FORM 11-K ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Plan period ended December 31, 1998 Commission File Number 1-812 CARRIER CORPORATION REPRESENTED EMPLOYEE SAVINGS PLAN UNITED TECHNOLOGIES CORPORATION One Financial Plaza Hartford, Connecticut 06101
FINANCIAL STATEMENTS OF THE CARRIER CORPORATION REPRESENTED EMPLOYEE SAVINGS PLAN REPORT OF INDEPENDENT ACCOUNTANTS To the Participants and Administrator of the Carrier Corporation Represented Employee Savings Plan In our opinion, the accompanying statements of net assets available for benefits with fund information and the related statement of changes in net assets available for benefits with fund information present fairly, in all material respects, the net assets available for benefits of the Carrier Corporation Represented Employee Savings Plan at December 31, 1998 and 1997, and the changes in net assets available for benefits for the period ended December 31, 1998, in conformity with generally accepted accounting principles. These financial statements are the responsibility of the Plan's management; 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. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The fund information in the statement of net assets available for benefits and the statement of changes in net assets available for benefits is presented for purposes of additional analysis rather than to present the net assets available for plan benefits and changes in net assets available for benefits of each fund. The fund information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. /s/ PricewaterhouseCoopers LLP PricewaterhouseCoopers LLP Hartford, Connecticut June 28, 1999
CARRIER CORPORATION REPRESENTED EMPLOYEE SAVINGS PLAN Statement of Net Assets Available for Benefits With Fund Information December 31, 1998 (Thousands of Dollars, except unit amount) Small UTC INVESCO Company International Common Total Income Equity Stock Index Equity 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 $ - $ 24,548 $ - $ - $ 223 $ - $ - Russell 2000 Equity Index Fund - - 264 - - - - Daily Japanese Equity Index Fund - - - 16 - - - Daily Non Japanese Equity Index Fund - - - 60 - - - Government/Corporate Fixed Income Index Fund - - - - 181 - - Daily International Equity Index Fund - - - - 220 - - United Technologies Corporation Common Stock - - - - - 9,727 - Shares of respective registered investment companies - - - - - - 187 Investments, at contract value or cost: Beneficial interests in investment contracts, at contract value 42,162 - - - - - - Participant loans, at cost - - - - - - - Temporary investments, at cost plus accrued interest - - - - - 49 - Total Investments 42,162 24,548 264 76 624 9,776 187 Plan receivables 33 - - - - 109 - Total Assets 42,195 24,548 264 76 624 9,885 187 Liabilities: Accrued expenses - - - - - 25 - Loans payable, net - - - - - - - Total Liabilities - - - - - 25 - Net Assets Available for Benefits $ 42,195 $ 24,548 $ 264 $ 76 $ 624 $ 9,860 $ 187 Units of participation 630,529 907,182 22,151 5,981 217,351 541,169 5,949 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.
CARRIER CORPORATION REPRESENTED EMPLOYEE SAVINGS PLAN Statement of Net Assets Available for Benefits With Fund Information (Continued) December 31, 1998 (Thousands of Dollars, except unit amounts) Putnam Fidelity Putnam New SoGen Growth & Fund for Fidelity Low- PBHG Opportun- Interna- Income Growth Fidelity 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 2,868 1,066 788 411 797 1,626 78 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 2,868 1,066 788 411 797 1,626 78 Plan receivables - - - - - - - Total Assets 2,868 1,066 788 411 797 1,626 78 Liabilities: Accrued expenses - - - - - - - Loans payable, net - - - - - - - Total Liabilities - - - - - - - Net Assets Available for Benefits $ 2,868 $ 1,066 $ 788 $ 411 $ 797 $ 1,626 $ 78 Units of participation 62,567 51,926 13,875 17,983 31,222 27,496 3,405 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.
