PPG Industries (PPG) 10-Q2006 Q1 Quarterly report

Filed: 10 May 06, 12:00am

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New words: accepted, air, back, Basic, Bulletin, calculated, Canada, caption, Carolina, causal, Cedar, Chinese, civil, Clean, compliance, conspiracy, counsel, coupled, curve, delivered, deposited, dispute, distributor, escrow, ethylene, financing, half, high, Hong, inflow, Iowa, Kong, larger, largest, legislation, length, level, life, margin, maximum, network, nonresidential, nonvested, NOV, objected, Paint, penalty, percentile, preexisting, prepared, prescribed, properly, qualify, rank, recognition, refund, release, released, reliance, remeasured, request, requisite, respond, scale, SEC, sector, selected, Shelby, stack, target, Title, treasury, unrecognized, Violation, volatility, weaker, wholesale, wholly, work, workforce, working, yield

Removed: AJCA, American, Asian, auction, choose, classification, combined, conditional, Creation, deduction, delayed, earliest, emerging, entity, equipment, European, evaluating, FIN, guarantee, guidance, highly, Iberica, interpretation, invest, investing, IRS, liquid, loan, opportunity, penetrate, positive, program, reclassified, recording, repatriate, repurchased, requirement, reset, Revenue, revised, sell, Spanish, underlying, undistributed, Vermont, vested

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Exhibit 12

PPG INDUSTRIES, INC. AND CONSOLIDATED SUBSIDIARIES

Computation of Ratio of Earnings to Fixed Charges

(Dollars in millions)


	Three Months Ended March 31, 2006		Year Ended December 31
	Three Months Ended March 31, 2006		2005		2004		2003		2002			2001
Earnings:
Earnings (loss) before income taxes and net earnings in equity affiliates	$	264	$	926	$	1,042	$	847	$	(27	)	$	651
Plus:
Fixed charges exclusive of capitalized interest		32		129		132		153		168			208
Amortization of capitalized interest		2		9		10		10		11			10
Adjustments for equity affiliates		—		20		6		3		6			26

Total	$	298	$	1,084	$	1,190	$	1,013	$	158		$	895

Fixed Charges:
Interest expense including amortization of debt discount/premium and debt expense	$	20	$	81	$	90	$	107	$	128		$	169
Rentals - portion representative of interest		12		48		42		46		40			39

Fixed charges exclusive of capitalized interest		32		129		132		153		168			208
Capitalized interest		2		5		3		3		5			13

Total	$	34	$	134	$	135	$	156	$	173		$	221

Ratio of earnings to fixed charges		8.8		8.1		8.8		6.5		—			4.0

Deficiency of earnings to fixed charges	$	—	$	—	$	—	$	—	$	(15	)	$	—

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