$RTX
RTX Corp Stock $rtx

$rtx Overview Financials Valuation SEC Filings Company Website

2009 Q2 Form 10-Q Financial Statement

#000119312509154417 Filed on July 24, 2009

Income Statement

Concept	2009 Q2	2008 Q2
Revenue	$13.20B	$15.94B
YoY Change	-17.24%	14.67%
Cost Of Revenue	$2.490B	$2.807B
YoY Change	-11.29%	-72.29%
Gross Profit	$3.459B	$13.14B
YoY Change	-73.67%	248.0%
Gross Profit Margin	26.21%	82.39%
Selling, General & Admin	$1.574B	$1.775B
YoY Change	-11.32%	18.81%
% of Gross Profit	45.5%	13.51%
Research & Development	$384.0M	$434.0M
YoY Change	-11.52%	4.33%
% of Gross Profit	11.1%	3.3%
Depreciation & Amortization	$303.0M	$326.0M
YoY Change	-7.06%	17.69%
% of Gross Profit	8.76%	2.48%
Operating Expenses	$1.958B	$2.209B
YoY Change	-11.36%	15.65%
Operating Profit	$1.637B	$2.099B
YoY Change	-22.01%	12.55%
Interest Expense	$177.0M	$176.0M
YoY Change	0.57%	-207.98%
% of Operating Profit	10.81%	8.38%
Other Income/Expense, Net
YoY Change
Pretax Income	$1.460B	$1.923B
YoY Change	-24.08%	12.98%
Income Tax	$394.0M	$548.0M
% Of Pretax Income	26.99%	28.5%
Net Earnings	$976.0M	$1.275B
YoY Change	-23.45%	11.06%
Net Earnings / Revenue	7.4%	8.0%
Basic Earnings Per Share	$1.06	$1.35
Diluted Earnings Per Share	$1.05	$1.32
COMMON SHARES
Basic Shares Outstanding	919.0M shares	944.0M shares
Diluted Shares Outstanding	929.0M shares	966.0M shares

Balance Sheet

Concept	2009 Q2	2008 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments	$4.016B	$3.442B
YoY Change	16.68%	4.56%
Cash & Equivalents	$4.016B	$3.442B
Short-Term Investments
Other Short-Term Assets	$966.0M	$2.152B
YoY Change	-55.11%	6.64%
Inventory	$8.539B	$9.082B
Prepaid Expenses
Receivables	$8.522B	$10.10B
Other Receivables	$0.00	$0.00
Total Short-Term Assets	$23.64B	$24.78B
YoY Change	-4.61%	14.13%
LONG-TERM ASSETS
Property, Plant & Equipment	$6.179B	$6.550B
YoY Change	-5.66%	11.49%
Goodwill	$15.75B
YoY Change
Intangibles	$3.456B
YoY Change
Long-Term Investments	$1.029B	$1.005B
YoY Change	2.39%	3.5%
Other Assets	$3.040B	$5.686B
YoY Change	-46.54%	38.51%
Total Long-Term Assets	$32.91B	$33.71B
YoY Change	-2.37%	16.86%
TOTAL ASSETS
Total Short-Term Assets	$23.64B	$24.78B
Total Long-Term Assets	$32.91B	$33.71B
Total Assets	$56.55B	$58.49B
YoY Change	-3.32%	15.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$4.599B	$5.577B
YoY Change	-17.54%	9.35%
Accrued Expenses	$11.88B	$12.30B
YoY Change	-3.47%	19.19%
Deferred Revenue
YoY Change
Short-Term Debt	$1.242B	$1.672B
YoY Change	-25.72%	10.51%
Long-Term Debt Due	$853.0M	$952.0M
YoY Change	-10.4%	2620.0%
Total Short-Term Liabilities	$18.57B	$20.51B
YoY Change	-9.43%	20.82%
LONG-TERM LIABILITIES
Long-Term Debt	$8.721B	$8.106B
YoY Change	7.59%	15.06%
Other Long-Term Liabilities	$4.258B	$7.006B
YoY Change	-39.22%	8.44%
Total Long-Term Liabilities	$4.258B	$15.11B
YoY Change	-71.82%	11.89%
TOTAL LIABILITIES
Total Short-Term Liabilities	$18.57B	$20.51B
Total Long-Term Liabilities	$4.258B	$15.11B
Total Liabilities	$38.14B	$36.57B
YoY Change	4.28%	16.62%
SHAREHOLDERS EQUITY
Retained Earnings	$26.13B
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)	$14.66B
YoY Change
Treasury Stock Shares
Shareholders Equity	$17.38B	$21.91B
YoY Change
Total Liabilities & Shareholders Equity	$56.55B	$58.49B
YoY Change	-3.32%	15.68%

Cashflow Statement

Concept	2009 Q2	2008 Q2
OPERATING ACTIVITIES
Net Income	$976.0M	$1.275B
YoY Change	-23.45%	11.06%
Depreciation, Depletion And Amortization	$303.0M	$326.0M
YoY Change	-7.06%	17.69%
Cash From Operating Activities	$1.540B	$1.418B
YoY Change	8.6%	-2.14%
INVESTING ACTIVITIES
Capital Expenditures	-$173.0M	-$305.0M
YoY Change	-43.28%	21.51%
Acquisitions
YoY Change
Other Investing Activities	-$133.0M	-$494.0M
YoY Change	-73.08%	292.06%
Cash From Investing Activities	-$306.0M	-$799.0M
YoY Change	-61.7%	111.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	-576.0M	-313.0M
YoY Change	84.03%	-0.32%
NET CHANGE
Cash From Operating Activities	1.540B	1.418B
Cash From Investing Activities	-306.0M	-799.0M
Cash From Financing Activities	-576.0M	-313.0M
Net Change In Cash	658.0M	306.0M
YoY Change	115.03%	-59.63%
FREE CASH FLOW
Cash From Operating Activities	$1.540B	$1.418B
Capital Expenditures	-$173.0M	-$305.0M
Free Cash Flow	$1.713B	$1.723B
YoY Change	-0.58%	1.35%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
CY2009Q2	dei	Entity Common Stock Shares Outstanding EntityCommonStockSharesOutstanding	941273401	shares
CY2008Q2	dei	Entity Public Float EntityPublicFloat	59346468617	USD
	dei	Document Type DocumentType	10-Q
	dei	Document Period End Date DocumentPeriodEndDate	2009-06-30
	dei	Amendment Flag AmendmentFlag	false
	dei	Amendment Description AmendmentDescription	Not Applicable
	dei	Entity Registrant Name EntityRegistrantName	UNITED TECHNOLOGIES CORP /DE/
	dei	Entity Central Index Key EntityCentralIndexKey	0000101829
	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
	dei	Entity Well Known Seasoned Issuer EntityWellKnownSeasonedIssuer	Yes
	dei	Entity Voluntary Filers EntityVoluntaryFilers	No
	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
	dei	Entity Filer Category EntityFilerCategory	Large Accelerated Filer
	dei	Entity Tax Identification Number EntityTaxIdentificationNumber	060570975
CY2009Q2	us-gaap	Sales Revenue Goods Net SalesRevenueGoodsNet	9327000000	USD
CY2009Q2	us-gaap	Sales Revenue Services Net SalesRevenueServicesNet	3733000000	USD
CY2009Q2	us-gaap	Other Income OtherIncome	136000000	USD
CY2008Q2	us-gaap	Other Income OtherIncome	132000000	USD
CY2008Q2	us-gaap	Sales Revenue Goods Net SalesRevenueGoodsNet	11657000000	USD
CY2008Q2	us-gaap	Sales Revenue Services Net SalesRevenueServicesNet	4155000000	USD
CY2008Q2	us-gaap	Cost Of Goods Sold CostOfGoodsSold	8829000000	USD
CY2009Q2	us-gaap	Cost Of Goods Sold CostOfGoodsSold	7111000000	USD
CY2009Q2	us-gaap	Cost Of Services CostOfServices	2490000000	USD
CY2008Q2	us-gaap	Cost Of Services CostOfServices	2807000000	USD
CY2009Q2	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	384000000	USD
CY2008Q2	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	434000000	USD
CY2009Q2	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	1574000000	USD
CY2008Q2	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	1775000000	USD
CY2009Q2	us-gaap	Revenues Revenues	13196000000	USD
