RAYTHEON TECHNOLOGIES CORP - FORM 10-K - EX-12 - STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - February 9, 2017

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EX-13 - EXCERPTS FROM UTCS 2016 ANNUAL REPORT TO SHAREOWNERS FOR THE YEAR ENDED DECEMBER - RAYTHEON TECHNOLOGIES CORPa2016-12x3110xkexhibit13.htm
EX-32 - SECTION 1350 CERTIFICATIONS - RAYTHEON TECHNOLOGIES CORPa2016-12x3110xkexhibit32.htm
EX-31.3 - RULE 13A-14(A)/15D-14(A) CERTIFICATION - RAYTHEON TECHNOLOGIES CORPa2016-12x3110xkexhibit313.htm
EX-31.2 - RULE 13A-14(A)/15D-14(A) CERTIFICATION - RAYTHEON TECHNOLOGIES CORPa2016-12x3110xkexhibit312.htm
EX-31.1 - RULE 13A-14(A)/15D-14(A) CERTIFICATION - RAYTHEON TECHNOLOGIES CORPa2016-12x3110xkexhibit311.htm
EX-24 - POWERS OF ATTORNEY - RAYTHEON TECHNOLOGIES CORPa2016-12x3110xkexhibit24.htm
EX-23 - CONSENT OF PRICEWATERHOUSECOOPERS LLP - RAYTHEON TECHNOLOGIES CORPa2016-12x3110xkexhibit23.htm
EX-21 - SUBSIDIARIES OF THE REGISTRANT - RAYTHEON TECHNOLOGIES CORPa2016-12x3110xkexhibit21.htm
EX-11 - STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS - RAYTHEON TECHNOLOGIES CORPa2016-12x3110xkexhibit11.htm
EX-10.23 - EXHIBIT 10.23 - RAYTHEON TECHNOLOGIES CORPa201612-3110xkexhibit1023.htm
EX-10.18 - EXHIBIT 10.18 - RAYTHEON TECHNOLOGIES CORPa2016-12x3110xkexhibit1018.htm
EX-10.15 - EXHIBIT 10.15 - RAYTHEON TECHNOLOGIES CORPa2016-12x3110xkexhibit1015.htm
EX-10.11 - EXHIBIT 10.11 - RAYTHEON TECHNOLOGIES CORPa2016-12x3110xkexhibit1011.htm
EX-10.10 - EXHIBIT 10.10 - RAYTHEON TECHNOLOGIES CORPa2016-12x3110xkexhibit1010.htm
EX-10.9 - EXHIBIT 10.9 - RAYTHEON TECHNOLOGIES CORPa2016-12x3110xkexhibit109.htm
10-K - 10-K - RAYTHEON TECHNOLOGIES CORPa2016-12x31form10xk.htm


Exhibit 12
UNITED TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
Full year 
(dollars in millions) 
2016
 
2015
 
2014
 
2013
 
2012
Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest expense 1
$
1,161

 
$
945

 
$
1,099

 
$
1,032

 
$
893

Interest capitalized
34

 
27

 
25

 
22

 
19

One-third of rents 2
129

 
129

 
145

 
142

 
143

Total fixed charges
$
1,324

 
$
1,101

 
$
1,269

 
$
1,196

 
$
1,055

Earnings:
 

 
 

 
 

 
 

 
 

Income from continuing operations before income taxes
$
7,133

 
$
6,467

 
$
8,712

 
$
7,654

 
$
6,172

Fixed charges per above
1,324

 
1,101

 
1,269

 
1,196

 
1,055

Less: capitalized interest
(34
)
 
(27
)
 
(25
)
 
(22
)
 
(19
)
 
1,290

 
1,074

 
1,244

 
1,174

 
1,036

Amortization of interest capitalized
9

 
12

 
12

 
11

 
11

Total earnings
$
8,432

 
$
7,553

 
$
9,968

 
$
8,839

 
$
7,219

Ratio of earnings to fixed charges
6.37

 
6.86

 
7.86

 
7.39

 
6.84

 
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 $41 million, $34 million, $179 million, $50 million and $39 million for the years 2016, 2015, 2014, 2013 and 2012, respectively. The ratio of earnings to fixed charges would have been 6.18, 6.65, 6.88, 7.09 and 6.60 for the years 2016, 2015, 2014, 2013 and 2012, respectively, if such interest were excluded from the calculation.
2 
Reasonable approximation of the interest factor.



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