EX-12 4 p67844exv12.htm EX-12 exv12
 

PHELPS DODGE CORPORATION AND SUBSIDIARIES

Exhibit 12

COMPUTATION OF TOTAL DEBT TO TOTAL CAPITALIZATION
($ in millions)

                   
      March 31,   December 31,
      2003   2002
     
 
Short-term debt
   $ 41.2       35.2  
Current portion of long-term debt
     128.6       127.0  
Long-term debt
     1,935.4       1,948.4  
 
    
     
 
 
Total debt
     2,105.2       2,110.6  
 
Minority interests in consolidated subsidiaries
     66.9       65.3  
Shareholders’ equity
     2,800.2       2,813.6  
 
    
     
 
 
Total capitalization
   $ 4,972.3       4,989.5  
 
    
     
 
Ratio of total debt to total capitalization
     42.3 %     42.3 %