PPG Industries (PPG) 10-Q2009 Q2 Quarterly report

Filed: 27 Jul 09, 12:00am

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New words: air, apportioned, Citizen, Coalition, Codification, comment, Compliance, conformity, counteracted, deflation, Deputy, DEQ, difficult, discharge, Dow, drainage, elimination, entirety, entry, fill, GAAP, Hawkesbury, input, installation, Intent, Interpretation, JCO, Judicial, LIBOR, McCabe, Michael, Motor, NOI, nongovernmental, nullified, objective, Oceana, Orphan, overruled, publicly, repair, residue, retried, sewer, short, spread, statute, unsecured, Virginia, Water, West

Removed: certified, created, direct, eligible, exercised, noted, participate, plaintiff, represent, resolve, satisfaction, vested, withheld, withholding, working

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Exhibit 12

PPG INDUSTRIES, INC. AND CONSOLIDATED SUBSIDIARIES

Computation of Ratio of Earnings to Fixed Charges

(Dollars in millions)


	Six months ended June 30, 2009		Year Ended December 31
	Six months ended June 30, 2009		2008		2007		2006		2005		2004
Earnings:
Earnings before income taxes and net earnings in equity affiliates	$	152	$	904	$	1,282	$	1,018	$	967	$	1,041
Plus:
Fixed charges exclusive of capitalized interest		135		343		156		137		129		132
Amortization of capitalized interest		3		7		7		8		9		10
Adjustments for equity affiliates		—		18		21		16		20		6

Total	$	290	$	1,272	$	1,466	$	1,179	$	1,125	$	1,189


Fixed Charges:
Interest expense including amortization of debt discount/premium and debt expense	$	97	$	254	$	93	$	83	$	81	$	90
Rentals - portion representative of interest		38		89		63		54		48		42

Fixed charges exclusive of capitalized interest		135		343		156		137		129		132
Capitalized interest		5		8		11		7		5		3

Total	$	140	$	351	$	167	$	144	$	134	$	135


Ratio of earnings to fixed charges		2.1		3.6		8.8		8.2		8.4		8.8

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