CY2008Q2	us-gaap	Revenues Revenues	15944000000	USD
CY2009Q2	us-gaap	Operating Income Loss OperatingIncomeLoss	1637000000	USD
CY2008Q2	us-gaap	Operating Income Loss OperatingIncomeLoss	2099000000	USD
CY2009Q2	us-gaap	Interest Expense InterestExpense	177000000	USD
CY2008Q2	us-gaap	Interest Expense InterestExpense	176000000	USD
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CY2009Q2	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	394000000	USD
CY2008Q2	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	548000000	USD
CY2009Q2	us-gaap	Profit Loss ProfitLoss	1066000000	USD
CY2008Q2	us-gaap	Profit Loss ProfitLoss	1375000000	USD
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CY2009Q2	us-gaap	Net Income Loss NetIncomeLoss	976000000	USD
CY2008Q2	us-gaap	Net Income Loss NetIncomeLoss	1275000000	USD
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CY2008Q2	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	1.35
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CY2008Q2	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	944000000	shares
CY2009Q2	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	929000000	shares
CY2008Q2	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	966000000	shares
CY2009Q2	us-gaap	Common Stock Dividends Per Share Declared CommonStockDividendsPerShareDeclared	.39	USD
CY2008Q2	us-gaap	Common Stock Dividends Per Share Declared CommonStockDividendsPerShareDeclared	.32	USD
	us-gaap	Sales Revenue Goods Net SalesRevenueGoodsNet	17989000000	USD
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	us-gaap	Sales Revenue Services Net SalesRevenueServicesNet	7270000000	USD
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	us-gaap	Revenues Revenues	29902000000	USD
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	us-gaap	Interest Expense InterestExpense	352000000	USD
	us-gaap	Interest Expense InterestExpense	341000000	USD
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	us-gaap	Profit Loss ProfitLoss	2454000000	USD
	us-gaap	Net Income Loss Attributable To Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest	167000000	USD
	us-gaap	Net Income Loss NetIncomeLoss	1698000000	USD
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	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	1.83
	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	2.40
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	us-gaap	Net Income Loss Attributable To Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest	179000000	USD
	us-gaap	Net Income Loss NetIncomeLoss	2275000000	USD
	us-gaap	Common Stock Dividends Per Share Declared CommonStockDividendsPerShareDeclared	.77	USD
	us-gaap	Common Stock Dividends Per Share Declared CommonStockDividendsPerShareDeclared	.64	USD
CY2009Q2	us-gaap	Cash Cash Equivalents And Short Term Investments CashCashEquivalentsAndShortTermInvestments	4016000000	USD
CY2008Q4	us-gaap	Cash Cash Equivalents And Short Term Investments CashCashEquivalentsAndShortTermInvestments	4327000000	USD
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CY2009Q2	utx	Inventories And Contracts In Progress Net InventoriesAndContractsInProgressNet	8539000000	USD
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CY2009Q2	us-gaap	Deferred Tax Assets Net Current DeferredTaxAssetsNetCurrent	1593000000	USD
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CY2008Q4	us-gaap	Liabilities Liabilities	39911000000	USD
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	us-gaap	Adjustments Noncash Items To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities Other AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther	-47000000	USD
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	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	2025000000	USD
	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	2306000000	USD
	us-gaap	Payments For Proceeds From Productive Assets PaymentsForProceedsFromProductiveAssets	340000000	USD
	us-gaap	Payments For Proceeds From Productive Assets PaymentsForProceedsFromProductiveAssets	542000000	USD
	us-gaap	Payments To Acquire Businesses Net Of Cash Acquired PaymentsToAcquireBusinessesNetOfCashAcquired	197000000	USD
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	us-gaap	Proceeds From Divestiture Of Businesses And Interests In Affiliates ProceedsFromDivestitureOfBusinessesAndInterestsInAffiliates	85000000	USD
	utx	Increase In Customer Financing Assets Net IncreaseInCustomerFinancingAssetsNet	38000000	USD
	utx	Increase In Customer Financing Assets Net IncreaseInCustomerFinancingAssetsNet	92000000	USD
	us-gaap	Payments For Proceeds From Other Investing Activities PaymentsForProceedsFromOtherInvestingActivities	-4000000	USD
	us-gaap	Payments For Proceeds From Other Investing Activities PaymentsForProceedsFromOtherInvestingActivities	136000000	USD
	us-gaap	Proceeds From Repayments Of Long Term Debt And Capital Securities ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities	-876000000	USD
	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-527000000	USD
	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-1231000000	USD
	us-gaap	Proceeds From Repayments Of Long Term Debt And Capital Securities ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities	994000000	USD
	us-gaap	Proceeds From Repayments Of Short Term Debt ProceedsFromRepaymentsOfShortTermDebt	248000000	USD
	us-gaap	Proceeds From Repayments Of Short Term Debt ProceedsFromRepaymentsOfShortTermDebt	586000000	USD
	us-gaap	Stock Issued During Period Value Employee Stock Purchase Plan StockIssuedDuringPeriodValueEmployeeStockPurchasePlan	-101000000	USD
	us-gaap	Stock Issued During Period Value Employee Stock Purchase Plan StockIssuedDuringPeriodValueEmployeeStockPurchasePlan	-102000000	USD
	us-gaap	Payments Of Dividends Common Stock PaymentsOfDividendsCommonStock	679000000	USD
	us-gaap	Payments Of Dividends Common Stock PaymentsOfDividendsCommonStock	583000000	USD
	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	350000000	USD
	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	1520000000	USD
	us-gaap	Proceeds From Payments For Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities	-229000000	USD
	us-gaap	Proceeds From Payments For Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities	-191000000	USD
