FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 1-812
UNITED TECHNOLOGIES CORPORATION
EMPLOYEE SAVINGS PLAN
(Full title of the plan)
UNITED TECHNOLOGIES CORPORATION
United Technologies Building
One Financial Plaza
Hartford, Connecticut 06101
(Name of issuer of the securities held pursuant to
the plan and the address of its principal executive office)
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FINANCIAL STATEMENTS OF THE UNITED TECHNOLOGIES CORPORATION
EMPLOYEE SAVINGS PLAN
REPORT OF INDEPENDENT ACCOUNTANTS
To the Pension Administration
and Investment Committee of
United Technologies Corporation
and Members of the United Technologies
Corporation Employee Savings Plan
In our opinion, the accompanying statements of financial condition and the
related statement of income and changes in plan equity present fairly, in all
material respects, the financial position of the United Technologies Corporation
Employee Savings Plan at November 30, 1993 and 1992, and the results of its
operations and the changes in its plan equity for the year ended November 30,
1993, in conformity with generally accepted accounting principles. These
financial statements are the responsibility of the Plan Administrator; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these statements in accordance with
generally accepted auditing standards which require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by
management, and evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for the opinion expressed
above.
PRICE WATERHOUSE
Hartford, Connecticut
May 19, 1994
PAGE
UNITED TECHNOLOGIES CORPORATION EMPLOYEE SAVINGS PLAN
Statement of Financial Condition
November 30, 1993
(Thousands of Dollars, except unit values)
UTC
Income Fund Equity Fund Stock Fund ESOP Fund
Assets:
Investments:
Beneficial interests in contracts issued by insurance
companies, at cost plus accrued interest $ 2,620,323 $ - $ - $ -
Beneficial interests in Bankers Trust Company Pyramid Fixed
Income Index Fund, at market - - - -
Beneficial interests in Bankers Trust Company Pyramid Equity
Index Fund, at market - 281,926 - -
Beneficial interests in Bankers Trust Company Pyramid
International Securities Index Fund, at market - - - -
United Technologies Corporation Common Stock, at market plus
accrued dividends ($843) - - 114,183 -
United Technologies Corporation ESOP Preferred Stock, at
guaranteed value - - - 809,895
Participant loans, at cost plus accrued interest - - - -
Temporary investments, at cost plus accrued interest 63 3 2,675 4,110
Total Investments 2,620,386 281,929 116,858 814,005
Contributions and fund and plan transfers receivable 336 1,061 91 -
Accrued ESOP contribution receivable - - - 142,880
Accrued dividends on ESOP Preferred Stock - - - 13,291
Accrued investment sales - - 882 -
Total Assets 2,620,722 282,990 117,831 970,176
Less - Liabilities:
Contributions and fund and plan transfers payable 2,239 - 585 -
Loans payable, net 490 174 3 -
Accrued interest on ESOP debt and note payable - - - 12,103
ESOP debt - - - 586,500
Note payable to United Technologies Corporation - - - 98,933
Total Liabilities 2,729 174 588 697,536
Plan Equity $ 2,617,993 $ 282,816 $ 117,243 $ 272,640
Units of participation 572,460,112 31,296,082 24,763,454 197,765,611
Unit value $ 4.57 $ 9.04 $ 4.73 $ 1.38
(See accompanying Notes to Financial Statements)
UNITED TECHNOLOGIES CORPORATION EMPLOYEE SAVINGS PLAN
Statement of Financial Condition
November 30, 1993
(Thousands of Dollars, except unit values)
Funds
Global Fund Loan Fund Combined
Assets:
Investments:
Beneficial interests in contracts issued by insurance
companies, at cost plus accrued interest $ - $ - $ 2,620,323
Beneficial interests in Bankers Trust Company Pyramid
Fixed Income Index Fund, at market 14,829 - 14,829
Beneficial interests in Bankers Trust Company Pyramid
Equity Index Fund, at market 18,878 - 300,804
Beneficial interests in Bankers Trust Company Pyramid
International Securities Index Fund, at market 15,736 - 15,736
United Technologies Corporation Common Stock, at market
