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Content analysis
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H.S. sophomore Avg
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Exhibit (12)
Eastman Kodak Company
Computation of Ratio of Earnings to Fixed Charges
(in millions, except for ratios)
Year Ended December 31
|
| 2005 |
| 2004 |
| 2003 |
| 2002 |
| 2001 |
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|
|
|
|
|
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(Loss) earnings from continuing operations before provision for income taxes |
| $ | (766 | ) | $ | (94 | ) | $ | 104 |
| $ | 894 |
| $ | 83 |
|
Adjustments: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interest in income/(loss) of subsidiaries with fixed charges |
|
| 4 |
|
| 2 |
|
| 24 |
|
| 17 |
|
| (11 | ) |
Undistributed (earnings)/ loss of equity method investees |
|
| (12 | ) |
| (30 | ) |
| 41 |
|
| 107 |
|
| 77 |
|
Interest expense |
|
| 211 |
|
| 168 |
|
| 147 |
|
| 173 |
|
| 218 |
|
Interest component of rental expense (1) |
|
| 50 |
|
| 54 |
|
| 53 |
|
| 53 |
|
| 42 |
|
Amortization of capitalized interest |
|
| 22 |
|
| 25 |
|
| 27 |
|
| 28 |
|
| 28 |
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Earnings as adjusted |
| $ | (491 | ) | $ | 125 |
| $ | 396 |
| $ | 1,272 |
| $ | 437 |
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Fixed charges: |
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|
|
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|
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|
|
|
|
|
|
|
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Interest expense |
|
| 211 |
|
| 168 |
|
| 147 |
|
| 173 |
|
| 218 |
|
Interest component of rental expense (1) |
|
| 50 |
|
| 54 |
|
| 53 |
|
| 53 |
|
| 42 |
|
Capitalized interest |
|
| 3 |
|
| 2 |
|
| 2 |
|
| 3 |
|
| 12 |
|
|
|
|
|
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|
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Total fixed charges |
| $ | 264 |
| $ | 224 |
| $ | 202 |
| $ | 229 |
| $ | 272 |
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Ratio of earnings to fixed charges |
|
| * |
|
| ** |
|
| 2.0 | x |
| 5.6 | x |
| 1.6 | x |
(1) | Interest component of rental expense is estimated to equal 1/3 of such expense, which is considered a reasonable approximation of the interest factor. |
|
|
* | Earnings for the year ended December 31, 2005 were inadequate to cover fixed charges. The coverage deficiency was $755 million. |
|
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** | Earnings for the year ended December 31, 2004 were inadequate to cover fixed charges. The coverage deficiency was $99 million. |