and have been reclassified for consistency of presentation. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Notes to Consolidated Financial Statements [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
EARNINGS PER SHARE | ||||||||||||
(dollars in millions, except per share amounts; shares in millions) | 2013 | 2012 | 2011 | |||||||||
Net income attributable to common shareowners: | ||||||||||||
Net income from continuing operations | $ | 5,686 | $ | 4,847 | $ | 4,831 | ||||||
Net income from discontinued operations | 35 | 283 | 148 | |||||||||
Net income attributable to common shareowners | $ | 5,721 | $ | 5,130 | $ | 4,979 | ||||||
Basic weighted average number of shares outstanding | 901 | 895.2 | 892.3 | |||||||||
Stock awards | 14.1 | 11.4 | 14.5 | |||||||||
Diluted weighted average number of shares outstanding | 915.1 | 906.6 | 906.8 | |||||||||
Earnings Per Share of Common Stock—Basic: | ||||||||||||
Net income from continuing operations | $ | 6.31 | $ | 5.41 | $ | 5.41 | ||||||
Net income from discontinued operations | 0.04 | 0.32 | 0.17 | |||||||||
Net income attributable to common shareowners | 6.35 | 5.73 | 5.58 | |||||||||
Earnings Per Share of Common Stock—Diluted: | ||||||||||||
Net income from continuing operations | $ | 6.21 | $ | 5.35 | $ | 5.33 | ||||||
Net income from discontinued operations | 0.04 | 0.31 | 0.16 | |||||||||
Net income attributable to common shareowners | 6.25 | 5.66 | 5.49 | |||||||||
The computation of diluted earnings per share excludes the effect of the potential exercise of stock awards, including stock appreciation rights and stock options when the average market price of the common stock is lower than the exercise price of the related stock awards during the period. These outstanding stock awards are not included in the computation of diluted earnings per share because the effect would have been anti-dilutive. For 2013, there were no anti-dilutive stock awards excluded from the computation. For 2012, there were 4.7 million anti-dilutive stock awards excluded from the computation. For 2011, there were no anti-dilutive stock awards excluded from the computation. The dilutive impact of our equity units issued in 2012 was not significant for 2013. |
Commercial_Aerospace_Industry_
Commercial Aerospace Industry Assets and Commitments | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Notes to Consolidated Financial Statements [Abstract] | ' | |||||||||||||||||||||||||||
Commercial Aerospace Industry Assets and Commitments | ' | |||||||||||||||||||||||||||
NOTE 5: COMMERCIAL AEROSPACE INDUSTRY ASSETS AND COMMITMENTS | ||||||||||||||||||||||||||||
We have receivables and other financing assets with commercial aerospace industry customers totaling $6,193 million and $5,731 million at December 31, 2013 and 2012, respectively, including customer financing assets related to commercial aerospace industry customers consisting of products under lease of $662 million and notes and leases receivable of $586 million. | ||||||||||||||||||||||||||||
Aircraft financing commitments, in the form of debt, guarantees or lease financing, are provided to commercial aerospace customers. The extent to which the financing commitments will be utilized is not currently known, since customers may be able to obtain more favorable terms from other financing sources. We may also arrange for third-party investors to assume a portion of these commitments. If financing commitments are exercised, debt financing is generally secured by assets with fair market values equal to or exceeding the financed amounts consistent with market terms and conditions. We may also lease aircraft and subsequently sublease the aircraft to customers under long-term non-cancelable operating leases. Lastly, we have made residual value and other guarantees related to various commercial aerospace customer financing arrangements. The estimated fair market values of the guaranteed assets equal or exceed the value of the related guarantees, net of existing reserves. | ||||||||||||||||||||||||||||
We also have other contractual commitments, including commitments to secure certain contractual rights to provide product on new aircraft platforms, which are included in "Other commercial aerospace commitments" in the table below. Payments made on these contractual commitments are included within other intangible assets and are to be amortized over the term of underlying economic benefit. Our commercial aerospace financing and other contractual commitments as of December 31, 2013 were approximately $11 billion. We have entered into certain collaboration arrangements, which may include participation by our collaboration partners in these commitments. | ||||||||||||||||||||||||||||
The following is the expected maturity of commercial aerospace industry assets and commitments as of December 31, 2013: | ||||||||||||||||||||||||||||
(dollars in millions) | Committed | 2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | |||||||||||||||||||||
Notes and leases receivable | $ | 586 | $ | 107 | $ | 70 | $ | 59 | $ | 59 | $ | 48 | $ | 243 | ||||||||||||||
Commercial aerospace financing commitments | $ | 4,031 | $ | 440 | $ | 789 | $ | 852 | $ | 781 | $ | 231 | $ | 938 | ||||||||||||||
Other commercial aerospace commitments | 7,227 | 656 | 664 | 710 | 689 | 598 | 3,910 | |||||||||||||||||||||
Collaboration partners' share | (3,209 | ) | (342 | ) | (454 | ) | (516 | ) | (487 | ) | (225 | ) | (1,185 | ) | ||||||||||||||
Total commercial commitments | $ | 8,049 | $ | 754 | $ | 999 | $ | 1,046 | $ | 983 | $ | 604 | $ | 3,663 | ||||||||||||||
In exchange for the increased ownership and collaboration interests and intellectual property license, Pratt & Whitney paid Rolls-Royce $1.5 billion at closing with additional payments due to Rolls-Royce contingent upon each hour flown by the V2500-powered aircraft in service as of June 29, 2012 during the fifteen year period following closing of the purchase. These payments are being capitalized as a collaboration intangible asset and amortized in relation to the economic benefits received over the projected remaining 30 year life of the V2500 program. The flight hour payments are included in other commercial aerospace commitments in the table above. | ||||||||||||||||||||||||||||
Our financing commitments with customers are contingent upon maintenance of certain levels of financial condition by the customers. In addition, we have residual value and other guarantees of $615 million as of December 31, 2013. | ||||||||||||||||||||||||||||
We have long-term aftermarket maintenance contracts with commercial aerospace industry customers for which revenue is recognized in proportion to actual costs incurred relative to total expected costs to be incurred over the respective contract periods. Billings, however, are typically based on factors such as engine flight hours. The timing differences between the billings and the maintenance costs incurred generates both deferred assets and deferred revenues. Deferred assets under these long-term aftermarket contracts totaled $677 million and $391 million at December 31, 2013 and 2012, respectively, and are included in "Other assets" in the accompanying Consolidated Balance Sheet. Deferred revenues generated totaled $3,117 million and $2,760 million at December 31, 2013 and 2012, respectively, and are included in "Accrued liabilities" and "Other long-term liabilities" in the accompanying Consolidated Balance Sheet. | ||||||||||||||||||||||||||||
Reserves related to aerospace receivables and financing assets were $243 million and $210 million at December 31, 2013 and 2012, respectively. Reserves related to financing commitments and guarantees were $76 million and $67 million at December 31, 2013 and 2012, respectively. |
Inventories_and_Contracts_in_P
Inventories and Contracts in Progress | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Notes to Consolidated Financial Statements [Abstract] | ' | |||||||
Inventories and Contracts in Progress | ' | |||||||
INVENTORIES & CONTRACTS IN PROGRESS | ||||||||
(dollars in millions) | 2013 | 2012 | ||||||
Raw materials | $ | 1,983 | $ | 1,861 | ||||
Work-in-process | 4,600 | 4,151 | ||||||
Finished goods | 3,360 | 3,205 | ||||||
Contracts in progress | 7,929 | 7,354 | ||||||
17,872 | 16,571 | |||||||
Less: | ||||||||
Progress payments, secured by lien, on U.S. Government contracts | (279 | ) | (274 | ) | ||||
Billings on contracts in progress | (7,263 | ) | (6,760 | ) | ||||
$ | 10,330 | $ | 9,537 | |||||
Raw materials, work-in-process and finished goods are net of valuation reserves of $1,025 million and $866 million as of December 31, 2013 and 2012, respectively. As of December 31, 2013 and 2012, inventory also includes capitalized contract development costs of $899 million and $823 million, respectively, related to certain aerospace programs. These capitalized costs will be liquidated as production units are delivered to the customer. The capitalized contract development costs within inventory principally relate to capitalized costs on Sikorsky's CH-148 contract with the Canadian Government. | ||||||||
Contracts in progress principally relate to elevator and escalator contracts and include costs of manufactured components, accumulated installation costs and estimated earnings on incomplete contracts. | ||||||||
Our sales contracts in many cases are long-term contracts expected to be performed over periods exceeding twelve months. At December 31, 2013 and 2012, approximately 69% and 66%, respectively, of total inventories and contracts in progress have been acquired or manufactured under such long-term contracts, a portion of which is not scheduled for delivery within the next twelve months. |
Fixed_Assets
Fixed Assets | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Notes to Consolidated Financial Statements [Abstract] | ' | |||||||||
Fixed Assets | ' | |||||||||
FIXED ASSETS | ||||||||||
(dollars in millions) | Estimated | 2013 | 2012 | |||||||
Useful Lives | ||||||||||
Land | $ | 434 | $ | 433 | ||||||
Buildings and improvements | 12-40 years | 5,633 | 5,436 | |||||||
Machinery, tools and equipment | 3-20 years | 11,353 | 10,880 | |||||||
Other, including assets under construction | 1,241 | 1,316 | ||||||||
18,661 | 18,065 | |||||||||
Accumulated depreciation | (9,795 | ) | (9,547 | ) | ||||||
$ | 8,866 | $ | 8,518 | |||||||
Depreciation expense was $1,050 million in 2013, $920 million in 2012 and $823 million in 2011. |
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Notes to Consolidated Financial Statements [Abstract] | ' | |||||||
Accrued Liabilities | ' | |||||||
ACCRUED LIABILITIES | ||||||||
(dollars in millions) | 2013 | 2012 | ||||||
Advances on sales contracts and service billings | $ | 6,444 | $ | 5,936 | ||||
Accrued salaries, wages and employee benefits | 1,901 | 2,176 | ||||||
Income taxes payable | 540 | 1,143 | ||||||
Litigation and contract matters | 526 | 563 | ||||||
Service and warranty accruals | 505 | 479 | ||||||
Interest payable | 481 | 494 | ||||||
Accrued restructuring costs | 337 | 389 | ||||||
Accrued property, sales and use taxes | 280 | 291 | ||||||
Accrued workers compensation | 218 | 233 | ||||||
Other | 4,103 | 3,606 | ||||||
$ | 15,335 | $ | 15,310 | |||||
Borrowings_and_Lines_of_Credit
Borrowings and Lines of Credit | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Notes to Consolidated Financial Statements [Abstract] | ' | |||||||
Borrowings and Lines of Credit | ' | |||||||
BORROWINGS AND LINES OF CREDIT | ||||||||
(dollars in millions) | 2013 | 2012 | ||||||
Short-term borrowings: | ||||||||
Commercial paper | $ | 200 | $ | 320 | ||||
Other borrowings | 188 | 183 | ||||||
Total short-term borrowings | $ | 388 | $ | 503 | ||||
At December 31, 2013, we had revolving credit agreements with various banks permitting aggregate borrowings of up to $4 billion pursuant to a $2 billion revolving credit agreement and a $2 billion multicurrency revolving credit agreement, both of which expire in November 2016. As of December 31, 2013, there were no borrowings under either of these revolving credit agreements. The undrawn portions of these revolving credit agreements are also available to serve as backup facilities for the issuance of commercial paper. As of December 31, 2013, our maximum commercial paper borrowing authority as set by our Board of Directors was $4 billion. We generally use our commercial paper borrowings for general corporate purposes, including the funding of potential acquisitions and repurchases of our common stock. | ||||||||
The weighted-average interest rates applicable to short-term borrowings outstanding at December 31, 2013 and 2012 were 1.8% and 0.9%, respectively. At December 31, 2013, approximately $1.4 billion was available under short-term lines of credit with local banks at our various domestic and international subsidiaries. | ||||||||
On September 27, 2013, we redeemed all remaining outstanding 2021 Goodrich 3.600% notes, representing $294 million in aggregate principal, under our redemption notice issued on August 28, 2013. On August 23, 2013, we redeemed all remaining outstanding 2019 Goodrich 6.125% notes, representing $202 million in aggregate principal, under our redemption notice issued on July 24, 2013. On June 24, 2013, we redeemed all remaining outstanding 2015 UTC 1.200% Senior Notes, representing $327 million in aggregate principal, under our redemption notice issued on May 24, 2013. On May 7, 2013, we commenced cash tender offers for two series of outstanding notes issued by Goodrich and the UTC 1.200% Senior Notes. A total of $874 million principal amount of all notes subject to the tender offers, and $36 million of the fair value adjustment related to the notes assumed in the Goodrich acquisition, were repaid, including approximately $103 million principal amount of the 2016 Goodrich 6.290% notes, approximately $98 million principal amount of the 2019 Goodrich 6.125% notes, and approximately $674 million principal amount of the 2015 UTC 1.200% Senior Notes. A combined net extinguishment loss of approximately $23 million was recognized within Interest expense, net in the accompanying Consolidated Statements of Operations. | ||||||||
As previously disclosed, on December 6, 2012, we announced that we had commenced cash tender offers for six series of outstanding notes issued by Goodrich. These offers expired on January 7, 2013. Approximately $637 million in aggregate principal amount of notes subject to the tender offers and $126 million of the fair value adjustment were repaid, with $635 million in aggregate principal amount being eligible for the early tender premium and approximately $2 million in aggregate principal amount being paid on January 8, 2013. An extinguishment loss of approximately $26 million was recognized within Interest expense, net during 2012. | ||||||||
Long-term debt consisted of the following as of December 31: | ||||||||
(dollars in millions) | 2013 | 2012 | ||||||
LIBOR § plus 0.270% floating rate notes due 2013 | $ | — | $ | 1,000 | ||||
LIBOR § plus 0.500% floating rate notes due 2015 | 500 | 500 | ||||||
1.200% notes due 2015* | — | 1,000 | ||||||
4.875% notes due 2015* | 1,200 | 1,200 | ||||||
6.290% notes due 2016‡ | 186 | 291 | ||||||
5.375% notes due 2017* | 1,000 | 1,000 | ||||||
1.800% notes due 2017* | 1,500 | 1,500 | ||||||
6.800% notes due 2018‡ | 99 | 99 | ||||||
6.125% notes due 2019‡ | — | 300 | ||||||
6.125% notes due 2019* | 1,250 | 1,250 | ||||||
8.875% notes due 2019 | 272 | 272 | ||||||
4.500% notes due 2020* | 1,250 | 1,250 | ||||||
4.875% notes due 2020‡ | 171 | 171 | ||||||
3.600% notes due 2021‡ | — | 295 | ||||||
8.750% notes due 2021 | 250 | 250 | ||||||
3.100% notes due 2022* | 2,300 | 2,300 | ||||||
1.550% junior subordinated notes due 2022† | 1,100 | 1,100 | ||||||
7.100% notes due 2027‡ | 141 | 141 | ||||||
6.700% notes due 2028 | 400 | 400 | ||||||
7.500% notes due 2029* | 550 | 550 | ||||||
5.400% notes due 2035* | 600 | 600 | ||||||
6.050% notes due 2036* | 600 | 600 | ||||||
6.800% notes due 2036‡ | 134 | 134 | ||||||
7.000% notes due 2038‡ | 159 | 159 | ||||||
6.125% notes due 2038* | 1,000 | 1,000 | ||||||
5.700% notes due 2040* | 1,000 | 1,000 | ||||||
4.500% notes due 2042* | 3,500 | 3,500 | ||||||
Project financing obligations | 86 | 100 | ||||||
Other (including capitalized leases)‡ | 395 | 403 | ||||||
Total principal long-term debt | 19,643 | 22,365 | ||||||
Other (fair market value adjustments and discounts)‡ | 210 | 353 | ||||||
Total long-term debt | 19,853 | 22,718 | ||||||
Less current portion | 112 | 1,121 | ||||||
Long-term debt, net of current portion | $ | 19,741 | $ | 21,597 | ||||
* | We may redeem the above notes, in whole or in part, at our option at any time at a redemption price in U.S. Dollars equal to the greater of 100% of the principal amount of the notes to be redeemed or the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed, discounted to the redemption date on a semiannual basis at the adjusted treasury rate plus 10-50 basis points. The redemption price will also include interest accrued to the date of redemption on the principal balance of the notes being redeemed. | |||||||
† | The junior subordinated notes are redeemable at our option, in whole or in part, on a date not earlier than August 1, 2017. The redemption price will be the principal amount, plus accrued and unpaid interest, if any, up to but excluding the redemption date. We may extend or eliminate the optional redemption date as part of a remarketing of the junior subordinated notes which could occur between April 29, 2015 and July 15, 2015 or between July 23, 2015 and July 29, 2015. | |||||||
‡ | Includes notes and remaining fair market value adjustments that were assumed as a part of the Goodrich acquisition on July 26, 2012. | |||||||
§ | The three-month LIBOR rate as of December 31, 2013 was approximately 0.2%. | |||||||
The project financing obligations noted above are associated with the sale of rights to unbilled revenues related to the ongoing activity of an entity owned by UTC Climate, Controls & Security. The percentage of total short-term borrowings and long-term debt at variable interest rates was 10% and 9% at December 31, 2013 and 2012, 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) | ||||||||
2014 | $ | 112 | ||||||
2015 | 1,732 | |||||||
2016 | 233 | |||||||
2017 | 2,534 | |||||||
2018 | 121 | |||||||
Thereafter | 14,911 | |||||||
Total | $ | 19,643 | ||||||
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. |
Equity
Equity | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Notes to Consolidated Financial Statements [Abstract] | ' | ||||||||||||||||||||
Equity | ' | ||||||||||||||||||||
EQUITY | |||||||||||||||||||||
As of January 1, 2013, we adopted the provisions of the FASB issued ASU No. 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income." As a result of this adoption, we have disclosed below the significant items reclassified to net income in their entirety during the period. | |||||||||||||||||||||
A summary of the changes in each component of accumulated other comprehensive (loss) income, net of tax for the year ended December 31, 2013 is provided below: | |||||||||||||||||||||
(dollars in millions) | Foreign | Defined Benefit | Unrealized Gains | Unrealized | Accumulated | ||||||||||||||||
Currency | Pension and | (Losses) on | Hedging | Other | |||||||||||||||||
Translation | Post-retirement | Available-for- | (Losses) | Comprehensive | |||||||||||||||||
Plans | Sale Securities | Gains | (Loss) Income | ||||||||||||||||||
Balance at December 31, 2012 | $ | 654 | $ | (6,250 | ) | $ | 145 | $ | 3 | $ | (5,448 | ) | |||||||||
Other comprehensive (loss) income before reclassifications, net | (509 | ) | 2,409 | 208 | (100 | ) | 2,008 | ||||||||||||||
Amounts reclassified | 25 | 574 | (57 | ) | 18 | 560 | |||||||||||||||
Balance at December 31, 2013 | $ | 170 | $ | (3,267 | ) | $ | 296 | $ | (79 | ) | $ | (2,880 | ) | ||||||||
Details of the reclassification out of accumulated other comprehensive (loss) income for the year ended December 31, 2013 is provided below: | |||||||||||||||||||||
(dollars in millions) | Amount of Income (Expense) Reclassified from Other Comprehensive Income (Loss) | Affected Line Item in the Consolidated Statement of Comprehensive Income | |||||||||||||||||||
Foreign Currency Translation: | |||||||||||||||||||||
Recognized due to business disposition | $ | (25 | ) | Other income, net | |||||||||||||||||
Defined Benefit Pension and Post-retirement Plans: | |||||||||||||||||||||
Amortization of prior-service costs and transition obligation | $ | 44 | Note (1) | ||||||||||||||||||
Recognized actuarial net loss | (950 | ) | Note (1) | ||||||||||||||||||
Total before tax | (906 | ) | |||||||||||||||||||
Tax benefit | 332 | Income tax expense | |||||||||||||||||||
Net of tax | $ | (574 | ) | ||||||||||||||||||
Unrealized Gains on Available-for-Sale Securities: | |||||||||||||||||||||
Realized gain on sale of securities, before tax | $ | 91 | Other income, net | ||||||||||||||||||
Tax expense | (34 | ) | Income tax expense | ||||||||||||||||||
Net of tax | $ | 57 | |||||||||||||||||||
Unrealized Hedging (Losses) Gains: | |||||||||||||||||||||
Foreign exchange contracts | $ | (25 | ) | Product Sales | |||||||||||||||||
Other contracts | 2 | Other income, net | |||||||||||||||||||
Total before tax | (23 | ) | |||||||||||||||||||
Tax benefit | 5 | Income tax expense | |||||||||||||||||||
Net of tax | $ | (18 | ) | ||||||||||||||||||
(1) These accumulated other comprehensive components are included in the computation of net periodic pension cost (see Note 12 for additional details). | |||||||||||||||||||||
Changes in noncontrolling interests that do not result in a change of control, and where there is a difference between fair value and carrying value, are accounted for as equity transactions. A summary of these changes in ownership interests in subsidiaries and the pro-forma effect on Net income attributable to common shareowners had they been recorded through net income is provided below: | |||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | ||||||||||||||||||
Net income attributable to common shareowners | $ | 5,721 | $ | 5,130 | $ | 4,979 | |||||||||||||||
Transfers to noncontrolling interests: | |||||||||||||||||||||
Increase in common stock for sale of subsidiary shares | — | — | 3 | ||||||||||||||||||
Decrease in common stock for purchase of subsidiary shares | (49 | ) | (34 | ) | (54 | ) | |||||||||||||||
Net income attributable to common shareowners after transfers to noncontrolling interests | $ | 5,672 | $ | 5,096 | $ | 4,928 | |||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Notes to Consolidated Financial Statements [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
INCOME TAXES | ||||||||||||
Income Before Income Taxes. The sources of income from continuing operations before income taxes are: | ||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | |||||||||
United States | $ | 3,658 | $ | 2,595 | $ | 3,168 | ||||||
Foreign | 4,654 | 4,316 | 4,182 | |||||||||
$ | 8,312 | $ | 6,911 | $ | 7,350 | |||||||
With few exceptions, U.S. income taxes have not been provided on undistributed earnings of UTC's international subsidiaries. These earnings relate to ongoing operations and were approximately $25 billion as of December 31, 2013. It is not practicable to estimate the amount of tax that might be payable. We intend to reinvest these earnings permanently outside the U.S. or to repatriate the earnings only when it is tax effective to do so. | ||||||||||||
Provision for Income Taxes. The income tax expense (benefit) for the years ended December 31, consisted of the following components: | ||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | |||||||||
Current: | ||||||||||||
United States: | ||||||||||||
Federal | $ | 616 | $ | 403 | $ | 382 | ||||||
State | 55 | 9 | 96 | |||||||||
Foreign | 1,325 | 1,179 | 1,322 | |||||||||
1,996 | 1,591 | 1,800 | ||||||||||
Future: | ||||||||||||
United States: | ||||||||||||
Federal | 262 | 335 | 526 | |||||||||
State | 36 | 111 | 26 | |||||||||
Foreign | (56 | ) | (326 | ) | (218 | ) | ||||||
242 | 120 | 334 | ||||||||||
Income tax expense | $ | 2,238 | $ | 1,711 | $ | 2,134 | ||||||
Attributable to items credited to equity and goodwill | $ | (1,661 | ) | $ | 297 | $ | 864 | |||||
Reconciliation of Effective Income Tax Rate. Differences between effective income tax rates and the statutory U.S. federal income tax rate are as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statutory U.S. federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
Tax on international activities | (5.8 | )% | (6.4 | )% | (4.4 | )% | ||||||
Tax audit settlements | (0.4 | )% | (3.4 | )% | (0.9 | )% | ||||||
Other | (1.9 | )% | (0.4 | )% | (0.7 | )% | ||||||
Effective income tax rate | 26.9 | % | 24.8 | % | 29 | % | ||||||
The 2013 effective tax rate reflects a favorable non-cash income tax adjustment of approximately $35 million related to the conclusion of the examination of Goodrich's 2009 - 2010 tax years and resolution of a dispute with the IRS for Goodrich's 2001 - 2006 tax years. In addition, the 2013 effective tax rate also reflects a favorable tax impact of $95 million associated with the legislative corporate tax extenders enacted in January 2013, as part of the American Taxpayer Relief Act of 2012, as well as the favorable tax impact of $24 million related to a U.K. tax rate reduction enacted in July 2013. | ||||||||||||
The 2012 effective tax rate reflects a favorable non-cash income tax adjustment of approximately $203 million related to the conclusion of the IRS's examination of UTC's 2006 – 2008 tax years, as well as a reduction in tax expense of $34 million related to the favorable resolution of disputed tax matters with the Appeals Division of the IRS for the tax years 2004 – 2005. The favorable income tax impact of $225 million related to the release of non-U.S. valuation allowances resulting from internal legal entity reorganizations is also included in the 2012 effective rate. This is reported in the table above in tax on international activities. | ||||||||||||
The 2011 effective tax rate reflects approximately $63 million of favorable income tax adjustments related to the settlement of two refund claims for years prior to 2004, as well as a favorable tax impact of $17 million related to a U.K. tax rate reduction enacted in 2011. These favorable tax adjustments are partially offset by non-deductible charges accrued in 2011. | ||||||||||||
Deferred Tax Assets and Liabilities. Future income taxes represent the tax effects of transactions which are reported in different periods for tax and financial reporting purposes. These amounts consist of the tax effects of temporary differences between the tax and financial reporting balance sheets and tax carryforwards. Current and non-current future income tax benefits and payables within the same tax jurisdiction are generally offset for presentation in the Consolidated Balance Sheet. | ||||||||||||
The tax effects of net temporary differences and tax carryforwards which gave rise to future income tax benefits and payables at December 31, 2013 and 2012 are as follows: | ||||||||||||
(dollars in millions) | 2013 | 2012 | ||||||||||
Future income tax benefits: | ||||||||||||
Insurance and employee benefits | $ | 747 | $ | 1,168 | ||||||||
Other asset basis differences | 365 | 119 | ||||||||||
Other liability basis differences | 1,187 | 1,052 | ||||||||||
Tax loss carryforwards | 386 | 382 | ||||||||||
Tax credit carryforwards | 1,184 | 1,107 | ||||||||||
Valuation allowances | (669 | ) | (618 | ) | ||||||||
$ | 3,200 | $ | 3,210 | |||||||||
Future income taxes payable: | ||||||||||||
Insurance and employee benefits | $ | (992 | ) | $ | (2,238 | ) | ||||||
Other asset basis differences | 4,649 | 4,440 | ||||||||||
Other items, net | (178 | ) | (195 | ) | ||||||||
Tax loss carryforwards | (346 | ) | (409 | ) | ||||||||
Tax credit carryforwards | (68 | ) | (80 | ) | ||||||||
Valuation allowances | 273 | 286 | ||||||||||
$ | 3,338 | $ | 1,804 | |||||||||
The future income taxes payable balances of $3,338 million and $1,804 million, reflected in the table above, for the years ended December 31, 2013 and 2012, respectively, are reported in accrued liabilities and other long-term liabilities on our Consolidated Balance Sheet. | ||||||||||||
Valuation allowances have been established primarily for tax credit carryforwards, tax loss carryforwards, and certain foreign temporary differences to reduce the future income tax benefits to expected realizable amounts. | ||||||||||||
During 2012, approximately $225 million of valuation allowances were reversed through income tax expense on our Consolidated Statement of Operations as a result of internal legal entity reorganizations. These internal reorganizations were a component of our ongoing efforts to improve business efficiency. These valuation allowance releases are included in the effective tax rate reconciliation table within the tax on international activities component. | ||||||||||||
Tax Credit and Loss Carryforwards. At December 31, 2013, tax credit carryforwards, principally state and foreign, and tax loss carryforwards, principally state and foreign, were as follows: | ||||||||||||
(dollars in millions) | Tax Credit | Tax Loss | ||||||||||
Carryforwards | Carryforwards | |||||||||||
Expiration period: | ||||||||||||
2014-2018 | $ | 43 | $ | 536 | ||||||||
2019-2023 | 16 | 315 | ||||||||||
2024-2033 | 311 | 794 | ||||||||||
Indefinite | 881 | 2,245 | ||||||||||
Total | $ | 1,251 | $ | 3,890 | ||||||||
Unrecognized Tax Benefits. At December 31, 2013, we had gross tax-effected unrecognized tax benefits of $1,223 million, $1,163 million of which, if recognized, would impact the effective tax rate. The table below includes both additional unrecognized tax benefits and related interest attributable to the acquisition of Goodrich in 2012. A reconciliation of the beginning and ending amounts of unrecognized tax benefits and interest expense related to unrecognized tax benefits for the years ended December 31, 2013, 2012, and 2011 is as follows: | ||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | |||||||||
Balance at January 1 | $ | 1,073 | $ | 946 | $ | 891 | ||||||
Additions for tax positions related to the current year | 113 | 232 | 71 | |||||||||
Additions for tax positions of prior years | 211 | 221 | 71 | |||||||||
Reductions for tax positions of prior years | (41 | ) | (21 | ) | (24 | ) | ||||||
Settlements | (133 | ) | (305 | ) | (63 | ) | ||||||
Balance at December 31 | $ | 1,223 | $ | 1,073 | $ | 946 | ||||||
Gross interest expense related to unrecognized tax benefits | $ | 51 | $ | 40 | $ | 23 | ||||||
Total accrued interest balance at December 31 | $ | 262 | $ | 270 | $ | 165 | ||||||
We conduct business globally and, as a result, UTC or one or more of our subsidiaries files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business we are subject to examination by taxing authorities throughout the world, including such major jurisdictions as Australia, Belgium, Canada, China, France, Germany, Hong Kong, Italy, Japan, South Korea, Singapore, Spain, the United Kingdom and the United States. With few exceptions, we are no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations for years before 2000. | ||||||||||||
During the second quarter, the Company recognized a settlement gain of approximately $34 million for interest relating to the closure of IRS audits of UTC through 2005. This gain includes cash and non-cash components in the amounts of approximately $10 million and $24 million, respectively. UTC tax years 2006 through 2008 are currently before the Appeals Division of the IRS (IRS Appeals) for resolution discussions regarding certain proposed adjustments with which UTC does not agree. Tax years 2009 and 2010 are under review by the Examination Division of the IRS. It is currently expected that both the 2006-2008 appeals proceedings and the 2009-2010 examination activity may conclude during 2014. Examination activity for UTC tax years 2011 and 2012 is expected to commence during 2014. | ||||||||||||
The Company has been engaged in litigation regarding the proper timing of certain deductions taken by Goodrich Corporation in its tax years 2001 and 2002, prior to its acquisition by UTC. Effective settlement was achieved with respect to this matter during the fourth quarter, resulting in recognition of a non-cash settlement gain of approximately $25 million, including $12 million of interest. The Company is also engaged in litigation with respect to a separate issue involving the proper timing of deductions taken by Goodrich Corporation in its tax years 2005 and 2006, prior to its acquisition by UTC. This is a recurring issue and it is expected that the IRS will continue to challenge it in subsequent tax years until the issue is resolved. | ||||||||||||
During the second quarter, the IRS completed examination activity of Goodrich pre-acquisition tax years 2009 and 2010 and transferred the case to IRS Appeals, resulting in a non-cash settlement gain of approximately $24 million, including $2 million of interest. Goodrich Corporation tax years 2007 through 2010 are currently before IRS Appeals for resolution discussions regarding certain proposed adjustments with which UTC does not agree, including the recurring timing issue described above. It is possible that both the 2005 - 2006 litigation and the 2007 - 2010 appeals proceedings could be resolved during 2014. Examination activity for Goodrich Corporation tax years 2011 and 2012, prior to its acquisition by UTC, is expected to commence during 2014. | ||||||||||||
During 2012, the IRS completed examination fieldwork for our 2006 through 2008 tax years and issued its audit report. During 2012, we also reached final resolution with the Appeals Division of the IRS for our 2004 and 2005 tax years regarding certain proposed adjustments with which we did not agree. As a result of the above described events with respect to our 2004 - 2005 and 2006 - 2008 tax years, we recorded reductions in tax expense in 2012 in the aggregate amount of $237 million. | ||||||||||||
During 2011, we reached final resolution with the IRS on two refund claims that had been pending with respect to pre-2004 tax years and refunds were received in accordance with the resolutions. A reduction in tax expense in the amount of $63 million and pre-tax interest income in the amount of $89 million was recognized during 2011 associated with the resolution of these claims. | ||||||||||||
It is reasonably possible that a net reduction within a range of $215 million to $625 million of unrecognized tax benefits may occur within the next twelve months as a result of additional worldwide uncertain tax positions, the revaluation of current uncertain tax positions arising from developments in examinations, in appeals, or in the courts, or the closure of tax statutes. | ||||||||||||
As previously disclosed, the French Tax Authority has assessed €237 million (approximately $324 million) related to the proposed disallowance of certain deductions claimed in France for tax years 2008 through 2011. This is a recurring issue and it is expected that similar challenges will be raised in subsequent tax years until the issue is resolved. During the fourth quarter of 2013, the French Tax Authority approached the Company with an offer of proposed settlement and invited the Company to participate in further negotiations. Based on the settlement proposal made by the French Tax Authority, the Company believes there is the potential to achieve resolution and accordingly plans to participate in such further negotiations. As a result of these developments, an accrual was made in the fourth quarter based upon a settlement amount that UTC believes has potential to result in resolution. This accrual is included in the December 31, 2013 unrecognized tax benefit balance reflected above. | ||||||||||||
See Note 17, Contingent Liabilities, for discussion regarding uncertain tax positions which are not included in the range above related to certain deductions claimed in Germany. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Notes to Consolidated Financial Statements [Abstract] | ' | ||||||||||||||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||||||||||||||
EMPLOYEE BENEFIT PLANS | |||||||||||||||||||||||||||||
We sponsor numerous domestic and foreign employee benefit plans, which are discussed below. | |||||||||||||||||||||||||||||
Employee Savings Plans. We sponsor various employee savings plans. Our contributions to employer sponsored defined contribution plans were $335 million, $256 million and $218 million for 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||
Our non-union domestic employee savings plan uses an Employee Stock Ownership Plan (ESOP) for employer matching contributions. External borrowings were used by the ESOP to fund a portion of its purchase of ESOP stock from us. The external borrowings have been extinguished and only re-amortized loans remain between UTC and the ESOP Trust. As ESOP debt service payments are made, common stock is released from an unreleased shares account. ESOP debt may be prepaid or re-amortized to either increase or decrease the number of shares released so that the value of released shares equals the value of plan benefit. We may also, at our option, contribute additional common stock or cash to the ESOP. | |||||||||||||||||||||||||||||
Shares of common stock are allocated to employees' ESOP accounts at fair value on the date earned. Cash dividends on common stock held by the ESOP are used for debt service payments. Participants receive additional shares in lieu of cash dividends. Common stock allocated to ESOP participants is included in the average number of common shares outstanding for both basic and diluted earnings per share. At December 31, 2013, 30.6 million common shares had been allocated to employees, leaving 15.5 million unallocated common shares in the ESOP Trust, with an approximate fair value of $1.8 billion. | |||||||||||||||||||||||||||||
Pension Plans. We sponsor both funded and unfunded domestic and foreign defined benefit pension plans that cover a large number of our employees. Our plans use a December 31 measurement date consistent with our fiscal year. | |||||||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | |||||||||||||||||||||||||||
Change in Benefit Obligation: | |||||||||||||||||||||||||||||
Beginning balance | $ | 35,708 | $ | 27,167 | |||||||||||||||||||||||||
Service cost | 569 | 500 | |||||||||||||||||||||||||||
Interest cost | 1,373 | 1,331 | |||||||||||||||||||||||||||
Actuarial (gain) loss | (3,027 | ) | 2,855 | ||||||||||||||||||||||||||
Total benefits paid | (1,601 | ) | (1,357 | ) | |||||||||||||||||||||||||
Net settlement and curtailment gain | (53 | ) | (90 | ) | |||||||||||||||||||||||||
Plan amendments | 224 | (195 | ) | ||||||||||||||||||||||||||
Business combinations | — | 5,235 | |||||||||||||||||||||||||||
Other | (167 | ) | 262 | ||||||||||||||||||||||||||
Ending balance | $ | 33,026 | $ | 35,708 | |||||||||||||||||||||||||
Change in Plan Assets: | |||||||||||||||||||||||||||||
Beginning balance | $ | 29,928 | $ | 23,542 | |||||||||||||||||||||||||
Actual return on plan assets | 3,019 | 3,306 | |||||||||||||||||||||||||||
Employer contributions | 236 | 516 | |||||||||||||||||||||||||||
Benefits paid from plan assets | (1,601 | ) | (1,357 | ) | |||||||||||||||||||||||||
Business combinations | — | 3,800 | |||||||||||||||||||||||||||
Other | (227 | ) | 121 | ||||||||||||||||||||||||||
Ending balance | $ | 31,355 | $ | 29,928 | |||||||||||||||||||||||||
Funded Status: | |||||||||||||||||||||||||||||
Fair value of plan assets | $ | 31,355 | $ | 29,928 | |||||||||||||||||||||||||
Benefit obligations | (33,026 | ) | (35,708 | ) | |||||||||||||||||||||||||
Funded status of plan | $ | (1,671 | ) | $ | (5,780 | ) | |||||||||||||||||||||||
Amounts Recognized in the Consolidated Balance Sheet Consist of: | |||||||||||||||||||||||||||||
Noncurrent assets | $ | 768 | $ | 643 | |||||||||||||||||||||||||
Current liability | (74 | ) | (105 | ) | |||||||||||||||||||||||||
Noncurrent liability | (2,365 | ) | (6,318 | ) | |||||||||||||||||||||||||
Net amount recognized | $ | (1,671 | ) | $ | (5,780 | ) | |||||||||||||||||||||||
Amounts Recognized in Accumulated Other Comprehensive Loss Consist of: | |||||||||||||||||||||||||||||
Net actuarial loss | $ | 5,261 | $ | 10,215 | |||||||||||||||||||||||||
