$RTX
RTX Corp Stock $rtx

$rtx Overview Financials Valuation SEC Filings Company Website

2009 Q3 Form 10-Q Financial Statement

#000119312509212352 Filed on October 23, 2009

Income Statement

Concept	2009 Q3	2008 Q3
Revenue	$13.38B	$15.09B
YoY Change	-11.34%	8.81%
Cost Of Revenue	$2.483B	$2.689B
YoY Change	-7.66%	-73.29%
Gross Profit	$3.351B	$12.40B
YoY Change	-72.97%	226.64%
Gross Profit Margin	25.05%	82.17%
Selling, General & Admin	$1.424B	$1.665B
YoY Change	-14.47%	10.41%
% of Gross Profit	42.49%	13.43%
Research & Development	$344.0M	$436.0M
YoY Change	-21.1%	9.27%
% of Gross Profit	10.27%	3.52%
Depreciation & Amortization	$316.0M	$326.0M
YoY Change	-3.07%	5.84%
% of Gross Profit	9.43%	2.63%
Operating Expenses	$1.768B	$2.101B
YoY Change	-15.85%	10.17%
Operating Profit	$1.771B	$2.049B
YoY Change	-13.57%	8.53%
Interest Expense	$170.0M	$177.0M
YoY Change	-3.95%	-198.88%
% of Operating Profit	9.6%	8.64%
Other Income/Expense, Net
YoY Change
Pretax Income	$1.601B	$1.872B
YoY Change	-14.48%	9.54%
Income Tax	$456.0M	$502.0M
% Of Pretax Income	28.48%	26.82%
Net Earnings	$1.058B	$1.269B
YoY Change	-16.63%	6.02%
Net Earnings / Revenue	7.91%	8.41%
Basic Earnings Per Share	$1.15	$1.36
Diluted Earnings Per Share	$1.14	$1.33
COMMON SHARES
Basic Shares Outstanding	917.0M shares	933.0M shares
Diluted Shares Outstanding	929.0M shares	951.0M shares

Balance Sheet

Concept	2009 Q3	2008 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments	$4.632B	$3.615B
YoY Change	28.13%	28.65%
Cash & Equivalents	$4.632B	$3.615B
Short-Term Investments
Other Short-Term Assets	$885.0M	$2.209B
YoY Change	-59.94%	0.32%
Inventory	$8.086B	$9.011B
Prepaid Expenses
Receivables	$8.460B	$9.346B
Other Receivables	$0.00	$0.00
Total Short-Term Assets	$23.73B	$24.18B
YoY Change	-1.87%	7.18%
LONG-TERM ASSETS
Property, Plant & Equipment	$6.278B	$6.441B
YoY Change	-2.53%	6.41%
Goodwill	$16.20B
YoY Change
Intangibles	$3.546B
YoY Change
Long-Term Investments	$1.049B	$1.009B
YoY Change	3.96%	4.89%
Other Assets	$3.503B	$5.621B
YoY Change	-37.68%	29.49%
Total Long-Term Assets	$33.85B	$32.63B
YoY Change	3.74%	5.47%
TOTAL ASSETS
Total Short-Term Assets	$23.73B	$24.18B
Total Long-Term Assets	$33.85B	$32.63B
Total Assets	$57.58B	$56.81B
YoY Change	1.35%	6.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$4.430B	$5.104B
YoY Change	-13.21%	2.55%
Accrued Expenses	$12.07B	$12.49B
YoY Change	-3.42%	9.7%
Deferred Revenue
YoY Change
Short-Term Debt	$943.0M	$1.308B
YoY Change	-27.91%	-41.11%
Long-Term Debt Due	$760.0M	$951.0M
YoY Change	-20.08%	1923.4%
Total Short-Term Liabilities	$18.20B	$19.86B
YoY Change	-8.34%	6.56%
LONG-TERM LIABILITIES
Long-Term Debt	$8.729B	$8.113B
YoY Change	7.59%	14.93%
Other Long-Term Liabilities	$4.339B	$6.795B
YoY Change	-36.14%	2.0%
Total Long-Term Liabilities	$4.339B	$14.91B
YoY Change	-70.89%	8.65%
TOTAL LIABILITIES
Total Short-Term Liabilities	$18.20B	$19.86B
Total Long-Term Liabilities	$4.339B	$14.91B
Total Liabilities	$37.93B	$35.73B
YoY Change	6.17%	7.55%
SHAREHOLDERS EQUITY
Retained Earnings	$26.83B
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)	$15.09B
YoY Change
Treasury Stock Shares
Shareholders Equity	$18.49B	$21.08B
YoY Change
Total Liabilities & Shareholders Equity	$57.58B	$56.81B
YoY Change	1.35%	6.19%