	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	-1785000000	USD
	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	-612000000	USD
	us-gaap	Effect Of Exchange Rate On Cash And Cash Equivalents EffectOfExchangeRateOnCashAndCashEquivalents	-24000000	USD
	us-gaap	Effect Of Exchange Rate On Cash And Cash Equivalents EffectOfExchangeRateOnCashAndCashEquivalents	75000000	USD
	us-gaap	Cash And Cash Equivalents Period Increase Decrease CashAndCashEquivalentsPeriodIncreaseDecrease	-311000000	USD
	us-gaap	Cash And Cash Equivalents Period Increase Decrease CashAndCashEquivalentsPeriodIncreaseDecrease	538000000	USD
	us-gaap	Pension Contributions PensionContributions	-401000000	USD
	us-gaap	Pension Contributions PensionContributions	0	USD
CY2007Q4	us-gaap	Cash Cash Equivalents And Short Term Investments CashCashEquivalentsAndShortTermInvestments	2904000000	USD
CY2008Q2	us-gaap	Cash Cash Equivalents And Short Term Investments CashCashEquivalentsAndShortTermInvestments	3442000000	USD
	utx	Financial Instruments FinancialInstruments	<html><head><meta http-equiv="Content-Type" content="text/html; charset=utf-8" /></head><body><DIV><FONT SIZE=2><P>Note 8: Financial Instruments<BR>In March of 2008, the FASB issued SFAS No. 161, “Disclosures about Derivative Instruments and Hedging Activities, an amendment of FASB Statement No. 133” (SFAS 161). SFAS 161 requires entities to provide enhanced disclosure about how and why the entity uses derivative instruments, how the instruments and related hedged items are accounted for under SFAS No. 133, “Accounting for Derivative Instruments and Hedging Activities,” (SFAS 133) and how the instruments and related hedged items affect the financial position, results of operations, and cash flows of the entity. We adopted SFAS 161 during the quarter ended March 31, 2009. <BR> <BR>We enter into derivative instruments for risk management purposes only, including derivatives designated as hedging instruments under SFAS 133 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. <BR> <BR>By nature, all financial instruments involve market and credit risks. We enter into derivative and other financial instruments with major investment grade financial institutions and have policies to monitor the credit risk of those counterparties. We limit counterparty exposure and concentration of risk by diversifying counterparties. While there can be no assurance, we do not anticipate any material non-performance by any of these counterparties. <BR> <BR>Foreign Currency Forward Contracts. We manage our foreign currency transaction risks to acceptable limits through the use of derivatives to hedge forecasted cash flows associated with foreign currency transaction exposures which are accounted for as cash flow hedges, as deemed appropriate. To the extent these derivatives are effective in offsetting the variability of the hedged cash flows, and otherwise meet the hedge accounting criteria of SFAS 133, changes in the derivatives’ fair value are not included in current earnings but are included in Accumulated Other Non-Shareowners’ Changes in Equity. These changes in fair value will subsequently be reclassified into earnings as a component of product sales or expenses, as applicable, when the forecasted transaction occurs. To the extent that a previously designated hedging transaction is no longer an effective hedge, any ineffectiveness measured in the hedging relationship is recorded currently in earnings in the period it occurs. <BR> <BR>To the extent the hedge accounting criteria of SFAS 133 are not met, the foreign currency forward contracts are utilized as economic hedges and changes in the fair value of these contracts are recorded currently in earnings in the period in which they occur. These include hedges that are used to reduce exchange rate risks arising from the change in fair value of certain foreign currency denominated assets and liabilities (i.e. payables, receivables) and other economic hedges where the hedge accounting criteria of SFAS 133 were not met. <BR> <BR>The four quarter rolling average of the notional amount of foreign exchange contracts hedging foreign currency transactions was $9.4 billion and $11.2 billion at June 30, 2009 and December 31, 2008, respectively. <BR> <BR>Commodity Forward Contracts. We enter into commodity forward contracts to reduce the risk of fluctuations in the price we pay for certain commodities (for example, nickel) which are used directly in the production of our products, or are components of the products we procure to use in the production of our products. These hedges are economic hedges and the changes in fair value of these contracts are recorded currently in earnings in the period in which they occur. The fair value of commodity contracts were insignificant for the period ended June 30, 2009. <BR> <BR>The outstanding notional amount of contracts hedging commodity exposures was insignificant at June 30, 2009 and December 31, 2008, respectively. <BR> <BR>The following table summarizes the fair value of derivative instruments as of June 30, 2009:</FONT></DIV><DIV><table style="border-collapse: collapse; margin-top: 20px;"><tr><td colspan=2 width=253 height=17 align=left><font size=2> </font></td><td width=9 height=17 align=left><font size=2> </font></td><td width=138 height=17 align=center><font size=2><B>Assets</B></font></td><td width=10 height=17 align=center><font size=2><B> </B></font></td><td width=14 height=17 align=center><font size=2><B> </B></font></td><td width=43 height=17 align=center><font size=2><B> </B></font></td><td width=14 height=17 align=left><font size=2> </font></td><td width=150 height=17 align=center><font size=2><B>Liabilities</B></font></td><td width=10 height=17 align=center><font size=2><B> </B></font></td><td width=14 height=17 align=center><font size=2><B> </B></font></td><td width=43 height=17 align=center><font size=2><B> </B></font></td></tr><tr><td colspan=2 width=253 height=17 align=left style="border-bottom: 1px solid #000000;"><font size=2><B>(in millions of dollars)</B></font></td><td width=9 height=17 align=left><font size=2> </font></td><td width=138 height=17 align=center style="border-bottom: 1px solid #000000;"><font size=2><B>Balance