Document_and_Entity_Informatio
Document and Entity Information (USD $) | 6 Months Ended |
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 |
Document and Entity Information [Abstract] | ' |
Document Type | '10-Q |
Document Period End Date | 30-Jun-14 |
Amendment Flag | 'false |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q2 |
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 | $105,495 |
Entity Common Stock, Shares Outstanding | 914,810,016 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statement of Operations Statement (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $0 | $8 | $0 | $4 |
Net Sales: | ' | ' | ' | ' |
Product sales | 13,017 | 11,661 | 23,709 | 21,916 |
Service sales | 4,174 | 4,345 | 8,227 | 8,489 |
Total net sales | 17,191 | 16,006 | 31,936 | 30,405 |
Costs and Expenses: | ' | ' | ' | ' |
Cost of products sold | 10,182 | 8,712 | 18,263 | 16,560 |
Cost of services sold | 2,749 | 2,840 | 5,358 | 5,457 |
Research and development | 666 | 631 | 1,290 | 1,241 |
Selling, general and administrative | 1,623 | 1,737 | 3,219 | 3,364 |
Total costs and expenses | 15,220 | 13,920 | 28,130 | 26,622 |
Other income, net | 384 | 421 | 647 | 730 |
Operating profit | 2,355 | 2,507 | 4,453 | 4,513 |
Interest expense, net | -206 | -217 | -431 | -453 |
Income from continuing operations before income taxes | 2,149 | 2,290 | 4,022 | 4,060 |
Income tax expense | 359 | 645 | 926 | 1,063 |
Net income from continuing operations | 1,790 | 1,645 | 3,096 | 2,997 |
Less: Noncontrolling interest in subsidiaries' earnings from continuing operations | 110 | 93 | 203 | 175 |
Income from continuing operations attributable to common shareowners | 1,680 | 1,552 | 2,893 | 2,822 |
Discontinued operations (Note 2): | ' | ' | ' | ' |
Income from operations | 0 | 43 | 0 | 63 |
Loss on disposal | 0 | -25 | 0 | -40 |
Income tax expense | 0 | -10 | 0 | -19 |
Income from discontinued operations attributable to common shareowners | 0 | 8 | 0 | 4 |
Net income attributable to common shareowners | $1,680 | $1,560 | $2,893 | $2,826 |
Earnings Per Share of Common Stock - Basic: | ' | ' | ' | ' |
Income from continuing operations attributable to common shareowners | $1.87 | $1.72 | $3.21 | $3.13 |
Net income attributable to common shareowners | $1.87 | $1.73 | $3.21 | $3.14 |
Earnings Per Share of Common Stock - Diluted: | ' | ' | ' | ' |
Income from continuing operations attributable to common shareowners | $1.84 | $1.70 | $3.16 | $3.09 |
Net income attributable to common shareowners | $1.84 | $1.71 | $3.16 | $3.09 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Top Element - 00002 - Statement - Condensed Consolidated Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income from continuing operations | $1,790 | $1,645 | $3,096 | $2,997 |
Net income from discontinued operations | 0 | 8 | 0 | 4 |
Net income | 1,790 | 1,653 | 3,096 | 3,001 |
Foreign currency translation adjustments | ' | ' | ' | ' |
Foreign currency translation adjustments arising during period | 424 | -289 | 315 | -884 |
Reclassification adjustments for loss on sale of an investment in a foreign entity recognized in Other income, net | 0 | 36 | 3 | 32 |
Total Foreign currency translation adjustments | 424 | -253 | 318 | -852 |
Pension and post-retirement benefit plans | ' | ' | ' | ' |
Pension and post-retirement benefit plans adjustments during the period | -18 | 26 | 1 | 57 |
Amortization of actuarial loss, prior service cost and transition obligation | 104 | 227 | 208 | 454 |
Total pension and post-retirement benefit plans, before tax | 86 | 253 | 209 | 511 |
Tax expense | -29 | -91 | -69 | -183 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 57 | 162 | 140 | 328 |
Unrealized (loss) gain on available-for-sale securities | ' | ' | ' | ' |
Unrealized holding (loss) gain arising during period | -44 | 6 | -12 | 133 |
Reclassification adjustments for gain included in Other income, net | -6 | -27 | -30 | -54 |
Total unrealized (loss) gain on available for-sale securities, before tax | -50 | -21 | -42 | 79 |
Tax benefit (expense) | 21 | 8 | 18 | -30 |
Total unrealized (loss) gain on available for-sale securities, net of tax | -29 | -13 | -24 | 49 |
Change in unrealized cash flow hedging | ' | ' | ' | ' |
Unrealized cash flow hedging gain (loss) arising during the period | 102 | -64 | 22 | -159 |
Loss reclassified into Product Sales | -13 | -15 | -31 | -23 |
Gain reclassified into Other income, net | 0 | 0 | 0 | -2 |
Total unrealized gain (loss) on cash-flow hedging, before tax | 115 | -49 | 53 | -138 |
Tax (expense) benefit | -29 | 15 | -17 | 35 |
Total unrealized gain (loss) on cash-flow hedging, net of tax | 86 | -34 | 36 | -103 |
Other comprehensive income (loss), net of tax | 538 | -138 | 470 | -578 |
Comprehensive income | 2,328 | 1,515 | 3,566 | 2,423 |
Comprehensive income attributable to noncontrolling interest | -110 | -88 | -196 | -149 |
Comprehensive income attributable to common shareowners | $2,218 | $1,427 | $3,370 | $2,274 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheet (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $4,962 | $4,619 |
Accounts receivable, net | 11,795 | 11,458 |
Inventories and contracts in progress, net | 9,896 | 10,330 |
Future income tax benefits, current | 1,996 | 1,964 |
Other Assets, current | 992 | 1,071 |
Total Current Assets | 29,641 | 29,442 |
Customer financing assets | 1,098 | 1,156 |
Future income tax benefits | 1,273 | 1,236 |
Fixed assets | 19,218 | 18,661 |
Less: Accumulated depreciation | -10,192 | -9,795 |
Fixed assets, net | 9,026 | 8,866 |
Goodwill | 28,378 | 28,168 |
Intangible assets, net | 15,715 | 15,521 |
Other assets | 7,011 | 6,205 |
Total Assets | 92,142 | 90,594 |
Liabilities and Equity | ' | ' |
Short-term borrowings | 407 | 388 |
Accounts payable | 7,297 | 6,965 |
Accrued liabilities | 14,798 | 15,335 |
Long-term debt currently due | 1,828 | 112 |
Total Current Liabilities | 24,330 | 22,800 |
Long-term debt | 17,837 | 19,741 |
Future pension and postretirement benefit obligations | 3,207 | 3,444 |
Other long-term liabilities | 11,429 | 11,279 |
Total Liabilities | 56,803 | 57,264 |
Commitments and contingent liabilities (Note 14) | ' | ' |
Redeemable noncontrolling interest | 146 | 111 |
Shareowners' Equity: | ' | ' |
Common Stock | 15,060 | 14,764 |
Treasury Stock | -21,094 | -20,431 |
Retained earnings | 42,343 | 40,539 |
Unearned ESOP shares | -121 | -126 |
Accumulated other comprehensive loss | -2,403 | -2,880 |
Total Shareowners' Equity | 33,785 | 31,866 |
Noncontrolling interest | 1,408 | 1,353 |
Total Equity | 35,193 | 33,219 |
Total Liabilities and Equity | $92,142 | $90,594 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Cash Flows (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating Activities of Continuing Operations: | ' | ' |
Income from continuing operations | $3,096 | $2,997 |
Adjustments to reconcile income from continuing operations to net cash flows provided by operating activities of continuing operations: | ' | ' |
Depreciation and amortization | 935 | 883 |
Deferred income tax provision | 36 | 10 |
Stock compensation cost | 118 | 133 |
Change in: | ' | ' |
Accounts receivable | -312 | -282 |
Inventories and contracts in progress | -791 | -974 |
Other current assets | -47 | 68 |
Accounts payable and accrued liabilities | 151 | 924 |
Global pension contributions | -144 | -51 |
Other operating activities, net | 35 | -360 |
Net cash flows provided by operating activities of continuing operations | 3,077 | 3,348 |
Investing Activities of Continuing Operations: | ' | ' |
Capital expenditures | -739 | -664 |
Investments in businesses | -84 | -66 |
Dispositions of businesses | 156 | 1,299 |
Decrease (increase) in customer financing assets, net | 73 | -27 |
Increase in collaboration intangible assets | -308 | -300 |
Other investing activities, net | 29 | -134 |
Net cash flows (used in) provided by investing activities of continuing operations | -873 | 108 |
Financing Activities of Continuing Operations: | ' | ' |
Repayment of long-term debt, net | -173 | -1,224 |
Increase (decrease) in short-term borrowings, net | 19 | -302 |
Proceeds from Common Stock issued under employee stock plans | 113 | 222 |
Dividends paid on Common Stock | -1,026 | -930 |
Repurchase of Common Stock | -670 | -670 |
Other financing activities, net | -106 | -83 |
Net cash flows used in financing activities of continuing operations | -1,843 | -2,987 |
Discontinued Operations: | ' | ' |
Net cash used in operating activities | 0 | -694 |
Net cash provided by investing activities | 0 | 351 |
Net cash flows used in discontinued operations | 0 | -343 |
Effect of foreign exchange rate changes on cash and cash equivalents | -18 | -53 |
Net increase in cash and cash equivalents | 343 | 73 |
Cash and cash equivalents, beginning of year | 4,619 | 4,836 |
Cash and cash equivalents, end of period | $4,962 | $4,909 |
Introduction_of_Notes_to_Conde
Introduction of Notes to Condensed Consolidated Financial Statements | 6 Months Ended |
Jun. 30, 2014 | |
Notes to Condensed Consolidated Financial Statements [Abstract] | ' |
Introduction of Notes to Condensed Consolidated Financial Statements | ' |
The Condensed Consolidated Financial Statements at June 30, 2014 and for the quarters and six months ended June 30, 2014 and 2013 are unaudited, but in the opinion of management include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the results for the interim periods. The results reported in these Condensed Consolidated Financial Statements should not necessarily be taken as indicative of results that may be expected for the entire year. Certain reclassifications have been made to the prior year amounts to conform to the current year presentation. The financial information included herein should be read in conjunction with the financial statements and notes in our Annual Report to Shareowners (2013 Annual Report) incorporated by reference to our Annual Report on Form 10-K for calendar year 2013 (2013 Form 10-K). |
Acquisitions_Dispositions_Good
Acquisitions, Dispositions, Goodwill and Other Intangible Assets | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Notes to Condensed Consolidated Financial Statements [Abstract] | ' | ||||||||||||||||||||||||
Acquisitions, Dispositions, Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||||||
Acquisitions, Dispositions, Goodwill and Other Intangible Assets | |||||||||||||||||||||||||
Business Acquisitions and Dispositions. During the six months ended June 30, 2014, our cash investment in business acquisitions was $84 million, and consisted of a number of small acquisitions, primarily in our commercial businesses. | |||||||||||||||||||||||||
As a result of the 2012 transactions related to IAE International Aero Engines AG (IAE), 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 with Pratt & Whitney its primary beneficiary, and IAE has, therefore, been consolidated. The carrying amounts and classification of assets and liabilities for IAE in our Condensed Consolidated Balance Sheet as of June 30, 2014 are as follows: | |||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||
Current assets | $ | 2,006 | |||||||||||||||||||||||
Noncurrent assets | 1,157 | ||||||||||||||||||||||||
Total assets | $ | 3,163 | |||||||||||||||||||||||
Current liabilities | $ | 2,121 | |||||||||||||||||||||||
Noncurrent liabilities | 1,187 | ||||||||||||||||||||||||
Total liabilities | $ | 3,308 | |||||||||||||||||||||||
Goodwill. Changes in our goodwill balances for the six months ended June 30, 2014 were as follows: | |||||||||||||||||||||||||
(Dollars in millions) | Balance as of | Goodwill | Foreign Currency Translation and Other | Balance as of | |||||||||||||||||||||
January 1, 2014 | Resulting from Business Combinations | June 30, 2014 | |||||||||||||||||||||||
Otis | $ | 1,741 | $ | 22 | $ | 20 | $ | 1,783 | |||||||||||||||||
UTC Climate, Controls & Security | 9,727 | 9 | 92 | 9,828 | |||||||||||||||||||||
Pratt & Whitney | 1,273 | — | — | 1,273 | |||||||||||||||||||||
UTC Aerospace Systems | 15,069 | — | 67 | 15,136 | |||||||||||||||||||||
Sikorsky | 353 | — | — | 353 | |||||||||||||||||||||
Total Segments | 28,163 | 31 | 179 | 28,373 | |||||||||||||||||||||
Eliminations and other | 5 | — | — | 5 | |||||||||||||||||||||
Total | $ | 28,168 | $ | 31 | $ | 179 | $ | 28,378 | |||||||||||||||||
Intangible Assets. Identifiable intangible assets are comprised of the following: | |||||||||||||||||||||||||
30-Jun-14 | December 31, 2013 | ||||||||||||||||||||||||
(Dollars in millions) | Gross Amount | Accumulated | Gross Amount | Accumulated | |||||||||||||||||||||
Amortization | Amortization | ||||||||||||||||||||||||
Amortized: | |||||||||||||||||||||||||
Service portfolios | $ | 2,279 | $ | (1,369 | ) | $ | 2,234 | $ | (1,295 | ) | |||||||||||||||
Patents and trademarks | 383 | (190 | ) | 380 | (181 | ) | |||||||||||||||||||
IAE collaboration | 2,588 | (10 | ) | 2,273 | — | ||||||||||||||||||||
Customer relationships and other | 12,232 | (2,480 | ) | 12,049 | (2,199 | ) | |||||||||||||||||||
17,482 | (4,049 | ) | 16,936 | (3,675 | ) | ||||||||||||||||||||
Unamortized: | |||||||||||||||||||||||||
Trademarks and other | 2,282 | — | 2,260 | — | |||||||||||||||||||||
Total | $ | 19,764 | $ | (4,049 | ) | $ | 19,196 | $ | (3,675 | ) | |||||||||||||||
The customer relationships intangible assets include payments made to our customers to secure certain contractual rights. We amortize these intangible assets based on the underlying pattern of economic benefit, which may result in an amortization method other than straight-line. We classify amortization of such payments as a reduction of sales. The IAE collaboration intangible asset is amortized based upon the economic pattern of benefits as represented by the underlying cash flows. Prior to 2014, these cash flows were negative, and, accordingly, no amortization had previously been recorded. Amortization of intangible assets for the quarter and six months ended June 30, 2014 was $178 million and $357 million, respectively, compared with $176 million and $351 million for the same periods of 2013. The following is the expected amortization of intangible assets for the years 2014 through 2019, which reflects an increase in expected amortization expense due to the pattern of economic benefit on certain aerospace intangible assets. | |||||||||||||||||||||||||
(Dollars in millions) | Remaining 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |||||||||||||||||||
Amortization expense | $ | 347 | $ | 679 | $ | 688 | $ | 706 | $ | 731 | $ | 703 | |||||||||||||
Discontinued_Operations
Discontinued Operations | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Notes to Condensed 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 substantially all operations of Pratt & Whitney Rocketdyne (Rocketdyne) on June 14, 2013. Cash generated from these divestitures was used to repay debt incurred to finance the acquisition of Goodrich Corporation (Goodrich) in 2012. On February 12, 2013, we completed the disposition of UTC Power to ClearEdge Power. We have no continuing involvement with the UTC Power business post-disposition. | ||||||||
The following summarized financial information for our discontinued operations businesses was segregated from continuing operations and reported as Discontinued Operations in 2013. There was no discontinued operations activity in the six months ended June 30, 2014. | ||||||||
(Dollars in millions) | Quarter Ended June 30, 2013 | Six Months Ended June 30, 2013 | ||||||
Discontinued Operations: | ||||||||
Net sales | $ | 146 | $ | 309 | ||||
Income from operations | $ | 43 | $ | 63 | ||||
Income tax expense | (24 | ) | (32 | ) | ||||
Income from operations, net of income taxes | 19 | 31 | ||||||
Loss on disposal | (25 | ) | (40 | ) | ||||
Income tax benefit | 14 | 13 | ||||||
Net loss on discontinued operations | $ | 8 | $ | 4 | ||||
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Notes to Condensed Consolidated Financial Statements [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
Earnings Per Share | ||||||||||||||||
Quarter Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(Dollars in millions, except per share amounts; shares in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net income attributable to common shareowners: | ||||||||||||||||
Net income from continuing operations | $ | 1,680 | $ | 1,552 | $ | 2,893 | $ | 2,822 | ||||||||
Net income from discontinued operations | — | 8 | — | 4 | ||||||||||||
Net income attributable to common shareowners | $ | 1,680 | $ | 1,560 | $ | 2,893 | $ | 2,826 | ||||||||
Basic weighted average number of shares outstanding | 900.1 | 901.1 | 900.3 | 901 | ||||||||||||
Stock awards and equity units | 14.6 | 13 | 14.5 | 12.8 | ||||||||||||
Diluted weighted average number of shares outstanding | 914.7 | 914.1 | 914.8 | 913.8 | ||||||||||||
