UTC SAVINGS PLAN FOR HOURLY MANAGEMENT-REPRESENTED EMPLOYEES Statement of Net Assets Available for Benefits With Fund Information December 31, 1998
Small UTC INVESCO Company International Common Total Income Equity Stock Index Euity Index Global Stock Return Fund Fund Fund Fund Fund Fund Fund Assets: Investments, at fair value: Beneficial interests in Bankers Trust Company Pyramid: Large Capitalization Equity Index Fund $ - $ 869,825 $ - $ - $ 42,826 $ - $ - Russell 2000 Equity Index Fund - - 22,461 - - - - Daily Japanese Equity Index Fund - - - 2,125 - - - Daily Non Japanese Equity Index Fund - - - 7,982 - - - Government/Corporate Fixed Income Index Index Fund - - - - 34,904 - - Daily International Equity Index Fund - - - - 42,374 - - United Technologies Corporation Common Stock - - - - - 266,997 - Shares of respective registered investment companies - - - - - - 68,399 Investments, at contract value or cost: Beneficial interests in investment contracts, at contract value 4,798,401 - - - - - - Participant loans, at cost - - - - - - - Temporary investments, at cost plus accrued interest - - - - - 1,331 - Total Investments 4,798,401 869,825 22,461 10,107 120,104 268,328 68,399 - Plan receivables 3,752 - - - - 2,997 - Total Assets 4,802,153 869,825 22,461 10,107 120,104 271,325 68,399 Liabilities: Accrued expenses - - - - - 684 - Loans payable, net - - - - - - - Total Liabilities - - - - - 684 - Net Assets Available for Benefits $4,802,153 $ 869,825 $ 22,461 $ 10,107 $ 120,104 $ 270,641 $ 68,399 Units of participation 71,760 32,144 1,883 797 41,848 14,854 2,181 Unit value $ 66.92 $ 27.06 $ 11.93 $ 12.68 $ 2.87 $ 18.22 $ 31.36 The accompanying notes are an integral part of these financial statements. UTC SAVINGS PLAN FOR HOURLY MANAGEMENT-REPRESENTED EMPLOYEES Statement of Net Assets Available for Benefits With Fund Information (Continued) December 31, 1998
Putnam Fidelity Putnam New SoGen Growth & Fund Fidelity Low- PBHG Opportun- Interna- Income for Growth Fideltiy Priced Stock Growth ities tional Portfolio and Income Contrafund Fund Fund Fund Fund, Inc. Assets: Investments, at fair value: Beneficial interests in Bankers Trust Company Pyramid: Large Capitalization Equity Index Fund $ - $ - $ - $ - $ - $ - $ - Russell 2000 Equity Index Fund - - - - - - - Daily Japanese Equity Index Fund - - - - - - - Daily Non Japanese Equity Index Fund - - - - - - - Government/Corporate Fixed Income Index Fund - - - - - - - Daily International Equity Index Fund - - - - - - - United Technologies Corporation Common Stock - - - - - - - Shares of respective registered investment companies 341,591 99,336 119,070 69,652 80,045 144,300 7,180 Investments, at contract value or cost: Beneficial interests in investment contracts, at contract value - - - - - - - Participant loans, at cost - - - - - - - Temporary investments, at cost plus accrued interest - - - - - - - Total Investments 341,591 99,336 119,070 69,652 80,045 144,300 7,180 Plan receivables - - - - - - - Total Assets 341,591 99,336 119,070 69,652 80,045 144,300 7,180 Liabilities: Accrued expenses - - - - - - - Loans payable, net - - - - - - - Total Liabilities - - - - - - - Net Assets Available for Benefits $ 341,591 $ 99,336 $ 119,070 $ 69,652 $ 80,045 $ 144,300 $ 7,180 Units of participation 7,452 4,841 2,097 3,048 3,134 2,440 312 Unit value $ 45.84 $ 20.52 $ 56.79 $ 22.85 $ 25.54 $ 59.14 $ 23.03 The accompanying notes are an integral part of these financial statements. UTC SAVINGS PLAN FOR HOURLY MANAGEMENT-REPRESENTED EMPLOYEES Statement of Net Assets Available for Benefits With Fund Information (Continued) December 31, 1998
