Property, Plant and Equipment Accounting Policy
Fixed assets are stated at cost. Depreciation is recorded over the fixed assets' useful lives using the straight-line method.
Source: United Technologies Corp., Annual Report
Fixed assets are stated at cost. Depreciation is recorded over the fixed assets' useful lives using the straight-line method.
Source: United Technologies Corp., Annual Report
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United Technologies Corp., Statement of Financial Position, Property, Plant and Equipment
USD $ in millions
| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | ||
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Land | |
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Buildings and improvements | |
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Machinery, tools and equipment | |
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Other, including under construction | |
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Fixed assets, gross | |
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Accumulated depreciation | |
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Fixed assets, net | |
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Source: Based on data from United Technologies Corp. Annual Reports
| Item | Description | The company |
|---|---|---|
| Land | Carrying amount as of the balance sheet date of real estate held for productive use. This excludes land held for sale. | United Technologies Corp.'s land declined from 2009 to 2010 and from 2010 to 2011. |
| Buildings and improvements | Carrying amount as of the balance sheet date of long-lived, depreciable assets that include building structures held for productive use including any addition, improvement, or renovation to the structure, such as interior masonry, interior flooring, electrical, and plumbing. | United Technologies Corp.'s buildings and improvements increased from 2009 to 2010 but then declined significantly from 2010 to 2011. |
| Machinery, tools and equipment | Carrying amount as of the balance sheet date of long-lived, depreciable asset used in production process to produce goods and services. | United Technologies Corp.'s machinery, tools and equipment increased from 2009 to 2010 but then slightly declined from 2010 to 2011. |
| Fixed assets, gross | Carrying amount at the balance sheet date for long-lived physical assets used in the normal conduct of business and not intended for resale. This can include land, physical structures, machinery, vehicles, furniture, computer equipment, construction in progress, and similar items. Amount does not include depreciation. | United Technologies Corp.'s fixed assets, gross increased from 2009 to 2010 and from 2010 to 2011. |
| Fixed assets, net | Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, and production equipment. | United Technologies Corp.'s fixed assets, net declined from 2009 to 2010 and from 2010 to 2011. |
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United Technologies Corp., Property, Plant and Equipment Ratios
| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | ||
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Average age | % |
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Estimated total useful life (years) | |
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Estimated age, time elapsed since purchase (years) | |
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Estimated remaining life (years) | |
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| Ratio | Description | The company |
|---|---|---|
| Average age | As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company's fixed asset base is old or new. Newer assets are likely to be more efficient. | United Technologies Corp.'s average age of depreciable property, plant and equipment deteriorated from 2009 to 2010 and from 2010 to 2011. |
| Estimated total useful life | Over longer time periods, this ratio is a useful measure of company's depreciation policy and can be used for comparisons with competitors. | United Technologies Corp.'s estimated total useful life of depreciable property, plant and equipment declined from 2009 to 2010 but then slightly increased from 2010 to 2011. |
| Estimated time elapsed since purchase | The approximate age in years of a company's fixed assets. Useful for comparison purposes. | United Technologies Corp.'s estimated time elapsed since purchase of depreciable property, plant and equipment improved from 2009 to 2010 but then deteriorated significantly from 2010 to 2011. |
| Estimated remaining life | United Technologies Corp.'s estimated remaining life of depreciable property, plant and equipment declined from 2009 to 2010 and from 2010 to 2011. |
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| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (USD $ in millions) | ||||||
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Accumulated depreciation | |
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Fixed assets, gross | |
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Land | |
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| Ratio | ||||||
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Average age1 | % |
% |
% |
% |
% |
2011 Calculations
1 Average age = 100 × Accumulated depreciation ÷ (Fixed assets, gross – Land)
= 100 × ÷ ( – ) = %
| Ratio | Description | The company |
|---|---|---|
| Average age | As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company's fixed asset base is old or new. Newer assets are likely to be more efficient. | United Technologies Corp.'s average age of depreciable property, plant and equipment deteriorated from 2009 to 2010 and from 2010 to 2011. |
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| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (USD $ in millions) | ||||||
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Fixed assets, gross | |
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Land | |
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Depreciation expense | |
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| Ratio | ||||||
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Estimated total useful life (years)1 | |
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2011 Calculations
1 Estimated total useful life (years) = (Fixed assets, gross – Land) ÷ Depreciation expense
= ( – ) ÷ =
| Ratio | Description | The company |
|---|---|---|
| Estimated total useful life | Over longer time periods, this ratio is a useful measure of company's depreciation policy and can be used for comparisons with competitors. | United Technologies Corp.'s estimated total useful life of depreciable property, plant and equipment declined from 2009 to 2010 but then slightly increased from 2010 to 2011. |
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| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (USD $ in millions) | ||||||
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Accumulated depreciation | |
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Depreciation expense | |
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| Ratio | ||||||
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Time elapsed since purchase (years)1 | |
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2011 Calculations
1 Time elapsed since purchase (years) = Accumulated depreciation ÷ Depreciation expense
= ÷ =
| Ratio | Description | The company |
|---|---|---|
| Estimated time elapsed since purchase | The approximate age in years of a company's fixed assets. Useful for comparison purposes. | United Technologies Corp.'s estimated time elapsed since purchase of depreciable property, plant and equipment improved from 2009 to 2010 but then deteriorated significantly from 2010 to 2011. |
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| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (USD $ in millions) | ||||||
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Fixed assets, net | |
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Land | |
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Depreciation expense | |
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| Ratio | ||||||
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Estimated remaining life (years)1 | |
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2011 Calculations
1 Estimated remaining life (years) = (Fixed assets, net – Land) ÷ Depreciation expense
= ( – ) ÷ =
| Ratio | Description | The company |
|---|---|---|
| Estimated remaining life | United Technologies Corp.'s estimated remaining life of depreciable property, plant and equipment declined from 2009 to 2010 and from 2010 to 2011. |
May 24, 2012