Cashflow Statement

Concept	2009 Q3	2008 Q3
OPERATING ACTIVITIES
Net Income	$1.058B	$1.269B
YoY Change	-16.63%	6.02%
Depreciation, Depletion And Amortization	$316.0M	$326.0M
YoY Change	-3.07%	5.84%
Cash From Operating Activities	$1.853B	$1.835B
YoY Change	0.98%	32.68%
INVESTING ACTIVITIES
Capital Expenditures	-$161.0M	-$268.0M
YoY Change	-39.93%	12.61%
Acquisitions
YoY Change
Other Investing Activities	-$43.00M	$309.0M
YoY Change	-113.92%	-122.38%
Cash From Investing Activities	-$204.0M	$41.00M
YoY Change	-597.56%	-102.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	-1.123B	-1.624B
YoY Change	-30.85%	422.19%
NET CHANGE
Cash From Operating Activities	1.853B	1.835B
Cash From Investing Activities	-204.0M	41.00M
Cash From Financing Activities	-1.123B	-1.624B
Net Change In Cash	526.0M	252.0M
YoY Change	108.73%	-146.07%
FREE CASH FLOW
Cash From Operating Activities	$1.853B	$1.835B
Capital Expenditures	-$161.0M	-$268.0M
Free Cash Flow	$2.014B	$2.103B
YoY Change	-4.23%	29.73%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
CY2009Q3	us-gaap	Sales Revenue Services Net SalesRevenueServicesNet	3789000000	USD
CY2009Q2	dei	Entity Public Float EntityPublicFloat	48908565916	USD
	dei	Document Type DocumentType	10-Q
	dei	Amendment Flag AmendmentFlag	false
	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
CY2009Q3	dei	Entity Common Stock Shares Outstanding EntityCommonStockSharesOutstanding	937539417	shares
	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
	dei	Document Period End Date DocumentPeriodEndDate	2009-09-30
CY2009Q3	us-gaap	Sales Revenue Goods Net SalesRevenueGoodsNet	9398000000	USD
CY2009Q3	us-gaap	Other Income OtherIncome	188000000	USD
CY2008Q3	us-gaap	Other Income OtherIncome	112000000	USD
CY2008Q3	us-gaap	Sales Revenue Goods Net SalesRevenueGoodsNet	11002000000	USD
CY2008Q3	us-gaap	Sales Revenue Services Net SalesRevenueServicesNet	3971000000	USD
CY2008Q3	us-gaap	Cost Of Goods Sold CostOfGoodsSold	8246000000	USD
CY2009Q3	us-gaap	Cost Of Goods Sold CostOfGoodsSold	7353000000	USD
CY2009Q3	us-gaap	Cost Of Services CostOfServices	2483000000	USD
CY2008Q3	us-gaap	Cost Of Services CostOfServices	2689000000	USD
CY2009Q3	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	344000000	USD
CY2008Q3	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	436000000	USD
CY2009Q3	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	1424000000	USD
CY2008Q3	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	1665000000	USD
CY2009Q3	us-gaap	Revenues Revenues	13375000000	USD
CY2008Q3	us-gaap	Revenues Revenues	15085000000	USD
CY2009Q3	us-gaap	Operating Income Loss OperatingIncomeLoss	1771000000	USD
CY2008Q3	us-gaap	Operating Income Loss OperatingIncomeLoss	2049000000	USD
CY2009Q3	us-gaap	Interest Expense InterestExpense	170000000	USD
CY2008Q3	us-gaap	Interest Expense InterestExpense	177000000	USD
CY2009Q3	us-gaap	Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments	1601000000	USD
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CY2009Q3	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	456000000	USD
CY2008Q3	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	502000000	USD
CY2009Q3	us-gaap	Profit Loss ProfitLoss	1145000000	USD
CY2008Q3	us-gaap	Profit Loss ProfitLoss	1370000000	USD
CY2009Q3	us-gaap	Net Income Loss Attributable To Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest	87000000	USD
CY2008Q3	us-gaap	Net Income Loss Attributable To Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest	101000000	USD
CY2009Q3	us-gaap	Net Income Loss NetIncomeLoss	1058000000	USD
CY2008Q3	us-gaap	Net Income Loss NetIncomeLoss	1269000000	USD
CY2009Q3	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	1.15
CY2008Q3	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	1.36
CY2009Q3	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	1.14
CY2008Q3	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	1.33
CY2009Q3	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	917000000	shares
CY2008Q3	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	933000000	shares
CY2009Q3	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	929000000	shares
CY2008Q3	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	951000000	shares
CY2008Q3	us-gaap	Common Stock Dividends Per Share Declared CommonStockDividendsPerShareDeclared	.32	USD
CY2009Q3	us-gaap	Common Stock Dividends Per Share Declared CommonStockDividendsPerShareDeclared	.39	USD
	us-gaap	Sales Revenue Goods Net SalesRevenueGoodsNet	27387000000	USD
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	us-gaap	Sales Revenue Services Net SalesRevenueServicesNet	11059000000	USD
	us-gaap	Sales Revenue Services Net SalesRevenueServicesNet	12015000000	USD
	us-gaap	Other Income OtherIncome	374000000	USD
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	us-gaap	Cost Of Services CostOfServices	7324000000	USD
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	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	5075000000	USD
	us-gaap	Operating Income Loss OperatingIncomeLoss	4658000000	USD
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	us-gaap	Interest Expense InterestExpense	522000000	USD
	us-gaap	Interest Expense InterestExpense	518000000	USD
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	us-gaap	Profit Loss ProfitLoss	3010000000	USD