plus accrued dividends ($843) - - 114,183
United Technologies Corporation ESOP Preferred Stock, at
guaranteed value - - 809,895
Participant loans, at cost plus accrued interest - 48,636 48,636
Temporary investments, at cost plus accrued interest 3,136 - 9,987
Total Investments 52,579 48,636 3,934,393
Contributions and fund and plan transfers receivable 565 603 2,656
Accrued ESOP contribution receivable - - 142,880
Accrued dividends on ESOP Preferred Stock - - 13,291
Accrued investment sales - - 882
Total Assets 53,144 49,239 4,094,102
Less - Liabilities:
Contributions and fund and plan transfers payable - - 2,824
Loans payable, net 9 2,605 3,281
Accrued interest on ESOP debt and note payable - - 12,103
ESOP debt - - 586,500
Note payable to United Technologies Corporation - - 98,933
Total Liabilities 9 2,605 703,641
Plan Equity $ 53,135 $ 46,634 $ 3,390,461
Units of participation 36,657,462 46,634,000
Unit value $ 1.45 $ 1.00
(See accompanying Notes to Financial Statements)
UNITED TECHNOLOGIES CORPORATION EMPLOYEE SAVINGS PLAN
Statement of Financial Condition
November 30, 1992
(Thousands of Dollars, except unit values)
UTC
Income Fund Equity Fund Stock Fund ESOP Fund
Assets:
Investments:
Beneficial interests in contracts issued by insurance
companies, at cost plus accrued interest $ 2,447,684 $ - $ - $ -
Beneficial interests in Bankers Trust Company Pyramid
Fixed Income Index Fund, at market - - - -
Beneficial interests in Bankers Trust Company Pyramid
Equity Index Fund, at market - 225,116 - -
Beneficial interests in Bankers Trust Company Pyramid
International Securities Index Fund, at market - - - -
United Technologies Corporation Common Stock, at market
plus accrued dividends ($928) - - 96,721 -
United Technologies Corporation ESOP Preferred Stock, at
guaranteed value - - - 823,013
Participant loans, at cost plus accrued interest - - - -
Temporary investments, at cost plus accrued interest 12 - 5,434 2,546
Total Investments 2,447,696 225,116 102,155 825,559
Contributions and fund transfers receivable 9 759 385 -
Accrued ESOP contribution receivable - - - 108,856
Accrued dividends on ESOP Preferred Stock - - - 13,506
Total Assets 2,447,705 225,875 102,540 947,921
Less - Liabilities:
Contributions and fund and plan transfers payable 1,669 30 - -
Loans payable, net 1,138 336 495 -
Accrued interest on ESOP debt and note payable - - - 12,908
ESOP debt - - - 618,700
Note payable to United Technologies Corporation - - - 107,033
Accrued investment purchases - - 1,574 -
Total Liabilities 2,807 366 2,069 738,641
Plan Equity $ 2,444,898 $ 225,509 $ 100,471 $ 209,280
Units of participation 577,880,486 27,521,312 30,139,535 163,323,679
Unit value $ 4.23 $ 8.19 $ 3.33 $ 1.28
(See accompanying Notes to Financial Statements)
UNITED TECHNOLOGIES CORPORATION EMPLOYEE SAVINGS PLAN
Statement of Financial Condition
November 30, 1992
(Thousands of Dollars, except unit values)
Funds
Global Fund Loan Fund Combined
Assets:
Investments:
Beneficial interests in contracts issued by insurance
companies, at cost plus accrued interest $ - $ - $ 2,447,684
Beneficial interests in Bankers Trust Company Pyramid
Fixed Income Index Fund, at market 7,891 - 7,891
Beneficial interests in Bankers Trust Company Pyramid
Equity Index Fund, at market 9,781 - 234,897
Beneficial interests in Bankers Trust Company Pyramid
International Securities Index Fund, at market 7,470 - 7,470
United Technologies Corporation Common Stock, at market
plus accrued dividends ($928) - - 96,721
United Technologies Corporation ESOP Preferred Stock, at
guaranteed value - - 823,013
Participant loans, at cost plus accrued interest - 47,334 47,334
Temporary investments, at cost plus accrued interest 400 - 8,392
Total Investments 25,542 47,334 3,673,402
Contributions and fund transfers receivable 338 637 2,128
Accrued ESOP contribution receivable - - 108,856
Accrued dividends on ESOP Preferred Stock - - 13,506
Total Assets 25,880 47,971 3,797,892
Less - Liabilities:
Contributions and fund and plan transfers payable - - 1,699
