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 | 2003 | 2002 | |||
Fixed Charges: | |||||
Interest expense | $ | 184 | $ | 195 | |
Interest capitalized | 5 | 9 | |||
One-third of rents* | 40 | 31 | |||
Total Fixed Charges | $ | 229 | $ | 235 | |
Earnings: | |||||
Income before income taxes and minority interests | $ | 1,686 | $ | 1,633 | |
Fixed charges per above | 229 | 235 | |||
Less: interest capitalized | (5) | (9) | |||
224 | 226 | ||||
Amortization of interest capitalized | 2 | 2 | |||
Total Earnings | $ | 1,912 | $ | 1,861 | |
Ratio of Earnings to Fixed Charges | 8.35 | 7.92 |
* Reasonable approximation of the interest factor.