Exhibit 12
UNITED TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Nine Months Ended | |||||
September 30, | |||||
In Millions of Dollars | 2002 | 2001 | |||
Fixed Charges: | |||||
Interest expense | $ | 288 | $ | 316 | |
Interest capitalized | 12 | 19 | |||
One-third of rents* | 52 | 50 | |||
Total Fixed Charges | $ | 352 | $ | 385 | |
Earnings: | |||||
Income before income taxes and minority interests | $ | 2,542 | $ | 2,272 | |
Fixed charges per above | 352 | 385 | |||
Less: interest capitalized | (12) | (19) | |||
340 | 366 | ||||
Amortization of interest capitalized | 3 | 9 | |||
Total Earnings | $ | 2,885 | 2,647 | ||
Ratio of Earnings to Fixed Charges | 8.20 | 6.88 |
* Reasonable approximation of the interest factor.