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 | 2003 | 2002 | |||
Fixed Charges: | |||||
Interest expense | $ | 279 | $ | 288 | |
Interest capitalized | 8 | 12 | |||
One-third of rents* | 65 | 52 | |||
Total Fixed Charges | $ | 352 | $ | 352 | |
Earnings: | |||||
Income before income taxes and minority interests | $ | 2,639 | $ | 2,542 | |
Fixed charges per above | 352 | 352 | |||
Less: interest capitalized | (8) | (12) | |||
344 | 340 | ||||
Amortization of interest capitalized | 3 | 3 | |||
Total Earnings | $ | 2,986 | $ | 2,885 | |
Ratio of Earnings to Fixed Charges | 8.48 | 8.20 |
* Reasonable approximation of the interest factor.