Loans payable, net 10 1,101 3,080
Accrued interest on ESOP debt and note payable - - 12,908
ESOP debt - - 618,700
Note payable to United Technologies Corporation - - 107,033
Accrued investment purchases - - 1,574
Total Liabilities 10 1,101 744,994
Plan Equity $ 25,870 $ 46,870 $ 3,052,898
Units of participation 20,568,454 46,870,000
Unit value $ 1.26 $ 1.00
(See accompanying Notes to Financial Statements)
UNITED TECHNOLOGIES CORPORATION EMPLOYEE SAVINGS PLAN
Statement of Income and Changes in Plan Equity
Plan Year Ended November 30, 1993
(Thousands of Dollars)
UTC
Income Fund Equity Fund Stock Fund ESOP Fund
Contributions:
Members $ 112,148 $ 27,339 $ 6,876 $ -
Employer 331 48 8 70,147
Total Contributions 112,479 27,387 6,884 70,147
Investment Income:
Interest 195,028 1 112 67
Dividends - - 3,725 60,196
Total Investment Income 195,028 1 3,837 60,263
Repayments on loans 17,043 3,544 1,130 -
Unrealized appreciation of investments - 16,477 27,045 -
Gain on sale of investments - 8,615 8,613 -
Deduct:
Distributions to members:
In cash 131,157 11,783 4,205 6,584
In shares of United Technologies Corporation Common Stock - - 252 -
Loans to participants 16,586 3,081 968 -
Interest expense - - - 54,599
Earned and unapplied forfeitures 4 1 - 149
Total Deductions 147,747 14,865 5,425 61,332
Inter-fund and inter-plan transfers (3,873) 16,073 (25,312) (5,718)
Transfer from other plans 165 75 - -
Net Increase/(Decrease) in Plan Equity 173,095 57,307 16,772 63,360
Plan Equity November 30, 1992 2,444,898 225,509 100,471 209,280
Plan Equity November 30, 1993 $ 2,617,993 $ 282,816 $ 117,243 $ 272,640
(See accompanying Notes to Financial Statements)
UNITED TECHNOLOGIES CORPORATION EMPLOYEE SAVINGS PLAN
Statement of Income and Changes in Plan Equity
Plan Year Ended November 30, 1993
(Thousands of Dollars)
Funds
Global Fund Loan Fund Combined
Contributions:
Members $ 5,646 $ - $ 152,009
Employer 116 - 70,650
Total Contributions 5,762 - 222,659
Investment Income:
Interest 23 3,728 198,959
Dividends - - 63,921
Total Investment Income 23 3,728 262,880
Repayments on loans 593 (22,271) 39
Unrealized appreciation of investments 3,198 - 46,720
Gain on sale of investments 367 - 17,595
Deduct:
Distributions to members:
In cash 1,589 2,843 158,161
In shares of United Technologies Corporation Common Stock - - 252
Loans to participants 504 (21,150) (11)
Interest expense - - 54,599
Earned and unapplied forfeitures - - 154
Total Deductions 2,093 (18,307) 213,155
Inter-fund and inter-plan transfers 19,415 - 585
Transfer from other plans - - 240
Net Increase/(Decrease) in Plan Equity 27,265 (236) 337,563
Plan Equity November 30, 1992 25,870 46,870 3,052,898
Plan Equity November 30, 1993 $ 53,135 $ 46,634 $ 3,390,461
(See accompanying Notes to Financial Statements)
UNITED TECHNOLOGIES CORPORATION EMPLOYEE SAVINGS PLAN
Notes to Financial Statements
NOTE 1 - DESCRIPTION OF THE PLAN
The United Technologies Corporation Employee Savings Plan (the Plan) is a
defined contribution savings plan sponsored by United Technologies Corporation
(United). Any employee in a participating business unit of United is eligible
to participate in the Plan if the employee has completed at least one year of
service. Below is a brief description of the Plan. More complete information
is provided in the plan document which is available from the Plan sponsor.
Members may elect to contribute, through payroll deductions, between 2 and 16
percent of their total compensation. Under the Internal Revenue Code, members
whose annual earnings totaled no more than $62,345 could have elected to have
tax-deferred contributions made on their behalf of up to 16 percent during plan
year 1993. Members whose earnings exceeded that amount could have elected to
have tax-deferred contributions in amounts up to 6 percent subject to non-
discrimination tests. This threshold, which is adjusted annually for inflation,
increased to $64,245 for plan year 1994. Member contributions are fully vested
at all times under the Plan.
