Exhibit 12
UNITED TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Full year | ||||||||||||||||||||
(Dollars in millions) | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense1 | $ | 673 | $ | 750 | $ | 705 | $ | 689 | $ | 666 | ||||||||||
Interest capitalized | 20 | 17 | 18 | 19 | 16 | |||||||||||||||
One-third of rents2 | 151 | 148 | 154 | 168 | 146 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total fixed charges | $ | 844 | $ | 915 | $ | 877 | $ | 876 | $ | 828 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Earnings: | ||||||||||||||||||||
Income before income taxes | $ | 7,605 | $ | 6,538 | $ | 5,760 | $ | 6,936 | $ | 6,384 | ||||||||||
Fixed charges per above | 844 | 915 | 877 | 876 | 828 | |||||||||||||||
Less: capitalized interest | (20 | ) | (17 | ) | (18 | ) | (19 | ) | (16 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
| 824 | 898 | 859 | 857 | 812 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Amortization of interest capitalized | 17 | 17 | 17 | 9 | 8 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total earnings | $ | 8,446 | $ | 7,453 | $ | 6,636 | $ | 7,802 | $ | 7,204 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of earnings to fixed charges | 10.01 | 8.15 | 7.57 | 8.91 | 8.70 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
| 1 | Pursuant to the guidance in the Income Taxes Topic of the FASB ASC, interest related to unrecognized tax benefits recorded was approximately $23 million, $27 million, $21 million, $39 million and $56 million for the years 2011, 2010, 2009, 2008 and 2007, respectively. The ratio of earnings to fixed charges would have been 10.29, 8.39, 7.75, 9.32 and 9.33 for the years 2011, 2010, 2009, 2008 and 2007, respectively, if such interest were excluded from the calculation. |
| 2 | Reasonable approximation of the interest factor. |