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Proc-Type: 2001,MIC-CLEAR
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FORM 11-K ANNUAL REPORT PURSUANT TO SECTION 15(d) Commission File Number 1-5358 SUNDSTRAND CORPORATION UNITED TECHNOLOGIES CORPORATION FINANCIAL STATEMENTS OF THE
SUNDSTRAND REPORT OF INDEPENDENT ACCOUNTANTS To the Participants and Administrator of the In our opinion, the accompanying statements
of net assets available for benefits and the related statement of changes in net assets
available for benefits present fairly, in all material respects, the net assets available
for benefits of the Sundstrand Corporation Rockford Factory Employee Savings Plan (the
"Plan") at December 31, 2000 and December 31, 1999, and the changes in net
assets available for benefits for the year ended December 31, 2000, in conformity with
accounting principles generally accepted in the United States. 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 audit. We conducted our audit of these
statements in accordance with auditing standards generally accepted in the United States
of America, 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 audit provides a reasonable basis for our opinion. Our audits were conducted for the purpose
of forming an opinion on the basic financial statements taken as a whole. The supplemental
schedule of Assets Held for Investment Purposes is presented for the purpose of additional
analysis and is not a required part of the basic financial statements but is supplementary
information required by the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental
schedule is the responsibility of the Plan's management. The supplemental schedule has
been subjected to the auditing procedures applied in the audit 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 Sundstrand Corporation Rockford Factory $ $ $ $ The accompanying notes are an integral part of
these financial statements. Sundstrand Corporation Rockford Factory Year Ended $ 405
$ ====== The accompanying notes are an integral part of
these financial statements. Sundstrand Corporation Rockford Factory NOTE 1 - DESCRIPTION OF THE PLAN General. The Sundstrand Corporation
Rockford Factory Employee Savings Plan (the "Plan") is a defined contribution
plan covering all regular, hourly employees in the collective bargaining unit represented
by the U.A.W. and its Local Union No. 592 at the Rockford, Illinois plant of the Hamilton
Sundstrand Corporation. The following is a brief description of the Plan. For more
complete information, participants should refer to the Plan document. On June 10, 1999, United Technologies
Corporation ("UTC") acquired Sundstrand Corporation and merged it with its
Hamilton Standard division to form a wholly owned subsidiary, Hamilton Sundstrand
Corporation. This Plan will continue to operate unless affected by any future collective
bargaining agreements. Contributions and Vesting. Participants
may elect to contribute, through payroll deductions, up to 20 percent of their eligible
compensation, as defined by the Plan. Participants direct the investment of their
contributions into various investment options offered by the Plan. The Plan offered 26
investment options to the participants during the year ended December 31, 2000: UTC
Stock Fund; seven Growth Funds; five Growth and Income Funds; three Balanced Funds; four
Life Strategy Funds; four Fixed Income Funds; and two Money Market Funds. Plan
participants also had the option of electing life insurance coverage through the Life
Insurance Fund. Under this option, participant contributions were used to purchase life
insurance coverage for the participant and/or his or her beneficiaries. Effective July 1,
1996, new policies or increased coverage through the Life Insurance Fund were no longer
available. Existing policies were unchanged and premium deductions for those policies will
continue. Transamerica Assurance Company is the carrier of life insurance coverage.
Participant contributions, plus actual earnings thereon, are fully vested at all times
under the Plan. Effective July 1, 2000, UTC's matching
contribution is $1.00 on $1.00 of the participants eligible contributions from the
first 3 percent of base pay. Employer and participant contributions are deposited into the
investment funds in accordance with the participants elections. Participant Accounts. Interest,
dividends, and realized and unrealized gains and losses on investments of the funds are
allocated directly to each participant's account by Vanguard Fiduciary Trust Company
("Vanguard"). Forfeited balances of terminated participants nonvested
amounts are used to reduce future employer contributions. For the year ended
December 31, 2000, there were no forfeitures used to reduce employer contributions. Trustee and Recordkeeper. All of the
Plan's assets are held by Vanguard, the Plan trustee, who also has participant account
recordkeeping responsibilities. Participant Loans. Participants may
elect to borrow from their balance in any of the funds, except the Life Insurance Fund, a
minimum of $500 up to a maximum of $50,000 or 50 percent of their account balance,
whichever is less. Participants borrowing from their accounts for the purpose of
purchasing a principal residence may select a repayment term of up to 15 years, with all
other loans having a repayment term of not more than five years. Loans are repaid with
interest, through equal payroll deductions over the loan term. The interest rate is equal
to the prime rate, published in The Wall Street Journal on the last business day of each
month. Loan payments are allocated between the individual funds based on the respective
contribution percentage at the time of repayment. Payment of Benefits. Generally, on
termination of service due to death, disability, or retirement, benefits are paid in a
lump sum to a terminating participant. Other. The Sundstrand Stock Fund was
liquidated upon the merger of Sundstrand Corporation and a subsidiary of UTC. Each share
of Sundstrand common stock in the Sundstrand Stock Fund was converted into a cash portion
plus a UTC stock portion in accordance with the merger agreement dated February 21, 1999.