Sheet Location</B></font></td><td width=10 height=17 align=center><font size=2><B> </B></font></td><td width=14 height=17 align=center><font size=2><B> </B></font></td><td width=43 height=17 align=center><font size=2><B> </B></font></td><td width=14 height=17 align=left><font size=2> </font></td><td width=150 height=17 align=center style="border-bottom: 1px solid #000000;"><font size=2><B>Balance Sheet Location</B></font></td><td width=10 height=17 align=center><font size=2><B> </B></font></td><td width=14 height=17 align=center><font size=2><B> </B></font></td><td width=43 height=17 align=center><font size=2><B> </B></font></td></tr><tr><td colspan=2 width=253 height=17 align=left style="border-top: 1px solid #000000;"><font size=2>Derivatives designated as hedging instruments:</font></td><td width=9 height=17 align=left><font size=2> </font></td><td width=138 height=17 align=left style="border-top: 1px solid #000000;"><font size=2> </font></td><td width=10 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2> </font></td><td width=43 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2> </font></td><td width=150 height=17 align=left style="border-top: 1px solid #000000;"><font size=2> </font></td><td width=10 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2> </font></td><td width=43 height=17 align=left><font size=2> </font></td></tr><tr><td width=21 height=17 align=left><font size=2> </font></td><td width=232 height=17 align=left><font size=2>Foreign Exchange Contracts</font></td><td width=9 height=17 align=left><font size=2> </font></td><td width=138 height=17 align=left><font size=2>Other Current Assets</font></td><td width=10 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2>$</font></td><td width=43 height=17 align=right><font size=2> 12 </font></td><td width=14 height=17 align=left><font size=2> </font></td><td width=150 height=17 align=left><font size=2>Accrued Liabilities</font></td><td width=10 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2>$</font></td><td width=43 height=17 align=right><font size=2> 165 </font></td></tr><tr><td width=21 height=17 align=left><font size=2> </font></td><td width=232 height=17 align=left><font size=2>Foreign Exchange Contracts</font></td><td width=9 height=17 align=left><font size=2> </font></td><td width=138 height=17 align=left><font size=2>Other Assets</font></td><td width=10 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2> </font></td><td width=43 height=17 align=right style="border-bottom: 1px solid #000000;"><font size=2> 27 </font></td><td width=14 height=17 align=left><font size=2> </font></td><td width=150 height=17 align=left><font size=2>Other Long-Term Liabilities</font></td><td width=10 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2> </font></td><td width=43 height=17 align=right style="border-bottom: 1px solid #000000;"><font size=2> 25 </font></td></tr><tr><td width=21 height=17 align=left><font size=2> </font></td><td width=232 height=17 align=left><font size=2> </font></td><td width=9 height=17 align=left><font size=2> </font></td><td width=138 height=17 align=left><font size=2> </font></td><td width=10 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2>$</font></td><td width=43 height=17 align=right style="border-top: 1px solid #000000;"><font size=2> 39 </font></td><td width=14 height=17 align=left><font size=2> </font></td><td width=150 height=17 align=left><font size=2> </font></td><td width=10 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2>$</font></td><td width=43 height=17 align=right style="border-top: 1px solid #000000;"><font size=2> 190 </font></td></tr><tr><td width=21 height=11 align=left><font size=2> </font></td><td width=232 height=11 align=left><font size=2> </font></td><td width=9 height=11 align=left><font size=2> </font></td><td width=138 height=11 align=left><font size=2> </font></td><td width=10 height=11 align=left><font size=2> </font></td><td width=14 height=11 align=left><font size=2> </font></td><td width=43 height=11 align=left><font size=2> </font></td><td width=14 height=11 align=left><font size=2> </font></td><td width=150 height=11 align=left><font size=2> </font></td><td width=10 height=11 align=left><font size=2> </font></td><td width=14 height=11 align=left><font size=2> </font></td><td width=43 height=11 align=left><font size=2> </font></td></tr><tr><td colspan=2 width=253 height=17 align=left><font size=2>Derivatives not designated as hedging instruments:</font></td><td width=9 height=17 align=left><font size=2> </font></td><td width=138 height=17 align=left><font size=2> </font></td><td width=10 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2> </font></td><td width=43 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2> </font></td><td width=150 height=17 align=left><font size=2> </font></td><td width=10 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2> </font></td><td width=43 height=17 align=left><font size=2> </font></td></tr><tr><td width=21 height=17 align=left><font size=2> </font></td><td width=232 height=17 align=left><font size=2>Foreign Exchange Contracts</font></td><td width=9 height=17 align=left><font size=2> </font></td><td width=138 height=17 align=left><font size=2>Other Current Assets</font></td><td width=10 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2>$</font></td><td width=43 height=17 align=right><font size=2> 50 </font></td><td width=14 height=17 align=left><font size=2> </font></td><td width=150 height=17 align=left><font size=2>Accrued Liabilities</font></td><td width=10 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2>$</font></td><td width=43 height=17 align=right><font size=2> 67 </font></td></tr><tr><td width=21 height=17 align=left><font size=2> </font></td><td width=232 height=17 align=left><font size=2>Foreign Exchange Contracts</font></td><td width=9 height=17 align=left><font size=2> </font></td><td width=138 height=17 align=left><font size=2>Other Assets</font></td><td width=10 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2> </font></td><td width=43 height=17 align=right style="border-bottom: 1px solid #000000;"><font size=2> 3 </font></td><td width=14 height=17 align=left><font size=2> </font></td><td width=150 height=17 