EX-12 5 a2127488zex-12.htm EXHIBIT 12
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Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

						Years ended December 31,
(millions except ratios)			Nine months ended September30, 2003			Years ended December 31,
(millions except ratios)			Nine months ended September30, 2003			2002			2001			2000			1999			1998
Income before income taxes, equity in net income of associates and minority interest			$	388		$	354		$	79		$	65		$	(104	)	$	(44	)
Add back fixed charges:
	Total fixed charges			55			86			101			109			108			46
Dividends from associates				4			3			4			5			4			4
Minority interest				(6	)		(18	)		(11	)		(3	)		(8	)		(6	)

		Income as adjusted	$	441		$	425		$	173		$	176		$	—		$	—

Fixed charges
	Interest expense		$	40		$	65		$	82		$	89		$	89		$	30
	Portion of rents representative of interest factor			15			21			19			20			19			16

		Total fixed charges	$	55		$	86		$	101		$	109		$	108		$	46

Ratio of earnings to fixed charges				8.0			4.9			1.7			1.6			—			—

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENS

						Years ended December 31,
(millions except ratios)			Nine months ended September30, 2003			Years ended December 31,
(millions except ratios)			Nine months ended September30, 2003			2002			2001			2000			1999			1998
Income before income taxes, equity in net income of associates and minority interest			$	388		$	354		$	79		$	65		$	(104	)	$	(44	)
Add back fixed charges:
	Total fixed charges			55			86			101			109			108			46
Dividends from associates				4			3			4			5			4			4
Minority interest				(6	)		(18	)		(11	)		(3	)		(8	)		(6	)

		Income as adjusted	$	441		$	425		$	173		$	176		$	—		$	—

Fixed charges and preferred stock dividends
	Interest expense		$	40		$	65		$	82		$	89		$	89		$	30
	Portion of rents representative of interest factor			15			21			19			20			19			16

		Total fixed charges	$	55		$	86		$	101		$	109		$	108		$	46
	Preferred stock dividends			—			—			19			35			35			11

		Total fixed charges and preferred stock dividends	$	55		$	86		$	120		$	144		$	143		$	57

Ratio of earnings to combined fixed charges and preferred stock dividends				8.0			4.9			1.4			1.2			—			—