	us-gaap	Profit Loss ProfitLoss	3824000000	USD
	us-gaap	Net Income Loss Attributable To Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest	254000000	USD
	us-gaap	Net Income Loss NetIncomeLoss	2756000000	USD
	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	3
	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	2.97
	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	3.76
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	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	918000000	shares
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	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	964000000	shares
	us-gaap	Net Income Loss Attributable To Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest	280000000	USD
	us-gaap	Net Income Loss NetIncomeLoss	3544000000	USD
	us-gaap	Common Stock Dividends Per Share Declared CommonStockDividendsPerShareDeclared	1.16	USD
	us-gaap	Common Stock Dividends Per Share Declared CommonStockDividendsPerShareDeclared	.96	USD
CY2009Q3	us-gaap	Cash Cash Equivalents And Short Term Investments CashCashEquivalentsAndShortTermInvestments	4632000000	USD
CY2008Q4	us-gaap	Cash Cash Equivalents And Short Term Investments CashCashEquivalentsAndShortTermInvestments	4327000000	USD
CY2009Q3	us-gaap	Receivables Net Current ReceivablesNetCurrent	8460000000	USD
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CY2009Q3	utx	Inventories And Contracts In Progress Net InventoriesAndContractsInProgressNet	8086000000	USD
CY2008Q4	utx	Inventories And Contracts In Progress Net InventoriesAndContractsInProgressNet	8340000000	USD
CY2009Q3	us-gaap	Deferred Tax Assets Net Current DeferredTaxAssetsNetCurrent	1666000000	USD
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	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	4141000000	USD
	us-gaap	Payments For Proceeds From Productive Assets PaymentsForProceedsFromProductiveAssets	501000000	USD
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	us-gaap	Payments To Acquire Businesses Net Of Cash Acquired PaymentsToAcquireBusinessesNetOfCashAcquired	557000000	USD
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	us-gaap	Proceeds From Divestiture Of Businesses And Interests In Affiliates ProceedsFromDivestitureOfBusinessesAndInterestsInAffiliates	107000000	USD
	us-gaap	Proceeds From Divestiture Of Businesses And Interests In Affiliates ProceedsFromDivestitureOfBusinessesAndInterestsInAffiliates	270000000	USD
	utx	Increase In Customer Financing Assets Net IncreaseInCustomerFinancingAssetsNet	36000000	USD
	utx	Increase In Customer Financing Assets Net IncreaseInCustomerFinancingAssetsNet	98000000	USD
	us-gaap	Payments For Proceeds From Other Investing Activities PaymentsForProceedsFromOtherInvestingActivities	-256000000	USD
	us-gaap	Payments For Proceeds From Other Investing Activities PaymentsForProceedsFromOtherInvestingActivities	-156000000	USD
	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-731000000	USD
	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-1190000000	USD
	us-gaap	Proceeds From Repayments Of Long Term Debt And Capital Securities ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities	-965000000	USD
	us-gaap	Proceeds From Repayments Of Long Term Debt And Capital Securities ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities	991000000	USD
	us-gaap	Proceeds From Repayments Of Short Term Debt ProceedsFromRepaymentsOfShortTermDebt	-72000000	USD
	us-gaap	Stock Issued During Period Value Employee Stock Purchase Plan StockIssuedDuringPeriodValueEmployeeStockPurchasePlan	-212000000	USD
	us-gaap	Stock Issued During Period Value Employee Stock Purchase Plan StockIssuedDuringPeriodValueEmployeeStockPurchasePlan	-131000000	USD
	us-gaap	Payments Of Dividends Common Stock PaymentsOfDividendsCommonStock	1018000000	USD
	us-gaap	Payments Of Dividends Common Stock PaymentsOfDividendsCommonStock	869000000	USD
	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	780000000	USD
	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	2470000000	USD
	us-gaap	Proceeds From Payments For Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities	-285000000	USD
	us-gaap	Proceeds From Payments For Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities	-280000000	USD
	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	-2908000000	USD
	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	-2236000000	USD
	us-gaap	Effect Of Exchange Rate On Cash And Cash Equivalents EffectOfExchangeRateOnCashAndCashEquivalents	66000000	USD
	us-gaap	Effect Of Exchange Rate On Cash And Cash Equivalents EffectOfExchangeRateOnCashAndCashEquivalents	-4000000	USD
	us-gaap	Cash And Cash Equivalents Period Increase Decrease CashAndCashEquivalentsPeriodIncreaseDecrease	305000000	USD
	us-gaap	Cash And Cash Equivalents Period Increase Decrease CashAndCashEquivalentsPeriodIncreaseDecrease	711000000	USD
	us-gaap	Pension Contributions PensionContributions	-551000000	USD
	us-gaap	Pension Contributions PensionContributions	0	USD
CY2007Q4	us-gaap	Cash Cash Equivalents And Short Term Investments CashCashEquivalentsAndShortTermInvestments	2904000000	USD
CY2008Q3	us-gaap	Cash Cash Equivalents And Short Term Investments CashCashEquivalentsAndShortTermInvestments	3615000000	USD