Earnings Per Share of Common Stock - Basic: | ||||||||||||||||
Net income from continuing operations | $ | 1.87 | $ | 1.72 | $ | 3.21 | $ | 3.13 | ||||||||
Net income from discontinued operations | — | 0.01 | — | 0.01 | ||||||||||||
Net income attributable to common shareowners | 1.87 | 1.73 | 3.21 | 3.14 | ||||||||||||
Earnings Per Share of Common Stock - Diluted: | ||||||||||||||||
Net income from continuing operations | $ | 1.84 | $ | 1.7 | $ | 3.16 | $ | 3.09 | ||||||||
Net income from discontinued operations | — | 0.01 | — | 0.01 | ||||||||||||
Net income attributable to common shareowners | 1.84 | 1.71 | 3.16 | 3.09 | ||||||||||||
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 be anti-dilutive. For the quarters and six months ended June 30, 2014 and 2013, there were no anti-dilutive stock awards excluded from the computation. |
Inventories_and_Contracts_in_P
Inventories and Contracts in Progress | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Notes to Condensed Consolidated Financial Statements [Abstract] | ' | |||||||
Inventories and Contracts in Progress | ' | |||||||
Inventories and Contracts in Progress | ||||||||
(Dollars in millions) | June 30, 2014 | December 31, 2013 | ||||||
Raw materials | $ | 2,039 | $ | 1,983 | ||||
Work-in-process | 3,788 | 4,600 | ||||||
Finished goods | 3,824 | 3,360 | ||||||
Contracts in progress | 8,572 | 7,929 | ||||||
18,223 | 17,872 | |||||||
Less: | ||||||||
Progress payments, secured by lien, on U.S. Government contracts | (507 | ) | (279 | ) | ||||
Billings on contracts in progress | (7,820 | ) | (7,263 | ) | ||||
$ | 9,896 | $ | 10,330 | |||||
As of June 30, 2014 and December 31, 2013, inventory also includes capitalized contract development costs of $155 million and $159 million, respectively, primarily related to certain aerospace programs at UTC Aerospace Systems. These capitalized costs are liquidated as production units are delivered to the customer. | ||||||||
During the quarter ended June 30, 2014, Sikorsky and the Canadian Government signed amendments to their existing contracts for development, production and support of the CH-148 helicopter. These amendments include significant changes in program scope, governance and delivery methodology. Accordingly, in the quarter ended June 30, 2014, we recognized a change in estimate on this program resulting in the liquidation of approximately $1.3 billion of inventory, including all capitalized contract development costs related to this program. As of December 31, 2013, inventory included approximately $740 million of capitalized contract development costs related to this program. |
Borrowings_and_Lines_of_Credit
Borrowings and Lines of Credit | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Notes to Condensed Consolidated Financial Statements [Abstract] | ' | |||||||
Borrowings and Lines of Credit | ' | |||||||
Borrowings and Lines of Credit | ||||||||
(Dollars in millions) | June 30, 2014 | December 31, 2013 | ||||||
Commercial paper | $ | 230 | $ | 200 | ||||
Other borrowings | 177 | 188 | ||||||
Total short-term borrowings | $ | 407 | $ | 388 | ||||
At June 30, 2014, we had revolving credit agreements with various banks permitting aggregate borrowings of up to $4.35 billion pursuant to a $2.20 billion revolving credit agreement and a $2.15 billion multicurrency revolving credit agreement, both of which expire in May 2019. As of June 30, 2014, 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 June 30, 2014, our maximum commercial paper borrowing limit was $4 billion. We use our commercial paper borrowings for general corporate purposes, including the funding of potential acquisitions, debt refinancing, and repurchases of our common stock. | ||||||||
On April 1, 2014, we redeemed all remaining outstanding 2016 Goodrich 6.290% notes, representing approximately $188 million in aggregate principal, under our redemption notice issued on February 28, 2014. | ||||||||
Long-term debt consisted of the following: | ||||||||
(Dollars in millions) | June 30, 2014 | December 31, 2013 | ||||||
LIBOR§ plus 0.500% floating rate notes due 2015 | $ | 500 | $ | 500 | ||||
4.875% notes due 2015* | 1,200 | 1,200 | ||||||
6.290% notes due 2016‡ | — | 188 | ||||||
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* | 1,250 | 1,250 | ||||||
8.875% notes due 2019 | 271 | 271 | ||||||
4.500% notes due 2020* | 1,250 | 1,250 | ||||||
4.875% notes due 2020‡ | 171 | 171 | ||||||
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 | 141 | 86 | ||||||
Other (including capitalized leases)‡ | 352 | 394 | ||||||
Total principal long-term debt | 19,468 | 19,643 | ||||||
Other (fair market value adjustments and discounts)‡ | 197 | 210 | ||||||
Total long-term debt | 19,665 | 19,853 | ||||||
Less: current portion | 1,828 | 112 | ||||||
Long-term debt, net of current portion | $ | 17,837 | $ | 19,741 | ||||
* | 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 June 30, 2014 was approximately 0.2%. | |||||||
We have an existing universal shelf registration statement filed with the Securities and Exchange Commission (SEC) for an indeterminate amount of equity and debt securities for future issuance, subject to our internal limitations on the amount of equity and debt to be issued under this shelf registration statement. |
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Notes to Condensed Consolidated Financial Statements [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
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. | |
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. It is reasonably possible that a net reduction within a range of $165 million to $335 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. See Note 14, Contingent Liabilities, for discussion regarding uncertain tax positions which are not included in this range related to previously disclosed German tax litigation. | |
As previously disclosed, the French Tax Authority had assessed €237 million (approximately $323 million) related to the proposed disallowance of certain recurring deductions claimed in France for tax years 2008 through 2011, with which assessment the Company disagreed. Based on ongoing resolution discussions, the Company had accrued an amount it believed to be a potential settlement amount for the matter, including potential applicability to subsequent tax years. During the quarter ended June 30, 2014, the matter was settled in an amount consistent with the accrual. | |
UTC tax years 2006 through 2008 are currently before the Appeals Division of the Internal Revenue Service (IRS Appeals) for resolution of certain proposed adjustments with which UTC does not agree. Settlement of these years is expected to be achieved during 2014. Review of UTC tax years 2009 and 2010 by the Examination Division of the IRS was completed during the quarter ended June 30, 2014. Examination activity for UTC tax years 2011 and 2012 is expected to commence during the third quarter of 2014. | |
The Company is engaged in litigation with respect to an 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 the IRS may continue to challenge it in subsequent tax years until the issue is resolved. 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. Both the 2005 - 2006 litigation and the 2007 - 2010 appeals proceedings, together with all final computations for open tax years through 2010, are expected to 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 the third quarter of 2014. | |
During the quarter ended June 30, 2014, the Examination Division of the Connecticut Department of Revenue Services completed its examination of UTC's 2010 - 2012 tax years. | |
As a result of completed examination activity as described above, the Company recognized non-cash gains in the quarter ended June 30, 2014 of approximately $274 million, including a pre-tax interest adjustment of $21 million. As a result of the anticipated conclusion of tax examination, appeal and litigation activity and associated re-evaluation of tax related liabilities and contingencies, we currently expect to recognize additional net gains, primarily non-cash, in the range of $210 million to $230 million prior to the end of 2014, including pre-tax interest in the range of $90 million to $110 million. | |
During the quarter ended June 30, 2014, we reached an agreement with a state taxing authority for the monetization of tax credits. As a result of this agreement, we recorded a gain of approximately $220 million through Other income, net in the quarter ended June 30, 2014. |
Employee_Benefit_Plans
Employee Benefit Plans | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Notes to Condensed Consolidated Financial Statements [Abstract] | ' | |||||||||||||||
Employee Benefit Plans | ' | |||||||||||||||
Employee Benefit Plans | ||||||||||||||||
Pension and Postretirement Plans. We sponsor both funded and unfunded domestic and foreign defined pension and other postretirement benefit plans, and defined contribution plans. Contributions to our plans were as follows: | ||||||||||||||||
Quarter Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Defined benefit plans | $ | 60 | $ | 22 | $ | 144 | $ | 51 | ||||||||
Defined contribution plans | $ | 80 | $ | 80 | $ | 170 | $ | 183 | ||||||||
There were no contributions to our domestic defined benefit pension plans in the quarters and six months ended June 30, 2014 and 2013. | ||||||||||||||||
The following table illustrates the components of net periodic benefit cost for our defined pension and other postretirement benefit plans: | ||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
Quarter Ended June 30, | Quarter Ended June 30, | |||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Service cost | $ | 122 | $ | 142 | $ | 1 | $ | 1 | ||||||||
Interest cost | 380 | 343 | 10 | 9 | ||||||||||||
Expected return on plan assets | (554 | ) | (526 | ) | — | — | ||||||||||
Amortization | (2 | ) | (9 | ) | — | (3 | ) | |||||||||
Recognized actuarial net loss (gain) | 107 | 240 | (1 | ) | (1 | ) | ||||||||||
Net settlement and curtailment loss (gain) | 6 | (14 | ) | — | — | |||||||||||
Total net periodic benefit cost | $ | 59 | $ | 176 | $ | 10 | $ | 6 | ||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Service cost | $ | 244 | $ | 286 | $ | 2 | $ | 2 | ||||||||
Interest cost | 760 | 686 | 20 | 19 | ||||||||||||
Expected return on plan assets | (1,108 | ) | (1,053 | ) | — | — | ||||||||||
Amortization | (4 | ) | (18 | ) | — | (6 | ) | |||||||||
Recognized actuarial net loss (gain) | 214 | 480 | (2 | ) | (2 | ) | ||||||||||
Net settlement and curtailment loss (gain) | 6 | (17 | ) | — | — | |||||||||||
Total net periodic benefit cost | $ | 112 | $ | 364 | $ | 20 | $ | 13 | ||||||||
Net settlement and curtailment gain for pension benefits includes curtailment gains of approximately $19 million and $24 million related to, and recorded in, discontinued operations for the quarter and six months ended June 30, 2013, respectively. |
Restructuring_and_Other_Costs
Restructuring and Other Costs | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Notes to Condensed Consolidated Financial Statements [Abstract] | ' | |||||||||||||||||||
Restructuring and Other Costs | ' | |||||||||||||||||||
Restructuring Costs | ||||||||||||||||||||
During the six months ended June 30, 2014, we recorded net pre-tax restructuring costs totaling $180 million for new and ongoing restructuring actions. We recorded charges in the segments as follows: | ||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Otis | $ | 38 | ||||||||||||||||||
UTC Climate, Controls & Security | 68 | |||||||||||||||||||
Pratt & Whitney | 47 | |||||||||||||||||||
UTC Aerospace Systems | 10 | |||||||||||||||||||
Sikorsky | 17 | |||||||||||||||||||
Total | $ | 180 | ||||||||||||||||||
Restructuring charges incurred during the six months ended June 30, 2014 primarily relate to actions initiated during 2014 and 2013, and were recorded as follows: | ||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Cost of sales | $ | 111 | ||||||||||||||||||
Selling, general and administrative | 69 | |||||||||||||||||||
Total | $ | 180 | ||||||||||||||||||
2014 Actions. During the six months ended June 30, 2014, we initiated restructuring actions relating to ongoing cost reduction efforts, including workforce reductions and the consolidation of field operations. We recorded net pre-tax restructuring costs totaling $151 million, including $83 million in cost of sales and $68 million in selling, general and administrative expenses. | ||||||||||||||||||||
We are targeting the majority of the remaining workforce and all facility related cost reduction actions for completion during 2014. 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 2014 restructuring actions: | ||||||||||||||||||||
(Dollars in millions) | Severance | Asset | Facility Exit, | Total | ||||||||||||||||
Write-Downs | Lease | |||||||||||||||||||
Termination and | ||||||||||||||||||||
Other Costs | ||||||||||||||||||||
Restructuring accruals at April 1, 2014 | $ | 80 | $ | — | $ | — | $ | 80 | ||||||||||||
Net pre-tax restructuring costs | 58 | — | 3 | 61 | ||||||||||||||||
Utilization and foreign exchange | (26 | ) | — | (2 | ) | (28 | ) | |||||||||||||
Balance at June 30, 2014 | $ | 112 | $ | — | $ | 1 | $ | 113 | ||||||||||||
The following table summarizes expected, incurred and remaining costs for the 2014 restructuring actions by segment: | ||||||||||||||||||||
(Dollars in millions) | Expected | Costs Incurred Quarter Ended | Costs Incurred Quarter Ended June 30, 2014 | Remaining Costs at June 30, 2014 | ||||||||||||||||
Costs | 31-Mar-14 | |||||||||||||||||||
Otis | $ | 71 | $ | (18 | ) | $ | (28 | ) | $ | 25 | ||||||||||
UTC Climate, Controls & Security | 77 | (16 | ) | (21 | ) | 40 | ||||||||||||||
Pratt & Whitney | 70 | (37 | ) | (10 | ) | 23 | ||||||||||||||
UTC Aerospace Systems | 5 | (3 | ) | (2 | ) | — | ||||||||||||||
Sikorsky | 16 | (16 | ) | — | — | |||||||||||||||
Total | $ | 239 | $ | (90 | ) | $ | (61 | ) | $ | 88 | ||||||||||
2013 Actions. During the six months ended June 30, 2014, we recorded net pre-tax restructuring costs totaling $33 million for restructuring actions initiated in 2013, including $30 million in cost of sales and $3 million in selling, general and administrative expenses. The 2013 actions relate to ongoing cost reduction efforts, including workforce reductions and the consolidation of field operations. The following table summarizes the accrual balances and utilization by cost type for the 2013 restructuring actions: | ||||||||||||||||||||
(Dollars in millions) | Severance | Asset | Facility Exit, | Total | ||||||||||||||||
Write-Downs | Lease | |||||||||||||||||||
Termination and | ||||||||||||||||||||
Other Costs | ||||||||||||||||||||
Restructuring accruals at April 1, 2014 | $ | 172 | $ | — | $ | 22 | $ | 194 | ||||||||||||
Net pre-tax restructuring costs | (5 | ) | — | 6 | 1 | |||||||||||||||
Utilization and foreign exchange | (35 | ) | — | (5 | ) | (40 | ) | |||||||||||||
Balance at June 30, 2014 | $ | 132 | $ | — | $ | 23 | $ | 155 | ||||||||||||
The following table summarizes expected, incurred and remaining costs for the 2013 restructuring actions by segment: | ||||||||||||||||||||
(Dollars in millions) | Expected | Costs Incurred in 2013 | Costs Incurred Quarter Ended | Costs Incurred Quarter Ended June 30, 2014 | Remaining Costs at June 30, 2014 | |||||||||||||||
Costs | 31-Mar-14 | |||||||||||||||||||
Otis | $ | 69 | $ | (69 | ) | $ | (1 | ) | $ | 2 | $ | 1 | ||||||||
UTC Climate, Controls & Security | 119 | (89 | ) | (24 | ) | (2 | ) | 4 | ||||||||||||
Pratt & Whitney | 163 | (154 | ) | (6 | ) | 1 | 4 | |||||||||||||
UTC Aerospace Systems | 91 | (71 | ) | (1 | ) | (3 | ) | 16 | ||||||||||||
Sikorsky | 37 | (38 | ) | — | 1 | — | ||||||||||||||
Total | $ | 479 | $ | (421 | ) | $ | (32 | ) | $ | (1 | ) | $ | 25 | |||||||
2012 Actions. As of June 30, 2014, we have approximately $67 million of accrual balances remaining related to 2012 actions. |
Financial_Instruments
Financial Instruments | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Notes to Condensed Consolidated Financial Statements [Abstract] | ' | |||||||||||||||
Derivative 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 $12.7 billion and $12.3 billion at June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||
The following table summarizes the fair value of derivative instruments as of June 30, 2014 and December 31, 2013 which consist solely of foreign exchange contracts: | ||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||
(Dollars in millions) | June 30, 2014 | December 31, 2013 | June 30, 2014 | December 31, 2013 | ||||||||||||
Derivatives designated as hedging instruments | $ | 66 | $ | 59 | $ | 62 | $ | 103 | ||||||||
Derivatives not designated as hedging instruments | 66 | 31 | 56 | 54 | ||||||||||||
