XML 45 R33.htm IDEA: XBRL DOCUMENT
v3.20.1

Borrowings and Lines of Credit (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2020
Debt Disclosure [Abstract] |
Schedule of Short-Term Debt [Table Text Block] |
(dollars in millions) | March 31, 2020 |  | December 31, 2019
Commercial paper | $ | 500 |  |  | $ | — |
Other borrowings | 1,225 |  |  | 2,364 |
Total short-term borrowings | $ | 1,725 |  |  | $ | 2,364 |
Schedule of Long-term Debt [Table Text Block] | Long-term debt consisted of the following:
(dollars in millions) | March 31, 2020 |  | December 31, 2019
4.875% notes due 2020 | $ | — |  |  | $ | 171 |
4.500% notes due 2020 | — |  |  | 1,250 |
1.900% notes due 2020 | — |  |  | 1,000 |
EURIBOR plus 0.20% floating rate notes due 2020 (€750 million principal value) 2 | 824 |  |  | 831 |
8.750% notes due 2021 | 250 |  |  | 250 |
3.100% notes due 2021 4 | 250 |  |  | 250 |
3.350% notes due 2021 | — |  |  | 1,000 |
LIBOR plus 0.650% floating rate notes due 2021 3 | — |  |  | 750 |
1.950% notes due 2021 | — |  |  | 750 |
1.125% notes due 2021 (€950 million principal value) | — |  |  | 1,053 |
2.300% notes due 2022 | — |  |  | 500 |
2.800% notes due 2022 4 | 1,100 |  |  | 1,100 |
3.100% notes due 2022 | — |  |  | 2,300 |
1.923% notes due 2023 6 | 500 |  |  | — |
LIBOR plus 1.125% Term Loan due 2023 (Otis) 6 | 1,000 |  |  | — |
LIBOR plus 0.45% floating rates due 2023 6 | 500 |  |  | — |
1.250% notes due 2023 (€750 million principal value) | — |  |  | 831 |
LIBOR plus 1.125% Term Loan due 2023 (Carrier) 6 | 1,750 |  |  | — |
3.650% notes due 2023 1 | 581 |  |  | 2,250 |
3.700% notes due 2023 4 | 400 |  |  | 400 |
2.800% notes due 2024 | — |  |  | 800 |
3.200% notes due 2024 4 | 950 |  |  | 950 |
1.150% notes due 2024 (€750 million principal value) | — |  |  | 831 |
2.056% notes due 2025 6 | 1,300 |  |  | — |
2.242% notes due 2025 6 | 2,000 |  |  | — |
3.950% notes due 2025 1 | 1,500 |  |  | 1,500 |
1.875% notes due 2026 (€500 million principal value) | — |  |  | 554 |
2.650% notes due 2026 1 | 719 |  |  | 1,150 |
2.293% notes due 2027 6 | 500 |  |  | — |
2.493% notes due 2027 6 | 1,250 |  |  | — |
3.125% notes due 2027 1 | 1,100 |  |  | 1,100 |
3.500% notes due 2027 4 | 1,300 |  |  | 1,300 |
7.100% notes due 2027 | 141 |  |  | 141 |
6.700% notes due 2028 | 400 |  |  | 400 |
4.125% notes due 2028 1 | 3,000 |  |  | 3,000 |
7.500% notes due 2029 1 | 550 |  |  | 550 |
2.150% notes due 2030 (€500 million principal value) 1 | 549 |  |  | 554 |
2.565% notes due 2030 6 | 1,500 |  |  | — |
2.722% notes due 2030 6 | 2,000 |  |  | — |
5.400% notes due 2035 1 | 600 |  |  | 600 |
6.050% notes due 2036 1 | 600 |  |  | 600 |
6.800% notes due 2036 1 | 134 |  |  | 134 |
7.000% notes due 2038 | 159 |  |  | 159 |
6.125% notes due 2038 1 | 1,000 |  |  | 1,000 |
4.450% notes due 2038 1 | 750 |  |  | 750 |
3.112% notes due 2040 6 | 750 |  |  | — |
3.377% notes due 2040 6 | 1,500 |  |  | — |
5.700% notes due 2040 1 | 1,000 |  |  | 1,000 |
4.500% notes due 2042 1 | 3,500 |  |  | 3,500 |
4.800% notes due 2043 4 | 400 |  |  | 400 |
4.150% notes due 2045 1 | 850 |  |  | 850 |
3.750% notes due 2046 1 | 1,100 |  |  | 1,100 |
4.050% notes due 2047 1 | 600 |  |  | 600 |
4.350% notes due 2047 4 | 1,000 |  |  | 1,000 |
4.625% notes due 2048 1 | 1,750 |  |  | 1,750 |
3.362% notes due 2050 6 | 750 |  |  | — |
3.577% notes due 2050 6 | 2,000 |  |  |  |
Project financing obligations 5 | 316 |  |  | 309 |
Other (including finance leases) | 268 |  |  | 331 |
Total principal long-term debt | 44,941 |  |  | 41,599 |
Other (fair market value adjustments, discounts and debt issuance costs) | (347) |  |  | (315) |
Total long-term debt | 44,594 |  |  | 41,284 |
Less: current portion | 1,362 |  |  | 3,496 |
Long-term debt, net of current portion | $ | 43,232 |  |  | $ | 37,788 |
