EX-12 3 p69407exv12.htm EX-12 exv12
 

PHELPS DODGE CORPORATION AND SUBSIDIARIES

Exhibit 12

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

                 
    June 30,   December 31,
    2004
   2003
Short-term debt
   $ 35.4       50.5  
Current portion of long-term debt
     207.7       204.6  
Long-term debt
     1,395.3       1,703.9  
 
    
 		      
 		  
Total debt
     1,638.4       1,959.0  
Minority interests in consolidated subsidiaries
     459.1       70.2  
Shareholders’ equity
     3,604.7       3,063.8  
 
    
 		      
 		  
Total capitalization
   $ 5,702.2       5,093.0  
 
    
 		      
 		  
Ratio of total debt to total capitalization
     28.7 %     38.5 %