The impact from foreign exchange derivative instruments that qualified as cash flow hedges was as follows: | ||||||||||||||||
Quarter Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Gain (loss) recorded in Accumulated other comprehensive loss | $ | 102 | $ | (64 | ) | $ | 22 | $ | (159 | ) | ||||||
Loss reclassified from Accumulated other comprehensive loss into Product sales (effective portion) | $ | 13 | $ | 15 | $ | 31 | $ | 23 | ||||||||
Assuming current market conditions continue, a $31 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 June 30, 2014, all derivative contracts accounted for as cash flow hedges will mature by June 2016. | ||||||||||||||||
The effect on the Condensed Consolidated Statement of Operations of foreign exchange contracts not designated as hedging instruments was as follows: | ||||||||||||||||
Quarter Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
(Loss) gain recognized in Other income, net | $ | (14 | ) | $ | (9 | ) | $ | 12 | $ | 23 | ||||||
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Notes to Condensed Consolidated Financial Statements [Abstract] | ' | |||||||||||||||
Fair Value Disclosures | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
The Fair Value Measurements and Disclosure Topic of the FASB ASC 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; and | |||||||||||||||
• | Level 3 - unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. | |||||||||||||||
The following tables provide the valuation hierarchy classification of assets and liabilities that are carried at fair value and measured on a recurring and nonrecurring basis in our Condensed Consolidated Balance Sheet as of June 30, 2014 and December 31, 2013: | ||||||||||||||||
June 30, 2014 (Dollars in millions) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Recurring fair value measurements: | ||||||||||||||||
Available-for-sale securities | $ | 921 | $ | 921 | $ | — | $ | — | ||||||||
Derivative assets | 132 | — | 132 | — | ||||||||||||
Derivative liabilities | (118 | ) | — | (118 | ) | — | ||||||||||
Nonrecurring fair value measurements: | ||||||||||||||||
Business dispositions | 44 | — | 44 | — | ||||||||||||
December 31, 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 | — | ||||||||||||
We have recorded charges of approximately $85 million, including a $60 million charge during the six months ended June 30, 2014, to adjust the fair value of a Pratt & Whitney joint venture investment. During the six months ended June 30, 2014, we also recorded a charge of approximately $28 million to adjust the fair value of a Sikorsky joint venture investment. | ||||||||||||||||
During the six months ended June 30, 2013, we recorded an approximately $38 million net gain from UTC Climate, Controls & Security's ongoing portfolio transformation, primarily due to a gain on the sale of a business in Hong Kong. In addition, during that six-month period we recorded a gain of approximately $193 million from the sale of the Pratt & Whitney Power Systems business. | ||||||||||||||||
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 June 30, 2014, there were no significant transfers in and out of Level 1 and Level 2. | ||||||||||||||||
As of June 30, 2014, 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 in our Condensed Consolidated Balance Sheet at June 30, 2014 and December 31, 2013: | ||||||||||||||||
30-Jun-14 | December 31, 2013 | |||||||||||||||
(Dollars in millions) | Carrying | Fair | Carrying | Fair | ||||||||||||
Amount | Value | Amount | Value | |||||||||||||
Long-term receivables | $ | 966 | $ | 911 | $ | 655 | $ | 586 | ||||||||
Customer financing notes receivable | 288 | 281 | 394 | 366 | ||||||||||||
Short-term borrowings | (407 | ) | (407 | ) | (388 | ) | (388 | ) | ||||||||
Long-term debt (excluding capitalized leases) | (19,627 | ) | (22,012 | ) | (19,807 | ) | (21,525 | ) | ||||||||
Long-term liabilities | (297 | ) | (295 | ) | (283 | ) | (253 | ) | ||||||||
The following table provides the valuation hierarchy classification of assets and liabilities that are not carried at fair value in our Condensed Consolidated Balance Sheet as of June 30, 2014: | ||||||||||||||||
(Dollars in millions) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Long-term receivables | $ | 911 | $ | — | $ | 911 | $ | — | ||||||||
Customer financing notes receivable | 281 | — | 281 | — | ||||||||||||
Short-term borrowings | (407 | ) | — | (230 | ) | (177 | ) | |||||||||
Long-term debt (excluding capitalized leases) | (22,012 | ) | — | (21,676 | ) | (336 | ) | |||||||||
Long-term liabilities | (295 | ) | — | (295 | ) | — | ||||||||||
We had commercial aerospace financing and other contractual commitments totaling approximately $11.4 billion and $11.3 billion as of June 30, 2014 and December 31, 2013, respectively, related to commercial aircraft and certain contractual rights to provide product on new aircraft platforms. Risks associated with changes in interest rates on these commitments are mitigated by the fact that interest rates are variable during the commitment term, and are set at the date of funding based on current market conditions, the fair value of the underlying collateral and the credit worthiness of the customers. As a result, the fair value of these financings is expected to equal the amounts funded. The fair value of these commitments is not readily determinable. |
Credit_Quality_of_Longterm_Rec
Credit Quality of Long-term Receivables | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Notes to Condensed Consolidated Financial Statements [Abstract] | ' | |||||||
Financing Receivables [Text Block] | ' | |||||||
Long-Term Financing Receivables | ||||||||
Our long-term financing receivables primarily represent balances related to our aerospace businesses, such as long-term trade accounts receivable, leases receivable, and notes receivable. We also have other long-term receivables related to 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 Condensed 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 Condensed Consolidated Balance Sheet. The following table summarizes the balance by class of aerospace business-related long-term receivables as of June 30, 2014 and December 31, 2013. | ||||||||
(Dollars in millions) | June 30, 2014 | December 31, 2013 | ||||||
Long-term trade accounts receivable | $ | 986 | $ | 714 | ||||
Notes and leases receivable | 457 | 583 | ||||||
Total long-term receivables | $ | 1,443 | $ | 1,297 | ||||
Customer credit ratings range from customers with 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 7% and 9% of the total long-term receivables reflected in the table above were considered to bear high credit risk as of June 30, 2014 and December 31, 2013, respectively. | ||||||||
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 $16 million and $49 million as of June 30, 2014 and December 31, 2013, respectively, are individually evaluated for impairment. At both June 30, 2014 and December 31, 2013, 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. |
Shareowners_Equity_and_Noncont
Shareowners' Equity and Noncontrolling Interest | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Notes to Condensed Consolidated Financial Statements [Abstract] | ' | |||||||||||||||||||||||
Shareowners' Equity and Noncontrolling Interest | ' | |||||||||||||||||||||||
Shareowners' Equity and Noncontrolling Interest | ||||||||||||||||||||||||
A summary of the changes in shareowners' equity and noncontrolling interest comprising total equity for the quarters and six months ended June 30, 2014 and 2013 is provided below: | ||||||||||||||||||||||||
Quarter Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(Dollars in millions) | Share-owners' | Non-controlling Interest | Total | Share-owners' | Non-controlling Interest | Total | ||||||||||||||||||
Equity | Equity | Equity | Equity | |||||||||||||||||||||
Equity, beginning of period | $ | 32,317 | $ | 1,378 | $ | 33,695 | $ | 26,194 | $ | 1,369 | $ | 27,563 | ||||||||||||
Comprehensive income for the period: | ||||||||||||||||||||||||
Net income | 1,680 | 110 | 1,790 | 1,560 | 93 | 1,653 | ||||||||||||||||||
Total other comprehensive income (loss) | 538 | — | 538 | (133 | ) | (5 | ) | (138 | ) | |||||||||||||||
Total comprehensive income for the period | 2,218 | 110 | 2,328 | 1,427 | 88 | 1,515 | ||||||||||||||||||
Common Stock issued under employee plans | 125 | 125 | 201 | 201 | ||||||||||||||||||||
Common Stock repurchased | (335 | ) | (335 | ) | (335 | ) | (335 | ) | ||||||||||||||||
Dividends on Common Stock | (512 | ) | (512 | ) | (465 | ) | (465 | ) | ||||||||||||||||
Dividends on ESOP Common Stock | (18 | ) | (18 | ) | (17 | ) | (17 | ) | ||||||||||||||||
Dividends attributable to noncontrolling interest | (44 | ) | (44 | ) | (71 | ) | (71 | ) | ||||||||||||||||
Purchase of subsidiary shares from noncontrolling interest | (10 | ) | (33 | ) | (43 | ) | (18 | ) | (1 | ) | (19 | ) | ||||||||||||
Sale of subsidiary shares in noncontrolling interest | — | 3 | 3 | — | 5 | 5 | ||||||||||||||||||
Disposition of noncontrolling interest | 3 | 3 | (5 | ) | (5 | ) | ||||||||||||||||||
Redeemable noncontrolling interest in subsidiaries' earnings | (1 | ) | (1 | ) | (2 | ) | (2 | ) | ||||||||||||||||
Redeemable noncontrolling interest in total other comprehensive (loss) income | (2 | ) | (2 | ) | 2 | 2 | ||||||||||||||||||
Redeemable noncontrolling interest reclassification to noncontrolling interest | (6 | ) | (6 | ) | (3 | ) | (3 | ) | ||||||||||||||||
Equity, end of period | $ | 33,785 | $ | 1,408 | $ | 35,193 | $ | 26,987 | $ | 1,382 | $ | 28,369 | ||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(Dollars in millions) | Share-owners' | Non-controlling | Total | Share-owners' | Non-controlling | Total | ||||||||||||||||||
Equity | Interest | Equity | Equity | Interest | Equity | |||||||||||||||||||
Equity, beginning of period | $ | 31,866 | $ | 1,353 | $ | 33,219 | $ | 25,914 | $ | 1,155 | $ | 27,069 | ||||||||||||
Comprehensive income for the period: | ||||||||||||||||||||||||
Net income | 2,893 | 203 | 3,096 | 2,826 | 175 | 3,001 | ||||||||||||||||||
Total other comprehensive income (loss) | 477 | (7 | ) | 470 | (552 | ) | (26 | ) | (578 | ) | ||||||||||||||
Total comprehensive income for the period | 3,370 | 196 | 3,566 | 2,274 | 149 | 2,423 | ||||||||||||||||||
Common Stock issued under employee plans | 290 | 290 | 452 | 452 | ||||||||||||||||||||
Common Stock repurchased | (670 | ) | (670 | ) | (670 | ) | (670 | ) | ||||||||||||||||
Dividends on Common Stock | (1,026 | ) | (1,026 | ) | (930 | ) | (930 | ) | ||||||||||||||||
Dividends on ESOP Common Stock | (36 | ) | (36 | ) | (34 | ) | (34 | ) | ||||||||||||||||
Dividends attributable to noncontrolling interest | (100 | ) | (100 | ) | (127 | ) | (127 | ) | ||||||||||||||||
Purchase of subsidiary shares from noncontrolling interest | (13 | ) | (33 | ) | (46 | ) | (19 | ) | (10 | ) | (29 | ) | ||||||||||||
Sale of subsidiary shares in noncontrolling interest | 4 | 27 | 31 | — | 242 | 242 | ||||||||||||||||||
Disposition of noncontrolling interest | 3 | 3 | (5 | ) | (5 | ) | ||||||||||||||||||
Redeemable noncontrolling interest in subsidiaries' earnings | (7 | ) | (7 | ) | (2 | ) | (2 | ) | ||||||||||||||||
Redeemable noncontrolling interest in total other comprehensive income | — | — | 6 | 6 | ||||||||||||||||||||
Redeemable noncontrolling interest reclassification to noncontrolling interest | (31 | ) | (31 | ) | (26 | ) | (26 | ) | ||||||||||||||||
Equity, end of period | $ | 33,785 | $ | 1,408 | $ | 35,193 | $ | 26,987 | $ | 1,382 | $ | 28,369 | ||||||||||||
A summary of the changes in each component of accumulated other comprehensive income (loss), net of tax for the quarters and six months ended June 30, 2014 and 2013 is provided below: | ||||||||||||||||||||||||
(Dollars in millions) | Foreign | Defined | Unrealized Gains | Unrealized | Accumulated | |||||||||||||||||||
Currency | Benefit | (Losses) on | Hedging | Other | ||||||||||||||||||||
Translation | Pension and | Available-for-Sale | (Losses) | Comprehensive | ||||||||||||||||||||
Post- | Securities | Gains | (Loss) Income | |||||||||||||||||||||
retirement | ||||||||||||||||||||||||
Plans | ||||||||||||||||||||||||
Quarter Ended June 30, 2014 | ||||||||||||||||||||||||
Balance at March 31, 2014 | $ | 71 | $ | (3,184 | ) | $ | 301 | $ | (129 | ) | $ | (2,941 | ) | |||||||||||
Other comprehensive income (loss) before reclassifications, net | 424 | (12 | ) | (28 | ) | 80 | 464 | |||||||||||||||||
Amounts reclassified, pretax | — | 104 | (6 | ) | 13 | 111 | ||||||||||||||||||
Tax (benefit) expense reclassified | — | (35 | ) | 5 | (7 | ) | (37 | ) | ||||||||||||||||
Balance at June 30, 2014 | $ | 495 | $ | (3,127 | ) | $ | 272 | $ | (43 | ) | $ | (2,403 | ) | |||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 170 | $ | (3,267 | ) | $ | 296 | $ | (79 | ) | $ | (2,880 | ) | |||||||||||
Other comprehensive income (loss) before reclassifications, net | 322 | 1 | (6 | ) | 15 | 332 | ||||||||||||||||||
Amounts reclassified, pretax | 3 | 208 | (30 | ) | 31 | 212 | ||||||||||||||||||
Tax (benefit) expense reclassified | — | (69 | ) | 12 | (10 | ) | (67 | ) | ||||||||||||||||
Balance at June 30, 2014 | $ | 495 | $ | (3,127 | ) | $ | 272 | $ | (43 | ) | $ | (2,403 | ) | |||||||||||
(Dollars in millions) | Foreign | Defined | Unrealized Gains | Unrealized | Accumulated | |||||||||||||||||||
Currency | Benefit | (Losses) on | Hedging | Other | ||||||||||||||||||||
Translation | Pension and | Available-for-Sale | (Losses) | Comprehensive | ||||||||||||||||||||
Post- | Securities | Gains | (Loss) Income | |||||||||||||||||||||
retirement | ||||||||||||||||||||||||
Plans | ||||||||||||||||||||||||
Quarter Ended June 30, 2013 | ||||||||||||||||||||||||
Balance at March 31, 2013 | $ | 76 | $ | (6,084 | ) | $ | 207 | $ | (66 | ) | $ | (5,867 | ) | |||||||||||
Other comprehensive (loss) income before reclassifications, net | (212 | ) | 18 | 3 | (46 | ) | (237 | ) | ||||||||||||||||
Amounts reclassified, pretax | (36 | ) | 227 | (27 | ) | 15 | 179 | |||||||||||||||||
Tax (benefit) expense reclassified | — | (83 | ) | 11 | (3 | ) | (75 | ) | ||||||||||||||||
Balance at June 30, 2013 | $ | (172 | ) | $ | (5,922 | ) | $ | 194 | $ | (100 | ) | $ | (6,000 | ) | ||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 654 | $ | (6,250 | ) | $ | 145 | $ | 3 | $ | (5,448 | ) | ||||||||||||
Other comprehensive (loss) income before reclassifications, net | (794 | ) | 38 | 82 | (120 | ) | (794 | ) | ||||||||||||||||
Amounts reclassified, pretax | (32 | ) | 454 | (54 | ) | 21 | 389 | |||||||||||||||||
Tax (benefit) expense reclassified | — | (164 | ) | 21 | (4 | ) | (147 | ) | ||||||||||||||||
Balance at June 30, 2013 | $ | (172 | ) | $ | (5,922 | ) | $ | 194 | $ | (100 | ) | $ | (6,000 | ) | ||||||||||
Amounts reclassified related to our defined benefit pension and postretirement plans include amortization of prior service costs and transition obligations, and actuarial net losses recognized during each period presented. These costs are recorded as components of net periodic pension cost for each period presented (see Note 7 for additional details). | ||||||||||||||||||||||||
All noncontrolling interests with redemption features, such as put options, that are not solely within our control (redeemable noncontrolling interests) are reported in the mezzanine section of the Condensed Consolidated Balance Sheet, between liabilities and equity, at the greater of redemption value or initial carrying value. A summary of the changes in redeemable noncontrolling interest recorded in the mezzanine section of the Condensed Consolidated Balance Sheet for the quarters and six months ended June 30, 2014 and 2013 is provided below: | ||||||||||||||||||||||||
Quarter Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Redeemable noncontrolling interest, beginning of period | $ | 137 | $ | 255 | $ | 111 | $ | 238 | ||||||||||||||||
Net income | 1 | 1 | 7 | 2 | ||||||||||||||||||||
Foreign currency translation, net | 2 | (2 | ) | — | (6 | ) | ||||||||||||||||||
Dividends attributable to noncontrolling interest | — | — | (3 | ) | (3 | ) | ||||||||||||||||||
Disposition of noncontrolling interest | — | (82 | ) | — | (82 | ) | ||||||||||||||||||
Redeemable noncontrolling interest reclassification to noncontrolling interest | 6 | 2 | 31 | 25 | ||||||||||||||||||||
Redeemable noncontrolling interest, end of period | $ | 146 | $ | 174 | $ | 146 | $ | 174 | ||||||||||||||||
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 for the quarters and six months ended June 30, 2014 and 2013 is provided below: | ||||||||||||||||||||||||
Quarter Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Net income attributable to common shareowners | $ | 1,680 | $ | 1,560 | $ | 2,893 | $ | 2,826 | ||||||||||||||||
