At A Glance [ highlights ] 2002 year in review 5 Free Cash Flow* Dollars in Billions 98 99 00 01 02 1.7 1.6 1.7 2.2 2.3 Return on Equity Percent 02 01 00 99 98 29 25 24 24 27 Diluted Earnings  Per Common Share Dollars Per Share 98 99 00 01 02 2.53 3.01 3.55 3.83 4.42 Revenues Dollars in Billions 98 99 00 01 02 22.8 24.1 26.6 27.9 28.2 United Technologies provides high-technology products and services to the aerospace and building systems industries throughout the world. UTC’s industry-leading companies are Pratt & Whitney, Carrier, Otis, UTC Fuel Cells, Hamilton Sundstrand and Sikorsky. The latter two make up the Flight Systems segment. UTC’s revenue and earnings both increased in 2002, despite challenging economic conditions, compared with 2001. Both diluted earnings per share and net income increased 15 percent to $4.42 per share and $2.2 billion, respectively. Revenues grew 1 percent to $28.2 billion. Commercial businesses Carrier and Otis generated 54 percent of total segment revenues, and international revenues contributed 56 percent of total revenues. Free cash flow * was strong at $2.3 billion, up from $2.2 billion in 2001. UTC’s debt to total capitalization ratio at the end of 2002 was 37 percent. Military and commercial helicopters; spare parts and maintenance services for helicopters and fixed wing aircraft; and civil helicopter operations. Large and small commercial and  military turbofan, turboprop and turboshaft engines; spare parts and product support; specialized engine maintenance and overhaul and repair services for airline,  government and private fleets; rocket engines and space propul- sion systems; industrial gas  turbines and aftermarket services to support the electrical generation, mechanical pump drive and marine propulsion markets. [ Products and Services ] Sikorsky Pratt & Whitney Hamilton Sundstrand Carrier UTC Power Otis Aircraft electrical and power  distribution systems; engine and flight controls; propulsion systems;  environmental controls for aircraft, spacecraft and submarines;  auxiliary power units; space life  support systems; industrial  products including mechanical power transmissions, compressors, metering devices and fluid  handling equipment. Heating, ventilating and air conditioning (HVAC) equipment  for commercial, industrial and residential buildings; HVAC replacement parts and services; building controls; commercial and transport refrigeration equipment. Fuel cell systems made by UTC Fuel Cells, microturbines and related products for commercial, transportation, residential and space applications including the U.S. Space Shuttle program. Elevators, escalators, moving walks and shuttle systems and related installation, maintenance and repair services; online design of elevator systems; online elevator and escalator service information; modernization products and services for elevators and escalators. *Free cash flow is net cash provided by operating activities  less capital expenditures as disclosed in the consolidated statement of cash flows.