EX-12 6 a2014-12x3110xkexhibit12.htm STATEMENT RE: COMPUTATION OF RATIOS 2014-12-31 10-K Exhibit 12


Exhibit 12
UNITED TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
Full year 
(dollars in millions) 
2014
 
2013
 
2012
 
2011
 
2010
Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest expense1
$
1,100

 
$
1,034

 
$
893

 
$
673

 
$
751

Interest capitalized
25

 
22

 
19

 
20

 
17

One-third of rents2
155

 
152

 
152

 
151

 
148

Total fixed charges
$
1,280

 
$
1,208

 
$
1,064

 
$
844

 
$
916

Earnings:
 

 
 

 
 

 
 

 
 

Income from continuing operations before income taxes
$
8,887

 
$
8,312

 
$
6,911

 
$
7,350

 
$
6,248

Fixed charges per above
1,280

 
1,208

 
1,064

 
844

 
916

Less: capitalized interest
(25
)
 
(22
)
 
(19
)
 
(20
)
 
(17
)
 
1,255

 
1,186

 
1,045

 
824

 
899

Amortization of interest capitalized
14

 
11

 
13

 
17

 
17

Total earnings
$
10,156

 
$
9,509

 
$
7,969

 
$
8,191

 
$
7,164

Ratio of earnings to fixed charges
7.93

 
7.87

 
7.49

 
9.70

 
7.82

 
1 
Pursuant to the guidance in the Income Taxes Topic of the Financial Accounting Standards Board Accounting Standards Codification, interest related to unrecognized tax benefits recorded was approximately $180 million, $51 million, $40 million, $23 million and $27 million for the years 2014, 2013, 2012, 2011 and 2010, respectively. The ratio of earnings to fixed charges would have been 9.23, 8.22, 7.78, 9.98 and 8.06 for the years 2014, 2013, 2012, 2011 and 2010, respectively, if such interest were excluded from the calculation.
2 
Reasonable approximation of the interest factor.