	utx	Financial Instruments FinancialInstruments	<div style="font-size:12pt"><p>Note 8: Financial Instruments<br /><br />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. <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 the Derivatives and Hedging Topic of the FASB ASC, changes in the derivatives’ fair value are not included in current earnings but are included in Accumulated other comprehensive loss. 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 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 were not met. <br /><br />The four quarter rolling average of the notional amount of foreign exchange contracts hedging foreign currency transactions was $8.6 billion and $11.2 billion at September 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 September 30, 2009. <br /><br />The outstanding notional amount of contracts hedging commodity exposures was insignificant at September 30, 2009 and December 31, 2008, respectively.<br /><br />The following table summarizes the fair value of derivative instruments as of September 30, 2009:</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td width="253" align="left" height="17" colspan="2"> </td><td height="17" width="9" align="left"> </td><td height="17" width="138" align="center"><b>Assets</b></td><td height="17" width="10" align="center"><b> </b></td><td height="17" width="14" align="center"><b> </b></td><td height="17" width="43" align="center"><b> </b></td><td height="17" width="14" align="left"> </td><td height="17" width="150" align="center"><b>Liabilities</b></td><td height="17" width="10" align="center"><b> </b></td><td height="17" width="14" align="center"><b> </b></td><td height="17" width="43" align="center"><b> </b></td></tr><tr><td width="253" align="left" colspan="2" style="border-bottom: 1px solid #000000;" height="17"><b>(in millions of dollars)</b></td><td height="17" width="9" align="left"> </td><td height="17" style="border-bottom: 1px solid #000000;" align="center" width="138"><b>Balance Sheet Location</b></td><td height="17" width="10" align="center"><b> </b></td><td height="17" width="14" align="center"><b> </b></td><td height="17" width="43" align="center"><b> </b></td><td height="17" width="14" align="left"> </td><td height="17" style="border-bottom: 1px solid #000000;" align="center" width="150"><b>Balance Sheet Location</b></td><td height="17" width="10" align="center"><b> </b></td><td height="17" width="14" align="center"><b> </b></td><td height="17" width="43" align="center"><b> </b></td></tr><tr><td width="253" align="left" colspan="2" style="border-top: 1px solid #000000;" height="17">Derivatives designated as hedging instruments:</td><td height="17" width="9" align="left"> </td><td height="17" style="border-top: 1px solid #000000;" align="left" width="138"> </td><td height="17" width="10" align="left"> </td><td height="17" width="14" align="left"> </td><td height="17" width="43" align="left"> </td><td height="17" width="14" align="left"> </td><td height="17" style="border-top: 1px solid #000000;" align="left" width="150"> </td><td height="17" width="10" align="left"> </td><td height="17" width="14" align="left"> </td><td height="17" width="43" align="left"> </td></tr><tr><td height="17" width="21" align="left"> </td><td height="17" width="232" align="left">Foreign Exchange Contracts</td><td height="17" width="9" align="left"> </td><td height="17" width="138" align="left">Other Current Assets</td><td height="17" width="10" align="left"> </td><td height="17" width="14" align="left">$</td><td height="17" width="43" align="right"> 48 </td><td height="17" width="14" align="left"> </td><td height="17" width="150" align="left">Accrued Liabilities</td><td height="17" width="10" align="left"> </td><td height="17" width="14" align="left">$</td><td height="17" width="43" align="right"> 61 </td></tr><tr><td height="17" width="21" align="left"> </td><td height="17" width="232" align="left">Foreign Exchange Contracts</td><td height="17" width="9" align="left"> </td><td height="17" width="138" align="left">Other Assets</td><td height="17" width="10" align="left"> </td><td height="17" width="14" align="left"> </td><td height="17" style="border-bottom: 1px solid #000000;" align="right" width="43"> 57 </td><td height="17" width="14" align="left"> </td><td height="17" width="150" align="left">Other Long-Term Liabilities</td><td height="17" width="10" align="left"> </td><td height="17" width="14" align="left"> </td><td height="17" style="border-bottom: 1px solid #000000;" align="right" width="43"> 1 </td></tr><tr><td height="17" width="21" align="left"> </td><td height="17" width="232" align="left"> </td><td height="17" width="9" align="left"> </td><td height="17" width="138" align="left"> </td><td height="17" width="10" align="left"> </td><td height="17" width="14" align="left">$</td><td height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="43"> 105 </td><td height="17" width="14" align="left"> </td><td height="17" width="150" align="left"> </td><td height="17" width="10" align="left"> </td><td height="17" width="14" align="left">$</td><td height="17" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="43"> 62 </td></tr><tr><td height="11" width="21" align="left"> </td><td height="11" width="232" align="left"> </td><td