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eXtensible Business Reporting Language

eXtensible Business Reporting Language. Xbrl. Who is UTC? UTC quarterly close process UTC’s XBRL experience and project approach to date The facts versus the misconceptions “What’s in it for me?” The basics The benefits Conclusion. Agenda. XBRL. Who is UTC?. XBRL. Who is UTC?. XBRL.

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eXtensible Business Reporting Language

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  1. eXtensible Business Reporting Language

  2. Xbrl • Who is UTC? • UTC quarterly close process • UTC’s XBRL experience and project approach to date • The facts versus the misconceptions • “What’s in it for me?” • The basics • The benefits • Conclusion Agenda

  3. XBRL Who is UTC?

  4. XBRL Who is UTC?

  5. XBRL Who is UTC?

  6. Xbrl UTC 2012 Segment Sales Sikorsky Otis 12% 21% UTAS 14% 29% CCS 24% Pratt & Whitney

  7. Xbrl UTC 2012 Sales by Geography

  8. xbrl Product Diversity Net sales by type and as a percent of total net sales Military Aerospace & Space Commercial & Industrial Aftermarket 21% 51% 43% 57% 28% Commercial Aerospace Original Equipment Manufacturing

  9. XBRL Road to the quarterly close 7/1/13 9/30/13 10/26/13 CARS +1 thru +3 Day 1 up to CARS CARS Day Post CARS +3 Business Process Improvement Holding Company Activity Technical Accounting Support for Segments Accounting & Reporting Guidance Acquisition / Divestiture Activity Ongoing Business Activity SBS Services Information Distribution Information Technology Government Accounting

  10. xbrl Financial reporting process timeline 10/9/13 Pre Qtr end Day 1 up to CARS CARS Day Post CARS +3 CARS +1 thru +3 10Q Filing • CARS Day • Business Units transfer data to UTC • CFO Meeting • Income Statement • EPS • One Timers • FX Impact • Restructuring 10/25/13 • Analysis & Review • Cash flow • Balance sheet analysis • Income statement analysis • Disclosure Committee prep • Geographic data Business Unit Close Period Disclosure Committee – SEC Requirement 10/17/13 Audit Committee Mailing / Teleconference Earnings Release 10/22/13 • Pre-Close preparation • New accounting standards • Analyze transactions • Support Businesses • Maintain Financial Manual • Provide Guidance • Update deliverables • Prepare Close calendar 10/21/13 10

  11. xbrl Suppliers to customers Base Unit Data (~ 7,000 HFM Entities, & ~3,000 HFM Users) Disclosure Committee Business Unit Consolidation UTC Consolidation External Reporting Customers CEO CFO Investor Relations Shareowners Shareowners

  12. xbrl Participant in SEC’s Voluntary Filers Program (VFP) First to furnish complete quarterly & annual financial financials First company to subject furnishings to audit Member of XBRL, U.S. temporary Board of Directors, Domain, Communications & Taxonomy Steering Committees, Assurance Task Force and VFP Working Group Case studies, white papers, roundtables, articles & CiFIR participation First to file financials with US GAAP taxonomy UTC’s XBRL experience

  13. xbrl No knowledge of/experience with XBRL when began All efforts done in-house by financial reporting group; no involvement of Legal or IT Inexpensive to get started; quick learning curve Started with manageable effort; continued to build knowledge off of prior experience Built internal processes from beginning Anxious to move application of process beyond SEC reporting Used available resources liberally UTC’s XBRL approach

  14. xbrl Costly? Technical/IT project? Significant commitment of time and resources? Easy to do? Resources available? Process & tools robust? Is there really a market demand? Doesn’t this just benefit the regulators? Facts versus misconceptions No No No Yes Yes Yes Yes No

  15. xbrl Consistency, accuracy, efficiency Enhanced ability to benchmark, analyze, validate, compare and access data Potential for significant reduction to manual effort Systemic access to data in multiple systems and applications Common source for multiple reporting requirements Inexpensive solution that does not require major system implementations What’s in it for me?

  16. xbrl Tags and taxonomies “Bar Coding” for business information

  17. Xbrl Tags and taxonomies

  18. XBRL XBRL Cloud

  19. xbrl Internal benefits Supplemental Data ERP 10-Q in Word 10-Q in HTML ERP HFM ERP Total Process Time: ~ 845 Hours Review and Check Review and Check 10-Q in XBRL Edgar

  20. xbrl Internal benefits ERP 10-Q in HTML, XBRL, PDF WebFilings ERP HFM ERP Supplemental Data Edgar Total Process Time: ~ 700 Hours

  21. xbrl Other benefits: benchmarking & research UTC Form 10-K GE Form 10-K Boeing Form 10-K Lockheed Form 10-K Honeywell Form 10-K

  22. xbrl Other benefits: government reporting

  23. xbrl Past as prelude to the future

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