76 UNITED TECHNOLOGIES CORPORATION The project financing obligations noted above are asso- ciated with the sale of rights to unbilled revenues related to the ongoing activity of an entity owned by UTC Climate, Controls and Security. The percentage of total short-term borrowings and long- term debt at variable interest rates was 9% and 7% at December 31, 2012 and 2011, respectively. Interest rates on our commercial paper borrowings are considered variable due to their short-term duration and high-frequency of turnover. The schedule of principal payments required on long-term debt for the next five years and thereafter is: We have an existing universal shelf registration statement filed with the Securities and Exchange Commission (SEC) for an indeterminate amount of securities for future issuance, subject to our internal limitations on the amount of securities to be issued under this shelf registration statement. As of January 1, 2012, we adopted the provisions of the FASB issued ASU No. 2011-05, “Presentation of Comprehensive Income.” As a result of this adoption, we have presented total comprehensive income for each of the periods presented within the consecutive statements of Consolidated Statement of Operations and Consolidated Statement of Comprehensive Income. A summary of the changes in each component of accumu- lated other comprehensive (loss) income, for the years ended December 31, is provided below: NOTE 10: EQUITY (DOLLARS IN MILLIONS) 2013 $ 1,121 2014 40 2015 2,733 2016 320 2017 2,521 Thereafter 15,630 Total $ 22,365 (DOLLARS IN MILLIONS) Foreign Currency Translation Defined Benefit Pension and Post-retirement Plans Unrealized Gains (Losses) on Available-for- Sale Securities Unrealized Hedging (Losses) Gains Accumulated Other Comprehensive (Loss) Income Balance at December 31, 2011 $ 206 $ (5,810) $ 164 $ (50) $ (5,490) Other comprehensive income—quarter ended March 31, 2012 318 99 11 61 489 Other comprehensive (loss) income—quarter ended June 30, 2012 (628) 136 (42) (140) (674) Other comprehensive income—quarter ended September 30, 2012 690 187 2 133 1,012 Other comprehensive income (loss)—quarter ended December 31, 2012 68 (862) 10 (1) (785) Balance at December 31, 2012 $ 654 $ (6,250) $ 145 $ 3 $ (5,448)