Exhibit 12

UNITED TECHNOLOGIES CORPORATION

AND SUBSIDIARIES

STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Three Months Ending March 31,
In Millions of Dollars	2004			2003
Fixed Charges:
Interest expense	$	87		$	91
Interest capitalized		3			3
One-third of rents*		26			20
Total Fixed Charges	$	116		$	114
Earnings:
Income before income taxes and minority interests	$	876		$	745
Fixed charges per above		116			114
Less: interest capitalized		(3	)		(3	)
		113			111
Amortization of interest capitalized		2			1
Total Earnings	$	991		$	857
Ratio of Earnings to Fixed Charges		8.54			7.52

* Reasonable approximation of the interest factor.