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Exhibit 12 (a)
AIRBORNE, INC. AND SUBSIDIARIES
RATIO OF TOTAL LONG-TERM
OBLIGATIONS TO TOTAL CAPITALIZATION
DECEMBER 31, 2002 | ||||
(in thousands) | ||||
LONG-TERM OBLIGATIONS: | ||||
Convertible Senior Notes | $ | 150,000 |
| |
Senior Notes |
| 100,000 |
| |
Aircraft Loan |
| 57,558 |
| |
Capital Leases |
| 52,913 |
| |
Revenue Bonds |
| 13,200 |
| |
Other Debt |
| 6,792 |
| |
| 380,463 |
| ||
Less Current Portion |
| 10,372 |
| |
Total Long-term Obligations | $ | 370,091 |
| |
TOTAL CAPITALIZATION: | ||||
Long-term Debt | $ | 370,091 |
| |
Deferred Income Taxes |
| 146,321 |
| |
Shareholders’ Equity, Net |
| 839,163 |
| |
Total Capitalization | $ | 1,355,575 |
| |
PERCENTAGE RATIO OF TOTAL LONG-TERM OBLIGATIONS TO TOTAL CAPITALIZATION |
| 27.3 | % | |
RATIO OF TOTAL LONG-TERM
OBLIGATIONS TO TOTAL CAPITALIZATION,
INCLUDING ACCOUNTS RECEIVABLE SECURITIZATION BALANCES
DECEMBER 31, 2002 | ||||
(in thousands) | ||||
LONG-TERM OBLIGATIONS: | ||||
Convertible Senior Notes | $ | 150,000 |
| |
Senior Notes |
| 100,000 |
| |
Aircraft Loan |
| 57,558 |
| |
Capital Leases |
| 52,913 |
| |
Revenue Bonds |
| 13,200 |
| |
Other Debt |
| 6,792 |
| |
| 380,463 |
| ||
Less Current Portion |
| 10,372 |
| |
Total Long-term Obligations |
| 370,091 |
| |
Advances Under A/R Securitization Facility |
| 200,000 |
| |
Total Long-term Obligations including A/R Securitization | $ | 570,091 |
| |
TOTAL CAPITALIZATION: | ||||
Long-term Obligations | $ | 370,091 |
| |
Advances Under A/R Securitization Facility |
| 200,000 |
| |
Deferred Income Taxes |
| 146,321 |
| |
Shareholders’ Equity, Net |
| 839,163 |
| |
Total Capitalization | $ | 1,555,575 |
| |
PERCENTAGE RATIO OF TOTAL LONG-TERM OBLIGATIONS TO TOTAL CAPITALIZATION |
| 36.6 | % | |