height="11" width="9" align="left"> </td><td height="11" width="138" align="left"> </td><td height="11" width="10" align="left"> </td><td height="11" width="14" align="left"> </td><td height="11" style="border-top: 1px solid #000000;" align="left" width="43"> </td><td height="11" width="14" align="left"> </td><td height="11" width="150" align="left"> </td><td height="11" width="10" align="left"> </td><td height="11" width="14" align="left"> </td><td height="11" style="border-top: 1px solid #000000;" align="left" width="43"> </td></tr><tr><td width="253" align="left" height="17" colspan="2">Derivatives not designated as hedging instruments:</td><td height="17" width="9" align="left"> </td><td height="17" width="138" align="left"> </td><td height="17" width="10" align="left"> </td><td height="17" width="14" align="left"> </td><td height="17" width="43" align="left"> </td><td height="17" width="14" align="left"> </td><td height="17" width="150" align="left"> </td><td height="17" width="10" align="left"> </td><td height="17" width="14" align="left"> </td><td height="17" width="43" align="left"> </td></tr><tr><td height="17" width="21" align="left"> </td><td height="17" width="232" align="left">Foreign Exchange Contracts</td><td height="17" width="9" align="left"> </td><td height="17" width="138" align="left">Other Current Assets</td><td height="17" width="10" align="left"> </td><td height="17" width="14" align="left">$</td><td height="17" width="43" align="right"> 84 </td><td height="17" width="14" align="left"> </td><td height="17" width="150" align="left">Accrued Liabilities</td><td height="17" width="10" align="left"> </td><td height="17" width="14" align="left">$</td><td height="17" width="43" align="right"> 73 </td></tr><tr><td height="17" width="21" align="left"> </td><td height="17" width="232" align="left">Foreign Exchange Contracts</td><td height="17" width="9" align="left"> </td><td height="17" width="138" align="left">Other Assets</td><td height="17" width="10" align="left"> </td><td height="17" width="14" align="left"> </td><td height="17" style="border-bottom: 1px solid #000000;" align="right" width="43"> 6 </td><td height="17" width="14" align="left"> </td><td height="17" width="150" align="left">Other Long-Term Liabilities</td><td height="17" width="10" align="left"> </td><td height="17" width="14" align="left"> </td><td height="17" style="border-bottom: 1px solid #000000;" align="right" width="43"> 10 </td></tr><tr><td height="17" width="21" align="left"> </td><td height="17" width="232" align="left"> </td><td height="17" width="9" align="left"> </td><td height="17" width="138" align="left"> </td><td height="17" width="10" align="left"> </td><td height="17" width="14" align="left">$</td><td height="17" style="border-top: 1px solid #000000;" align="right" width="43"> 90 </td><td height="17" width="14" align="left"> </td><td height="17" width="150" align="left"> </td><td height="17" width="10" align="left"> </td><td height="17" width="14" align="left">$</td><td height="17" style="border-top: 1px solid #000000;" align="right" width="43"> 83 </td></tr><tr><td height="11" width="21" align="left"> </td><td height="11" width="232" align="left"> </td><td height="11" width="9" align="left"> </td><td height="11" width="138" align="left"> </td><td height="11" width="10" align="left"> </td><td height="11" width="14" align="left"> </td><td height="11" style="border-bottom: 1px solid #000000;" align="left" width="43"> </td><td height="11" width="14" align="left"> </td><td height="11" width="150" align="left"> </td><td height="11" width="10" align="left"> </td><td height="11" width="14" align="left"> </td><td height="11" style="border-bottom: 1px solid #000000;" align="left" width="43"> </td></tr><tr><td width="253" align="left" height="18" colspan="2">Total Derivative Contracts </td><td height="18" width="9" align="left"> </td><td height="18" width="138" align="left"> </td><td height="18" width="10" align="left"> </td><td height="18" width="14" align="left">$</td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="43"> 195 </td><td height="18" width="14" align="left"> </td><td height="18" width="150" align="left"> </td><td height="18" width="10" align="left"> </td><td height="18" width="14" align="left">$</td><td height="18" style="border-top: 1px solid #000000;border-bottom: 3px double #000000;" align="right" width="43"> 145 </td></tr></table><p>The impact on Accumulated other comprehensive loss from foreign exchange derivative instruments that qualified as cash flow hedges for the period was as follows:<br /></p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="35" width="35" align="left"><b> </b></td><td height="35" width="95" align="left"><b> </b></td><td height="35" width="412" align="left"><b> </b></td><td height="35" width="11" align="left"><b> </b></td><td height="35" width="12" align="left"> </td><td height="35" width="75" align="center"><b>Quarter Ended</b></td><td height="35" width="13" align="left"> </td><td height="35" width="75" align="center"><b>Nine Months Ended</b></td></tr><tr><td width="542" align="left" colspan="3" style="border-bottom: 1px solid #000000;" height="25"><b>(in millions of dollars)</b></td><td height="25" width="11" align="left"><b> </b></td><td