EXHIBIT 12
Computation of Ratio of Earnings to Fixed Charges
The computation of Ratio of Earnings to Fixed Charges as shown on this Exhibit 12 is provided pursuant to Items 503(d) and 601(12) of Regulation S-K.
| 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||
| (in millions) | ||||||||||||||||
| Income (loss) before income tax (expense) benefit(A) |
$ | 288 | $ | 120 | $ | (147 | ) | $ | 296 | $ | 55 | |||||
| Dividends from non-consolidated affiliates |
59 | 85 | 111 | 83 | 83 | |||||||||||
| Interest expense(B) |
235 | 456 | 493 | 418 | 300 | |||||||||||
| Debt amortization expense |
16 | 13 | 9 | 13 | 8 | |||||||||||
| Interest portion of rent expense(C) |
18 | 17 | 17 | 15 | 15 | |||||||||||
| Total earnings |
616 | 691 | 483 | 825 | 461 | |||||||||||
| Capitalized interest |
1 | 5 | 7 | 6 | 1 | |||||||||||
| Interest expense(B) |
253 | 473 | 510 | 433 | 315 | |||||||||||
| Debt amortization expense |
16 | 13 | 9 | 13 | 8 | |||||||||||
| Total fixed charges |
270 | 491 | 526 | 452 | 324 | |||||||||||
| Ratio of earnings to fixed charges |
2.28 | 1.41 | — | 1.83 | 1.42 | |||||||||||
| Earnings shortfall |
— | — | (43 | ) | — | — | ||||||||||
| (A) | Excludes equity in income of non-consolidated affiliates and minority interest. |
| (B) | Excludes interest expense on income tax contingencies. |
| (C) | Represents an estimated amount of rental expense (33%) that is deemed to be representative of the interest factor. |
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