EXHIBIT 99.3
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
FOR THE YEAR ENDED DECEMBER 31
(in millions, except ratios)
2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income from continuing operations before taxes on income and before accounting change | $ | 1,970 | $ | 2,153 | $ | 1,645 | $ | 948 | $ | 1,637 | ||||||||||
Minority interests’ share of earnings of majority-owned subsidiaries without fixed charges | — | — | — | — | — | |||||||||||||||
Less equity earnings | (26 | ) | (145 | ) | (138 | ) | (72 | ) | (118 | ) | ||||||||||
Fixed charges added to earnings | 387 | 313 | 346 | 380 | 420 | |||||||||||||||
Distributed income of less than 50% owned persons | 40 | 59 | 35 | 21 | 23 | |||||||||||||||
Amortization of capitalized interest: | ||||||||||||||||||||
Consolidated | 25 | 25 | 21 | 14 | 13 | |||||||||||||||
Proportionate share of 50% owned persons | — | — | — | — | — | |||||||||||||||
Total earnings | $ | 2,396 | $ | 2,405 | $ | 1,909 | $ | 1,291 | $ | 1,975 | ||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense: | ||||||||||||||||||||
Consolidated | $ | 339 | $ | 271 | $ | 314 | $ | 350 | $ | 371 | ||||||||||
Proportionate share of 50% owned persons | 3 | 3 | 4 | 4 | 6 | |||||||||||||||
342 | 274 | 318 | 354 | 377 | ||||||||||||||||
Amount representative of the interest factor in rents: | ||||||||||||||||||||
Consolidated | 43 | 37 | 27 | 25 | 41 | |||||||||||||||
Proportionate share of 50% owned persons | 2 | 2 | 1 | 1 | 2 | |||||||||||||||
45 | 39 | 28 | 26 | 43 | ||||||||||||||||
Fixed charges added to earnings | 387 | 313 | 346 | 380 | 420 | |||||||||||||||
Interest capitalized: | ||||||||||||||||||||
Consolidated | 58 | 27 | 21 | 22 | 22 | |||||||||||||||
Proportionate share of 50% owned persons | — | — | — | — | — | |||||||||||||||
58 | 27 | 21 | 22 | 22 | ||||||||||||||||
Total fixed charges | $ | 445 | $ | 340 | $ | 367 | $ | 402 | $ | 442 | ||||||||||
Ratio of earnings to fixed charges | 5.4 | 7.1 | 5.2 | 3.2 | 4.5 | |||||||||||||||
The financial information of all prior periods has been reclassified to reflect discontinued operations.