Exhibit 12
Year Ended | Six Months Ended | |||||||||||||||||||||||
December 31 2008 | December 31 2009 | December 31 2010 | December 31 2011 | December 31 2012 | June 30 2013 | |||||||||||||||||||
Computation of Earnings: | ||||||||||||||||||||||||
Income/(loss) from continuing operations before income taxes and cumulative effect of a change in accounting | $ | 442 | $ | 459 | $ | 614 | $ | 587 | $ | 636 | $ | 302 | ||||||||||||
Adjustments to income: | ||||||||||||||||||||||||
Add: Distributed income from less than 50% owned companies | 2 | 2 | 2 | 4 | 1 | 0 | ||||||||||||||||||
Add: Fixed charges as presented below | 323 | 268 | 221 | 251 | 256 | 134 | ||||||||||||||||||
Subtract: Interest capitalized | 0 | 0 | 0 | 1 | 9 | 3 | ||||||||||||||||||
Add: Amortization of interest previously capitalized | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
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Earnings | $ | 767 | $ | 729 | $ | 837 | $ | 843 | $ | 902 | $ | 439 | ||||||||||||
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Computation of Fixed Charges: | ||||||||||||||||||||||||
Interest incurred | $ | 291 | $ | 237 | $ | 193 | $ | 222 | $ | 214 | $ | 116 | ||||||||||||
Amortization of debt-related costs | 11 | 10 | 10 | 10 | 12 | 5 | ||||||||||||||||||
Portion of rental expense representative of | 21 | 21 | 18 | 18 | 21 | 10 | ||||||||||||||||||
Interest capitalized | 0 | 0 | 0 | 1 | 9 | 3 | ||||||||||||||||||
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Total fixed charges | $ | 323 | $ | 268 | $ | 221 | $ | 251 | $ | 256 | $ | 134 | ||||||||||||
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Ratio of earnings to fixed charges | 2.4 | 2.7 | 3.8 | 3.4 | 3.5 | 3.3 |
(1) | One-third of net rent expense is the portion deemed representative of the interest factor. |