The employer will make contributions with respect to each member equal in amount
to 60 percent of the members contributions, up to specified limits. United has
established an Employee Stock Ownership Plan (ESOP) to serve as the vehicle for
United's match of employee contributions. The ESOP Fund will be invested
primarily in stock of United and is currently invested primarily in United
Series A ESOP Convertible Preferred Stock, having a $4.80 dividend per annum
(See Note 6). Employer contributions may not be directed to an investment fund
other than the ESOP Fund except for members eligible for early retirement.
Members who have reached at least age 55 and have completed at least 10 years of
continuous service can, if they wish, direct that up to 50 percent, in multiples
of 25 percent, of their ESOP account balances and future employer contributions
be invested in the other investment funds offered through the Plan. Generally,
employer contributions become fully vested two years after first joining the
Plan.
All contributions are credited to a member account maintained by the Plan
Administrator. Contributions will be invested, pursuant to each member's
direction, in one or more of the following funds: the Income Fund, the Equity
Fund, the UTC Stock Fund, and the Global Fund. Members may elect to have 100
percent of their contributions invested in one investment fund or may allocate
the contributions in multiples of 25 percent among two or more of the funds.
Members are permitted to transfer their accounts between investment funds once
per quarter (in multiples of 10 percent).
The Income Fund is invested in contracts issued by five insurance companies
designated by the Pension Investment Committee. Under these contracts, each
insurance company guarantees repayment in full of the principal amount invested
plus interest credited at a fixed rate for a specified period. Interest is
credited to each contract based on an annual interest rate set each year by the
individual insurance carriers. This rate, which differs among contracts, takes
into account any difference between prior year credited interest and the actual
amount of investment earnings allocable to the contract in accordance with the
established allocation procedures of the insurance carrier. The weighted
average rate set for the 1993 calendar year was 8.0 percent.
The Equity Fund may be invested in common or capital stocks of corporations,
bonds or securities convertible into such stocks, or shares of any federally
registered mutual fund or similar type of investment fund, including investment
in any commingled trust fund managed by the Trustee, Bankers Trust Company,
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which is invested primarily in similar types of equity securities. During 1993
and 1992, the Equity Fund was invested principally in the Trustee's BT Pyramid
Equity Index Fund, which is a portfolio of common stocks replicating the
Standard & Poor's Composite Index of 500 stocks. Interest and dividends earned
by this investment are reinvested and increase market value.
The UTC Stock Fund consists principally of 1,831,759 and 2,134,618 shares of
Common Stock of United at November 30, 1993 and 1992, respectively.
The Global fund may be invested in almost equal proportion in three different
funds managed by the Trustee: the Pyramid International Securities Index Fund,
the Pyramid Fixed Income Index Fund and the Pyramid Equity Index Fund. The
International Securities Index Fund invests in four other international index
funds managed by the Trustee. The Fixed Income Index Fund invests primarily in
obligations of the U.S. Government and its agencies and other publicly traded,
high-grade domestic debt instruments. Interest and dividends earned by these
investments are reinvested and increase market value.
Members with at least two years of plan participation are allowed to borrow up
to 50 percent of their account balances (excluding the ESOP Fund). Loan amounts
can range from $1,000 to $50,000 and must be repaid in 5 years or less with
interest.
Forfeitures of employer contributions are used to reduce employer contributions;
earned but unapplied forfeitures will be applied against future employer
contributions and are shown separately in the Statement of Income and Changes in
Plan Equity.
Members who transfer to a new location of United which is covered by a different
savings plan have the option of transferring their account balances in
accordance with the provisions of the new savings plan, including available
investment funds.
Employees participating in the Plan at year end were as follows:
November 30,
1993 1992
Income Fund 48,098 49,766
Equity Fund 15,503 13,876
UTC Stock Fund 6,488 6,954
ESOP Fund 43,033 45,714
Global Fund 4,379 3,606
The participants above may have investments in more than one of the investment
funds.
NOTE 2 - SUMMARY OF ACCOUNTING PRINCIPLES
United has entered into a master trust agreement with the Trustee. Under this
agreement, certain employee savings plans of United and its subsidiaries combine
their trust fund investments in the Master Trust. Participating plans purchase
units of participation in the investment funds based on their monthly
contribution to such funds and the unit value of the applicable investment fund
at the end of the month. The value of a unit in each fund is determined at the
end of each month by dividing the sum of uninvested cash, accrued income and the
current market value of investments by the total number of outstanding units in
such funds. The plans receive income from the funds' investments which increase
the unit values. Distributions reduce the number of participation units held by
the plans.