Templeton Templeton Developing Foreign Markets Fund A Trust A Loan Fund Total Assets: Investments, at fair value: Beneficial interests in Bankers Trust Company Pyramid: Large Capitalization Equity Index Fund $ - $ - $ - $ 912,651 Russell 2000 Equity Index Fund - - - 22,461 Daily Japanese Equity Index Fund - - - 2,125 Daily Non Japanese Equity Index Fund - - - 7,982 Government/Corporate Fixed Income - - - 34,904 Daily International Equity Index Fund - - - 42,374 United Technologies Corporation Common Stock - - - 266,997 Shares of respective registered investment companies 34,931 17,314 - 981,818 Investments, at contract value or cost: Beneficial interests in investment contracts, at contract value - - - 4,798,401 Participant loans, at cost - - 256,444 256,444 Temporary investments, at cost plus accrued interest - - - 1,331 Total Investments 34,931 17,314 256,444 7,327,488 Plan receivables - - - 6,749 Total Assets 34,931 17,314 256,444 7,334,237 Liabilities: Accrued expenses - - - 684 Loans payable, net - - - - Total Liabilities - - - 684 Net Assets Available for Benefits $ 34,931 $ 17,314 $ 256,444 $ 7,333,553 Units of participation 4,163 1,681 256,444 Unit value $ 8.39 $ 10.30 $ 1.00 The accompanying notes are an integral part of these financial statements. UTC SAVINGS PLAN FOR HOURLY MANAGEMENT-REPRESENTED EMPLOYEES Statement of Net Assets Available for Benefits With Fund Information December 31, 1997
Small UTC INVESCO Company International Common Total Income Equity Stock Index Euity Index Global Stock Return Fund Fund Fund Fund Fund Fund Fund Assets: Investments, at fair value: Beneficial interests in Bankers Trust Company Pyramid: Large Capitalization Equity Index Fund $ - $ 492,470 $ - $ - $ 33,343 $ - $ - Russell 2000 Equity Index Fund - - 10,189 - - - - Daily Japanese Equity Index Fund - - - 853 - - - Daily Non Japanese Equity Index Fund - - - 2,560 - - - Government/Corporate Fixed Income Index Index Fund - - - - 27,280 - - Daily International Equity Index Fund - - - - 31,992 - - United Technologies Corporation Common Stock - - - - - 104,700 - Shares of respective registered investment companies - - - - - - 43,015 Investments, at contract value or cost: Beneficial interests in investment contracts, at contract value 3,777,373 - - - - - - Participant loans, at cost - - - - - - - Temporary investments, at cost plus accrued interest - - - - - 1,572 - Total Investments 3,777,373 492,470 10,189 3,413 92,615 106,272 43,015 - Plan receivables 1,171 - - - - 224 - Total Assets 3,778,544 492,470 10,189 3,413 92,615 106,496 43,015 - Liabilities: - Accrued expenses - - - - - 676 - Loans payable, net - - - - - - - Total Liabilities - - - - - 676 - Net Assets Available for Benefits $3,778,544 $ 492,470 $ 10,189 $ 3,413 $ 92,615 $ 105,820 $ 43,015 Units of participation 61,248 23,427 842 324 38,950 8,761 1,479 Unit value $ 61.70 $ 21.02 $ 12.10 $ 10.53 $ 2.38 $ 12.08 $ 29.09 The accompanying notes are an integral part of these financial statements. UTC SAVINGS PLAN FOR HOURLY MANAGEMENT-REPRESENTED EMPLOYEES Statement of Net Assets Available for Benefits With Fund Information (Continued) December 31, 1997
Putnam Fidelity Putnam New SoGen Growth & Fund Fidelity Low- PBHG Opportun- Interna- Income for Growth Fideltiy Priced Stock Growth ities tional Portfolio and Income Contrafund Fund Fund Fund Fund, Inc. Assets: Investments, at fair value: Beneficial interests in Bankers Trust Company Pyramid: Large Capitalization Equity Index Fund $ - $ - $ - $ - $ - $ - $ - Russell 2000 Equity Index Fund - - - - - - - Daily Japanese Equity Index Fund - - - - - - - Daily Non Japanese Equity Index Fund - - - - - - - Government/Corporate Fixed Income Index Fund - - - - - - - Daily International Equity Index Fund - - - - - - - United Technologies Corporation Common Stock - - - - - - - Shares of respective registered investment companies 166,622 43,507 22,980 56,551 