EX-12 3 dex12.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12 Calculation of Ratio of Earnings to Fixed Charges (dollars in millions)
For the six months ended For the year ended June 30, December 31, -------------------------------------------------- 2001 2001 2000 1999 1998 1997 -------- -------- -------- -------- -------- -------- Earnings: Income before income taxes and cumulative effect of accounting change 763 391 265 347 311 79 Addback: Fixed charges less interest capitalized 188 398 341 265 295 212 ----- ---- ---- ---- --- --- Subtotal Earnings 951 789 606 603 606 291 Less: Undistributed losses of equity affiliates (120) (165) (102) (147) (81) (50) Minority interest (2) (3) (4) - - - ----- ---- ---- ---- --- --- Earnings available for fixed charges 1,073 957 712 750 687 341 ===== ==== ==== ==== === === Fixed Charges: Interest on debt and capitalized leases (including interest capitalized) 186 404 359 258 303 229 Interest element of rentals 15 23 25 17 18 17 ----- ---- ---- ---- --- --- Total Fixed Charges 201 427 384 275 321 246 ===== ==== ==== ==== === === Ratio of Earnings to Fixed Charges 5.3 2.2 1.9 2.7 2.1 1.4 ===== ==== ==== ==== === ===