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| Exhibit 12 |
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INGERSOLL-RAND COMPANY LIMITED | ||||||||||||
COMPUTATIONS OF RATIOS OF EARNINGS TO FIXED CHARGES | ||||||||||||
(Dollar Amounts in Millions) | ||||||||||||
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| Years Ended December 31, | |||||||||
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| 2003 |
| 2002 |
| 2001 |
| 2000 |
| 1999 | |
Fixed charges: |
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| Interest expense |
| $176.5 |
| $230.3 |
| $249.7 |
| $251.7 |
| $182.5 | |
| Amortization of debt discount and expense |
| 2.9 |
| 7.3 |
| 7.4 |
| 6.1 |
| 6.7 | |
| Rentals (one-third of rentals) |
| 26.0 |
| 27.3 |
| 33.6 |
| 25.6 |
| 22.8 | |
| Capitalized interest |
| 3.1 |
| 2.8 |
| 3.2 |
| 3.6 |
| 3.0 | |
| Equity-linked security charges |
| 0.0 |
| 0.0 |
| 8.3 |
| 25.6 |
| 25.6 | |
Total fixed charges |
| $208.5 |
| $267.7 |
| $302.2 |
| $312.6 |
| $240.6 | ||
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Earnings from continuing operations before cumulative |
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effect of change in accounting principle |
| $593.5 |
| $365.6 |
| $180.0 |
| $433.7 |
| $456.6 | ||
Add: | Minority income of majority- |
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| owned subsidiaries |
| 15.0 |
| 14.5 |
| 20.7 |
| 39.8 |
| 29.1 | |
| Taxes on income from continuing operations |
| 94.2 |
| 17.5 |
| (50.0) |
| 223.8 |
| 236.5 | |
| Fixed charges |
| 208.5 |
| 267.7 |
| 302.2 |
| 312.6 |
| 240.6 | |
Less: | Capitalized interest |
| 3.1 |
| 2.8 |
| 3.2 |
| 3.6 |
| 3.0 | |
| Undistributed earnings (losses) from |
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| less than 50% owned affiliates |
| (2.1) |
| (0.1) |
| 0.2 |
| 0.1 |
| (0.5) | |
Earnings available for fixed charges |
| $910.2 |
| $662.6 |
| $449.5 |
| $1,006.2 |
| $960.3 | ||
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Ratio of earnings to fixed charges |
| 4.37 |
| 2.48 |
| 1.49 |
| 3.22 |
| 3.99 | ||
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Undistributed earnings (losses) from less |
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than 50% owned affiliates: |
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| Equity in earnings (losses) |
| ($1.8) |
| $0.6 |
| $0.9 |
| $1.0 |
| $0.2 | |
Less: | Amounts Distributed |
| 0.3 |
| 0.7 |
| 0.7 |
| 0.9 |
| 0.7 | |
| Undistributed earnings (losses) from |
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| less than 50% owned affiliates |
| ($2.1) |
| ($0.1) |
| $0.2 |
| $0.1 |
| ($0.5) | |
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All amounts have been restated to reflect a reclassification of discontinued operations |
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