height="25" width="12" align="left"> </td><td height="25" style="border-bottom: 1px solid #000000;" align="center" width="75"><b>September 30, 2009</b></td><td height="25" width="13" align="left"> </td><td height="25" style="border-bottom: 1px solid #000000;" align="center" width="75"><b>September 30, 2009</b></td></tr><tr><td width="542" align="left" colspan="3" style="border-top: 1px solid #000000;" height="17">Gain recorded in Accumulated other comprehensive loss</td><td height="17" width="11" align="left"><b> </b></td><td height="17" width="12" align="left">$</td><td height="17" style="border-top: 1px solid #000000;" align="right" width="75"> 148 </td><td height="17" width="13" align="left">$</td><td height="17" style="border-top: 1px solid #000000;" align="right" width="75"> 150 </td></tr><tr><td width="542" align="left" height="17" colspan="3">Loss reclassified from Accumulated other comprehensive loss into Product Sales (effective portion)</td><td height="17" width="11" align="left"> </td><td height="17" width="12" align="left"> </td><td height="17" width="75" align="right"> (39)</td><td height="17" width="13" align="left"> </td><td height="17" width="75" align="right"> (138)</td></tr><tr><td width="542" align="left" height="17" colspan="3">Loss recognized in Other Income, net on derivatives (ineffective portion)</td><td height="17" width="11" align="left"> </td><td height="17" width="12" align="left"> </td><td height="17" width="75" align="right"> - </td><td height="17" width="13" align="left"> </td><td height="17" width="75" align="right"> (5)</td></tr><tr><td height="6" width="35" align="left"> </td><td height="6" width="95" align="left"> </td><td height="6" width="412" align="left"> </td><td height="6" width="11" align="left"> </td><td height="6" width="12" align="left"> </td><td height="6" width="75" align="left"> </td><td height="6" width="13" align="left"> </td><td height="6" width="75" align="left"> </td></tr></table><p>Assuming current market conditions continue, of the amount recorded in Accumulated other comprehensive loss, a $9 million pre-tax gain 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 $5 million for the nine months ended September 30, 2009. The ineffectiveness recognized in earnings was the result of certain forecasted product sales transactions no longer occurring and was recorded in the first quarter of 2009. At September 30, 2009, all derivative contracts accounted for as cash flow hedges mature by December 2014.<br /></p><p>The effect on the Condensed Consolidated Statement of Operations from foreign exchange contracts not designated as hedging instruments was as follows:<br /></p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="25" width="35" align="left"><b> </b></td><td height="25" width="95" align="left"><b> </b></td><td height="25" width="412" align="left"><b> </b></td><td height="25" width="11" align="left"><b> </b></td><td height="25" width="11" align="left"><b> </b></td><td height="25" width="75" align="center"><b>Quarter Ended</b></td><td height="25" width="13" align="left"><b> </b></td><td height="25" width="75" align="center"><b>Nine Months Ended</b></td></tr><tr><td width="542" align="left" colspan="3" style="border-bottom: 1px solid #000000;" height="25"><b>(in millions of dollars)</b></td><td height="25" width="11" align="left"><b> </b></td><td height="25" width="11" align="left"> </td><td height="25" style="border-bottom: 1px solid #000000;" align="center" width="75"><b>September 30, 2009</b></td><td height="25" width="13" align="left"> </td><td height="25" style="border-bottom: 1px solid #000000;" align="center" width="75"><b>September 30, 2009</b></td></tr><tr><td width="542" align="left" colspan="3" style="border-top: 1px solid #000000;" height="17">Gain (Loss) recognized in Other Income, net </td><td height="17" width="11" align="left"><b> </b></td><td height="17" width="11" align="left">$</td><td height="17" style="border-top: 1px solid #000000;" align="right" width="75"> 17 </td><td height="17" width="13" align="left">$</td><td height="17" style="border-top: 1px solid #000000;" align="right" width="75"> (31)</td></tr><tr><td height="6" width="35" align="left"> </td><td height="6" width="95" align="left"> </td><td height="6" width="412" align="left"> </td><td height="6" width="11" align="left"> </td><td height="6" width="11" align="left"> </td><td height="6" width="75" align="left"> </td><td height="6" width="13" align="left"> </td><td height="6" width="75" align="left"> </td></tr></table><p>Fair Value Disclosure. The Fair Value Measurements and Disclosures Topic of the FASB ASC defines fair value, establishes a framework for measuring fair value and expands the related disclosure requirements. The Topic 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, and also defines fair value based upon an exit price model. <br /><br />We adopted the requirements of the Fair Value Measurements and Disclosure Topic as of January 1, 2008, with the exception of the application to non-recurring nonfinancial assets and nonfinancial liabilities, which was delayed and therefore adopted as of January 1, 2009. As of September 30, 2009, we do not have any significant non-recurring measurements of nonfinancial assets and nonfinancial liabilities. <br /><br />Valuation Hierarchy. 