EX-12 3 dex12.txt COMPUTATION OF RATIO EARNINGS Exhibit 12 ---------- COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ------------------------------------------------- FOR THE YEAR ENDED DECEMBER 31 ------------------------------ (in millions, except ratios) ----------------------------
2000 1999 1998 1997 1996 ---- ---- ---- ---- ---- Earnings: Income before taxes on income and before accounting change $ 2,812 $ 1,849 $ 1,605 $ 1,602 $ 1,082 Minority interests' share of earnings of majority-owned subsidiaries without fixed charges 1 -- (2) 3 4 Less equity earnings (115) (55) (50) (42) (30) Fixed charges added to net income 470 232 245 182 171 Distributed income of less than 50% owned persons 9 9 -- -- -- Amortization of capitalized interest: Consolidated 15 15 20 20 22 Proportionate share of 50% owned persons -- -- -- 1 1 ------- ------- ------- ------- ------- Total earnings $ 3,192 $ 2,050 $ 1,818 $ 1,766 $ 1,250 ======= ======= ======= ======= ======= Fixed Charges: Interest expense: Consolidated $ 427 $ 195 $ 198 $ 141 $ 134 Proportionate share of 50% owned persons 6 4 3 3 5 ------- ------- ------- ------- ------- 433 199 201 144 139 ------- ------- ------- ------- ------- Amount representative of the interest factor in rents: Consolidated 35 32 43 37 32 Proportionate share of 50% owned persons 2 1 1 1 -- ------- ------- ------- ------- ------- 37 33 44 38 32 ------- ------- ------- ------- ------- Fixed charges added to earnings 470 232 245 182 171 ------- ------- ------- ------- ------- Interest capitalized: Consolidated 20 21 13 9 5 Proportionate share of 50% owned persons -- -- -- -- -- ------- ------- ------- ------- ------- 20 21 13 9 5 ------- ------- ------- ------- ------- Preferred stock dividend requirements of majority-owned subsidiaries -- -- -- -- -- ------- ------- ------- ------- ------- Total fixed charges $ 490 $ 253 $ 258 $ 191 $ 176 ======= ======= ======= ======= ======= Ratio of earnings to fixed charges 6.5 8.1 7.0 9.2 7.1 ======= ======= ======= ======= =======