Transfers to noncontrolling interests: | ||||||||||||||||||||||||
Increase in common stock for sale of subsidiary shares | — | — | 4 | — | ||||||||||||||||||||
Decrease in common stock for purchase of subsidiary shares | (10 | ) | (18 | ) | (13 | ) | (19 | ) | ||||||||||||||||
Net income attributable to common shareowners after transfers to noncontrolling interests | $ | 1,670 | $ | 1,542 | $ | 2,884 | $ | 2,807 | ||||||||||||||||
Guarantees
Guarantees | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Notes to Condensed Consolidated Financial Statements [Abstract] | ' | ||||||||
Guarantees | ' | ||||||||
Guarantees | |||||||||
We extend a variety of financial, market value and product performance guarantees to third parties. Following the sale of substantially all of Rocketdyne on June 14, 2013, certain guarantees of Rocketdyne's performance under then existing contracts remained in place, which resulted in an increase in our performance guarantees of approximately $90 million, with no associated significant carrying amount of a liability, as of June 30, 2014. There have been no other material changes to guarantees outstanding since December 31, 2013. | |||||||||
The changes in the carrying amount of service and product warranties and product performance guarantees for the six months ended June 30, 2014 and 2013 are as follows: | |||||||||
(Dollars in millions) | 2014 | 2013 | |||||||
Balance as of January 1 | $ | 1,360 | $ | 1,332 | |||||
Warranties and performance guarantees issued | 121 | 159 | |||||||
Settlements made | (168 | ) | (132 | ) | |||||
Other | (9 | ) | — | ||||||
Balance as of June 30 | $ | 1,304 | $ | 1,359 | |||||
Contingent_Liabilities
Contingent Liabilities | 6 Months Ended |
Jun. 30, 2014 | |
Notes to Condensed Consolidated Financial Statements [Abstract] | ' |
Contingent Liabilities | ' |
Contingent Liabilities | |
Summarized below are the matters previously described in Note 17 of the Notes to the Consolidated Financial Statements in our 2013 Annual Report, incorporated by reference in our 2013 Form 10-K, updated as applicable. | |
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. | |
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 in our 2013 Annual Report, 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. Additional information pertaining to environmental matters is included in Note 1 to the Consolidated Financial Statements in our 2013 Annual Report. | |
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. | |
Cost Accounting Standards Claims | |
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 $98 million (including interest through June 30, 2014). 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. The DOD has appealed this decision. | |
By letter dated December 24, 2013, a Divisional Administrative Contracting Officer of the United States Defense Contract Management Agency asserted a claim and demand for payment of $210,968,414 against Pratt & Whitney. The claim is based on Pratt & Whitney's alleged noncompliance with cost accounting standards from January 1, 2005 to December 31, 2012, due to its method of determining the cost of collaborator parts used in the calculation of material overhead costs for government contracts. We believe this claim is without merit. On March 18, 2014, Pratt & Whitney filed an appeal to the Armed Services Board of Contract Appeals. | |
German Tax Litigation | |
As previously disclosed, UTC has been involved in administrative review proceedings and tax litigation with the German Tax Office, which concern €203 million (approximately $277 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 other taxpayer and the government appealed the findings to the FTC. On July 2, 2014, the FTC conducted a hearing in the aforementioned case involving the other taxpayer and a decision is expected later this year. After consideration of the ECJ decision, the May 2010 FTC decision and the lower court decision, we 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. | |
Other. | |
As described in Note 16 to the Consolidated Financial Statements in our 2013 Annual Report, 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 | 6 Months Ended | |||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||
Notes to Condensed Consolidated Financial Statements [Abstract] | ' | |||||||||||||||||||||
Segment Financial Data | ' | |||||||||||||||||||||
Segment Financial Data | ||||||||||||||||||||||
Our operations are classified into five principal segments: Otis, UTC Climate, Controls & Security, Pratt & Whitney, UTC Aerospace Systems and Sikorsky. The segments are generally 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. | ||||||||||||||||||||||
Results for the quarters ended June 30, 2014 and 2013 are as follows: | ||||||||||||||||||||||
Net Sales | Operating Profits | Operating Profit Margins | ||||||||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Otis | $ | 3,365 | $ | 3,138 | $ | 693 | $ | 650 | 20.6 | % | 20.7 | % | ||||||||||
UTC Climate, Controls & Security | 4,429 | 4,543 | 815 | 752 | 18.4 | % | 16.6 | % | ||||||||||||||
Pratt & Whitney | 3,592 | 3,624 | 432 | 567 | 12 | % | 15.6 | % | ||||||||||||||
UTC Aerospace Systems | 3,636 | 3,321 | 602 | 499 | 16.6 | % | 15 | % | ||||||||||||||
Sikorsky | 2,384 | 1,566 | (317 | ) | 156 | (13.3 | )% | 10 | % | |||||||||||||
Total segments | 17,406 | 16,192 | 2,225 | 2,624 | 12.8 | % | 16.2 | % | ||||||||||||||
Eliminations and other | (215 | ) | (186 | ) | 249 | 4 | ||||||||||||||||
General corporate expenses | — | — | (119 | ) | (121 | ) | ||||||||||||||||
Consolidated | $ | 17,191 | $ | 16,006 | $ | 2,355 | $ | 2,507 | 13.7 | % | 15.7 | % | ||||||||||
Results for the six months ended June 30, 2014 and 2013 are as follows: | ||||||||||||||||||||||
Net Sales | Operating Profits | Operating Profit Margins | ||||||||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Otis | $ | 6,320 | $ | 5,952 | $ | 1,263 | $ | 1,225 | 20 | % | 20.6 | % | ||||||||||
UTC Climate, Controls & Security | 8,280 | 8,380 | 1,352 | 1,272 | 16.3 | % | 15.2 | % | ||||||||||||||
Pratt & Whitney | 6,921 | 7,026 | 820 | 973 | 11.8 | % | 13.8 | % | ||||||||||||||
UTC Aerospace Systems | 7,086 | 6,584 | 1,192 | 1,000 | 16.8 | % | 15.2 | % | ||||||||||||||
Sikorsky | 3,745 | 2,815 | (231 | ) | 246 | (6.2 | )% | 8.7 | % | |||||||||||||
Total segments | 32,352 | 30,757 | 4,396 | 4,716 | 13.6 | % | 15.3 | % | ||||||||||||||
Eliminations and other | (416 | ) | (352 | ) | 288 | 25 | ||||||||||||||||
General corporate expenses | — | — | (231 | ) | (228 | ) | ||||||||||||||||
Consolidated | $ | 31,936 | $ | 30,405 | $ | 4,453 | $ | 4,513 | 13.9 | % | 14.8 | % | ||||||||||
See Note 8 to the Condensed Consolidated Financial Statements for a discussion of restructuring costs included in segment operating results. | ||||||||||||||||||||||
During the quarter ended June 30, 2014, Sikorsky and the Canadian Government signed amendments to their existing contracts for development, production and support of the CH-148 helicopter. These amendments include significant changes in program scope, governance and delivery methodology. Accordingly, in the quarter ended June 30, 2014, we recognized a change in estimate on this program resulting in the recognition of approximately $830 million of sales and $1,268 million of cost of sales. |
Accounting_Pronouncements
Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2014 | |
Notes to Condensed Consolidated Financial Statements [Abstract] | ' |
Accounting Pronouncements | ' |
Accounting Pronouncements | |
In April 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." This ASU relates to discontinued operations reporting for disposals of components of an entity that represent strategic shifts that have, or will have, a major effect on an entity's operations and financial results. The standard expands the disclosures for discontinued operations and requires new disclosures related to individually material disposals that do not meet the definition of a discontinued operation. The provisions of this ASU are effective for interim and annual periods beginning after December 15, 2014. This ASU is not expected to have an impact on our financial statements or disclosures. | |
In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers" (Topic 606). This ASU is intended to clarify the principles for recognizing revenue by removing inconsistencies and weaknesses in revenue requirements; providing a more robust framework for addressing revenue issues; improving comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets; and providing more useful information to users of financial statements through improved revenue disclosure requirements. The provisions of this ASU are effective for interim and annual periods beginning after December 15, 2016. We are currently evaluating the impact of this ASU. | |
In June 2014, the FASB issued ASU No. 2014-11, "Repurchase-to-Maturity Transactions, Repurchase Financings and Disclosures." This ASU aligns the accounting for repurchase-to-maturity transactions and repurchase financing arrangements with the accounting for other typical repurchase agreements. Under this ASU, these transactions will be accounted for as secured borrowings. The provisions of this ASU are effective for interim and annual periods beginning after December 15, 2014. This ASU is not expected to have a significant impact on our financial statements or disclosures. | |
In June 2014, the FASB issued ASU No. 2014-12, "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period." This ASU requires a reporting entity to treat a performance target that affects vesting and that could be achieved after the requisite service period as a performance condition, and apply existing guidance under the Stock Compensation Topic of the ASC as it relates to awards with performance conditions that affect vesting to account for such awards. The provisions of this ASU are effective for interim and annual periods beginning after December 15, 2015. We are currently evaluating the impact of this ASU. |
Acquisitions_Dispositions_Good1
Acquisitions, Dispositions, Goodwill and Other Intangible Assets (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Notes to Condensed Consolidated Financial Statements [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Variable Interest Entities [Table Text Block] | ' | ||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||
Current assets | $ | 2,006 | |||||||||||||||||||||||
Noncurrent assets | 1,157 | ||||||||||||||||||||||||
Total assets | $ | 3,163 | |||||||||||||||||||||||
Current liabilities | $ | 2,121 | |||||||||||||||||||||||
Noncurrent liabilities | 1,187 | ||||||||||||||||||||||||
Total liabilities | $ | 3,308 | |||||||||||||||||||||||
Schedule of Goodwill [Text Block] | ' | ||||||||||||||||||||||||
(Dollars in millions) | Balance as of | Goodwill | Foreign Currency Translation and Other | Balance as of | |||||||||||||||||||||
January 1, 2014 | Resulting from Business Combinations | June 30, 2014 | |||||||||||||||||||||||
Otis | $ | 1,741 | $ | 22 | $ | 20 | $ | 1,783 | |||||||||||||||||
UTC Climate, Controls & Security | 9,727 | 9 | 92 | 9,828 | |||||||||||||||||||||
Pratt & Whitney | 1,273 | — | — | 1,273 | |||||||||||||||||||||
UTC Aerospace Systems | 15,069 | — | 67 | 15,136 | |||||||||||||||||||||
Sikorsky | 353 | — | — | 353 | |||||||||||||||||||||
Total Segments | 28,163 | 31 | 179 | 28,373 | |||||||||||||||||||||
Eliminations and other | 5 | — | — | 5 | |||||||||||||||||||||
Total | $ | 28,168 | $ | 31 | $ | 179 | $ | 28,378 | |||||||||||||||||
Intangible Assets Disclosure [Text Block] | ' | ||||||||||||||||||||||||
30-Jun-14 | December 31, 2013 | ||||||||||||||||||||||||
(Dollars in millions) | Gross Amount | Accumulated | Gross Amount | Accumulated | |||||||||||||||||||||
Amortization | Amortization | ||||||||||||||||||||||||
Amortized: | |||||||||||||||||||||||||
Service portfolios | $ | 2,279 | $ | (1,369 | ) | $ | 2,234 | $ | (1,295 | ) | |||||||||||||||
Patents and trademarks | 383 | (190 | ) | 380 | (181 | ) | |||||||||||||||||||
IAE collaboration | 2,588 | (10 | ) | 2,273 | — | ||||||||||||||||||||
Customer relationships and other | 12,232 | (2,480 | ) | 12,049 | (2,199 | ) | |||||||||||||||||||
17,482 | (4,049 | ) | 16,936 | (3,675 | ) | ||||||||||||||||||||
Unamortized: | |||||||||||||||||||||||||
Trademarks and other | 2,282 | — | 2,260 | — | |||||||||||||||||||||
Total | $ | 19,764 | $ | (4,049 | ) | $ | 19,196 | $ | (3,675 | ) | |||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||||||||||||||||||||
(Dollars in millions) | Remaining 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |||||||||||||||||||
Amortization expense | $ | 347 | $ | 679 | $ | 688 | $ | 706 | $ | 731 | $ | 703 | |||||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Notes to Condensed Consolidated Financial Statements [Abstract] | ' | |||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Text Block] | ' | |||||||
(Dollars in millions) | Quarter Ended June 30, 2013 | Six Months Ended June 30, 2013 | ||||||
Discontinued Operations: | ||||||||
Net sales | $ | 146 | $ | 309 | ||||
Income from operations | $ | 43 | $ | 63 | ||||
Income tax expense | (24 | ) | (32 | ) | ||||
Income from operations, net of income taxes | 19 | 31 | ||||||
Loss on disposal | (25 | ) | (40 | ) | ||||
Income tax benefit | 14 | 13 | ||||||
Net loss on discontinued operations | $ | 8 | $ | 4 | ||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Notes to Condensed Consolidated Financial Statements [Abstract] | ' | |||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||||||
Quarter Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(Dollars in millions, except per share amounts; shares in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net income attributable to common shareowners: | ||||||||||||||||
Net income from continuing operations | $ | 1,680 | $ | 1,552 | $ | 2,893 | $ | 2,822 | ||||||||
Net income from discontinued operations | — | 8 | — | 4 | ||||||||||||
Net income attributable to common shareowners | $ | 1,680 | $ | 1,560 | $ | 2,893 | $ | 2,826 | ||||||||
Basic weighted average number of shares outstanding | 900.1 | 901.1 | 900.3 | 901 | ||||||||||||
Stock awards and equity units | 14.6 | 13 | 14.5 | 12.8 | ||||||||||||
Diluted weighted average number of shares outstanding | 914.7 | 914.1 | 914.8 | 913.8 | ||||||||||||
Earnings Per Share of Common Stock - Basic: | ||||||||||||||||
Net income from continuing operations | $ | 1.87 | $ | 1.72 | $ | 3.21 | $ | 3.13 | ||||||||
Net income from discontinued operations | — | 0.01 | — | 0.01 | ||||||||||||
Net income attributable to common shareowners | 1.87 | 1.73 | 3.21 | 3.14 | ||||||||||||
Earnings Per Share of Common Stock - Diluted: | ||||||||||||||||
Net income from continuing operations | $ | 1.84 | $ | 1.7 | $ | 3.16 | $ | 3.09 | ||||||||
Net income from discontinued operations | — | 0.01 | — | 0.01 | ||||||||||||
Net income attributable to common shareowners | 1.84 | 1.71 | 3.16 | 3.09 | ||||||||||||
Inventories_and_Contracts_in_P1
Inventories and Contracts in Progress (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Notes to Condensed Consolidated Financial Statements [Abstract] | ' | |||||||
Inventory [Text Block] | ' | |||||||
(Dollars in millions) | June 30, 2014 | December 31, 2013 | ||||||
Raw materials | $ | 2,039 | $ | 1,983 | ||||
Work-in-process | 3,788 | 4,600 | ||||||
Finished goods | 3,824 | 3,360 | ||||||
Contracts in progress | 8,572 | 7,929 | ||||||
18,223 | 17,872 | |||||||
Less: | ||||||||
Progress payments, secured by lien, on U.S. Government contracts | (507 | ) | (279 | ) | ||||
Billings on contracts in progress | (7,820 | ) | (7,263 | ) | ||||
$ | 9,896 | $ | 10,330 | |||||
Borrowings_and_Lines_of_Credit1
Borrowings and Lines of Credit (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Notes to Condensed Consolidated Financial Statements [Abstract] | ' | |||||||
Short Term Debt [Text Block] | ' | |||||||
(Dollars in millions) | June 30, 2014 | December 31, 2013 | ||||||
Commercial paper | $ | 230 | $ | 200 | ||||
Other borrowings | 177 | 188 | ||||||
Total short-term borrowings | $ | 407 | $ | 388 | ||||
Long-term Debt [Text Block] | ' | |||||||
(Dollars in millions) | June 30, 2014 | December 31, 2013 | ||||||
LIBOR§ plus 0.500% floating rate notes due 2015 | $ | 500 | $ | 500 | ||||
4.875% notes due 2015* | 1,200 | 1,200 | ||||||
6.290% notes due 2016‡ | — | 188 | ||||||
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* | 1,250 | 1,250 | ||||||
8.875% notes due 2019 | 271 | 271 | ||||||
4.500% notes due 2020* | 1,250 | 1,250 | ||||||
4.875% notes due 2020‡ | 171 | 171 | ||||||
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 | 141 | 86 | ||||||
Other (including capitalized leases)‡ | 352 | 394 | ||||||
Total principal long-term debt | 19,468 | 19,643 | ||||||
