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FORM 11-K
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Page
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Financial Statements
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December 31, 2018
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December 31, 2017
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Assets:
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Investment in Master Trust, at fair value
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$
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869,397
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$
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999,697
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Investment in Master Trust, at contract value
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1,277,000
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1,305,212
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Notes receivable from participants
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31,643
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34,596
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Net assets available for benefits
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$
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2,178,040
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$
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2,339,505
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Year Ended December 31, 2018
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Additions to net assets attributed to:
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Contributions:
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Participants'
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$
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53,128
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Employer's
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14,952
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Interest income on notes receivable from participants
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1,187
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Total additions
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69,267
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Deductions from net assets attributed to:
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Distributions to participants or beneficiaries
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189,515
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Plan interest in net decrease in net assets of Master Trust
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37,462
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Administrative expenses
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3,755
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Total deductions
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230,732
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Net decrease
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(161,465
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)
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Net assets available for benefits December 31, 2017
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2,339,505
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Net assets available for benefits December 31, 2018
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$
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2,178,040
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(thousands of dollars)
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December 31,
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2018
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2017
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Managed Separate Account GICs
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$
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2,235,935
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$
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2,363,513
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Synthetic GICs
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5,884,127
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5,661,674
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Total
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$
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8,120,062
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$
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8,025,187
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December 31,
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2018
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2017
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Assets
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Investments at fair value:
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Cash equivalents and short-term investments
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$
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190,929
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$
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249,414
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Mutual funds
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260,142
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328,928
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Common and preferred stock
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6,199,662
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6,789,936
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Interest in real estate investment trusts
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272,762
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289,834
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U.S. Government and agency securities
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5,876
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4,740
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Other securities
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6,766
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14,157
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Commingled index funds
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2,045,742
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2,231,638
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UTC Common Stock
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5,357,573
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6,599,639
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Total investments at fair value
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14,339,452
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16,508,286
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Fully benefit-responsive investment contracts at contract value - Stable value fund
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8,120,062
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8,025,187
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Total investments
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22,459,514
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24,533,473
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Notes receivable from participants
1
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182,833
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190,129
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ESOP receivables
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8,301
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12,206
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Total assets
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22,650,648
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24,735,808
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Liabilities
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Accrued ESOP interest
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(182
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)
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(221
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)
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Notes payable to UTC
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(82,550
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)
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(96,250
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)
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Total liabilities
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(82,732
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)
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(96,471
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)
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Net assets
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$
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22,567,916
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$
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24,639,337
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Net assets of the Master Trust attributable to the Plan
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$
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2,178,040
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$
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2,339,505
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Year Ended December 31, 2018
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Additions:
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Interest and dividend income
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$
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607,383
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Transfers in from participating plans for purchase of units
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752,130
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Interest income on notes receivable from participants
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8,210
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Total additions
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1,367,723
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Deductions:
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Net depreciation on fair value of investments
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(1,832,573
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Transfers out on behalf of participating plans for distributions
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(1,550,163
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)
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ESOP debt principal payment
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(13,700
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)
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ESOP debt interest expense
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(3,805
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Master Trust administrative expense
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(38,903
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)
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Total deductions
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(3,439,144
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Decrease in net assets
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(2,071,421
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Net assets:
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Beginning of year
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24,639,337
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End of year
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$
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22,567,916
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(thousands of dollars)
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Year Ended December 31, 2018
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Amounts pertaining to Plan:
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Plan interest in net decrease in net assets of Master Trust
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$
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(37,462
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)
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Interest income on notes receivable from participants
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$
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1,187
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Contributions received
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$
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68,080
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Distribution to participants or beneficiaries
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$
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(189,515
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)
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Plan interest in administrative and interest expense
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$
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(3,755
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)
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December 31, 2018
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(thousands of dollars)
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Level 1
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Level 2
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Level 3
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Not Subject to Leveling
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Total
1
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Short-term investments
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$
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—
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$
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95,690
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$
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—
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—
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$
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95,690
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Mutual funds
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260,142
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—
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—
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—
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260,142
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Separate accounts:
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Short-term investments
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—
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92,190
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—
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—
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92,190
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Common and preferred stock
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6,199,662
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—
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—
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—
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6,199,662
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Interest in real estate investment trusts
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272,762
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—
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—
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—
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272,762
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U.S. Government and agency securities
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—
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5,876
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—
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—
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5,876
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Other securities
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6,766
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—
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—
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—
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6,766
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UTC Common Stock
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5,357,573
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—
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—
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—
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5,357,573
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Commingled index funds
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—
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—
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—
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2,045,742
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2,045,742
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Total
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$
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12,096,905
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$
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193,756
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$
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—
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$
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2,045,742
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$
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14,336,403
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December 31, 2017
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(thousands of dollars)
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Level 1
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Level 2
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Level 3
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Not Subject to Leveling
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Total
1
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Short-term investments
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$
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—
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$
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98,134
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$
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—
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—
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$
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98,134
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Mutual funds
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328,928
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—
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—
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—
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328,928
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Separate accounts:
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Short-term investments
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—
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139,566
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—
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—
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139,566
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Common and preferred stock
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6,789,936
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—
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—
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—
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6,789,936
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Interest in real estate investment trusts
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289,834
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—
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—
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—
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289,834
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U.S. Government and agency securities
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—
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4,740
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—
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—
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4,740
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Other securities
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14,157
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—
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—
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—
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14,157
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UTC Common Stock
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6,599,639
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—
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—
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—
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6,599,639
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Commingled index funds
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—
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—
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—
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2,231,638
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2,231,638
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Total
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$
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14,022,494
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$
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242,440
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$
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—
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$
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2,231,638
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$
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16,496,572
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1
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The tables above exclude approximately
$3,049 thousand
and
$11,714 thousand
of net receivables due to the Master Trust for the Plan years ended
December 31, 2018 and 2017
, respectively.
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December 31,
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(thousands of dollars)
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2018
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2017
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Net assets available for benefits per the financial statements
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$
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2,178,040
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$
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2,339,505
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Amounts allocated to participant withdrawals
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(225
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(942
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Net assets available for benefits per Form 5500
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$
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2,177,815
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$
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2,338,563
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Year Ended
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(thousands of dollars)
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December 31, 2018
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Distribution to participants or beneficiaries per the financial statements
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$
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189,515
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Add: Amounts allocated to participant withdrawals at December 31, 2018
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225
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Less: Amounts allocated to participant withdrawals at December 31, 2017
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(942
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Distribution to participants or beneficiaries per Form 5500
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$
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188,798
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(a)
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(b) Identity of issuer, borrower, lessor or similar party
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(c) Description of investment, including maturity date, rate of
interest, collateral, par or maturity value |
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(d) Cost
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(e) Current value
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*
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United Technologies Corporation Employee Savings Plan Master Trust
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Interest in Master Trust investment accounts
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$
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—
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$
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2,146,397,000
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*
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Plan Participants
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Notes receivable from participants collateralized by participant balances, interest rate 4 percent to 10.5 percent, terms ranging from 1 year to 5 years
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—
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31,643,000
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$
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—
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$
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2,178,040,000
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*
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Indicates an identified person known to be a party-in-interest to the Plan.
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UNITED TECHNOLOGIES CORPORATION
REPRESENTED EMPLOYEE SAVINGS PLAN
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Dated:
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June 26, 2019
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By:
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/s/ P
ETER
H
OLOWESKO
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Peter Holowesko
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Vice President, Global Benefits
United Technologies Corporation
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/s/ PricewaterhouseCoopers LLP
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Hartford, Connecticut
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June 26, 2019
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