CARRIER CORPORATION REPRESENTED EMPLOYEE SAVINGS PLAN Statement of Net Assets Available for Benefits With Fund Information (Continued) December 31, 1998 (Thousands of Dollars, except unit amounts) 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 $ - $ - $ - $ 24,771 Russell 2000 Equity Index Fund - - - 264 Daily Japanese Equity Index Fund - - - 16 Daily Non Japanese Equity Index Fund - - - 60 Government/Corporate Fixed Income Index Fund - - - 181 Daily International Equity Index Fund - - - 220 United Technologies Corporation Common Stock - - - 9,727 Shares of respective registered investment companies 220 84 - 8,125 Investments, at contract value or cost: Beneficial interests in investment contracts, at contract value - - - 42,162 Participant loans, at cost - - 2,465 2,465 Temporary investments, at cost plus accrued interest - - - 49 Total Investments 220 84 2,465 88,040 Plan receivables - - - 142 Total Assets 220 84 2,465 88,182 Liabilities: Accrued expenses - - - 25 Loans payable, net - - - - Total Liabilities - - - 25 Net Assets Available for Benefits $ 220 $ 84 $ 2,465 $ 88,157 Units of participation 26,169 8,128 2,465,076 Unit value $ 8.39 $ 10.30 $ 1.00 The accompanying notes are an integral part of these financial statements.
CARRIER CORPORATION REPRESENTED EMPLOYEE SAVINGS PLAN Statement of Net Assets Available for Benefits With Fund Information December 31, 1997 (Thousands of Dollars, except unit amounts) Small UTC INVESCO Company International Common Total Income Equity Stock Index Equity 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 $ - $ 18,072 $ - $ - $ 182 $ - $ - Russell 2000 Equity Index Fund - - 257 - - - - Daily Japanese Equity Index Fund - - - 14 - - - Daily Non Japanese Equity Index Fund - - - 40 - - - Government/Corporate Fixed Income Index Fund - - - - 149 - - Daily International Equity Index Fund - - - - 175 - - United Technologies Corporation Common Stock - - - - - 6,573 - Shares of respective registered investment companies - - - - - - 71 Investments, at contract value or cost: Beneficial interests in investment contracts, at contract value 35,463 - - - - - - Participant loans, at cost - - - - - - - Temporary investments, at cost plus accrued interest - - - - - 99 - Total Investments 35,463 18,072 257 54 506 6,672 71 Plan receivables 48 17 - - 1 24 - Total Assets 35,511 18,089 257 54 507 6,696 71 Liabilities: Accrued expenses - - - - - 42 - Loans payable, net - - - - - - - Total Liabilities - - - - - 42 - Net Assets Available for Benefits $ 35,511 $ 18,089 $ 257 $ 54 $ 507 $ 6,654 $ 71 Units of participation 575,543 860,566 21,273 5,160 212,926 550,816 2,439 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.
CARRIER CORPORATION REPRESENTED EMPLOYEE SAVINGS PLAN Statement of Net Assets Available for Benefits With Fund Information (Continued) December 31, 1997 (Thousands of Dollars, except unit amounts) Putnam Fidelity Putnam New SoGen Growth & Fund for Fidelity Low- PBHG Opportun- Interna- Income Growth Fidelity 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 1,101 584 418 336 758 798 70 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 1,101 584 418 336 758 798 70 Plan receivables 2 1 1 1 2 1 - Total Assets 1,103 585 419 337 760 799 70 Liabilities: Accrued expenses - - - - - - - Loans payable, net - - - - - - - Total Liabilities - - - - - - - Net Assets Available for Benefits $ 1,103 $ 585 $ 419 $ 337 $ 760 $ 799 $ 70 Units of participation 28,958 29,895 8,998 13,401 29,931 16,269 2,746 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.
CARRIER CORPORATION REPRESENTED EMPLOYEE SAVINGS PLAN Statement of Net Assets Available for Benefits With Fund Information (Continued) December 31, 1997 (Thousands of Dollars, except unit amounts) 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 $ - $ - $ - $ 18,254 Russell 2000 Equity Index Fund - - - 257 Daily Japanese Equity Index Fund - - - 14 Daily Non Japanese Equity Index Fund - - - 40 Government/Corporate Fixed Income Index Fund - - - 149 Daily International Equity Index Fund - - - 175 United Technologies Corporation Common Stock - - - 6,573 Shares of respective registered investment companies 162 65 - 4,363 Investments, at contract value or cost: Beneficial interests in investment contracts, at contract value - - - 35,463 Participant loans, at cost - - 1,628 1,628 Temporary investments, at cost plus accrued interest - - - 99 Total Investments 162 65 1,628 67,015 Plan receivables - - - 98 Total Assets 162 65 1,628 67,113 Liabilities: Accrued expenses - - - 42 Loans payable, net - - - - Total Liabilities - - - 42 Net Assets Available for Benefits $ 162 $ 65 $ 1,628 $ 67,071 Units of participation 16,301 5,001 1,627,581 Unit value $ 9.95 $ 12.94 $ 1.00 The accompanying notes are an integral part of these financial statements.
