EX-12 16 exhibit12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES <DOCUMENT>

EXHIBIT 12

IMC Global Inc.
Computation of Ratio of Earnings to Fixed Charges

 

Years ended December 31

 

2001

2000

1999

1998

1997

Fixed charges:

 

 

 

 

 

Interest charges

$  152.3 

$  112.6 

$  111.4  

$  104.7 

$   40.2 

Net amortization of debt discount and  premium and issuance expense


8.4 


5.4 


5.7  


3.8 


0.8 

Interest portion of rental expense

         6.7 

        5.0 

        6.4  

        7.5 

       6.0 

Total fixed charges

$  167.4 

$  123.0 

$  123.5  

$  116.0 

$   47.0 

Earnings:

 

 

 

 

 

Earnings (loss) from continuing operations
  before minority interest


$  (71.4)


$  118.7 


$(390.9) 


$  254.1 


$ 224.6 

Interest charges

152.3 

112.6 

111.4  

104.7 

40.2 

Net amortization of debt discount and  premium and issuance expense


8.4 


5.4 


5.7  


3.8 


0.8 

Interest portion of rental expense

        6.7 

        5.0 

        6.4  

        7.5 

       6.0 

Total earnings (loss)

$    96.0 

$  241.7 

$(267.4) 

$  370.1 

$ 271.6 

 

 

 

 

 

 

Ratio of earnings to fixed chargesa

- 

2.0 

-  

3.2 

5.8 

Adjusted ratio of earnings to fixed chargesb

- 

2.0 

3.1  

4.9 

9.7 

 

a The Company's earnings were insufficient to cover fixed charges by $71.4 million and $390.9 million for the years ended December 31, 2001 and 1999, respectively.

b The adjusted ratio of earnings to fixed charges for the year ended December 31, 2001 excludes special charges of $17.4 million. The Company's earnings, as adjusted to exclude special charges, were insufficient to cover fixed charges by $54.0 million for the year ended December 31, 2001. The adjusted ratio of earnings to fixed charges for the year ended December 31, 2000 excludes a restructuring gain of $1.2 million. The adjusted ratio of earnings to fixed charges for the year ended December 31, 1999 excludes special charges of $651.7 million. The adjusted ratio of earnings to fixed charges for the year ended December 31, 1998 excludes special charges of $195.3 million. The adjusted ratio of earnings to fixed charges for the year ended December 31, 1997 excludes special charges of $183.7 million.