eXtensible Business Reporting Language

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18 Νοε 2013 (πριν από 3 χρόνια και 8 μήνες)

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eXtensible

Business Reporting Language

September 23, 2013

XBRL

Who is UTC?

UTC quarterly close process

UTC’s XBRL experience and project approach to date

The facts versus the misconceptions

“What’s in it for me?”

The basics

The benefits

Conclusion

2

Agenda

XBRL

3

Who is UTC?

XBRL

4

Who is UTC?

XBRL

5

Who is UTC?

XBRL

6

UTC 2012 Segment Sales

Otis

CCS

Pratt &
Whitney

UTAS

Sikorsky

14%

12%

21%

29%

24%

XBRL

United States

40%

Europe

26%

Asia Pacific

20%

Other

14%

2012 consolidated net sales = $57.7 billion

7

UTC 2012 Sales by Geography

XBRL

8

Product Diversity

Military
Aerospace
& Space

Commercial
Aerospace

Commercial
& Industrial

Aftermarket

Original
Equipment
Manufacturing

21%

51%

28%

43%

57%

Net sales by type and as a percent of total net sales

Government
Accounting

Information
Distribution

Accounting &
Reporting
Guidance

Holding
Company
Activity

XBRL

9

Road to the quarterly close

7/1/13

10/26/13

Day 1
up to
CARS

CARS
Day

CARS
+1 thru
+3

Post CARS +3

9/30/13

Business
Process
Improvement

Acquisition /
Divestiture
Activity

Information
Technology

Technical
Accounting
Support for
Segments

SBS


Services

Ongoing
Business
Activity

XBRL

10

Financial reporting process timeline

Pre
-
Close preparation


New accounting standards


Analyze transactions


Support Businesses


Maintain Financial Manual


Provide Guidance


Update deliverables


Prepare Close calendar


Analysis & Review



Cash flow



Balance sheet analysis



Income statement analysis



Disclosure Committee prep



Geographic data

CARS Day



Business Units
transfer data to UTC



CFO Meeting



Income Statement



EPS



One Timers



FX Impact



Restructuring




Pre Qtr end

Day 1

up to
CARS

CARS Day

CARS +1 thru +3

Post CARS +3

10Q Filing

Audit Committee
Mailing /
Teleconference

Disclosure

Committee


SEC Requirement

Earnings

Release

Business Unit

Close Period

10/9/13

10/25/13

10/22/13

10/21/13

10/17/13

10

XBRL

11

Suppliers to customers

Customers

External

Reporting

UTC Consolidation

Business Unit

Consolidation

Base Unit Data

(~ 7,000 HFM Entities, & ~3,000 HFM Users)

Shareowners

Disclosure Committee

CEO

CFO

Investor Relations

Shareowners

XBRL


Participant in SEC’s Voluntary Filers Program (VFP)


First to furnish complete quarterly & annual financial
financials


First company to subject furnishings to audit


Member of XBRL, U.S. temporary Board of Directors,
Domain, Communications & Taxonomy Steering Committees,
Assurance Task Force and VFP Working Group


Case studies, white papers, roundtables, articles &
CiFIR

participation


First to file financials with US GAAP taxonomy

12

UTC’s XBRL experience

XBRL


No knowledge of/experience with XBRL when began


All efforts done in
-
house by financial reporting group; no
involvement of Legal or IT


Inexpensive to get started; quick learning curve


Started with manageable effort; continued to build knowledge
off of prior experience


Built internal processes from beginning


Anxious to move application of process beyond SEC
reporting


Used available resources liberally

13

UTC’s XBRL approach

XBRL


Costly?


Technical/IT project?


Significant commitment of time and resources?


Easy to do?


Resources available?


Process & tools robust?


Is there really a market demand?


Doesn’t this just benefit the regulators?

14

Facts versus misconceptions

No

No

No

Yes

Yes

Yes

Yes

No

XBRL


Consistency, accuracy, efficiency


Enhanced ability to benchmark, analyze, validate, compare
and access data


Potential for significant reduction to manual effort


Systemic access to data in multiple systems and applications


Common source for multiple reporting requirements


Inexpensive solution that does not require major system
implementations

15

What’s in it for me?

XBRL

Taxonomy

A collection of standardized, machine readable
tags

Tags

Electronic identifiers (“barcodes”) that provide
information about a piece of financial information

Must “extend” or customize when standard tag
does not exist

16

Tags and taxonomies

“Bar Coding” for business
information

XBRL

4,819

UTC

Asset
-

Balance
Sheet

Cash

U.S.
Dollars

In millions

Debit
balance

As of
December
31, 2012

FASB ASC
305

17

Tags and taxonomies

XBRL

18

XBRL Cloud

XBRL

19

Internal benefits

ERP

10
-
Q in
Word

Edgar

HFM

ERP

ERP

10
-
Q in
HTML

10
-
Q in
XBRL

Supplemental Data

Review
and Check

Review
and Check

Total Process
Time:


~
845
Hours

XBRL

Internal benefits

ERP

Edgar

HFM

ERP

ERP

Supplemental Data

Total Process Time:
~
700
Hours

WebFilings

10
-
Q in
HTML,
XBRL
,
PDF

20

XBRL

Other benefits: benchmarking & research

UTC Form 10
-
K

GE Form 10
-
K

Boeing Form 10
-
K

Honeywell Form 10
-
K

Lockheed Form 10
-
K

21

XBRL

Other benefits: government reporting

22

XBRL

23

Past as prelude to the future

1970’s


SEC forms
filed in hard
copy


Company
filings only
available in
hard copy

1983


EDGAR
System
development
begins

1984


EDGAR filing
pilot program
launched

1992


Voluntary
EDGAR filing
program
opened

1993


SEC begins
requiring
direct
EDGAR filing


Filings via
direct
transmission,
diskette, or
magnetic
tape

1996


All domestic
registrants
required to
file via
EDGAR