CARRIER CORPORATION REPRESENTED EMPLOYEE SAVINGS PLAN Statement of Changes in Net Assets Available for Benefits With Fund Information Period Ended December 31, 1998 (Thousands of Dollars) Small UTC INVESCO Company International 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 $ - $ 5,280 $ (10) $ 9 $ 104 $ 3,317 $ 9 Interest 3,119 - - - - - - Dividends - - - - - - 9 Total Investment Income 3,119 5,280 (10) 9 104 3,317 18 Contributions: Participants' 4,368 2,162 57 19 110 1,137 65 Employer's 1,469 648 17 6 35 352 17 Total Contributions 5,837 2,810 74 25 145 1,489 82 Repayments on loans 469 267 7 1 7 176 1 Deductions from net assets attributed to: Distributions to participants 2,388 854 2 2 17 362 2 Loans to participants 844 524 11 - 12 220 2 Administrative expenses 16 4 - - - 2 - Total Deductions 3,248 1,382 13 2 29 584 4 Net increase / (decrease) prior to transfers 6,177 6,975 58 33 227 4,398 97 Inter-fund transfers 507 (516) (51) (11) (110) (1,192) 19 Net increase 6,684 6,459 7 22 117 3,206 116 Net Assets Available for Benefits December 31, 1997 35,511 18,089 257 54 507 6,654 71 Net Assets Available for Benefits December 31, 1998 $ 42,195 $ 24,548 $ 264 $ 76 $ 624 $ 9,860 $ 187 The accompanying notes are an integral part of these financial statements.
CARRIER CORPORATION REPRESENTED EMPLOYEE SAVINGS PLAN Statement of Changes in Net Assets Available for Benefits With Fund Information (Continued) Period Ended December 31, 1998 (Thousands of Dollars) 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 $ 352 $ 22 $ 109 $ (36) $ (5) $ 200 $ (7) Interest - - - - - - - Dividends 136 94 58 34 - 50 7 Total Investment Income 488 116 167 (2) (5) 250 - Contributions: Participants' 376 157 122 111 154 223 17 Employer's 107 43 35 29 45 60 5 Total Contributions 483 200 157 140 199 283 22 Repayments on loans 26 9 4 5 11 14 1 Deductions from net assets attributed to: Distributions to participants 36 13 65 8 24 72 1 Loans to participants 29 9 6 13 20 17 2 Administrative expenses - - - - - - - Total Deductions 65 22 71 21 44 89 3 Net increase / (decrease) prior to transfers 932 303 257 122 161 458 20 Inter-fund transfers 833 178 112 (48) (124) 369 (12) Net increase 1,765 481 369 74 37 827 8 Net Assets Available for Benefits December 31, 1997 1,103 585 419 337 760 799 70 Net Assets Available for Benefits December 31, 1998 $ 2,868 $ 1,066 $ 788 $ 411 $ 797 $ 1,626 $ 78 The accompanying notes are an integral part of these financial statements.
CARRIER CORPORATION REPRESENTED EMPLOYEE SAVINGS PLAN Statement of Changes in Net Assets Available for Benefits With Fund Information (Continued) Period Ended December 31, 1998 (Thousands of Dollars) 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 $ (34) $ (23) $ - $ 9,287 Interest - - 175 3,294 Dividends 21 2 - 411 Total Investment Income (13) (21) 175 12,992 Contributions: Participants' 43 15 - 9,136 Employer's 12 4 - 2,884 Total Contributions 55 19 - 12,020 Repayments on loans 1 - (999) - Deductions from net assets attributed to: Distributions to participants 6 2 50 3,904 Loans to participants 1 1 (1,711) - Administrative expenses - - - 22 Total Deductions 7 3 (1,661) 3,926 Net increase / (decrease) prior to transfers 36 (5) 837 21,086 Inter-fund transfers 22 24 - - Net increase 58 19 837 21,086 Net Assets Available for Benefits December 31, 1997 162 65 1,628 67,071 Net Assets Available for Benefits December 31, 1998 $ 220 $ 84 $ 2,465 $ 88,157 The accompanying notes are an integral part of these financial statements.
