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