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Exhibit 12
UNITED TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended March 31, | ||||||||
(in millions of dollars) | 2009 | 2008 | ||||||
Fixed Charges: | ||||||||
Interest expense1 | $ | 175 | $ | 165 | ||||
Interest capitalized | 5 | 5 | ||||||
One-third of rents2 | 33 | 33 | ||||||
Total fixed charges | $ | 213 | $ | 203 | ||||
Earnings: | ||||||||
Income before income taxes | $ | 1,075 | $ | 1,509 | ||||
Fixed charges per above | 213 | 203 | ||||||
Less: capitalized interest | (5 | ) | (5 | ) | ||||
208 | 198 | |||||||
Amortization of interest capitalized | 2 | 2 | ||||||
Total earnings | $ | 1,285 | $ | 1,709 | ||||
Ratio of earnings to fixed charges | 6.03 | 8.42 | ||||||
1 | Interest related to unrecognized tax benefits recorded under Financial Accounting Standards Board Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” was approximately $6 million and $12 million for the three months ended March 31, 2009 and 2008, respectively. The ratio of earnings to fixed charges would have been 6.21 and 8.95 for the three months ended March 31, 2009 and 2008, respectively, if such interest were excluded from the calculation. |
2 | Reasonable approximation of the interest factor. |