Prior service credit | (37 | ) | (322 | ) | |||||||||||||||||||||||||
Net amount recognized | $ | 5,224 | $ | 9,893 | |||||||||||||||||||||||||
The amounts included in "Other" in the preceding table reflect the impact of foreign exchange translation, primarily for plans in the U.K. and Canada, and the impact of settlements. | |||||||||||||||||||||||||||||
As part of the Goodrich acquisition on July 26, 2012, we assumed approximately $5.2 billion of pension projected benefit obligations and $3.8 billion of plan assets. | |||||||||||||||||||||||||||||
Qualified domestic pension plan benefits comprise approximately 74% of the projected benefit obligation. Benefits for union employees are generally based on a stated amount for each year of service. For non-union employees, benefits are generally based on an employee's years of service and compensation near retirement. Effective January 1, 2015, this formula will change to the existing cash balance formula that was adopted in 2003 for newly hired non-union employees and for other non-union employees who made a one-time voluntary election to have future benefit accruals determined under this formula. This plan change resulted in a $623 million reduction in the projected benefit obligation as of December 31, 2009 and an additional $204 million reduction in the projected benefit obligation as of July 26, 2012 when applied to legacy Goodrich salaried employees. Certain foreign plans, which comprise approximately 24% of the projected benefit obligation, are considered defined benefit plans for accounting purposes. Nonqualified domestic pension plans provide supplementary retirement benefits to certain employees and are not a material component of the projected benefit obligation. | |||||||||||||||||||||||||||||
We made no significant contributions to our domestic defined benefit pension plans and made $108 million of cash contributions to our foreign defined benefit pension plans in 2013. In 2012, we made $201 million of cash contributions to our domestic defined benefit pension plans and made $229 million of cash contributions to our foreign defined benefit pension plans. | |||||||||||||||||||||||||||||
Information for pension plans with accumulated benefit obligations in excess of plan assets: | |||||||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | |||||||||||||||||||||||||||
Projected benefit obligation | $ | 22,142 | $ | 32,278 | |||||||||||||||||||||||||
Accumulated benefit obligation | 21,475 | 31,147 | |||||||||||||||||||||||||||
Fair value of plan assets | 19,884 | 25,889 | |||||||||||||||||||||||||||
The accumulated benefit obligation for all defined benefit pension plans was $31.9 billion and $34.4 billion at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||
The components of the net periodic pension cost are as follows: | |||||||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Pension Benefits: | |||||||||||||||||||||||||||||
Service cost | $ | 569 | $ | 500 | $ | 444 | |||||||||||||||||||||||
Interest cost | 1,373 | 1,331 | 1,298 | ||||||||||||||||||||||||||
Expected return on plan assets | (2,107 | ) | (1,944 | ) | (1,834 | ) | |||||||||||||||||||||||
Amortization of prior service credits | (34 | ) | (24 | ) | (12 | ) | |||||||||||||||||||||||
Amortization of unrecognized net transition obligation | — | 1 | 1 | ||||||||||||||||||||||||||
Recognized actuarial net loss | 954 | 722 | 462 | ||||||||||||||||||||||||||
Net settlement and curtailment loss | 1 | 77 | 16 | ||||||||||||||||||||||||||
Net periodic pension cost - employer | $ | 756 | $ | 663 | $ | 375 | |||||||||||||||||||||||
Net settlements and curtailment gains for pension benefits includes curtailment gains of approximately $24 million related to, and recorded in, discontinued operations for the year ended December 31, 2013. Net settlements and curtailment losses for pension benefits includes curtailment losses of approximately $17 million related to, and recorded in, discontinued operations for the year ended December 31, 2012. | |||||||||||||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive loss in 2013 are as follows: | |||||||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||||||
Current year actuarial gain | $ | (3,925 | ) | ||||||||||||||||||||||||||
Amortization of actuarial loss | (954 | ) | |||||||||||||||||||||||||||
Current year prior service cost | 226 | ||||||||||||||||||||||||||||
Amortization of prior service credit | 34 | ||||||||||||||||||||||||||||
Other | (50 | ) | |||||||||||||||||||||||||||
Total recognized in other comprehensive loss | $ | (4,669 | ) | ||||||||||||||||||||||||||
Net recognized in net periodic pension cost and other comprehensive loss | $ | (3,913 | ) | ||||||||||||||||||||||||||
The estimated amount that will be amortized from accumulated other comprehensive loss into net periodic pension cost in 2014 is as follows: | |||||||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||||||
Net actuarial loss | $ | 430 | |||||||||||||||||||||||||||
Prior service credit | (9 | ) | |||||||||||||||||||||||||||
$ | 421 | ||||||||||||||||||||||||||||
Major assumptions used in determining the benefit obligation and net cost for pension plans are presented in the following table as weighted-averages: | |||||||||||||||||||||||||||||
Benefit Obligation | Net Cost | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
Discount rate | 4.7 | % | 4 | % | 4 | % | 4.6 | % | 5.4 | % | |||||||||||||||||||
Salary scale | 4.2 | % | 4.2 | % | 4.2 | % | 4.3 | % | 4.4 | % | |||||||||||||||||||
Expected return on plan assets | — | — | 7.7 | % | 7.7 | % | 7.9 | % | |||||||||||||||||||||
In determining the expected return on plan assets, we consider the relative weighting of plan assets, the historical performance of total plan assets and individual asset classes, and economic and other indicators of future performance. In addition, we may consult with and consider the opinions of financial and other professionals in developing appropriate capital market assumptions. Return projections are also validated using a simulation model that incorporates yield curves, credit spreads and risk premiums to project long-term prospective returns. | |||||||||||||||||||||||||||||
The plans' investment management objectives include maintaining an adequate level of diversification, reducing interest rate and market risk, and providing adequate liquidity to meet immediate and future benefit payment requirements. Globally, investment strategies target a mix of 55% to 65% of growth seeking assets and 35% to 45% income generating and hedging assets using a wide diversification of asset types, fund strategies and investment managers. The growth seeking allocation consists of global public equities in developed and emerging countries, private equity, real estate and balanced market risk strategies. Within public equities, 10% of the total investment portfolio is an enhanced equity strategy that invests in publicly traded equity and fixed income securities, derivatives and foreign currency. Investments in private equity are primarily via limited partnership interests in buy-out strategies with smaller allocations to distressed debt funds. The real estate strategy is principally concentrated in directly held U.S. core investments with some smaller investments in international, value-added and opportunistic strategies. Within the income generating assets, the fixed income portfolio consists of mainly government and broadly diversified high quality corporate bonds. | |||||||||||||||||||||||||||||
The plans have continued their pension risk management techniques designed to reduce the plan's interest rate risk. More specifically, the plans have incorporated liability hedging programs that include the adoption of a risk reduction objective as part of the long-term investment strategy. Under this objective the interest rate hedge is dynamically increased as funded status improves. The hedging programs incorporate a range of assets and investment tools, each with ranging interest rate sensitivity. The investment portfolios are currently hedging approximately 40% to 50% of the interest rate sensitivity of the pension plan liabilities. | |||||||||||||||||||||||||||||
The fair values of pension plan assets at December 31, 2013 and 2012 by asset category are as follows: | |||||||||||||||||||||||||||||
(dollars in millions) | Quoted Prices in | Significant | Significant | Total | |||||||||||||||||||||||||
Active Markets | Observable Inputs | Unobservable Inputs | |||||||||||||||||||||||||||
For Identical Assets | (Level 2) | (Level 3) | |||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||
Asset Category: | |||||||||||||||||||||||||||||
Public Equities | |||||||||||||||||||||||||||||
Global Equities | $ | 6,840 | $ | 1 | $ | — | $ | 6,841 | |||||||||||||||||||||
Global Equity Commingled Funds 1 | — | 4,881 | — | 4,881 | |||||||||||||||||||||||||
Enhanced Global Equities 2 | 261 | 2,241 | 500 | 3,002 | |||||||||||||||||||||||||
Private Equities 3 | — | — | 1,339 | 1,339 | |||||||||||||||||||||||||
Fixed Income Securities | |||||||||||||||||||||||||||||
Governments | 424 | 1,307 | — | 1,731 | |||||||||||||||||||||||||
Corporate Bonds | — | 8,461 | 296 | 8,757 | |||||||||||||||||||||||||
Structured Products 4 | — | 80 | — | 80 | |||||||||||||||||||||||||
Real Estate 5 | — | 13 | 1,800 | 1,813 | |||||||||||||||||||||||||
Other 6 | — | 2,110 | — | 2,110 | |||||||||||||||||||||||||
Cash & Cash Equivalents 7 | 2 | 207 | — | 209 | |||||||||||||||||||||||||
Subtotal | $ | 7,527 | $ | 19,301 | $ | 3,935 | 30,763 | ||||||||||||||||||||||
Other Assets & Liabilities 8 | 592 | ||||||||||||||||||||||||||||
Total at December 31, 2013 | $ | 31,355 | |||||||||||||||||||||||||||
Public Equities | |||||||||||||||||||||||||||||
Global Equities | $ | 6,413 | $ | — | $ | — | $ | 6,413 | |||||||||||||||||||||
Global Equity Commingled Funds 1 | — | 4,114 | — | 4,114 | |||||||||||||||||||||||||
Enhanced Global Equities 2 | 169 | 1,959 | 447 | 2,575 | |||||||||||||||||||||||||
Private Equities 3 | — | — | 1,202 | 1,202 | |||||||||||||||||||||||||
Fixed Income Securities | |||||||||||||||||||||||||||||
Governments | 1,003 | 1,421 | — | 2,424 | |||||||||||||||||||||||||
Corporate Bonds | — | 7,699 | 276 | 7,975 | |||||||||||||||||||||||||
Structured Products 4 | — | 21 | — | 21 | |||||||||||||||||||||||||
Real Estate 5 | — | 19 | 1,785 | 1,804 | |||||||||||||||||||||||||
Other 6 | — | 2,182 | — | 2,182 | |||||||||||||||||||||||||
Cash & Cash Equivalents 7 | 1 | 364 | — | 365 | |||||||||||||||||||||||||
Subtotal | $ | 7,586 | $ | 17,779 | $ | 3,710 | 29,075 | ||||||||||||||||||||||
Other Assets & Liabilities 8 | 853 | ||||||||||||||||||||||||||||
Total at December 31, 2012 | $ | 29,928 | |||||||||||||||||||||||||||
Note 1 | Represents commingled funds that invest primarily in common stocks. | ||||||||||||||||||||||||||||
Note 2 | Represents enhanced equity separate account and commingled fund portfolios. A portion of the portfolio may include long-short market neutral and relative value strategies that invest in publicly traded, equity and fixed income securities, as well as derivatives of equity and fixed income securities and foreign currency. | ||||||||||||||||||||||||||||
Note 3 | Represents limited partner investments with general partners that primarily invest in debt and equity. | ||||||||||||||||||||||||||||
Note 4 | Represents mortgage and asset-backed securities. | ||||||||||||||||||||||||||||
Note 5 | Represents investments in real estate including commingled funds and directly held properties. | ||||||||||||||||||||||||||||
Note 6 | Represents insurance contracts and global balanced risk commingled funds consisting mainly of equity, bonds and some commodities. | ||||||||||||||||||||||||||||
Note 7 | Represents short-term commercial paper, bonds and other cash or cash-like instruments. | ||||||||||||||||||||||||||||
Note 8 | Represents trust receivables and payables that are not leveled. | ||||||||||||||||||||||||||||
Derivatives in the plan are primarily used to manage risk and gain asset class exposure while still maintaining liquidity. Derivative instruments mainly consist of equity futures, interest rate futures, interest rate swaps and currency forward contracts. | |||||||||||||||||||||||||||||
Our common stock represents approximately 3% of total plan assets at December 31, 2013 and 2012. We review our assets at least quarterly to ensure we are within the targeted asset allocation ranges and, if necessary, asset balances are adjusted back within target allocations. We employ a broadly diversified investment manager structure that includes diversification by active and passive management, style, capitalization, country, sector, industry and number of investment managers. | |||||||||||||||||||||||||||||
The fair value measurement of plan assets using significant unobservable inputs (Level 3) changed due to the following: | |||||||||||||||||||||||||||||
(dollars in millions) | Enhanced | Private | Corporate | Real | Total | ||||||||||||||||||||||||
Global | Equities | Bonds | Estate | ||||||||||||||||||||||||||
Equities | |||||||||||||||||||||||||||||
Balance, December 31, 2011 | $ | 239 | $ | 1,159 | $ | 110 | $ | 1,364 | $ | 2,872 | |||||||||||||||||||
Plan assets acquired | 63 | — | — | 79 | 142 | ||||||||||||||||||||||||
Realized gains | 1 | 174 | 3 | 6 | 184 | ||||||||||||||||||||||||
Unrealized (losses) gains relating to instruments still held in the reporting period | 31 | (14 | ) | 51 | 115 | 183 | |||||||||||||||||||||||
Purchases, sales, and settlements, net | 113 | (117 | ) | 112 | 221 | 329 | |||||||||||||||||||||||
Balance, December 31, 2012 | 447 | 1,202 | 276 | 1,785 | 3,710 | ||||||||||||||||||||||||
Realized gains | — | 195 | — | 20 | 215 | ||||||||||||||||||||||||
Unrealized (losses) gains relating to instruments still held in the reporting period | 50 | (9 | ) | 2 | 102 | 145 | |||||||||||||||||||||||
Purchases, sales, and settlements, net | 3 | (49 | ) | 18 | (107 | ) | (135 | ) | |||||||||||||||||||||
Balance, December 31, 2013 | $ | 500 | $ | 1,339 | $ | 296 | $ | 1,800 | $ | 3,935 | |||||||||||||||||||
Quoted market prices are used to value investments when available. Investments in securities traded on exchanges, including listed futures and options, are valued at the last reported sale prices on the last business day of the year or, if not available, the last reported bid prices. Fixed income securities are primarily measured using a market approach pricing methodology, where observable prices are obtained by market transactions involving identical or comparable securities of issuers with similar credit ratings. Mortgages have been valued on the basis of their future principal and interest payments discounted at prevailing interest rates for similar investments. Investment contracts are valued at fair value by discounting the related cash flows based on current yields of similar instruments with comparable durations. Real estate investments are valued on a quarterly basis using discounted cash flow models which consider long-term lease estimates, future rental receipts and estimated residual values. Valuation estimates are supplemented by third-party appraisals on an annual basis. | |||||||||||||||||||||||||||||
Private equity limited partnerships are valued quarterly using discounted cash flows, earnings multiples and market multiples. Valuation adjustments reflect changes in operating results, financial condition, or prospects of the applicable portfolio company. Over-the-counter securities and government obligations are valued at the bid prices or the average of the bid and ask prices on the last business day of the year from published sources or, if not available, from other sources considered reliable, generally broker quotes. Temporary cash investments are stated at cost, which approximates fair value. | |||||||||||||||||||||||||||||
ESTIMATED FUTURE CONTRIBUTIONS AND BENEFIT PAYMENTS | |||||||||||||||||||||||||||||
We expect to make contributions of approximately $275 million to our foreign defined benefit pension plans in 2014. Although we are not required to make contributions to our domestic defined benefit pension plans through the end of 2016, we may elect to make discretionary contributions in 2014. Contributions do not reflect benefits to be paid directly from corporate assets. | |||||||||||||||||||||||||||||
Benefit payments, including amounts to be paid from corporate assets, and reflecting expected future service, as appropriate, are expected to be paid as follows: $1,710 million in 2014, $1,732 million in 2015, $1,802 million in 2016, $1,886 million in 2017, $1,966 million in 2018, and $10,834 million from 2019 through 2023. | |||||||||||||||||||||||||||||
Postretirement Benefit Plans. We sponsor a number of postretirement benefit plans that provide health and life benefits to eligible retirees. Such benefits are provided primarily from domestic plans, which comprise approximately 89% of the benefit obligation. The postretirement plans are unfunded. | |||||||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | |||||||||||||||||||||||||||
Change in Benefit Obligation: | |||||||||||||||||||||||||||||
Beginning balance | $ | 1,106 | $ | 784 | |||||||||||||||||||||||||
Service cost | 3 | 3 | |||||||||||||||||||||||||||
Interest cost | 38 | 37 | |||||||||||||||||||||||||||
Actuarial (gain) loss | (62 | ) | 45 | ||||||||||||||||||||||||||
Total benefits paid | (119 | ) | (107 | ) | |||||||||||||||||||||||||
Business combinations | — | 328 | |||||||||||||||||||||||||||
Other | 21 | 16 | |||||||||||||||||||||||||||
Ending balance | $ | 987 | $ | 1,106 | |||||||||||||||||||||||||
Change in Plan Assets: | |||||||||||||||||||||||||||||
Beginning balance | $ | — | $ | — | |||||||||||||||||||||||||
Actual return on plan assets | — | — | |||||||||||||||||||||||||||
Employer contributions | 95 | 85 | |||||||||||||||||||||||||||
Benefits paid from plan assets | (119 | ) | (107 | ) | |||||||||||||||||||||||||
Other | 24 | 22 | |||||||||||||||||||||||||||
Ending balance | $ | — | $ | — | |||||||||||||||||||||||||
Funded Status: | |||||||||||||||||||||||||||||
Fair value of plan assets | $ | — | $ | — | |||||||||||||||||||||||||
Benefit obligations | (987 | ) | (1,106 | ) | |||||||||||||||||||||||||
Funded status of plan | $ | (987 | ) | $ | (1,106 | ) | |||||||||||||||||||||||
Amounts Recognized in the Consolidated Balance Sheet Consist of: | |||||||||||||||||||||||||||||
Current liability | $ | (86 | ) | $ | (91 | ) | |||||||||||||||||||||||
Noncurrent liability | (901 | ) | (1,015 | ) | |||||||||||||||||||||||||
Net amount recognized | $ | (987 | ) | $ | (1,106 | ) | |||||||||||||||||||||||
Amounts Recognized in Accumulated Other Comprehensive Loss Consist of: | |||||||||||||||||||||||||||||
Net actuarial gain | $ | (124 | ) | $ | (65 | ) | |||||||||||||||||||||||
Prior service credit | (1 | ) | (11 | ) | |||||||||||||||||||||||||
Net amount recognized | $ | (125 | ) | $ | (76 | ) | |||||||||||||||||||||||
As part of our acquisition of Goodrich on July 26, 2012, we assumed approximately $328 million of postretirement projected benefit obligations. | |||||||||||||||||||||||||||||
We modified the postretirement medical benefits provided to legacy Goodrich salaried employees by eliminating any company subsidy for retirements that occur after January 31, 2014. This resulted in a $16 million reduction in the projected benefit obligation as of July 26, 2012. | |||||||||||||||||||||||||||||
The components of net periodic benefit cost are as follows: | |||||||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Other Postretirement Benefits: | |||||||||||||||||||||||||||||
Service cost | $ | 3 | $ | 3 | $ | 3 | |||||||||||||||||||||||
Interest cost | 38 | 37 | 39 | ||||||||||||||||||||||||||
Expected return on plan assets | — | — | (1 | ) | |||||||||||||||||||||||||
Amortization of prior service credit | (10 | ) | (4 | ) | (2 | ) | |||||||||||||||||||||||
Recognized actuarial net gain | (4 | ) | (6 | ) | (8 | ) | |||||||||||||||||||||||
Net settlement and curtailment gain | — | (2 | ) | (8 | ) | ||||||||||||||||||||||||
Net periodic other postretirement benefit cost | $ | 27 | $ | 28 | $ | 23 | |||||||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive loss in 2013 are as follows: | |||||||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||||||
Current year actuarial gain | $ | (62 | ) | ||||||||||||||||||||||||||
Current year prior service credit | (1 | ) | |||||||||||||||||||||||||||
Amortization of prior service credit | 10 | ||||||||||||||||||||||||||||
Amortization of actuarial net gain | 4 | ||||||||||||||||||||||||||||
Net settlements and curtailments | — | ||||||||||||||||||||||||||||
Total recognized in other comprehensive loss | $ | (49 | ) | ||||||||||||||||||||||||||
Net recognized in net periodic other postretirement benefit cost and other comprehensive loss | $ | 22 | |||||||||||||||||||||||||||
The estimated amounts that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in 2014 include actuarial net gains of $3 million and prior service credit of $1 million. | |||||||||||||||||||||||||||||
Major assumptions used in determining the benefit obligation and net cost for postretirement plans are presented in the following table as weighted-averages: | |||||||||||||||||||||||||||||
Benefit Obligation | Net Cost | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
Discount rate | 4.4 | % | 3.6 | % | 3.6 | % | 4.2 | % | 4.9 | % | |||||||||||||||||||
Expected return on plan assets | — | — | — | — | 5 | % | |||||||||||||||||||||||
Assumed health care cost trend rates are as follows: | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Health care cost trend rate assumed for next year | 7.5 | % | 8 | % | |||||||||||||||||||||||||
Rate that the cost trend rate gradually declines to | 5 | % | 5 | % | |||||||||||||||||||||||||
Year that the rate reaches the rate it is assumed to remain at | 2019 | 2019 | |||||||||||||||||||||||||||
Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects: | |||||||||||||||||||||||||||||
2013 One-Percentage-Point | |||||||||||||||||||||||||||||
(dollars in millions) | Increase | Decrease | |||||||||||||||||||||||||||
Effect on total service and interest cost | $ | 3 | $ | (2 | ) | ||||||||||||||||||||||||
Effect on postretirement benefit obligation | 69 | (59 | ) | ||||||||||||||||||||||||||
ESTIMATED FUTURE BENEFIT PAYMENTS | |||||||||||||||||||||||||||||
Benefit payments, including net amounts to be paid from corporate assets and reflecting expected future service, as appropriate, are expected to be paid as follows: $86 million in 2014, $83 million in 2015, $80 million in 2016, $74 million in 2017, $68 million in 2018, and $283 million from 2019 through 2023. | |||||||||||||||||||||||||||||
Multiemployer Benefit Plans. We contribute to various domestic and foreign multiemployer defined benefit pension plans. The risks of participating in these multiemployer plans are different from single-employer plans in that assets contributed are pooled and may be used to provide benefits to employees of other participating employers. If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. Lastly, if we choose to stop participating in some of our multiemployer plans, we may be required to pay those plans a withdrawal liability based on the underfunded status of the plan. | |||||||||||||||||||||||||||||
Our participation in these plans for the annual periods ended December 31 is outlined in the table below. Unless otherwise noted, the most recent Pension Protection Act (PPA) zone status available in 2013 and 2012 is for the plan's year-end at June 30, 2012, and June 30, 2011, respectively. The zone status is based on information that we received from the plan and is certified by the plan's actuary. Our significant plan is in the green zone which represents at least 80 percent funded and does not require a financial improvement plan (FIP) or a rehabilitation plan (RP). | |||||||||||||||||||||||||||||
(dollars in millions) | Pension | FIP/ | Contributions | ||||||||||||||||||||||||||
Protection Act | RP Status | ||||||||||||||||||||||||||||
Zone Status | |||||||||||||||||||||||||||||
Pension Fund | EIN/Pension | 2013 | 2012 | Pending/ | 2013 | 2012 | 2011 | Surcharge | Expiration Date of | ||||||||||||||||||||
Plan Number | Implemented | Imposed | Collective-Bargaining | ||||||||||||||||||||||||||
Agreement | |||||||||||||||||||||||||||||
National Elevator Industry Pension Plan | 23-2694291 | Green | Green | No | $ | 71 | $ | 63 | $ | 56 | No | 8-Jul-17 | |||||||||||||||||
Other funds | 34 | 36 | 38 | ||||||||||||||||||||||||||
$ | 105 | $ | 99 | $ | 94 | ||||||||||||||||||||||||
For the plan years ended June 30, 2012 and 2011, respectively, we were listed in the National Elevator Industry Pension Plan's Forms 5500 as providing more than 5% of the total contributions for the plan. At the date these financial statements were issued, Forms 5500 were not available for the plan year ending June 30, 2013. | |||||||||||||||||||||||||||||
In addition, we participate in several multiemployer arrangements that provide postretirement benefits other than pensions, with the National Elevator Industry Health Benefit Plan being the most significant. These arrangements generally provide medical and life benefits for eligible active employees and retirees and their dependents. Contributions to multiemployer plans that provide postretirement benefits other than pensions were $12 million, $11 million and $10 million for 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||
Stock-based Compensation. UTC's long-term incentive plan authorizes various types of market and performance based incentive awards that may be granted to officers and employees. Our Long-Term Incentive Plan (LTIP) was initially approved on April 13, 2005 and amended in 2011 to increase the maximum number of shares available for award under the LTIP to 119 million shares. All equity-based compensation awards are made exclusively through the LTIP. As of December 31, 2013, approximately 32 million shares remain available for awards under the LTIP. The LTIP does not contain an aggregate annual award limit. We expect that the shares awarded on an annual basis will range from 1% to 1.5% of shares outstanding. The LTIP will expire after all shares have been awarded or April 30, 2017, whichever is sooner. | |||||||||||||||||||||||||||||
Under the LTIP and predecessor long-term incentive plans, the exercise price of awards is set on the grant date and may not be less than the fair market value per share on that date. Generally, stock appreciation rights and stock options have a term of ten years and a minimum three-year vesting period. In the event of retirement, awards held for more than one year may become vested and exercisable subject to certain terms and conditions. LTIP awards with performance-based vesting generally have a minimum three-year vesting period and vest based on performance against pre-established metrics. In the event of retirement, vesting for awards held more than one year does not accelerate but will vest as scheduled based on actual performance relative to target metrics. We have historically repurchased shares of our common stock in an amount at least equal to the number of shares issued under our equity compensation arrangements and will continue to evaluate this policy in conjunction with our overall share repurchase program. | |||||||||||||||||||||||||||||
We measure the cost of all share-based payments, including stock options, at fair value on the grant date and recognize this cost in the statement of operations. For the years ended December 31, 2013, 2012 and 2011, $275 million, $210 million and $221 million, respectively, of compensation cost was recognized in operating results. The associated future income tax benefit recognized was $97 million, $76 million and $75 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, the amount of cash received from the exercise of stock options was $378 million, $381 million and $226 million, respectively, with an associated tax benefit realized of $194 million, $111 million and $101 million, respectively. In addition, for the years ended December 31, 2013, 2012 and 2011, the associated tax benefit realized from the vesting of performance share units was $26 million, $15 million and $19 million, respectively. Also, in accordance with the Compensation—Stock Compensation Topic of the FASB ASC, for the years ended December 31, 2013, 2012 and 2011, $115 million, $67 million and $81 million, respectively, of certain tax benefits have been reported as operating cash outflows with corresponding cash inflows from financing activities. | |||||||||||||||||||||||||||||
At December 31, 2013, there was $185 million of total unrecognized compensation cost related to non-vested equity awards granted under long-term incentive plans. This cost is expected to be recognized ratably over a weighted-average period of 1.9 years. | |||||||||||||||||||||||||||||
A summary of the transactions under all long-term incentive plans for the year ended December 31, 2013 follows: | |||||||||||||||||||||||||||||
Stock Options | Stock Appreciation Rights | Performance Share Units | Other | ||||||||||||||||||||||||||
Incentive | |||||||||||||||||||||||||||||
(shares and units in thousands) | Shares | Average | Shares | Average | Units | Average | Shares/Units | ||||||||||||||||||||||
Price* | Price* | Price** | |||||||||||||||||||||||||||
Outstanding at: | |||||||||||||||||||||||||||||
December 31, 2012 | 13,806 | $ | 52.45 | 38,421 | $ | 68.7 | 2,791 | $ | 74.77 | 1,284 | |||||||||||||||||||
Granted | 309 | 87.46 | 6,719 | 86.87 | 942 | 84.03 | 543 | ||||||||||||||||||||||
Exercised/earned | (7,840 | ) | 49.4 | (5,747 | ) | 63.19 | (886 | ) | 71.8 | (233 | ) | ||||||||||||||||||
Cancelled | (36 | ) | 75.04 | (1,178 | ) | 81.31 | (146 | ) | 78.63 | (116 | ) | ||||||||||||||||||
December 31, 2013 | 6,239 | $ | 57.88 | 38,215 | $ | 72.33 | 2,701 | $ | 78.77 | 1,478 | |||||||||||||||||||
* | weighted-average exercise price | ||||||||||||||||||||||||||||
** | weighted-average grant stock price | ||||||||||||||||||||||||||||
The weighted-average grant date fair value of stock options and stock appreciation rights granted during 2013, 2012 and 2011 was $19.91, $19.32 and $20.26, respectively. The weighted-average grant date fair value of performance share units, which vest upon achieving certain performance metrics, granted during 2013, 2012, and 2011 was $91.71, $82.15 and $87.65, respectively. The total fair value of awards vested during the years ended December 31, 2013, 2012 and 2011 was $219 million, $187 million and $170 million, respectively. The total intrinsic value (which is the amount by which the stock price exceeded the exercise price on the date of exercise) of stock options and stock appreciation rights exercised during the years ended December 31, 2013, 2012 and 2011 was $608 million, $370 million and $336 million, respectively. The total intrinsic value (which is the stock price at vesting) of performance share units vested was $75 million, $46 million and $59 million during the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||
The following table summarizes information about equity awards outstanding that are vested and expected to vest and equity awards outstanding that are exercisable at December 31, 2013: | |||||||||||||||||||||||||||||
Equity Awards Vested and Expected to Vest | Equity Awards That Are Exercisable | ||||||||||||||||||||||||||||
(shares in thousands; aggregate intrinsic value in millions) | Awards | Average | Aggregate | Remaining | Awards | Average | Aggregate | Remaining | |||||||||||||||||||||
Price* | Intrinsic | Term** | Price* | Intrinsic | Term** | ||||||||||||||||||||||||
Value | Value | ||||||||||||||||||||||||||||
Stock Options/Stock Appreciation Rights | 43,979 | $ | 69.7 | $ | 1,939 | 5.5 | 27,656 | $ | 63.44 | $ | 1,393 | 3.9 | |||||||||||||||||
Performance Share Units/Restricted Stock | 3,722 | — | 424 | 1.1 | |||||||||||||||||||||||||
* | weighted-average exercise price per share | ||||||||||||||||||||||||||||
** | weighted-average contractual remaining term in years | ||||||||||||||||||||||||||||
The fair value of each option award is estimated on the date of grant using a binomial lattice model. The following table indicates the assumptions used in estimating fair value for the years ended December 31, 2013, 2012 and 2011. Lattice-based option models incorporate ranges of assumptions for inputs, those ranges are as follows: | |||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Expected volatility | 26% – 27% | 30% – 35% | 26% – 32% | ||||||||||||||||||||||||||
Weighted-average volatility | 27 | % | 30 | % | 26 | % | |||||||||||||||||||||||
Expected term (in years) | 7.3 – 7.6 | 7.4 – 7.7 | 7.5 – 8.0 | ||||||||||||||||||||||||||
Expected dividends | 2.6 | % | 2.3 | % | 2.4 | % | |||||||||||||||||||||||
Risk-free rate | 0.1% – 1.9% | 0.0% – 2.0% | 0.1% – 3.5% | ||||||||||||||||||||||||||
Expected volatilities are based on the returns of our stock, including implied volatilities from traded options on our stock for the binomial lattice model. We use historical data to estimate equity award exercise and employee termination behavior within the valuation model. Separate employee groups and equity award characteristics are considered separately for valuation purposes. The expected term represents an estimate of the period of time equity awards are expected to remain outstanding. The risk-free rate is based on the term structure of interest rates at the time of equity award grant. |
Restructuring_and_Other_Costs
Restructuring and Other Costs | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Notes to Consolidated Financial Statements [Abstract] | ' | |||||||||||||||
Restructuring and Other Costs | ' | |||||||||||||||
RESTRUCTURING COSTS | ||||||||||||||||
During 2013, we recorded net pre-tax restructuring costs totaling $479 million for new and ongoing restructuring actions. We recorded charges in the segments as follows: | ||||||||||||||||
(dollars in millions) | ||||||||||||||||
Otis | $ | 88 | ||||||||||||||
UTC Climate, Controls & Security | 97 | |||||||||||||||
Pratt & Whitney | 154 | |||||||||||||||
UTC Aerospace Systems | 92 | |||||||||||||||
Sikorsky | 50 | |||||||||||||||
Eliminations and other | — | |||||||||||||||
Restructuring costs recorded within continuing operations | 481 | |||||||||||||||
Restructuring costs recorded within discontinued operations | (2 | ) | ||||||||||||||
Total | $ | 479 | ||||||||||||||
Restructuring charges incurred in 2013 primarily relate to actions initiated during 2013 and 2012, and were recorded as follows: | ||||||||||||||||
(dollars in millions) | ||||||||||||||||
Cost of sales | $ | 215 | ||||||||||||||
Selling, general and administrative | 265 | |||||||||||||||
Other income, net | 1 | |||||||||||||||
Restructuring costs recorded within continuing operations | 481 | |||||||||||||||
Restructuring costs recorded within discontinued operations | (2 | ) | ||||||||||||||
Total | $ | 479 | ||||||||||||||
2013 Actions. During 2013, we initiated restructuring actions relating to ongoing cost reduction efforts, including workforce reductions and consolidation of manufacturing operations. We recorded net pre-tax restructuring costs totaling $421 million for restructuring actions initiated in 2013, consisting of $164 million in cost of sales and $257 million in selling, general and administrative expenses. | ||||||||||||||||
We are targeting to complete in 2014 the majority of the remaining workforce and all facility related cost reduction actions initiated in 2013. No specific plans for significant other actions have been finalized at this time. The following table summarizes the accrual balances and utilization by cost type for the 2013 restructuring actions: | ||||||||||||||||
(dollars in millions) | Severance | Asset Write-Downs | Facility Exit, Lease Termination & Other Costs | Total | ||||||||||||
Net pre-tax restructuring costs | $ | 381 | $ | 15 | $ | 25 | $ | 421 | ||||||||
Utilization and foreign exchange | (185 | ) | (15 | ) | (6 | ) | (206 | ) | ||||||||
Balance at December 31, 2013 | $ | 196 | $ | — | $ | 19 | $ | 215 | ||||||||
The following table summarizes expected, incurred and remaining costs for the 2013 restructuring actions by segment: | ||||||||||||||||
(dollars in millions) | Expected Costs | Cost Incurred During 2013 | Remaining Costs at December 31, 2013 | |||||||||||||
Otis | $ | 75 | $ | (69 | ) | $ | 6 | |||||||||
UTC Climate, Controls & Security | 124 | (89 | ) | 35 | ||||||||||||
Pratt & Whitney | 158 | (154 | ) | 4 | ||||||||||||
UTC Aerospace Systems | 85 | (71 | ) | 14 | ||||||||||||
Sikorsky | 38 | (38 | ) | — | ||||||||||||
Eliminations and other | — | — | — | |||||||||||||
Discontinued operations | — | — | — | |||||||||||||
Total | $ | 480 | $ | (421 | ) | $ | 59 | |||||||||
2012 Actions. During 2013, we recorded net pre-tax restructuring costs totaling $60 million for restructuring actions initiated in 2012, consisting of $46 million in cost of sales, $13 million in selling, general and administrative expenses, and $1 million in other income, net. The 2012 actions relate to ongoing cost reduction efforts, including workforce reductions and the consolidation of field operations. | ||||||||||||||||
The following table summarizes the restructuring accrual balances and utilization by cost type for the 2012 programs: | ||||||||||||||||
(dollars in millions) | Severance | Asset | Facility Exit, | Total | ||||||||||||
Write- | Lease | |||||||||||||||
Downs | Termination | |||||||||||||||
and Other | ||||||||||||||||
Costs | ||||||||||||||||
Restructuring accruals at January 1, 2013 | $ | 289 | $ | — | $ | 50 | $ | 339 | ||||||||
Net pre-tax restructuring costs | 14 | 1 | 45 | 60 | ||||||||||||
Utilization and foreign exchange | (218 | ) | (1 | ) | (47 | ) | (266 | ) | ||||||||
Balance at December 31, 2013 | $ | 85 | $ | — | $ | 48 | $ | 133 | ||||||||
The following table summarizes expected, incurred and remaining costs for the 2012 programs by segment: | ||||||||||||||||
(dollars in millions) | Expected | Costs | Costs | Remaining | ||||||||||||
Costs | Incurred | Incurred | Costs at | |||||||||||||
During | During | December 31, | ||||||||||||||
2012 | 2013 | 2013 | ||||||||||||||
Otis | $ | 156 | $ | (146 | ) | $ | (9 | ) | $ | 1 | ||||||
UTC Climate, Controls & Security | 147 | (123 | ) | (18 | ) | 6 | ||||||||||
Pratt & Whitney | 94 | (94 | ) | — | — | |||||||||||
UTC Aerospace Systems | 157 | (121 | ) | (21 | ) | 15 | ||||||||||
Sikorsky | 62 | (47 | ) | (12 | ) | 3 | ||||||||||
Eliminations and other | 19 | (19 | ) | — | — | |||||||||||
Discontinued operations | 26 | (26 | ) | — | — | |||||||||||
Total | $ | 661 | $ | (576 | ) | $ | (60 | ) | $ | 25 | ||||||
2011 Actions. During 2013, we recorded net pre-tax restructuring costs totaling $(2) million for restructuring actions initiated in 2011. As of December 31, 2013, there are no remaining costs to complete the 2011 actions. |
Financial_Instruments
Financial Instruments | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Notes to Consolidated Financial Statements [Abstract] | ' | |||||||||||||||
Financial Instruments | ' | |||||||||||||||
FINANCIAL INSTRUMENTS | ||||||||||||||||
We enter into derivative instruments for risk management purposes only, including derivatives designated as hedging instruments under the Derivatives and Hedging Topic of the FASB ASC and those utilized as economic hedges. We operate internationally and, in the normal course of business, are exposed to fluctuations in interest rates, foreign exchange rates and commodity prices. These fluctuations can increase the costs of financing, investing and operating the business. We have used derivative instruments, including swaps, forward contracts and options to manage certain foreign currency, interest rate and commodity price exposures. | ||||||||||||||||
The four quarter rolling average of the notional amount of foreign exchange contracts hedging foreign currency transactions was $12.3 billion and $11.8 billion at December 31, 2013 and 2012, respectively. Additional information pertaining to foreign exchange and hedging activities is included in Note 1. | ||||||||||||||||
The following table summarizes the fair value of derivative instruments as of December 31, 2013 and 2012 which consist solely of foreign exchange contracts: | ||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||
