EX-12 4 a2155229zex-12.htm EXHIBIT 12

Exhibit 12

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

Year Ended December 31,

 

 

 

2004

 

2003

 

2002

 

2001

 

2000

 

 

 

($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes, minority interest and equity in earnings of affiliates

 

$

(136

)

$

81

 

$

(114

)

$

(348

)

$

385

 

Remitted equity in affiliates

 

 

 

 

 

 

 

36

 

 

 

 

 

(136

)

81

 

(114

)

(312

)

385

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

217

 

221

 

259

 

304

 

313

 

Appropriate portion (1/3) of rentals

 

45

 

31

 

23

 

20

 

22

 

Total fixed charges

 

262

 

252

 

282

 

324

 

335

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes, fixed charges and including equity of affiliates

 

$

126

 

$

333

 

$

168

 

$

12

 

$

720

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

(A

)

1.3

x

(B

)

(C

)

2.1

x

 

(A)  For the year ended December 31, 2004, earnings were insufficient to cover fixed charges by $136 million.

(B)  For the year ended December 31, 2002, earnings were insufficient to cover fixed charges by $114 million.

(C)  For the year ended December 31, 2001, earnings were insufficient to cover fixed charges by $312 million.