Other (fair market value adjustments and discounts)‡ | 197 | 210 | ||||||
Total long-term debt | 19,665 | 19,853 | ||||||
Less: current portion | 1,828 | 112 | ||||||
Long-term debt, net of current portion | $ | 17,837 | $ | 19,741 | ||||
* | 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 June 30, 2014 was approximately 0.2%. |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Notes to Condensed Consolidated Financial Statements [Abstract] | ' | |||||||||||||||
Schedule of Defined Benefit Plans Disclosures [Text Block] | ' | |||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Service cost | $ | 244 | $ | 286 | $ | 2 | $ | 2 | ||||||||
Interest cost | 760 | 686 | 20 | 19 | ||||||||||||
Expected return on plan assets | (1,108 | ) | (1,053 | ) | — | — | ||||||||||
Amortization | (4 | ) | (18 | ) | — | (6 | ) | |||||||||
Recognized actuarial net loss (gain) | 214 | 480 | (2 | ) | (2 | ) | ||||||||||
Net settlement and curtailment loss (gain) | 6 | (17 | ) | — | — | |||||||||||
Total net periodic benefit cost | $ | 112 | $ | 364 | $ | 20 | $ | 13 | ||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
Quarter Ended June 30, | Quarter Ended June 30, | |||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Service cost | $ | 122 | $ | 142 | $ | 1 | $ | 1 | ||||||||
Interest cost | 380 | 343 | 10 | 9 | ||||||||||||
Expected return on plan assets | (554 | ) | (526 | ) | — | — | ||||||||||
Amortization | (2 | ) | (9 | ) | — | (3 | ) | |||||||||
Recognized actuarial net loss (gain) | 107 | 240 | (1 | ) | (1 | ) | ||||||||||
Net settlement and curtailment loss (gain) | 6 | (14 | ) | — | — | |||||||||||
Total net periodic benefit cost | $ | 59 | $ | 176 | $ | 10 | $ | 6 | ||||||||
Quarter Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Defined benefit plans | $ | 60 | $ | 22 | $ | 144 | $ | 51 | ||||||||
Defined contribution plans | $ | 80 | $ | 80 | $ | 170 | $ | 183 | ||||||||
Restructuring_and_Other_Costs_
Restructuring and Other Costs (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Notes to Condensed Consolidated Financial Statements [Abstract] | ' | |||||||||||||||||||
Schedule of Restructuring and Related Costs [Text Block] | ' | |||||||||||||||||||
(Dollars in millions) | Expected | Costs Incurred Quarter Ended | Costs Incurred Quarter Ended June 30, 2014 | Remaining Costs at June 30, 2014 | ||||||||||||||||
Costs | 31-Mar-14 | |||||||||||||||||||
Otis | $ | 71 | $ | (18 | ) | $ | (28 | ) | $ | 25 | ||||||||||
UTC Climate, Controls & Security | 77 | (16 | ) | (21 | ) | 40 | ||||||||||||||
Pratt & Whitney | 70 | (37 | ) | (10 | ) | 23 | ||||||||||||||
UTC Aerospace Systems | 5 | (3 | ) | (2 | ) | — | ||||||||||||||
Sikorsky | 16 | (16 | ) | — | — | |||||||||||||||
Total | $ | 239 | $ | (90 | ) | $ | (61 | ) | $ | 88 | ||||||||||
(Dollars in millions) | ||||||||||||||||||||
Otis | $ | 38 | ||||||||||||||||||
UTC Climate, Controls & Security | 68 | |||||||||||||||||||
Pratt & Whitney | 47 | |||||||||||||||||||
UTC Aerospace Systems | 10 | |||||||||||||||||||
Sikorsky | 17 | |||||||||||||||||||
Total | $ | 180 | ||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Cost of sales | $ | 111 | ||||||||||||||||||
Selling, general and administrative | 69 | |||||||||||||||||||
Total | $ | 180 | ||||||||||||||||||
(Dollars in millions) | Expected | Costs Incurred in 2013 | Costs Incurred Quarter Ended | Costs Incurred Quarter Ended June 30, 2014 | Remaining Costs at June 30, 2014 | |||||||||||||||
Costs | 31-Mar-14 | |||||||||||||||||||
Otis | $ | 69 | $ | (69 | ) | $ | (1 | ) | $ | 2 | $ | 1 | ||||||||
UTC Climate, Controls & Security | 119 | (89 | ) | (24 | ) | (2 | ) | 4 | ||||||||||||
Pratt & Whitney | 163 | (154 | ) | (6 | ) | 1 | 4 | |||||||||||||
UTC Aerospace Systems | 91 | (71 | ) | (1 | ) | (3 | ) | 16 | ||||||||||||
Sikorsky | 37 | (38 | ) | — | 1 | — | ||||||||||||||
Total | $ | 479 | $ | (421 | ) | $ | (32 | ) | $ | (1 | ) | $ | 25 | |||||||
Schedule of Restructuring Reserve by Type of Cost [Text Block] | ' | |||||||||||||||||||
(Dollars in millions) | Severance | Asset | Facility Exit, | Total | ||||||||||||||||
Write-Downs | Lease | |||||||||||||||||||
Termination and | ||||||||||||||||||||
Other Costs | ||||||||||||||||||||
Restructuring accruals at April 1, 2014 | $ | 80 | $ | — | $ | — | $ | 80 | ||||||||||||
Net pre-tax restructuring costs | 58 | — | 3 | 61 | ||||||||||||||||
Utilization and foreign exchange | (26 | ) | — | (2 | ) | (28 | ) | |||||||||||||
Balance at June 30, 2014 | $ | 112 | $ | — | $ | 1 | $ | 113 | ||||||||||||
(Dollars in millions) | Severance | Asset | Facility Exit, | Total | ||||||||||||||||
Write-Downs | Lease | |||||||||||||||||||
Termination and | ||||||||||||||||||||
Other Costs | ||||||||||||||||||||
Restructuring accruals at April 1, 2014 | $ | 172 | $ | — | $ | 22 | $ | 194 | ||||||||||||
Net pre-tax restructuring costs | (5 | ) | — | 6 | 1 | |||||||||||||||
Utilization and foreign exchange | (35 | ) | — | (5 | ) | (40 | ) | |||||||||||||
Balance at June 30, 2014 | $ | 132 | $ | — | $ | 23 | $ | 155 | ||||||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Notes to Condensed Consolidated Financial Statements [Abstract] | ' | |||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Text Block] | ' | |||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||
(Dollars in millions) | June 30, 2014 | December 31, 2013 | June 30, 2014 | December 31, 2013 | ||||||||||||
Derivatives designated as hedging instruments | $ | 66 | $ | 59 | $ | 62 | $ | 103 | ||||||||
Derivatives not designated as hedging instruments | 66 | 31 | 56 | 54 | ||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Text Block] | ' | |||||||||||||||
Quarter Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Gain (loss) recorded in Accumulated other comprehensive loss | $ | 102 | $ | (64 | ) | $ | 22 | $ | (159 | ) | ||||||
Loss reclassified from Accumulated other comprehensive loss into Product sales (effective portion) | $ | 13 | $ | 15 | $ | 31 | $ | 23 | ||||||||
Schedule of Foreign Exchange Contracts Not Designated as Hedges, Gain (Loss) In Statement of Financial Performance [Text Block] | ' | |||||||||||||||
Quarter Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
(Loss) gain recognized in Other income, net | $ | (14 | ) | $ | (9 | ) | $ | 12 | $ | 23 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Notes to Condensed Consolidated Financial Statements [Abstract] | ' | |||||||||||||||
Fair Value, by Balance Sheet Grouping [Text Block] | ' | |||||||||||||||
(Dollars in millions) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Long-term receivables | $ | 911 | $ | — | $ | 911 | $ | — | ||||||||
Customer financing notes receivable | 281 | — | 281 | — | ||||||||||||
Short-term borrowings | (407 | ) | — | (230 | ) | (177 | ) | |||||||||
Long-term debt (excluding capitalized leases) | (22,012 | ) | — | (21,676 | ) | (336 | ) | |||||||||
Long-term liabilities | (295 | ) | — | (295 | ) | — | ||||||||||
30-Jun-14 | December 31, 2013 | |||||||||||||||
(Dollars in millions) | Carrying | Fair | Carrying | Fair | ||||||||||||
Amount | Value | Amount | Value | |||||||||||||
Long-term receivables | $ | 966 | $ | 911 | $ | 655 | $ | 586 | ||||||||
Customer financing notes receivable | 288 | 281 | 394 | 366 | ||||||||||||
Short-term borrowings | (407 | ) | (407 | ) | (388 | ) | (388 | ) | ||||||||
Long-term debt (excluding capitalized leases) | (19,627 | ) | (22,012 | ) | (19,807 | ) | (21,525 | ) | ||||||||
Long-term liabilities | (297 | ) | (295 | ) | (283 | ) | (253 | ) | ||||||||
Fair Value, Measurement Inputs, Disclosure [Text Block] | ' | |||||||||||||||
June 30, 2014 (Dollars in millions) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Recurring fair value measurements: | ||||||||||||||||
Available-for-sale securities | $ | 921 | $ | 921 | $ | — | $ | — | ||||||||
Derivative assets | 132 | — | 132 | — | ||||||||||||
Derivative liabilities | (118 | ) | — | (118 | ) | — | ||||||||||
Nonrecurring fair value measurements: | ||||||||||||||||
Business dispositions | 44 | — | 44 | — | ||||||||||||
December 31, 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 | — | ||||||||||||
Credit_Quality_of_Longterm_Rec1
Credit Quality of Long-term Receivables (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Notes to Condensed Consolidated Financial Statements [Abstract] | ' | |||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | ' | |||||||
(Dollars in millions) | June 30, 2014 | December 31, 2013 | ||||||
Long-term trade accounts receivable | $ | 986 | $ | 714 | ||||
Notes and leases receivable | 457 | 583 | ||||||
Total long-term receivables | $ | 1,443 | $ | 1,297 | ||||
Shareowners_Equity_and_Noncont1
Shareowners' Equity and Noncontrolling Interest (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Notes to Condensed Consolidated Financial Statements [Abstract] | ' | |||||||||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | |||||||||||||||||||||||
Quarter Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(Dollars in millions) | Share-owners' | Non-controlling Interest | Total | Share-owners' | Non-controlling Interest | Total | ||||||||||||||||||
Equity | Equity | Equity | Equity | |||||||||||||||||||||
Equity, beginning of period | $ | 32,317 | $ | 1,378 | $ | 33,695 | $ | 26,194 | $ | 1,369 | $ | 27,563 | ||||||||||||
Comprehensive income for the period: | ||||||||||||||||||||||||
Net income | 1,680 | 110 | 1,790 | 1,560 | 93 | 1,653 | ||||||||||||||||||
Total other comprehensive income (loss) | 538 | — | 538 | (133 | ) | (5 | ) | (138 | ) | |||||||||||||||
Total comprehensive income for the period | 2,218 | 110 | 2,328 | 1,427 | 88 | 1,515 | ||||||||||||||||||
Common Stock issued under employee plans | 125 | 125 | 201 | 201 | ||||||||||||||||||||
Common Stock repurchased | (335 | ) | (335 | ) | (335 | ) | (335 | ) | ||||||||||||||||
Dividends on Common Stock | (512 | ) | (512 | ) | (465 | ) | (465 | ) | ||||||||||||||||
Dividends on ESOP Common Stock | (18 | ) | (18 | ) | (17 | ) | (17 | ) | ||||||||||||||||
Dividends attributable to noncontrolling interest | (44 | ) | (44 | ) | (71 | ) | (71 | ) | ||||||||||||||||
Purchase of subsidiary shares from noncontrolling interest | (10 | ) | (33 | ) | (43 | ) | (18 | ) | (1 | ) | (19 | ) | ||||||||||||
Sale of subsidiary shares in noncontrolling interest | — | 3 | 3 | — | 5 | 5 | ||||||||||||||||||
Disposition of noncontrolling interest | 3 | 3 | (5 | ) | (5 | ) | ||||||||||||||||||
Redeemable noncontrolling interest in subsidiaries' earnings | (1 | ) | (1 | ) | (2 | ) | (2 | ) | ||||||||||||||||
Redeemable noncontrolling interest in total other comprehensive (loss) income | (2 | ) | (2 | ) | 2 | 2 | ||||||||||||||||||
Redeemable noncontrolling interest reclassification to noncontrolling interest | (6 | ) | (6 | ) | (3 | ) | (3 | ) | ||||||||||||||||
Equity, end of period | $ | 33,785 | $ | 1,408 | $ | 35,193 | $ | 26,987 | $ | 1,382 | $ | 28,369 | ||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(Dollars in millions) | Share-owners' | Non-controlling | Total | Share-owners' | Non-controlling | Total | ||||||||||||||||||
Equity | Interest | Equity | Equity | Interest | Equity | |||||||||||||||||||
Equity, beginning of period | $ | 31,866 | $ | 1,353 | $ | 33,219 | $ | 25,914 | $ | 1,155 | $ | 27,069 | ||||||||||||
Comprehensive income for the period: | ||||||||||||||||||||||||
Net income | 2,893 | 203 | 3,096 | 2,826 | 175 | 3,001 | ||||||||||||||||||
Total other comprehensive income (loss) | 477 | (7 | ) | 470 | (552 | ) | (26 | ) | (578 | ) | ||||||||||||||
Total comprehensive income for the period | 3,370 | 196 | 3,566 | 2,274 | 149 | 2,423 | ||||||||||||||||||
Common Stock issued under employee plans | 290 | 290 | 452 | 452 | ||||||||||||||||||||
Common Stock repurchased | (670 | ) | (670 | ) | (670 | ) | (670 | ) | ||||||||||||||||
Dividends on Common Stock | (1,026 | ) | (1,026 | ) | (930 | ) | (930 | ) | ||||||||||||||||
Dividends on ESOP Common Stock | (36 | ) | (36 | ) | (34 | ) | (34 | ) | ||||||||||||||||
Dividends attributable to noncontrolling interest | (100 | ) | (100 | ) | (127 | ) | (127 | ) | ||||||||||||||||
Purchase of subsidiary shares from noncontrolling interest | (13 | ) | (33 | ) | (46 | ) | (19 | ) | (10 | ) | (29 | ) | ||||||||||||
Sale of subsidiary shares in noncontrolling interest | 4 | 27 | 31 | — | 242 | 242 | ||||||||||||||||||
Disposition of noncontrolling interest | 3 | 3 | (5 | ) | (5 | ) | ||||||||||||||||||
Redeemable noncontrolling interest in subsidiaries' earnings | (7 | ) | (7 | ) | (2 | ) | (2 | ) | ||||||||||||||||
Redeemable noncontrolling interest in total other comprehensive income | — | — | 6 | 6 | ||||||||||||||||||||
Redeemable noncontrolling interest reclassification to noncontrolling interest | (31 | ) | (31 | ) | (26 | ) | (26 | ) | ||||||||||||||||
Equity, end of period | $ | 33,785 | $ | 1,408 | $ | 35,193 | $ | 26,987 | $ | 1,382 | $ | 28,369 | ||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | |||||||||||||||||||||||
(Dollars in millions) | Foreign | Defined | Unrealized Gains | Unrealized | Accumulated | |||||||||||||||||||
Currency | Benefit | (Losses) on | Hedging | Other | ||||||||||||||||||||
Translation | Pension and | Available-for-Sale | (Losses) | Comprehensive | ||||||||||||||||||||
Post- | Securities | Gains | (Loss) Income | |||||||||||||||||||||
retirement | ||||||||||||||||||||||||
Plans | ||||||||||||||||||||||||
Quarter Ended June 30, 2014 | ||||||||||||||||||||||||
Balance at March 31, 2014 | $ | 71 | $ | (3,184 | ) | $ | 301 | $ | (129 | ) | $ | (2,941 | ) | |||||||||||
Other comprehensive income (loss) before reclassifications, net | 424 | (12 | ) | (28 | ) | 80 | 464 | |||||||||||||||||
Amounts reclassified, pretax | — | 104 | (6 | ) | 13 | 111 | ||||||||||||||||||
Tax (benefit) expense reclassified | — | (35 | ) | 5 | (7 | ) | (37 | ) | ||||||||||||||||
Balance at June 30, 2014 | $ | 495 | $ | (3,127 | ) | $ | 272 | $ | (43 | ) | $ | (2,403 | ) | |||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 170 | $ | (3,267 | ) | $ | 296 | $ | (79 | ) | $ | (2,880 | ) | |||||||||||
Other comprehensive income (loss) before reclassifications, net | 322 | 1 | (6 | ) | 15 | 332 | ||||||||||||||||||
Amounts reclassified, pretax | 3 | 208 | (30 | ) | 31 | 212 | ||||||||||||||||||
Tax (benefit) expense reclassified | — | (69 | ) | 12 | (10 | ) | (67 | ) | ||||||||||||||||
Balance at June 30, 2014 | $ | 495 | $ | (3,127 | ) | $ | 272 | $ | (43 | ) | $ | (2,403 | ) | |||||||||||
Temporary Equity [Text Block] | ' | |||||||||||||||||||||||
Quarter Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Redeemable noncontrolling interest, beginning of period | $ | 137 | $ | 255 | $ | 111 | $ | 238 | ||||||||||||||||
Net income | 1 | 1 | 7 | 2 | ||||||||||||||||||||
Foreign currency translation, net | 2 | (2 | ) | — | (6 | ) | ||||||||||||||||||
Dividends attributable to noncontrolling interest | — | — | (3 | ) | (3 | ) | ||||||||||||||||||
Disposition of noncontrolling interest | — | (82 | ) | — | (82 | ) | ||||||||||||||||||
Redeemable noncontrolling interest reclassification to noncontrolling interest | 6 | 2 | 31 | 25 | ||||||||||||||||||||
Redeemable noncontrolling interest, end of period | $ | 146 | $ | 174 | $ | 146 | $ | 174 | ||||||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Text Block] | ' | |||||||||||||||||||||||
Quarter Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Net income attributable to common shareowners | $ | 1,680 | $ | 1,560 | $ | 2,893 | $ | 2,826 | ||||||||||||||||
Transfers to noncontrolling interests: | ||||||||||||||||||||||||
Increase in common stock for sale of subsidiary shares | — | — | 4 | — | ||||||||||||||||||||
Decrease in common stock for purchase of subsidiary shares | (10 | ) | (18 | ) | (13 | ) | (19 | ) | ||||||||||||||||
Net income attributable to common shareowners after transfers to noncontrolling interests | $ | 1,670 | $ | 1,542 | $ | 2,884 | $ | 2,807 | ||||||||||||||||
Guarantees_Tables
Guarantees (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Notes to Condensed Consolidated Financial Statements [Abstract] | ' | ||||||||
Product Warranty Disclosure [Text Block] | ' | ||||||||
(Dollars in millions) | 2014 | 2013 | |||||||
Balance as of January 1 | $ | 1,360 | $ | 1,332 | |||||
Warranties and performance guarantees issued | 121 | 159 | |||||||
Settlements made | (168 | ) | (132 | ) | |||||
Other | (9 | ) | — | ||||||
Balance as of June 30 | $ | 1,304 | $ | 1,359 | |||||
Segment_Financial_Data_Tables
Segment Financial Data (Tables) | 6 Months Ended | |||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||
Notes to Condensed Consolidated Financial Statements [Abstract] | ' | |||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Text Block] | ' | |||||||||||||||||||||
Net Sales | Operating Profits | Operating Profit Margins | ||||||||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Otis | $ | 3,365 | $ | 3,138 | $ | 693 | $ | 650 | 20.6 | % | 20.7 | % | ||||||||||