(dollars in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Derivatives designated as hedging instruments | $ | 59 | $ | 78 | $ | 103 | $ | 11 | ||||||||
Derivatives not designated as hedging instruments | 31 | 50 | 54 | 138 | ||||||||||||
The impact from foreign exchange derivative instruments that qualified as cash flow hedges for the period was as follows: | ||||||||||||||||
December 31, | ||||||||||||||||
(dollars in millions) | 2013 | 2012 | ||||||||||||||
(Loss) gain recorded in Accumulated other comprehensive loss | $ | (136 | ) | $ | 88 | |||||||||||
(Loss) gain reclassified from Accumulated other comprehensive loss into Product sales (effective portion) | (25 | ) | 31 | |||||||||||||
Assuming current market conditions continue, a $35 million pre-tax loss is expected to be reclassified from Accumulated other comprehensive loss into Product sales to reflect the fixed prices obtained from foreign exchange hedging within the next 12 months. At December 31, 2013, all derivative contracts accounted for as cash flow hedges mature by December 2015. | ||||||||||||||||
We recognized a gain of $22 million and a loss of $120 million in Other income, net on the Consolidated Statement of Operations from foreign exchange contracts not designated as hedging instruments in 2013 and 2012, respectively. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Notes to Consolidated Financial Statements [Abstract] | ' | |||||||||||||||
Fair Value Disclosures [Text Block] | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||
The FASB ASC Topic "Fair Value Measurements and Disclosure" establishes a valuation hierarchy for disclosure of the inputs to the valuations used to measure fair value. A financial asset or liability's classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. This hierarchy prioritizes the inputs into three broad levels as follows: | ||||||||||||||||
▪ | Level 1 - quoted prices in active markets for identical assets or liabilities; | |||||||||||||||
▪ | Level 2 - inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly; | |||||||||||||||
▪ | Level 3 - unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. | |||||||||||||||
The following table provides the assets and liabilities carried at fair value measured on a recurring and nonrecurring basis as of December 31, 2013 and 2012: | ||||||||||||||||
2013 (dollars in millions) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Recurring fair value measurements: | ||||||||||||||||
Available-for-sale securities | $ | 988 | $ | 988 | $ | — | $ | — | ||||||||
Derivative assets | 90 | — | 90 | — | ||||||||||||
Derivative liabilities | (157 | ) | — | (157 | ) | — | ||||||||||
Nonrecurring fair value measurements: | ||||||||||||||||
Business dispositions | 66 | — | 66 | — | ||||||||||||
2012 (dollars in millions) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Recurring fair value measurements: | ||||||||||||||||
Available-for-sale securities | $ | 781 | $ | 781 | $ | — | $ | — | ||||||||
Derivative assets | 128 | — | 128 | — | ||||||||||||
Derivative liabilities | (149 | ) | — | (149 | ) | — | ||||||||||
Nonrecurring fair value measurements: | ||||||||||||||||
Equity method investments | 432 | — | 432 | — | ||||||||||||
Business dispositions | 84 | — | 84 | — | ||||||||||||
During 2013, we recorded an approximately $55 million net gain from UTC Climate, Controls & Security's portfolio transformation, primarily due to a gain on the sale of businesses in Hong Kong and Australia. In addition, we recorded an approximately $193 million gain from the sale of Pratt & Whitney Power Systems business (see Note 2), as well as an approximately $25 million charge to adjust the fair value of a Pratt & Whitney joint venture investment. | ||||||||||||||||
During 2012, we recorded net gains on nonrecurring fair value measurements of approximately $157 million within Other income, net from UTC Climate, Controls & Security's portfolio transformation efforts including the integration of the legacy UTC Fire & Security businesses with the legacy Carrier businesses. These net gains include approximately $357 million from the sales of controlling interests in manufacturing and distribution joint ventures in Asia and Canada, of which approximately $272 million was non-cash. These gains were partially offset by $168 million of other-than-temporary impairment charges related to business dispositions and a $32 million loss on the disposition of the U.S. UTC Fire & Security branch operations. In addition, we recorded a $34 million gain on the fair market measurement of the Company's previously held interest in Goodrich. | ||||||||||||||||
Valuation Techniques. Our available-for-sale securities include equity investments that are traded in active markets, either domestically or internationally and are measured at fair value using closing stock prices from active markets. Our derivative assets and liabilities include foreign exchange contracts and commodity derivatives that are measured at fair value using internal models based on observable market inputs such as forward rates, interest rates, our own credit risk and our counterparties' credit risks. As of December 31, 2013, there were no significant transfers in and out of Level 1 and Level 2. | ||||||||||||||||
As of December 31, 2013, there has not been any significant impact to the fair value of our derivative liabilities due to our own credit risk. Similarly, there has not been any significant adverse impact to our derivative assets based on our evaluation of our counterparties' credit risks. | ||||||||||||||||
The following table provides carrying amounts and fair values of financial instruments that are not carried at fair value at December 31, 2013 and 2012: | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
(dollars in millions) | Carrying | Fair | Carrying | Fair | ||||||||||||
Amount | Value | Amount | Value | |||||||||||||
Long-term receivables | $ | 655 | $ | 586 | $ | 499 | $ | 464 | ||||||||
Customer financing notes receivable | 394 | 366 | 375 | 371 | ||||||||||||
Short-term borrowings | (388 | ) | (388 | ) | (503 | ) | (503 | ) | ||||||||
Long-term debt (excluding capitalized leases) | (19,807 | ) | (21,525 | ) | (22,665 | ) | (25,606 | ) | ||||||||
Long-term liabilities | (283 | ) | (253 | ) | (182 | ) | (167 | ) | ||||||||
The following table provides the valuation hierarchy classification of assets and liabilities that are not carried at fair value in our Consolidated Balance Sheet as of December 31, 2013: | ||||||||||||||||
(dollars in millions) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Long-term receivables | $ | 586 | $ | — | $ | 586 | $ | — | ||||||||
Customer financing notes receivable | 366 | — | 366 | — | ||||||||||||
Short-term borrowings | (388 | ) | — | (200 | ) | (188 | ) | |||||||||
Long-term debt (excluding capitalized leases) | (21,525 | ) | — | (21,211 | ) | (314 | ) | |||||||||
Long-term liabilities | (253 | ) | — | (253 | ) | — | ||||||||||
Guarantees
Guarantees | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Notes to Consolidated Financial Statements [Abstract] | ' | |||||||||||||||
Guarantees | ' | |||||||||||||||
GUARANTEES | ||||||||||||||||
We extend a variety of financial guarantees to third parties. As of December 31, 2013 and 2012, the following financial guarantees were outstanding: | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
(dollars in millions) | Maximum | Carrying | Maximum | Carrying | ||||||||||||
Potential | Amount of | Potential | Amount of | |||||||||||||
Payment | Liability | Payment | Liability | |||||||||||||
Commercial aerospace financing arrangements (see Note 5) | $ | 615 | $ | 25 | $ | 346 | $ | 7 | ||||||||
Credit facilities and debt obligations—unconsolidated subsidiaries (expire 2014 to 2034) | 231 | 6 | 240 | 2 | ||||||||||||
Performance guarantees | 150 | — | 33 | — | ||||||||||||
As disclosed in Note 3, we completed the sale of substantially all operations of Rocketdyne to GenCorp Inc. on June 14, 2013. Following the sale, certain guarantees of Rocketdyne's performance under existing contracts remain in place, which resulted in an increase in our performance guarantees of approximately $112 million, with no associated significant carrying amount of a liability as of December 31, 2013. | ||||||||||||||||
We also have obligations arising from sales of certain businesses and assets, including those from representations and warranties and related indemnities for environmental, health and safety, tax and employment matters. The maximum potential payment related to these obligations is not a specified amount as a number of the obligations do not contain financial caps. The carrying amount of liabilities related to these obligations was $189 million and $144 million at December 31, 2013 and 2012, respectively. For additional information regarding the environmental indemnifications, see Note 17. | ||||||||||||||||
We accrue for costs associated with guarantees when it is probable that a liability has been incurred and the amount can be reasonably estimated. The most likely cost to be incurred is accrued based on an evaluation of currently available facts, and where no amount within a range of estimates is more likely, the minimum is accrued. In accordance with the FASB ASC Topic "Guarantees" we record these liabilities at fair value. | ||||||||||||||||
We provide service and warranty policies on our products and extend performance and operating cost guarantees beyond our normal service and warranty policies on some of our products, particularly commercial aircraft engines. In addition, we incur discretionary costs to service our products in connection with specific product performance issues. Liabilities for performance and operating cost guarantees are based upon future product performance and durability, and are largely estimated based upon historical experience. Adjustments are made to accruals as claim data and historical experience warrant. The changes in the carrying amount of service and product warranties and product performance guarantees for the years ended December 31, 2013 and 2012 are as follows: | ||||||||||||||||
Year ended December 31, | ||||||||||||||||
(dollars in millions) | 2013 | 2012 | ||||||||||||||
Balance as of January 1 | $ | 1,332 | $ | 1,468 | ||||||||||||
Warranties and performance guarantees issued | 313 | 325 | ||||||||||||||
Settlements made | (287 | ) | (277 | ) | ||||||||||||
Other | 2 | (184 | ) | |||||||||||||
Balance as of December 31 | $ | 1,360 | $ | 1,332 | ||||||||||||
The decrease in the above table in "Other" during the year ended December 31, 2012 primarily reflects the impact of warranty reserves reclassified to Liabilities held for sale, as a part of the Clipper disposition, partially offset by an increase in warranty reserves from the Goodrich acquisition. See Notes 2 and 3 for further discussion. |
Contingent_Liabilities
Contingent Liabilities | 12 Months Ended |
Dec. 31, 2013 | |
Notes to Consolidated Financial Statements [Abstract] | ' |
Contingent Liabilities | ' |
CONTINGENT LIABILITIES | |
Except as otherwise noted, while we are unable to predict the final outcome, based on information currently available, we do not believe that resolution of any of the following matters will have a material adverse effect upon our competitive position, results of operations, cash flows or financial condition. | |
Leases. We occupy space and use certain equipment under lease arrangements. Rental commitments of $2,373 million at December 31, 2013 under long-term non-cancelable operating leases are payable as follows: $586 million in 2014, $494 million in 2015, $364 million in 2016, $233 million in 2017, $156 million in 2018 and $540 million thereafter. Rent expense was $456 million in 2013, $457 million in 2012 and $453 million in 2011. | |
Additional information pertaining to commercial aerospace rental commitments is included in Note 5 to the Consolidated Financial Statements. | |
Environmental. Our operations are subject to environmental regulation by federal, state and local authorities in the United States and regulatory authorities with jurisdiction over our foreign operations. As described in Note 1 to the Consolidated Financial Statements, we have accrued for the costs of environmental remediation activities and periodically reassess these amounts. We believe that the likelihood of incurring losses materially in excess of amounts accrued is remote. As of December 31, 2013 and 2012, we had $936 million and $847 million reserved for environmental remediation, respectively. Additional information pertaining to environmental matters is included in Note 1 to the Consolidated Financial Statements. | |
Government. We are now, and believe that, in light of the current U.S. Government contracting environment, we will continue to be the subject of one or more U.S. Government investigations. If we or one of our business units were charged with wrongdoing as a result of any of these investigations or other government investigations (including violations of certain environmental or export laws) the U.S. Government could suspend us from bidding on or receiving awards of new U.S. Government contracts pending the completion of legal proceedings. If convicted or found liable, the U.S. Government could fine and debar us from new U.S. Government contracting for a period generally not to exceed three years. The U.S. Government could void any contracts found to be tainted by fraud. | |
Our contracts with the U.S. Government are also subject to audits. Like many defense contractors, we have received audit reports, which recommend that certain contract prices should be reduced to comply with various government regulations. Some of these audit reports involved substantial amounts. We have made voluntary refunds in those cases we believe appropriate, have settled some allegations and continue to litigate certain cases. In addition, we accrue for liabilities associated with those matters that are probable and can be reasonably estimated. The most likely settlement amount to be incurred is accrued based upon a range of estimates. Where no amount within a range of estimates is more likely, then we accrued the minimum amount. | |
Legal Proceedings. | |
F100 Engine Litigation | |
As previously disclosed, the United States government sued us in 1999 in the United States District Court for the Southern District of Ohio, claiming that Pratt & Whitney violated the civil False Claims Act and common law. The claims relate to the “Fighter Engine Competition” between Pratt & Whitney's F100 engine and General Electric's F110 engine. The government alleged that it overpaid for F100 engines under contracts awarded by the U.S. Air Force in fiscal years 1985 through 1990 because Pratt & Whitney inflated its estimated costs for some purchased parts and withheld data that would have revealed the overstatements. At trial, which ended in April, 2005, the government claimed Pratt & Whitney's liability to be approximately $624 million. On August 1, 2008, the trial court held that the Air Force had not suffered any actual damages because Pratt & Whitney had made significant price concessions after the alleged overstatements were made. However, the trial court judge found that Pratt & Whitney violated the False Claims Act due to inaccurate statements contained in its 1983 initial engine pricing proposal. In the absence of actual damages, the trial court awarded the government the maximum civil penalty of approximately $7 million, or $10,000 for each of the 709 invoices Pratt & Whitney submitted in 1989 and later under the contracts. In September 2008, both the government and UTC appealed the decision to the United States Court of Appeals for the Sixth Circuit. On November 18, 2010, the Sixth Circuit affirmed Pratt & Whitney's liability under the False Claims Act, but remanded the case to the trial court for further proceedings on the issues of False Claims Act damages and common law liability and damages. | |
On June 18, 2012, the trial court found that Pratt & Whitney had breached obligations imposed by common law based on the same conduct with respect to which the court previously found liability under the False Claims Act. Under the common law claims, the U.S. Air Force is entitled to seek damages for events occurring before March 3, 1989, which are not recoverable under the False Claims Act. | |
On June 17, 2013, the trial court awarded the government approximately $473 million in damages and penalties, plus prejudgment interest in an amount to be determined. On July 1, 2013, the trial court, after determining the amount of prejudgment interest, entered judgment in favor of the government in the amount of approximately $664 million. The trial court also awarded postjudgment interest on the full amount of the judgment to accrue from July 2, 2013, at the federal variable interest rate determined pursuant to 28 U.S.C. § 1961. The judgment included four different components of damages: (1) common law damages of approximately $109 million; (2) prejudgment interest on common law damages of approximately $191 million; (3) False Claims Act treble damages of approximately $357 million; and (4) penalties of approximately $7 million. The penalty component of the judgment previously was affirmed by the United States Court of Appeals in 2010. | |
We strongly disagree with the trial court's analysis and conclusions. We filed an appeal from the judgment to the United States Court of Appeals for the Sixth Circuit on August 26, 2013. Based on our analysis, we continue to believe that there is no basis for any common law liability for the inaccurate statements. We also believe that the government suffered no actual damages as a result of the inaccurate statements made in 1983 and, therefore, there is no basis in fact or law for the award of common law damages, prejudgment interest or False Claims Act treble damages. If, contrary to our expectations, all or any portion of the judgment should ultimately be affirmed, we estimate a range of reasonably possible loss from approximately $24 million to $657 million in excess of amounts previously accrued, plus postjudgment interest. The outcome of this matter could result in a material adverse effect on our results of operations in the period in which a liability would be recognized and cash flows for the period in which damages would be paid. | |
Department of Defense Cost Accounting Standards Claim | |
As previously disclosed, in December 2008, the Department of Defense (DOD) issued a contract claim against Sikorsky to recover overpayments the DOD alleges that it made to Sikorsky since January 2003 in connection with cost accounting changes approved by the DOD and implemented by Sikorsky in 1999 and 2006. These changes relate to the calculation of material overhead rates in government contracts. The DOD claimed that Sikorsky's liability was approximately $97 million (including interest through December 31, 2013). We believed this claim was without merit and Sikorsky filed an appeal in December 2009 with the U.S. Court of Federal Claims. Trial in the matter concluded in January 2013 and on March 22, 2013, the U.S. Court of Federal Claims issued a written decision in favor of Sikorsky determining that the DOD had failed to prove its claims because Sikorsky's calculation of material overhead complied with the cost accounting standards. DOD has appealed this decision. | |
German Tax Office Appeal | |
As previously disclosed, UTC has been involved in administrative review proceedings with the German Tax Office, which concern €203 million (approximately $278 million) of tax benefits that we have claimed related to a 1998 reorganization of the corporate structure of Otis operations in Germany. Upon audit, these tax benefits were disallowed by the German Tax Office. On August 3, 2012, we filed suit in the local German Tax Court (Berlin-Brandenburg). In 2008 the German Federal Tax Court ("FTC") denied benefits to another taxpayer in a case involving a German tax law relevant to our reorganization. The determination of the FTC on this other matter was appealed to the European Court of Justice ("ECJ") to determine if the underlying German tax law is violative of European Union (EU) principles. On September 17, 2009, the ECJ issued an opinion in this case that is generally favorable to the other taxpayer and referred the case back to the FTC for further consideration of certain related issues. In May 2010, the FTC released its decision, in which it resolved certain tax issues that may be relevant to our suit and remanded the case to a lower court for further development. In 2012, the lower court decided in favor of the taxpayer and the government appealed the findings to the FTC. After consideration of the ECJ decision, the latest FTC decision and the lower court decision, we continue to believe that it is more likely than not that the relevant German tax law is violative of EU principles and we have not accrued for this matter. We intend to litigate vigorously the matter to conclusion. We cannot reasonably estimate the range of loss, if any, that may result from this matter given the current procedural status of this matter. | |
Other. | |
As described in Note 16 to the Consolidated Financial Statements, we extend performance and operating cost guarantees beyond our normal warranty and service policies for extended periods on some of our products. We have accrued our estimate of the liability that may result under these guarantees and for service costs that are probable and can be reasonably estimated. | |
We have accrued for environmental investigatory, remediation, operating and maintenance costs, performance guarantees and other litigation and claims based on our estimate of the probable outcome of these matters. While it is possible that the outcome of these matters may differ from the recorded liability, we believe that resolution of these matters will not have a material impact on our competitive position, results of operations, cash flows or financial condition. | |
We also have other commitments and contingent liabilities related to legal proceedings, self-insurance programs and matters arising out of the normal course of business. We accrue contingencies based upon a range of possible outcomes. If no amount within this range is a better estimate than any other, then we accrue the minimum amount. | |
We are also subject to a number of routine lawsuits, investigations and claims (some of which involve substantial amounts) arising out of the ordinary course of our business. We do not believe that these matters will have a material adverse effect upon our competitive position, results of operations, cash flows or financial condition. |
Segment_Financial_Data
Segment Financial Data | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Notes to Consolidated Financial Statements [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Segment Financial Data | ' | ||||||||||||||||||||||||||||||||||||
SEGMENT FINANCIAL DATA | |||||||||||||||||||||||||||||||||||||
Our operations for the periods presented herein are classified into five principal segments. The segments are generally determined based on the management structure of the businesses and the grouping of similar operating companies, where each management organization has general operating autonomy over diversified products and services. | |||||||||||||||||||||||||||||||||||||
Otis products include elevators, escalators, moving walkways and service sold to customers in the commercial and residential property industries around the world. | |||||||||||||||||||||||||||||||||||||
UTC Climate, Controls & Security products and related services include HVAC and refrigeration systems, building controls and automation, fire and special hazard suppression systems and equipment, security monitoring and rapid response systems, provided to a diversified international customer base principally in the industrial, commercial and residential property and commercial transportation sectors. | |||||||||||||||||||||||||||||||||||||
Pratt & Whitney products include commercial, military, business jet and general aviation aircraft engines, parts and services, industrial gas turbines, sold to a diversified customer base, including international and domestic commercial airlines and aircraft leasing companies, aircraft manufacturers, and U.S. and foreign governments. Pratt & Whitney also provides product support and a full range of overhaul, repair and fleet management services and produces land-based power generation equipment. | |||||||||||||||||||||||||||||||||||||
Effective July 1, 2012, the auxiliary power unit business (APU) of the UTC Aerospace Systems business segment was transferred to the Pratt & Whitney business segment. The APU business designs and manufactures a variety of products for commercial and military aircraft. Annual sales for the APU business are approximately $600 million. The reclassification has been made prospectively; prior year results have not been restated for the transfer of the business. | |||||||||||||||||||||||||||||||||||||
UTC Aerospace Systems provides aerospace products and aftermarket services for commercial, military, business jet and general aviation customers worldwide. Products include electric power generation, management and distribution systems, flight control systems, engine control systems, intelligence, surveillance and reconnaissance systems, engine components, environmental control systems, fire protection and detection systems, propeller systems, aircraft nacelles, and interior, actuation, landing and electronic systems. | |||||||||||||||||||||||||||||||||||||
Sikorsky products include military and commercial helicopters, aftermarket helicopter and aircraft parts and services. | |||||||||||||||||||||||||||||||||||||
We have reported our financial and operational results for the periods presented herein under the five principal segments noted above, consistent with how we have reviewed our business operations for decision-making purposes, resource allocation and performance assessment during 2013. | |||||||||||||||||||||||||||||||||||||
Segment Information. Total sales by segment include intersegment sales, which are generally made at prices approximating those that the selling entity is able to obtain on external sales. Segment information for the years ended December 31 is as follows: | |||||||||||||||||||||||||||||||||||||
Net Sales | Operating Profits | ||||||||||||||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Otis | $ | 12,484 | $ | 12,056 | $ | 12,437 | $ | 2,590 | $ | 2,512 | $ | 2,815 | |||||||||||||||||||||||||
UTC Climate, Controls & Security | 16,809 | 17,090 | 18,864 | 2,590 | 2,425 | 2,212 | |||||||||||||||||||||||||||||||
Pratt & Whitney | 14,501 | 13,964 | 12,711 | 1,876 | 1,589 | 1,867 | |||||||||||||||||||||||||||||||
UTC Aerospace Systems | 13,347 | 8,334 | 4,760 | 2,018 | 944 | 759 | |||||||||||||||||||||||||||||||
Sikorsky | 6,253 | 6,791 | 7,355 | 594 | 712 | 840 | |||||||||||||||||||||||||||||||
Total segment | 63,394 | 58,235 | 56,127 | 9,668 | 8,182 | 8,493 | |||||||||||||||||||||||||||||||
Eliminations and other | (768 | ) | (527 | ) | (373 | ) | 22 | (72 | ) | (228 | ) | ||||||||||||||||||||||||||
General corporate expenses | — | — | — | (481 | ) | (426 | ) | (419 | ) | ||||||||||||||||||||||||||||
Consolidated | $ | 62,626 | $ | 57,708 | $ | 55,754 | $ | 9,209 | $ | 7,684 | $ | 7,846 | |||||||||||||||||||||||||
Total Assets | Capital Expenditures | Depreciation & Amortization | |||||||||||||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Otis | $ | 9,354 | $ | 8,866 | $ | 8,717 | $ | 122 | $ | 141 | $ | 75 | $ | 209 | $ | 220 | $ | 223 | |||||||||||||||||||
UTC Climate, Controls & Security | 21,543 | 22,253 | 21,630 | 266 | 265 | 305 | 380 | 418 | 432 | ||||||||||||||||||||||||||||
Pratt & Whitney | 17,062 | 15,938 | 10,705 | 617 | 462 | 290 | 319 | 324 | 332 | ||||||||||||||||||||||||||||
UTC Aerospace Systems | 35,461 | 35,589 | 8,593 | 510 | 367 | 163 | 761 | 412 | 172 | ||||||||||||||||||||||||||||
Sikorsky | 5,762 | 4,975 | 4,628 | 119 | 94 | 92 | 85 | 85 | 84 | ||||||||||||||||||||||||||||
Total segment | 89,182 | 87,621 | 54,273 | 1,634 | 1,329 | 925 | 1,754 | 1,459 | 1,243 | ||||||||||||||||||||||||||||
Eliminations and other | 1,412 | 1,788 | 7,179 | 54 | 60 | 4 | 67 | 65 | 20 | ||||||||||||||||||||||||||||
Consolidated | $ | 90,594 | $ | 89,409 | $ | 61,452 | $ | 1,688 | $ | 1,389 | $ | 929 | $ | 1,821 | $ | 1,524 | $ | 1,263 | |||||||||||||||||||
Geographic External Sales and Operating Profit. Geographic external sales and operating profits are attributed to the geographic regions based on their location of origin. U.S. external sales include export sales to commercial customers outside the U.S. and sales to the U.S. Government, commercial and affiliated customers, which are known to be for resale to customers outside the U.S. Long-lived assets are net fixed assets attributed to the specific geographic regions. | |||||||||||||||||||||||||||||||||||||
External Net Sales | Operating Profits | Long-Lived Assets | |||||||||||||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
United States Operations | $ | 35,994 | $ | 32,175 | $ | 28,993 | $ | 4,780 | $ | 3,663 | $ | 4,264 | $ | 4,483 | $ | 4,311 | $ | 2,974 | |||||||||||||||||||
International Operations | |||||||||||||||||||||||||||||||||||||
Europe | 12,652 | 11,823 | 12,344 | 2,419 | 2,100 | 2,089 | 1,796 | 1,804 | 1,210 | ||||||||||||||||||||||||||||
Asia Pacific | 8,696 | 8,733 | 9,016 | 1,773 | 1,648 | 1,429 | 957 | 947 | 883 | ||||||||||||||||||||||||||||
Other | 5,274 | 4,964 | 5,376 | 696 | 772 | 711 | 1,203 | 1,122 | 760 | ||||||||||||||||||||||||||||
Eliminations and other | 10 | 13 | 25 | (459 | ) | (499 | ) | (647 | ) | 427 | 334 | 374 | |||||||||||||||||||||||||
Consolidated | $ | 62,626 | $ | 57,708 | $ | 55,754 | $ | 9,209 | $ | 7,684 | $ | 7,846 | $ | 8,866 | $ | 8,518 | $ | 6,201 | |||||||||||||||||||
Sales from U.S. operations include export sales as follows: | |||||||||||||||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Europe | $ | 4,489 | $ | 3,117 | $ | 2,284 | |||||||||||||||||||||||||||||||
Asia Pacific | 4,517 | 2,998 | 2,448 | ||||||||||||||||||||||||||||||||||
Other | 3,165 | 3,086 | 2,989 | ||||||||||||||||||||||||||||||||||
$ | 12,171 | $ | 9,201 | $ | 7,721 | ||||||||||||||||||||||||||||||||
Major Customers. Net Sales include sales under prime contracts and subcontracts to the U.S. Government, primarily related to Pratt & Whitney, UTC Aerospace Systems and Sikorsky products, as follows: | |||||||||||||||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Pratt & Whitney | $ | 3,559 | $ | 3,718 | $ | 2,995 | |||||||||||||||||||||||||||||||
UTC Aerospace Systems | 2,530 | 1,742 | 1,021 | ||||||||||||||||||||||||||||||||||
Sikorsky | 3,648 | 4,512 | 4,967 | ||||||||||||||||||||||||||||||||||
Other | 142 | 126 | 125 | ||||||||||||||||||||||||||||||||||
$ | 9,879 | $ | 10,098 | $ | 9,108 | ||||||||||||||||||||||||||||||||
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data - Unaudited | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Selected Quarterly Financial Information [Abstract] | ' | ||||||||||||||||||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||||||||||||||||||
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | |||||||||||||||||||||||||||||||||
2013 Quarters | 2012 Quarters | ||||||||||||||||||||||||||||||||
(dollars in millions, | First | Second | Third | Fourth | First | Second | Third | Fourth | |||||||||||||||||||||||||
except per share amounts) | |||||||||||||||||||||||||||||||||
Net Sales | $ | 14,399 | $ | 16,006 | $ | 15,462 | $ | 16,759 | $ | 12,416 | $ | 13,807 | $ | 15,042 | $ | 16,443 | |||||||||||||||||
Gross margin | 3,934 | 4,454 | 4,442 | 4,475 | 3,486 | 3,873 | 4,039 | 4,157 | |||||||||||||||||||||||||
Net income attributable to common shareowners | 1,266 | 1,560 | 1,432 | 1,463 | 330 | 1,328 | 1,415 | 2,057 | |||||||||||||||||||||||||
Earnings per share of Common Stock: | |||||||||||||||||||||||||||||||||
Basic—net income | $ | 1.4 | $ | 1.73 | $ | 1.59 | $ | 1.62 | $ | 0.37 | $ | 1.49 | $ | 1.58 | $ | 2.28 | |||||||||||||||||
Diluted—net income | $ | 1.39 | $ | 1.71 | $ | 1.57 | $ | 1.6 | $ | 0.36 | $ | 1.47 | $ | 1.56 | $ | 2.26 | |||||||||||||||||
COMPARATIVE STOCK DATA (UNAUDITED) | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
(common stock) | High | Low | Dividend | High | Low | Dividend | |||||||||||||||||||||||||||
First quarter | $ | 93.59 | $ | 83.55 | $ | 0.535 | $ | 87.5 | $ | 73.62 | $ | 0.48 | |||||||||||||||||||||
Second quarter | $ | 97.55 | $ | 91.05 | $ | 0.535 | $ | 83.57 | $ | 70.71 | $ | 0.48 | |||||||||||||||||||||
Third quarter | $ | 112 | $ | 93.8 | $ | 0.535 | $ | 82.56 | $ | 70.95 | $ | 0.535 | |||||||||||||||||||||
Fourth quarter | $ | 113.8 | $ | 102.76 | $ | 0.59 | $ | 83.64 | $ | 74.44 | $ | 0.535 | |||||||||||||||||||||
Our common stock is listed on the New York Stock Exchange. The high and low prices are based on the Composite Tape of the New York Stock Exchange. There were approximately 21,364 registered shareholders at January 31, 2014. |
Performance_Graph_Unaudited
Performance Graph - Unaudited | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Performance Graph [Abstract] | ' | ||||||||||||||||||||||||
Cumulative Total Shareholder Return [Text Block] | ' | ||||||||||||||||||||||||
December | |||||||||||||||||||||||||
2008 | 2009 | 2010 | 2011 | 2012 | 2013 | ||||||||||||||||||||
United Technologies Corporation | $ | 100 | $ | 133.29 | $ | 154.93 | $ | 147.23 | $ | 169.46 | $ | 240.42 | |||||||||||||
S&P 500 Index | $ | 100 | $ | 126.46 | $ | 145.51 | $ | 148.59 | $ | 172.37 | $ | 228.19 | |||||||||||||
Dow Jones Industrial Average | $ | 100 | $ | 122.68 | $ | 139.94 | $ | 151.67 | $ | 167.19 | $ | 216.77 | |||||||||||||
Summary_of_Accounting_Principl1
Summary of Accounting Principles (Policy) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Summary Of Accounting Principles [Abstract] | ' | |||||||||||
Equity Method Investments, Policy [Policy Text Block] | ' | |||||||||||
Equity Method Investments. Investments in which we have the ability to exercise significant influence, but do not control, are accounted for under the equity method of accounting and are included in Other assets on the Consolidated Balance Sheet. Under this method of accounting, our share of the net earnings or losses of the investee is included in Other income, net on the Consolidated Statement of Operations since the activities of the investee are closely aligned with the operations of the business segment holding the investment. We evaluate our equity method investments whenever events or changes in circumstance indicate that the carrying amounts of such investments may be impaired. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in earnings in the current period. There were no significant impairment charges recorded in 2013 on our equity method investments. | ||||||||||||
Consolidation Policy [Text Block] | ' | |||||||||||
Consolidation. The Consolidated Financial Statements include the accounts of United Technologies Corporation (UTC) and its controlled subsidiaries. Intercompany transactions have been eliminated. | ||||||||||||
Cash And Cash Equivalents Policy [Text Block] | ' | |||||||||||
Cash and Cash Equivalents. Cash and cash equivalents includes cash on hand, demand deposits and short-term cash investments that are highly liquid in nature and have original maturities of three months or less. | ||||||||||||
Cash And Cash Equivalents Restricted Cash And Cash Equivalents Policy | ' | |||||||||||
On occasion, we are required to maintain cash deposits with certain banks with respect to contractual obligations related to acquisitions or divestitures or other legal obligations. As of December 31, 2013 and 2012, the amount of such restricted cash was approximately $47 million and $35 million, respectively | ||||||||||||
Receivables Policy [Text Block] | ' | |||||||||||
Accounts Receivable. Current and long-term accounts receivable include retainage of $173 million and $172 million and unbilled receivables of $1,495 million and $1,363 million as of December 31, 2013 and 2012, respectively. | ||||||||||||
Retainage represents amounts that, pursuant to the applicable contract, are not due until project completion and acceptance by the customer. Unbilled receivables represent revenues that are not currently billable to the customer under the terms of the contract. These items are expected to be collected in the normal course of business. See Note 5 for further discussion of additional deferred assets recorded in connection with long-term aftermarket contracts with commercial aerospace industry customers. | ||||||||||||
Marketable Securities Available For Sale Securities Policy | ' | |||||||||||
Marketable Equity Securities. Equity securities that have a readily determinable fair value and that we do not intend to trade are classified as available-for-sale and carried at fair value. Unrealized holding gains and losses are recorded as a separate component of shareowners' equity, net of deferred income taxes. | ||||||||||||
Inventory Policy Text Block | ' | |||||||||||
Inventories and Contracts in Progress. Inventories and contracts in progress are stated at the lower of cost or estimated realizable value and are primarily based on first-in, first-out (FIFO) or average cost methods; however, certain UTC Aerospace Systems and UTC Climate, Controls & Security entities use the last-in, first-out (LIFO) method. If inventories that were valued using the LIFO method had been valued under the FIFO method, they would have been higher by $133 million and $139 million at December 31, 2013 and 2012, respectively. | ||||||||||||
Costs accumulated against specific contracts or orders are at actual cost. Valuation reserves for excess, obsolete, and slow-moving inventory are estimated by comparing the inventory levels of individual parts to both future sales forecasts or production requirements and historical usage rates in order to identify inventory where the resale value or replacement value is less than inventoriable cost. Other factors that management considers in determining the adequacy of these reserves include whether individual inventory parts meet current specifications and cannot be substituted for a part currently being sold or used as a service part, overall market conditions, and other inventory management initiatives. Manufacturing costs are allocated to current production and firm contracts. | ||||||||||||
Goodwill And Intangible Assets Policy [Text Block] | ' | |||||||||||
Goodwill and Intangible Assets. Goodwill represents costs in excess of fair values assigned to the underlying net assets of acquired businesses. Goodwill and intangible assets deemed to have indefinite lives are not amortized. Goodwill and indefinite-lived intangible assets are subject to annual impairment testing using the guidance and criteria described in the FASB ASC Topic "Intangibles—Goodwill and Other." This testing compares carrying values to fair values and, when appropriate, the carrying value of these assets is reduced to fair value. | ||||||||||||
Intangible assets consist of service portfolios, patents, trademarks/tradenames, customer relationships and other intangible assets including a collaboration asset established in connection with the restructuring of participants' interests in IAE as discussed further in Note 2. Acquired intangible assets are recognized at fair value in purchase accounting and then amortized to cost of sales and selling, general & administrative expenses over the applicable useful lives. Also included within other intangible assets are commercial aerospace payments made to secure certain contractual rights to provide product on new aircraft platforms. Consideration paid on these contractual commitments is capitalized when it is no longer conditional. | ||||||||||||
Useful lives of finite-lived intangible assets are estimated based upon the nature of the intangible asset and the industry in which the intangible asset is used. These intangible assets are amortized based on the pattern in which the economic benefits of the intangible assets are consumed. For both our commercial aerospace collaboration assets and exclusivity arrangements, the pattern of economic benefit generally results in lower amortization during the development period with increasing amortization as programs enter full rate production and aftermarket cycles. If a pattern of economic benefit cannot be reliably determined, a straight-line amortization method is used. The range of estimated useful lives is as follows: | ||||||||||||