The cash portion was $35.00 per share and was deposited in the Vanguard Treasury Money
Market Fund. The portion converted to UTC stock was deposited in the UTC Stock Fund.
Currently, no further contributions can be made to this fund. 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. Investment Valuation and Income
Recognition. The Plan's investments are stated at fair value as determined by the Plan
Trustee, typically by reference to published market data. The UTC Stock Fund is valued at
its year-end unit closing price (comprised of year-end market price plus the cash position
that has not been invested in UTC stock). Participant loans are valued at cost, which
approximates fair value. Purchases and sales of investments are
recorded on a trade-date basis. Interest income is accrued when earned. Dividend income is
recorded on the ex-dividend date. Plan Expenses. Terminated and retired
participants who do not elect to receive a lump sum distribution pay an annual
administration fee. All other administrative expenses, such as Trustee and recordkeeping
fees, were paid directly by the employer in 2000. Use of Estimates. The preparation of
financial statements requires UTC management to make estimates and assumptions that affect
the amounts reported in the financial statements and accompanying notes. Actual results
may differ from those estimates. NOTE 3 - INVESTMENTS The following presents investments that
represent 5 percent or more of the Plan's net assets: $ During 2000, the Plan's investments
(including gains and losses on investments bought and sold, as well as held during the
year) depreciated in value by approximately $4,070,000. Mutual Fund investments
depreciated by $4,608,000 and the UTC Stock Fund appreciated by $538,000. NOTE 4 - RELATED-PARTY TRANSACTIONS Certain Plan investment options are managed
by Vanguard Fiduciary Trust Company. Vanguard is the Plan's trustee and recordkeeper, as
defined by the Plan and, therefore, these transactions qualify as party-in-interest
transactions. NOTE 5 - PLAN TERMINATION Although it has not expressed any intent to
do so, UTC, subject to a collective bargaining agreement, has the right under the Plan to
terminate the Plan subject to the provisions of the Employee Retirement Income Security
Act of 1974 ("ERISA"). In the event of Plan termination, participants will
become fully vested in their account balances. NOTE 6 - TAX STATUS The Internal Revenue Service has determined
on March 8, 1996, that the Plan is designed in accordance with applicable sections of the
Internal Revenue Code ("IRC"). The Plan has been amended since receiving the
determination letter. However, the Plan administration and legal counsel believe that the
Plan is designed and is currently being operated in compliance with the applicable
requirements of the IRC. Supplemental Schedule (c) * * * * * * 1,938,596
* 1,546,491
* 1,508,575
* 1,311,735
* * * * * * * * * * * * * * * * * * Indicates an identified person known to be a
party-in-interest to the Plan 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.