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. 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 September 30, 2009:</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="60" style="border-bottom: 1px solid #000000;" align="left" width="289"><b>(in millions of dollars)</b></td><td height="60" width="19" align="left"><b></b></td><td width="88" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="60"><b>Total Carrying Value at September 30, 2009</b></td><td height="60" width="19" align="left"> </td><td width="88" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="60"><b>Quoted price in active markets (Level 1)</b></td><td height="60" width="19" align="left"> </td><td width="88" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="60"><b>Significant other observable inputs (Level 2)</b></td><td height="60" width="19" align="left"> </td><td width="88" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="60"><b>Unobservable inputs (Level 3)</b></td></tr><tr><td height="17" style="border-top: 1px solid #000000;" align="left" width="289">Available-for-sale securities</td><td height="17" width="19" align="left"> </td><td height="17" style="border-top: 1px solid #000000;" align="left" width="13">$</td><td height="17" style="border-top: 1px solid #000000;" align="right" width="75"> 631 </td><td height="17" width="19" align="left"> </td><td height="17" style="border-top: 1px solid #000000;" align="left" width="13">$</td><td height="17" style="border-top: 1px solid #000000;" align="right" width="75"> 631 </td><td height="17" width="19" align="left"> </td><td height="17" style="border-top: 1px solid #000000;" align="left" width="13">$</td><td height="17" style="border-top: 1px solid #000000;" align="right" width="75"> - </td><td height="17" width="19" align="left"> </td><td height="17" style="border-top: 1px solid #000000;" align="left" width="13">$</td><td height="17" style="border-top: 1px solid #000000;" align="right" width="75"> - </td></tr><tr><td height="17" width="289" align="left">Derivative assets</td><td height="17" width="19" align="left"> </td><td height="17" width="13" align="left"> </td><td height="17" width="75" align="right"> 195 </td><td height="17" width="19" align="left"> </td><td height="17" width="13" align="left"> </td><td height="17" width="75" align="right"> - </td><td height="17" width="19" align="left"> </td><td height="17" width="13" align="left"> </td><td height="17" width="75" align="right"> 195 </td><td height="17" width="19" align="left"> </td><td height="17" width="13" align="left"> </td><td height="17" width="75" align="right"> - </td></tr><tr><td height="17" width="289" align="left">Derivative liabilities</td><td height="17" width="19" align="left"> </td><td height="17" width="13" align="left"> </td><td height="17" width="75" align="right"> 145 </td><td height="17" width="19" align="left"> </td><td height="17" width="13" align="left"> </td><td height="17" width="75" align="right"> - </td><td height="17" width="19" align="left"> </td><td height="17" width="13" align="left"> </td><td height="17" width="75" align="right"> 145 </td><td height="17" width="19" align="left"> </td><td height="17" width="13" align="left"> </td><td height="17" width="75" align="right"> - </td></tr></table><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 September 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 />The Financial Instruments Topic of the FASB ASC requires interim disclosures regarding the fair values of financial instruments. Additionally, this topic requires disclosure of the methods and significant assumptions used to estimate the fair value of certain financial instruments on an interim basis as well as changes in the methods and significant assumptions from prior periods. The interim disclosure requirements of this Topic do not change the previous accounting treatment for these financial instruments. We adopted the interim disclosure requirements under this Topic during the quarter ended June 30, 2009. <br /><br />The carrying amounts and fair values of financial instruments at September 30, 2009 and December 31, 2008 are as follows:<br /></p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="33" align="left"> </td><td height="17" width="320" align="left"> </td><td height="17" width="19" align="left"> </td><td width="175" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="17"><b>September 30, 2009</b></td><td height="17" width="19" align="left"> </td><td width="175" align="center" colspan="5" style="border-bottom: 1px solid #000000;" height="17"><b>December 31, 2008</b></td></tr><tr><td width="353" align="left" colspan="2" style="border-bottom: 1px solid #000000;" height="34"><b>(in millions of dollars)</b></td><td height="34" width="19" align="left"></td><td width="78" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="34"><b>Carrying Amount</b></td><td height="34" style="border-top: 1px solid #000000;" align="left" width="19"> </td><td width="78" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="34"><b>Fair Value</b></td><td height="34" width="19" align="left"></td><td width="78" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="34"><b>Carrying Amount</b></td><td