Collaboration asset | 30 years | |||||||||||
Customer relationships and related programs | 2 to 32 years | |||||||||||
Purchased service contracts | 5 to 30 years | |||||||||||
Patents & trademarks | 3 to 40 years | |||||||||||
Exclusivity assets | 3 to 25 years | |||||||||||
Impairment Or Disposal Of Long Lived Assets Policy [Text Block] | ' | |||||||||||
Other Long-Lived Assets. We evaluate the potential impairment of other long-lived assets when appropriate. If the carrying value of other long-lived assets held and used exceeds the sum of the undiscounted expected future cash flows, the carrying value is written down to fair value. | ||||||||||||
Income Tax Policy [Text Block] | ' | |||||||||||
Income Taxes. In the ordinary course of business there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax benefits for all years subject to examination based upon management's evaluation of the facts, circumstances, and information available at the reporting date. For those tax positions where it is more-likely-than-not that a tax benefit will be sustained, we have recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. Where applicable, associated interest expense has also been recognized. We recognize accrued interest related to unrecognized tax benefits in interest expense. Penalties, if incurred, would be recognized as a component of income tax expense. | ||||||||||||
Revenue Recognition | ' | |||||||||||
Revenue Recognition. As a result of our diverse product and service mix and customer base, we use multiple revenue recognition practices. We recognize sales for product or services in contracts within the scope of Staff Accounting Bulletin ("SAB") Topic 13, Revenue Recognition. Products and services included within the scope of this SAB Topic include heating, ventilating, air-conditioning and refrigeration systems, non-complex alarm and fire detection and suppression systems, commercially funded research and development contracts and non-complex aerospace components. Sales within the scope of this SAB Topic are recognized when persuasive evidence of an arrangement exists, product delivery has occurred or services have been rendered, pricing is fixed or determinable and collectability is reasonably assured. Subsequent changes in service contracts are accounted for prospectively. | ||||||||||||
Contract Accounting and Separately Priced Maintenance and Extended Warranty Aftermarket Contracts: For our construction-type and certain production-type contracts, sales are recognized on a percentage-of-completion basis following contract accounting methods. Contracts consist of enforceable agreements which form the basis of our unit of accounting for measuring sales, accumulating costs and recording loss provisions as necessary. Contract accounting requires estimates of award fees and other sources of variable consideration as well as future costs over the performance period of the contract. Cost estimates also include the estimated cost of satisfying our offset obligations required under certain contracts. Cost estimates are subject to change and result in adjustments to margins on contracts in progress. The extent of progress toward completion on our long-term commercial aerospace equipment and production-type helicopter contracts is measured using units of delivery or other contractual milestones. The extent of progress towards completion on our development and other cost reimbursement contracts in our aerospace businesses and elevator and escalator sales, installation, modernization and other construction contracts in our commercial businesses is measured using cost-to-cost based input measures. Contract costs include estimated inventoriable manufacturing, engineering, product warranty and product performance guarantee costs, as appropriate. Contract costs are primarily averaged until actual costs approximate the average for those units of accounting which use output measures when measuring progress towards completion. | ||||||||||||
For separately priced product maintenance and extended warranty aftermarket contracts, sales are recognized over the contract period. In the commercial businesses, sales are primarily recognized on a straight-line basis. In the aerospace businesses, sales are primarily recognized in proportion to cost as sufficient historical evidence indicates that costs of performing services under the contract are incurred on an other than straight-line basis. | ||||||||||||
Losses, if any, on long-term contracts are provided for when evident. Loss provisions on original equipment contracts are recognized to the extent estimated contract costs exceed the estimated consideration from the products contemplated under the contractual arrangement. For new commitments, we generally record loss provisions at the earlier of contract announcement or contract signing except for certain requirements contracts under which losses are recorded upon receipt of the purchase order which obligates us to perform. For existing commitments, anticipated losses on contracts are recognized in the period in which losses become evident. Products contemplated under contractual arrangement include firm quantities of products purchased under contract and, in the large commercial engine and wheels and brakes businesses, future highly probable sales of replacement parts required by regulation that are expected to be purchased subsequently for incorporation into the original equipment. In the large commercial engine and wheels and brakes businesses, when the combined original equipment and aftermarket arrangements for each individual sales campaign are profitable, we record original equipment product losses, as applicable, at the time of delivery. | ||||||||||||
We review our cost estimates on significant contracts on a quarterly basis, and for others, no less frequently than annually or when circumstances change and warrant a modification to a previous estimate. We record changes in contract estimates using the cumulative catch-up method in accordance with the "Revenue Recognition" Topic of the FASB ASC. The net increase in operating profits as a result of significant changes in aerospace contract estimates was $167 million in 2013 driven by several favorable contract adjustments recorded throughout the year largely at the Pratt & Whitney segment. The impact of these adjustments was not considered significant to either the sales or operating profits of the segment in the quarter in which they were recorded other than the impact of a contract termination which was disclosed in the Pratt & Whitney segment results in the first quarter of 2013. The net change in contract estimates also includes the $27 million and $157 million adverse impacts revisions in estimate on the CH-148 Canadian Maritime Helicopter program resulting from ongoing program delays in 2013 and 2012, respectively. | ||||||||||||
Collaborations: Sales generated from engine programs, spare parts sales, and aftermarket business under collaboration arrangements are recorded consistent with our revenue recognition policies in our consolidated financial statements. Amounts attributable to our collaborators for their share of sales are recorded as an expense in our financial statements based upon the terms and nature of the arrangement. Costs associated with engine programs under collaborative arrangements are expensed as incurred. Under these arrangements, collaborators contribute their program share of engine parts, incur their own production costs and make certain payments to Pratt & Whitney for shared or joint program costs. The reimbursement of a collaborator's share of program costs is recorded as a reduction of the related expense item at that time. | ||||||||||||
Collaborative Arrangement Accounting Policy | ' | |||||||||||
Collaborative Arrangements. In view of the risks and costs associated with developing new engines, Pratt & Whitney has entered into certain collaboration arrangements in which sales, costs and risks are shared. Sales generated from engine programs, spare parts, and aftermarket business under collaboration arrangements are recorded as earned in our financial statements. Amounts attributable to our collaborators for their share of sales are recorded as an expense in our financial statements based upon the terms and nature of the arrangement. Costs associated with engine programs under collaborative arrangements are expensed as incurred. Under these arrangements, collaborators contribute their program share of engine parts, incur their own production costs and make certain payments to Pratt & Whitney for shared or joint program costs. The reimbursement of the collaborators' share of program costs is recorded as a reduction of the related expense item at that time. As of December 31, 2013, the collaborators' interests in all commercial engine programs ranged from 2% to 49%, inclusive of a portion of Pratt & Whitney's interests held by other participants. Pratt & Whitney is the principal participant in all existing collaborative arrangements. There are no individually significant collaborative arrangements and none of the collaborators exceed a 31% share in an individual program. The following table illustrates the income statement classification and amounts attributable to transactions arising from the collaborative arrangements between participants for each period presented: | ||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | |||||||||
Collaborator share of sales: | ||||||||||||
Cost of products sold | $ | 1,820 | $ | 1,295 | $ | 963 | ||||||
Cost of services sold | 273 | 216 | 36 | |||||||||
Collaborator share of program costs (reimbursement of expenses incurred): | ||||||||||||
Cost of products sold | (127 | ) | (97 | ) | (88 | ) | ||||||
Research and development | (194 | ) | (203 | ) | (220 | ) | ||||||
Selling, general and administrative | (5 | ) | (7 | ) | (4 | ) | ||||||
Revenue Recognition, Incentives [Policy Text Block] | ' | |||||||||||
Cash Payments to Customers: UTC Climate, Controls & Security customarily offers its customers incentives to purchase products to ensure an adequate supply of its products in the distribution channels. The principal incentive program provides reimbursements to distributors for offering promotional pricing for our products. We account for incentive payments made as a reduction in sales. In our aerospace businesses, we may make participation payments to certain customers to secure certain contract rights. We classify the subsequent amortization of these acquired intangible assets from our customers as a reduction in sales. Contractually stated prices in arrangements with our customers that include the acquisition of intangible rights within the scope of "Intangibles - Goodwill and Other" and deliverables within the scope of the FASB ASC Topic "Revenue Recognition" are not presumed to be representative of fair value for determining the amounts to allocate to each element of an arrangement. | ||||||||||||
Research and Development Expense, Policy [Text Block] | ' | |||||||||||
Research and Development. Research and development costs not specifically covered by contracts and those related to the company sponsored share of research and development activity in connection with cost-sharing arrangements are charged to expense as incurred. Government research and development support, not associated with specific contracts, is recorded as a reduction to research and development expense in the period earned. Repayment, if any, is in the form of future royalties and is conditioned upon the achievement of certain financial targets including specific aircraft engine sales, total aircraft engine sales volume and total year-over-year sales growth of the entity receiving the government funding. Given the conditional and uncertain nature of any repayment obligations, royalty expense is typically recorded only upon engine shipment or is otherwise accrued monthly based upon the forecasted impact for the current year. The cumulative funding received under existing relationships has been approximately $2.2 billion of which approximately $500 million has been repaid to date in the form of royalties. | ||||||||||||
Research and development costs incurred under contracts with customers are included as a contract cost and reported as a component of cost of products sold when revenue from such contracts is recognized. Research and development costs in excess of contractual consideration is expensed as incurred. | ||||||||||||
Foreign Currency Transactions And Translations Policy [Text Block] | ' | |||||||||||
Foreign Exchange. We conduct business in many different currencies and, accordingly, are subject to the inherent risks associated with foreign exchange rate movements. | ||||||||||||
Derivatives Policy [Text Block] | ' | |||||||||||
Derivatives and Hedging Activity. We have used derivative instruments, including swaps, forward contracts and options, to help manage certain foreign currency, interest rate and commodity price exposures. Derivative instruments are viewed as risk management tools by us and are not used for trading or speculative purposes. By their nature, all financial instruments involve market and credit risks. We enter into derivative and other financial instruments with major investment grade financial institutions and have policies to monitor the credit risk of those counterparties. We limit counterparty exposure and concentration of risk by diversifying counterparties. While there can be no assurance, we do not anticipate any material non-performance by any of these counterparties. We enter into transactions that are subject to enforceable master netting arrangements or other similar agreements with various counterparties. However, we have not elected to offset multiple contracts with a single counterparty and, as a result, the fair value of the derivative instruments in a loss position is not offset against the fair value of derivative instruments in a gain position. | ||||||||||||
Derivatives used for hedging purposes may be designated and effective as a hedge of the identified risk exposure at the inception of the contract. All derivative instruments are recorded on the balance sheet at fair value. Derivatives used to hedge foreign-currency-denominated balance sheet items are reported directly in earnings along with offsetting transaction gains and losses on the items being hedged. Derivatives used to hedge forecasted cash flows associated with foreign currency commitments or forecasted commodity purchases may be accounted for as cash flow hedges, as deemed appropriate. Gains and losses on derivatives designated as cash flow hedges are recorded in other comprehensive income and reclassified to earnings as a component of product sales or expenses, as applicable, when the hedged transaction occurs. To the extent that a previously designated hedging transaction is no longer an effective hedge, any ineffectiveness measured in the hedging relationship is recorded currently in earnings in the period it occurs. | ||||||||||||
To the extent the hedge accounting criteria are not met, the foreign currency forward contracts are utilized as economic hedges and changes in the fair value of these contracts are recorded currently in earnings in the period in which they occur. Additional information pertaining to foreign currency forward contracts is included in Note 14. | ||||||||||||
Environmental Costs Policy | ' | |||||||||||
Environmental. Environmental investigatory, remediation, operating and maintenance costs are accrued when it is probable that a liability has been incurred and the amount can be reasonably estimated. The most likely cost to be incurred is accrued based on an evaluation of currently available facts with respect to each individual site, including existing technology, current laws and regulations and prior remediation experience. Where no amount within a range of estimates is more likely, the minimum is accrued. For sites with multiple responsible parties, we consider our likely proportionate share of the anticipated remediation costs and the ability of the other parties to fulfill their obligations in establishing a provision for those costs. Liabilities with fixed or reliably determinable future cash payments are discounted. Accrued environmental liabilities are not reduced by potential insurance reimbursements. | ||||||||||||
Pension And Other Postretirement Plans Pensions Policy | ' | |||||||||||
Pension and Postretirement Obligations. Guidance under the FASB ASC Topic "Compensation—Retirement Benefits" requires balance sheet recognition of the overfunded or underfunded status of pension and postretirement benefit plans. Under this guidance, actuarial gains and losses, prior service costs or credits, and any remaining transition assets or obligations that have not been recognized under previous accounting standards must be recognized in other comprehensive income, net of tax effects, until they are amortized as a component of net periodic benefit cost. | ||||||||||||
Guarantees, Indemnifications and Warranties Policies [Policy Text Block] | ' | |||||||||||
Product Performance Obligations. We extend performance and operating cost guarantees beyond our normal service and warranty policies for extended periods on some of our products, particularly commercial aircraft engines. Liability under such guarantees is based upon future product performance and durability. In addition, we incur discretionary costs to service our products in connection with product performance issues. We accrue for such costs that are probable and can be reasonably estimated. The costs associated with these product performance and operating cost guarantees require estimates over the full terms of the agreements, and require management to consider factors such as the extent of future maintenance requirements and the future cost of material and labor to perform the services. These cost estimates are largely based upon historical experience. See Note 16 for further discussion. | ||||||||||||
Financing Receivables [Text Block] | ' | |||||||||||
Long-Term Financing Receivables. Our long-term and financing receivables primarily represent balances related to the aerospace businesses such as long-term trade accounts receivable, leases, and notes receivable. We also have other long-term receivables in our commercial businesses; however, both the individual and aggregate amounts of those other receivables are not significant. | ||||||||||||
Long-term trade accounts receivable represent amounts arising from the sale of goods and services with a contractual maturity date of greater than one year and are recognized as "Other assets" in our Consolidated Balance Sheet. Notes and leases receivable represent notes and lease receivables other than receivables related to operating leases, and are recognized as "Customer financing assets" in our Consolidated Balance Sheet. The following table summarizes the balance by class of aerospace long-term receivables as of December 31, 2013 and 2012: | ||||||||||||
(dollars in millions) | 2013 | 2012 | ||||||||||
Long-term trade accounts receivable | $ | 714 | $ | 593 | ||||||||
Notes and leases receivable | 583 | 584 | ||||||||||
Total long-term receivables | $ | 1,297 | $ | 1,177 | ||||||||
We determine a receivable is impaired when, based on current information and events, it is probable that we will be unable to collect amounts due according to the contractual terms of the receivable agreement. Factors considered in assessing collectability and risk include, but are not limited to, examination of credit quality indicators and other evaluation measures, underlying value of any collateral or security interests, significant past due balances, historical losses, and existing economic conditions. | ||||||||||||
We determine credit ratings for each customer in our portfolio based upon public information and information obtained directly from our customers. We conduct a review of customer credit ratings, published historical credit default rates for different rating categories, and multiple third party aircraft value publications as a basis to validate the reasonableness of the allowance for losses on these balances quarterly or when events and circumstances warrant. Customer credit ratings range from an extremely strong capacity to meet financial obligations, to customers whose uncollateralized receivable is in default. There can be no assurance that actual results will not differ from estimates or that consideration of these factors in the future will not result in an increase or decrease to the allowance for credit losses on long-term receivables. Based upon the customer credit ratings, approximately 9% of the total long-term receivables reflected in the table above were considered to bear high credit risk as of both December 31, 2013 and 2012. See Note 5 for further discussion of commercial aerospace industry assets and commitments. | ||||||||||||
Reserves for credit losses on receivables relate to specifically identified receivables that are evaluated individually for impairment. For notes and leases receivable we determine a specific reserve for exposure based on the difference between the carrying value of the receivable and the estimated fair value of the related collateral in connection with the evaluation of credit risk and collectability. For long-term trade accounts receivable, we evaluate credit risk and collectability individually to determine if an allowance is necessary. Our long-term receivables reflected in the table above, which include reserves of $49 million and $60 million as of December 31, 2013 and 2012, respectively, are individually evaluated for impairment. At both December 31, 2013 and 2012, we did not have any significant balances that are considered to be delinquent, on non-accrual status, past due 90 days or more, or considered to be impaired. |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
SEC Schedule Article 12-09 Valuation And Qualifying Accounts [Abstract] | ' | ||||
Schedule Of Valuation And Qualifying Accounts Disclosure [Text Block] | ' | ||||
SCHEDULE II | |||||
UNITED TECHNOLOGIES CORPORATION AND SUBSIDIARIES | |||||
Valuation and Qualifying Accounts | |||||
Three years ended December 31, 2013 | |||||
(Millions of Dollars) | |||||
Allowances for Doubtful Accounts and Other Customer Financing Activity: | |||||
Balance December 31, 2010 | $ | 448 | |||
Provision charged to income | 88 | ||||
Doubtful accounts written off (net) | (38 | ) | |||
Other adjustments | (42 | ) | |||
Balance December 31, 2011 | 456 | ||||
Provision charged to income | 72 | ||||
Doubtful accounts written off (net) | (23 | ) | |||
Other adjustments | 12 | ||||
Balance December 31, 2012 | 517 | ||||
Provision charged to income | 74 | ||||
Doubtful accounts written off (net) | (68 | ) | |||
Other adjustments | 20 | ||||
Balance December 31, 2013 | $ | 543 | |||
Future Income Tax Benefits—Valuation allowance: | |||||
Balance December 31, 2010 | $ | 911 | |||
Additions charged to income tax expense | 130 | ||||
Reductions credited to income tax expense | (27 | ) | |||
Other adjustments | (37 | ) | |||
Balance December 31, 2011 | 977 | ||||
Additions charged to income tax expense | 124 | ||||
Additions charged to goodwill, due to acquisitions | 71 | ||||
Reductions credited to income tax expense | (245 | ) | |||
Other adjustments | (23 | ) | |||
Balance December 31, 2012 | 904 | ||||
Additions charged to income tax expense | 134 | ||||
Additions charged to goodwill, due to acquisitions | 12 | ||||
Reductions credited to income tax expense | (52 | ) | |||
Other adjustments | (56 | ) | |||
Balance December 31, 2013 | $ | 942 | |||
Schedule Of Valuation And Qualifying Accounts Disclosure [Table Text Block] | ' | ||||
Allowances for Doubtful Accounts and Other Customer Financing Activity: | |||||
Balance December 31, 2010 | $ | 448 | |||
Provision charged to income | 88 | ||||
Doubtful accounts written off (net) | (38 | ) | |||
Other adjustments | (42 | ) | |||
Balance December 31, 2011 | 456 | ||||
Provision charged to income | 72 | ||||
Doubtful accounts written off (net) | (23 | ) | |||
Other adjustments | 12 | ||||
Balance December 31, 2012 | 517 | ||||
Provision charged to income | 74 | ||||
Doubtful accounts written off (net) | (68 | ) | |||
Other adjustments | 20 | ||||
Balance December 31, 2013 | $ | 543 | |||
Future Income Tax Benefits—Valuation allowance: | |||||
Balance December 31, 2010 | $ | 911 | |||
Additions charged to income tax expense | 130 | ||||
Reductions credited to income tax expense | (27 | ) | |||
Other adjustments | (37 | ) | |||
Balance December 31, 2011 | 977 | ||||
Additions charged to income tax expense | 124 | ||||
Additions charged to goodwill, due to acquisitions | 71 | ||||
Reductions credited to income tax expense | (245 | ) | |||
Other adjustments | (23 | ) | |||
Balance December 31, 2012 | 904 | ||||
Additions charged to income tax expense | 134 | ||||
Additions charged to goodwill, due to acquisitions | 12 | ||||
Reductions credited to income tax expense | (52 | ) | |||
Other adjustments | (56 | ) | |||
Balance December 31, 2013 | $ | 942 | |||
Business_Acquisitions_Disposit1
Business Acquisitions, Dispositions, Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Notes to Consolidated Financial Statements [Abstract] | ' | |||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | |||||||||||||||||||
(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 | ||||||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | |||||||||||||||||||
(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 | |||||||||||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustments [Table Text Block] | ' | |||||||||||||||||||
(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. | |||||||||||||||||||
Schedule of Variable Interest Entities [Table Text Block] | ' | |||||||||||||||||||
(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 | ||||||||||||||||
Schedule of Goodwill [Text Block] | ' | |||||||||||||||||||
(dollars in millions) | Balance as of | Goodwill | Foreign | Balance as of | ||||||||||||||||
January 1, | resulting from | currency | December 31, | |||||||||||||||||
2013 | business | translation | 2013 | |||||||||||||||||
combinations | and other | |||||||||||||||||||
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 | |||||||||||
Intangible Assets Disclosure [Text Block] | ' | |||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(dollars in millions) | Gross | Accumulated | Gross | Accumulated | ||||||||||||||||
Amount | Amortization | Amount | 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 | ) | ||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | |||||||||||||||||||
(dollars in millions) | 2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||
Amortization expense | $ | 706 | $ | 688 | $ | 706 | $ | 732 | $ | 761 | ||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Notes to Consolidated Financial Statements [Abstract] | ' | |||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | |||||||
(dollars in millions) | 2013 | 2012 | ||||||
Discontinued Operations: | ||||||||
Net sales | $ | 309 | $ | 2,075 | ||||
Income (loss) from operations | $ | 63 | $ | (998 | ) | |||
Income tax expense | (32 | ) | (65 | ) | ||||
Income (loss) from operations, net of income taxes | 31 | (1,063 | ) | |||||
(Loss) gain on disposal | (33 | ) | 2,030 | |||||
Income tax benefit (expense) | 37 | (677 | ) | |||||
Net income from discontinued operations | $ | 35 | $ | 290 | ||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Notes to Consolidated Financial Statements [Abstract] | ' | |||||||||||
Schedule of Earnings Per Share, Basic, by Common Class [Text Block] | ' | |||||||||||
(dollars in millions, except per share amounts; shares in millions) | 2013 | 2012 | 2011 | |||||||||
Net income attributable to common shareowners: | ||||||||||||
Net income from continuing operations | $ | 5,686 | $ | 4,847 | $ | 4,831 | ||||||
Net income from discontinued operations | 35 | 283 | 148 | |||||||||
Net income attributable to common shareowners | $ | 5,721 | $ | 5,130 | $ | 4,979 | ||||||
Basic weighted average number of shares outstanding | 901 | 895.2 | 892.3 | |||||||||
Stock awards | 14.1 | 11.4 | 14.5 | |||||||||
Diluted weighted average number of shares outstanding | 915.1 | 906.6 | 906.8 | |||||||||
Earnings Per Share of Common Stock—Basic: | ||||||||||||
Net income from continuing operations | $ | 6.31 | $ | 5.41 | $ | 5.41 | ||||||
Net income from discontinued operations | 0.04 | 0.32 | 0.17 | |||||||||
Net income attributable to common shareowners | 6.35 | 5.73 | 5.58 | |||||||||
Earnings Per Share of Common Stock—Diluted: | ||||||||||||
Net income from continuing operations | $ | 6.21 | $ | 5.35 | $ | 5.33 | ||||||
Net income from discontinued operations | 0.04 | 0.31 | 0.16 | |||||||||
Net income attributable to common shareowners | 6.25 | 5.66 | 5.49 | |||||||||
Schedule of Earnings Per Share, Diluted, by Common Class [Text Block] | ' | |||||||||||
(dollars in millions, except per share amounts; shares in millions) | 2013 | 2012 | 2011 | |||||||||
Net income attributable to common shareowners: | ||||||||||||
Net income from continuing operations | $ | 5,686 | $ | 4,847 | $ | 4,831 | ||||||
Net income from discontinued operations | 35 | 283 | 148 | |||||||||
Net income attributable to common shareowners | $ | 5,721 | $ | 5,130 | $ | 4,979 | ||||||
Basic weighted average number of shares outstanding | 901 | 895.2 | 892.3 | |||||||||
Stock awards | 14.1 | 11.4 | 14.5 | |||||||||
Diluted weighted average number of shares outstanding | 915.1 | 906.6 | 906.8 | |||||||||
Earnings Per Share of Common Stock—Basic: | ||||||||||||
Net income from continuing operations | $ | 6.31 | $ | 5.41 | $ | 5.41 | ||||||
Net income from discontinued operations | 0.04 | 0.32 | 0.17 | |||||||||
Net income attributable to common shareowners | 6.35 | 5.73 | 5.58 | |||||||||
Earnings Per Share of Common Stock—Diluted: | ||||||||||||
Net income from continuing operations | $ | 6.21 | $ | 5.35 | $ | 5.33 | ||||||
Net income from discontinued operations | 0.04 | 0.31 | 0.16 | |||||||||
Net income attributable to common shareowners | 6.25 | 5.66 | 5.49 | |||||||||
Commercial_Aerospace_Industry_1
Commercial Aerospace Industry Assets and Commitments (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Notes to Consolidated Financial Statements [Abstract] | ' | |||||||||||||||||||||||||||
Commercial Aerospace Industry Assets and Commitments Table [Text Block] | ' | |||||||||||||||||||||||||||
(dollars in millions) | Committed | 2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | |||||||||||||||||||||
Notes and leases receivable | $ | 586 | $ | 107 | $ | 70 | $ | 59 | $ | 59 | $ | 48 | $ | 243 | ||||||||||||||
Commercial aerospace financing commitments | $ | 4,031 | $ | 440 | $ | 789 | $ | 852 | $ | 781 | $ | 231 | $ | 938 | ||||||||||||||
Other commercial aerospace commitments | 7,227 | 656 | 664 | 710 | 689 | 598 | 3,910 | |||||||||||||||||||||
Collaboration partners' share | (3,209 | ) | (342 | ) | (454 | ) | (516 | ) | (487 | ) | (225 | ) | (1,185 | ) | ||||||||||||||
Total commercial commitments | $ | 8,049 | $ | 754 | $ | 999 | $ | 1,046 | $ | 983 | $ | 604 | $ | 3,663 | ||||||||||||||
Inventories_and_Contracts_in_P1
Inventories and Contracts in Progress (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Notes to Consolidated Financial Statements [Abstract] | ' | |||||||
Inventory Table [Text Block] | ' | |||||||
(dollars in millions) | 2013 | 2012 | ||||||
Raw materials | $ | 1,983 | $ | 1,861 | ||||
Work-in-process | 4,600 | 4,151 | ||||||
Finished goods | 3,360 | 3,205 | ||||||
Contracts in progress | 7,929 | 7,354 | ||||||
17,872 | 16,571 | |||||||
Less: | ||||||||
Progress payments, secured by lien, on U.S. Government contracts | (279 | ) | (274 | ) | ||||
Billings on contracts in progress | (7,263 | ) | (6,760 | ) | ||||
$ | 10,330 | $ | 9,537 | |||||
Fixed_Assets_Tables
Fixed Assets (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Notes to Consolidated Financial Statements [Abstract] | ' | |||||||||
Property Plant And Equipment [Text Block] | ' | |||||||||
(dollars in millions) | Estimated | 2013 | 2012 | |||||||
Useful Lives | ||||||||||
Land | $ | 434 | $ | 433 | ||||||
Buildings and improvements | 12-40 years | 5,633 | 5,436 | |||||||
Machinery, tools and equipment | 3-20 years | 11,353 | 10,880 | |||||||
Other, including assets under construction | 1,241 | 1,316 | ||||||||
18,661 | 18,065 | |||||||||
Accumulated depreciation | (9,795 | ) | (9,547 | ) | ||||||
$ | 8,866 | $ | 8,518 | |||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Notes to Consolidated Financial Statements [Abstract] | ' | |||||||
Schedule of Accrued Liabilities Table [Text Block] | ' | |||||||
(dollars in millions) | 2013 | 2012 | ||||||
Advances on sales contracts and service billings | $ | 6,444 | $ | 5,936 | ||||
Accrued salaries, wages and employee benefits | 1,901 | 2,176 | ||||||
Income taxes payable | 540 | 1,143 | ||||||
Litigation and contract matters | 526 | 563 | ||||||
Service and warranty accruals | 505 | 479 | ||||||
Interest payable | 481 | 494 | ||||||
Accrued restructuring costs | 337 | 389 | ||||||
Accrued property, sales and use taxes | 280 | 291 | ||||||
Accrued workers compensation | 218 | 233 | ||||||
Other | 4,103 | 3,606 | ||||||
$ | 15,335 | $ | 15,310 | |||||
Borrowings_and_Lines_of_Credit1
Borrowings and Lines of Credit (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Notes to Consolidated Financial Statements [Abstract] | ' | |||||||
Short-term Debt [Text Block] | ' | |||||||
(dollars in millions) | 2013 | 2012 | ||||||
Short-term borrowings: | ||||||||
Commercial paper | $ | 200 | $ | 320 | ||||
Other borrowings | 188 | 183 | ||||||
Total short-term borrowings | $ | 388 | $ | 503 | ||||
Long-term Debt [Text Block] | ' | |||||||
(dollars in millions) | ||||||||
2014 | $ | 112 | ||||||
2015 | 1,732 | |||||||
2016 | 233 | |||||||
2017 | 2,534 | |||||||
2018 | 121 | |||||||
Thereafter | 14,911 | |||||||
Total | $ | 19,643 | ||||||
(dollars in millions) | 2013 | 2012 | ||||||
LIBOR § plus 0.270% floating rate notes due 2013 | $ | — | $ | 1,000 | ||||
LIBOR § plus 0.500% floating rate notes due 2015 | 500 | 500 | ||||||
1.200% notes due 2015* | — | 1,000 | ||||||
4.875% notes due 2015* | 1,200 | 1,200 | ||||||
6.290% notes due 2016‡ | 186 | 291 | ||||||
5.375% notes due 2017* | 1,000 | 1,000 | ||||||
1.800% notes due 2017* | 1,500 | 1,500 | ||||||
6.800% notes due 2018‡ | 99 | 99 | ||||||
6.125% notes due 2019‡ | — | 300 | ||||||
6.125% notes due 2019* | 1,250 | 1,250 | ||||||
8.875% notes due 2019 | 272 | 272 | ||||||
4.500% notes due 2020* | 1,250 | 1,250 | ||||||
4.875% notes due 2020‡ | 171 | 171 | ||||||
3.600% notes due 2021‡ | — | 295 | ||||||
8.750% notes due 2021 | 250 | 250 | ||||||
3.100% notes due 2022* | 2,300 | 2,300 | ||||||
1.550% junior subordinated notes due 2022† | 1,100 | 1,100 | ||||||
7.100% notes due 2027‡ | 141 | 141 | ||||||
6.700% notes due 2028 | 400 | 400 | ||||||
7.500% notes due 2029* | 550 | 550 | ||||||
5.400% notes due 2035* | 600 | 600 | ||||||
6.050% notes due 2036* | 600 | 600 | ||||||
6.800% notes due 2036‡ | 134 | 134 | ||||||
7.000% notes due 2038‡ | 159 | 159 | ||||||
6.125% notes due 2038* | 1,000 | 1,000 | ||||||
5.700% notes due 2040* | 1,000 | 1,000 | ||||||
4.500% notes due 2042* | 3,500 | 3,500 | ||||||
Project financing obligations | 86 | 100 | ||||||
Other (including capitalized leases)‡ | 395 | 403 | ||||||
Total principal long-term debt | 19,643 | 22,365 | ||||||
Other (fair market value adjustments and discounts)‡ | 210 | 353 | ||||||
Total long-term debt | 19,853 | 22,718 | ||||||
Less current portion | 112 | 1,121 | ||||||
Long-term debt, net of current portion | $ | 19,741 | $ | 21,597 | ||||
* | We may redeem the above notes, in whole or in part, at our option at any time at a redemption price in U.S. Dollars equal to the greater of 100% of the principal amount of the notes to be redeemed or the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed, discounted to the redemption date on a semiannual basis at the adjusted treasury rate plus 10-50 basis points. The redemption price will also include interest accrued to the date of redemption on the principal balance of the notes being redeemed. | |||||||
† | The junior subordinated notes are redeemable at our option, in whole or in part, on a date not earlier than August 1, 2017. The redemption price will be the principal amount, plus accrued and unpaid interest, if any, up to but excluding the redemption date. We may extend or eliminate the optional redemption date as part of a remarketing of the junior subordinated notes which could occur between April 29, 2015 and July 15, 2015 or between July 23, 2015 and July 29, 2015. | |||||||
‡ | Includes notes and remaining fair market value adjustments that were assumed as a part of the Goodrich acquisition on July 26, 2012. | |||||||
§ | The three-month LIBOR rate as of December 31, 2013 was approximately 0.2%. |
Equity_Tables
Equity (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Notes to Consolidated Financial Statements [Abstract] | ' | ||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||||||||||
(dollars in millions) | Foreign | Defined Benefit | Unrealized Gains | Unrealized | Accumulated | ||||||||||||||||
Currency | Pension and | (Losses) on | Hedging | Other | |||||||||||||||||
Translation | Post-retirement | Available-for- | (Losses) | Comprehensive | |||||||||||||||||
Plans | Sale Securities | Gains | (Loss) Income | ||||||||||||||||||
Balance at December 31, 2012 | $ | 654 | $ | (6,250 | ) | $ | 145 | $ | 3 | $ | (5,448 | ) | |||||||||
Other comprehensive (loss) income before reclassifications, net | (509 | ) | 2,409 | 208 | (100 | ) | 2,008 | ||||||||||||||
Amounts reclassified | 25 | 574 | (57 | ) | 18 | 560 | |||||||||||||||
Balance at December 31, 2013 | $ | 170 | $ | (3,267 | ) | $ | 296 | $ | (79 | ) | $ | (2,880 | ) | ||||||||
(dollars in millions) | Amount of Income (Expense) Reclassified from Other Comprehensive Income (Loss) | Affected Line Item in the Consolidated Statement of Comprehensive Income | |||||||||||||||||||
Foreign Currency Translation: | |||||||||||||||||||||
Recognized due to business disposition | $ | (25 | ) | Other income, net | |||||||||||||||||
Defined Benefit Pension and Post-retirement Plans: | |||||||||||||||||||||
Amortization of prior-service costs and transition obligation | $ | 44 | Note (1) | ||||||||||||||||||
Recognized actuarial net loss | (950 | ) | Note (1) | ||||||||||||||||||
Total before tax | (906 | ) | |||||||||||||||||||
Tax benefit | 332 | Income tax expense | |||||||||||||||||||
Net of tax | $ | (574 | ) | ||||||||||||||||||
Unrealized Gains on Available-for-Sale Securities: | |||||||||||||||||||||
Realized gain on sale of securities, before tax | $ | 91 | Other income, net | ||||||||||||||||||
Tax expense | (34 | ) | Income tax expense | ||||||||||||||||||
Net of tax | $ | 57 | |||||||||||||||||||
Unrealized Hedging (Losses) Gains: | |||||||||||||||||||||
Foreign exchange contracts | $ | (25 | ) | Product Sales | |||||||||||||||||
Other contracts | 2 | Other income, net | |||||||||||||||||||
Total before tax | (23 | ) | |||||||||||||||||||
Tax benefit | 5 | Income tax expense | |||||||||||||||||||
Net of tax | $ | (18 | ) | ||||||||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Text Block] | ' | ||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | ||||||||||||||||||
Net income attributable to common shareowners | $ | 5,721 | $ | 5,130 | $ | 4,979 | |||||||||||||||
Transfers to noncontrolling interests: | |||||||||||||||||||||
Increase in common stock for sale of subsidiary shares | — | — | 3 | ||||||||||||||||||
Decrease in common stock for purchase of subsidiary shares | (49 | ) | (34 | ) | (54 | ) | |||||||||||||||
Net income attributable to common shareowners after transfers to noncontrolling interests | $ | 5,672 | $ | 5,096 | $ | 4,928 | |||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Notes to Consolidated Financial Statements [Abstract] | ' | |||||||||||
Schedule of Components of Income Tax Expense (Benefit) Table [Text Block] | ' | |||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | |||||||||
Current: | ||||||||||||
United States: | ||||||||||||
Federal | $ | 616 | $ | 403 | $ | 382 | ||||||
State | 55 | 9 | 96 | |||||||||
