EX-12 5 dex12.txt COMPUTATION OF RATIO OF EARNINGS Exhibit 12 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES FOR THE YEAR ENDED DECEMBER 31 (in millions, except ratios)
2001 2000 1999 1998 1997 -------- -------- ------ ------ ------ Earnings: Income before taxes on income and before accounting change 1,641 2,812 1,849 1,605 1,602 Minority interests' share of earnings of majority-owned subsidiaries without fixed charges - 1 - (2) 3 Less equity earnings (118) (115) (55) (50) (42) Fixed charges added to net income 423 470 232 245 182 Distributed income of less than 50% owned persons 23 9 9 - - Amortization of capitalized interest: Consolidated 13 15 15 20 20 Proportionate share of 50% owned persons - - - - 1 ------ ------ ------ ------ ------ Total earnings 1,982 3,192 2,050 1,818 1,766 ====== ====== ====== ====== ====== Fixed Charges: Interest expense: Consolidated 371 427 195 198 141 Proportionate share of 50% owned persons 6 6 4 3 3 ------ ------ ------ ------ ------ 377 433 199 201 144 ------ ------ ------ ------ ------ Amount representative of the interest factor in rents: Consolidated 44 35 32 43 37 Proportionate share of 50% owned persons 2 2 1 1 1 ------ ------ ------ ------ ------ 46 37 33 44 38 Fixed charges added to earnings 423 470 232 245 182 ------ ------ ------ ------ ------ Interest capitalized: Consolidated 22 20 21 13 9 Proportionate share of 50% owned persons - - - - - ------ ------ ------ ------ ------ 22 20 21 13 9 ------ ------ ------ ------ ------ Total fixed charges 445 490 253 258 191 ====== ====== ====== ====== ====== Ratio of earnings to fixed charges 4.5 6.5 8.1 7.0 9.2 ====== ====== ====== ====== ======