54,493 45,721 7,965 Investments, at contract value or cost: Beneficial interests in investment contracts, at contract value - - - - - - - Participant loans, at cost - - - - - - - Temporary investments, at cost plus accrued interest - - - - - - - Total Investments 166,622 43,507 22,980 56,551 54,493 45,721 7,965 Plan receivables - - - - - - - Total Assets 166,622 43,507 22,980 56,551 54,493 45,721 7,965 Liabilities: Accrued expenses - - - - - - - Loans payable, net - - - - - - - Total Liabilities - - - - - - - Net Assets Available for Benefits $ 166,622 $ 43,507 $ 22,980 $ 56,551 $ 54,493 $ 45,721 $ 7,965 Units of participation 4,373 2,224 493 2,250 2,146 931 313 Unit value $ 38.10 $ 19.56 $ 46.63 $ 25.13 $ 25.39 $ 49.10 $ 25.45 The accompanying notes are an integral part of these financial statements. UTC SAVINGS PLAN FOR HOURLY MANAGEMENT-REPRESENTED EMPLOYEES Statement of Net Assets Available for Benefits With Fund Information (Continued) December 31, 1997
Templeton Templeton Developing Foreign Markets Fund A Trust A Loan Fund Total Assets: Investments, at fair value: Beneficial interests in Bankers Trust Company Pyramid: Large Capitalization Equity Index Fund $ - $ - $ - $ 525,813 Russell 2000 Equity Index Fund - - - 10,189 Daily Japanese Equity Index Fund - - - 853 Daily Non Japanese Equity Index Fund - - - 2,560 Government/Corporate Fixed Income - - - 27,280 Daily International Equity Index Fund - - - 31,992 United Technologies Corporation Common - - - 104,700 Stock Shares of respective registered 30,483 18,525 - 489,862 investment companies Investments, at contract value or cost: Beneficial interests in investment contracts, at contract value - - - 3,777,373 Participant loans, at cost - - 214,335 214,335 Temporary investments, at cost plus accrued interest - - - 1,572 Total Investments 30,483 18,525 214,335 5,186,529 Plan receivables - - - 1,395 Total Assets 30,483 18,525 214,335 5,187,924 Liabilities: Accrued expenses - - - 676 Loans payable, net - - - - Total Liabilities - - - 676 Net Assets Available for Benefits $ 30,483 $ 18,525 $ 214,335 $ 5,187,248 Units of participation 3,064 1,432 214,335 Unit value $ 9.95 $ 12.94 $ 1.00 The accompanying notes are an integral part of these financial statements. UTC SAVINGS PLAN FOR HOURLY MANAGEMENT-REPRESENTED EMPLOYEES Statement of Net Assets Available for Benefits With Fund Information (Continued) December 31, 1998
Small UTC INVESCO Company Internationl Common Total Income Equity Stock Index Equity Index Global Stock Return Fund Fund Fund Fund Fund Fund Fund Additions to net assets attributed to: Investment Income: Net appreciation (depreciation) in fair value of investments $ - $ 166,849 $ (722) $ 1,100 $ 19,926 $ 72,328 $ 3,809 Interest 342,643 - - - - - - Dividends - - - - - - 3,153 Total Investment Income 342,643 166,849 (722) 1,100 19,926 72,328 6,962 Contributions: Participants' 558,419 171,381 12,878 4,065 27,558 98,722 14,488 Employer's 528,834 72,220 1,956 291 3,717 22,056 1,658 Total Contributions 1,087,253 243,601 14,834 4,356 31,275 120,778 16,146 Repayments on loans 99,917 12,847 138 52 2,647 3,936 374 Deductions from net assets attributed to: Distributions to participants 344,665 16,666 28 51 6,322 8,036 411 Loans to participants 120,704 32,498 801 122 5,802 7,065 1,601 Administrative expenses 2,336 305 - 43 154 8 43 Total Deductions 467,705 49,469 829 216 12,278 15,109 2,055 Net increase / (decrease) prior to transfers 1,062,108 373,828 13,421 5,292 41,570 181,933 21,427 Inter-fund transfers (30,634) 3,527 (1,149) 1,402 (14,081) (17,112) 3,957 Assets transferred out of Plan (7,865) - - - - - - Net increase / (decrease) 1,023,609 377,355 12,272 6,694 27,489 164,821 25,384 Net Assets Available for Benefits December 31, 1997 3,778,544 492,470 10,189 3,413 92,615 105,820 43,015 Net Assets Available for Benefits December 31, 1998 $4,802,153 $ 869,825 $ 22,461 $ 10,107 $ 120,104 $ 270,641 $ 58,399 The accompanying notes are an integral part of these financial statements. UTC SAVINGS PLAN FOR HOURLY MANAGEMENT-REPRESENTED EMPLOYEES Statement of Net Assets Available for Benefits With Fund Information (Continued) December 31, 1998
