RAYTHEON TECHNOLOGIES CORP - FORM 10-K - EX-12 - STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - February 11, 2016

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EX-23 - CONSENT OF PRICEWATERHOUSECOOPERS LLP - RAYTHEON TECHNOLOGIES CORPa2015-12x3110xkexhibit23.htm
EX-32 - SECTION 1350 CERTIFICATIONS - RAYTHEON TECHNOLOGIES CORPa2015-12x3110xkexhibit32.htm
EX-24 - POWERS OF ATTORNEY - RAYTHEON TECHNOLOGIES CORPa2015-12x3110xkexhibit24.htm
EX-21 - SUBSIDIARIES OF THE REGISTRANT - RAYTHEON TECHNOLOGIES CORPa2015-12x3110xkexhibit21.htm
EX-11 - STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS - RAYTHEON TECHNOLOGIES CORPa2015-12x3110xkexhibit11.htm
EX-31.2 - RULE 13A-14(A)/15D-14(A) CERTIFICATION - RAYTHEON TECHNOLOGIES CORPa2015-12x3110xkexhibit312.htm
EX-31.1 - RULE 13A-14(A)/15D-14(A) CERTIFICATION - RAYTHEON TECHNOLOGIES CORPa2015-12x3110xkexhibit311.htm
EX-31.3 - RULE 13A-14(A)/15D-14(A) CERTIFICATION - RAYTHEON TECHNOLOGIES CORPa2015-12x3110xkexhibit313.htm
EX-10.12 - UNITED TECHNOLOGIES CORPORATION LONG-TERM INCENTIVE PLAN AS FURTHER AMENDED BY A - RAYTHEON TECHNOLOGIES CORPa2015-12x3110xkexhibit1012.htm
EX-10.13 - SCHEDULE OF TERMS FOR RESTRICTED STOCK AWARDS RELATING TO THE UNITED TECHNOLOGIE - RAYTHEON TECHNOLOGIES CORPa2015-12x3110xkexhibit1013.htm
EX-10.11 - FORM OF DEFERRED RESTRICTED STOCK UNIT AWARD RELATING TO THE UNITED TECHNOLOGIES - RAYTHEON TECHNOLOGIES CORPa2015-12x3110xkexhibit1011.htm
EX-10.15 - SCHEDULE OF TERMS FOR NON-QUALIFIED STOCK OPTION AWARDS RELATING TO THE UNITED T - RAYTHEON TECHNOLOGIES CORPa2015-12x3110xkexhibit1015.htm
EX-10.17 - SCHEDULE OF TERMS FOR PERFORMANCE SHARE UNIT AWARDS RELATING TO THE UNITED TECHN - RAYTHEON TECHNOLOGIES CORPa2015-12x3110xkexhibit1017.htm
EX-10.10 - RETAINER PAYMENT ELECTION FORM FOR UNITED TECHNOLOGIES CORPORATION BOARD OF DIRE - RAYTHEON TECHNOLOGIES CORPa2015-12x3110xkexhibit1010.htm
EX-10.18 - SCHEDULE OF TERMS FOR STOCK APPRECIATION RIGHTS AWARDS RELATING TO THE UNITED TE - RAYTHEON TECHNOLOGIES CORPa2015-12x3110xkexhibit1018.htm
10-K - UTC 2015 FORM 10-K - RAYTHEON TECHNOLOGIES CORPa2015-12x31form10xk.htm
EX-13 - EXCERPTS FROM UTCS 2015 ANNUAL REPORT TO SHAREOWNERS FOR THE YEAR ENDED DECEMBER - RAYTHEON TECHNOLOGIES CORPa2015-12x3110xkexhibit13.htm


Exhibit 12
UNITED TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
Full year 
(dollars in millions) 
2015
 
2014
 
2013
 
2012
 
2011
Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest expense 1
$
945

 
$
1,099

 
$
1,032

 
$
893

 
$
671

Interest capitalized
27

 
25

 
22

 
19

 
20

One-third of rents 2
129

 
145

 
142

 
143

 
144

Total fixed charges
$
1,101

 
$
1,269

 
$
1,196

 
$
1,055

 
$
835

Earnings:
 

 
 

 
 

 
 

 
 

Income from continuing operations before income taxes
$
6,467

 
$
8,712

 
$
7,654

 
$
6,172

 
$
6,525

Fixed charges per above
1,101

 
1,269

 
1,196

 
1,055

 
835

Less: capitalized interest
(27
)
 
(25
)
 
(22
)
 
(19
)
 
(20
)
 
1,074

 
1,244

 
1,174

 
1,036

 
815

Amortization of interest capitalized
12

 
12

 
11

 
11

 
15

Total earnings
$
7,553

 
$
9,968

 
$
8,839

 
$
7,219

 
$
7,355

Ratio of earnings to fixed charges
6.86

 
7.86

 
7.39

 
6.84

 
8.81

 
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 $34 million, $179 million, $50 million, $39 million and $21 million for the years 2015, 2014, 2013, 2012 and 2011, respectively. The ratio of earnings to fixed charges would have been 6.65, 6.88, 7.09, 6.60 and 8.59 for the years 2015, 2014, 2013, 2012 and 2011, respectively, if such interest were excluded from the calculation.
2 
Reasonable approximation of the interest factor.



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