OF THE SECURITIES EXCHANGE ACT OF 1934
For The Plan Period Ended December 31, 2000
ROCKFORD FACTORY EMPLOYEE SAVINGS PLAN
One Financial Plaza
Hartford, Connecticut 06101
CORPORATION ROCKFORD FACTORY EMPLOYEE SAVINGS PLAN
Sundstrand Corporation
Rockford Factory Employee Savings Plan
PricewaterhouseCoopers LLP
Hartford, Connecticut
June 29, 2001
Employee Savings Plan
Statement of Net Assets Available for Benefits
(Thousands of Dollars)
December 31,
2000
December 31,
1999
Assets:
Investments (Note 3)
38,467
41,333
Loans to
participants
2,633
2,461
Net Assets Available for Benefits
41,100
43,794
======
======
Employee Savings Plan
Statement of Changes in Net Assets Available for Benefits
(Thousands of Dollars)
December 31,
2000
Additions to net
assets attributed to:
Investment income:
Net depreciation in
fair value of investments
(4,070)
Interest
191
Dividends
2,720
Contributions:
Employers
Participants'
3,814
Total
additions
3,060
Deductions from net assets
attributed to:
Distributions to
participants
(5,744)
Administrative
expenses
(10)
Total
deductions
(5,754)
Net decrease
(2,694)
Net Assets Available for
Benefits, December 31, 1999
43,794
======
Net Assets Available for
Benefits, December 31, 2000
41,100
Employee Savings Plan
Notes to Financial Statements
December 31,
2000
December 31,
1999
(Thousand of Dollars, except unit
amounts)
Vanguard 500 Index Fund,
53,780 and 56,688 units, respectively
6,554
$
7,671
Vanguard Growth Index Fund,
68,085 units in 1999
N/A
2,684
Vanguard Treasury Money Market
Fund,
7,503,296 and 8,810,071 units, respectively
7,503
8,810
Vanguard U.S. Growth Fund,
181,345 and 130,966 units, respectively
5,014
5,700
Vanguard Windsor II Fund,
122,212 and 132,546 units, respectively
3,324
3,309
United Technologies Stock Fund,
61,691 and 86,272 units, respectively
3,205
3,682
Sundstrand Corporation Rockford Factory
Employee Savings Plan
Assets Held for Investment Purposes
December 31, 2000
(a)
(b)
Identity of issue, borrower lessor or similar party
Description of investment, including maturity date, rate of interest, collateral, par or
maturity value
(d)
Current Value
Vanguard Group of Investments
Treasury Money Market
Fund
$
7,503,296
Vanguard Group of Investments
S&P 500 Index Fund
6,553,605
Vanguard Group of Investments
U.S. Growth Fund
5,014,177
Vanguard Group of Investments
Windsor II Fund
3,324,177
Vanguard Group of Investments
United Technologies Stock
Fund
3,205,488
Vanguard Group of Investments
Growth Index Fund
Vanguard Group of Investments
Prime Money Market Fund
Vanguard Group of Investments
Explorer Fund
Vanguard Group of Investments
International Growth Fund
Vanguard Group of Investments
Life Strategy Moderate
Growth Fund
887,110
Vanguard Group of Investments
Extended Market Index
Fund
751,004
Vanguard Group of Investments
Growth and Income Fund
750,460
Vanguard Group of Investments
Life Strategy Growth Fund
742,662
Vanguard Group of
Investments
STAR Fund
586,405
Vanguard Group of
Investments
Wellesley Income Fund
468,833
Vanguard Group of
Investments
Long-Term Treasury
Fund
402,344
Vanguard Group of
Investments
Short-Term Treasury
Fund
327,712
Vanguard Group of
Investments
Life
Strategy Conservative
Growth Fund
316,076
Vanguard Group of
Investments
Balanced Index Fund
291,084
Vanguard Group of
Investments
Emerging Markets
Index
Fund
277,187
Vanguard Group of
Investments
Total Stock Market
Index
Fund
238,180
Vanguard Group of
Investments
Total Bond Market
Index
Fund
196,409
Vanguard Group of
Investments
Pacific Stock Index
Fund
160,857
Vanguard Group of
Investments
European Stock Index
Fund
103,428
Vanguard Group of
Investments
Life Strategy Income
Fund
53,468
Vanguard Group of
Investments
Intermediate-Term
Corporate Fund
7,945
Plan Participants
Participant Loans
Receivable
2,632,644
SUNDSTRAND CORPORATION ROCKFORD
FACTORY EMPLOYEE SAVINGS PLAN
Dated: June 29, 2001 By:
/s/ Laurie P. Havanec
Laurie P. Havanec
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-4 (No. 333-77991) of United Technologies Corporation of our report dated June 29, 2001 relating to the financial statements of the Hamilton Sundstrand Rockford Factory Employee Savings Plan, which appears in this Form 11-K.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Hartford, Connecticut
June 29, 2001