The investments of the Income Fund are valued at cost plus accrued interest.
The investments of the Equity Fund, the UTC Stock Fund, and the Global Fund are
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valued at market value as determined by the Trustee by reference to published
market data. The ESOP Preferred Stock is valued at its fair value, which is the
higher of the guaranteed value ($65) or the market value of United's Common
Stock (See Note 6).
The expenses of operating the Plan are payable out of the funds held under the
Plan, unless the employer elects to pay such expenses. The expenses for the
1993 plan year were paid by the employer.
The Plan is not subject to federal income tax as the Plan and its related trust
are considered by United to satisfy the qualification and exemption requirements
of Sections 401(a) and 501(a) of the Internal Revenue Code. United has received
a favorable determination letter (dated November 3, 1990) from the Internal
Revenue Service (IRS) to the effect that the Plan qualifies under Sections
401(a) and 501(a) of the Code. Under these sections, contributions by United,
employees (at their election) and related earnings will be tax deferred until
such amounts are distributed.
NOTE 3 - INSURANCE CONTRACTS
The following is a summary of the insurance contracts held in the Master Trust
Income Fund and the portion allocable to the Plan:
November 30,
(Thousands of Dollars) 1993 1992
CIGNA $ 1,409,243 $ 1,327,089
Aetna 543,882 543,230
Travelers 455,988 465,195
Prudential 249,747 224,129
Metropolitan Life 328,543 219,295
$ 2,987,403 $ 2,778,938
Amount of the contracts allocable to the Plan $ 2,620,323 $ 2,447,684
NOTE 4 - GAIN ON SALE OF INVESTMENTS
The Trustee uses the average cost method in determining the cost of securities
for purposes of calculating the gain or loss on the sale of securities. Gains
and losses of the Master Trust funds are allocated to the participating plans
based upon participation units at the month-end valuation date following the
sale. The gains recognized by the Master Trust funds and amounts allocable to
the Plan are as follows:
UTC
(Thousands of Dollars) Equity Stock Global
Fund Fund Fund
Proceeds from sale of securities $ 25,402 $ 22,566 $ 2,213
Cost basis of securities sold 14,898 13,527 1,828
Gain on sale $ 10,504 $ 9,039 $ 385
Amount of the gain allocable to the Plan $ 8,615 $ 8,613 $ 367
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NOTE 5 - REQUESTED DISTRIBUTIONS
The following is a summary of distributions requested by participants which had
not yet been paid at the respective plan year end:
November 30, November 30,
1993 1992
(Thousands of Dollars) Dollars Units Dollars Units
Income Fund $ 8,900 1,946,163 $ 3,755 887,788
Equity Fund 972 107,542 275 33,510
UTC Stock Fund 312 65,841 - -
Global Fund 187 129,034 14 10,730
Loan Fund 255 255,000 133 133,000
These amounts are reflected as liabilities in the Plan's Form 5500.
The November 30, 1992 Statement of Financial Condition has been restated in
order to reflect requested distributions in the plan year in which paid.
NOTE 6 - EMPLOYEE STOCK OWNERSHIP PLAN
In conjunction with the establishment of the ESOP, discussed above, United's
Board of Directors authorized 20,000,000 shares of preferred stock, par value
$1.00 per share designated as Series A ESOP Convertible Preferred Stock, having
an annual dividend of $4.80 per share. Each share of ESOP Preferred Stock is
convertible into one share of United's Common Stock. On June 30, 1989, the
Trustee acquired 10,153,847 shares of this new series of ESOP Preferred Stock at
an acquisition price of $65.00 per share and placed them in the Master Trust for
future allocation to participants. On March 30, 1990, the Trustee acquired an
additional 2,900,000 shares of this new series of ESOP Preferred Stock at an
acquisition price of $69.77 per share and placed them in the Master Trust for
future allocation to participants. The ESOP financed the purchase of these
shares with interest bearing promissory notes aggregating $862.3 million issued
to United. In February 1990, the Trustee arranged permanent financing
guaranteed by United for $660 million and repaid that amount to United. United
shall contribute sufficient funds each year which, when combined with quarterly
dividends on the ESOP Preferred Stock, will be used to meet the Trust's debt
service requirements.
