Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
FOR THE YEAR ENDED DECEMBER 31
(in millions, except ratios)
1996 1995 1994 1993 1992
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Earnings:
Income before taxes on income, and before
extraordinary loss and accounting changes $1,081.7 $1,470.2 $822.5 $191.1 $298.6
Minority interests' share of earnings of
majority-owned subsidiaries
without fixed charges 4.1 2.0 - (5.9) (5.7)
Less equity (earnings) losses (29.6) (59.5) (.3) 13.0 12.2
Fixed charges added to net income 170.7 150.7 138.4 110.1 133.5
Proportionate share of income (loss)
of 50%-owned persons 25.3 58.2 1.9 (11.5) (11.2)
Distributed income of less than 50%-
owned persons - - - - -
Amortization of capitalized interest:
Consolidated 21.9 23.1 25.5 20.6 20.0
Proportionate share of 50%-owned persons 1.2 .8 1.2 .8 1.0
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Total earnings $1,275.3 $1,645.5 $989.2 $318.2 $448.4
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Fixed Charges:
Interest expense:
Consolidated $133.7 $119.8 $106.7 $ 87.8 $105.4
Proportionate share of 50%-owned person 4.9 6.7 7.4 5.5 7.0
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138.6 126.5 114.1 93.3 112.4
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Amount representative of the interest
factor in rents:
Consolidated 31.8 24.0 23.9 16.4 20.7
Proportionate share of 50%-owned persons
.3 .2 .4 .4 .4
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32.1 24.2 24.3 16.8 21.1
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Fixed charges added to earnings 170.7 150.7 138.4 110.1 133.5
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Interest capitalized:
Consolidated 5.3 1.9 1.5 3.5 11.1
Proportionate share of 50%-owned persons - - - - -
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5.3 1.9 1.5 3.5 11.1
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Preferred stock dividend requirements - 4.9 13.1 29.6 62.4
of majority-owned subsidiaries ----- ----- ----- ----- -----
Total fixed charges $176.0 $157.5 $153.0 $143.2 $207.0
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Ratio of earnings to fixed charges 7.25 10.45 6.47 2.22 2.17
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