EX-12 17 dex12.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12 STATEMENT SETTING FORTH DETAIL FOR COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Millions of dollars)
Year Ended December 31, --------------------------------------- 2001 2000 1999 1998 1997 ---- ---- ---- ---- ---- Income (loss) from continuing operations before income taxes. $ (221) $ 693 $ (104) $ 89 $ 456 Fixed charges: Interest expense, gross.................................. 495 627 717 385 103 Portion of rentals representative of interest............ 44 46 53 35 19 --------------------------------------- Total fixed charges before capitalized interest..... 539 673 770 420 122 Capitalized interest..................................... 3 -- -- -- 5 --------------------------------------- Total fixed charges including capitalized interest. 542 673 770 420 127 --------------------------------------- Earnings before fixed charges................................. $ 318 $1,366 $ 666 $ 509 $ 578 Ratio of earnings to fixed charges (a)........................ -- 2.0 -- 1.2 4.6 =======================================
(a) In 2001 and 1999, earnings were insufficient to cover fixed charges by $224 million and $104 million, respectively.