Exhibit 12.1 Computation of Ratio of Earnings to Fixed Charges
1999 |
1998 |
1997 |
1996 |
1995 |
1994 |
|
Earnings before taxes |
$173,300 |
$464,400 |
$104,900 |
$102,700 |
$123,500 |
$104,100 |
Add(Deduct) Fixed Charges |
24,200 |
31,400 |
38,200 |
33,500 |
31,500 |
23,200 |
Undistributed earnings of less than 50% owned companies carried at equity |
(2,700) |
(800) |
(500) |
(700) |
(800) |
(400) |
Interest capitalized |
0 |
0 |
0 |
0 |
0 |
(200 ) |
Earnings available for fixed charges |
$194,800 |
$495,000 |
$142,600 |
$135,500 |
$154,200 |
$126,700 |
Fixed charges: Interest, including amounts capitalized |
19,300 |
26,400 |
32,900 |
26,400 |
24,200 |
16,500 |
Proportion of rent expense deemed to represent interest factor |
4,900 |
5,000 |
5,300 |
7,100 |
7,300 |
6,700 |
Fixed Charges |
$ 24,200 |
$ 31,400 |
$ 38,200 |
$ 33,500 |
$ 31,500 |
$ 23,200 |
Ratio of earnings to fixed charges |
12.42 |
15.76 |
3.73 |
4.04 |
4.89 |
5.46 |
IV-30