Putnam Fidelity Putnam New SoGen Growth & Fund Fidelity Low- PBHG Opportun- Interna- Income for Growth Fidelity Priced Stock Growth ities tional Portfolio and Income Contrafund Fund Fund Fund Fund, Inc. Additions to net assets attributed to: Investment Income: Net appreciation (depreciation) in fair value of investments $ 50,149 $ 2,035 $ 12,301 $ (4,709) $ 1,401 $ 17,251 $ (702) Interest - - - - - - - Dividends 16,426 8,324 8,648 5,209 - 4,322 620 Total Investment Income 66,575 10,359 20,949 500 1,401 21,573 (82) Contributions: Participants' 79,168 26,929 49,882 20,252 30,747 65,331 3,103 Employer's 11,960 4,335 3,076 2,139 4,274 6,973 544 Total Contributions 91,128 31,264 52,958 22,391 35,021 67,304 3,647 Repayments on loans 3,282 1,081 1,699 893 1,012 174 97 Deductions from net assets attributed to: Distributions to participants 17,344 700 1,105 125 2,051 2,417 5 Loans to participants 2,132 1,986 1,582 335 77 75 339 Administrative expenses - - 39 8 8 11 - Total Deduction 19,476 2,686 2,726 468 2,136 2,503 344 Net increase / (decrease) prior to transfers 141,509 40,018 72,880 23,316 35,298 86,548 3,318 Inter-fund transfers 33,460 15,811 23,210 (10,215) (9,746) 12,031 (4,103) Assets transferred out of Plan - - - - - - - Net increase / (decrease) 174,969 55,829 96,090 13,101 55,552 98,579 (785) Net Assets Available for Benefits December 31, 1997 166,622 43,507 22,980 56,551 54,493 45,721 7,965 Net Assets Available for Benefits Deceber 31, 1998 $ 341,591 $ 99,336 $ 119,070 $ 69,652 $ 80,045 $ 144,300 $ 7,180 The accompanying notes are an integral part of these financial statements. UTC SAVINGS PLAN FOR HOURLY MANAGEMENT-REPRESENTED EMPLOYEES Statement of Net Assets Available for Benefits With Fund Information (Continued) December 31, 1998
Templeton Templeton Developing Foreign Markets Fund A Trust A Loan Fund Total Additions to net assets attributed to: Investment Income: Net appreciation (depreciation) in fair value of investments $ (5,915) $ (3,987) $ - $ 331,114 Interest - - 19,798 362,441 Dividends 3,518 361 - 50,581 Total Investment Income (2,397) (3,626) 19,798 744,136 Contributions: Participants' 10,368 4,224 - 1,172,515 Employer's 882 199 - 665,114 Total Contributions 11,250 4,423 - 1,837,629 Repayments on loans 253 326 (128,728) - Deductions from net assets attributed to: Distributions to participants - - 24,714 424,640 Loans to participants 399 235 (175,753) - Administrative expenses - - - 2,955 Total Deductions 399 235 (151,039) 427,595 Net increase / (decrease) prior to transfers 8,707 888 42,109 2,154,170 Inter-fund transfers (4,259) (2,099) - - Assets transferred out of Plan - - - (7,865) Net increase / (decrease) 4,448 (1,211) 42,109 2,146,305 Net Assets Available for Benefits December 31, 1996 30,483 18,525 214,335 5,187,248 Net Assets Available for Benefits December 31, 1997 $ 34,931 $ 17,314 $ 256,444 $ 7,333,553 The accompanying notes are an integral part of these financial statements.
Exhibit 23 CONSENT OF INDEPENDENT ACCOUNTANTS We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 333-18743) of United Technologies Corporation of our report dated June 28, 1999 appearing in the UTC Savings Plan for Hourly, Management-Represented Employees Annual Report on Form 11-K for the year ended December 31, 1998. /s/ PricewaterhouseCoopers LLP PricewaterhouseCoopers LLP Hartford, Connecticut June 28, 1999