Foreign | 1,325 | 1,179 | 1,322 | |||||||||
1,996 | 1,591 | 1,800 | ||||||||||
Future: | ||||||||||||
United States: | ||||||||||||
Federal | 262 | 335 | 526 | |||||||||
State | 36 | 111 | 26 | |||||||||
Foreign | (56 | ) | (326 | ) | (218 | ) | ||||||
242 | 120 | 334 | ||||||||||
Income tax expense | $ | 2,238 | $ | 1,711 | $ | 2,134 | ||||||
Attributable to items credited to equity and goodwill | $ | (1,661 | ) | $ | 297 | $ | 864 | |||||
Schedule of Deferred Tax Assets and Liabilities Table [Text Block] | ' | |||||||||||
(dollars in millions) | 2013 | 2012 | ||||||||||
Future income tax benefits: | ||||||||||||
Insurance and employee benefits | $ | 747 | $ | 1,168 | ||||||||
Other asset basis differences | 365 | 119 | ||||||||||
Other liability basis differences | 1,187 | 1,052 | ||||||||||
Tax loss carryforwards | 386 | 382 | ||||||||||
Tax credit carryforwards | 1,184 | 1,107 | ||||||||||
Valuation allowances | (669 | ) | (618 | ) | ||||||||
$ | 3,200 | $ | 3,210 | |||||||||
Future income taxes payable: | ||||||||||||
Insurance and employee benefits | $ | (992 | ) | $ | (2,238 | ) | ||||||
Other asset basis differences | 4,649 | 4,440 | ||||||||||
Other items, net | (178 | ) | (195 | ) | ||||||||
Tax loss carryforwards | (346 | ) | (409 | ) | ||||||||
Tax credit carryforwards | (68 | ) | (80 | ) | ||||||||
Valuation allowances | 273 | 286 | ||||||||||
$ | 3,338 | $ | 1,804 | |||||||||
Schedule of Income before Income Tax Domestic and Foreign Table [Text Block] | ' | |||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | |||||||||
United States | $ | 3,658 | $ | 2,595 | $ | 3,168 | ||||||
Foreign | 4,654 | 4,316 | 4,182 | |||||||||
$ | 8,312 | $ | 6,911 | $ | 7,350 | |||||||
Schedule of Effective Income Tax Rate Reconciliation Table [Text Block] | ' | |||||||||||
2013 | 2012 | 2011 | ||||||||||
Statutory U.S. federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
Tax on international activities | (5.8 | )% | (6.4 | )% | (4.4 | )% | ||||||
Tax audit settlements | (0.4 | )% | (3.4 | )% | (0.9 | )% | ||||||
Other | (1.9 | )% | (0.4 | )% | (0.7 | )% | ||||||
Effective income tax rate | 26.9 | % | 24.8 | % | 29 | % | ||||||
Summary Of Tax Credit Carryforwards [Text Block] | ' | |||||||||||
(dollars in millions) | Tax Credit | Tax Loss | ||||||||||
Carryforwards | Carryforwards | |||||||||||
Expiration period: | ||||||||||||
2014-2018 | $ | 43 | $ | 536 | ||||||||
2019-2023 | 16 | 315 | ||||||||||
2024-2033 | 311 | 794 | ||||||||||
Indefinite | 881 | 2,245 | ||||||||||
Total | $ | 1,251 | $ | 3,890 | ||||||||
Summary Of Operating Loss Carryforwards [Text Block] | ' | |||||||||||
(dollars in millions) | Tax Credit | Tax Loss | ||||||||||
Carryforwards | Carryforwards | |||||||||||
Expiration period: | ||||||||||||
2014-2018 | $ | 43 | $ | 536 | ||||||||
2019-2023 | 16 | 315 | ||||||||||
2024-2033 | 311 | 794 | ||||||||||
Indefinite | 881 | 2,245 | ||||||||||
Total | $ | 1,251 | $ | 3,890 | ||||||||
Summary Of Income Tax Contingencies [Text Block] | ' | |||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | |||||||||
Balance at January 1 | $ | 1,073 | $ | 946 | $ | 891 | ||||||
Additions for tax positions related to the current year | 113 | 232 | 71 | |||||||||
Additions for tax positions of prior years | 211 | 221 | 71 | |||||||||
Reductions for tax positions of prior years | (41 | ) | (21 | ) | (24 | ) | ||||||
Settlements | (133 | ) | (305 | ) | (63 | ) | ||||||
Balance at December 31 | $ | 1,223 | $ | 1,073 | $ | 946 | ||||||
Gross interest expense related to unrecognized tax benefits | $ | 51 | $ | 40 | $ | 23 | ||||||
Total accrued interest balance at December 31 | $ | 262 | $ | 270 | $ | 165 | ||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Notes to Consolidated Financial Statements [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures [Text Block] | ' | ||||||||||||||||||||||||||||
(dollars in millions) | Quoted Prices in | Significant | Significant | Total | |||||||||||||||||||||||||
Active Markets | Observable Inputs | Unobservable Inputs | |||||||||||||||||||||||||||
For Identical Assets | (Level 2) | (Level 3) | |||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||
Asset Category: | |||||||||||||||||||||||||||||
Public Equities | |||||||||||||||||||||||||||||
Global Equities | $ | 6,840 | $ | 1 | $ | — | $ | 6,841 | |||||||||||||||||||||
Global Equity Commingled Funds 1 | — | 4,881 | — | 4,881 | |||||||||||||||||||||||||
Enhanced Global Equities 2 | 261 | 2,241 | 500 | 3,002 | |||||||||||||||||||||||||
Private Equities 3 | — | — | 1,339 | 1,339 | |||||||||||||||||||||||||
Fixed Income Securities | |||||||||||||||||||||||||||||
Governments | 424 | 1,307 | — | 1,731 | |||||||||||||||||||||||||
Corporate Bonds | — | 8,461 | 296 | 8,757 | |||||||||||||||||||||||||
Structured Products 4 | — | 80 | — | 80 | |||||||||||||||||||||||||
Real Estate 5 | — | 13 | 1,800 | 1,813 | |||||||||||||||||||||||||
Other 6 | — | 2,110 | — | 2,110 | |||||||||||||||||||||||||
Cash & Cash Equivalents 7 | 2 | 207 | — | 209 | |||||||||||||||||||||||||
Subtotal | $ | 7,527 | $ | 19,301 | $ | 3,935 | 30,763 | ||||||||||||||||||||||
Other Assets & Liabilities 8 | 592 | ||||||||||||||||||||||||||||
Total at December 31, 2013 | $ | 31,355 | |||||||||||||||||||||||||||
Public Equities | |||||||||||||||||||||||||||||
Global Equities | $ | 6,413 | $ | — | $ | — | $ | 6,413 | |||||||||||||||||||||
Global Equity Commingled Funds 1 | — | 4,114 | — | 4,114 | |||||||||||||||||||||||||
Enhanced Global Equities 2 | 169 | 1,959 | 447 | 2,575 | |||||||||||||||||||||||||
Private Equities 3 | — | — | 1,202 | 1,202 | |||||||||||||||||||||||||
Fixed Income Securities | |||||||||||||||||||||||||||||
Governments | 1,003 | 1,421 | — | 2,424 | |||||||||||||||||||||||||
Corporate Bonds | — | 7,699 | 276 | 7,975 | |||||||||||||||||||||||||
Structured Products 4 | — | 21 | — | 21 | |||||||||||||||||||||||||
Real Estate 5 | — | 19 | 1,785 | 1,804 | |||||||||||||||||||||||||
Other 6 | — | 2,182 | — | 2,182 | |||||||||||||||||||||||||
Cash & Cash Equivalents 7 | 1 | 364 | — | 365 | |||||||||||||||||||||||||
Subtotal | $ | 7,586 | $ | 17,779 | $ | 3,710 | 29,075 | ||||||||||||||||||||||
Other Assets & Liabilities 8 | 853 | ||||||||||||||||||||||||||||
Total at December 31, 2012 | $ | 29,928 | |||||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||||||
Net actuarial loss | $ | 430 | |||||||||||||||||||||||||||
Prior service credit | (9 | ) | |||||||||||||||||||||||||||
$ | 421 | ||||||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Other Postretirement Benefits: | |||||||||||||||||||||||||||||
Service cost | $ | 3 | $ | 3 | $ | 3 | |||||||||||||||||||||||
Interest cost | 38 | 37 | 39 | ||||||||||||||||||||||||||
Expected return on plan assets | — | — | (1 | ) | |||||||||||||||||||||||||
Amortization of prior service credit | (10 | ) | (4 | ) | (2 | ) | |||||||||||||||||||||||
Recognized actuarial net gain | (4 | ) | (6 | ) | (8 | ) | |||||||||||||||||||||||
Net settlement and curtailment gain | — | (2 | ) | (8 | ) | ||||||||||||||||||||||||
Net periodic other postretirement benefit cost | $ | 27 | $ | 28 | $ | 23 | |||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | |||||||||||||||||||||||||||
Change in Benefit Obligation: | |||||||||||||||||||||||||||||
Beginning balance | $ | 1,106 | $ | 784 | |||||||||||||||||||||||||
Service cost | 3 | 3 | |||||||||||||||||||||||||||
Interest cost | 38 | 37 | |||||||||||||||||||||||||||
Actuarial (gain) loss | (62 | ) | 45 | ||||||||||||||||||||||||||
Total benefits paid | (119 | ) | (107 | ) | |||||||||||||||||||||||||
Business combinations | — | 328 | |||||||||||||||||||||||||||
Other | 21 | 16 | |||||||||||||||||||||||||||
Ending balance | $ | 987 | $ | 1,106 | |||||||||||||||||||||||||
Change in Plan Assets: | |||||||||||||||||||||||||||||
Beginning balance | $ | — | $ | — | |||||||||||||||||||||||||
Actual return on plan assets | — | — | |||||||||||||||||||||||||||
Employer contributions | 95 | 85 | |||||||||||||||||||||||||||
Benefits paid from plan assets | (119 | ) | (107 | ) | |||||||||||||||||||||||||
Other | 24 | 22 | |||||||||||||||||||||||||||
Ending balance | $ | — | $ | — | |||||||||||||||||||||||||
Funded Status: | |||||||||||||||||||||||||||||
Fair value of plan assets | $ | — | $ | — | |||||||||||||||||||||||||
Benefit obligations | (987 | ) | (1,106 | ) | |||||||||||||||||||||||||
Funded status of plan | $ | (987 | ) | $ | (1,106 | ) | |||||||||||||||||||||||
Amounts Recognized in the Consolidated Balance Sheet Consist of: | |||||||||||||||||||||||||||||
Current liability | $ | (86 | ) | $ | (91 | ) | |||||||||||||||||||||||
Noncurrent liability | (901 | ) | (1,015 | ) | |||||||||||||||||||||||||
Net amount recognized | $ | (987 | ) | $ | (1,106 | ) | |||||||||||||||||||||||
Amounts Recognized in Accumulated Other Comprehensive Loss Consist of: | |||||||||||||||||||||||||||||
Net actuarial gain | $ | (124 | ) | $ | (65 | ) | |||||||||||||||||||||||
Prior service credit | (1 | ) | (11 | ) | |||||||||||||||||||||||||
Net amount recognized | $ | (125 | ) | $ | (76 | ) | |||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | |||||||||||||||||||||||||||
Projected benefit obligation | $ | 22,142 | $ | 32,278 | |||||||||||||||||||||||||
Accumulated benefit obligation | 21,475 | 31,147 | |||||||||||||||||||||||||||
Fair value of plan assets | 19,884 | 25,889 | |||||||||||||||||||||||||||
(dollars in millions) | Enhanced | Private | Corporate | Real | Total | ||||||||||||||||||||||||
Global | Equities | Bonds | Estate | ||||||||||||||||||||||||||
Equities | |||||||||||||||||||||||||||||
Balance, December 31, 2011 | $ | 239 | $ | 1,159 | $ | 110 | $ | 1,364 | $ | 2,872 | |||||||||||||||||||
Plan assets acquired | 63 | — | — | 79 | 142 | ||||||||||||||||||||||||
Realized gains | 1 | 174 | 3 | 6 | 184 | ||||||||||||||||||||||||
Unrealized (losses) gains relating to instruments still held in the reporting period | 31 | (14 | ) | 51 | 115 | 183 | |||||||||||||||||||||||
Purchases, sales, and settlements, net | 113 | (117 | ) | 112 | 221 | 329 | |||||||||||||||||||||||
Balance, December 31, 2012 | 447 | 1,202 | 276 | 1,785 | 3,710 | ||||||||||||||||||||||||
Realized gains | — | 195 | — | 20 | 215 | ||||||||||||||||||||||||
Unrealized (losses) gains relating to instruments still held in the reporting period | 50 | (9 | ) | 2 | 102 | 145 | |||||||||||||||||||||||
Purchases, sales, and settlements, net | 3 | (49 | ) | 18 | (107 | ) | (135 | ) | |||||||||||||||||||||
Balance, December 31, 2013 | $ | 500 | $ | 1,339 | $ | 296 | $ | 1,800 | $ | 3,935 | |||||||||||||||||||
(dollars in millions) | 2013 | 2012 | |||||||||||||||||||||||||||
Change in Benefit Obligation: | |||||||||||||||||||||||||||||
Beginning balance | $ | 35,708 | $ | 27,167 | |||||||||||||||||||||||||
Service cost | 569 | 500 | |||||||||||||||||||||||||||
Interest cost | 1,373 | 1,331 | |||||||||||||||||||||||||||
Actuarial (gain) loss | (3,027 | ) | 2,855 | ||||||||||||||||||||||||||
Total benefits paid | (1,601 | ) | (1,357 | ) | |||||||||||||||||||||||||
Net settlement and curtailment gain | (53 | ) | (90 | ) | |||||||||||||||||||||||||
Plan amendments | 224 | (195 | ) | ||||||||||||||||||||||||||
Business combinations | — | 5,235 | |||||||||||||||||||||||||||
Other | (167 | ) | 262 | ||||||||||||||||||||||||||
Ending balance | $ | 33,026 | $ | 35,708 | |||||||||||||||||||||||||
Change in Plan Assets: | |||||||||||||||||||||||||||||
Beginning balance | $ | 29,928 | $ | 23,542 | |||||||||||||||||||||||||
Actual return on plan assets | 3,019 | 3,306 | |||||||||||||||||||||||||||
Employer contributions | 236 | 516 | |||||||||||||||||||||||||||
Benefits paid from plan assets | (1,601 | ) | (1,357 | ) | |||||||||||||||||||||||||
Business combinations | — | 3,800 | |||||||||||||||||||||||||||
Other | (227 | ) | 121 | ||||||||||||||||||||||||||
Ending balance | $ | 31,355 | $ | 29,928 | |||||||||||||||||||||||||
Funded Status: | |||||||||||||||||||||||||||||
Fair value of plan assets | $ | 31,355 | $ | 29,928 | |||||||||||||||||||||||||
Benefit obligations | (33,026 | ) | (35,708 | ) | |||||||||||||||||||||||||
Funded status of plan | $ | (1,671 | ) | $ | (5,780 | ) | |||||||||||||||||||||||
Amounts Recognized in the Consolidated Balance Sheet Consist of: | |||||||||||||||||||||||||||||
Noncurrent assets | $ | 768 | $ | 643 | |||||||||||||||||||||||||
Current liability | (74 | ) | (105 | ) | |||||||||||||||||||||||||
Noncurrent liability | (2,365 | ) | (6,318 | ) | |||||||||||||||||||||||||
Net amount recognized | $ | (1,671 | ) | $ | (5,780 | ) | |||||||||||||||||||||||
Amounts Recognized in Accumulated Other Comprehensive Loss Consist of: | |||||||||||||||||||||||||||||
Net actuarial loss | $ | 5,261 | $ | 10,215 | |||||||||||||||||||||||||
Prior service credit | (37 | ) | (322 | ) | |||||||||||||||||||||||||
Net amount recognized | $ | 5,224 | $ | 9,893 | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||||||
Current year actuarial gain | $ | (62 | ) | ||||||||||||||||||||||||||
Current year prior service credit | (1 | ) | |||||||||||||||||||||||||||
Amortization of prior service credit | 10 | ||||||||||||||||||||||||||||
Amortization of actuarial net gain | 4 | ||||||||||||||||||||||||||||
Net settlements and curtailments | — | ||||||||||||||||||||||||||||
Total recognized in other comprehensive loss | $ | (49 | ) | ||||||||||||||||||||||||||
Net recognized in net periodic other postretirement benefit cost and other comprehensive loss | $ | 22 | |||||||||||||||||||||||||||
Benefit Obligation | Net Cost | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
Discount rate | 4.7 | % | 4 | % | 4 | % | 4.6 | % | 5.4 | % | |||||||||||||||||||
Salary scale | 4.2 | % | 4.2 | % | 4.2 | % | 4.3 | % | 4.4 | % | |||||||||||||||||||
Expected return on plan assets | — | — | 7.7 | % | 7.7 | % | 7.9 | % | |||||||||||||||||||||
2013 One-Percentage-Point | |||||||||||||||||||||||||||||
(dollars in millions) | Increase | Decrease | |||||||||||||||||||||||||||
Effect on total service and interest cost | $ | 3 | $ | (2 | ) | ||||||||||||||||||||||||
Effect on postretirement benefit obligation | 69 | (59 | ) | ||||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Pension Benefits: | |||||||||||||||||||||||||||||
Service cost | $ | 569 | $ | 500 | $ | 444 | |||||||||||||||||||||||
Interest cost | 1,373 | 1,331 | 1,298 | ||||||||||||||||||||||||||
Expected return on plan assets | (2,107 | ) | (1,944 | ) | (1,834 | ) | |||||||||||||||||||||||
Amortization of prior service credits | (34 | ) | (24 | ) | (12 | ) | |||||||||||||||||||||||
Amortization of unrecognized net transition obligation | — | 1 | 1 | ||||||||||||||||||||||||||
Recognized actuarial net loss | 954 | 722 | 462 | ||||||||||||||||||||||||||
Net settlement and curtailment loss | 1 | 77 | 16 | ||||||||||||||||||||||||||
Net periodic pension cost - employer | $ | 756 | $ | 663 | $ | 375 | |||||||||||||||||||||||
Benefit Obligation | Net Cost | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
Discount rate | 4.4 | % | 3.6 | % | 3.6 | % | 4.2 | % | 4.9 | % | |||||||||||||||||||
Expected return on plan assets | — | — | — | — | 5 | % | |||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Health care cost trend rate assumed for next year | 7.5 | % | 8 | % | |||||||||||||||||||||||||
Rate that the cost trend rate gradually declines to | 5 | % | 5 | % | |||||||||||||||||||||||||
Year that the rate reaches the rate it is assumed to remain at | 2019 | 2019 | |||||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||||||
Current year actuarial gain | $ | (3,925 | ) | ||||||||||||||||||||||||||
Amortization of actuarial loss | (954 | ) | |||||||||||||||||||||||||||
Current year prior service cost | 226 | ||||||||||||||||||||||||||||
Amortization of prior service credit | 34 | ||||||||||||||||||||||||||||
Other | (50 | ) | |||||||||||||||||||||||||||
Total recognized in other comprehensive loss | $ | (4,669 | ) | ||||||||||||||||||||||||||
Net recognized in net periodic pension cost and other comprehensive loss | $ | (3,913 | ) | ||||||||||||||||||||||||||
Disclosure Of Share Based Compensation Arrangements By Share Based Payment Award Text Block | ' | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Expected volatility | 26% – 27% | 30% – 35% | 26% – 32% | ||||||||||||||||||||||||||
Weighted-average volatility | 27 | % | 30 | % | 26 | % | |||||||||||||||||||||||
Expected term (in years) | 7.3 – 7.6 | 7.4 – 7.7 | 7.5 – 8.0 | ||||||||||||||||||||||||||
Expected dividends | 2.6 | % | 2.3 | % | 2.4 | % | |||||||||||||||||||||||
Risk-free rate | 0.1% – 1.9% | 0.0% – 2.0% | 0.1% – 3.5% | ||||||||||||||||||||||||||
Stock Options | Stock Appreciation Rights | Performance Share Units | Other | ||||||||||||||||||||||||||
Incentive | |||||||||||||||||||||||||||||
(shares and units in thousands) | Shares | Average | Shares | Average | Units | Average | Shares/Units | ||||||||||||||||||||||
Price* | Price* | Price** | |||||||||||||||||||||||||||
Outstanding at: | |||||||||||||||||||||||||||||
December 31, 2012 | 13,806 | $ | 52.45 | 38,421 | $ | 68.7 | 2,791 | $ | 74.77 | 1,284 | |||||||||||||||||||
Granted | 309 | 87.46 | 6,719 | 86.87 | 942 | 84.03 | 543 | ||||||||||||||||||||||
Exercised/earned | (7,840 | ) | 49.4 | (5,747 | ) | 63.19 | (886 | ) | 71.8 | (233 | ) | ||||||||||||||||||
Cancelled | (36 | ) | 75.04 | (1,178 | ) | 81.31 | (146 | ) | 78.63 | (116 | ) | ||||||||||||||||||
December 31, 2013 | 6,239 | $ | 57.88 | 38,215 | $ | 72.33 | 2,701 | $ | 78.77 | 1,478 | |||||||||||||||||||
Equity Awards Vested and Expected to Vest | Equity Awards That Are Exercisable | ||||||||||||||||||||||||||||
(shares in thousands; aggregate intrinsic value in millions) | Awards | Average | Aggregate | Remaining | Awards | Average | Aggregate | Remaining | |||||||||||||||||||||
Price* | Intrinsic | Term** | Price* | Intrinsic | Term** | ||||||||||||||||||||||||
Value | Value | ||||||||||||||||||||||||||||
Stock Options/Stock Appreciation Rights | 43,979 | $ | 69.7 | $ | 1,939 | 5.5 | 27,656 | $ | 63.44 | $ | 1,393 | 3.9 | |||||||||||||||||
Performance Share Units/Restricted Stock | 3,722 | — | 424 | 1.1 | |||||||||||||||||||||||||
Schedule Of Multiemployer Plans Table [Text Block] | ' | ||||||||||||||||||||||||||||
(dollars in millions) | Pension | FIP/ | Contributions | ||||||||||||||||||||||||||
Protection Act | RP Status | ||||||||||||||||||||||||||||
Zone Status | |||||||||||||||||||||||||||||
Pension Fund | EIN/Pension | 2013 | 2012 | Pending/ | 2013 | 2012 | 2011 | Surcharge | Expiration Date of | ||||||||||||||||||||
Plan Number | Implemented | Imposed | Collective-Bargaining | ||||||||||||||||||||||||||
Agreement | |||||||||||||||||||||||||||||
National Elevator Industry Pension Plan | 23-2694291 | Green | Green | No | $ | 71 | $ | 63 | $ | 56 | No | 8-Jul-17 | |||||||||||||||||
Other funds | 34 | 36 | 38 | ||||||||||||||||||||||||||
$ | 105 | $ | 99 | $ | 94 | ||||||||||||||||||||||||
Restructuring_and_Other_Costs_
Restructuring and Other Costs (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Notes to Consolidated Financial Statements [Abstract] | ' | |||||||||||||||
Schedule of Restructuring and Related Costs [Text Block] | ' | |||||||||||||||
(dollars in millions) | ||||||||||||||||
Cost of sales | $ | 215 | ||||||||||||||
Selling, general and administrative | 265 | |||||||||||||||
Other income, net | 1 | |||||||||||||||
Restructuring costs recorded within continuing operations | 481 | |||||||||||||||
Restructuring costs recorded within discontinued operations | (2 | ) | ||||||||||||||
Total | $ | 479 | ||||||||||||||
(dollars in millions) | Expected | Costs | Costs | Remaining | ||||||||||||
Costs | Incurred | Incurred | Costs at | |||||||||||||
During | During | December 31, | ||||||||||||||
2012 | 2013 | 2013 | ||||||||||||||
Otis | $ | 156 | $ | (146 | ) | $ | (9 | ) | $ | 1 | ||||||
UTC Climate, Controls & Security | 147 | (123 | ) | (18 | ) | 6 | ||||||||||
Pratt & Whitney | 94 | (94 | ) | — | — | |||||||||||
UTC Aerospace Systems | 157 | (121 | ) | (21 | ) | 15 | ||||||||||
Sikorsky | 62 | (47 | ) | (12 | ) | 3 | ||||||||||
Eliminations and other | 19 | (19 | ) | — | — | |||||||||||
Discontinued operations | 26 | (26 | ) | — | — | |||||||||||
Total | $ | 661 | $ | (576 | ) | $ | (60 | ) | $ | 25 | ||||||
2011 Actions. During 2013, we recorded net pre-tax restructuring costs totaling $(2) million for restructuring actions initiated in 2011. As of December 31, 2013, there are no remaining costs to complete the 2011 actions. | ||||||||||||||||
(dollars in millions) | Expected Costs | Cost Incurred During 2013 | Remaining Costs at December 31, 2013 | |||||||||||||
Otis | $ | 75 | $ | (69 | ) | $ | 6 | |||||||||
UTC Climate, Controls & Security | 124 | (89 | ) | 35 | ||||||||||||
Pratt & Whitney | 158 | (154 | ) | 4 | ||||||||||||
UTC Aerospace Systems | 85 | (71 | ) | 14 | ||||||||||||
Sikorsky | 38 | (38 | ) | — | ||||||||||||
Eliminations and other | — | — | — | |||||||||||||
Discontinued operations | — | — | — | |||||||||||||
Total | $ | 480 | $ | (421 | ) | $ | 59 | |||||||||
(dollars in millions) | ||||||||||||||||
Otis | $ | 88 | ||||||||||||||
UTC Climate, Controls & Security | 97 | |||||||||||||||
Pratt & Whitney | 154 | |||||||||||||||
UTC Aerospace Systems | 92 | |||||||||||||||
Sikorsky | 50 | |||||||||||||||
Eliminations and other | — | |||||||||||||||
Restructuring costs recorded within continuing operations | 481 | |||||||||||||||
Restructuring costs recorded within discontinued operations | (2 | ) | ||||||||||||||
Total | $ | 479 | ||||||||||||||
Schedule of Restructuring Reserve by Type of Cost [Text Block] | ' | |||||||||||||||
(dollars in millions) | Severance | Asset Write-Downs | Facility Exit, Lease Termination & Other Costs | Total | ||||||||||||
Net pre-tax restructuring costs | $ | 381 | $ | 15 | $ | 25 | $ | 421 | ||||||||
Utilization and foreign exchange | (185 | ) | (15 | ) | (6 | ) | (206 | ) | ||||||||
Balance at December 31, 2013 | $ | 196 | $ | — | $ | 19 | $ | 215 | ||||||||
(dollars in millions) | Severance | Asset | Facility Exit, | Total | ||||||||||||
Write- | Lease | |||||||||||||||
Downs | Termination | |||||||||||||||
and Other | ||||||||||||||||
Costs | ||||||||||||||||
Restructuring accruals at January 1, 2013 | $ | 289 | $ | — | $ | 50 | $ | 339 | ||||||||
Net pre-tax restructuring costs | 14 | 1 | 45 | 60 | ||||||||||||
Utilization and foreign exchange | (218 | ) | (1 | ) | (47 | ) | (266 | ) | ||||||||
Balance at December 31, 2013 | $ | 85 | $ | — | $ | 48 | $ | 133 | ||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Notes to Consolidated Financial Statements [Abstract] | ' | |||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Text Block] | ' | |||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||
(dollars in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Derivatives designated as hedging instruments | $ | 59 | $ | 78 | $ | 103 | $ | 11 | ||||||||
Derivatives not designated as hedging instruments | 31 | 50 | 54 | 138 | ||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Text Block] | ' | |||||||||||||||
December 31, | ||||||||||||||||
(dollars in millions) | 2013 | 2012 | ||||||||||||||
(Loss) gain recorded in Accumulated other comprehensive loss | $ | (136 | ) | $ | 88 | |||||||||||
(Loss) gain reclassified from Accumulated other comprehensive loss into Product sales (effective portion) | (25 | ) | 31 | |||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Notes to Consolidated Financial Statements [Abstract] | ' | |||||||||||||||
Fair Value, by Balance Sheet Grouping [Text Block] | ' | |||||||||||||||
2013 (dollars in millions) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Recurring fair value measurements: | ||||||||||||||||
Available-for-sale securities | $ | 988 | $ | 988 | $ | — | $ | — | ||||||||
Derivative assets | 90 | — | 90 | — | ||||||||||||
Derivative liabilities | (157 | ) | — | (157 | ) | — | ||||||||||
Nonrecurring fair value measurements: | ||||||||||||||||
Business dispositions | 66 | — | 66 | — | ||||||||||||
2012 (dollars in millions) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Recurring fair value measurements: | ||||||||||||||||
Available-for-sale securities | $ | 781 | $ | 781 | $ | — | $ | — | ||||||||
Derivative assets | 128 | — | 128 | — | ||||||||||||
Derivative liabilities | (149 | ) | — | (149 | ) | — | ||||||||||
Nonrecurring fair value measurements: | ||||||||||||||||
Equity method investments | 432 | — | 432 | — | ||||||||||||
Business dispositions | 84 | — | 84 | — | ||||||||||||
Fair Value, Measurement Inputs, Disclosure [Text Block] | ' | |||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
(dollars in millions) | Carrying | Fair | Carrying | Fair | ||||||||||||
Amount | Value | Amount | Value | |||||||||||||
Long-term receivables | $ | 655 | $ | 586 | $ | 499 | $ | 464 | ||||||||
Customer financing notes receivable | 394 | 366 | 375 | 371 | ||||||||||||
Short-term borrowings | (388 | ) | (388 | ) | (503 | ) | (503 | ) | ||||||||
Long-term debt (excluding capitalized leases) | (19,807 | ) | (21,525 | ) | (22,665 | ) | (25,606 | ) | ||||||||
Long-term liabilities | (283 | ) | (253 | ) | (182 | ) | (167 | ) | ||||||||
(dollars in millions) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Long-term receivables | $ | 586 | $ | — | $ | 586 | $ | — | ||||||||
Customer financing notes receivable | 366 | — | 366 | — | ||||||||||||
Short-term borrowings | (388 | ) | — | (200 | ) | (188 | ) | |||||||||
Long-term debt (excluding capitalized leases) | (21,525 | ) | — | (21,211 | ) | (314 | ) | |||||||||
Long-term liabilities | (253 | ) | — | (253 | ) | — | ||||||||||
Guarantees_Tables
Guarantees (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Notes to Consolidated Financial Statements [Abstract] | ' | |||||||||||||||
Schedule of Guarantor Obligations [Text Block] | ' | |||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
(dollars in millions) | Maximum | Carrying | Maximum | Carrying | ||||||||||||
Potential | Amount of | Potential | Amount of | |||||||||||||
Payment | Liability | Payment | Liability | |||||||||||||
Commercial aerospace financing arrangements (see Note 5) | $ | 615 | $ | 25 | $ | 346 | $ | 7 | ||||||||
Credit facilities and debt obligations—unconsolidated subsidiaries (expire 2014 to 2034) | 231 | 6 | 240 | 2 | ||||||||||||
Performance guarantees | 150 | — | 33 | — | ||||||||||||
Product Warranty Disclosure [Text Block] | ' | |||||||||||||||
Year ended December 31, | ||||||||||||||||
(dollars in millions) | 2013 | 2012 | ||||||||||||||
Balance as of January 1 | $ | 1,332 | $ | 1,468 | ||||||||||||
Warranties and performance guarantees issued | 313 | 325 | ||||||||||||||
Settlements made | (287 | ) | (277 | ) | ||||||||||||
Other | 2 | (184 | ) | |||||||||||||
Balance as of December 31 | $ | 1,360 | $ | 1,332 | ||||||||||||
Segment_Financial_Data_Tables
Segment Financial Data (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Notes to Consolidated Financial Statements [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Schedule Of Segment Reporting Information By Segment [Text Block] | ' | ||||||||||||||||||||||||||||||||||||
Total Assets | Capital Expenditures | Depreciation & Amortization | |||||||||||||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Otis | $ | 9,354 | $ | 8,866 | $ | 8,717 | $ | 122 | $ | 141 | $ | 75 | $ | 209 | $ | 220 | $ | 223 | |||||||||||||||||||
UTC Climate, Controls & Security | 21,543 | 22,253 | 21,630 | 266 | 265 | 305 | 380 | 418 | 432 | ||||||||||||||||||||||||||||
Pratt & Whitney | 17,062 | 15,938 | 10,705 | 617 | 462 | 290 | 319 | 324 | 332 | ||||||||||||||||||||||||||||
UTC Aerospace Systems | 35,461 | 35,589 | 8,593 | 510 | 367 | 163 | 761 | 412 | 172 | ||||||||||||||||||||||||||||
Sikorsky | 5,762 | 4,975 | 4,628 | 119 | 94 | 92 | 85 | 85 | 84 | ||||||||||||||||||||||||||||
Total segment | 89,182 | 87,621 | 54,273 | 1,634 | 1,329 | 925 | 1,754 | 1,459 | 1,243 | ||||||||||||||||||||||||||||
Eliminations and other | 1,412 | 1,788 | 7,179 | 54 | 60 | 4 | 67 | 65 | 20 | ||||||||||||||||||||||||||||
Consolidated | $ | 90,594 | $ | 89,409 | $ | 61,452 | $ | 1,688 | $ | 1,389 | $ | 929 | $ | 1,821 | $ | 1,524 | $ | 1,263 | |||||||||||||||||||
Net Sales | Operating Profits | ||||||||||||||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Otis | $ | 12,484 | $ | 12,056 | $ | 12,437 | $ | 2,590 | $ | 2,512 | $ | 2,815 | |||||||||||||||||||||||||
UTC Climate, Controls & Security | 16,809 | 17,090 | 18,864 | 2,590 | 2,425 | 2,212 | |||||||||||||||||||||||||||||||
Pratt & Whitney | 14,501 | 13,964 | 12,711 | 1,876 | 1,589 | 1,867 | |||||||||||||||||||||||||||||||
UTC Aerospace Systems | 13,347 | 8,334 | 4,760 | 2,018 | 944 | 759 | |||||||||||||||||||||||||||||||
Sikorsky | 6,253 | 6,791 | 7,355 | 594 | 712 | 840 | |||||||||||||||||||||||||||||||
Total segment | 63,394 | 58,235 | 56,127 | 9,668 | 8,182 | 8,493 | |||||||||||||||||||||||||||||||
Eliminations and other | (768 | ) | (527 | ) | (373 | ) | 22 | (72 | ) | (228 | ) | ||||||||||||||||||||||||||
General corporate expenses | — | — | — | (481 | ) | (426 | ) | (419 | ) | ||||||||||||||||||||||||||||
Consolidated | $ | 62,626 | $ | 57,708 | $ | 55,754 | $ | 9,209 | $ | 7,684 | $ | 7,846 | |||||||||||||||||||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Text Block] | ' | ||||||||||||||||||||||||||||||||||||
External Net Sales | Operating Profits | Long-Lived Assets | |||||||||||||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
United States Operations | $ | 35,994 | $ | 32,175 | $ | 28,993 | $ | 4,780 | $ | 3,663 | $ | 4,264 | $ | 4,483 | $ | 4,311 | $ | 2,974 | |||||||||||||||||||
International Operations | |||||||||||||||||||||||||||||||||||||
Europe | 12,652 | 11,823 | 12,344 | 2,419 | 2,100 | 2,089 | 1,796 | 1,804 | 1,210 | ||||||||||||||||||||||||||||
Asia Pacific | 8,696 | 8,733 | 9,016 | 1,773 | 1,648 | 1,429 | 957 | 947 | 883 | ||||||||||||||||||||||||||||
Other | 5,274 | 4,964 | 5,376 | 696 | 772 | 711 | 1,203 | 1,122 | 760 | ||||||||||||||||||||||||||||
Eliminations and other | 10 | 13 | 25 | (459 | ) | (499 | ) | (647 | ) | 427 | 334 | 374 | |||||||||||||||||||||||||
Consolidated | $ | 62,626 | $ | 57,708 | $ | 55,754 | $ | 9,209 | $ | 7,684 | $ | 7,846 | $ | 8,866 | $ | 8,518 | $ | 6,201 | |||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Europe | $ | 4,489 | $ | 3,117 | $ | 2,284 | |||||||||||||||||||||||||||||||
Asia Pacific | 4,517 | 2,998 | 2,448 | ||||||||||||||||||||||||||||||||||
Other | 3,165 | 3,086 | 2,989 | ||||||||||||||||||||||||||||||||||
$ | 12,171 | $ | 9,201 | $ | 7,721 | ||||||||||||||||||||||||||||||||
Schedule Of Entity Wide Disclosure On Geographic Areas Long Lived Assets In Individual Foreign Countries By Country [Text Block] | ' | ||||||||||||||||||||||||||||||||||||
External Net Sales | Operating Profits | Long-Lived Assets | |||||||||||||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
United States Operations | $ | 35,994 | $ | 32,175 | $ | 28,993 | $ | 4,780 | $ | 3,663 | $ | 4,264 | $ | 4,483 | $ | 4,311 | $ | 2,974 | |||||||||||||||||||
International Operations | |||||||||||||||||||||||||||||||||||||
Europe | 12,652 | 11,823 | 12,344 | 2,419 | 2,100 | 2,089 | 1,796 | 1,804 | 1,210 | ||||||||||||||||||||||||||||
Asia Pacific | 8,696 | 8,733 | 9,016 | 1,773 | 1,648 | 1,429 | 957 | 947 | 883 | ||||||||||||||||||||||||||||
Other | 5,274 | 4,964 | 5,376 | 696 | 772 | 711 | 1,203 | 1,122 | 760 | ||||||||||||||||||||||||||||
Eliminations and other | 10 | 13 | 25 | (459 | ) | (499 | ) | (647 | ) | 427 | 334 | 374 | |||||||||||||||||||||||||
Consolidated | $ | 62,626 | $ | 57,708 | $ | 55,754 | $ | 9,209 | $ | 7,684 | $ | 7,846 | $ | 8,866 | $ | 8,518 | $ | 6,201 | |||||||||||||||||||
Schedule Of Revenue By Major Customers By Reporting Segments Table [Text Block] | ' | ||||||||||||||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Pratt & Whitney | $ | 3,559 | $ | 3,718 | $ | 2,995 | |||||||||||||||||||||||||||||||
UTC Aerospace Systems | 2,530 | 1,742 | 1,021 | ||||||||||||||||||||||||||||||||||
Sikorsky | 3,648 | 4,512 | 4,967 | ||||||||||||||||||||||||||||||||||
Other | 142 | 126 | 125 | ||||||||||||||||||||||||||||||||||
$ | 9,879 | $ | 10,098 | $ | 9,108 | ||||||||||||||||||||||||||||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data - Unaudited (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Selected Quarterly Financial Information [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule Of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
2013 Quarters | 2012 Quarters | ||||||||||||||||||||||||||||||||
(dollars in millions, | First | Second | Third | Fourth | First | Second | Third | Fourth | |||||||||||||||||||||||||
except per share amounts) | |||||||||||||||||||||||||||||||||
Net Sales | $ | 14,399 | $ | 16,006 | $ | 15,462 | $ | 16,759 | $ | 12,416 | $ | 13,807 | $ | 15,042 | $ | 16,443 | |||||||||||||||||
Gross margin | 3,934 | 4,454 | 4,442 | 4,475 | 3,486 | 3,873 | 4,039 | 4,157 | |||||||||||||||||||||||||
Net income attributable to common shareowners | 1,266 | 1,560 | 1,432 | 1,463 | 330 | 1,328 | 1,415 | 2,057 | |||||||||||||||||||||||||
Earnings per share of Common Stock: | |||||||||||||||||||||||||||||||||
Basic—net income | $ | 1.4 | $ | 1.73 | $ | 1.59 | $ | 1.62 | $ | 0.37 | $ | 1.49 | $ | 1.58 | $ | 2.28 | |||||||||||||||||
Diluted—net income | $ | 1.39 | $ | 1.71 | $ | 1.57 | $ | 1.6 | $ | 0.36 | $ | 1.47 | $ | 1.56 | $ | 2.26 | |||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
(common stock) | High | Low | Dividend | High | Low | Dividend | |||||||||||||||||||||||||||
First quarter | $ | 93.59 | $ | 83.55 | $ | 0.535 | $ | 87.5 | $ | 73.62 | $ | 0.48 | |||||||||||||||||||||
Second quarter | $ | 97.55 | $ | 91.05 | $ | 0.535 | $ | 83.57 | $ | 70.71 | $ | 0.48 | |||||||||||||||||||||
Third quarter | $ | 112 | $ | 93.8 | $ | 0.535 | $ | 82.56 | $ | 70.95 | $ | 0.535 | |||||||||||||||||||||
Fourth quarter | $ | 113.8 | $ | 102.76 | $ | 0.59 | $ | 83.64 | $ | 74.44 | $ | 0.535 | |||||||||||||||||||||
Performance_Graph_Unaudited_Ta
Performance Graph - Unaudited (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Performance Graph [Abstract] | ' | ||||||||||||||||||||||||
Cumulative Total Shareholder Return Table [Text Block] | ' | ||||||||||||||||||||||||
December | |||||||||||||||||||||||||
2008 | 2009 | 2010 | 2011 | 2012 | 2013 | ||||||||||||||||||||
United Technologies Corporation | $ | 100 | $ | 133.29 | $ | 154.93 | $ | 147.23 | $ | 169.46 | $ | 240.42 | |||||||||||||
S&P 500 Index | $ | 100 | $ | 126.46 | $ | 145.51 | $ | 148.59 | $ | 172.37 | $ | 228.19 | |||||||||||||
Dow Jones Industrial Average | $ | 100 | $ | 122.68 | $ | 139.94 | $ | 151.67 | $ | 167.19 | $ | 216.77 | |||||||||||||
Schedule_II_Valuation_and_Qual2
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Allowance For Doubtful Accounts And Other Customer Financing Activity [Member] | ' | ' | ' | ' |
Valuation And Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | ' |
Valuation Allowances And Reserves Charged To Cost And Expense | $74 | $72 | $88 | ' |
Valuation Allowances And Reserves Doubtful Accounts Written Off Net | -68 | -23 | -38 | ' |
Valuation Allowances And Reserves Charged To Other Accounts | -20 | -12 | 42 | ' |
Valuation Allowances and Reserves, Balance, Ending Balance | 543 | 517 | 456 | 448 |
Valuation Allowance of Deferred Tax Assets [Member] | ' | ' | ' | ' |
Valuation And Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | ' |
Valuation Allowances And Reserves Charged To Other Accounts | -56 | -23 | -37 | ' |
Valuation Allowances And Reserves Charged To Income Tax Expense | 134 | 124 | 130 | ' |
Valuation Allowances And Reserves Reserves Of Businesses Acquired | 12 | 71 | ' | ' |
Valuation Allowances And Reserves Credited To Income Tax Expense | -52 | -245 | -27 | ' |
Valuation Allowances and Reserves, Balance, Ending Balance | $942 | $904 | $977 | $911 |
Summary_of_Accounting_Principl2
Summary of Accounting Principles (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Notes to Consolidated Financial Statements [Abstract] | ' | ' |
Restricted Cash And Cash Equivalents | $47,000,000 | $35,000,000 |
Contract Receivable Retainage | 173,000,000 | 172,000,000 |
Unbilled Contracts Receivable | 1,495,000,000 | 1,363,000,000 |
Excess Of Replacement Or Current Costs Over Stated LIFO Value | 133,000,000 | 139,000,000 |
Research and Development Arrangement, Contract to Perform for Others, Costs Incurred, Gross | 2,200,000,000 | ' |
Research and Development Arrangement, Contract to Perform for Others, Compensation Earned | ' | 500,000,000 |
Provision for Loss on Contracts | 27,000,000 | 157,000,000 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Increase Decrease Operating Profit Due to Contract Reestimates | $167,000,000 | ' |
Collaboration Asset [Member] | Maximum [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life (in years) | '30 years | ' |
Service portfolios [Member] | Maximum [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life (in years) | '30 years | ' |
Service portfolios [Member] | Minimum [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life (in years) | '5 years | ' |
Patents and trademarks [Member] | Maximum [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life (in years) | '40 years | ' |
Patents and trademarks [Member] | Minimum [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life (in years) | '3 years | ' |
Customer Relationships [Member] | Maximum [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life (in years) | '32 years | ' |
Customer Relationships [Member] | Minimum [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life (in years) | '2 years | ' |
Exclusivity Assets [Member] | Maximum [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life (in years) | '25 years | ' |
Exclusivity Assets [Member] | Minimum [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life (in years) | '3 years | ' |
Summary_of_Accounting_Principl3
Summary of Accounting Principles (Long-Term Receivables) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Percentage Long Term Receivables High Credit Risk | 9.00% | 9.00% |
Financing Receivable, Net | $1,297 | $1,177 |
Financing Receivable, Reserve for Credit Losses and Exposure, Individually Evaluated For Impairment | 49 | 60 |
Long-term Trade Accounts Receivable Financing Receivable [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing Receivable, Net | 714 | 593 |
Notes and Leases Receivable Financing Receivable [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing Receivable, Net | $583 | $584 |
Summary_of_Accounting_Principl4
Summary of Accounting Principles (Collaborative Arrangements) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Collaborators interests existing programs low end | 2.00% | ' | ' |
Collaborators interests existing programs high end | 49.00% | ' | ' |
Partner share individual program maximum | 31.00% | ' | ' |
Cost of Goods Sold [Member] | ' | ' | ' |
Collaborator Share Of Revenues Amount | $1,820 | $1,295 | $963 |
Collaborator Share Of Program Costs Amount | -127 | -97 | -88 |
Cost of Services [Member] | ' | ' | ' |
Collaborator Share Of Revenues Amount | 273 | 216 | 36 |
Research and Development Expense [Member] | ' | ' | ' |
Collaborator Share Of Program Costs Amount | -194 | -203 | -220 |
Selling General and Administrative [Member] | ' | ' | ' |
Collaborator Share Of Program Costs Amount | ($5) | ($7) | ($4) |
Business_Acquisitions_Disposit2
Business Acquisitions, Dispositions, Goodwill and Intangible Assets (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | |
Asia Joint Venture [Member] | Canadian Distribution Business [Member] | IAE Collaboration [Member] | International Aero Engines AG [Member] | PrattAndWhitneyPowerSystems [Member] | PrattAndWhitneyPowerSystems [Member] | Group Ascensores Enor SA [Member] | UTC Climate, Controls and Security [Member] | UTC Climate, Controls and Security [Member] | Goodrich Corporation [Member] | Goodrich Corporation [Member] | Goodrich Corporation [Member] | International Aero Engines AG [Member] | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) on Disposition of Business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $55,000,000 | ' | ' | ' | ' | ' |
Proceeds from Sales of Business, Affiliate and Productive Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000,000 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Environmental Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 325,000,000 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,420,000,000 | ' | ' |
Business Acquisition, Purchase Price Allocation, Current Assets, Cash and Cash Equivalents (Deprecated 2013-01-31) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 538,000,000 | ' | ' |
