EX-12 3 ex12tenq103.htm EX-12 3/31/03 ex12q103

                                                                                                                                                       Exhibit 12

UNITED TECHNOLOGIES CORPORATION
            AND SUBSIDIARIES

STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES


Quarter Ended
March 31,
In Millions of Dollars

2003

2002
                 
Fixed Charges:
Interest expense $   91      $   99     
Interest capitalized 3      4     
One-third of rents* 20      16     
                 
Total Fixed Charges $   114      $   119     
                 
Earnings:
Income before income taxes and minority interests $   746      $   698     
                 
Fixed charges per above 114      119     
Less: interest capitalized (3)     (4)    
111      115     
                
Amortization of interest capitalized 1      1     
                 
Total Earnings $   858        814     
                 
Ratio of Earnings to Fixed Charges 7.53      6.84     

* Reasonable approximation of the interest factor.