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?Positive | ||
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Constraining | ||
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8th grade Avg
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Filing tables
Filing exhibits
- 10-K Annual report
- 10 EX-10.E.VI: Revised Form of Employment Agreement
- 10 EX-10.E.XI: Severence Benefit Plan As Amended and Restated
- 10 EX-10.L: Retirement Benefits Equalization Plan
- 10 EX-10.N: Cash Long-term Incentive Plan
- 10 EX-10.O: Long-term Performance Share Unit Incentive Plan
- 10 EX-10.W Summary of Director Compensation
- 12 EX-12: Computation of Ratio of Earnings to Fixed Charges
- 21 EX-21: Subsidiaries
- 23 EX-23: Consent of Deloitte & Touche LLP
- 24 EX-24: Power of Attorney
- 31.1 EX-31.1: Certification
- 31.2 EX-31.2: Certification
- 32.1 EX-32.1: Certification
- 32.2 EX-32.2: Certification
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Exhibit 12
SCHERING-PLOUGH CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
Years Ended December 31 | ||||||||||||||||||||
2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||||||
(Loss)/Income Before Income Taxes | $ | (168 | ) | $ | (46 | ) | $ | 2,563 | $ | 2,523 | $ | 3,188 | ||||||||
Less: Equity Income | 347 | 54 | — | — | — | |||||||||||||||
(Loss)/Income Before Income Taxes and Equity Income | (515 | ) | (100 | ) | 2,563 | 2,523 | 3,188 | |||||||||||||
Add Fixed Charges: | ||||||||||||||||||||
Preference Dividends | 34 | — | — | — | — | |||||||||||||||
Interest Expense | 168 | 81 | 28 | 40 | 44 | |||||||||||||||
One-third of Rental Expense | 30 | 30 | 27 | 24 | 24 | |||||||||||||||
Capitalized Interest | 20 | 11 | 24 | 25 | 20 | |||||||||||||||
Total Fixed Charges | 252 | 122 | 79 | 89 | 88 | |||||||||||||||
Less: Capitalized Interest | 20 | 11 | 24 | 25 | 20 | |||||||||||||||
Less: Preference Dividends | 34 | — | — | — | — | |||||||||||||||
Add: Amortization of Capitalized Interest | 9 | 9 | 8 | 7 | 7 | |||||||||||||||
Add: Distributed Income of Equity Investees | 228 | 32 | — | — | — | |||||||||||||||
(Loss)/Earnings Before Income Taxes and Fixed Charges (other than Capitalized Interest) | $ | (80 | ) | $ | 52 | $ | 2,626 | $ | 2,594 | $ | 3,263 | |||||||||
Ratio of Earnings to Fixed Charges | (0.3 | ) | * | 0.4 | 33.2 | 29.1 | 37.1 | |||||||||||||
*For the year ended December 31,2004, earnings were insufficient to cover fixed charges by $332.
“Earnings” consist of (loss)/income before income taxes and equity income, plus fixed charges (other than capitalized interest and preference dividends), amortization of capitalized interest and distributed income of equity investee. “Fixed charges” consist of interest expense, capitalized interest, preference dividends and one-third of rentals which Schering-Plough believes to be a reasonable estimate of an interest factor on leases.