Participants in the ESOP Fund accrue on a monthly basis a beneficial interest
equal to the employer contributions at the rate of 60% of members' participating
contributions. This beneficial interest is represented by share equivalents of
ESOP Preferred Stock, as calculated monthly at the higher of the month end price
of United Common Stock or the $65.00 per share ESOP Preferred Stock guaranteed
value. ESOP Preferred Stock dividends, at the annual rate of $4.80 per share,
are attributed to these ESOP Preferred Stock share equivalents based on
participants' beneficial interests in such shares held as of the record dates
which are coincident with the payment dates. As of November 30, 1993 and 1992,
participants in the ESOP Fund had an aggregate beneficial interest in ESOP
Preferred Stock, net, and attributed dividends totaling approximately
$272,640,000 and $209,280,000, respectively. Shares of ESOP Preferred Stock
must be allocated to participants' accounts by the Trustee at least once per
Plan year.
Purchased shares of ESOP Preferred Stock are held by the Trustee with the number
of purchased shares allocated to each employee determined annually in accordance
with a method approved by the Internal Revenue Service. To the extent that
allocated shares are not sufficient to meet the matching requirement of the
Plan, United will contribute additional ESOP Preferred Stock, Common Stock or
cash.
Shares allocated to employees generally may not be distributed until the
employee's termination, disability, retirement or death. Upon distribution,
shares of ESOP Preferred Stock must be converted into one share of United's
Common Stock or, if the value of the Common Stock is less than the guaranteed
value, the Trustee may require United to repurchase the ESOP Preferred Stock for
the guaranteed value.
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The Trustee accounts for participants' beneficial interests in the ESOP Fund
based upon units of participation and related unit value (see Note 2).
The ESOP Preferred Stock is redeemable, in whole or in part, generally at the
option of United at redemption prices ranging from $67.88-$69.77 per share plus
accrued and unpaid dividends, beginning in June 1994.
NOTE 7 - ESOP DEBT
On February 1, 1990, the Master Trust with United as guarantor executed a Note
and Guaranty Agreement to issue $660,000,000 of Series A, B, C and D notes
(described below) representing the ESOP's permanent financing. Interest is
payable quarterly on the 10th of March, June, September and December coincident
with the dividend payment date on the ESOP Preferred Stock. Principal payments
are payable annually on the 10th of December. The current amounts outstanding
under the Agreement are as follows:
Principal Rate of
Note Series (000's) Interest Due
A $ 249,900 7.24% 1999
B 286,600 7.68% 2008
C 17,300 7.68% 2008
D 32,700 7.68% 2009
$ 586,500
Required payments on these Notes, in aggregate, for the next five plan years are
$33.9 million in 1994, $35.1 million in 1995, $35.9 million in 1996, $36.3
million in 1997, and $36.4 million in 1998.
NOTE 8 - NOTE PAYABLE TO UNITED
The Note Payable to United is a promissory note with an interest rate of 10.5%.
Interest is payable quarterly on the 10th of March, June, September and December
coincident with the dividend payment date on the ESOP Preferred Stock.
Principal payments are payable annually on the 10th of December. Required
principal payments on the Note for the next five plan years are $5.2 million in
1994, $5.5 million in 1995, $4.5 million in 1996, $4.5 million in 1997, and $4.6
million in 1998.
NOTE 9 - SUBSEQUENT EVENT
On February 9, 1994, the Trustee acquired an additional 1,400,000 shares of ESOP
Preferred Stock at an acquisition price of $70.22 per share and placed them in
the Master Trust for future allocation to participants. The ESOP financed the
purchase of these shares with a 6.75% $98.3 million promissory note issued to
United.
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SIGNATURES
The Plan, Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees (or other persons who administer the employee benefit plan) have
duly caused this annual report to be signed on its behalf by the undersigned
hereunto duly authorized.
UNITED TECHNOLOGIES CORPORATION
EMPLOYEE SAVINGS PLAN
Dated: May 19, 1994 By: Thomas F. O'Connor
Thomas F. O'Connor
Director, Retirement Programs
United Technologies Corporation
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CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Prospectus
constituting part of the Registration Statement on Form S-8 (No. 33-26627) of
our report dated May 19, 1994 appearing on page F-1 of the United Technologies
Corporation Employee Savings Plan's Annual Report on Form 11-K for the year
ended November 30, 1993. We also consent to the reference to us under the
caption "Interests of Named Experts" in such Prospectus.
PRICE WATERHOUSE
Hartford, Connecticut
May 19, 1994
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