Income Tax Accounting Policy
In the ordinary course of business there is inherent uncertainty in quantifying United Technologies Corp.'s income tax positions.
United Technologies Corp. assesses income tax positions and record tax benefits for all years subject to examination based upon management's evaluation of the facts, circumstances, and information available at the reporting date. For those tax positions where it is more-likely-than-not that a tax benefit will be sustained, United Technologies Corp. has recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. Where applicable, associated interest expense has also been recognized. United Technologies Corp. recognizes accrued interest related to unrecognized tax benefits in interest expense. Penalties, if incurred, would be recognized as a component of income tax expense.
Source: United Technologies Corp., Annual Report
Income Tax Expense (Benefit)
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United Technologies Corp., income tax expense (benefit), continuing operations
Source: Based on data from United Technologies Corp. Annual Reports
| Item |
Description |
The company |
| Current |
The component of income tax expense for the period representing amounts of income taxes paid or payable (or refundable) for the period for all income tax obligations as determined by applying the provisions of relevant enacted tax laws to relevant amounts of taxable income (loss) from continuing operations. |
United Technologies Corp.'s current increased from 2009 to 2010 and from 2010 to 2011.
|
| Future |
The component of income tax expense for the period representing the net change in the entity's deferred tax assets and liabilities pertaining to continuing operations. |
United Technologies Corp.'s future declined from 2009 to 2010 and from 2010 to 2011.
|
| Income tax expense |
The sum of the current income tax expense (benefit) and the deferred income tax expense (benefit) pertaining to pretax income (loss) from continuing operations; income tax expense (benefit) may include interest and penalties on tax uncertainties based on the entity's accounting policy. |
United Technologies Corp.'s income tax expense increased from 2009 to 2010 and from 2010 to 2011.
|
Effective Income Tax Rate (EITR)
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United Technologies Corp., effective income tax rate (EITR) reconciliation
Source: Based on data from United Technologies Corp. Annual Reports
| Item |
Description |
The company |
| Effective income tax rate |
A ratio calculated by dividing the reported amount of income tax expense attributable to continuing operations for the period by GAAP-basis pretax income from continuing operations. |
United Technologies Corp.'s effective income tax rate increased from 2009 to 2010 and from 2010 to 2011.
|
Deferred Tax Assets (Liabilities), Net
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United Technologies Corp., deferred tax assets (liabilities), net
Source: Based on data from United Technologies Corp. Annual Reports
| Item |
Description |
The company |
| Future income tax benefits, gross |
The sum of the tax effects as of the balance sheet date of the amounts of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws (before the valuation allowance, if any, to reduce such sum amount to net realizable value). Includes any tax benefit realized in deferred tax assets for significant impacts of tax planning strategies. |
United Technologies Corp.'s future income tax benefits, gross declined from 2009 to 2010 but then increased from 2010 to 2011 exceeding 2009 level.
|
| Future income tax benefits, net |
The aggregate tax effects as of the balance sheet date of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; net of deducting the allocated valuation allowance, if any, to reduce such amount to net realizable value. |
United Technologies Corp.'s future income tax benefits, net declined from 2009 to 2010 but then increased from 2010 to 2011 exceeding 2009 level.
|
| Future income tax benefits and payables, net |
For entities that net deferred tax assets and tax liabilities, represents the unclassified net amount of deferred tax assets and liabilities as of the balance sheet date, which result from applying the applicable enacted tax rate to net temporary differences and carryforwards pertaining to assets or liabilities. A temporary difference is a difference between the tax basis of an asset or liability and its carrying amount in the financial statements prepared in accordance with generally accepted accounting principles that will reverse in ensuing periods. |
United Technologies Corp.'s future income tax benefits and payables, net declined from 2009 to 2010 but then increased from 2010 to 2011 exceeding 2009 level.
|
