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.