UTC Climate, Controls & Security | 4,429 | 4,543 | 815 | 752 | 18.4 | % | 16.6 | % | ||||||||||||||
Pratt & Whitney | 3,592 | 3,624 | 432 | 567 | 12 | % | 15.6 | % | ||||||||||||||
UTC Aerospace Systems | 3,636 | 3,321 | 602 | 499 | 16.6 | % | 15 | % | ||||||||||||||
Sikorsky | 2,384 | 1,566 | (317 | ) | 156 | (13.3 | )% | 10 | % | |||||||||||||
Total segments | 17,406 | 16,192 | 2,225 | 2,624 | 12.8 | % | 16.2 | % | ||||||||||||||
Eliminations and other | (215 | ) | (186 | ) | 249 | 4 | ||||||||||||||||
General corporate expenses | — | — | (119 | ) | (121 | ) | ||||||||||||||||
Consolidated | $ | 17,191 | $ | 16,006 | $ | 2,355 | $ | 2,507 | 13.7 | % | 15.7 | % | ||||||||||
Net Sales | Operating Profits | Operating Profit Margins | ||||||||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Otis | $ | 6,320 | $ | 5,952 | $ | 1,263 | $ | 1,225 | 20 | % | 20.6 | % | ||||||||||
UTC Climate, Controls & Security | 8,280 | 8,380 | 1,352 | 1,272 | 16.3 | % | 15.2 | % | ||||||||||||||
Pratt & Whitney | 6,921 | 7,026 | 820 | 973 | 11.8 | % | 13.8 | % | ||||||||||||||
UTC Aerospace Systems | 7,086 | 6,584 | 1,192 | 1,000 | 16.8 | % | 15.2 | % | ||||||||||||||
Sikorsky | 3,745 | 2,815 | (231 | ) | 246 | (6.2 | )% | 8.7 | % | |||||||||||||
Total segments | 32,352 | 30,757 | 4,396 | 4,716 | 13.6 | % | 15.3 | % | ||||||||||||||
Eliminations and other | (416 | ) | (352 | ) | 288 | 25 | ||||||||||||||||
General corporate expenses | — | — | (231 | ) | (228 | ) | ||||||||||||||||
Consolidated | $ | 31,936 | $ | 30,405 | $ | 4,453 | $ | 4,513 | 13.9 | % | 14.8 | % | ||||||||||
Acquisitions_Dispositions_Good2
Acquisitions, Dispositions, Goodwill and Other Intangible Assets(Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Business Acquisition [Line Items] | ' |
Acquisition Cost Of Acquired Entities and Interest in Affiliates | $84 |
Acquisitions_Dispositions_Good3
Acquisitions, Dispositions, Goodwill and Other Intangible Assets (IAE Collaboration) (Details) | Jun. 30, 2014 |
International Aero Engines AG [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Equity Method Investment Ownership Percentage | 49.50% |
IAE Collaboration [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Equity Method Investment Ownership Percentage | 61.00% |
Acquisitions_Dispositions_Good4
Acquisitions, Dispositions, Goodwill and Other Intangible Assets (Variable Interest Entity) (Details) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Variable Interest Entity [Line Items] | ' |
Current Assets | $2,006 |
Noncurrent Assets | 1,157 |
Total Assets | 3,163 |
Current Liabilities | 2,121 |
Noncurrent Liabilities | 1,187 |
Total Liabilities | $3,308 |
Acquisition_Dispositions_Goodw
Acquisition, Dispositions, Goodwill and Other Intangible Assets (Goodwill) (Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Goodwill [Line Items] | ' |
Goodwill - Beginning Balance | $28,168 |
Goodwill Resulting from Business Combinations | 31 |
Goodwill - Foreign Currency Translation and Other | 179 |
Goodwill - Ending Balance | 28,378 |
Otis [Member] | ' |
Goodwill [Line Items] | ' |
Goodwill - Beginning Balance | 1,741 |
Goodwill Resulting from Business Combinations | 22 |
Goodwill - Foreign Currency Translation and Other | 20 |
Goodwill - Ending Balance | 1,783 |
UTC Climate Controls and Security [Member] | ' |
Goodwill [Line Items] | ' |
Goodwill - Beginning Balance | 9,727 |
Goodwill Resulting from Business Combinations | 9 |
Goodwill - Foreign Currency Translation and Other | 92 |
Goodwill - Ending Balance | 9,828 |
Pratt and Whitney [Member] | ' |
Goodwill [Line Items] | ' |
Goodwill - Beginning Balance | 1,273 |
Goodwill Resulting from Business Combinations | 0 |
Goodwill - Foreign Currency Translation and Other | 0 |
Goodwill - Ending Balance | 1,273 |
UTC Aerospace Systems [Member] | ' |
Goodwill [Line Items] | ' |
Goodwill - Beginning Balance | 15,069 |
Goodwill Resulting from Business Combinations | 0 |
Goodwill - Foreign Currency Translation and Other | 67 |
Goodwill - Ending Balance | 15,136 |
Sikorsky [Member] | ' |
Goodwill [Line Items] | ' |
Goodwill - Beginning Balance | 353 |
Goodwill Resulting from Business Combinations | 0 |
Goodwill - Foreign Currency Translation and Other | 0 |
Goodwill - Ending Balance | 353 |
Total Segments [Member] | ' |
Goodwill [Line Items] | ' |
Goodwill - Beginning Balance | 28,163 |
Goodwill Resulting from Business Combinations | 31 |
Goodwill - Foreign Currency Translation and Other | 179 |
Goodwill - Ending Balance | 28,373 |
Eliminations and other [Member] | ' |
Goodwill [Line Items] | ' |
Goodwill - Beginning Balance | 5 |
Goodwill Resulting from Business Combinations | 0 |
Goodwill - Foreign Currency Translation and Other | 0 |
Goodwill - Ending Balance | $5 |
Acquisitions_Dispositions_Good5
Acquisitions, Dispositions, Goodwill and Other Intangible Assets (Intangible Assets) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross Amount | $17,482 | ' | $17,482 | ' | $16,936 |
Accumulated Amortization | -4,049 | ' | -4,049 | ' | -3,675 |
Unamortized: Trademarks and Other | 2,282 | ' | 2,282 | ' | 2,260 |
Total Intangible Assets Gross Excluding Goodwill | 19,764 | ' | 19,764 | ' | 19,196 |
Amortization of Intangible Assets | 178 | 176 | 357 | 351 | ' |
Service portfolios [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross Amount | 2,279 | ' | 2,279 | ' | 2,234 |
Accumulated Amortization | -1,369 | ' | -1,369 | ' | -1,295 |
Patents and trademarks [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross Amount | 383 | ' | 383 | ' | 380 |
Accumulated Amortization | -190 | ' | -190 | ' | -181 |
IAE collaboration [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross Amount | 2,588 | ' | 2,588 | ' | 2,273 |
Accumulated Amortization | -10 | ' | -10 | ' | 0 |
Customer relationships and other [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross Amount | 12,232 | ' | 12,232 | ' | 12,049 |
Accumulated Amortization | ($2,480) | ' | ($2,480) | ' | ($2,199) |
Acquisitions_Dispositions_Good6
Acquisitions, Dispositions, Goodwill and Other Intangible Assets (Amortization Expense) (Details) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' |
Amortization Expense, Remaining 2014 | $347 |
Amortization Expense, 2015 | 679 |
Amortization Expense, 2016 | 688 |
Amortization Expense, 2017 | 706 |
Amortization Expense, 2018 | 731 |
Amortization Expense, 2019 | $703 |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Income from operations | $0 | $43 | $0 | $63 |
Income tax expense | ' | 24 | ' | 32 |
Income from operations, net of income taxes | ' | 19 | ' | 31 |
Loss on disposal | 0 | -25 | 0 | -40 |
Income tax benefit | ' | -14 | ' | -13 |
Net loss on discontinued operations | $0 | $8 | $0 | $4 |
Pratt and Whitney Rocketdyne [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Disposal Date | ' | ' | 14-Jun-13 | ' |
UTC Power [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Disposal Date | ' | ' | 12-Feb-13 | ' |
Discontinued_Operations_Income
Discontinued Operations (Income Statement Information) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract] | ' | ' | ' | ' |
Net Sales | ' | $146 | ' | $309 |
Income from operations | 0 | 43 | 0 | 63 |
Income tax expense | ' | 24 | ' | 32 |
Income from operations, net of income taxes | ' | 19 | ' | 31 |
Loss on disposal | 0 | -25 | 0 | -40 |
Income tax benefit | ' | -14 | ' | -13 |
Net loss on discontinued operations | $0 | $8 | $0 | $4 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | 0 | 0 |
Net income from continuing operations | $1,680 | $1,552 | $2,893 | $2,822 |
Income from discontinued operations | 0 | 8 | 0 | 4 |
Net income attributable to common shareowners | $1,680 | $1,560 | $2,893 | $2,826 |
Basic weighted average number of shares outstanding | 900,100,000 | 901,100,000 | 900,300,000 | 901,000,000 |
Stock awards and equity units | 14,600,000 | 13,000,000 | 14,500,000 | 12,800,000 |
Diluted weighted average number of shares outstanding | 914,700,000 | 914,100,000 | 914,800,000 | 913,800,000 |
Net income from continuing operations | $1.87 | $1.72 | $3.21 | $3.13 |
Income from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | $0 | $0.01 | $0 | $0.01 |
Net income attributable to common shareowners | $1.87 | $1.73 | $3.21 | $3.14 |
Net income from continuing operations | $1.84 | $1.70 | $3.16 | $3.09 |
Income from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | $0 | $0.01 | $0 | $0.01 |
Net income attributable to common shareowners | $1.84 | $1.71 | $3.16 | $3.09 |
Inventories_and_Contracts_in_P2
Inventories and Contracts in Progress (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Other Inventory, Capitalized Costs, Gross | $155 | $159 |
Raw materials | 2,039 | 1,983 |
Work-in-process | 3,788 | 4,600 |
Finished goods | 3,824 | 3,360 |
Contracts in progress | 8,572 | 7,929 |
Inventory before payments and billings | 18,223 | 17,872 |
Progress payments, secured by lien, on U.S. Government contracts | -507 | -279 |
Billings on contracts in progress | -7,820 | -7,263 |
Inventories and contracts in progress, net | 9,896 | 10,330 |
Sikorsky [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Other Inventory, Capitalized Costs, Gross | ' | 740 |
Inventory Adjustments | $1,300 | ' |
Borrowings_and_Lines_of_Credit2
Borrowings and Lines of Credit (Short-Term Borrowings) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Notes to Condensed Consolidated Financial Statements [Abstract] | ' | ' |
Commercial paper | $230 | $200 |
Other borrowings | 177 | 188 |
Short-term borrowings | $407 | $388 |
Borrowing_and_Lines_of_Credit_
Borrowing and Lines of Credit (Narrative) (Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Line of Credit Facility [Line Items] | ' |
Aggregate Line of Credit Facility Maximum Borrowing Capacity | $4,350 |
Maximum Commercial Paper Borrowing Authority | 4,000 |
Revolving Credit Agreement [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 2,200 |
Line of Credit Facility, Amount Outstanding | 0 |
Line of Credit Facility, Expiration Date | 23-May-19 |
Multicurrency Revolving Credit Agreement [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 2,150 |
Line of Credit Facility, Amount Outstanding | $0 |
Borrowings_and_Lines_of_Credit3
Borrowings and Lines of Credit (Long-Term Debt) (Details) (USD $) | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | ||
Debt Instrument [Line Items] | ' | ' | ||
Other Loans Payable | $141 | $86 | ||
Debt Instrument London Interbank Offered Rate | 0.20% | ' | ||
Other (including capitalized leases) | 352 | [1] | 394 | [1] |
Total principal long-term debt | 19,468 | 19,643 | ||
Other (fair market value adjustments and discounts) | 197 | [1] | 210 | [1] |
Total long-term debt | 19,665 | 19,853 | ||
Less: current portion | 1,828 | 112 | ||
Long-term debt, net of current portion | 17,837 | 19,741 | ||
April 2014 Redemption Call [Member] [Domain] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Extinguishment of Debt, Payment Date | 1-Apr-14 | ' | ||
LIBOR Plus 0.500% Floating Rate Notes Due 2015 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Call Feature | 'B' The three-month LIBOR rate as of June 30, 2014 was approximately 0.2%. | ' | ||
Debt Instrument Maturity Date Description | '2015 | ' | ||
Debt Instrument, Carrying Amount | 500 | [2] | 500 | [2] |
Debt Instrument, Interest Rate Terms | 'LIBOR plus 0.500% | ' | ||
Notes 4.875% Due 2015 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.88% | ' | ||
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. | ' | ||
Debt Instrument Maturity Date Description | '2015 | ' | ||
Debt Instrument, Carrying Amount | 1,200 | [3] | 1,200 | [3] |
Notes 6.290% Due 2016 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Extinguishment of Debt, Amount | 188 | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.29% | ' | ||
Debt Instrument, Call Feature | 'b! Includes notes and remaining fair market value adjustments that were assumed as a part of the Goodrich acquisition on July 26, 2012. | ' | ||
Debt Instrument Maturity Date Description | '2016 | ' | ||
Debt Instrument, Carrying Amount | 0 | [1] | 188 | [1] |
Notes 5.375% Due 2017 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.38% | ' | ||
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. | ' | ||
Debt Instrument Maturity Date Description | '2017 | ' | ||
Debt Instrument, Carrying Amount | 1,000 | [3] | 1,000 | [3] |
Notes 1.800% Due 2017 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.80% | ' | ||
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. | ' | ||
Debt Instrument Maturity Date Description | '2017 | ' | ||
Debt Instrument, Carrying Amount | 1,500 | [3] | 1,500 | [3] |
Notes 6.800% Due 2018 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.80% | ' | ||
Debt Instrument, Call Feature | 'b! Includes notes and remaining fair market value adjustments that were assumed as a part of the Goodrich acquisition on July 26, 2012. | ' | ||
Debt Instrument Maturity Date Description | '2018 | ' | ||
Debt Instrument, Carrying Amount | 99 | [1] | 99 | [1] |
Notes 6.125% Due 2019 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.13% | ' | ||
Debt Instrument, Call Feature | '* We may redeem some or all of these series of notes at any time at a redemption price in U.S. Dollars equal to the greater of 100% of the principal amount outstanding of the applicable series of notes to be redeemed, or the sum of the present values of the remaining scheduled payments of principal and interest on the applicable series of notes to be redeemed. The discounts applied on such redemptions are based on a semiannual calculation at an 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. | ' | ||
Debt Instrument Maturity Date Description | '2019 | ' | ||
Debt Instrument, Carrying Amount | 1,250 | [3] | 1,250 | [3] |
Notes 8.875% Due 2019 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.88% | ' | ||
Debt Instrument Maturity Date Description | '2019 | ' | ||
Debt Instrument, Carrying Amount | 271 | 271 | ||
Notes 4.500% Due 2020 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ' | ||
Debt Instrument, Call Feature | '* We may redeem some or all of these series of notes at any time at a redemption price in U.S. Dollars equal to the greater of 100% of the principal amount outstanding of the applicable series of notes to be redeemed, or the sum of the present values of the remaining scheduled payments of principal and interest on the applicable series of notes to be redeemed. The discounts applied on such redemptions are based on a semiannual calculation at an 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. | ' | ||
Debt Instrument Maturity Date Description | '2020 | ' | ||
Debt Instrument, Carrying Amount | 1,250 | [3] | 1,250 | [3] |
Notes 4.875% Due 2020 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.88% | ' | ||
Debt Instrument, Call Feature | 'b! Includes notes and remaining fair market value adjustments that were assumed as a part of the Goodrich acquisition on July 26, 2012. | ' | ||
Debt Instrument Maturity Date Description | '2020 | ' | ||
Debt Instrument, Carrying Amount | 171 | [1] | 171 | [1] |
Notes 8.750% Due 2021 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.75% | ' | ||
Debt Instrument Maturity Date Description | '2021 | ' | ||
Debt Instrument, Carrying Amount | 250 | 250 | ||
Notes 3.100% Due 2022 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.10% | ' | ||
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. | ' | ||
Debt Instrument Maturity Date Description | '2022 | ' | ||
Debt Instrument, Carrying Amount | 2,300 | [3] | 2,300 | [3] |
1.550% junior subordinated notes due 2022 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.55% | ' | ||
Debt Instrument, Call Feature | 'b 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. | ' | ||
Debt Instrument Maturity Date Description | '2022 | ' | ||
Debt Instrument, Carrying Amount | 1,100 | [4] | 1,100 | [4] |
Notes 7.100% Due 2027 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.10% | ' | ||
Debt Instrument, Call Feature | 'b! Includes notes and remaining fair market value adjustments that were assumed as a part of the Goodrich acquisition on July 26, 2012. | ' | ||
Debt Instrument Maturity Date Description | '2027 | ' | ||
Debt Instrument, Carrying Amount | 141 | [1] | 141 | [1] |
Notes 6.700% Due 2028 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.70% | ' | ||
Debt Instrument Maturity Date Description | '2028 | ' | ||
Debt Instrument, Carrying Amount | 400 | 400 | ||
Notes 7.500% Due 2029 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | ' | ||
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. | ' | ||
Debt Instrument Maturity Date Description | '2029 | ' | ||
Debt Instrument, Carrying Amount | 550 | [3] | 550 | [3] |
