CONSOLIDATED STATEMENT OF CHANGES IN EQUITY See accompanying Notes to Consolidated Financial Statements 60 UNITED TECHNOLOGIES CORPORATION (Dollars in millions) Comprehensive Income (Loss) Common Stock BALANCE AT DECEMBER 31, 2008 $ 11,179 Comprehensive income (loss): Net income $ 4,179 Redeemable non-controlling interest in subsidiaries’ earnings Other comprehensive income (loss), net of tax: Foreign currency translation adjustments 1,023 Change in pension and post-retirement benefit plans, net of income taxes of $569 1,073 Unrealized gain on available-for-sale securities, net of income taxes of $66 99 Change in unrealized cash flow hedging, net of income taxes of $106 255 Total other comprehensive income, net of tax 2,450 Comprehensive income $6,629 Common Stock issued under employee plans (11.9 million shares), net of tax benefit of $50 634 Common Stock repurchased (19.1 million shares) Dividends on Common Stock Dividends on ESOP Common Stock Dividends attributable to non-controlling interest Redeemable non-controlling interest accretion Purchase of subsidiary shares from non-controlling interest (67) Acquired non-controlling interest Other changes in non-controlling interest BALANCE AT DECEMBER 31, 2009 $ 11,746 Comprehensive income (loss): Net income $ 4,711 Redeemable non-controlling interest in subsidiaries’ earnings Other comprehensive income (loss), net of tax: Foreign currency translation adjustments (18) Change in pension and post-retirement benefit plans, net of tax benefit of $224 (336) Unrealized gain on available-for-sale securities, net of income taxes of $61 96 Change in unrealized cash flow hedging, net of tax benefit of $18 (29) Total other comprehensive loss, net of tax (287) Comprehensive income $4,424 Common Stock issued under employee plans (11.8 million shares), net of tax benefit of $94 746 Common Stock contributed to defined benefit pension plans (3.8 million shares) 117 Common Stock repurchased (31.0 million shares) Dividends on Common Stock Dividends on ESOP Common Stock Dividends attributable to non-controlling interest Redeemable non-controlling interest accretion Purchase of subsidiary shares from non-controlling interest (12) Sale of subsidiary shares in non-controlling interest — Other changes in non-controlling interest BALANCE AT DECEMBER 31, 2010 $12,597 Comprehensive income (loss): Net income $ 5,374 Redeemable non-controlling interest in subsidiaries’ earnings Other comprehensive income (loss), net of tax: Foreign currency translation adjustments (163) Change in pension and post-retirement benefit plans, net of tax benefit of $796 (1,485) Unrealized gain on available-for-sale securities, net of income taxes of $21 30 Change in unrealized cash flow hedging, net of tax benefit of $36 (106) Total other comprehensive loss, net of tax (1,724) Comprehensive income $3,650 Common Stock issued under employee plans (7.2 million shares), net of tax benefit of $81 672 Common Stock contributed to defined benefit pension plans (5.7 million shares) 227 Common Stock repurchased (26.9 million shares) Dividends on Common Stock Dividends on ESOP Common Stock Dividends attributable to non-controlling interest Redeemable non-controlling interest accretion Purchase of subsidiary shares from non-controlling interest (54) Sale of subsidiary shares in non-controlling interest 3 Other changes in non-controlling interest BALANCE AT DECEMBER 31, 2011 $13,445