Exhibit 99.4
UNITED TECHNOLOGIES CORPORATION AND SUBSIDIARIES
Statement Re: Computation of Ratios
(Millions of Dollars)
Year Ended December 31, | ||||||||||||||||||||
2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense | $ | 363 | $ | 375 | $ | 381 | $ | 426 | $ | 382 | ||||||||||
Interest capitalized | 11 | 10 | 16 | 22 | 18 | |||||||||||||||
One-third of rents* | 107 | 87 | 71 | 68 | 65 | |||||||||||||||
$ | 481 | $ | 472 | $ | 468 | $ | 516 | $ | 465 | |||||||||||
Earnings: | ||||||||||||||||||||
Income from continuing operations before income taxes and minority interests | $ | 3,938 | $ | 3,272 | $ | 3,090 | $ | 2,646 | $ | 2,638 | ||||||||||
Fixed charges per above | 481 | 472 | 468 | 516 | 465 | |||||||||||||||
Less: interest capitalized | (11 | ) | (10 | ) | (16 | ) | (22 | ) | (18 | ) | ||||||||||
470 | 462 | 452 | 494 | 447 | ||||||||||||||||
Amortization of interest capitalized | 3 | 4 | 4 | 18 | 21 | |||||||||||||||
Total Earnings | $ | 4,411 | $ | 3,738 | $ | 3,546 | $ | 3,158 | $ | 3,106 | ||||||||||
Ratio of Earnings to Fixed Charges | 9.17 | 7.92 | 7.58 | 6.12 | 6.68 | |||||||||||||||
• | Reasonable approximation of the interest factor. |