Business Acquisition, Date of Acquisition Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26-Jul-12 | ' | ' |
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | 8,100,000,000 | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | 240,000,000 | ' | ' | ' | ' | ' | ' |
Business Acquisition Purchase Price Allocation Deferred Income Tax Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 215,000,000 | ' | ' |
Business Acquisition, Preexisting Relationship, Gain (Loss) Recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,000,000 | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Management Continuity Arrangement Liabilities Assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74,000,000 | ' | ' |
Business Acquisition, Cost of Acquired Entity, Transaction Costs | ' | 95,000,000 | 84,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Planned Restructuring Activities | ' | 67,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Management Continuity Arrangements Amendment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | 9,000,000 | ' | ' |
Contractual Obligation, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractual Obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,200,000,000 | ' | ' |
Contractual Obligation, Consumed in Current Year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 278,000,000 | ' | ' |
Contractual Obligation, Due in Next Twelve Months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 261,000,000 | ' | ' |
Contractual Obligation, Due in Second Year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 220,000,000 | ' | ' |
Contractual Obligation, Due in Third Year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 239,000,000 | ' | ' |
Contractual Obligation, Due in Fourth Year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 242,000,000 | ' | ' |
Contractual Obligation, Due in Fifth Year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 210,000,000 | ' | ' |
Contractual Obligation, Due after Fifth Year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 686,000,000 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Unremitted Foreign Earnings Income Tax Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 853,000,000 | ' |
Equity Method Investment, Other than Temporary Impairment | ' | 168,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 180,000,000 | ' | ' | ' | ' |
Noncash Or Part Noncash Acquisition Debt Assumed1 | ' | 2,600,000,000 | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,205,000,000 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,673,000,000 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 515,000,000 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 647,000,000 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,209,000,000 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets, Customer Relationships | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,550,000,000 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets, Trademarks | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,550,000,000 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,501,000,000 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Short-Term Borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -84,000,000 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accrued Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,919,000,000 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,961,000,000 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed,Projected Benefit Obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,743,000,000 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Customer Contractual Obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,200,000,000 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,013,000,000 | ' | ' |
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -41,000,000 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,840,000,000 | ' | ' |
Disposal Date | ' | ' | ' | ' | ' | ' | ' | ' | 17-May-13 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Divestiture of Businesses | ' | ' | ' | ' | ' | ' | ' | ' | 432,000,000 | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Contingent Consideration, Asset | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | 200,000,000 | ' | ' | ' | ' | ' | ' | ' |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | ' | ' | ' | ' | ' | ' | ' | ' | 193,000,000 | ' | ' | ' | ' | ' | ' | ' |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | ' | ' | ' | ' | ' | ' | ' | 132,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Effective Date of Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7-Feb-13 | ' | ' | ' | ' | ' | 29-Jun-12 |
Business Acquisition Cash Paid Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $127.50 | ' | ' |
UTX_BusinessAcquisitionCostOfAcquiredEntityPurchasePrice | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,300,000,000 | ' | 1,500,000,000 |
Noncash Or Part Noncash Acquisition Net Debt Assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000,000 | ' | ' |
Debt Instrument, Utilization of Net Proceeds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,600,000,000 | ' | ' |
Debt Instrument, Total Face Amount Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,800,000,000 | ' | ' |
Proceeds From Issuance Equity Units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000,000 | ' | ' |
Short-term Debt, Loan Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000,000 | ' | ' |
Short-Term Debt Instrument, Agreement Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24-Apr-12 | ' | ' |
Cash and Cash equivalents used in business acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | ' |
Development Stage Entities, Equity Issuance, Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18-Jun-12 | ' | ' |
Amortization of Intangible Assets | 710,000,000 | 547,000,000 | 398,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition Cost Of Acquired Entities and Interest in Affiliates | 151,000,000 | 18,600,000,000 | 372,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 2,260,000,000 | 2,310,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets Gross Excluding Goodwill | 19,196,000,000 | 18,276,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Commercial Paper | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,200,000,000 | ' | ' |
Proceeds from Issuance of Commercial Paper, Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'July 2012 | ' | ' |
Limited Liability Company or Limited Partnership [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain Recognized On Limited Liability Company Or Limited Partnership Formation | ' | ' | ' | $215,000,000 | $120,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | 61.00% | 49.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business_Acquisitions_Disposit3
Business Acquisitions, Dispositions, Goodwill and Intangible Assets(Consideration Transferred Information) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Business Acquisition [Line Items] | ' | ' |
Goodwill | $28,168 | $27,801 |
Goodrich Corporation [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 538 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 1,205 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 1,673 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent | 515 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 647 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,209 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets, Customer Relationships | 8,550 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets, Trademarks | 1,550 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 1,501 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Short-Term Borrowings | -84 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | -587 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accrued Liabilities | -1,919 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | -2,961 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed,Projected Benefit Obligation | -1,743 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Customer Contractual Obligations | -2,200 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | -4,013 | ' |
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | -41 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 4,840 | ' |
Goodwill | 11,580 | ' |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $16,420 | ' |
Business_Acquisitions_Disposit4
Business Acquisitions, Dispositions, Goodwill and Intangible Assets(Pro-Forma Information) (Details) (Details) (USD $) | 12 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2012 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | |
Business Acquisition, Pro Forma Revenue | $62,173 | |
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations before Changes in Accounting and Extraordinary Items, Net of Tax | 5,095 | |
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations before Changes in Accounting and Extraordinary Items, Net of Tax, Per Share, Basic | $5.69 | |
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations before Changes in Accounting and Extraordinary Items, Net of Tax, Per Share, Diluted | $5.62 | |
Fair Value Adjustment to Inventory [Member] | ' | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | |
Business Acquisition, Pro Forma, Profit Loss | -103 | [1] |
Interest Expense Incurred [Member] | ' | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | |
Business Acquisition, Pro Forma, Profit Loss | 63 | [2] |
Utilization of Contractual Customer Obligation [Member] | ' | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | |
Business Acquisition, Pro Forma, Profit Loss | -96 | [3] |
Amortization of Acquired Intanglible Assets [Member] | ' | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | |
Business Acquisition, Pro Forma, Profit Loss | $108 | [4] |
[1] | 1B 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] | 4B 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. | |
[3] | 3B Added the additional utilization of the Goodrich contractual customer obligation recognized in purchase accounting. | |
[4] | 2B 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. |
Business_Acquisitions_Disposit5
Business Acquisitions, Dispositions, Goodwill and Intangible Assets(IAE Collaboration) (Details) | Dec. 31, 2013 |
IAE Collaboration [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Equity Method Investment, Ownership Percentage | 61.00% |
International Aero Engines AG [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Equity Method Investment, Ownership Percentage | 49.50% |
Business_Acquisitions_Disposit6
Business Acquisitions, Dispositions, Goodwill and Intangible Assets(Variable Interest Entity) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Variable Interest Entity [Line Items] | ' | ' |
Variable Interest Entity, Consolidated, Carrying Amount, Current Assets | $1,616 | $1,308 |
Variable Interest Entity, Consolidated, Carrying Amount, Noncurrent Assets | 1,066 | 899 |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 2,682 | 2,207 |
Variable Interest Entity, Consolidated, Carrying Amount, Current Liabilities | 1,895 | 1,468 |
Variable Interest Entity, Consolidated, Carrying Amount, Noncurrent Liabilities | 1,085 | 781 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | $2,980 | $2,249 |
Business_Acquisitions_Disposit7
Business Acquisitions, Dispositions, Goodwill and Intangible Assets (Goodwill) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | ' | ' |
Goodwill | $28,168 | $27,801 |
Goodwill, Acquired During Period | 455 | ' |
Goodwill translation and other | -88 | ' |
Otis [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 1,741 | 1,583 |
Goodwill, Acquired During Period | 152 | ' |
Goodwill translation and other | 6 | ' |
UTC Climate, Controls and Security [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 9,727 | 9,868 |
Goodwill, Acquired During Period | 2 | ' |
Goodwill translation and other | -143 | ' |
Pratt and Whitney [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 1,273 | 1,238 |
Goodwill, Acquired During Period | 0 | ' |
Goodwill translation and other | 35 | ' |
UTC Aerospace Systems [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 15,069 | 14,754 |
Goodwill, Acquired During Period | 301 | ' |
Goodwill translation and other | 14 | ' |
Sikorsky [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 353 | 353 |
Goodwill, Acquired During Period | 0 | ' |
Goodwill translation and other | 0 | ' |
Total Segments [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 28,163 | 27,796 |
Goodwill, Acquired During Period | 455 | ' |
Goodwill translation and other | -88 | ' |
Eliminations and other [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 5 | 5 |
Goodwill, Acquired During Period | 0 | ' |
Goodwill translation and other | $0 | ' |
Business_Acquisitions_Disposit8
Business Acquisitions, Dispositions, Goodwill and Intangible Assets (Intangible Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $2,260 | $2,310 |
Intangible Assets, Gross (Excluding Goodwill) | 19,196 | 18,276 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 16,936 | 15,966 |
Finite-Lived Intangible Assets, Accumulated Amortization | -3,675 | -3,087 |
Service Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 2,234 | 2,127 |
Finite-Lived Intangible Assets, Accumulated Amortization | -1,295 | -1,202 |
Patents and trademarks [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 380 | 412 |
Finite-Lived Intangible Assets, Accumulated Amortization | -181 | -167 |
Collaboration [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 2,273 | 1,526 |
Finite-Lived Intangible Assets, Accumulated Amortization | 0 | 0 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 12,049 | 11,901 |
Finite-Lived Intangible Assets, Accumulated Amortization | ($2,199) | ($1,718) |
Business_Acquisitions_Disposit9
Business Acquisitions, Dispositions, Goodwill and Intangible Assets (Amortization Expense) (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $706 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 688 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 706 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 732 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $761 |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Clipper Windpower [Member] | Pratt and Whitney Rocketdyne [Member] | UTC Power [Member] | Hamilton Sundtrand Industrials [Member] | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Discontinued Operation Income (Loss) From Discontinued Operation Impairment Charge During Phase Out Period, Before Income Tax | $1,200,000,000 | ' | ' | ' | ' |
Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal | ' | 7-Aug-12 | 14-Jun-13 | 12-Feb-13 | 13-Dec-12 |
Disposal Group Including Discontinued Operation Cash Payment | ' | 367,000,000 | ' | 48,000,000 | ' |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | ' | ' | -7,000,000 | ' | 2,100,000,000 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | ' | ' | -3,000,000 | ' | 900,000,000 |
Discontinued Operations Sale Price | ' | ' | $411,000,000 | ' | $3,400,000,000 |
Discontinued_Operations_Income
Discontinued Operations (Income Statement Information) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' |
Disposal Group, Including Discontinued Operation, Revenue | $309 | $2,075 | ' |
Income (loss) from operations | 63 | -998 | 255 |
Discontinued Operation, Tax Effect of Income (Loss) from Discontinued Operation During Phase-out Period | -32 | -65 | ' |
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax, Total | 31 | -1,063 | ' |
(Loss) gain on disposal | -33 | 2,030 | 0 |
Discontinued Operation, Tax Effect of Income (Loss) from Disposal of Discontinued Operation | 37 | -677 | ' |
Net income from discontinued operations | $35 | $290 | $158 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Notes to Consolidated Financial Statements [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | $5,686 | $4,847 | $4,831 |
Net income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 35 | 283 | 148 |
Net income attributable to common shareowners | $1,463 | $1,432 | $1,560 | $1,266 | $2,057 | $1,415 | $1,328 | $330 | $5,721 | $5,130 | $4,979 |
Basic shares | ' | ' | ' | ' | ' | ' | ' | ' | 901,000,000 | 895,200,000 | 892,300,000 |
Stock Awards | ' | ' | ' | ' | ' | ' | ' | ' | 14,100,000 | 11,400,000 | 14,500,000 |
Diluted shares | ' | ' | ' | ' | ' | ' | ' | ' | 915,100,000 | 906,600,000 | 906,800,000 |
Net income from continuing operations attributable to common shareowners | ' | ' | ' | ' | ' | ' | ' | ' | $6.31 | $5.41 | $5.41 |
Income from Discontinuing Operations Per Basic Share | ' | ' | ' | ' | ' | ' | ' | ' | $0.04 | $0.32 | $0.17 |
Net income attributable to common shareowners | $1.62 | $1.59 | $1.73 | $1.40 | $2.28 | $1.58 | $1.49 | $0.37 | $6.35 | $5.73 | $5.58 |
Net income from continuing operations attributable to common shareowners | ' | ' | ' | ' | ' | ' | ' | ' | $6.21 | $5.35 | $5.33 |
Income from Discontinuing Operations Per Diluted Share | ' | ' | ' | ' | ' | ' | ' | ' | $0.04 | $0.31 | $0.16 |
Net income attributable to common shareowners | $1.60 | $1.57 | $1.71 | $1.39 | $2.26 | $1.56 | $1.47 | $0.36 | $6.25 | $5.66 | $5.49 |
Outstanding stock awards excluded from the computation of diluted earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 4,700,000 | 0 |
Commercial_Aerospace_Industry_2
Commercial Aerospace Industry Assets and Commitments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Asset | $11,000,000,000 | ' |
Commercial Aerospace [Member] | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Guarantee Obligations Maximum Exposure | 615,000,000 | 346,000,000 |
Commercial Aerospace [Member] | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Accounts, Notes, Loans and Financing Receivable, gross | 6,193,000,000 | 5,731,000,000 |
Products Under Lease | 662,000,000 | ' |
Notes Receivable Gross | 586,000,000 | ' |
Notes and leases, future minimum payments receivable, current | 107,000,000 | ' |
Notes and leases, future minimum payments, receivable in two years | 70,000,000 | ' |
Notes and leases, future minimum payments, receivable in three years | 59,000,000 | ' |
Notes and leases, future minimum payments, receivable in four years | 59,000,000 | ' |
Notes and leases, future minimum payments, receivable in five years | 48,000,000 | ' |
Notes and Leases, Future Minimum Payments, Receivable Due Thereafter | 243,000,000 | ' |
Notes and leases, future commitments, committed | 4,031,000,000 | ' |
Notes and leases, future commitments, current | 440,000,000 | ' |
Notes and leases, future commitments, exercisable in two years | 789,000,000 | ' |
Notes and leases, future commitments, exercisable in three years | 852,000,000 | ' |
Notes and leases, future commitments, exercisable in four years | 781,000,000 | ' |
Notes and leases, future commitments, exercisable in five years | 231,000,000 | ' |
Notes and leases, future commitments, exercisable thereafter | 938,000,000 | ' |
Deferred Assets Long Term Aftermarket Maintenance Contract | 677,000,000 | 391,000,000 |
Deferred Revenues Long Term Aftermarket Maintenance Contract | 3,117,000,000 | 2,760,000,000 |
Allowance For Accounts Notes Receivable | 243,000,000 | 210,000,000 |
Guarantee Obligations And Rental Commitments Current Carrying Value | 76,000,000 | 67,000,000 |
Other notes and leases, future commitments, committed | 7,227,000,000 | ' |
Other notes and leases, future commitments, current | 656,000,000 | ' |
Other notes and leases, future commitments, exercisable in two years | 664,000,000 | ' |
Other notes and leases, future commitments, exercisable in three years | 710,000,000 | ' |
Other notes and leases, future commitments, exercisable in four years | 689,000,000 | ' |
Other notes and leases, future commitments, exercisable in five years | 598,000,000 | ' |
Other notes and leases, future commitments, exercisable thereafter | 3,910,000,000 | ' |
Notes and leases, future commitments, collaborators' share, committed | -3,209,000,000 | ' |
Notes and leases, future commitments, collaborators' share, current | -342,000,000 | ' |
Notes and leases, future commitments, collaborators' share, exercisable in two years | -454,000,000 | ' |
Notes and leases, future commitments, collaborators' share, exercisable in three years | -516,000,000 | ' |
Notes and leases, future commitments, collaborators' share, exercisable in four years | -487,000,000 | ' |
Notes and leases, future commitments, collaborators' share, exercisable in five years | -225,000,000 | ' |
Notes and leases, future commitments, collaborators' share, exercisable thereafter | -1,185,000,000 | ' |
Notes and leases, future commitments, committed, Total | 8,049,000,000 | ' |
Notes and leases, future commitments, current, Total | 754,000,000 | ' |
Notes and leases, future commitments, exercisable in two years, Total | 999,000,000 | ' |
Notes and leases, future commitments, exercisable in three years, Total | 1,046,000,000 | ' |
Notes and leases, future commitments, exercisable in four years, Total | 983,000,000 | ' |
Notes and leases, future commitments, exercisable in five years, Total | 604,000,000 | ' |
Notes and leases, future commitments, exercisable thereafter, Total | 3,663,000,000 | ' |
International Aero Engines AG [Member] | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
UTX_BusinessAcquisitionCostOfAcquiredEntityPurchasePrice | $1,500,000,000 | ' |
Inventories_and_Contracts_in_P2
Inventories and Contracts in Progress (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Notes to Consolidated Financial Statements [Abstract] | ' | ' |
Raw materials | $1,983 | $1,861 |
Work-in-process | 4,600 | 4,151 |
Finished goods | 3,360 | 3,205 |
Contracts in progress | 7,929 | 7,354 |
Inventories before payments and billings | 17,872 | 16,571 |
Progress Payments Netted Against Inventory For Long Term US Government Contracts Or Programs | -279 | -274 |
Billings on contracts in progress | -7,263 | -6,760 |
Inventories and contracts in progress, net | 10,330 | 9,537 |
Inventory Valuation Reserves | 1,025 | 866 |
Capitalized research and development costs included in inventory | $899 | $823 |
Percentage Of Inventory For Long Term Contracts Or Programs | 69.00% | 66.00% |
Fixed_Assets_Details
Fixed Assets (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Notes to Consolidated Financial Statements [Abstract] | ' | ' | ' |
Land | $434 | $433 | ' |
Buildings And Improvements Gross | 5,633 | 5,436 | ' |
Machinery And Equipment Gross | 11,353 | 10,880 | ' |
Property, Plant and Equipment, Other, Gross | 1,241 | 1,316 | ' |
Fixed assets | 18,661 | 18,065 | ' |
Accumulated depreciation | -9,795 | -9,547 | ' |
Fixed assets, net | 8,866 | 8,518 | ' |
Property Plant And Equipment [Line Items] | ' | ' | ' |
Depreciation | $1,050 | $920 | $823 |
Land Buildings And Improvements [Member] | Maximum [Member] | ' | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '40 years | ' | ' |
Land Buildings And Improvements [Member] | Minimum [Member] | ' | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '12 years | ' | ' |
Machinery And Equipment [Member] | Maximum [Member] | ' | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '20 years | ' | ' |
Machinery And Equipment [Member] | Minimum [Member] | ' | ' | ' |
Property Plant And Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' | ' |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Notes to Consolidated Financial Statements [Abstract] | ' | ' |
Customer Advances Current | $6,444 | $5,936 |
Employee Related Liabilities Current | 1,901 | 2,176 |
Litigation And Contract Matters Current | 526 | 563 |
Accrued Income Taxes Current | 540 | 1,143 |
Product Warranty Accrual Classified Current | 505 | 479 |
Restructuring Reserve Current | 337 | 389 |
Interest Payable Current | 481 | 494 |
Workers Compensation Liability Current | 218 | 233 |
Accrued Property Sales And Use Taxes | 280 | 291 |
Other Accrued Liabilities Current | 4,103 | 3,606 |
Accrued liabilities | $15,335 | $15,310 |
Borrowings_and_Lines_of_Credit2
Borrowings and Lines of Credit (Short-Term Borrowings) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Short-term Debt [Line Items] | ' | ' |
Commercial Paper | $200 | $320 |
Other Short-term Borrowings | 188 | 183 |
Short-term borrowings | $388 | $503 |
Borrowings_and_Lines_of_Credit3
Borrowings and Lines of Credit (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
Revolving Credit Agreement [Member] | Multicurrency Revolving Credit Agreement [Member] | |||
Notes to Consolidated Financial Statements [Abstract] | ' | ' | ' | ' |
Aggregate Line of Credit Facility Maximum Borrowing Capacity | $4,000,000,000 | ' | ' | ' |
Maximum Commercial Paper Borrowing Authority | 4,000,000,000 | ' | ' | ' |
Short Term Debt Weighted Average Interest Rate | 1.80% | 0.90% | ' | ' |
Short Term Line of Credit Facilities Remaining Borrowing Capacities | 1,400,000,000 | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | 0 | 0 |
Line of Credit Facility, Expiration Date | ' | ' | 30-Nov-16 | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | $2,000,000,000 | $2,000,000,000 |
Borrowings_and_Lines_of_Credit4
Borrowings and Lines of Credit (Long-Term Debt) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Debt Disclosure [Abstract] | ' | ' | ||
Other Loans Payable | $86 | $100 | ||
Other Long-term Debt | 395 | [1] | 403 | [1] |
Principal Long-Term Debt | 19,643 | 22,365 | ||
Other Long-Term Debt Fair Market Value Adjustments | 210 | [1] | 353 | [1] |
Total long-term debt | 19,853 | 22,718 | ||
Long-term debt currently due | -112 | -1,121 | ||
Long-term debt | 19,741 | 21,597 | ||
Debt Percentage Bearing Variable Interest Rate | 10.00% | 9.00% | ||
Long Term Debt Maturities Repayments Of Principal In Next Twelve Months | 112 | ' | ||
Long Term Debt Maturities Repayments Of Principal In Year Two | 1,732 | ' | ||
Long Term Debt Maturities Repayments Of Principal In Year Three | 233 | ' | ||
Long Term Debt Maturities Repayments Of Principal In Year Four | 2,534 | ' | ||
Long Term Debt Maturities Repayments Of Principal In Year Five | 121 | ' | ||
Long Term Debt Maturities Repayments Of Principal After Year Five | 14,911 | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, London Interbank Offered Rate | 0.20% | ' | ||
Gains (Losses) on Extinguishment of Debt | 23 | 26 | ||
June 2013 Redemption Call [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Extinguishment of Debt, Announcement Date | 24-May-13 | ' | ||
Extinguishment of Debt, Payment Date | 24-Jun-13 | ' | ||
May 2013 Tender Offer [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Extinguishment of Debt, Payment Date | 7-May-13 | ' | ||
December 2012 Tender Offer [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Extinguishment of Debt, Announcement Date | ' | 6-Dec-12 | ||
Extinguishment of Debt, Expiration Date | 7-Jan-13 | ' | ||
Extinguishment of Debt, Payment Date | 8-Jan-13 | ' | ||
August 2013 Redemption Call [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Extinguishment of Debt, Announcement Date | 24-Jul-13 | ' | ||
Extinguishment of Debt, Payment Date | 23-Aug-13 | ' | ||
September 2013 Redemption Call [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Extinguishment of Debt, Announcement Date | 28-Aug-13 | ' | ||
Extinguishment of Debt, Payment Date | 27-Sep-13 | ' | ||
Long-term Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Extinguishment Of Debt, Amount | 2 | 635 | ||
Long-term Debt [Member] | December 2012 Tender Offer [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Extinguishment Of Debt, Amount | 637 | ' | ||
Debt Fair Value Adjustment [Member] | December 2012 Tender Offer [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Extinguishment Of Debt, Amount | ' | 126 | ||
LIBOR plus 0.270% floating rate notes due 2013 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Carrying Amount | 0 | [2] | 1,000 | [2] |
Debt Instrument, Maturity Year Date | '2013 | ' | ||
Debt Instrument, Call Feature | 'The three-month LIBOR rate as of DecemberB 31,B 2013 was approximately 0.2% | ' | ||
Debt Instrument, Interest Rate Terms | 'LIBOR plus 0.270% | ' | ||
LIBOR plus 0.500% floating rate notes due 2015 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Carrying Amount | 500 | [2] | 500 | [2] |
Debt Instrument, Maturity Year Date | '2015 | ' | ||
Debt Instrument, Call Feature | 'The three-month LIBOR rate as of DecemberB 31,B 2013 was approximately 0.2% | ' | ||
Debt Instrument, Interest Rate Terms | 'LIBOR plus 0.500% | ' | ||
Notes 1.200% Due 2015 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Carrying Amount | 0 | [3] | 1,000 | [3] |
Debt Instrument, Interest Rate, Stated Percentage | 1.20% | ' | ||
Debt Instrument, Maturity Year Date | '2015 | ' | ||
Debt Instrument, Call Feature | 'We may redeem the above notes, in whole or in part, at our option at any time at a redemption price in U.S. Dollars equal to the greater of 100% of the principal amount of the notes to be redeemed or the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed, discounted to the redemption date on a semiannual basis at the adjusted treasury rate plus 10-50 basis points. The redemption price will also include interest accrued to the date of redemption on the principal balance of the notes being redeemed. | ' | ||
Notes 1.200% Due 2015 [Member] | June 2013 Redemption Call [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Extinguishment Of Debt, Amount | 327 | ' | ||
Notes 1.200% Due 2015 [Member] | May 2013 Tender Offer [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Extinguishment Of Debt, Amount | 674 | ' | ||
Notes 1.200% Due 2015 [Member] | Long-term Debt [Member] | May 2013 Tender Offer [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Extinguishment Of Debt, Amount | 874 | ' | ||
Notes 1.200% Due 2015 [Member] | Debt Fair Value Adjustment [Member] | May 2013 Tender Offer [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Extinguishment Of Debt, Amount | 36 | ' | ||
Notes 4.875% Due 2015 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Carrying Amount | 1,200 | [3] | 1,200 | [3] |
Debt Instrument, Interest Rate, Stated Percentage | 4.88% | ' | ||
Debt Instrument, Maturity Year Date | '2015 | ' | ||
Debt Instrument, Call Feature | 'We may redeem the above notes, in whole or in part, at our option at any time at a redemption price in U.S. Dollars equal to the greater of 100% of the principal amount of the notes to be redeemed or the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed, discounted to the redemption date on a semiannual basis at the adjusted treasury rate plus 10-50 basis points. The redemption price will also include interest accrued to the date of redemption on the principal balance of the notes being redeemed. | ' | ||
Notes 6.290% Due 2016 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Carrying Amount | 186 | [1] | 291 | [1] |
Debt Instrument, Interest Rate, Stated Percentage | 6.29% | ' | ||
Debt Instrument, Maturity Year Date | '2016 | ' | ||
Debt Instrument, Call Feature | 'Includes notes and remaining fair market value adjustments that were assumed as a part of the Goodrich acquisition on JulyB 26, 2012. | ' | ||
Notes 6.290% Due 2016 [Member] | Long-term Debt [Member] | May 2013 Tender Offer [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Extinguishment Of Debt, Amount | 103 | ' | ||
Notes 5.375% Due 2017 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Carrying Amount | 1,000 | [3] | 1,000 | [3] |
Debt Instrument, Interest Rate, Stated Percentage | 5.38% | ' | ||
Debt Instrument, Maturity Year Date | '2017 | ' | ||
Debt Instrument, Call Feature | 'We may redeem the above notes, in whole or in part, at our option at any time at a redemption price in U.S. Dollars equal to the greater of 100% of the principal amount of the notes to be redeemed or the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed, discounted to the redemption date on a semiannual basis at the adjusted treasury rate plus 10-50 basis points. The redemption price will also include interest accrued to the date of redemption on the principal balance of the notes being redeemed. | ' | ||
Notes 1.800% Due 2017 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Carrying Amount | 1,500 | [3] | 1,500 | [3] |
Debt Instrument, Interest Rate, Stated Percentage | 1.80% | ' | ||
Debt Instrument, Maturity Year Date | '2017 | ' | ||
Debt Instrument, Call Feature | 'We may redeem the above notes, in whole or in part, at our option at any time at a redemption price in U.S. Dollars equal to the greater of 100% of the principal amount of the notes to be redeemed or the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed, discounted to the redemption date on a semiannual basis at the adjusted treasury rate plus 10-50 basis points. The redemption price will also include interest accrued to the date of redemption on the principal balance of the notes being redeemed. | ' | ||
Notes 6.800% Due 2018 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Carrying Amount | 99 | [1] | 99 | [1] |
Debt Instrument, Interest Rate, Stated Percentage | 6.80% | ' | ||
Debt Instrument, Maturity Year Date | '2018 | ' | ||
Debt Instrument, Call Feature | 'Includes notes and remaining fair market value adjustments that were assumed as a part of the Goodrich acquisition on JulyB 26, 2012. | ' | ||
Notes 6.125% Due 2019 GR [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Carrying Amount | 0 | [1] | 300 | [1] |
Debt Instrument, Interest Rate, Stated Percentage | 6.13% | ' | ||
Debt Instrument, Maturity Year Date | '2019 | ' | ||
Debt Instrument, Call Feature | 'Includes notes and remaining fair market value adjustments that were assumed as a part of the Goodrich acquisition on JulyB 26, 2012. | ' | ||
Notes 6.125% Due 2019 GR [Member] | August 2013 Redemption Call [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Extinguishment Of Debt, Amount | 202 | ' | ||
Notes 6.125% Due 2019 GR [Member] | Long-term Debt [Member] | May 2013 Tender Offer [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Extinguishment Of Debt, Amount | 98 | ' | ||
Notes 6.125% Due 2019 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Carrying Amount | 1,250 | [3] | 1,250 | [3] |
Debt Instrument, Interest Rate, Stated Percentage | 6.13% | ' | ||
Debt Instrument, Maturity Year Date | '2019 | ' | ||
Debt Instrument, Call Feature | 'We may redeem the above notes, in whole or in part, at our option at any time at a redemption price in U.S. Dollars equal to the greater of 100% of the principal amount of the notes to be redeemed or the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed, discounted to the redemption date on a semiannual basis at the adjusted treasury rate plus 10-50 basis points. The redemption price will also include interest accrued to the date of redemption on the principal balance of the notes being redeemed. | ' | ||
Notes 8.875% Due 2019 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Carrying Amount | 272 | 272 | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.88% | ' | ||
Debt Instrument, Maturity Year Date | '2019 | ' | ||
Notes 4.500% Due 2020 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Carrying Amount | 1,250 | [3] | 1,250 | [3] |
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ' | ||
Debt Instrument, Maturity Year Date | '2020 | ' | ||
Debt Instrument, Call Feature | 'We may redeem the above notes, in whole or in part, at our option at any time at a redemption price in U.S. Dollars equal to the greater of 100% of the principal amount of the notes to be redeemed or the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed, discounted to the redemption date on a semiannual basis at the adjusted treasury rate plus 10-50 basis points. The redemption price will also include interest accrued to the date of redemption on the principal balance of the notes being redeemed. | ' | ||
Notes 4.875% Due 2020 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Carrying Amount | 171 | [1] | 171 | [1] |
Debt Instrument, Interest Rate, Stated Percentage | 4.88% | ' | ||
Debt Instrument, Maturity Year Date | '2020 | ' | ||
Debt Instrument, Call Feature | 'Includes notes and remaining fair market value adjustments that were assumed as a part of the Goodrich acquisition on JulyB 26, 2012. | ' | ||
Notes 3.600% Due 2021 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Carrying Amount | 0 | [1] | 295 | [1] |
Debt Instrument, Interest Rate, Stated Percentage | 3.60% | ' | ||
Debt Instrument, Maturity Year Date | '2021 | ' | ||
Debt Instrument, Call Feature | 'Includes notes and remaining fair market value adjustments that were assumed as a part of the Goodrich acquisition on JulyB 26, 2012. | ' | ||
Notes 3.600% Due 2021 [Member] | September 2013 Redemption Call [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Extinguishment Of Debt, Amount | 294 | ' | ||
Notes 8.750% Due 2021 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Carrying Amount | 250 | 250 | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.75% | ' | ||
Debt Instrument, Maturity Year Date | '2021 | ' | ||
Notes 3.100% Due 2022 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Carrying Amount | 2,300 | [3] | 2,300 | [3] |
Debt Instrument, Interest Rate, Stated Percentage | 3.10% | ' | ||
Debt Instrument, Maturity Year Date | '2022 | ' | ||
Debt Instrument, Call Feature | 'We may redeem the above notes, in whole or in part, at our option at any time at a redemption price in U.S. Dollars equal to the greater of 100% of the principal amount of the notes to be redeemed or the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed, discounted to the redemption date on a semiannual basis at the adjusted treasury rate plus 10-50 basis points. The redemption price will also include interest accrued to the date of redemption on the principal balance of the notes being redeemed. | ' | ||
Junior Subordinated Notes 1.550% Due 2022 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Carrying Amount | 1,100 | [4] | 1,100 | [4] |
Debt Instrument, Interest Rate, Stated Percentage | 1.55% | ' | ||
Debt Instrument, Maturity Year Date | '2022 | ' | ||
Debt Instrument, Call Feature | 'The junior subordinated notes are redeemable at our option, in whole or in part, on a date not earlier than AugustB 1, 2017. The redemption price will be the principal amount, plus accrued and unpaid interest, if any, up to but excluding the redemption date. We may extend or eliminate the optional redemption date as part of a remarketing of the junior subordinated notes which could occur between AprilB 29, 2015 and JulyB 15, 2015 or between JulyB 23, 2015 and JulyB 29, 2015. | ' | ||
Notes 7.100% Due 2027 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Carrying Amount | 141 | [1] | 141 | [1] |
Debt Instrument, Interest Rate, Stated Percentage | 7.10% | ' | ||
Debt Instrument, Maturity Year Date | '2027 | ' | ||
Debt Instrument, Call Feature | 'Includes notes and remaining fair market value adjustments that were assumed as a part of the Goodrich acquisition on JulyB 26, 2012. | ' | ||
Notes 6.700% Due 2028 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Carrying Amount | 400 | 400 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.70% | ' | ||
Debt Instrument, Maturity Year Date | '2028 | ' | ||
Notes 7.500% Due 2029 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Carrying Amount | 550 | [3] | 550 | [3] |
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | ' | ||
Debt Instrument, Maturity Year Date | '2029 | ' | ||
Debt Instrument, Call Feature | 'We may redeem the above notes, in whole or in part, at our option at any time at a redemption price in U.S. Dollars equal to the greater of 100% of the principal amount of the notes to be redeemed or the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed, discounted to the redemption date on a semiannual basis at the adjusted treasury rate plus 10-50 basis points. The redemption price will also include interest accrued to the date of redemption on the principal balance of the notes being redeemed. | ' | ||
Notes 5.400% Due 2035 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Carrying Amount | 600 | [3] | 600 | [3] |
Debt Instrument, Interest Rate, Stated Percentage | 5.40% | ' | ||
Debt Instrument, Maturity Year Date | '2035 | ' | ||
