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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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Presentation Transcript
slide2
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

slide3
XBRL

Who is UTC?

slide4
XBRL

Who is UTC?

slide5
XBRL

Who is UTC?

slide6
Xbrl

UTC 2012 Segment Sales

Sikorsky

Otis

12%

21%

UTAS

14%

29%

CCS

24%

Pratt & Whitney

slide7
Xbrl

UTC 2012 Sales by Geography

slide8
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

slide9
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

slide10
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

slide11
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

slide12
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

slide13
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

slide14
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

slide15
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?

slide16
xbrl

Tags and taxonomies

“Bar Coding” for business information

slide17
Xbrl

Tags and taxonomies

slide18
XBRL

XBRL Cloud

slide19
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

slide20
xbrl

Internal benefits

ERP

10-Q in HTML, XBRL, PDF

WebFilings

ERP

HFM

ERP

Supplemental Data

Edgar

Total Process Time: ~ 700 Hours

slide21
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

slide22
xbrl

Other benefits: government reporting

slide23
xbrl

Past as prelude to the future