Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
FOR THE YEAR ENDED DECEMBER 31
(in millions, except ratios)
1998 1997 1996 1995 1994
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Earnings:
Income before taxes on income, and
before extraordinary loss and
accounting changes $1,604.8 $1,601.7 $1,081.7 $1,470.2 $822.5
Minority interests' share of earnings of
majority-owned subsidiaries
without fixed charges (1.9) 3.0 4.1 2.0 -
Less equity (earnings) losses (50.2) (42.4) (29.6) (59.5) (.3)
Fixed charges added to net income 244.6 181.6 170.7 150.7 138.4
Proportionate share of income (loss)
of 50% owned persons 37.3 35.1 25.3 58.2 1.9
Distributed income of less than 50%
owned persons - - - - -
Amortization of capitalized interest:
Consolidated 20.2 20.2 21.9 23.1 25.5
Proportionate share of 50% owned persons .2 .9 1.2 .8 1.2
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Total earnings $1,855.0 $1,800.1 $1,275.3 $1,645.5 $989.2
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Fixed Charges:
Interest expense:
Consolidated $197.9 $140.9 $133.7 $119.8 $106.7
Proportionate share of 50% owned persons 3.1 3.3 4.9 6.7 7.4
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201.0 144.2 138.6 126.5 114.1
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Amount representative of the interest
factor in rents:
Consolidated 43.2 37.0 31.8 24.0 23.9
Proportionate share of 50% owned persons .4 .4 .3 .2 .4
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43.6 37.4 32.1 24.2 24.3
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Fixed charges added to earnings 244.6 181.6 170.7 150.7 138.4
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Interest capitalized:
Consolidated 13.2 9.0 5.3 1.9 1.5
Proportionate share of 50% owned persons - - - - -
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13.2 9.0 5.3 1.9 1.5
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Preferred stock dividend requirements
of majority-owned subsidiaries - - - 4.9 13.1
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Total fixed charges $257.8 $190.6 $176.0 $157.5 $153.0
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Ratio of earnings to fixed charges 7.20 9.44 7.25 10.45 6.47
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