CARRIER CORPORATION REPRESENTED EMPLOYEE SAVINGS PLAN Notes to Financial Statements NOTE 1 - DESCRIPTION OF THE PLAN General. The Carrier Corporation Represented Employee Savings Plan (the Plan) is a defined contribution savings plan administered by United Technologies Corporation (UTC). It is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). Union represented employees of Carrier, covered by a collective bargaining agreement that provides for Plan participation, are eligible to participate in the Plan after completing at least one year of service. The following is a brief description of the Plan. For more complete information, participants should refer to the Plan document which is available from UTC. Contributions and Vesting. All participants may elect, through payroll deductions, to make after-tax contributions of between $2 per week and a maximum amount as permitted by the relevant collective bargaining agreement. Certain participants, depending on their collective bargaining agreement, may also make tax-deferred contributions. Participant contributions, plus actual earnings thereon, are fully vested at all times under the Plan. The employer will contribute specified amounts to the Plan in accordance with the terms outlined in each collective bargaining agreement. Generally, employer contributions, plus actual earnings thereon, become fully vested after two years of Plan participation. Participant Accounts. Each participant's account is credited with the participant's contributions and allocations of (a) UTC's contributions based on a percentage of the participant's contribution and (b) Plan earnings based on account balances. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account. Forfeited balances of terminated participants' nonvested amounts are used to reduce future employer contributions. For the period ended December 31, 1998, approximately $19,000 of forfeitures were used to fund employer contributions. Trustee and Recordkeeper. All of the Plan's assets are held by Bankers Trust Company, the Plan Trustee. Fidelity Institutional Retirement Services Company performs participant account recordkeeping responsibilities. Investment Options. Participants may elect to allocate their contributions in any whole percentage among the following funds. Participants are permitted to transfer their accounts between investment funds daily in any whole percentage or whole dollar amount. The investment funds are as follows: . The Income Fund invests in contracts issued by five insurance companies. See Note 3. In December of 1997, UTC approved a reverse unit split of the units of participation and the unit value of the Income Fund effective as of January 1, 1998. As a result, the units of participation and the unit value was decreased and increased, respectively, by a factor of ten. All units of participation and unit value amounts presented herein have been restated to reflect the reverse unit split. . The Equity Fund invests in a portfolio of common stocks replicating the Standard & Poor's Composite Index of 500 stocks (S&P 500). . The Small Company Stock Index Fund invests in a portfolio of common stocks replicating the Russell 2000 Index. . The International Equity Index Fund invests in the equities of a mix of stock markets outside the U.S. . The Global Fund invests in both U.S. and foreign investments to replicate the performance, in approximately equal portions, of three indices: the S&P 500, the EAFE Index (an international stock index of large companies in Europe, Australia and the Far East), and the Lehman Brothers Government/Corporate Index. . The UTC Common Stock Fund consists principally of 89,447 and 90,276 shares of UTC Common Stock at December 31, 1998 and 1997, respectively. On April 30, 1999, the Board of Directors of UTC declared a 2 for 1 stock split in the form of a stock dividend payable May 17, 1999 to shareowners of record at the close of business on May 7, 1999. The share amounts reflected herein do not reflect the stock split. . The INVESCO Total Return Fund, a registered investment company, principally invests in both equity and fixed or variable income securities to achieve a moderate total return from capital appreciation and current income. . The Fidelity Growth & Income Portfolio, a registered investment company, principally invests in U.S. and foreign equity securities that pay current dividends and show potential earnings growth. . The Putnam Fund for Growth and Income, a registered investment company, principally invests in equity securities of companies that pay regular dividends to shareowners. . The Fidelity Contrafund, a registered investment company, principally invests in equity securities of U.S. and foreign companies believed to be undervalued or out of favor. . The Fidelity Low-Priced Stock Fund, a registered investment company, principally invests in equity securities of companies believed to be undervalued, overlooked or out of favor, which are generally priced at $35 or less. . The PBHG Growth Fund, a registered investment company, principally invests in equity securities of companies believed to have an outlook for strong earnings growth. . The Putnam New Opportunities Fund, a registered investment company, principally invests in equity securities of companies in certain emerging industry groups. . The SoGen International Fund, Inc., a registered investment company, invests in U.S. and foreign equity, fixed income and gold-related securities and cash. . The Templeton Foreign Fund A (formerly the Templeton Foreign Fund I), a registered investment company, principally invests