Notes 5.400% Due 2035 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.40% | ' | ||
Debt Instrument, Call Feature | '* We may redeem some or all of these series of notes at any time at a redemption price in U.S. Dollars equal to the greater of 100% of the principal amount outstanding of the applicable series of notes to be redeemed, or the sum of the present values of the remaining scheduled payments of principal and interest on the applicable series of notes to be redeemed. The discounts applied on such redemptions are based on a semiannual calculation at an 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. | ' | ||
Debt Instrument Maturity Date Description | '2035 | ' | ||
Debt Instrument, Carrying Amount | 600 | [3] | 600 | [3] |
Notes 6.050% Due 2036 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.05% | ' | ||
Debt Instrument, Call Feature | '* We may redeem some or all of these series of notes at any time at a redemption price in U.S. Dollars equal to the greater of 100% of the principal amount outstanding of the applicable series of notes to be redeemed, or the sum of the present values of the remaining scheduled payments of principal and interest on the applicable series of notes to be redeemed. The discounts applied on such redemptions are based on a semiannual calculation at an 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. | ' | ||
Debt Instrument Maturity Date Description | '2036 | ' | ||
Debt Instrument, Carrying Amount | 600 | [3] | 600 | [3] |
Notes 6.800% Due 2036 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.80% | ' | ||
Debt Instrument, Call Feature | 'b! Includes notes and remaining fair market value adjustments that were assumed as a part of the Goodrich acquisition on July 26, 2012. | ' | ||
Debt Instrument Maturity Date Description | '2036 | ' | ||
Debt Instrument, Carrying Amount | 134 | [1] | 134 | [1] |
Notes 7.000% Due 2038 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | ' | ||
Debt Instrument, Call Feature | 'b! Includes notes and remaining fair market value adjustments that were assumed as a part of the Goodrich acquisition on July 26, 2012. | ' | ||
Debt Instrument Maturity Date Description | '2038 | ' | ||
Debt Instrument, Carrying Amount | 159 | [1] | 159 | [1] |
Notes 6.125% Due 2038 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.13% | ' | ||
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. | ' | ||
Debt Instrument Maturity Date Description | '2038 | ' | ||
Debt Instrument, Carrying Amount | 1,000 | [3] | 1,000 | [3] |
Notes 5.700% Due 2040 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.70% | ' | ||
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. | ' | ||
Debt Instrument Maturity Date Description | '2040 | ' | ||
Debt Instrument, Carrying Amount | 1,000 | [3] | 1,000 | [3] |
Notes 4.500% Due 2042 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ' | ||
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. | ' | ||
Debt Instrument Maturity Date Description | '2042 | ' | ||
Debt Instrument, Carrying Amount | $3,500 | [3] | $3,500 | |
[1] | Includes notes and remaining fair market value adjustments that were assumed as a part of the Goodrich acquisition on July 26, 2012. | |||
[2] | The three-month LIBOR rate as of JuneB 30, 2014 was approximately 0.2% | |||
[3] | We may redeem the above notes, in whole or in part, at our option at any time at a redemption price in U.S. Dollars equal to the greater of 100% of the principal amount of the notes to be redeemed or the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed, discounted to the redemption date on a semiannual basis at the adjusted treasury rate plus 10-50 basis points. The redemption price will also include interest accrued to the date of redemption on the principal balance of the notes being redeemed. | |||
[4] | The junior subordinated notes are redeemable at our option, in whole or in part, on a date not earlier than August 1, 2017. The redemption price will be the principal amount, plus accrued and unpaid interest, if any, up to but excluding the redemption date. We may extend or eliminate the optional redemption date as part of a remarketing of the junior subordinated notes which could occur between April 29, 2015 and July 15, 2015 or between July 23, 2015 and July 29, 2015. |
Income_Taxes_Details
Income Taxes (Details) | 3 Months Ended | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
USD ($) | USD ($) | EUR (€) | |
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items] | ' | ' | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Lower Bound | $165 | $165 | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | 335 | 335 | ' |
Estimated Tax Settlement Interest Gain (Loss) Noncash, Range, Upper Limit | 110 | ' | ' |
Tax Adjustments, Settlements, and Unusual Provisions | 220 | ' | ' |
Tax Benefits Claimed Related to the French Revenue Authority. | ' | 323 | 237 |
Tax Settlement Gain (Loss) Noncash | 274 | ' | ' |
Tax Settlement Interest Gain (Loss) | 21 | ' | ' |
Estimated Tax Settlement Gain (Loss) Noncash, Range, Lower Limit | 210 | ' | ' |
Estimated Tax Settlement Gain (Loss) Noncash, Range, Upper Limit | 230 | ' | ' |
Estimated Tax Settlement Interest Gain (Loss) Noncash, Range, Lower Limit | $90 | ' | ' |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Contributions to Defined Contribution Plans | $80 | $80 | $170 | $183 |
Discontinued Operations Defined Benefit Plan Recognized Net Gain Due To Settlements And Curtailments | ' | -19 | ' | -24 |
Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Contributions to Defined Benefit Plans | 60 | 22 | 144 | 51 |
Service Cost | 122 | 142 | 244 | 286 |
Interest Cost | 380 | 343 | 760 | 686 |
Expected Return on Plan Assets | -554 | -526 | -1,108 | -1,053 |
Amortization | -2 | -9 | -4 | -18 |
Recognized actuarial net loss (gain) | 107 | 240 | 214 | 480 |
Net settlement and curtailment loss (gain) | 6 | -14 | 6 | -17 |
Total net periodic benefit cost | 59 | 176 | 112 | 364 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service Cost | 1 | 1 | 2 | 2 |
Interest Cost | 10 | 9 | 20 | 19 |
Expected Return on Plan Assets | 0 | 0 | 0 | 0 |
Amortization | 0 | -3 | 0 | -6 |
Recognized actuarial net loss (gain) | -1 | -1 | -2 | -2 |
Net settlement and curtailment loss (gain) | 0 | 0 | 0 | 0 |
Total net periodic benefit cost | 10 | 6 | 20 | 13 |
United States Pension Plans Of US Entity Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Contributions to Defined Benefit Plans | $0 | $0 | $0 | $0 |
Restructuring_and_Other_Costs_1
Restructuring and Other Costs (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Net pre-tax restructuring costs | ' | ' | $180 | ' |
Restructuring Reserve, Two Years Prior Actions | 67 | ' | 67 | ' |
Current Year Actions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Reserve Beginning Balance | 80 | ' | ' | ' |
Net pre-tax restructuring costs | 61 | ' | 151 | ' |
Utilization and foreign exchange | -28 | ' | ' | ' |
Restructuring Reserve Ending Balance | 113 | ' | 113 | ' |
Restructuring and Related Cost, Incurred Cost | -61 | -90 | ' | ' |
Restructuring and Related Cost, Expected Cost | ' | ' | 239 | ' |
Restructuring And Related Cost Expected Remaining | 88 | ' | 88 | ' |
Current Year Actions [Member] | Severance [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Reserve Beginning Balance | 80 | ' | ' | ' |
Net pre-tax restructuring costs | 58 | ' | ' | ' |
Utilization and foreign exchange | -26 | ' | ' | ' |
Restructuring Reserve Ending Balance | 112 | ' | 112 | ' |
Current Year Actions [Member] | Asset Write-Downs [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Reserve Beginning Balance | 0 | ' | ' | ' |
Net pre-tax restructuring costs | 0 | ' | ' | ' |
Utilization and foreign exchange | 0 | ' | ' | ' |
Restructuring Reserve Ending Balance | 0 | ' | 0 | ' |
Current Year Actions [Member] | Facility Exit, Lease Termination and Other Costs [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Reserve Beginning Balance | 0 | ' | ' | ' |
Net pre-tax restructuring costs | 3 | ' | ' | ' |
Utilization and foreign exchange | -2 | ' | ' | ' |
Restructuring Reserve Ending Balance | 1 | ' | 1 | ' |
Prior Year Actions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Reserve Beginning Balance | 194 | ' | ' | ' |
Net pre-tax restructuring costs | 1 | ' | 33 | ' |
Utilization and foreign exchange | -40 | ' | ' | ' |
Restructuring Reserve Ending Balance | 155 | ' | 155 | ' |
Restructuring and Related Cost, Incurred Cost | -1 | -32 | ' | -421 |
Restructuring and Related Cost, Expected Cost | ' | ' | 479 | ' |
Restructuring And Related Cost Expected Remaining | 25 | ' | 25 | ' |
Prior Year Actions [Member] | Severance [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Reserve Beginning Balance | 172 | ' | ' | ' |
Net pre-tax restructuring costs | -5 | ' | ' | ' |
Utilization and foreign exchange | -35 | ' | ' | ' |
Restructuring Reserve Ending Balance | 132 | ' | 132 | ' |
Prior Year Actions [Member] | Asset Write-Downs [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Reserve Beginning Balance | 0 | ' | ' | ' |
Net pre-tax restructuring costs | 0 | ' | ' | ' |
Utilization and foreign exchange | 0 | ' | ' | ' |
Restructuring Reserve Ending Balance | 0 | ' | 0 | ' |
Prior Year Actions [Member] | Facility Exit, Lease Termination and Other Costs [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Reserve Beginning Balance | 22 | ' | ' | ' |
Net pre-tax restructuring costs | 6 | ' | ' | ' |
Utilization and foreign exchange | -5 | ' | ' | ' |
Restructuring Reserve Ending Balance | 23 | ' | 23 | ' |
Otis [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Net pre-tax restructuring costs | ' | ' | 38 | ' |
Otis [Member] | Current Year Actions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and Related Cost, Incurred Cost | -28 | -18 | ' | ' |
Restructuring and Related Cost, Expected Cost | ' | ' | 71 | ' |
Restructuring And Related Cost Expected Remaining | 25 | ' | 25 | ' |
Otis [Member] | Prior Year Actions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and Related Cost, Incurred Cost | 2 | -1 | ' | -69 |
Restructuring and Related Cost, Expected Cost | ' | ' | 69 | ' |
Restructuring And Related Cost Expected Remaining | 1 | ' | 1 | ' |
UTC Climate Controls and Security [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Net pre-tax restructuring costs | ' | ' | 68 | ' |
UTC Climate Controls and Security [Member] | Current Year Actions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and Related Cost, Incurred Cost | -21 | -16 | ' | ' |
Restructuring and Related Cost, Expected Cost | ' | ' | 77 | ' |
Restructuring And Related Cost Expected Remaining | 40 | ' | 40 | ' |
UTC Climate Controls and Security [Member] | Prior Year Actions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and Related Cost, Incurred Cost | -2 | -24 | ' | -89 |
Restructuring and Related Cost, Expected Cost | ' | ' | 119 | ' |
Restructuring And Related Cost Expected Remaining | 4 | ' | 4 | ' |
Pratt and Whitney [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Net pre-tax restructuring costs | ' | ' | 47 | ' |
Pratt and Whitney [Member] | Current Year Actions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and Related Cost, Incurred Cost | -10 | -37 | ' | ' |
Restructuring and Related Cost, Expected Cost | ' | ' | 70 | ' |
Restructuring And Related Cost Expected Remaining | 23 | ' | 23 | ' |
Pratt and Whitney [Member] | Prior Year Actions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and Related Cost, Incurred Cost | 1 | -6 | ' | -154 |
Restructuring and Related Cost, Expected Cost | ' | ' | 163 | ' |
Restructuring And Related Cost Expected Remaining | 4 | ' | 4 | ' |
UTC Aerospace Systems [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Net pre-tax restructuring costs | ' | ' | 10 | ' |
UTC Aerospace Systems [Member] | Current Year Actions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and Related Cost, Incurred Cost | -2 | -3 | ' | ' |
Restructuring and Related Cost, Expected Cost | ' | ' | 5 | ' |
Restructuring And Related Cost Expected Remaining | 0 | ' | 0 | ' |
UTC Aerospace Systems [Member] | Prior Year Actions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and Related Cost, Incurred Cost | -3 | -1 | ' | -71 |
Restructuring and Related Cost, Expected Cost | ' | ' | 91 | ' |
Restructuring And Related Cost Expected Remaining | 16 | ' | 16 | ' |
Sikorsky [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Net pre-tax restructuring costs | ' | ' | 17 | ' |
Sikorsky [Member] | Current Year Actions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and Related Cost, Incurred Cost | 0 | -16 | ' | ' |
Restructuring and Related Cost, Expected Cost | ' | ' | 16 | ' |
Restructuring And Related Cost Expected Remaining | 0 | ' | 0 | ' |
Sikorsky [Member] | Prior Year Actions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and Related Cost, Incurred Cost | 1 | 0 | ' | -38 |
Restructuring and Related Cost, Expected Cost | ' | ' | 37 | ' |
Restructuring And Related Cost Expected Remaining | 0 | ' | 0 | ' |
Cost Of Sales [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Net pre-tax restructuring costs | ' | ' | 111 | ' |
Cost Of Sales [Member] | Current Year Actions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Net pre-tax restructuring costs | ' | ' | 83 | ' |
Cost Of Sales [Member] | Prior Year Actions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Net pre-tax restructuring costs | ' | ' | 30 | ' |
Selling General and Administrative [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Net pre-tax restructuring costs | ' | ' | 69 | ' |
Selling General and Administrative [Member] | Current Year Actions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Net pre-tax restructuring costs | ' | ' | 68 | ' |
Selling General and Administrative [Member] | Prior Year Actions [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Net pre-tax restructuring costs | ' | ' | $3 | ' |
Financial_Instruments_Narrativ
Financial Instruments (Narrative) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Billions, unless otherwise specified | ||
Notes to Condensed Consolidated Financial Statements [Abstract] | ' | ' |
Four Quarter Rolling Average of Notional Amount of Foreign Exchange Contracts Hedging Foreign Currency Transactions | $12.70 | $12.30 |
Financial_Instruments_Fair_Val
Financial Instruments (Fair Value of Derivative Instruments) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Notes to Condensed Consolidated Financial Statements [Abstract] | ' | ' |
Derivatives designated as hedging instruments, Asset Derivatives | $66 | $59 |
Derivatives not designated as hedging instruments, Asset Derivatives | 66 | 31 |
Derivatives designated as hedging instruments, Liability Derivatives | 62 | 103 |
Derivatives not designated as hedging instruments, Liability Derivatives | $56 | $54 |
Financial_Instruments_Impact_F
Financial Instruments (Impact From Foreign Exchange Derivative Instruments) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Notes to Condensed Consolidated Financial Statements [Abstract] | ' | ' | ' | ' |
Gain (loss) recorded in Accumulated other comprehensive loss | $102 | ($64) | $22 | ($159) |
Loss reclassified from Accumulated other comprehensive loss into Product Sales (effective portion) | 13 | 15 | 31 | 23 |
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | ($31) | ' | ($31) | ' |
Financial_Instruments_Effect_o
Financial Instruments (Effect of Foreign Exchange Contracts Not Designated) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Notes to Condensed Consolidated Financial Statements [Abstract] | ' | ' | ' | ' |
Gain (loss) recognized in Other income, net | ($14) | ($9) | $12 | $23 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value Hierarchy Classification) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | |||||||||||||||||||||||
In Millions, unless otherwise specified | Mar. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Portion at Other than Fair Value Measurement [Member] | Portion at Other than Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Pratt and Whitney [Member] | Pratt and Whitney [Member] | Sikorsky [Member] | |||
Quoted price in active markets (Level 1) [Member] | Fair Value, Inputs, Level 2 [Member] | Unobservable inputs (Level 3) [Member] | Quoted price in active markets (Level 1) [Member] | Quoted price in active markets (Level 1) [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Unobservable inputs (Level 3) [Member] | Unobservable inputs (Level 3) [Member] | Quoted price in active markets (Level 1) [Member] | Quoted price in active markets (Level 1) [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Unobservable inputs (Level 3) [Member] | Unobservable inputs (Level 3) [Member] | ||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Other than Temporary Impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $60 | $85 | $28 |
