EX-12 2 utx10-qexhibit12.htm STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES UTX 10-Q Exhibit 12


Exhibit 12
UNITED TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
Three Months Ended March 31,
(Dollars in millions)
 
2013
 
2012
Fixed Charges:
 
 
 
 
Interest expense1 
 
$
256

 
$
165

Interest capitalized
 
6

 
5

One-third of rents2 
 
37

 
38

Total fixed charges
 
$
299

 
$
208

Earnings:
 
 
 
 
Income from continuing operations before income taxes
 
$
1,770

 
$
1,584

Fixed charges per above
 
299

 
208

Less: capitalized interest
 
(6
)
 
(5
)
 
 
293

 
203

Amortization of interest capitalized
 
3

 
3

Total earnings
 
$
2,066

 
$
1,790

Ratio of earnings to fixed charges
 
6.91

 
8.61


1 
Pursuant to the guidance in the Income Taxes Topic of the FASB ASC, interest related to unrecognized tax benefits recorded was approximately $8 million for the each of the three months ended March 31, 2013 and 2012, respectively. The ratio of earnings to fixed charges would have been 7.10 and 8.95 for the three months ended March 31, 2013 and 2012, respectively, if such interest were excluded from the calculation.
2 
Reasonable approximation of the interest factor.