EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
FIRST
NINE MONTHS
-----------
1992 1993 1994 1995 1996 1996 1997
---- ---- ---- ---- ---- ----- -----
$ MILLIONS
Earnings before income taxes...... $ 76 $205 $294 $177 $214 $ 164 $ 199
Tax provision of 50% or more owned
unconsolidated companies......... 3 3 6 5 6 2 6
Amortization of capitalized inter-
est:
Consolidated companies........... 3 3 3 2 3 2 3
50% or more owned unconsolidated
companies....................... 1 1 1 1 1 1 --
---- ---- ---- ---- ---- ----- -----
Adjusted earnings before income
taxes........................... 83 212 304 185 224 169 208
---- ---- ---- ---- ---- ----- -----
Interest expense:
Consolidated companies........... 41 36 17 13 18 13 17
50% or more owned unconsolidated
companies....................... 17 4 3 2 7 5 6
Capitalized interest costs....... 2 2 3 8 7 5 11
Amortization of debt discount and
issuance costs.................. 1 1 1 1 1 1 1
Appropriate portion of rentals
under operating leases.......... 15 17 17 18 18 14 15
---- ---- ---- ---- ---- ----- -----
Total fixed charges.............. 76 60 41 42 51 38 50
---- ---- ---- ---- ---- ----- -----
Capitalized interest costs....... (2) (2) (3) (8) (7) (5) (11)
---- ---- ---- ---- ---- ----- -----
Earnings available for fixed
charges.......................... $157 $270 $342 $219 $268 $ 202 $ 247
==== ==== ==== ==== ==== ===== =====
Ratio............................. 2.1x 4.5x 8.3x 5.2x 5.3x 5.3x 4.9x
==== ==== ==== ==== ==== ===== =====
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
PREFERRED AND PREFERENCE DIVIDENDS
FIRST NINE
MONTHS
------------
1992 1993 1994 1995 1996 1996 1997
---- ---- ---- ---- ---- ----- -----
$ MILLIONS
Earnings before income taxes...... $ 76 $205 $294 $177 $214 $164 $199
Tax provision of 50% or more owned
unconsolidated companies......... 3 3 6 5 6 2 6
Amortization of capitalized
interests:
Consolidated companies........... 3 3 3 2 3 2 3
50% or more owned unconsolidated
companies....................... 1 1 1 1 1 1 --
---- ---- ---- ---- ---- ----- -----
Adjusted earnings before income
taxes........................... 83 212 304 185 224 169 208
Interest expense:
Consolidated companies........... 41 36 17 13 18 13 17
50% or more owned unconsolidated
companies....................... 17 4 3 2 7 5 6
Capitalized interest costs....... 2 2 3 8 7 5 11
Amortization of debt discount and
issuance costs.................. 1 1 1 1 1 1 1
Appropriate portion of rentals
under operating leases.......... 15 17 17 18 18 14 15
Preferred and preference dividend
requirements.................... 8 8 -- -- -- -- --
Factor........................... 1.12 1.11 -- -- -- -- --
---- ---- ---- ---- ---- ----- -----
9 9 -- -- -- -- --
---- ---- ---- ---- ---- ----- -----
Total fixed charges.............. 85 69 41 42 51 38 50
---- ---- ---- ---- ---- ----- -----
Capitalized interest costs....... (2) (2) (3) (8) (7) (5) (11)
---- ---- ---- ---- ---- ----- -----
Earnings available for fixed
charges.......................... $166 $279 $342 $219 $268 $202 $247
==== ==== ==== ==== ==== ===== =====
Ratio............................. 2.0x 4.0x 8.3x 5.2x 5.3x 5.3x 4.9x
==== ==== ==== ==== ==== ===== =====