1 We may redeem these notes at our option pursuant to their terms. 2 The three-month EURIBOR rate as of March 31, 2020 was approximately -0.363%. The notes may be redeemed at our option in whole, but not in part, at any time in the event of certain developments affecting U.S. taxation. 3 The three-month LIBOR rate as of March 31, 2020 was approximately 1.4505%. 4 Rockwell Collins debt which remained outstanding following the Rockwell Acquisition. 5 Project financing obligations are associated with the sale of rights to unbilled revenues related to the ongoing activity of an entity owned by Carrier. 6 The debt issuances reflect additional debt incurred by Otis and Carrier and attributed to those businesses post Separation Transactions. The net proceeds of these issuances were primarily utilized to extinguish Raytheon Technologies short-term and long-term debt in order to achieve the applicable net indebtedness required by the merger agreement with Raytheon. We had no long-term debt issuances in 2019 and had the following issuances of debt during the quarter ended March 31, 2020:
(dollars in millions) |  |
Issuance Date | Description of Notes | Aggregate Principal Balance
February 27, 2020 | 1.923% notes due 2023 1 | $ | 500 |
| Libor plus 0.450% floating rate notes due 2023 1 | 500 |
| 2.056% notes due 2025 1 | 1,300 |
| 2.242% notes due 2025 1 | 2,000 |
| 2.293% notes due 2027 1 | 500 |
| 2.493% notes due 2027 1 | 1,250 |
| 2.565% notes due 2030 1 | 1,500 |
| 2.722% notes due 2030 1 | 2,000 |
| 3.112% notes due 2040 1 | 750 |
| 3.377% notes due 2040 1 | 1,500 |
| 3.362% notes due 2050 1 | 750 |
| 3.577% notes due 2050 1 | 2,000 |
March 27, 2020 | Term Loan due 2023 (Otis) 1 | 1,000 |
| Term Loan due 2023 (Carrier) 1 | 1,750 |
|  | $ | 17,300 |
1 The debt issuances and term loan draws reflect additional debt incurred by Otis and Carrier and attributed to those businesses post Separation Transactions. The net proceeds of these issuances were primarily utilized to extinguish Raytheon Technologies short term and long term debt in order to achieve the applicable net indebtedness required by the merger agreement with Raytheon. We had the following repayments of long-term debt during the quarter ended March 31, 2020 and the year-ended December 31, 2019:
(dollars in millions) |  |
Repayment Date | Description of Notes | Aggregate Principal Balance
March 29, 2020 | 4.500% notes due 2020 2,3 | $ | 1,250 |
| 1.125% notes due 2021 (€950 million principal value) 2,3 | 1,082 |
| 1.250% notes due 2023 (€750 million principal value) 2,3 | 836 |
| 1.150% notes due 2024 (€750 million principal value) 2,3 | 841 |
| 1.875% notes due 2026 (€500 million principal value) 2,3 | 567 |
March 3, 2020 | 1.900% notes due 2020 2,3 | 1,000 |
| 3.350% notes due 2021 2,3 | 1,000 |
| LIBOR plus 0.650% floating rate notes due 2021 2,3 | 750 |
| 1.950% notes due 2021 2,3 | 750 |
| 2.300% notes due 2022 2,3 | 500 |
| 3.100% notes due 2022 2,3 | 2,300 |
| 2.800% notes due 2024 2,3 | 800 |
March 2, 2020 | 4.875% notes due 2020 2,3 | 171 |
February 28, 2020 | 3.650% notes due 2023 2,3 | 1,669 |
| 2.650% notes due 2026 2,3 | 431 |
|  | $ | 13,947 |
November 15, 2019 | 8.875% notes due 2019 | $ | 271 |
November 13, 2019 | EURIBOR plus 0.15% floating rate notes due 2019 | 831 |
November 1, 2019 | LIBOR plus 0.350% floating rate notes due 2019 | 350 |
| 1.500% notes due 2019 | 650 |
July 15, 2019 | 1.950% notes due 2019 1 | 300 |
| 5.250% notes due 2019 1 | 300 |
|  | $ | 2,702 |
1 The notes and term loan were acquired in connection with the Rockwell Collins acquisition and have been subsequently repaid. 2 Extinguishment of Raytheon Technologies short term and long term debt in order to achieve the net indebtedness required by the merger agreement with Raytheon. 3 In connection with the early repayment of outstanding principal, Raytheon Technologies paid approximately $660 million of debt extinguishment costs.
Schedule of Weighted average interest rates [Table Text Block] | The average interest expense rate on our total borrowings for the quarters ended March 31, 2020 and 2019 was as follows:
| Quarter Ended March 31, |  |  |  |  |  |
| 2020 |  | 2019 |  |  |  |
Average interest expense rate | 3.6 | % |  | 3.6 | % |  |  |  |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_ScheduleOfShortTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition [Table Text Block] for Schedule of weighted-average interest rates for short-term borrowings and total debt. Percentages are categorized by average outstanding borrowings during the year and outstanding borrowings as of the end of the year. + References No definition available. + Details
Name: | utx_ScheduleofWeightedaverageinterestratesTableTextBlock
Namespace Prefix: | utx_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration