United Technologies : An annual report of employee stock purchase, savings and similar plans

FORM 11-K

ANNUAL REPORT PURSUANT TO SECTION 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the Plan fiscal year ended December 31, 2018

Commission File Number 1-812

UNITED TECHNOLOGIES CORPORATION EMPLOYEE

SAVINGS PLAN

UNITED TECHNOLOGIES CORPORATION

10 Farm Springs Road

Farmington, Connecticut 06032

UNITED TECHNOLOGIES CORPORATION

EMPLOYEE SAVINGS PLAN

Index to Financial Statements

Year Ended December 31, 2018

	Page
Report of Independent Registered Public Accounting Firm	3
Financial Statements
Statements of Net Assets Available for Benefits as of December 31, 2018 and 2017	4
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2018	5
Notes to Financial Statements	6
Supplemental Schedule - Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2018	16
Signature	17
Exhibit Index	18
2

Report of Independent Registered Public Accounting Firm

To the Administrator and Plan Participants of the United Technologies Corporation Employee Savings Plan:

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the United Technologies Corporation Employee Savings Plan (the "Plan") as of December 31, 2018 and 2017 and the related statement of changes in net assets available for benefits for the year ended December 31, 2018, including the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2018 and 2017, and the changes in net assets available for benefits for the year ended December 31, 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Information

The supplemental schedule of assets (held at end of year) as of December 31, 2018 has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental schedule is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ PricewaterhouseCoopers LLP Hartford, Connecticut

June 26, 2019

We have served as the Plan's auditor since at least 1993. We have not been able to determine the specific year we began serving as auditor of the Plan.

3

UNITED TECHNOLOGIES CORPORATION

EMPLOYEE SAVINGS PLAN

Statements of Net Assets Available for Benefits

(Thousands of Dollars)

		December 31, 2018			December 31, 2017
Assets:
Investment in Master Trust, at fair value	$	13,395,625	$	15,424,324
Investment in Master Trust, at contract value		6,843,061			6,719,975
Notes receivable from participants		151,190			155,533
Net assets available for benefits	$	20,389,876		$	22,299,832

The accompanying notes are an integral part of these financial statements.

4

UNITED TECHNOLOGIES CORPORATION
EMPLOYEE SAVINGS PLAN
Statement of Changes in Net Assets Available for Benefits
(Thousands of Dollars)
		Year Ended
		December 31, 2018
Additions to net assets attributed to:
Contributions:
Participants'	$	563,306
Employer's		120,744
Interest income on notes receivable from participants		7,023
Total additions		691,073
Deductions from net assets attributed to:
Distributions to participants or beneficiaries		1,360,648
Plan interest in net decrease in net assets of Master Trust		1,187,728
ESOP debt payments		13,700
Administrative expenses		35,148
Interest expense		3,805
Total deductions		2,601,029
Net decrease		(1,909,956)
Net assets available for benefits December 31, 2017		22,299,832
Net assets available for benefits December 31, 2018	$	20,389,876

The accompanying notes are an integral part of these financial statements.

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