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United Technologies Corp. (UTX)


Cash Flow Statement

Low level of difficulty

The cash flow statement provides information about a company’s cash receipts and cash payments during an accounting period, showing how these cash flaws link the ending cash balance to the beginning balance shown on the company’s balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

United Technologies Corp., consolidated cash flow statement

US$ in millions

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12 months ended Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Net income from continuing operations 5,654  4,920  5,436  4,356  6,623 
Depreciation and amortization 2,433  2,140  1,962  1,863  1,907 
Deferred income tax provision 735  62  398  662  376 
Stock compensation cost 251  192  152  158  240 
Gain on sale of Taylor Company (799) —  —  —  — 
Accounts receivable (2,426) (448) (941) (438)
Contract assets, current (604) —  —  —  — 
Inventories and contracts in progress (537) (1,074) (719) (844) (1,091)
Other current assets 161  (101) 49  (55) (123)
Accounts payable and accrued liabilities 2,446  1,571  450  490  (40)
Contract liabilities, current 205  —  —  —  — 
Change in operating capital (755) (52) (1,161) (847) (1,247)
Global pension contributions (147) (2,112) (303) (147) (517)
Canadian government settlement (429) (285) (237) 867  — 
Other operating activities, net (621) 766  165  (214) (46)
Adjustments to reconcile income from continuing operations to net cash flows provided by operating activities 668  711  976  2,342  713 
Net cash flows provided by operating activities 6,322  5,631  6,412  6,698  7,336 
Capital expenditures (1,902) (2,014) (1,699) (1,652) (1,711)
Increase in customer financing assets (988) (1,197) (438) (286) (202)
Decrease in customer financing assets 606  222  217  117  331 
Investments in businesses (15,398) (231) (710) (538) (402)
Dispositions of businesses 1,105  70  211  200  344 
Proceeds from sale of investments in Watsco, Inc. —  596  —  —  — 
Increase in collaboration intangible assets (400) (380) (388) (437) (593)
(Payments) receipts from settlements of derivative contracts 143  (317) 249  160  — 
Other investing activities, net (139) 232  49  (91) (72)
Net cash flows used in investing activities (16,973) (3,019) (2,509) (2,527) (2,305)
Issuance of long-term debt 13,455  4,954  6,469  1,744  99 
Repayment of long-term debt (2,520) (1,604) (2,452) (1,764) (305)
Increase (decrease) in short-term borrowings, net (356) (271) (331) 795  (346)
Proceeds from Common Stock issuance, equity unit settlement —  —  —  1,100  — 
Proceeds from Common Stock issued under employee stock plans 36  31  13  41  187 
Dividends paid on Common Stock (2,170) (2,074) (2,069) (2,184) (2,048)
Repurchase of Common Stock (325) (1,453) (2,254) (10,000) (1,500)
Other financing activities, net (155) (576) (564) (508) (346)
Net cash flows provided by (used in) financing activities 7,965  (993) (1,188) (10,776) (4,259)
Net cash used in operating activities —  —  (2,532) (372) — 
Net cash provided by investing activities —  —  9,000  — 
Net cash used in financing activities —  —  —  (9) — 
Net cash flows provided by (used in) discontinued operations —  —  (2,526) 8,619  — 
Effect of foreign exchange rate changes on cash and cash equivalents (120) 210  (120) (174) (156)
Net increase (decrease) in cash, cash equivalents and restricted cash (2,806) 1,829  69  1,840  616 
Cash, cash equivalents and restricted cash, beginning of year 9,018  7,189  7,120  5,235  4,619 
Cash, cash equivalents and restricted cash, end of year 6,212  9,018  7,189  7,075  5,235 

Based on: 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), 10-K (filing date: 2015-02-05).

Cash flow statement item Description The company
Net cash flows provided by operating activities Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. United Technologies Corp.’s net cash flows provided by operating activities declined from 2016 to 2017 but then increased from 2017 to 2018 not reaching 2016 level.
Net cash flows used in investing activities Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. United Technologies Corp.’s net cash flows used in investing activities declined from 2016 to 2017 and from 2017 to 2018.
Net cash flows provided by (used in) financing activities Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. United Technologies Corp.’s net cash flows provided by (used in) financing activities increased from 2016 to 2017 and from 2017 to 2018.