height="34" style="border-top: 1px solid #000000;" align="left" width="19"> </td><td width="78" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="34"><b>Fair Value</b></td></tr><tr><td width="353" align="left" colspan="2" style="border-top: 1px solid #000000;" height="17">Financial Assets and Liabilities</td><td height="17" width="19" align="left"> </td><td height="17" style="border-top: 1px solid #000000;" align="left" width="14"> </td><td height="17" style="border-top: 1px solid #000000;" align="left" width="64"> </td><td height="17" width="19" align="left"> </td><td height="17" style="border-top: 1px solid #000000;" align="left" width="14"> </td><td height="17" style="border-top: 1px solid #000000;" align="left" width="64"> </td><td height="17" width="19" align="left"> </td><td height="17" style="border-top: 1px solid #000000;" align="left" width="14"> </td><td height="17" style="border-top: 1px solid #000000;" align="left" width="64"> </td><td height="17" width="19" align="left"> </td><td height="17" style="border-top: 1px solid #000000;" align="left" width="14"> </td><td height="17" style="border-top: 1px solid #000000;" align="left" width="64"> </td></tr><tr><td height="17" width="33" align="left"> </td><td height="17" width="320" align="left">Marketable equity securities</td><td height="17" width="19" align="left"> </td><td height="17" width="14" align="left">$</td><td height="17" width="64" align="right"> 631 </td><td height="17" width="19" align="left"> </td><td height="17" width="14" align="left">$</td><td height="17" width="64" align="right"> 631 </td><td height="17" width="19" align="left"> </td><td height="17" width="14" align="left">$</td><td height="17" width="64" align="right"> 325 </td><td height="17" width="19" align="left"> </td><td height="17" width="14" align="left">$</td><td height="17" width="64" align="right"> 325 </td></tr><tr><td height="17" width="33" align="left"> </td><td height="17" width="320" align="left">Long-term receivables</td><td height="17" width="19" align="left"> </td><td height="17" width="14" align="left"> </td><td height="17" width="64" align="right"> 362 </td><td height="17" width="19" align="left"> </td><td height="17" width="14" align="left"> </td><td height="17" width="64" align="right"> 345 </td><td height="17" width="19" align="left"> </td><td height="17" width="14" align="left"> </td><td height="17" width="64" align="right"> 343 </td><td height="17" width="19" align="left"> </td><td height="17" width="14" align="left"> </td><td height="17" width="64" align="right"> 316 </td></tr><tr><td height="17" width="33" align="left"> </td><td height="17" width="320" align="left">Customer financing notes receivable</td><td height="17" width="19" align="left"> </td><td height="17" width="14" align="left"> </td><td height="17" width="64" align="right"> 320 </td><td height="17" width="19" align="left"> </td><td height="17" width="14" align="left"> </td><td height="17" width="64" align="right"> 256 </td><td height="17" width="19" align="left"> </td><td height="17" width="14" align="left"> </td><td height="17" width="64" align="right"> 316 </td><td height="17" width="19" align="left"> </td><td height="17" width="14" align="left"> </td><td height="17" width="64" align="right"> 245 </td></tr><tr><td height="17" width="33" align="left"> </td><td height="17" width="320" align="left">Short-term borrowings</td><td height="17" width="19" align="left"> </td><td height="17" width="14" align="left"> </td><td height="17" width="64" align="right"> (943)</td><td height="17" width="19" align="left"> </td><td height="17" width="14" align="left"> </td><td height="17" width="64" align="right"> (943)</td><td height="17" width="19" align="left"> </td><td height="17" width="14" align="left"> </td><td height="17" width="64" align="right"> (1,023)</td><td height="17" width="19" align="left"> </td><td height="17" width="14" align="left"> </td><td height="17" width="64" align="right"> (1,023)</td></tr><tr><td height="17" width="33" align="left"> </td><td height="17" width="320" align="left">Long-term debt</td><td height="17" width="19" align="left"> </td><td height="17" width="14" align="left"> </td><td height="17" width="64" align="right"> (9,440)</td><td height="17" width="19" align="left"> </td><td height="17" width="14" align="left"> </td><td height="17" width="64" align="right"> (10,352)</td><td height="17" width="19" align="left"> </td><td height="17" width="14" align="left"> </td><td height="17" width="64" align="right"> (10,408)</td><td height="17" width="19" align="left"> </td><td height="17" width="14" align="left"> </td><td height="17" width="64" align="right"> (11,332)</td></tr></table><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 $1,036 million at September 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 /></p></div>

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2009 Q3 Form 10-Q Financial Statement

#000119312509212352 Filed on October 23, 2009

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2009 Q3 Form 10-Q Financial Statement

#000119312509212352 Filed on October 23, 2009

Income Statement

Balance Sheet

Cashflow Statement

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Files In Submission

$RTX
RTX Corp Stock $rtx