align=left><font size=2>Other Long-Term Liabilities</font></td><td width=10 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2> </font></td><td width=43 height=17 align=right style="border-bottom: 1px solid #000000;"><font size=2> 3 </font></td></tr><tr><td width=21 height=17 align=left><font size=2> </font></td><td width=232 height=17 align=left><font size=2> </font></td><td width=9 height=17 align=left><font size=2> </font></td><td width=138 height=17 align=left><font size=2> </font></td><td width=10 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2>$</font></td><td width=43 height=17 align=right style="border-top: 1px solid #000000;"><font size=2> 53 </font></td><td width=14 height=17 align=left><font size=2> </font></td><td width=150 height=17 align=left><font size=2> </font></td><td width=10 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2>$</font></td><td width=43 height=17 align=right style="border-top: 1px solid #000000;"><font size=2> 70 </font></td></tr><tr><td width=21 height=11 align=left><font size=2> </font></td><td width=232 height=11 align=left><font size=2> </font></td><td width=9 height=11 align=left><font size=2> </font></td><td width=138 height=11 align=left><font size=2> </font></td><td width=10 height=11 align=left><font size=2> </font></td><td width=14 height=11 align=left><font size=2> </font></td><td width=43 height=11 align=left style="border-bottom: 1px solid #000000;"><font size=2> </font></td><td width=14 height=11 align=left><font size=2> </font></td><td width=150 height=11 align=left><font size=2> </font></td><td width=10 height=11 align=left><font size=2> </font></td><td width=14 height=11 align=left><font size=2> </font></td><td width=43 height=11 align=left style="border-bottom: 1px solid #000000;"><font size=2> </font></td></tr><tr><td colspan=2 width=253 height=18 align=left><font size=2>Total Derivative Contracts </font></td><td width=9 height=18 align=left><font size=2> </font></td><td width=138 height=18 align=left><font size=2> </font></td><td width=10 height=18 align=left><font size=2> </font></td><td width=14 height=18 align=left><font size=2>$</font></td><td width=43 height=18 align=right style="border-top: 1px solid #000000;border-bottom: 3px double #000000;"><font size=2> 92 </font></td><td width=14 height=18 align=left><font size=2> </font></td><td width=150 height=18 align=left><font size=2> </font></td><td width=10 height=18 align=left><font size=2> </font></td><td width=14 height=18 align=left><font size=2>$</font></td><td width=43 height=18 align=right style="border-top: 1px solid #000000;border-bottom: 3px double #000000;"><font size=2> 260 </font></td></tr></table></DIV><DIV><FONT SIZE=2><P>The impact on Accumulated Other Non-Shareowners’ Changes in Equity from foreign exchange derivative instruments that qualified as cash flow hedges under SFAS 133 for the period was as follows:<BR></FONT></DIV><DIV><table style="border-collapse: collapse; margin-top: 20px;"><tr><td width=35 height=17 align=left><font size=2><B> </B></font></td><td width=95 height=17 align=left><font size=2><B> </B></font></td><td width=411 height=17 align=left><font size=2><B> </B></font></td><td width=11 height=17 align=left><font size=2><B> </B></font></td><td width=18 height=17 align=left><font size=2><B> </B></font></td><td width=68 height=17 align=center><font size=2><B>Quarter Ended</B></font></td><td width=18 height=17 align=left><font size=2><B> </B></font></td><td width=68 height=17 align=center><font size=2><B>Six Months Ended</B></font></td></tr><tr><td colspan=3 width=541 height=17 align=left style="border-bottom: 1px solid #000000;"><font size=2><B>(in millions of dollars)</B></font></td><td width=11 height=17 align=left><font size=2><B> </B></font></td><td width=18 height=17 align=left style="border-bottom: 1px solid #000000;"><font size=2> </font></td><td width=68 height=17 align=center style="border-bottom: 1px solid #000000;"><font size=2><B>June 30, 2009</B></font></td><td width=18 height=17 align=left style="border-bottom: 1px solid #000000;"><font size=2> </font></td><td width=68 height=17 align=center style="border-bottom: 1px solid #000000;"><font size=2><B>June 30, 2009</B></font></td></tr><tr><td colspan=3 width=541 height=17 align=left style="border-top: 1px solid #000000;"><font size=2>Gain recorded in Accumulated Other Non-Shareowners' Changes in Equity </font></td><td width=11 height=17 align=left><font size=2><B> </B></font></td><td width=18 height=17 align=left style="border-top: 1px solid #000000;"><font size=2>$</font></td><td width=68 height=17 align=right style="border-top: 1px solid #000000;"><font size=2> 135 </font></td><td width=18 height=17 align=left style="border-top: 1px solid #000000;"><font size=2>$</font></td><td width=68 height=17 align=right style="border-top: 1px solid #000000;"><font size=2> 2 </font></td></tr><tr><td colspan=3 width=541 height=17 align=left><font size=2>Loss reclassified from Accumulated Other Non-Shareowners' Changes in Equity into Product Sales (effective portion)</font></td><td width=11 height=17 align=left><font size=2> </font></td><td width=18 height=17 align=left><font size=2> </font></td><td width=68 height=17 align=right><font size=2> (39)</font></td><td width=18 height=17 align=left><font size=2> </font></td><td width=68 height=17 align=right><font size=2> (99)</font></td></tr><tr><td colspan=3 width=541 height=17 align=left><font size=2>Loss recognized in Other Income, net on derivative (ineffective portion)</font></td><td width=11 height=17 align=left><font size=2> </font></td><td width=18 height=17 align=left><font size=2> </font></td><td width=68 height=17 align=right><font size=2> - </font></td><td width=18 height=17 align=left><font size=2> </font></td><td width=68 height=17 align=right><font size=2> (5)</font></td></tr><tr><td width=35 height=6 align=left><font size=2> </font></td><td width=95 height=6 align=left><font size=2> </font></td><td width=411 height=6 align=left><font size=2> </font></td><td width=11 height=6 align=left><font size=2> </font></td><td width=18 height=6 align=left><font size=2> </font></td><td width=68 height=6 align=left><font size=2> </font></td><td width=18 height=6 align=left><font size=2> </font></td><td width=68 height=6 align=left><font size=2> </font></td></tr></table></DIV><DIV><FONT SIZE=2><P>Assuming current market conditions continue, of the amount recorded in Accumulated Other Non-Shareowners’ Changes in Equity, a $142 million pre-tax loss is expected to be reclassified into product sales or cost of products sold to reflect the fixed prices obtained from foreign exchange hedging within the next 12 months. Gains and losses recognized in earnings related to the discontinuance or the ineffectiveness of cash flow hedges was $5 million for the six months ended June 30, 2009. The ineffectiveness recognized in earnings was the result of certain forecasted product sales transactions no longer occurring and was recorded in the first quarter of 2009. At June 30, 2009, all derivative contracts accounted for as cash flow hedges mature by December 2014.