EX-12 3 ex12tenq203.htm EX 12 6/30/03 ex12q203

                                                                                                                                                       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.