in equity securities of companies in developed and developing countries outside the U.S. . The Templeton Developing Markets Trust A (formerly the Templeton Developing Markets Trust I), a registered investment company, principally invests in equity securities of companies in developing countries. Participant Loans. Certain participants with at least two years of Plan participation are allowed to borrow up to 50 percent of their vested account balances. Loan amounts can range from $1,000 to $50,000 and must be repaid within 5 years. The loans are secured by the balance in the participant's account and bear interest at Bankers Trust's prime rate plus one percent. Principal and interest are paid ratably through payroll deductions. Payment of Benefits. Generally, benefits are paid in a lump sum to a terminating participant. A participant terminating due to retirement may elect to receive benefits in installments over two to twenty years. At the participant's election, the portion of a lump sum distribution attributable to the UTC Common Stock Fund may be paid in shares of UTC Common Stock instead of cash. Distributions in UTC Common Stock for the period ended December 31,1998 were approximately $11,000. Other. Participants who transfer to a new UTC location with a different savings plan may have the option of transferring their account balances in accordance with the provisions of the new savings plan. NOTE 2 - SUMMARY OF ACCOUNTING PRINCIPLES Basis of Accounting. The financial statements of the Plan are prepared under the accrual method of accounting, except for benefits which are recorded when paid. Master Trust. The Plan's assets are kept in a Master Trust maintained by the Trustee. Under the Master Trust agreement, the assets of certain employee savings plans of UTC and its subsidiaries are combined. Participating Plans purchase units of participation in the investment funds based on their contribution to such funds and the unit value of the applicable investment fund at the end of the trading day in which a transaction occurs. The unit value of each fund is determined at the close of each day by dividing the sum of uninvested cash, accrued income and the current value of investments by the total number of outstanding units in such funds. Income from the funds' investments increases the Plans' unit values. Distributions to participants reduce the number of participation units held by the Plans. At December 31, 1998, the Plan's interest in the Master Trust comprised 5,038,159 units of the 522,172,913 total units of participation, or 0.96%. At December 31, 1997, the Plan's interest in the Master Trust comprised 4,007,804 units of the total 534,787,672 units of participation, or 0.75%. Investment Valuation. The Income Fund's investment contracts are stated at contract value which represents contributions plus earnings, less Plan withdrawals. All other funds are stated at fair value, as determined by the Trustee, typically by reference to published market data. Plan Expenses. Plan administrative expenses, including Trustee and recordkeeping fees, were paid directly by the employer in 1998. The employer also paid certain investment management fees for the Bankers Trust managed funds. All other administrative and investment expenses were paid out of Plan assets. Use of Estimates. The preparation of financial statements requires UTC to make estimates and assumptions that affect the reported amounts in the financial statements. Actual results could differ from those estimates. NOTE 3 - INVESTMENT CONTRACTS 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 companies. 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 company. The interest rates earned for 1998 and 1997 were 8.5% and 8.1%, respectively. The following is a summary of the investment contracts held in the Income Fund and the portion allocable to the Plan: (Thousands of Dollars) December 31, December 31, 1998 1997 CIGNA $ 1,590,214 $ 1,456,404 Aetna 471,765 437,582 Travelers 398,146 367,509 Prudential 252,192 231,133 Metropolitan Life 1,019,272 780,096 $ 3,731,589 $ 3,272,724 Amount of the contracts allocable to the Plan $ 42,162 $ 35,463 NOTE 4 - PLAN TERMINATION Although it has not expressed any intent to do so, UTC has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become 100 percent vested in their accounts. NOTE 5 - TAX STATUS The Internal Revenue Service has determined and informed UTC by letter dated September 23, 1996 that the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code (IRC). The Plan has been amended since receiving the determination letters. However, the Plan administrator and tax counsel believe that the Plan is designed and currently being operated in compliance with the applicable requirements of the IRC.
SIGNATURES The Plan (or other persons who administer the employee benefit plan), pursuant to the requirements of the Securities Exchange Act of 1934, has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. CARRIER CORPORATION REPRESENTED EMPLOYEE SAVINGS PLAN Dated: June 28, 1999 By: /s/ Daniel P. O'Connell Daniel P. O'Connell Corporate Director, Employee Benefits and Human Resources Systems United Technologies Corporation
Exhibit 23 CONSENT OF INDEPENDENT ACCOUNTANTS We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 33-11255) of United Technologies Corporation of our report dated June 28, 1999 appearing in the Carrier Corporation Represented Employee Savings Plan's Annual Report on Form 11-K for the period ended December 31, 1998. /s/ PricewaterhouseCoopers LLP PricewaterhouseCoopers LLP Hartford, Connecticut June 28, 1999