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United Technologies Corp. (UTX)


Balance Sheet: Liabilities and Stockholders’ Equity

Beginner level

The balance sheet provides creditors, investors, and analysts with information on company’s resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company’s assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

United Technologies Corp., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

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Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Short-term borrowings 2,364  1,469  392  601  926 
Accounts payable 10,809  11,080  9,579  7,483  6,875 
Advances on sales contracts and service billings —  —  4,547  4,217  3,952 
Accrued salaries, wages and employee benefits 2,407  2,074  1,741  1,608  1,543 
Service and warranty accruals 734  754  629  555  546 
Interest payable 608  637  439  395  391 
Litigation and contract matters 502  461  435  488  482 
Income taxes payable 928  460  285  382  2,498 
Accrued property, sales and use taxes 320  277  258  289  292 
Canadian government settlement, current portion —  34  217  245  241 
Accrued restructuring costs 208  249  212  210  334 
Accrued workers compensation 157  142  204  208  212 
Liabilities held for sale —  40  —  —  — 
Operating lease liabilities, current 544  —  —  —  — 
Other 5,329  5,095  3,349  3,622  4,147 
Accrued liabilities 11,737  10,223  12,316  12,219  14,638 
Contract liabilities, current 6,180  5,720  —  —  — 
Long-term debt currently due 3,496  2,876  2,104  1,603  179 
Current liabilities 34,586  31,368  24,391  21,906  22,618 
Long-term debt, excluding currently due 37,788  41,192  24,989  21,697  19,320 
Future pension and postretirement benefit obligations 3,502  4,018  3,036  5,612  6,022 
Operating lease liabilities, long-term 2,144  —  —  —  — 
Contract liabilities, long-term 5,732  5,069  —  —  — 
Other long-term liabilities 11,638  11,845  12,952  11,026  10,558 
Long-term liabilities 60,804  62,124  40,977  38,335  35,900 
Total liabilities 95,390  93,492  65,368  60,241  58,518 
Redeemable noncontrolling interest 95  109  131  296  122 
Preferred Stock, $1 par value; none issued or outstanding —  —  —  —  — 
Common Stock, $1 par value 23,019  22,514  17,574  17,285  16,033 
Treasury Stock, common shares at average cost (32,626) (32,482) (35,596) (34,150) (30,907)
Retained earnings 61,594  57,823  55,242  52,873  49,956 
Unearned ESOP shares (64) (76) (85) (95) (105)
Accumulated other comprehensive loss (10,149) (9,333) (7,525) (8,334) (7,619)
Shareowners’ equity 41,774  38,446  29,610  27,579  27,358 
Noncontrolling interest 2,457  2,164  1,811  1,590  1,486 
Total equity 44,231  40,610  31,421  29,169  28,844 
Total liabilities and equity 139,716  134,211  96,920  89,706  87,484 

Based on: 10-K (filing date: 2020-02-06), 10-K (filing date: 2019-02-07), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-11).

Balance sheet item Description The company
Current liabilities Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. United Technologies Corp.’s current liabilities increased from 2017 to 2018 and from 2018 to 2019.
Long-term liabilities Amount of obligation due after one year or beyond the normal operating cycle, if longer. United Technologies Corp.’s long-term liabilities increased from 2017 to 2018 but then slightly decreased from 2018 to 2019.
Total liabilities Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. United Technologies Corp.’s total liabilities increased from 2017 to 2018 and from 2018 to 2019.
Shareowners’ equity Total of all stockholders’ equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity’s stockholders’ equity attributable to the parent excludes the amount of stockholders’ equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. United Technologies Corp.’s shareowners’ equity increased from 2017 to 2018 and from 2018 to 2019.