<BR></FONT></DIV><DIV><FONT SIZE=2><P>The effect on the Condensed Consolidated Statement of Operations from foreign exchange contracts not designated as hedging instruments under SFAS 133 was as follows:<BR></FONT></DIV><DIV><table style="border-collapse: collapse; margin-top: 20px;"><tr><td width=35 height=17 align=left><font size=2><B> </B></font></td><td width=95 height=17 align=left><font size=2><B> </B></font></td><td width=411 height=17 align=left><font size=2><B> </B></font></td><td width=11 height=17 align=left><font size=2><B> </B></font></td><td width=18 height=17 align=left><font size=2><B> </B></font></td><td width=68 height=17 align=center><font size=2><B>Quarter Ended</B></font></td><td width=18 height=17 align=left><font size=2><B> </B></font></td><td width=68 height=17 align=center><font size=2><B>Six Months Ended</B></font></td></tr><tr><td colspan=3 width=541 height=17 align=left style="border-bottom: 1px solid #000000;"><font size=2><B>(in millions of dollars)</B></font></td><td width=11 height=17 align=left><font size=2><B> </B></font></td><td width=18 height=17 align=left style="border-bottom: 1px solid #000000;"><font size=2> </font></td><td width=68 height=17 align=center style="border-bottom: 1px solid #000000;"><font size=2><B>June 30, 2009</B></font></td><td width=18 height=17 align=left style="border-bottom: 1px solid #000000;"><font size=2> </font></td><td width=68 height=17 align=center style="border-bottom: 1px solid #000000;"><font size=2><B>June 30, 2009</B></font></td></tr><tr><td colspan=3 width=541 height=17 align=left style="border-top: 1px solid #000000;"><font size=2>Gain (Loss) recognized in Other Income, net </font></td><td width=11 height=17 align=left><font size=2><B> </B></font></td><td width=18 height=17 align=left style="border-top: 1px solid #000000;"><font size=2>$</font></td><td width=68 height=17 align=right style="border-top: 1px solid #000000;"><font size=2> 33 </font></td><td width=18 height=17 align=left style="border-top: 1px solid #000000;"><font size=2>$</font></td><td width=68 height=17 align=right style="border-top: 1px solid #000000;"><font size=2> (48)</font></td></tr><tr><td width=35 height=6 align=left><font size=2> </font></td><td width=95 height=6 align=left><font size=2> </font></td><td width=411 height=6 align=left><font size=2> </font></td><td width=11 height=6 align=left><font size=2> </font></td><td width=18 height=6 align=left><font size=2> </font></td><td width=68 height=6 align=left><font size=2> </font></td><td width=18 height=6 align=left><font size=2> </font></td><td width=68 height=6 align=left><font size=2> </font></td></tr></table></DIV><DIV><FONT SIZE=2><P>Fair Value Disclosure. SFAS No. 157, “Fair Value Measurements” (SFAS 157), defines fair value, establishes a framework for measuring fair value and expands the related disclosure requirements. This statement applies under other accounting pronouncements that require or permit fair value measurements. The statement indicates, among other things, that a fair value measurement assumes that the transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. SFAS 157 defines fair value based upon an exit price model. <BR> <BR>We adopted SFAS 157 as of January 1, 2008, with the exception of the application of the statement to non-recurring nonfinancial assets and nonfinancial liabilities, which was delayed by FSP FAS 157-2, “Effective Date of FASB Statement No. 157,” to fiscal years beginning after November 15, 2008, which we therefore adopted as of January 1, 2009. As of June 30, 2009, we do not have any significant non-recurring measurements of nonfinancial assets and nonfinancial liabilities. <BR> <BR>Valuation Hierarchy. SFAS 157 establishes a valuation hierarchy for disclosure of the inputs to the valuations used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, including interest rates, yield curves and credit risks, or inputs that are derived principally from or corroborated by observable market data through correlation. Level 3 inputs are unobservable inputs based on our own assumptions used to measure assets and liabilities at 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. <BR> <BR>The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of June 30, 2009:</FONT></DIV><DIV><table style="border-collapse: collapse; margin-top: 20px;"><tr><td width=289 height=60 align=left style="border-bottom: 1px solid #000000;"><font size=2><B>(in millions of dollars)</B></font></td><td width=19 height=60 align=left><font size=2><B></B></font></td><td colspan=2 width=88 height=60 align=center style="border-bottom: 1px solid #000000;"><font size=2><B>Total Carrying Value at June 30, 2009</B></font></td><td width=19 height=60 align=left><font size=2> </font></td><td colspan=2 width=88 height=60 align=center style="border-bottom: 1px solid #000000;"><font size=2><B>Quoted price in active markets (Level 1)</B></font></td><td width=19 height=60 align=left><font size=2> </font></td><td colspan=2 width=88 height=60 align=center style="border-bottom: 1px solid #000000;"><font size=2><B>Significant other observable inputs (Level 2)</B></font></td><td width=19 height=60 align=left><font size=2> </font></td><td colspan=2 width=88 height=60 align=center style="border-bottom: 1px solid #000000;"><font size=2><B>Unobservable inputs (Level 3)</B></font></td></tr><tr><td width=289 