EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratios)
Years Ended December 31, | ||||||||||||||||||||||
2006 | 2005 | 2004 | 2003 | 2002 | 2001 | |||||||||||||||||
Earnings available for fixed charges: | ||||||||||||||||||||||
Earnings from continuing operations before income taxes, minority interest and cumulative effect of change in accounting principle | $ | 601.3 | $ | 331.8 | $ | 356.8 | $ | 228.4 | $ | 167.4 | $ | 79.1 | ||||||||||
Less/add: Equity (income) loss of minority-owned companies | 0.3 | 0.6 | (0.6 | ) | (2.7 | ) | (5.6 | ) | 1.0 | |||||||||||||
Add: Dividends received from investees under the equity method | — | — | — | 1.0 | 0.1 | 0.8 | ||||||||||||||||
Less/add: Minority interest (income) loss in majority-owned subsidiaries | (2.7 | ) | 1.2 | 0.7 | (0.1 | ) | (0.7 | ) | — | |||||||||||||
Add: Fixed charges before capitalized interest | 183.4 | 149.4 | 119.4 | 69.3 | 80.8 | 88.8 | ||||||||||||||||
Add: Amortization of capitalized interest | 4.2 | 6.1 | 6.8 | 7.0 | 7.2 | 7.5 | ||||||||||||||||
Total earnings available for fixed charges | $ | 786.5 | $ | 489.1 | $ | 483.1 | $ | 302.9 | $ | 249.2 | $ | 177.2 | ||||||||||
Fixed charges: | ||||||||||||||||||||||
Interest expense(1) | $ | 139.0 | $ | 110.7 | $ | 85.9 | $ | 51.4 | $ | 62.7 | $ | 70.6 | ||||||||||
Interest portion of rental expense | 44.4 | 38.7 | 33.5 | 17.9 | 18.1 | 18.2 | ||||||||||||||||
Total fixed charges before capitalized interest | 183.4 | 149.4 | 119.4 | 69.3 | 80.8 | 88.8 | ||||||||||||||||
Capitalized interest | 4.7 | 6.0 | 2.2 | 3.1 | 5.3 | 3.1 | ||||||||||||||||
Total fixed charges | $ | 188.1 | $ | 155.4 | $ | 121.6 | $ | 72.4 | $ | 86.1 | $ | 91.9 | ||||||||||
Ratio of earnings to fixed charges | 4.18 | 3.15 | 3.97 | 4.18 | 2.89 | 1.93 | ||||||||||||||||
(1) | Includes amortization of discount related to indebtedness. |