Exhibit 12
UNITED TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Six Months Ended | |||||
June 30, | |||||
In Millions of Dollars | 2002 | 2001 | |||
Fixed Charges: | |||||
Interest expense | $ | 195 | $ | 216 | |
Interest capitalized | 9 | 13 | |||
One-third of rents* | 31 | 32 | |||
Total Fixed Charges | $ | 235 | $ | 261 | |
Earnings: | |||||
Income before income taxes and minority interests | $ | 1,633 | $ | 1,550 | |
Fixed charges per above | 235 | 261 | |||
Less: interest capitalized | (9) | (13) | |||
226 | 248 | ||||
Amortization of interest capitalized | 2 | 8 | |||
Total Earnings | $ | 1,861 | $ | 1,806 | |
Ratio of Earnings to Fixed Charges | 7.92 | 6.92 |
* Reasonable approximation of the interest factor.