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Exhibit 12
UNITED TECHNOLOGIES CORPORATION
AND SUBSIDIARIES
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Quarter Ended March 31, | |||||
In Millions of Dollars | 2003 | 2002 | |||
Fixed Charges: | |||||
Interest expense | $ | 91 | $ | 99 | |
Interest capitalized | 3 | 4 | |||
One-third of rents* | 20 | 16 | |||
Total Fixed Charges | $ | 114 | $ | 119 | |
Earnings: | |||||
Income before income taxes and minority interests | $ | 746 | $ | 698 | |
Fixed charges per above | 114 | 119 | |||
Less: interest capitalized | (3) | (4) | |||
111 | 115 | ||||
Amortization of interest capitalized | 1 | 1 | |||
Total Earnings | $ | 858 | 814 | ||
Ratio of Earnings to Fixed Charges | 7.53 | 6.84 |
* Reasonable approximation of the interest factor.