height=17 align=left style="border-top: 1px solid #000000;"><font size=2>Available-for-sale securities</font></td><td width=19 height=17 align=left><font size=2> </font></td><td width=13 height=17 align=left style="border-top: 1px solid #000000;"><font size=2>$</font></td><td width=75 height=17 align=right style="border-top: 1px solid #000000;"><font size=2> 388 </font></td><td width=19 height=17 align=left><font size=2> </font></td><td width=13 height=17 align=left style="border-top: 1px solid #000000;"><font size=2>$</font></td><td width=75 height=17 align=right style="border-top: 1px solid #000000;"><font size=2> 388 </font></td><td width=19 height=17 align=left><font size=2> </font></td><td width=13 height=17 align=left style="border-top: 1px solid #000000;"><font size=2>$</font></td><td width=75 height=17 align=right style="border-top: 1px solid #000000;"><font size=2> - </font></td><td width=19 height=17 align=left><font size=2> </font></td><td width=13 height=17 align=left style="border-top: 1px solid #000000;"><font size=2>$</font></td><td width=75 height=17 align=right style="border-top: 1px solid #000000;"><font size=2> - </font></td></tr><tr><td width=289 height=17 align=left><font size=2>Derivative assets</font></td><td width=19 height=17 align=left><font size=2> </font></td><td width=13 height=17 align=left><font size=2> </font></td><td width=75 height=17 align=right><font size=2> 92 </font></td><td width=19 height=17 align=left><font size=2> </font></td><td width=13 height=17 align=left><font size=2> </font></td><td width=75 height=17 align=right><font size=2> - </font></td><td width=19 height=17 align=left><font size=2> </font></td><td width=13 height=17 align=left><font size=2> </font></td><td width=75 height=17 align=right><font size=2> 92 </font></td><td width=19 height=17 align=left><font size=2> </font></td><td width=13 height=17 align=left><font size=2> </font></td><td width=75 height=17 align=right><font size=2> - </font></td></tr><tr><td width=289 height=17 align=left><font size=2>Derivative liabilities</font></td><td width=19 height=17 align=left><font size=2> </font></td><td width=13 height=17 align=left><font size=2> </font></td><td width=75 height=17 align=right><font size=2> 260 </font></td><td width=19 height=17 align=left><font size=2> </font></td><td width=13 height=17 align=left><font size=2> </font></td><td width=75 height=17 align=right><font size=2> - </font></td><td width=19 height=17 align=left><font size=2> </font></td><td width=13 height=17 align=left><font size=2> </font></td><td width=75 height=17 align=right><font size=2> 260 </font></td><td width=19 height=17 align=left><font size=2> </font></td><td width=13 height=17 align=left><font size=2> </font></td><td width=75 height=17 align=right><font size=2> - </font></td></tr></table></DIV><DIV><FONT SIZE=2><P>Valuation Techniques. Our available for sale securities include equity investments that are traded in an active market. They are measured at fair value using closing stock prices from active markets and are classified within Level 1 of the valuation hierarchy. Our derivative assets and liabilities include foreign exchange and commodity derivatives that are measured at fair value using observable market inputs such as forward rates, interest rates, our own credit risk and our counterparties’ credit risks. Based on these inputs, the derivative assets and liabilities are classified within Level 2 of the valuation hierarchy. Based on our continued ability to trade securities and enter into forward contracts, we consider the markets for our fair value instruments to be active. <BR> <BR>As of June 30, 2009, 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. <BR> <BR>In April 2009, the FASB issued FSP FAS 107-1 and APB 28-1, “Interim Disclosure about Fair Value of Financial Instruments” (FSP FAS 107-1 & APB 28-1). FSP FAS 107-1 & APB 28-1 require interim disclosures regarding the fair values of financial instruments that are within the scope of SFAS No. 107, “Disclosures about the Fair Value of Financial Instruments.” Additionally, FSP FAS 107-1 & APB 28-1 require disclosure of the methods and significant assumptions used to estimate the fair value of financial instruments on an interim basis as well as changes in the methods and significant assumptions from prior periods. FSP FAS 107-1 & APB 28-1 do not change the accounting treatment for these financial instruments. We adopted FSP FAS 107-1 & APB 28-1 during the quarter ended June 30, 2009. <BR> <BR>The carrying amounts and fair values of financial instruments at June 30, 2009 and December 31, 2008 are as follows:<BR></FONT></DIV><DIV><table style="border-collapse: collapse; margin-top: 20px;"><tr><td width=33 height=17 align=left><font size=2> </font></td><td width=320 height=17 align=left><font size=2> </font></td><td width=19 height=17 align=left><font size=2> </font></td><td colspan=5 width=175 height=17 align=center style="border-bottom: 1px solid #000000;"><font size=2><B>June 30, 2009</B></font></td><td width=19 height=17 align=left><font size=2> </font></td><td colspan=5 width=175 height=17 align=center style="border-bottom: 1px solid #000000;"><font size=2><B>December 31, 2008</B></font></td></tr><tr><td colspan=2 width=353 height=34 align=left style="border-bottom: 1px solid #000000;"><font size=2><B>(in millions of dollars)</B></font></td><td width=19 height=34 align=left><font size=2></font></td><td colspan=2 width=78 height=34 align=center style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;"><font size=2><B>Carrying Amount</B></font></td><td width=19 height=34 align=left style="border-top: 1px solid #000000;"><font size=2> </font></td><td colspan=2 width=78 height=34 align=center style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;"><font size=2><B>Fair Value</B></font></td><td width=19 height=34 align=left><font size=2></font></td><td colspan=2 width=78 height=34 align=center style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;"><font size=2><B>Carrying Amount</B></font></td><td width=19 height=34 align=left style="border-top: 1px solid #000000;"><font size=2> </font></td><td colspan=2 width=78 height=34 align=center style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;"><font