Debt Instrument, Call Feature | 'We may redeem the above notes, in whole or in part, at our option at any time at a redemption price in U.S. Dollars equal to the greater of 100% of the principal amount of the notes to be redeemed or the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed, discounted to the redemption date on a semiannual basis at the adjusted treasury rate plus 10-50 basis points. The redemption price will also include interest accrued to the date of redemption on the principal balance of the notes being redeemed. | ' | ||
Notes 6.050% Due 2036 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Carrying Amount | 600 | [3] | 600 | [3] |
Debt Instrument, Interest Rate, Stated Percentage | 6.05% | ' | ||
Debt Instrument, Maturity Year Date | '2036 | ' | ||
Debt Instrument, Call Feature | 'We may redeem the above notes, in whole or in part, at our option at any time at a redemption price in U.S. Dollars equal to the greater of 100% of the principal amount of the notes to be redeemed or the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed, discounted to the redemption date on a semiannual basis at the adjusted treasury rate plus 10-50 basis points. The redemption price will also include interest accrued to the date of redemption on the principal balance of the notes being redeemed. | ' | ||
Notes 6.800% Due 2036 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Carrying Amount | 134 | [1] | 134 | [1] |
Debt Instrument, Interest Rate, Stated Percentage | 6.80% | ' | ||
Debt Instrument, Maturity Year Date | '2036 | ' | ||
Debt Instrument, Call Feature | 'Includes notes and remaining fair market value adjustments that were assumed as a part of the Goodrich acquisition on JulyB 26, 2012. | ' | ||
Notes 7.000% Due 2038 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Carrying Amount | 159 | [1] | 159 | [1] |
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | ' | ||
Debt Instrument, Maturity Year Date | '2038 | ' | ||
Debt Instrument, Call Feature | 'Includes notes and remaining fair market value adjustments that were assumed as a part of the Goodrich acquisition on JulyB 26, 2012. | ' | ||
Notes 6.125% Due 2038 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Carrying Amount | 1,000 | [3] | 1,000 | [3] |
Debt Instrument, Interest Rate, Stated Percentage | 6.13% | ' | ||
Debt Instrument, Maturity Year Date | '2038 | ' | ||
Debt Instrument, Call Feature | 'We may redeem the above notes, in whole or in part, at our option at any time at a redemption price in U.S. Dollars equal to the greater of 100% of the principal amount of the notes to be redeemed or the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed, discounted to the redemption date on a semiannual basis at the adjusted treasury rate plus 10-50 basis points. The redemption price will also include interest accrued to the date of redemption on the principal balance of the notes being redeemed. | ' | ||
Notes 5.700% Due 2040 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Carrying Amount | 1,000 | [3] | 1,000 | [3] |
Debt Instrument, Interest Rate, Stated Percentage | 5.70% | ' | ||
Debt Instrument, Maturity Year Date | '2040 | ' | ||
Debt Instrument, Call Feature | 'We may redeem the above notes, in whole or in part, at our option at any time at a redemption price in U.S. Dollars equal to the greater of 100% of the principal amount of the notes to be redeemed or the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed, discounted to the redemption date on a semiannual basis at the adjusted treasury rate plus 10-50 basis points. The redemption price will also include interest accrued to the date of redemption on the principal balance of the notes being redeemed. | ' | ||
Notes 4.500% Due 2042 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Carrying Amount | $3,500 | [3] | $3,500 | [3] |
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ' | ||
Debt Instrument, Maturity Year Date | '2042 | ' | ||
Debt Instrument, Call Feature | 'We may redeem the above notes, in whole or in part, at our option at any time at a redemption price in U.S. Dollars equal to the greater of 100% of the principal amount of the notes to be redeemed or the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed, discounted to the redemption date on a semiannual basis at the adjusted treasury rate plus 10-50 basis points. The redemption price will also include interest accrued to the date of redemption on the principal balance of the notes being redeemed. | ' | ||
[1] | Includes notes and remaining fair market value adjustments that were assumed as a part of the Goodrich acquisition on JulyB 26, 2012. | |||
[2] | The three-month LIBOR rate as of DecemberB 31,B 2013 was approximately 0.2%. | |||
[3] | We may redeem the above notes, in whole or in part, at our option at any time at a redemption price in U.S. Dollars equal to the greater of 100% of the principal amount of the notes to be redeemed or the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed, discounted to the redemption date on a semiannual basis at the adjusted treasury rate plus 10-50 basis points. The redemption price will also include interest accrued to the date of redemption on the principal balance of the notes being redeemed. | |||
[4] | The junior subordinated notes are redeemable at our option, in whole or in part, on a date not earlier than AugustB 1, 2017. The redemption price will be the principal amount, plus accrued and unpaid interest, if any, up to but excluding the redemption date. We may extend or eliminate the optional redemption date as part of a remarketing of the junior subordinated notes which could occur between AprilB 29, 2015 and JulyB 15, 2015 or between JulyB 23, 2015 and JulyB 29, 2015. |
Equity_Reclass_and_Changes_in_
Equity (Reclass and Changes in Accumulated Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | |
Other income, net | $1,151 | $952 | $573 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -2,880 | -5,448 | ' | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 2,008 | ' | ' | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 560 | ' | ' | |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 6,074 | 5,200 | 5,216 | |
Income Tax Expense (Benefit) | 2,238 | 1,711 | 2,134 | |
Sales Revenue, Goods, Net | 45,253 | 40,729 | 38,882 | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -79 | 3 | ' | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -100 | ' | ' | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 18 | ' | ' | |
Accumulated Translation Adjustment [Member] | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 170 | 654 | ' | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -509 | ' | ' | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 25 | ' | ' | |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -3,267 | -6,250 | ' | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 2,409 | ' | ' | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 574 | ' | ' | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 296 | 145 | ' | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 208 | ' | ' | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -57 | ' | ' | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | -23 | ' | ' | |
Income Tax Expense (Benefit) | 5 | ' | ' | |
Net Income (Loss) Available to Common Stockholders, Basic | -18 | ' | ' | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Translation Adjustment [Member] | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | |
Other income, net | -25 | ' | ' | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | |
Other Comprehensive (Income) Loss Amortization Adjustment from AOCI Pension and Other Postretirement Benefit Plans for Net Prior Service Cost (Credit) and Net Transition Asset (Obligation), before Tax | 44 | [1] | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | -950 | [1] | ' | ' |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | -906 | ' | ' | |
Income Tax Expense (Benefit) | 332 | ' | ' | |
Net Income (Loss) Available to Common Stockholders, Basic | -574 | ' | ' | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | |
Other income, net | 91 | ' | ' | |
Income Tax Expense (Benefit) | -34 | ' | ' | |
Net Income (Loss) Available to Common Stockholders, Basic | 57 | ' | ' | |
Foreign Exchange Contract [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | |
Sales Revenue, Goods, Net | -25 | ' | ' | |
Other Contract [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | |
Other income, net | $2 | ' | ' | |
[1] | (1) These accumulated other comprehensive components are included in the computation of net periodic pension cost (see Note 12 for additional details). |
Equity_Changes_in_Noncontrolli
Equity (Changes in Noncontrolling Interests) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Net [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to common shareowners | $1,463 | $1,432 | $1,560 | $1,266 | $2,057 | $1,415 | $1,328 | $330 | $5,721 | $5,130 | $4,979 |
Transfers to noncontrolling interest - Increase in common stock for purchase of subsidiary shares | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 3 |
Transfers to noncontrolling interests - Decrease in common stock for purchase of subsidiary shares | ' | ' | ' | ' | ' | ' | ' | ' | -49 | -34 | -54 |
Change from net income attributable to common shareowners and transfers to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | $5,672 | $5,096 | $4,928 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Notes to Consolidated Financial Statements [Abstract] | ' | ' | ' | ' | ' | ' |
Income Loss From Continuing Operations Before Income Taxes Domestic | ' | ' | ' | $3,658,000,000 | $2,595,000,000 | $3,168,000,000 |
Income Loss From Continuing Operations Before Income Taxes Foreign | ' | ' | ' | 4,654,000,000 | 4,316,000,000 | 4,182,000,000 |
Income from continuing operations before income taxes | ' | ' | ' | 8,312,000,000 | 6,911,000,000 | 7,350,000,000 |
Undistributed Earnings of Foreign Subsidiaries | 25,000,000,000 | ' | ' | 25,000,000,000 | ' | ' |
Current Federal Tax Expense Benefit | ' | ' | ' | 616,000,000 | 403,000,000 | 382,000,000 |
Current State And Local Tax Expense Benefit | ' | ' | ' | 55,000,000 | 9,000,000 | 96,000,000 |
Current Foreign Tax Expense Benefit | ' | ' | ' | 1,325,000,000 | 1,179,000,000 | 1,322,000,000 |
Current Income Tax Expense Benefit | ' | ' | ' | 1,996,000,000 | 1,591,000,000 | 1,800,000,000 |
Deferred Federal Income Tax Expense Benefit | ' | ' | ' | 262,000,000 | 335,000,000 | 526,000,000 |
Deferred State And Local Income Tax Expense Benefit | ' | ' | ' | 36,000,000 | 111,000,000 | 26,000,000 |
Deferred Foreign Income Tax Expense Benefit | ' | ' | ' | -56,000,000 | -326,000,000 | -218,000,000 |
Deferred income tax provision | ' | ' | ' | 242,000,000 | 120,000,000 | 334,000,000 |
Income tax expense | ' | ' | ' | 2,238,000,000 | 1,711,000,000 | 2,134,000,000 |
Other Tax Expense Benefit | ' | ' | ' | -1,661,000,000 | 297,000,000 | 864,000,000 |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate | ' | ' | ' | 35.00% | 35.00% | 35.00% |
Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential | ' | ' | ' | -5.80% | -6.40% | -4.40% |
Effective Income Tax Rate Reconciliation Tax Settlements | ' | ' | ' | -0.40% | -3.40% | -0.90% |
Effective Income Tax Rate Reconciliation Other Adjustments | ' | ' | ' | -1.90% | -0.40% | -0.70% |
Effective Income Tax Rate Continuing Operations | ' | ' | ' | 26.90% | 24.80% | 29.00% |
Tax Adjustments Settlements And Unusual Provisions | ' | ' | ' | 35,000,000 | 203,000,000 | 63,000,000 |
Other Information Pertaining To Income Taxes, Monetary | ' | ' | ' | 95,000,000 | 34,000,000 | ' |
Valuation Allowances and Reserves, Adjustments | ' | ' | ' | ' | 225,000,000 | ' |
Income Tax Credits and Adjustments | ' | ' | ' | 24,000,000 | ' | 17,000,000 |
Tax Settlement Interest Gain (Loss) | ' | ' | 34,000,000 | ' | ' | ' |
Tax Settlement Interest Gain (Loss) Cash | ' | ' | 10,000,000 | ' | ' | ' |
Tax Settlement Interest Gain (Loss) Noncash | ' | 2,000,000 | 24,000,000 | 12,000,000 | ' | ' |
Tax Settlement Gain (Loss) Noncash | $25,000,000 | $24,000,000 | ' | ' | ' | ' |
Income_Taxes_Tax_Carryforwards
Income Taxes (Tax Carryforwards) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Tax Credit Carryforward [Line Items] | ' | ' |
Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Benefits | $747 | $1,168 |
Deferred Tax Assets Other Asset Basis Differences | 365 | 119 |
Deferred Tax Assets Other Liability Basis Differences | 1,187 | 1,052 |
Deferred Tax Assets Operating Loss Carryforwards | 386 | 382 |
Deferred Tax Assets Tax Credit Carryforwards Other | 1,184 | 1,107 |
Deferred Tax Assets Valuation Allowance | -669 | -618 |
Deferred Tax Assets, Net | 3,200 | 3,210 |
Deferred Tax Liabilities Tax Deferred Expense Compensation and Benefits Employee Benefits | -992 | -2,238 |
Deferred Tax Liabilities Other Asset Basis Differences | 4,649 | 4,440 |
Deferred Tax Liabilities Other | -178 | -195 |
Deferred Tax Liabilities Operating Loss Carryforwards | -346 | -409 |
Deferred Tax Liabilities Tax Credit Carryforwards Other | -68 | -80 |
Deferred Tax Liabilities Valuation Allowance | 273 | 286 |
Deferred Tax Liabilities | 3,338 | 1,804 |
Operating Loss Carryforwards | 3,890 | ' |
Tax Credit Carryforward Amount | 1,251 | ' |
Expiration Period Current To Five Years [Member] | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' |
Operating Loss Carryforwards | 536 | ' |
Tax Credit Carryforward Amount | 43 | ' |
Expiration Period Six To Ten Years [Member] | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' |
Operating Loss Carryforwards | 315 | ' |
Tax Credit Carryforward Amount | 16 | ' |
Expiration Period Eleven To Twenty Years [Member] | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' |
Operating Loss Carryforwards | 794 | ' |
Tax Credit Carryforward Amount | 311 | ' |
Expiration Period Indefinite [Member] | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' |
Operating Loss Carryforwards | 2,245 | ' |
Tax Credit Carryforward Amount | $881 | ' |
Income_Taxes_Unrecognized_Tax_
Income Taxes (Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Unrecognized Tax Benefits That Would Impact Effective Tax Rate | $1,163 | ' | ' |
Unrecognized Tax Benefits, Beginning Balance | 1,073 | 946 | 891 |
Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions | 113 | 232 | 71 |
Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions | 211 | 221 | 71 |
Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations | -41 | -21 | -24 |
Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities | -133 | -305 | -63 |
Unrecognized Tax Benefits, Ending Balance | 1,223 | 1,073 | 946 |
Unrecognized Tax Benefits Interest On Income Taxes Expense | 51 | 40 | 23 |
Unrecognized Tax Benefits Interest On Income Taxes Accrued | 262 | 270 | 165 |
Reduction In Pretax Interest Income Refund Claim | ' | ' | 89 |
Reduction In Tax Expense Refund Claim | ' | 237 | ' |
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Estimated Range Of Change, Lower Bound | 215 | ' | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible Estimated Range of Change, Upper Bound | $625 | ' | ' |
Tax Benefits Claimed Related to French Revenue Authority | ' €237 million (approximately $324 million) | ' | ' |
Employee_Benefit_Plans_Defined
Employee Benefit Plans (Defined Benefit Pension Plans) (Details) (USD $) | 12 Months Ended | |||||
Share data in Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | ($3,987,000,000) | $1,542,000,000 | $2,692,000,000 | ' | ||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Arising During Period, before Tax | -225,000,000 | 211,000,000 | -21,000,000 | ' | ||
Defined Contribution Plan, Cost Recognized | 335,000,000 | 256,000,000 | 218,000,000 | ' | ||
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares | 30.6 | ' | ' | ' | ||
Employee Stock Ownership Plan (ESOP), Number of Suspense Shares | 15.5 | ' | ' | ' | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | 22,142,000,000 | 32,278,000,000 | ' | ' | ||
Employee Stock Ownership Plan (ESOP), Deferred Shares, Fair Value | 1,800,000,000 | ' | ' | ' | ||
Defined Benefit Plan, Accumulated Benefit Obligation | 31,900,000,000 | 34,400,000,000 | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 29,928,000,000 | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 31,355,000,000 | 29,928,000,000 | ' | ' | ||
Pension And Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | -3,444,000,000 | -7,520,000,000 | ' | ' | ||
Projected Benefit Obligation Reduction Due To Plan Change | ' | ' | ' | 623,000,000 | ||
Reduction in projected benefit obligation due to plan change in 2003 related to Goodrich acquisition | ' | 204,000,000 | ' | ' | ||
Percentage Of Projected Benefit Obligation Comprised Of Foreign Plan Benefits | 24.00% | ' | ' | ' | ||
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Benefit Cost, before Tax | -906,000,000 | -689,000,000 | -441,000,000 | ' | ||
Discontinued Operations Defined Benefit Plan Recognized Net Gain Loss Due to Settlements and Curtailments | -24,000,000 | 17,000,000 | ' | ' | ||
Range of Growth Seeking Assets in Company's Overall Investment Strategy | '55% to 65% | ' | ' | ' | ||
Range of Income Generating Assets in Company's Overall Investment Strategy | '35% to 45% | ' | ' | ' | ||
Percentage Of Enhanced Equity Assets In Global Equity Portfolio | 10.00% | ' | ' | ' | ||
Pecentage Of Interest Rate Sensitivity Of Pension Plan Liabilities Fixed Income Portfolio Designed To Hedge | '40% to 50% | ' | ' | ' | ||
Defined Benefit Plan Common Stock Funded Percentage | 3.00% | 3.00% | ' | ' | ||
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year, Description | '275000000 | ' | ' | ' | ||
Domestic Defined Benefit Plan Cash Contributions By Employer | 0 | 201,000,000 | ' | ' | ||
Foreign Defined Benefit Plan Cash Contributions By Employer | 108,000,000 | 229,000,000 | ' | ' | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | 21,475,000,000 | 31,147,000,000 | ' | ' | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | 19,884,000,000 | 25,889,000,000 | ' | ' | ||
Quoted price in active markets (Level 1) [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 7,527,000,000 | 7,586,000,000 | ' | ' | ||
Significant other observable inputs (Level 2) [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 19,301,000,000 | 17,779,000,000 | ' | ' | ||
Unobservable inputs (Level 3) [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 3,710,000,000 | 2,872,000,000 | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 3,935,000,000 | 3,710,000,000 | ' | ' | ||
Defined Benefit Plan, Actual Return on Plan Assets Acquired During Period | ' | 142,000,000 | ' | ' | ||
Defined Benefit Plan Actual Return On Plan Assets Sold During Period | 215,000,000 | 184,000,000 | ' | ' | ||
Defined Benefit Plan Actual Return On Plan Assets Still Held | 145,000,000 | 183,000,000 | ' | ' | ||
Defined Benefit Plan Purchases Sales And Settlements | -135,000,000 | 329,000,000 | ' | ' | ||
Global Equities [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 6,841,000,000 | 6,413,000,000 | ' | ' | ||
Global Equities [Member] | Quoted price in active markets (Level 1) [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 6,840,000,000 | 6,413,000,000 | ' | ' | ||
Global Equities [Member] | Significant other observable inputs (Level 2) [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 1,000,000 | 0 | ' | ' | ||
Global Equities [Member] | Unobservable inputs (Level 3) [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | 0 | ' | ' | ||
Global Equity Commingled Funds [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 4,881,000,000 | [1] | 4,114,000,000 | [1] | ' | ' |
Global Equity Commingled Funds [Member] | Quoted price in active markets (Level 1) [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | [1] | 0 | [1] | ' | ' |
Global Equity Commingled Funds [Member] | Significant other observable inputs (Level 2) [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 4,881,000,000 | [1] | 4,114,000,000 | [1] | ' | ' |
Global Equity Commingled Funds [Member] | Unobservable inputs (Level 3) [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | [1] | 0 | [1] | ' | ' |
Enhanced Global Equities [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 3,002,000,000 | [2] | 2,575,000,000 | [2] | ' | ' |
Enhanced Global Equities [Member] | Quoted price in active markets (Level 1) [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 261,000,000 | [2] | 169,000,000 | [2] | ' | ' |
Enhanced Global Equities [Member] | Significant other observable inputs (Level 2) [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 2,241,000,000 | [2] | 1,959,000,000 | [2] | ' | ' |
Enhanced Global Equities [Member] | Unobservable inputs (Level 3) [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 447,000,000 | [2] | 239,000,000 | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 500,000,000 | [2] | 447,000,000 | [2] | ' | ' |
Defined Benefit Plan, Actual Return on Plan Assets Acquired During Period | ' | 63,000,000 | ' | ' | ||
Defined Benefit Plan Actual Return On Plan Assets Sold During Period | 0 | 1,000,000 | ' | ' | ||
Defined Benefit Plan Actual Return On Plan Assets Still Held | 50,000,000 | 31,000,000 | ' | ' | ||
Defined Benefit Plan Purchases Sales And Settlements | 3,000,000 | 113,000,000 | ' | ' | ||
Private Equity Funds [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 1,339,000,000 | [3] | 1,202,000,000 | [3] | ' | ' |
Private Equity Funds [Member] | Quoted price in active markets (Level 1) [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | [3] | 0 | [3] | ' | ' |
Private Equity Funds [Member] | Significant other observable inputs (Level 2) [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | [3] | 0 | [3] | ' | ' |
Private Equity Funds [Member] | Unobservable inputs (Level 3) [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 1,202,000,000 | [3] | 1,159,000,000 | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 1,339,000,000 | [3] | 1,202,000,000 | [3] | ' | ' |
Defined Benefit Plan, Actual Return on Plan Assets Acquired During Period | ' | 0 | ' | ' | ||
Defined Benefit Plan Actual Return On Plan Assets Sold During Period | 195,000,000 | 174,000,000 | ' | ' | ||
Defined Benefit Plan Actual Return On Plan Assets Still Held | 9,000,000 | 14,000,000 | ' | ' | ||
Defined Benefit Plan Purchases Sales And Settlements | -49,000,000 | -117,000,000 | ' | ' | ||
US Treasury And Government [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 1,731,000,000 | 2,424,000,000 | ' | ' | ||
US Treasury And Government [Member] | Quoted price in active markets (Level 1) [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 424,000,000 | 1,003,000,000 | ' | ' | ||
US Treasury And Government [Member] | Significant other observable inputs (Level 2) [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 1,307,000,000 | 1,421,000,000 | ' | ' | ||
US Treasury And Government [Member] | Unobservable inputs (Level 3) [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | 0 | ' | ' | ||
Corporate Debt Securities [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 8,757,000,000 | 7,975,000,000 | ' | ' | ||
Corporate Debt Securities [Member] | Quoted price in active markets (Level 1) [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | 0 | ' | ' | ||
Corporate Debt Securities [Member] | Significant other observable inputs (Level 2) [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 8,461,000,000 | 7,699,000,000 | ' | ' | ||
Corporate Debt Securities [Member] | Unobservable inputs (Level 3) [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 276,000,000 | 110,000,000 | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 296,000,000 | 276,000,000 | ' | ' | ||
Defined Benefit Plan, Actual Return on Plan Assets Acquired During Period | ' | 0 | ' | ' | ||
Defined Benefit Plan Actual Return On Plan Assets Sold During Period | 0 | 3,000,000 | ' | ' | ||
Defined Benefit Plan Actual Return On Plan Assets Still Held | 2,000,000 | 51,000,000 | ' | ' | ||
Defined Benefit Plan Purchases Sales And Settlements | 18,000,000 | 112,000,000 | ' | ' | ||
Asset Backed Securities [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 80,000,000 | [4] | 21,000,000 | [4] | ' | ' |
Asset Backed Securities [Member] | Quoted price in active markets (Level 1) [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | [4] | 0 | [4] | ' | ' |
Asset Backed Securities [Member] | Significant other observable inputs (Level 2) [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 80,000,000 | [4] | 21,000,000 | [4] | ' | ' |
Asset Backed Securities [Member] | Unobservable inputs (Level 3) [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | [4] | 0 | [4] | ' | ' |
Real Estate [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 1,813,000,000 | [5] | 1,804,000,000 | [5] | ' | ' |
Real Estate [Member] | Quoted price in active markets (Level 1) [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | [5] | 0 | [5] | ' | ' |
Real Estate [Member] | Significant other observable inputs (Level 2) [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 13,000,000 | [5] | 19,000,000 | [5] | ' | ' |
Real Estate [Member] | Unobservable inputs (Level 3) [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 1,785,000,000 | [5] | 1,364,000,000 | ' | ' | |
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 1,800,000,000 | [5] | 1,785,000,000 | [5] | ' | ' |
Defined Benefit Plan, Actual Return on Plan Assets Acquired During Period | ' | 79,000,000 | ' | ' | ||
Defined Benefit Plan Actual Return On Plan Assets Sold During Period | 20,000,000 | 6,000,000 | ' | ' | ||
Defined Benefit Plan Actual Return On Plan Assets Still Held | 102,000,000 | 115,000,000 | ' | ' | ||
Defined Benefit Plan Purchases Sales And Settlements | -107,000,000 | 221,000,000 | ' | ' | ||
Other Pension Plan Assets [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 2,110,000,000 | [6] | 2,182,000,000 | [6] | ' | ' |
Other Pension Plan Assets [Member] | Quoted price in active markets (Level 1) [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | [6] | 0 | [6] | ' | ' |
Other Pension Plan Assets [Member] | Significant other observable inputs (Level 2) [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 2,110,000,000 | [6] | 2,182,000,000 | [6] | ' | ' |
Other Pension Plan Assets [Member] | Unobservable inputs (Level 3) [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | [6] | 0 | [6] | ' | ' |
Cash And Cash Equivalents [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 209,000,000 | [7] | 365,000,000 | [7] | ' | ' |
Cash And Cash Equivalents [Member] | Quoted price in active markets (Level 1) [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 2,000,000 | [7] | 1,000,000 | [7] | ' | ' |
Cash And Cash Equivalents [Member] | Significant other observable inputs (Level 2) [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 207,000,000 | [7] | 364,000,000 | [7] | ' | ' |
Cash And Cash Equivalents [Member] | Unobservable inputs (Level 3) [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | [7] | 0 | [7] | ' | ' |
Other Assets And Liabilities [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 592,000,000 | [8] | 853,000,000 | [8] | ' | ' |
Pension Plan Assets Leveled [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 30,763,000,000 | 29,075,000,000 | ' | ' | ||
Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | -3,925,000,000 | ' | ' | ' | ||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Arising During Period, before Tax | 226,000,000 | ' | ' | ' | ||
Pension Plan Assets Assumed Through Acquisition | ' | 3,800,000,000 | ' | ' | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.70% | 4.00% | ' | ' | ||
Defined Benefit Plan, Funded Status of Plan | -1,671,000,000 | -5,780,000,000 | ' | ' | ||
Defined Benefit Plan, Benefit Obligation, Beginning Balance | 33,026,000,000 | 35,708,000,000 | 27,167,000,000 | ' | ||
Defined Benefit Plan, Service Cost | 569,000,000 | 500,000,000 | 444,000,000 | ' | ||
Defined Benefit Plan, Interest Cost | 1,373,000,000 | 1,331,000,000 | 1,298,000,000 | ' | ||
Defined Benefit Plan, Actuarial Gain (Loss) | -3,027,000,000 | 2,855,000,000 | ' | ' | ||
Defined Benefit Plan, Benefits Paid | -1,601,000,000 | -1,357,000,000 | ' | ' | ||
Defined Benefit Plan, Net Settlements Curtailments Benefit Obligation | -53,000,000 | -90,000,000 | ' | ' | ||
Defined Benefit Plan Plan Amendments | 224,000,000 | -195,000,000 | ' | ' | ||
Defined Benefit Plan, Business Combinations and Acquisitions, Benefit Obligation | 0 | 5,235,000,000 | ' | ' | ||
Defined Benefit Plan, Benefit Obligation, Other | 167,000,000 | 262,000,000 | ' | ' | ||
Defined Benefit Plan, Benefit Obligation, Ending Balance | -33,026,000,000 | -35,708,000,000 | -27,167,000,000 | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 29,928,000,000 | 23,542,000,000 | ' | ' | ||
Defined Benefit Plan Actual Return On Plan Assets | 3,019,000,000 | 3,306,000,000 | ' | ' | ||
Contributions to Defined Benefit Plans | 236,000,000 | 516,000,000 | ' | ' | ||
Defined Benefit Plan, Plan Assets, Benefits Paid | -1,601,000,000 | -1,357,000,000 | ' | ' | ||
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets | 0 | 3,800,000,000 | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Other | 227,000,000 | 121,000,000 | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 31,355,000,000 | 29,928,000,000 | 23,542,000,000 | ' | ||
Defined Benefit Plan, Benefit Obligation, Beginning Balance | -35,708,000,000 | -27,167,000,000 | ' | ' | ||
Defined Benefit Plan Assets For Plan Benefits Noncurrent | -768,000,000 | -643,000,000 | ' | ' | ||
Pension And Other Postretirement Defined Benefit Plans Current Liabilities | -74,000,000 | -105,000,000 | ' | ' | ||
Pension And Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | -2,365,000,000 | -6,318,000,000 | ' | ' | ||
Defined Benefit Plan Amounts Recognized In Balance Sheet | -1,671,000,000 | -5,780,000,000 | ' | ' | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | -5,261,000,000 | -10,215,000,000 | ' | ' | ||
Other Comprehensive Income Defined Benefit Plan Net Prior Service Cost Credit Arising During Period Before Tax | -37,000,000 | -322,000,000 | ' | ' | ||
Business Acquisition Pension and Post Retirement Obligations Assumed | ' | 5,200,000,000 | ' | ' | ||
Percentage Of Projected Benefit Obligation Comprised Of Domestic Plan Benefits | 74.00% | ' | ' | ' | ||
Defined Benefit Plan, Expected Return on Plan Assets | -2,107,000,000 | -1,944,000,000 | -1,834,000,000 | ' | ||
Defined Benefit Plan Amortization Of Prior Service Cost Credit | -34,000,000 | -24,000,000 | -12,000,000 | ' | ||
Defined Benefit Plan Amortization Of Transition Obligations Assets | 0 | 1,000,000 | 1,000,000 | ' | ||
Defined Benefit Plan Amortization Of Gains Losses | 954,000,000 | 722,000,000 | 462,000,000 | ' | ||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 1,000,000 | 77,000,000 | 16,000,000 | ' | ||
Defined Benefit Plan, Net Periodic Benefit Cost | 756,000,000 | 663,000,000 | 375,000,000 | ' | ||
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | -954,000,000 | ' | ' | ' | ||
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Benefit Cost, before Tax | 34,000,000 | ' | ' | ' | ||
Other Comprehensive Income Defined Benefit Plans Other | -50,000,000 | ' | ' | ' | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | -4,669,000,000 | ' | ' | ' | ||
Defined Benefit Plan Amortization Of Net Gains Losses | 430,000,000 | ' | ' | ' | ||
Defined Benefit Plan Amortization Of Net Prior Service Cost Credit | -9,000,000 | ' | ' | ' | ||
Defined Benefit Plan Amounts That Will Be Amortized From Accumulated Other Comprehensive Income Loss In Next Fiscal Year | 421,000,000 | ' | ' | ' | ||
Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Discount Rate | 4.00% | 4.60% | 5.40% | ' | ||
Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Rate Of Compensation Increase | 4.20% | 4.30% | 4.40% | ' | ||
Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets | 7.70% | 7.70% | 7.90% | ' | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 4.20% | 4.20% | ' | ' | ||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 1,710,000,000 | ' | ' | ' | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 1,732,000,000 | ' | ' | ' | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 1,802,000,000 | ' | ' | ' | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 1,886,000,000 | ' | ' | ' | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 1,966,000,000 | ' | ' | ' | ||
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 10,834,000,000 | ' | ' | ' | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | 5,224,000,000 | 9,893,000,000 | ' | ' | ||
Net Recognized In Net Periodic Benefit Cost And Other Comprehensive Income Loss | -3,913,000,000 | ' | ' | ' | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | -62,000,000 | ' | ' | ' | ||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Arising During Period, before Tax | -1,000,000 | -11,000,000 | ' | ' | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.40% | 3.60% | ' | ' | ||
Defined Benefit Plan, Funded Status of Plan | -987,000,000 | -1,106,000,000 | ' | ' | ||
Defined Benefit Plan, Benefit Obligation, Beginning Balance | 987,000,000 | 1,106,000,000 | 784,000,000 | ' | ||
Defined Benefit Plan, Service Cost | 3,000,000 | 3,000,000 | 3,000,000 | ' | ||
Defined Benefit Plan, Interest Cost | 38,000,000 | 37,000,000 | 39,000,000 | ' | ||
Defined Benefit Plan, Actuarial Gain (Loss) | -62,000,000 | 45,000,000 | ' | ' | ||
Defined Benefit Plan, Business Combinations and Acquisitions, Benefit Obligation | 0 | 328,000,000 | ' | ' | ||
Defined Benefit Plan, Benefit Obligation, Other | 21,000,000 | 16,000,000 | ' | ' | ||
Defined Benefit Plan, Benefit Obligation, Ending Balance | -987,000,000 | -1,106,000,000 | -784,000,000 | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 0 | 0 | ' | ' | ||
Defined Benefit Plan Actual Return On Plan Assets | 0 | 0 | ' | ' | ||
Contributions to Defined Benefit Plans | 95,000,000 | 85,000,000 | ' | ' | ||
Defined Benefit Plan, Plan Assets, Benefits Paid | -119,000,000 | -107,000,000 | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Other | 24,000,000 | 22,000,000 | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | 0 | 0 | ' | ||
Defined Benefit Plan, Benefit Obligation, Beginning Balance | -1,106,000,000 | -784,000,000 | ' | ' | ||
Pension And Other Postretirement Defined Benefit Plans Current Liabilities | -86,000,000 | -91,000,000 | ' | ' | ||
Pension And Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | -901,000,000 | -1,015,000,000 | ' | ' | ||
Defined Benefit Plan Amounts Recognized In Balance Sheet | -987,000,000 | -1,106,000,000 | ' | ' | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | 124,000,000 | 65,000,000 | ' | ' | ||
Business Acquisition Pension and Post Retirement Obligations Assumed | ' | 328,000,000 | ' | ' | ||
Percentage Of Projected Benefit Obligation Comprised Of Domestic Plan Benefits | 89.00% | ' | ' | ' | ||
Projected Benefit Obligation Reduction Due To Plan Change | ' | 16,000,000 | ' | ' | ||
Defined Benefit Plan, Expected Return on Plan Assets | 0 | 0 | -1,000,000 | ' | ||
Defined Benefit Plan Amortization Of Prior Service Cost Credit | -10,000,000 | -4,000,000 | -2,000,000 | ' | ||
Defined Benefit Plan Amortization Of Gains Losses | -4,000,000 | -6,000,000 | -8,000,000 | ' | ||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 0 | -2,000,000 | -8,000,000 | ' | ||
Defined Benefit Plan, Net Periodic Benefit Cost | 27,000,000 | 28,000,000 | 23,000,000 | ' | ||
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | 4,000,000 | ' | ' | ' | ||
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Benefit Cost, before Tax | 10,000,000 | ' | ' | ' | ||
Other Comprehensive Income Defined Benefit Plans Other | 0 | ' | ' | ' | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | -49,000,000 | ' | ' | ' | ||
Defined Benefit Plan Amortization Of Net Gains Losses | 3,000,000 | ' | ' | ' | ||
Defined Benefit Plan Amortization Of Net Prior Service Cost Credit | 1,000,000 | ' | ' | ' | ||
Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Discount Rate | 3.60% | 4.20% | 4.90% | ' | ||
Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets | 0.00% | 0.00% | 5.00% | ' | ||
Defined Benefit Plan Health Care Cost Trend Rate Assumed For Next Fiscal Year | 7.50% | 8.00% | ' | ' | ||
Defined Benefit Plan Ultimate Health Care Cost Trend Rate | 5.00% | 5.00% | ' | ' | ||
Defined Benefit Plan Year That Rate Reaches Ultimate Trend Rate | '2019 | '2019 | ' | ' | ||
Defined Benefit Plan Effect Of One Percentage Point Increase On Service And Interest Cost Components | 3,000,000 | ' | ' | ' | ||
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components 1 | -2,000,000 | ' | ' | ' | ||
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 69,000,000 | ' | ' | ' | ||
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation 1 | -59,000,000 | ' | ' | ' | ||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 86,000,000 | ' | ' | ' | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 83,000,000 | ' | ' | ' | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 80,000,000 | ' | ' | ' | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 74,000,000 | ' | ' | ' | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 68,000,000 | ' | ' | ' | ||
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 283,000,000 | ' | ' | ' | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | -125,000,000 | -76,000,000 | ' | ' | ||
Net Recognized In Net Periodic Benefit Cost And Other Comprehensive Income Loss | $22,000,000 | ' | ' | ' | ||
[1] | Represents commingled funds that invest primarily in common stocks. | |||||
[2] | Represents enhanced equity separate account and commingled fund portfolios. A portion of the portfolio may include long-short market neutral and relative value strategies that invest in publicly traded, equity and fixed income securities, as well as derivatives of equity and fixed income securities and foreign currency. | |||||
[3] | Represents limited partner investments with general partners that primarily invest in debt and equity. | |||||
[4] | Represents mortgage and asset-backed securities. | |||||
[5] | Represents investments in real estate including commingled funds and directly held properties. | |||||
[6] | Represents insurance contracts and global balanced risk commingled funds consisting mainly of equity, bonds and some commodities. | |||||
[7] | Represents short-term commercial paper, bonds and other cash or cash-like instruments. | |||||
[8] | Represents trust receivables and payables that are not leveled. |
Employee_Benefits_Plans_Multie
Employee Benefits Plans (Multiemployer Plan) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Multiemployer Plans [Line Items] | ' | ' | ' |
Multiemployer Plans General Nature | 'The risks of participating in these multiemployer plans are different from single-employer plans in that assets contributed are pooled and may be used to provide benefits to employees of other participating employers. If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. Lastly, if we choose to stop participating in some of our multiemployer plans, we may be required to pay those plans a withdrawal liability based on the underfunded status of the plan. | ' | ' |
Multiemployer Plans Period Contributions | $105 | $99 | $94 |
Multiemployer Plans Period Contributions Other Than Pensions | 12 | 11 | 10 |
National Elevator Industry Plan [Member] | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
Entity Tax Identification Number | '232694291 | ' | ' |
Multiemployer Plans Certified Zone Status | 'Green | 'Green | ' |
Multiemployer Plans Funding Improvement Plan And Rehabilitation Plan | 'No | ' | ' |
Multiemployer Plans Period Contributions | 71 | 63 | 56 |
Multiemployer Plans Surcharge | 'No | ' | ' |
Multiemployer Plans Collective Bargaining Arrangement Expiration Date | 8-Jul-17 | ' | ' |
Multiemployer Plans Employees Increase Decrease Percentage | 5.00% | ' | ' |
Other Funds [Member] | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
Multiemployer Plans Period Contributions | $34 | $36 | $38 |
Employee_Benefit_Plans_Stock_B
Employee Benefit Plans (Stock Based Compensation) (Details) (USD $) | 12 Months Ended | ||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '1 year 10 months 24 days | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 26.00% | 30.00% | 26.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 119 | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net Forfeitures | ' | 3.6 | ' | ||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Vested In Period Total Fair Value | $219 | $187 | $170 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 27.00% | 35.00% | 32.00% | ||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate | 27.00% | 30.00% | 26.00% | ||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate | 2.60% | 2.30% | 2.40% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 0.10% | 0.00% | 0.10% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 1.90% | 2.00% | 3.50% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 32 | ' | ' | ||
