EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratios)
Years Ended December 31, | |||||||||||||||||||||
2005 | 2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||||||
Earnings available for fixed charges: | |||||||||||||||||||||
Earnings from continuing operations before income taxes, minority interest and cumulative effect of change in accounting principle | $ | 331.8 | $ | 356.8 | $ | 228.4 | $ | 167.4 | $ | 79.1 | $ | 448.6 | |||||||||
Less/add: Equity (income) loss of minority-owned companies | 0.6 | (0.6 | ) | (2.7 | ) | (5.6 | ) | 1.0 | 3.1 | ||||||||||||
Add: Dividends received from investees under the equity method | — | — | 1.0 | 0.1 | 0.8 | 1.8 | |||||||||||||||
Less/add: Minority interest (income) loss in majority-owned subsidiaries | 1.2 | 0.7 | (0.1 | ) | (0.7 | ) | — | 0.2 | |||||||||||||
Add: Fixed charges before capitalized interest | 149.4 | 119.4 | 69.3 | 80.8 | 88.8 | 106.0 | |||||||||||||||
Add: Amortization of capitalized interest | 6.1 | 6.8 | 7.0 | 7.2 | 7.5 | 7.7 | |||||||||||||||
Total earnings available for fixed charges | $ | 489.1 | $ | 483.1 | $ | 302.9 | $ | 249.2 | $ | 177.2 | $ | 567.4 | |||||||||
Fixed charges: | |||||||||||||||||||||
Interest expense(1) | $ | 110.7 | $ | 85.9 | $ | 51.4 | $ | 62.7 | $ | 70.6 | $ | 87.7 | |||||||||
Interest portion of rental expense | 38.7 | 33.5 | 17.9 | 18.1 | 18.2 | 18.3 | |||||||||||||||
Total fixed charges before capitalized interest | 149.4 | 119.4 | 69.3 | 80.8 | 88.8 | 106.0 | |||||||||||||||
Capitalized interest | 6.0 | 2.2 | 3.1 | 5.3 | 3.1 | 4.6 | |||||||||||||||
Total fixed charges | $ | 155.4 | $ | 121.6 | $ | 72.4 | $ | 86.1 | $ | 91.9 | $ | 110.6 | |||||||||
Ratio of earnings to fixed charges | 3.15 | 3.97 | 4.18 | 2.89 | 1.93 | 5.13 | |||||||||||||||
(1) | Includes amortization of discount related to indebtedness. |