Form 10-K for the Fiscal Year Ended December 31, 2018
Please disclose the range of reasonable possible losses in excess of your asbestos-related accrual as required by ASC 450-20-50-3 and 50-4.
Please disclose the range of reasonable possible losses in excess of your asbestos-related accrual as required by ASC 450-20-50-3 and 50-4.
Regarding the request above we will modify future disclosures to reflect the following:
The amounts recorded by UTC for asbestos-related liabilities are based on currently available information and assumptions that we believe are reasonable and are made with input from outside actuarial experts.Read in the reply ↗Rest of the answer
The estimated range of total liabilities to resolve all pending and unasserted potential future asbestos claims through 2059 is approximately $335 million to $390 million. Where no amount within a range of estimates is more likely, the minimum is accrued. We have recorded the minimum amount of $335 million, which is principally recorded in Other long-term liabilities on our Consolidated Balance Sheet as of December
31, 2018.
First report after the company's reply of 2019-08-15: 10-Q filed 2019-10-25 ↗, against the 10-Q filed 2019-07-26 ↗.
Tickdelta does not hold the text of both reports, so they are not compared here.
You disclose the non-GAAP measure "adjusted operating profit" for each of your segments along with a consolidated total. However, it appears that within the presentation there is not a reconciliation to the most directly-comparable GAAP measure but instead a narrative on how the measure was derived.Rest of the question
Please reconcile adjusted operating profit to the most directly-comparable GAAP measure pursuant to Item 10(e)(1)(i)(B) of Regulation S-K and tell us the comparable GAAP measure.
While we disclosed the components of the adjustments to the segments’ operating profit (GAAP) and the narrative explains how the non-GAAP measure (adjusted operating profit) is derived, we will modify future filings to include a table similar in format to Attachment A that shows the reconciliation by each segment between the GAAP and the non-GAAP measure along with the consolidated total. Read in the reply ↗
First report after the company's reply of 2019-08-15: 10-Q filed 2019-10-25 ↗, against the 10-Q filed 2019-07-26 ↗.
Tickdelta does not hold the text of both reports, so they are not compared here.
Also in this review: company letter, 2019-08-15, closing letter, 2019-08-21