size=2><B>Fair Value</B></font></td></tr><tr><td colspan=2 width=353 height=17 align=left style="border-top: 1px solid #000000;"><font size=2>Financial Assets and Liabilities</font></td><td width=19 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left style="border-top: 1px solid #000000;"><font size=2> </font></td><td width=64 height=17 align=left style="border-top: 1px solid #000000;"><font size=2> </font></td><td width=19 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left style="border-top: 1px solid #000000;"><font size=2> </font></td><td width=64 height=17 align=left style="border-top: 1px solid #000000;"><font size=2> </font></td><td width=19 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left style="border-top: 1px solid #000000;"><font size=2> </font></td><td width=64 height=17 align=left style="border-top: 1px solid #000000;"><font size=2> </font></td><td width=19 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left style="border-top: 1px solid #000000;"><font size=2> </font></td><td width=64 height=17 align=left style="border-top: 1px solid #000000;"><font size=2> </font></td></tr><tr><td width=33 height=17 align=left><font size=2> </font></td><td width=320 height=17 align=left><font size=2>Marketable equity securities</font></td><td width=19 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2>$</font></td><td width=64 height=17 align=right><font size=2> 388 </font></td><td width=19 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2>$</font></td><td width=64 height=17 align=right><font size=2> 388 </font></td><td width=19 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2>$</font></td><td width=64 height=17 align=right><font size=2> 325 </font></td><td width=19 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2>$</font></td><td width=64 height=17 align=right><font size=2> 325 </font></td></tr><tr><td width=33 height=17 align=left><font size=2> </font></td><td width=320 height=17 align=left><font size=2>Long-term receivables</font></td><td width=19 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2> </font></td><td width=64 height=17 align=right><font size=2> 364 </font></td><td width=19 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2> </font></td><td width=64 height=17 align=right><font size=2> 345 </font></td><td width=19 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2> </font></td><td width=64 height=17 align=right><font size=2> 343 </font></td><td width=19 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2> </font></td><td width=64 height=17 align=right><font size=2> 316 </font></td></tr><tr><td width=33 height=17 align=left><font size=2> </font></td><td width=320 height=17 align=left><font size=2>Customer financing notes receivable</font></td><td width=19 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2> </font></td><td width=64 height=17 align=right><font size=2> 335 </font></td><td width=19 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2> </font></td><td width=64 height=17 align=right><font size=2> 283 </font></td><td width=19 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2> </font></td><td width=64 height=17 align=right><font size=2> 316 </font></td><td width=19 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2> </font></td><td width=64 height=17 align=right><font size=2> 245 </font></td></tr><tr><td width=33 height=17 align=left><font size=2> </font></td><td width=320 height=17 align=left><font size=2>Short-term borrowings</font></td><td width=19 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2> </font></td><td width=64 height=17 align=right><font size=2> (1,242)</font></td><td width=19 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2> </font></td><td width=64 height=17 align=right><font size=2> (1,242)</font></td><td width=19 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2> </font></td><td width=64 height=17 align=right><font size=2> (1,023)</font></td><td width=19 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2> </font></td><td width=64 height=17 align=right><font size=2> (1,023)</font></td></tr><tr><td width=33 height=17 align=left><font size=2> </font></td><td width=320 height=17 align=left><font size=2>Long-term debt</font></td><td width=19 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2> </font></td><td width=64 height=17 align=right><font size=2> (9,533)</font></td><td width=19 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2> </font></td><td width=64 height=17 align=right><font size=2> (10,381)</font></td><td width=19 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2> </font></td><td width=64 height=17 align=right><font size=2> (10,408)</font></td><td width=19 height=17 align=left><font size=2> </font></td><td width=14 height=17 align=left><font size=2> </font></td><td width=64 height=17 align=right><font size=2> (11,332)</font></td></tr></table></DIV><DIV><FONT SIZE=2><P>The above fair values were computed based on comparable transactions, quoted market prices, discounted future cash flows or an estimate of the amount to be received or paid to terminate or settle the agreement, as applicable. Differences from carrying amounts are attributable to interest and or credit rate changes subsequent to when the transaction occurred. The values of marketable equity securities represent our investment in common stock that is classified as available for sale and is accounted for at fair value. The fair values of cash and cash equivalents, accounts receivable, net, short-term borrowings, and accounts payable approximate the carrying amounts due to the short-term maturities of these instruments. <BR> <BR>We have outstanding financing and rental commitments totaling $1,040 million at June 30, 2009. 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 the commitment itself is not readily determinable and is not considered significant.<BR></FONT></DIV></body></html>

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2009 Q2 Form 10-Q Financial Statement

#000119312509154417 Filed on July 24, 2009

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2009 Q2 Form 10-Q Financial Statement

#000119312509154417 Filed on July 24, 2009

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