Expected Range Of Shares Awarded Annually Under Long Term Incentive Plan | '1% to 1.5% | ' | ' | ||
Allocated Share-based Compensation Expense | 275 | 210 | 221 | ||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 97 | 76 | 75 | ||
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | 378 | 381 | 226 | ||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | 194 | 111 | 101 | ||
Employee Service Share Based Compensation Tax Benefit Realized From Vesting Of Performance Share Units | 26 | 15 | 19 | ||
Employee Service Share Based Compensation Cash Flow Tax Benefit Reported | 115 | 67 | 81 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 185 | ' | ' | ||
Maximum [Member] | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '7 years 7 months 6 days | '7 years 8 months 12 days | '8 years | ||
Minimum [Member] | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '7 years 3 months 18 days | '7 years 4 months 24 days | '7 years 6 months | ||
Stock Options [Member] | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ||
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number, Beginning Balance | 13,806 | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net Forfeitures | 309 | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | -7,840 | ' | ' | ||
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period | -36 | ' | ' | ||
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number, Ending Balance | 6,239 | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning of Period | $52.45 | [1] | ' | ' | |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price | $87.46 | [1] | ' | ' | |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price | $49.40 | [1] | ' | ' | |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price | $75.04 | [1] | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, End of Period | $57.88 | [1] | ' | ' | |
Stock Options And Stock Appreciation Rights SARS [Member] | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | '3 years 10 months 24 days | [2] | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $19.91 | $19.32 | $20.26 | ||
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value | 608 | 370 | 336 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 43,979 | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $69.70 | [3] | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | 1,939 | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | '5 years 6 months | [2] | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 27,656 | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $63.44 | [3] | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 1,393 | ' | ' | ||
Stock Appreciation Rights (SARs) [Member] | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ||
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number, Beginning Balance | 38,421 | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net Forfeitures | 6,719 | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | -5,747 | ' | ' | ||
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period | -1,178 | ' | ' | ||
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number, Ending Balance | 38,215 | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning of Period | $68.70 | [1] | ' | ' | |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price | $86.87 | [1] | ' | ' | |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price | $63.19 | [1] | ' | ' | |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price | $81.31 | [1] | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, End of Period | $72.33 | [1] | ' | ' | |
Performance Shares [Member] | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ||
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number, Beginning Balance | 2,791 | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net Forfeitures | 942 | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | -886 | ' | ' | ||
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period | -146 | ' | ' | ||
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number, Ending Balance | 2,701 | 2,791 | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning of Period | $74.77 | [4] | ' | ' | |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price | $84.03 | [4] | ' | ' | |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price | $71.80 | [4] | ' | ' | |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price | $78.63 | [4] | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, End of Period | $78.77 | [4] | $74.77 | [4] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $91.71 | $82.15 | $87.65 | ||
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value | 75 | 46 | 59 | ||
Other Incentives [Member] | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ||
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number, Beginning Balance | 1,284 | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net Forfeitures | 543 | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | -233 | ' | ' | ||
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period | -116 | ' | ' | ||
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number, Ending Balance | 1,478 | ' | ' | ||
Performance Share Units And Restricted Stock [Member] | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 3,722 | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $0 | [3] | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $424 | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | '1 year 1 month 6 days | [2] | ' | ' | |
[1] | weighted-average exercise price | ||||
[2] | weighted-average contractual remaining term in years | ||||
[3] | weighted-average exercise price per share | ||||
[4] | weighted-average grant stock price |
Restructuring_and_Other_Costs_1
Restructuring and Other Costs (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Costs | $479 | ' |
Restructuring Charges Continuing Operations | 481 | ' |
Restructuring Charges Discontinued Operations | -2 | ' |
Current Year Actions [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Costs | 421 | ' |
Restructuring Reserve Settled | -206 | ' |
Restructuring Reserve Ending Balance | 215 | ' |
Restructuring And Other Costs Expected Cost | 480 | ' |
Restructuring And Other Costs Incurred Cost | -421 | ' |
Restructuring And Other Costs Remaining Expected Cost | 59 | ' |
Prior Year Actions [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Costs | 60 | ' |
Restructuring Reserve Beginning Balance | 339 | ' |
Restructuring Reserve Settled | -266 | ' |
Restructuring Reserve Ending Balance | 133 | 339 |
Restructuring And Other Costs Expected Cost | 661 | ' |
Restructuring And Other Costs Incurred Cost | -60 | -576 |
Restructuring And Other Costs Remaining Expected Cost | 25 | ' |
Prior Two Year Actions [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Costs | 2 | ' |
Otis [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Costs | 88 | ' |
Otis [Member] | Current Year Actions [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring And Other Costs Expected Cost | 75 | ' |
Restructuring And Other Costs Incurred Cost | -69 | ' |
Restructuring And Other Costs Remaining Expected Cost | 6 | ' |
Otis [Member] | Prior Year Actions [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring And Other Costs Expected Cost | 156 | ' |
Restructuring And Other Costs Incurred Cost | -9 | -146 |
Restructuring And Other Costs Remaining Expected Cost | 1 | ' |
UTC Climate, Controls and Security [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Costs | 97 | ' |
UTC Climate, Controls and Security [Member] | Current Year Actions [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring And Other Costs Expected Cost | 124 | ' |
Restructuring And Other Costs Incurred Cost | -89 | ' |
Restructuring And Other Costs Remaining Expected Cost | 35 | ' |
UTC Climate, Controls and Security [Member] | Prior Year Actions [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring And Other Costs Expected Cost | 147 | ' |
Restructuring And Other Costs Incurred Cost | -18 | -123 |
Restructuring And Other Costs Remaining Expected Cost | 6 | ' |
Pratt and Whitney [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Costs | 154 | ' |
Pratt and Whitney [Member] | Current Year Actions [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring And Other Costs Expected Cost | 158 | ' |
Restructuring And Other Costs Incurred Cost | -154 | ' |
Restructuring And Other Costs Remaining Expected Cost | 4 | ' |
Pratt and Whitney [Member] | Prior Year Actions [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring And Other Costs Expected Cost | 94 | ' |
Restructuring And Other Costs Incurred Cost | 0 | -94 |
Restructuring And Other Costs Remaining Expected Cost | 0 | ' |
UTC Aerospace Systems [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Costs | 92 | ' |
UTC Aerospace Systems [Member] | Current Year Actions [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring And Other Costs Expected Cost | 85 | ' |
Restructuring And Other Costs Incurred Cost | -71 | ' |
Restructuring And Other Costs Remaining Expected Cost | 14 | ' |
UTC Aerospace Systems [Member] | Prior Year Actions [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring And Other Costs Expected Cost | 157 | ' |
Restructuring And Other Costs Incurred Cost | -21 | -121 |
Restructuring And Other Costs Remaining Expected Cost | 15 | ' |
Sikorsky [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Costs | 50 | ' |
Sikorsky [Member] | Current Year Actions [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring And Other Costs Expected Cost | 38 | ' |
Restructuring And Other Costs Incurred Cost | -38 | ' |
Restructuring And Other Costs Remaining Expected Cost | 0 | ' |
Sikorsky [Member] | Prior Year Actions [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring And Other Costs Expected Cost | 62 | ' |
Restructuring And Other Costs Incurred Cost | -12 | -47 |
Restructuring And Other Costs Remaining Expected Cost | 3 | ' |
Eliminations and other [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Costs | 0 | ' |
Eliminations and other [Member] | Current Year Actions [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring And Other Costs Expected Cost | 0 | ' |
Restructuring And Other Costs Incurred Cost | 0 | ' |
Restructuring And Other Costs Remaining Expected Cost | 0 | ' |
Eliminations and other [Member] | Prior Year Actions [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring And Other Costs Expected Cost | 19 | ' |
Restructuring And Other Costs Incurred Cost | 0 | -19 |
Restructuring And Other Costs Remaining Expected Cost | 0 | ' |
Segment, Discontinued Operations [Member] | Current Year Actions [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring And Other Costs Expected Cost | 0 | ' |
Restructuring And Other Costs Incurred Cost | 0 | ' |
Restructuring And Other Costs Remaining Expected Cost | 0 | ' |
Segment, Discontinued Operations [Member] | Prior Year Actions [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring And Other Costs Expected Cost | 26 | ' |
Restructuring And Other Costs Incurred Cost | 0 | -26 |
Restructuring And Other Costs Remaining Expected Cost | 0 | ' |
Cost Of Sales [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Costs | 215 | ' |
Cost Of Sales [Member] | Current Year Actions [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Costs | 164 | ' |
Cost Of Sales [Member] | Prior Year Actions [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Costs | 46 | ' |
Selling General and Administrative [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Costs | 265 | ' |
Selling General and Administrative [Member] | Current Year Actions [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Costs | 257 | ' |
Selling General and Administrative [Member] | Prior Year Actions [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Costs | 13 | ' |
Other Income Net [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Costs | 1 | ' |
Other Income Net [Member] | Prior Year Actions [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Costs | 1 | ' |
Employee Severance [Member] | Current Year Actions [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Costs | 381 | ' |
Restructuring Reserve Settled | -185 | ' |
Restructuring Reserve Ending Balance | 196 | ' |
Employee Severance [Member] | Prior Year Actions [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Costs | 14 | ' |
Restructuring Reserve Beginning Balance | 289 | ' |
Restructuring Reserve Settled | -218 | ' |
Restructuring Reserve Ending Balance | 85 | ' |
Asset Write Downs [Member] | Current Year Actions [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Costs | 15 | ' |
Restructuring Reserve Settled | -15 | ' |
Restructuring Reserve Ending Balance | 0 | ' |
Asset Write Downs [Member] | Prior Year Actions [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Costs | 1 | ' |
Restructuring Reserve Beginning Balance | 0 | ' |
Restructuring Reserve Settled | -1 | ' |
Restructuring Reserve Ending Balance | 0 | ' |
Facility Exit [Member] | Current Year Actions [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Costs | 25 | ' |
Restructuring Reserve Settled | -6 | ' |
Restructuring Reserve Ending Balance | 19 | ' |
Facility Exit [Member] | Prior Year Actions [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Costs | 45 | ' |
Restructuring Reserve Beginning Balance | 50 | ' |
Restructuring Reserve Settled | -47 | ' |
Restructuring Reserve Ending Balance | $48 | ' |
Financial_Instruments_Narrativ
Financial Instruments (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Notes to Consolidated Financial Statements [Abstract] | ' | ' |
Four Quarter Rolling Average Of Notional Amount Of Foreign Exchange Contracts Hedging Foreign Currency Transactions | $12,300,000,000 | $11,800,000,000 |
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $22,000,000 | ($120,000,000) |
Financial_Instruments_Fair_Val
Financial Instruments (Fair Value of Derivative Instruments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Assets, Total [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Foreign Currency Cash Flow Hedge Asset at Fair Value | $59 | $78 |
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 31 | 50 |
Liabilities, Total [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Foreign Currency Cash Flow Hedge Liability at Fair Value | 103 | 11 |
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | $54 | $138 |
Financial_Instruments_Impact_f
Financial Instruments (Impact from Foreign Exchange Derivative Instruments) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' |
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax | ($136) | $88 |
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | -25 | 31 |
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | ($35) | ' |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value Hierarchy) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | $988 | $781 |
Derivative Financial Instruments Assets, Fair Value Disclosure | 90 | 128 |
Derivative Financial Instruments Liabilities, Fair Value Disclosure | -157 | -149 |
Equity Method Investments, Fair Value Disclosure | -25 | 432 |
Business Dispositions, Fair Value Disclosure | 66 | 84 |
Net Gains on Nonrecurring Fair Value Measurement | 55 | 157 |
Net Gains of Sale of Controlling Interest | ' | 357 |
Non Cash Net Gain | ' | 272 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 193 | 32 |
Net Gains on Previously Held Interests | ' | 34 |
Equity Method Investment, Other than Temporary Impairment | ' | 168 |
Fair Value, Measurements, Recurring [Member] | Quoted price in active markets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 988 | 781 |
Derivative Financial Instruments Assets, Fair Value Disclosure | 0 | 0 |
Derivative Financial Instruments Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant other observable inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 0 | 0 |
Derivative Financial Instruments Assets, Fair Value Disclosure | 90 | 128 |
Derivative Financial Instruments Liabilities, Fair Value Disclosure | -157 | -149 |
Fair Value, Measurements, Recurring [Member] | Unobservable inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 0 | 0 |
Derivative Financial Instruments Assets, Fair Value Disclosure | 0 | 0 |
Derivative Financial Instruments Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Quoted price in active markets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity Method Investments, Fair Value Disclosure | ' | 0 |
Business Dispositions, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Significant other observable inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity Method Investments, Fair Value Disclosure | ' | 432 |
Business Dispositions, Fair Value Disclosure | 66 | 84 |
Fair Value, Measurements, Nonrecurring [Member] | Unobservable inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity Method Investments, Fair Value Disclosure | ' | 0 |
Business Dispositions, Fair Value Disclosure | $0 | $0 |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements (Fair Value Techniques) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Reported Value Measurement [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term receivables Fair Value Disclosure | $655 | $499 |
Customer Financing Notes Receivable Fair Value Disclosure | 394 | 375 |
Short-Term Borrowings Fair Value Disclosure | -388 | -503 |
Long-term debt (excluding capitalized leases) Fair Value Disclosure | -19,807 | -22,665 |
Other long-term liabilities, Fair Value | -283 | -182 |
Estimate of Fair Value Measurement [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term receivables Fair Value Disclosure | 586 | 464 |
Customer Financing Notes Receivable Fair Value Disclosure | 366 | 371 |
Short-Term Borrowings Fair Value Disclosure | -388 | -503 |
Long-term debt (excluding capitalized leases) Fair Value Disclosure | -21,525 | -25,606 |
Other long-term liabilities, Fair Value | -253 | -167 |
Quoted price in active markets (Level 1) [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term receivables Fair Value Disclosure | 0 | ' |
Customer Financing Notes Receivable Fair Value Disclosure | 0 | ' |
Short-Term Borrowings Fair Value Disclosure | 0 | ' |
Long-term debt (excluding capitalized leases) Fair Value Disclosure | 0 | ' |
Other long-term liabilities, Fair Value | 0 | ' |
Significant other observable inputs (Level 2) [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term receivables Fair Value Disclosure | 586 | ' |
Customer Financing Notes Receivable Fair Value Disclosure | 366 | ' |
Short-Term Borrowings Fair Value Disclosure | -200 | ' |
Long-term debt (excluding capitalized leases) Fair Value Disclosure | -21,211 | ' |
Other long-term liabilities, Fair Value | -253 | ' |
Unobservable inputs (Level 3) [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term receivables Fair Value Disclosure | 0 | ' |
Customer Financing Notes Receivable Fair Value Disclosure | 0 | ' |
Short-Term Borrowings Fair Value Disclosure | -188 | ' |
Long-term debt (excluding capitalized leases) Fair Value Disclosure | -314 | ' |
Other long-term liabilities, Fair Value | $0 | ' |
Guarantees_Details
Guarantees (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Guarantee Obligations [Line Items] | ' | ' |
Environmental, health and safety, tax employment matters | $189 | $144 |
Service and product warranties and product performance guarantees - beginning of year | 1,332 | 1,468 |
Warranties and performance guarantees issued | 313 | 325 |
Settlements made | -287 | -277 |
Product warranty accrual - other | 2 | -184 |
Service and product warranties and product performance guarantees - end of period | 1,360 | 1,332 |
Credit Facilities And Debt Obligations Unconsolidated Subsidiaries [Member] | ' | ' |
Guarantee Obligations [Line Items] | ' | ' |
Guarantee Obligations Maximum Exposure | 231 | 240 |
Guarantee Obligations Current Carrying Value | 6 | 2 |
Commercial Aerospace [Member] | ' | ' |
Guarantee Obligations [Line Items] | ' | ' |
Guarantee Obligations Maximum Exposure | 615 | 346 |
Guarantee Obligations Current Carrying Value | 25 | 7 |
Performance Guarantee [Member] | ' | ' |
Guarantee Obligations [Line Items] | ' | ' |
Guarantee Obligations Maximum Exposure | 150 | 33 |
Guarantee Type Increase | 112 | ' |
Guarantee Obligations Current Carrying Value | $0 | $0 |
Contingent_Liabilities_Details
Contingent Liabilities (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Notes to Consolidated Financial Statements [Abstract] | ' | ' | ' |
Operating Leases Future Minimum Payments Due | $2,373 | ' | ' |
Operating Leases Future Minimum Payments Due Current | 586 | ' | ' |
Operating Leases Future Minimum Payments Due In Two Years | 494 | ' | ' |
Operating Leases Future Minimum Payments Due In Three Years | 364 | ' | ' |
Operating Leases Future Minimum Payments Due In Four Years | 233 | ' | ' |
Operating Leases Future Minimum Payments Due In Five Years | 156 | ' | ' |
Operating Leases Future Minimum Payments Due Thereafter | 540 | ' | ' |
Lease And Rental Expense | 456 | 457 | 453 |
Accrual For Environmental Loss Contingencies | 936 | 847 | ' |
Department of Justice Lawsuit Against Pratt and Whitney [Member] | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Loss Contingency Lawsuit Filing Date | '1999 | ' | ' |
Loss Contingency Allegations | 'As previously disclosed, the United States government sued us in 1999 in the United States District Court for the Southern District of Ohio, claiming that PrattB & Whitney violated the civil False Claims Act and common law. The claims relate to the bFighter Engine Competitionb between PrattB & Whitney's F100 engine and General Electric's F110 engine. The government alleged that it overpaid for F100 engines under contracts awarded by the U.S. Air Force in fiscal years 1985 through 1990 because PrattB & Whitney inflated its estimated costs for some purchased parts and withheld data that would have revealed the overstatements. At trial, which ended in April, 2005, the government claimed PrattB & Whitney's liability to be approximately $624 million. | ' | ' |
Loss Contingency Period Of Occurrence | 'fiscal years 1985 through 1990 | ' | ' |
Loss Contingency, Range of Possible Loss, Minimum | 24 | ' | ' |
Loss Contingency, Range of Possible Loss, Maximum | 657 | ' | ' |
Loss Contingency Damages Awarded Value ,Not Including Interest | 473 | ' | ' |
Loss Contingency Damages Sought | '624 | ' | ' |
Loss Contingency, Settlement Agreement, Date | '6/17/2013 | ' | ' |
Loss Contingency Actions Taken By Court Arbitrator Or Mediator | 'On AugustB 1, 2008, the trial court held that the Air Force had not suffered any actual damages because PrattB & Whitney had made significant price concessions after the alleged overstatements were made. However, the trial court judge found that PrattB & Whitney violated the False Claims Act due to inaccurate statements contained in its 1983 initial engine pricing proposal. In the absence of actual damages, the trial court awarded the government the maximum civil penalty of approximately $7 million, or $10,000 for each of the 709 invoices PrattB & Whitney submitted in 1989 and later under the contracts. | ' | ' |
Loss Contingency Actions Taken By Plaintiff And Defendant | 'In September 2008, both the government and UTC appealed the decision to the United States Court of Appeals for the Sixth Circuit. On November 18, 2010, the Sixth Circuit affirmed PrattB & Whitney's liability under the False Claims Act, but remanded the case to the trial court for further proceedings on the issues of False Claims Act damages and common law liability and damages. | ' | ' |
Loss Contingency Actions Taken By Defendant | 'We strongly disagree with the trial court's analysis and conclusions. We filed an appeal from the judgment to the United States Court of Appeals for the Sixth Circuit on August 26, 2013. Based on our analysis, we continue to believe that there is no basis for any common law liability for the inaccurate statements. We also believe that the government suffered no actual damages as a result of the inaccurate statements made in 1983 and, therefore, there is no basis in fact or law for the award of common law damages, prejudgment interest or False Claims Act treble damages. If, contrary to our expectations, all or any portion of the judgment should ultimately be affirmed, we estimate a range of reasonably possible loss from approximately $24 million to $657 million in excess of amounts previously accrued, plus postjudgment interest. The outcome of this matter could result in a material adverse effect on our results of operations in the period in which a liability would be recognized and cash flows for the period in which damages would be paid. | ' | ' |
Loss Contingency, Settlement Agreement, Terms | 'On June 17, 2013, the trial court awarded the government approximately $473 million in damages and penalties, plus prejudgment interest in an amount to be determined. On July 1, 2013, the trial court, after determining the amount of prejudgment interest, entered judgment in favor of the government in the amount of approximately $664 million. The trial court also awarded postjudgment interest on the full amount of the judgment to accrue from July 2, 2013, at the federal variable interest rate determined pursuant to 28 U.S.C. B' 1961. The judgment included four different components of damages: (1) common law damages of approximately $109 million; (2) prejudgment interest on common law damages of approximately $191 million; (3) False Claims Act treble damages of approximately $357 million; and (4) penalties of approximately $7 million. The penalty component of the judgment previously was affirmed by the United States Court of Appeals in 2010. | ' | ' |
Loss Contingency, Damages Awarded, Value | $664 | ' | ' |
US Air Force Claim Against Pratt And Whitney [Member] | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Loss Contingency Lawsuit Filing Date | '6/18/2012 | ' | ' |
Loss Contingency Damages Sought | '624 | ' | ' |
Department of Defense Contract Claim Against Sikorsky [Member] | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Loss Contingency Lawsuit Filing Date | 'December 2008 | ' | ' |
Loss Contingency Allegations | 'As previously disclosed, in December 2008, the Department of Defense (DOD) issued a contract claim against Sikorsky to recover overpayments the DOD alleges that it made to Sikorsky since January 2003 in connection with cost accounting changes approved by the DOD and implemented by Sikorsky in 1999 and 2006. These changes relate to the calculation of material overhead rates in government contracts. The DOD claimed that Sikorsky's liability was approximately $97 million (including interest through DecemberB 31,B 2013). | ' | ' |
Loss Contingency Damages Sought | '$97 million (including interest through December 31, 2013) | ' | ' |
Loss Contingency, Settlement Agreement, Date | '3/22/2013 | ' | ' |
Loss Contingency Actions Taken By Plaintiff And Defendant | 'We believed this claim was without merit and Sikorsky filed an appeal in December 2009 with the U.S. Court of Federal Claims. Trial in the matter concluded in January 2013 and on March 22, 2013, the U.S. Court of Federal Claims issued a written decision in favor of Sikorsky determining that the DOD had failed to prove its claims because Sikorsky's calculation of material overhead complied with the cost accounting standards. DOD has appealed this decision. | ' | ' |
US Air Force Claim Against Pratt and Whitney [Member] | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Loss Contingency Allegations | 'On JuneB 18, 2012, the trial court found that PrattB & Whitney had breached obligations imposed by common law based on the same conduct with respect to which the court previously found liability under the False Claims Act. Under the common law claims, the U.S. Air Force is entitled to seek damages for events occurring before MarchB 3, 1989, which are not recoverable under the False Claims Act. | ' | ' |
German Tax Office Against Otis [Member] | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Loss Contingency Lawsuit Filing Date | '8/3/2012 | ' | ' |
Loss Contingency Allegations | ' As previously disclosed, UTC has been involved in administrative review proceedings with the German Tax Office, which concern €203B million (approximately $278 million) of tax benefits that we have claimed related to a 1998 reorganization of the corporate structure of Otis operations in Germany. Upon audit, these tax benefits were disallowed by the German Tax Office. | ' | ' |
Loss Contingency Damages Sought | '€203B million (approximately $278 million) | ' | ' |
Loss Contingency Actions Taken By Plaintiff And Defendant | 'On August 3, 2012, we filed suit in the local German Tax Court (Berlin-Brandenburg). In 2008 the German Federal Tax Court ("FTC") denied benefits to another taxpayer in a case involving a German tax law relevant to our reorganization. The determination of the FTC on this other matter was appealed to the European Court of Justice ("ECJ") to determine if the underlying German tax law is violative of European Union (EU) principles. On September 17, 2009, the ECJ issued an opinion in this case that is generally favorable to the other taxpayer and referred the case back to the FTC for further consideration of certain related issues. In May 2010, the FTC released its decision, in which it resolved certain tax issues that may be relevant to our suit and remanded the case to a lower court for further development. In 2012, the lower court decided in favor of the taxpayer and the government appealed the findings to the FTC. After consideration of the ECJ decision, the latest FTC decision and the lower court decision, we continue to believe that it is more likely than not that the relevant German tax law is violative of EU principles and we have not accrued for this matter. We intend to litigate vigorously the matter to conclusion. We cannot reasonably estimate the range of loss, if any, that may result from this matter given the current procedural status of this matter. | ' | ' |
Segment_Financial_Data_By_Segm
Segment Financial Data (By Segment) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Business Acquisition Revenue Reported by Acquired Entity for Current Year | $600 | ' | ' | ' | ' | ' | ' | ' | $600 | ' | ' |
Total net sales | 16,759 | 15,462 | 16,006 | 14,399 | 16,443 | 15,042 | 13,807 | 12,416 | 62,626 | 57,708 | 55,754 |
Operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 9,209 | 7,684 | 7,846 |
Total Assets | 90,594 | ' | ' | ' | 89,409 | ' | ' | ' | 90,594 | 89,409 | 61,452 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 1,688 | 1,389 | 929 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 1,821 | 1,524 | 1,263 |
United States Government Sales | ' | ' | ' | ' | ' | ' | ' | ' | 9,879 | 10,098 | 9,108 |
Otis [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 12,484 | 12,056 | 12,437 |
Operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 2,590 | 2,512 | 2,815 |
Total Assets | 9,354 | ' | ' | ' | 8,866 | ' | ' | ' | 9,354 | 8,866 | 8,717 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 122 | 141 | 75 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 209 | 220 | 223 |
UTC Climate, Controls and Security [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 16,809 | 17,090 | 18,864 |
Operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 2,590 | 2,425 | 2,212 |
Total Assets | 21,543 | ' | ' | ' | 22,253 | ' | ' | ' | 21,543 | 22,253 | 21,630 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 266 | 265 | 305 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 380 | 418 | 432 |
Pratt and Whitney [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 14,501 | 13,964 | 12,711 |
Operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 1,876 | 1,589 | 1,867 |
Total Assets | 17,062 | ' | ' | ' | 15,938 | ' | ' | ' | 17,062 | 15,938 | 10,705 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 617 | 462 | 290 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 319 | 324 | 332 |
United States Government Sales | ' | ' | ' | ' | ' | ' | ' | ' | 3,559 | 3,718 | 2,995 |
UTC Aerospace Systems [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 13,347 | 8,334 | 4,760 |
Operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 2,018 | 944 | 759 |
Total Assets | 35,461 | ' | ' | ' | 35,589 | ' | ' | ' | 35,461 | 35,589 | 8,593 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 510 | 367 | 163 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 761 | 412 | 172 |
United States Government Sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,530 | 1,742 | 1,021 |
Sikorsky [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 6,253 | 6,791 | 7,355 |
Operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 594 | 712 | 840 |
Total Assets | 5,762 | ' | ' | ' | 4,975 | ' | ' | ' | 5,762 | 4,975 | 4,628 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 119 | 94 | 92 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 85 | 85 | 84 |
United States Government Sales | ' | ' | ' | ' | ' | ' | ' | ' | 3,648 | 4,512 | 4,967 |
Total Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 63,394 | 58,235 | 56,127 |
Operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 9,668 | 8,182 | 8,493 |
Total Assets | 89,182 | ' | ' | ' | 87,621 | ' | ' | ' | 89,182 | 87,621 | 54,273 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 1,634 | 1,329 | 925 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 1,754 | 1,459 | 1,243 |
Eliminations and other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | -768 | -527 | -373 |
Operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 22 | -72 | -228 |
Total Assets | 1,412 | ' | ' | ' | 1,788 | ' | ' | ' | 1,412 | 1,788 | 7,179 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 54 | 60 | 4 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 67 | 65 | 20 |
General corporate expenses [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Operating profit | ' | ' | ' | ' | ' | ' | ' | ' | -481 | -426 | -419 |
Other Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
United States Government Sales | ' | ' | ' | ' | ' | ' | ' | ' | $142 | $126 | $125 |
Segment_Financial_Data_By_Geog
Segment Financial Data (By Geographic Region) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
United States Export Sales | $12,171 | $9,201 | $7,721 |
Entity Wide Disclosure On Geographic Areas Operating Profit From External Customers Attributed To Individual Foreign Countries Amount | 62,626 | 57,708 | 55,754 |
Operating Income (Loss) | 9,209 | 7,684 | 7,846 |
Long-Lived Assets | 8,866 | 8,518 | 6,201 |
US | ' | ' | ' |
Entity Wide Disclosure On Geographic Areas Operating Profit From External Customers Attributed To Individual Foreign Countries Amount | 35,994 | 32,175 | 28,993 |
Operating Income (Loss) | 4,780 | 3,663 | 4,264 |
Long-Lived Assets | 4,483 | 4,311 | 2,974 |
Europe [Member] | ' | ' | ' |
United States Export Sales | 4,489 | 3,117 | 2,284 |
Entity Wide Disclosure On Geographic Areas Operating Profit From External Customers Attributed To Individual Foreign Countries Amount | 12,652 | 11,823 | 12,344 |
Operating Income (Loss) | 2,419 | 2,100 | 2,089 |
Long-Lived Assets | 1,796 | 1,804 | 1,210 |
Asia Pacific [Member] | ' | ' | ' |
United States Export Sales | 4,517 | 2,998 | 2,448 |
Entity Wide Disclosure On Geographic Areas Operating Profit From External Customers Attributed To Individual Foreign Countries Amount | 8,696 | 8,733 | 9,016 |
Operating Income (Loss) | 1,773 | 1,648 | 1,429 |
Long-Lived Assets | 957 | 947 | 883 |
Other Geographic Regions [Member] | ' | ' | ' |
United States Export Sales | 3,165 | 3,086 | 2,989 |
Entity Wide Disclosure On Geographic Areas Operating Profit From External Customers Attributed To Individual Foreign Countries Amount | 5,274 | 4,964 | 5,376 |
Operating Income (Loss) | 696 | 772 | 711 |
Long-Lived Assets | 1,203 | 1,122 | 760 |
Geography Eliminations [Member] | ' | ' | ' |
Entity Wide Disclosure On Geographic Areas Operating Profit From External Customers Attributed To Individual Foreign Countries Amount | 10 | 13 | 25 |
Operating Income (Loss) | -459 | -499 | -647 |
Long-Lived Assets | $427 | $334 | $374 |
Segment_Financial_Data_Selecte
Segment Financial Data (Selected Quarterly Financial Data) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | $16,759 | $15,462 | $16,006 | $14,399 | $16,443 | $15,042 | $13,807 | $12,416 | $62,626 | $57,708 | $55,754 |
Earnings Per Share, Basic | $1.62 | $1.59 | $1.73 | $1.40 | $2.28 | $1.58 | $1.49 | $0.37 | $6.35 | $5.73 | $5.58 |
Gross Profit | 4,475 | 4,442 | 4,454 | 3,934 | 4,157 | 4,039 | 3,873 | 3,486 | ' | ' | ' |
Earnings Per Share, Diluted | $1.60 | $1.57 | $1.71 | $1.39 | $2.26 | $1.56 | $1.47 | $0.36 | $6.25 | $5.66 | $5.49 |
Net Income (Loss) Attributable to Parent | $1,463 | $1,432 | $1,560 | $1,266 | $2,057 | $1,415 | $1,328 | $330 | $5,721 | $5,130 | $4,979 |
Segment_Financial_Data_Compara
Segment Financial Data (Comparative Stock Data) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2014 | |
Notes to Consolidated Financial Statements [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Price - Low | $102.76 | $93.80 | $91.05 | $83.55 | $74.44 | $70.95 | $70.71 | $73.62 | ' | ' | ' | ' |
Registered Shareholders Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,364 |
Dividends Per Share of Common Stock | $0.59 | $0.54 | $0.54 | $0.54 | $0.54 | $0.54 | $0.48 | $0.48 | $2.19 | $2.03 | $1.87 | ' |
Common Stock Price - High | $113.80 | $112 | $97.55 | $93.59 | $83.64 | $82.56 | $83.57 | $87.50 | ' | ' | ' | ' |
Segment_Financial_Data_Perform
Segment Financial Data (Performance Graph) (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | |
Dow Jones Industrial Average [Member] | ' | ' | ' | ' | ' | ' |
Cumulative Total Shareholder Return | $216.77 | $167.19 | $151.67 | $139.94 | $122.68 | $100 |
United Technologies Corporation [Member] | ' | ' | ' | ' | ' | ' |
Cumulative Total Shareholder Return | 240.42 | 169.46 | 147.23 | 154.93 | 133.29 | 100 |
S And P 500 Index [Member] | ' | ' | ' | ' | ' | ' |
Cumulative Total Shareholder Return | $228.19 | $172.37 | $148.59 | $145.51 | $126.46 | $100 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data - Unaudited (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2014 |
Selected Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | $16,759 | $15,462 | $16,006 | $14,399 | $16,443 | $15,042 | $13,807 | $12,416 | $62,626 | $57,708 | $55,754 | ' |
Gross Profit | 4,475 | 4,442 | 4,454 | 3,934 | 4,157 | 4,039 | 3,873 | 3,486 | ' | ' | ' | ' |
Net income attributable to common shareowners | $1,463 | $1,432 | $1,560 | $1,266 | $2,057 | $1,415 | $1,328 | $330 | $5,721 | $5,130 | $4,979 | ' |
Earnings Per Share of Common Stock - Basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to common shareowners | $1.62 | $1.59 | $1.73 | $1.40 | $2.28 | $1.58 | $1.49 | $0.37 | $6.35 | $5.73 | $5.58 | ' |
Common Stock Price - High | $113.80 | $112 | $97.55 | $93.59 | $83.64 | $82.56 | $83.57 | $87.50 | ' | ' | ' | ' |
Common Stock Price - Low | $102.76 | $93.80 | $91.05 | $83.55 | $74.44 | $70.95 | $70.71 | $73.62 | ' | ' | ' | ' |
Dividends Per Share of Common Stock | $0.59 | $0.54 | $0.54 | $0.54 | $0.54 | $0.54 | $0.48 | $0.48 | $2.19 | $2.03 | $1.87 | ' |
Registered Shareholders Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,364 |
Performance_Graph_Unaudited_De
Performance Graph - Unaudited (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | |
United Technologies Corporation [Member] | ' | ' | ' | ' | ' | ' |
Performance Graph [Line Items] | ' | ' | ' | ' | ' | ' |
Cumulative Total Shareholder Return | $240.42 | $169.46 | $147.23 | $154.93 | $133.29 | $100 |
S And P 500 Index [Member] | ' | ' | ' | ' | ' | ' |
Performance Graph [Line Items] | ' | ' | ' | ' | ' | ' |
Cumulative Total Shareholder Return | 228.19 | 172.37 | 148.59 | 145.51 | 126.46 | 100 |
Dow Jones Industrial Average [Member] | ' | ' | ' | ' | ' | ' |
Performance Graph [Line Items] | ' | ' | ' | ' | ' | ' |
Cumulative Total Shareholder Return | $216.77 | $167.19 | $151.67 | $139.94 | $122.68 | $100 |