EX-12 2 a2013-06x3010xqexhibit12.htm STATEMENT RE: RATIO OF EARNINGS TO FIXED CHARGES 2013-06-30 10-Q Exhibit 12


Exhibit 12
UNITED TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
Six Months Ended June 30,
(Dollars in millions)
 
2013
 
2012
Fixed Charges:
 
 
 
 
Interest expense1 
 
$
527

 
$
354

Interest capitalized
 
12

 
10

One-third of rents2 
 
73

 
75

Total fixed charges
 
$
612

 
$
439

Earnings:
 
 
 
 
Income from continuing operations before income taxes
 
$
4,060

 
$
3,595

Fixed charges per above
 
612

 
439

Less: capitalized interest
 
(12
)
 
(10
)
 
 
600

 
429

Amortization of interest capitalized
 
6

 
6

Total earnings
 
$
4,666

 
$
4,030

Ratio of earnings to fixed charges
 
7.62

 
9.18


1 
Pursuant to the guidance in the Income Taxes Topic of the FASB ASC, interest related to unrecognized tax benefits recorded was approximately $15 million and $17 million for the each of the six months ended June 30, 2013 and 2012, respectively. The ratio of earnings to fixed charges would have been 7.82 and 9.55 for the six months ended June 30, 2013 and 2012, respectively, if such interest were excluded from the calculation.
2 
Reasonable approximation of the interest factor.