Exhibit 12
UNITED TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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(Dollars in millions) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense1 | $ | 893 | $ | 673 | $ | 751 | $ | 705 | $ | 689 | ||||||||||
Interest capitalized | 19 | 20 | 17 | 18 | 19 | |||||||||||||||
One-third of rents2 | 152 | 151 | 148 | 154 | 168 | |||||||||||||||
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Total fixed charges | $ | 1,064 | $ | 844 | $ | 916 | $ | 877 | $ | 876 | ||||||||||
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Earnings: | ||||||||||||||||||||
Income from continuing operations before income taxes | $ | 6,911 | $ | 7,350 | $ | 6,248 | $ | 5,575 | $ | 6,692 | ||||||||||
Fixed charges per above | 1,064 | 844 | 916 | 877 | 876 | |||||||||||||||
Less: capitalized interest | (19 | ) | (20 | ) | (17 | ) | (18 | ) | (19 | ) | ||||||||||
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| 1,045 | 824 | 899 | 859 | 857 | ||||||||||||||||
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Amortization of interest capitalized | 13 | 17 | 17 | 17 | 9 | |||||||||||||||
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Total earnings | $ | 7,969 | $ | 8,191 | $ | 7,164 | $ | 6,451 | $ | 7,558 | ||||||||||
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Ratio of earnings to fixed charges | 7.49 | 9.70 | 7.82 | 7.36 | 8.63 | |||||||||||||||
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| 1 | Pursuant to the guidance in the Income Taxes Topic of the FASB ASC, interest related to unrecognized tax benefits recorded was approximately $40 million, $23 million, $27 million, $21 million and $39 million for the years 2012, 2011, 2010, 2009 and 2008, respectively. The ratio of earnings to fixed charges would have been 7.82, 10.00, 8.10, 7.56 and 9.08 for the years 2012, 2011, 2010, 2009 and 2008, respectively, if such interest were excluded from the calculation. |
| 2 | Reasonable approximation of the interest factor. |