EX-12 5 l93742a1exv12.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Amounts in millions, except ratio data)
YEAR ENDED DECEMBER 31, ------------------------------------------------------- 1997 1998 1999 2000 2001 ---- ---- ---- ---- ---- Income (loss) before minority interest and equity $ 310 $ 505 $ 486 $ 293 $ (322) in earnings of affiliates........................ Income taxes...................................... 294 315 251 171 (161) Remitted equity of affiliates..................... 13 16 16 -- 36 ----- ----- ----- ----- ----- 617 836 753 464 (447) ----- ----- ----- ----- ----- Fixed Charges: Interest expense.................................. 251 280 279 323 309 Appropriate portion (1/3) of rentals.............. 39 40 37 39 38 ----- ----- ----- ----- ----- 290 320 316 362 347 ----- ----- ----- ----- ----- Earnings before income taxes, fixed charges and including equity of affiliates ........... $ 907 $ 1,156 $ 1,069 $ 826 $ (100) ----- ----- ----- ----- ----- Ratio of earnings to fixed charges................ 3.1x 3.6x 3.4x 2.3x (A)
SIX MONTHS ENDED JUNE 30, ------------------ 2001 2002 ---- ---- Income (loss) before minority interest and equity in earnings of affiliates................ $ (22) $ 19 Income taxes.................................... (7) 16 Remitted equity of affiliates................... 33 -- ----- ----- 4 35 Fixed Charges: Interest expense................................ 163 134 Appropriate portion (1/3) of rentals............ 18 18 ----- ----- 181 152 ----- ----- Earnings before income taxes, fixed charges and including equity of affiliates........... $ 185 $ 187 ----- ----- Ratio of earnings to fixed charges.............. 1.0x 1.2x ----------------- (A) For the year ended December 31, 2001, earnings were insufficient to cover fixed charges by $447 million.