Praxair 10-K/A 2014 FY Annual report (amended)

RATIO OF EARNINGS TO FIXED CHARGES
				Praxair, Inc. and Subsidiaries
										Exhibit 12.01
	Year Ended December 31,
(Dollar amounts in millions, except ratios)	2014			2013			2012			2011			2010
Pre-tax income from continuing operations before adjustment for
noncontrolling interests in consolidated subsidiaries or income or
loss from equity investees	$	2,395		$	2,447		$	2,296		$	2,323		$	1,964
Capitalized interest	(38		)	(69		)	(70		)	(62		)	(62		)
Depreciation of capitalized interest	27			20			20			22			18
Dividends from less than 50%-owned companies carried at equity	6			10			7			6			9
Adjusted pre-tax income from continuing operations before adjustment
for noncontrolling interests in consolidated subsidiaries or income
or loss from equity investees	$	2,390		$	2,408		$	2,253		$	2,289		$	1,929
Fixed charges
Interest on long-term and short-term debt	$	213		$	178		$	141		$	145		$	118
Capitalized interest	38			69			70			62			62
Rental expenses representative of an interest factor	52			43			39			38			37
Total fixed charges	$	303		$	290		$	250		$	245		$	217
Adjusted pre-tax income from continuing operations before adjustment
for noncontrolling interests in consolidated subsidiaries or income or
loss from equity investees plus total fixed charges	$	2,693		$	2,698		$	2,503		$	2,534		$	2,146
RATIO OF EARNINGS TO FIXED CHARGES	8.9			9.3			10.0			10.3			9.9