EX-12 3 p72203exv12.htm EXHIBIT 12 exv12
 

 

PHELPS DODGE CORPORATION AND SUBSIDIARIES
Exhibit 12
COMPUTATION OF TOTAL DEBT TO TOTAL CAPITALIZATION
(Unaudited; $ in millions)
                 
    March 31,     December 31,  
    2006     2005  
 
                
Short-term debt
   $ 27.1       14.3  
 
                
Current portion of long-term debt
     2.5       2.5  
 
                
Long-term debt
     674.8       677.7  
 
            
 
                
Total debt
     704.4       694.5  
 
                
Minority interests in consolidated subsidiaries
     1,019.0       915.9  
 
                
Shareholders’ equity
     5,584.4       5,601.6  
 
            
 
                
Total capitalization
   $ 7,307.8       7,212.0  
 
            
 
                
Ratio of total debt to total capitalization
     9.6 %     9.6 %