Available-for-sale securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 921 | 988 | 921 | 988 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 132 | 90 | 0 | 0 | 132 | 90 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | -118 | -157 | 0 | 0 | -118 | -157 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Dispositions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44 | 66 | 0 | 0 | 44 | 66 | 0 | 0 | ' | ' | ' |
Long-term receivables | ' | ' | 911 | 586 | 0 | 911 | 0 | 966 | 655 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Customer financing notes receivable | ' | ' | 281 | 366 | 0 | 281 | 0 | 288 | 394 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short Term borrowings | ' | ' | -407 | -388 | 0 | -230 | -177 | -407 | -388 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt (excluding capitalized leases) | ' | ' | -22,012 | -21,525 | 0 | -21,676 | -336 | -19,627 | -19,807 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term liabilities | ' | ' | -295 | -253 | 0 | -295 | 0 | -297 | -283 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) on Disposition of Business | $38 | $193 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Commer
Fair Value Measurements (Commercial Aerospace Financing Commitments) (Details) (Commercial Aerospace [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Billions, unless otherwise specified | ||
Commercial Aerospace [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Asset | $11.40 | $11.30 |
Credit_Quality_of_Longterm_Rec2
Credit Quality of Long-term Receivables (Reserve and Additional Information) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Notes to Condensed Consolidated Financial Statements [Abstract] | ' | ' |
Financing Receivable Reserve For Credit Losses And Exposure | $16 | $49 |
Percentage Long Term Receivables High Credit Risk | 7.00% | 9.00% |
Credit_Quality_of_Longterm_Rec3
Credit Quality of Long-term Receivables (Class and Credit Risk Information) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing Receivable, Net | $1,443 | $1,297 |
Long-term trade accounts receivable [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing Receivable, Net | 986 | 714 |
Notes And leases receivable [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing Receivable, Net | $457 | $583 |
Shareowners_Equity_and_Noncont2
Shareowners' Equity and Noncontrolling Interest (Summary of Changes in Shareowners' Equity and Noncontrolling Interest) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Equity, beginning of period | $33,695 | $27,563 | $33,219 | $27,069 |
Net income | 1,790 | 1,653 | 3,096 | 3,001 |
Total other comprehensive income (loss) | 538 | -138 | 470 | -578 |
Total comprehensive income for the period | 2,328 | 1,515 | 3,566 | 2,423 |
Common Stock issued under employee plans | 125 | 201 | 290 | 452 |
Common Stock repurchased | -335 | -335 | -670 | -670 |
Dividends on Common Stock | -512 | -465 | -1,026 | -930 |
Dividends on ESOP Common Stock | -18 | -17 | -36 | -34 |
Dividends attributable to noncontrolling interest | -44 | -71 | -100 | -127 |
Purchase of subsidiary shares from noncontrolling interest | -43 | -19 | -46 | -29 |
Sale of subsidiary shares in noncontrolling interest | 3 | 5 | 31 | 242 |
Disposition noncontrolling interest | 3 | -5 | -3 | -5 |
Redeemable Noncontrolling Interest in Subsidiaries Earning | -1 | -2 | -7 | -2 |
Redeemable noncontrolling interest in other comprehensive income (loss) | -2 | 2 | 0 | 6 |
Redeemable noncontrolling interest reclassification to noncontrolling interest | -6 | -3 | -31 | -26 |
Equity, end of period | 35,193 | 28,369 | 35,193 | 28,369 |
Redeemable noncontrolling interest, beginning of period | 137 | 255 | 111 | 238 |
Redeemable noncontrolling interest, end of period | 146 | 174 | 146 | 174 |
Net Income (Loss) Attributable to Parent | 1,680 | 1,560 | 2,893 | 2,826 |
Increase in common stock for sale of subsidiary shares | 0 | 0 | 4 | 0 |
Decrease in common stock for purchase of subsidiary shares | -10 | -18 | -13 | -19 |
Change from net income attributable to common shareowners and transfers to noncontrolling interest | 1,670 | 1,542 | 2,884 | 2,807 |
Shareowners' Equity [Member] | ' | ' | ' | ' |
Equity, beginning of period | 32,317 | 26,194 | 31,866 | 25,914 |
Net income | 1,680 | 1,560 | 2,893 | 2,826 |
Total other comprehensive income (loss) | 538 | -133 | 477 | -552 |
Total comprehensive income for the period | 2,218 | 1,427 | 3,370 | 2,274 |
Common Stock issued under employee plans | 125 | 201 | 290 | 452 |
Common Stock repurchased | -335 | -335 | -670 | -670 |
Dividends on Common Stock | -512 | -465 | -1,026 | -930 |
Dividends on ESOP Common Stock | -18 | -17 | -36 | -34 |
Purchase of subsidiary shares from noncontrolling interest | -10 | -18 | -13 | -19 |
Sale of subsidiary shares in noncontrolling interest | 0 | 0 | 4 | 0 |
Equity, end of period | 33,785 | 26,987 | 33,785 | 26,987 |
Noncontrolling Interest [Member] | ' | ' | ' | ' |
Equity, beginning of period | 1,378 | 1,369 | 1,353 | 1,155 |
Net income | 110 | 93 | 203 | 175 |
Total other comprehensive income (loss) | 0 | -5 | -7 | -26 |
Total comprehensive income for the period | 110 | 88 | 196 | 149 |
Dividends attributable to noncontrolling interest | -44 | -71 | -100 | -127 |
Purchase of subsidiary shares from noncontrolling interest | -33 | -1 | -33 | -10 |
Sale of subsidiary shares in noncontrolling interest | 3 | 5 | 27 | 242 |
Disposition noncontrolling interest | 3 | -5 | -3 | -5 |
Redeemable Noncontrolling Interest in Subsidiaries Earning | -1 | -2 | -7 | -2 |
Redeemable noncontrolling interest in other comprehensive income (loss) | -2 | 2 | 0 | 6 |
Redeemable noncontrolling interest reclassification to noncontrolling interest | -6 | -3 | -31 | -26 |
Equity, end of period | 1,408 | 1,382 | 1,408 | 1,382 |
Redeemable Noncontrolling Interest [Member] | ' | ' | ' | ' |
Net income | 1 | 1 | 7 | 2 |
Dividends attributable to noncontrolling interest | 0 | 0 | -3 | -3 |
Disposition noncontrolling interest | 0 | -82 | 0 | -82 |
Redeemable noncontrolling interest reclassification to noncontrolling interest | 6 | 2 | 31 | 25 |
Foreign currency translation, net | $2 | ($2) | $0 | ($6) |
Shareowners_Equity_and_Noncont3
Shareowners' Equity and Noncontrolling Interest (Reclass and Changes in Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss | ($2,403) | ($6,000) | ($2,403) | ($6,000) | ($2,941) | ($2,880) | ($5,867) | ($5,448) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 464 | -237 | 332 | -794 | ' | ' | ' | ' |
Amounts reclassified, pretax | 111 | 179 | 212 | 389 | ' | ' | ' | ' |
Tax (benefit) expense reclassified | -359 | -645 | -926 | -1,063 | ' | ' | ' | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss | -43 | -100 | -43 | -100 | -129 | -79 | -66 | 3 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 80 | -46 | 15 | -120 | ' | ' | ' | ' |
Amounts reclassified, pretax | 13 | 15 | 31 | 21 | ' | ' | ' | ' |
Tax (benefit) expense reclassified | -7 | -3 | -10 | -4 | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Tax (benefit) expense reclassified | -37 | -75 | -67 | -147 | ' | ' | ' | ' |
Accumulated Translation Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss | 495 | -172 | 495 | -172 | 71 | 170 | 76 | 654 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 424 | -212 | 322 | -794 | ' | ' | ' | ' |
Amounts reclassified, pretax | 0 | -36 | 3 | -32 | ' | ' | ' | ' |
Tax (benefit) expense reclassified | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss | -3,127 | -5,922 | -3,127 | -5,922 | -3,184 | -3,267 | -6,084 | -6,250 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -12 | 18 | 1 | 38 | ' | ' | ' | ' |
Amounts reclassified, pretax | 104 | 227 | 208 | 454 | ' | ' | ' | ' |
Tax (benefit) expense reclassified | -35 | -83 | -69 | -164 | ' | ' | ' | ' |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss | 272 | 194 | 272 | 194 | 301 | 296 | 207 | 145 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -28 | 3 | -6 | 82 | ' | ' | ' | ' |
Amounts reclassified, pretax | -6 | -27 | -30 | -54 | ' | ' | ' | ' |
Tax (benefit) expense reclassified | $5 | $11 | $12 | $21 | ' | ' | ' | ' |
Guarantees_Details
Guarantees (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Guarantor Obligations [Line Items] | ' | ' |
Service and product warranties and product performance guarantees - beginning of year | $1,360 | $1,332 |
Warranties and performance guarantees issued | 121 | 159 |
Settlements made | -168 | -132 |
Other | -9 | 0 |
Service and product warranties and product performance guarantees - end of period | 1,304 | 1,359 |
Performance Guarantee [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | $90 | ' |
Contingent_Liabilities_Details
Contingent Liabilities (Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
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, 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 Period Of Occurrence | 'fiscal years 1985 through 1990 |
Loss Contingency Damages Sought | '624 |
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 Date | '6/17/2013 |
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 Awarded, Value | $664 |
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 $98 million (including interest through JuneB 30,B 2014). |
Loss Contingency Damages Sought | '$98 million (including interest through June 30, 2014) |
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. The DOD has appealed this decision. |
Loss Contingency Settlement Agreement Date | 'March 22, 2013 |
US Air Force Claim Against Pratt And Whitney [Member] | ' |
Loss Contingencies [Line Items] | ' |
Loss Contingency Lawsuit Filing Date | 'June 18, 2012 |
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. |
Loss Contingency Damages Sought | '624 |
German Tax Office Against Otis [Member] | ' |
Loss Contingencies [Line Items] | ' |
Loss Contingency Lawsuit Filing Date | 'August 3, 2012 |
Loss Contingency Allegations | 'As previously disclosed, UTC has been involved in administrative review proceedings and tax litigation with the German Tax Office, which concern €203 million (approximately $277 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 $277 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 other taxpayer and the government appealed the findings to the FTC. On July 2, 2014, the FTC conducted a hearing in the aforementioned case involving the other taxpayer and a decision is expected later this year. After consideration of the ECJ decision, the May 2010 FTC decision and the lower court decision, we 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. |
U.S. Defense Contract Management Agency Claim Against Pratt & Whitney [Member] | ' |
Loss Contingencies [Line Items] | ' |
Loss Contingency Lawsuit Filing Date | 'December 24, 2013 |
Loss Contingency Allegations | 'By letter dated December 24, 2013, a Divisional Administrative Contracting Officer of the United States Defense Contract Management Agency asserted a claim and demand for payment of $210,968,414 against Pratt & Whitney. The claim is based on Pratt & Whitney's alleged noncompliance with cost accounting standards from January 1, 2005 to December 31, 2012, due to its method of determining the cost of collaborator parts used in the calculation of material overhead costs for government contracts. |
Loss Contingency Damages Sought | '$210,968,414 |
Loss Contingency Actions Taken By Defendant | 'We believe this claim is without merit. On March 18, 2014, Pratt & Whitney filed an appeal to the Armed Services Board of Contract Appeals. |
Segment_Financial_Data_Table_D
Segment Financial Data (Table) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net sales | $17,191 | $16,006 | $31,936 | $30,405 |
Operating profit | 2,355 | 2,507 | 4,453 | 4,513 |
Operating profit margin | 13.70% | 15.70% | 13.90% | 14.80% |
Otis [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net sales | 3,365 | 3,138 | 6,320 | 5,952 |
Operating profit | 693 | 650 | 1,263 | 1,225 |
Operating profit margin | 20.60% | 20.70% | 20.00% | 20.60% |
UTC Climate Controls and Security [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net sales | 4,429 | 4,543 | 8,280 | 8,380 |
Operating profit | 815 | 752 | 1,352 | 1,272 |
Operating profit margin | 18.40% | 16.60% | 16.30% | 15.20% |
Pratt and Whitney [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net sales | 3,592 | 3,624 | 6,921 | 7,026 |
Operating profit | 432 | 567 | 820 | 973 |
Operating profit margin | 12.00% | 15.60% | 11.80% | 13.80% |
UTC Aerospace Systems [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net sales | 3,636 | 3,321 | 7,086 | 6,584 |
Operating profit | 602 | 499 | 1,192 | 1,000 |
Operating profit margin | 16.60% | 15.00% | 16.80% | 15.20% |
Sikorsky [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net sales | 2,384 | 1,566 | 3,745 | 2,815 |
Operating profit | -317 | 156 | -231 | 246 |
Operating profit margin | -13.30% | 10.00% | -6.20% | 8.70% |
Other Nonrecurring Income | 830 | ' | ' | ' |
Other Nonrecurring Expense | 1,268 | ' | ' | ' |
Total Segments [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net sales | 17,406 | 16,192 | 32,352 | 30,757 |
Operating profit | 2,225 | 2,624 | 4,396 | 4,716 |
Operating profit margin | 12.80% | 16.20% | 13.60% | 15.30% |
Eliminations and other [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net sales | -215 | -186 | -416 | -352 |
Operating profit | 249 | 4 | 288 | 25 |
General corporate expenses [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net sales | 0 | 0 | 0 | 0 |
Operating profit | ($119) | ($121) | ($231) | ($228) |
Accounting_Pronouncements_Deta
Accounting Pronouncements (Details) | 6 Months Ended |
Jun. 30, 2014 | |
ASU No. 2014-08 [Member] | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' |
New Accounting Pronouncement or Change in Accounting Principle, Description | 'In April 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." This ASU relates to discontinued operations reporting for disposals of components of an entity that represent strategic shifts that have, or will have, a major effect on an entity's operations and financial results. The standard expands the disclosures for discontinued operations and requires new disclosures related to individually material disposals that do not meet the definition of a discontinued operation. The provisions of this ASU are effective for interim and annual periods beginning after December 15, 2014. This ASU is not expected to have an impact on our financial statements or disclosures. |
ASU No. 2014-09 [Member] | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' |
New Accounting Pronouncement or Change in Accounting Principle, Description | 'In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers" (Topic 606). This ASU is intended to clarify the principles for recognizing revenue by removing inconsistencies and weaknesses in revenue requirements; providing a more robust framework for addressing revenue issues; improving comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets; and providing more useful information to users of financial statements through improved revenue disclosure requirements. The provisions of this ASU are effective for interim and annual periods beginning after December 15, 2016. We are currently evaluating the impact of this ASU. |
ASU No. 2014-11 [Member] | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' |
New Accounting Pronouncement or Change in Accounting Principle, Description | 'In June 2014, the FASB issued ASU No. 2014-11, "Repurchase-to-Maturity Transactions, Repurchase Financings and Disclosures." This ASU aligns the accounting for repurchase-to-maturity transactions and repurchase financing arrangements with the accounting for other typical repurchase agreements. Under this ASU, these transactions will be accounted for as secured borrowings. The provisions of this ASU are effective for interim and annual periods beginning after December 15, 2014. This ASU is not expected to have a significant impact on our financial statements or disclosures. |
ASU No. 2014-12 [Member] | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' |
New Accounting Pronouncement or Change in Accounting Principle, Description | 'In June 2014, the FASB issued ASU No. 2014-12, "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period." This ASU requires a reporting entity to treat a performance target that affects vesting and that could be achieved after the requisite service period as a performance condition, and apply existing guidance under the Stock Compensation Topic of the ASC as it relates to awards with performance conditions that affect vesting to account for such awards. The provisions of this ASU are effective for interim and annual periods beginning after December 15, 2015. We are currently evaluating the impact of this ASU. |