INGERSOLL-RAND COMPANY EXHIBIT 12
COMPUTATIONS OF RATIOS OF EARNINGS TO FIXED CHARGES
(Dollar Amounts in Millions)
Years Ended December 31,
Fixed charges: 1998 1997 1996 1995 1994
Interest expense........................... $227.5 $138.8 $ 122.4 $ 90.0 $ 46.9
Amortization of debt discount and expense.. 7.0 2.0 1.5 0.8 0.4
Rentals (one-third of rentals)............. 25.0 25.5 22.4 21.6 18.8
Capitalized interest....................... 4.0 3.3 4.6 3.6 3.2
Equity-linked security charges............ 19.7 -- -- -- --
Total fixed charges.......................... $283.2 $169.6 $150.9 $ 116.0 $ 69.3
Net earnings .......................... $509.1 $380.5 $358.0 $270.3 $211.1
Add: Minority income of majority-
owned subsidiaries.................. 54.2 17.3 18.9 14.5 15.1
Taxes on income....................... 280.1 233.2 210.3 158.9 118.8
Fixed charges......................... 283.2 169.6 150.9 116.0 69.3
Less: Capitalized interest.................. 4.0 3.3 4.6 3.6 3.2
Undistributed earnings (losses) from
less than 50% owned affiliates...... 33.7 16.2 (23.1) 33.3 33.3
Earnings available for fixed charges ....... $1,088.9 $781.1 $756.6 $522.8 $377.8
Ratio of earnings to fixed charges .......... 3.84 4.61 5.01 4.51 5.46
Undistributed earnings (losses) from less
than 50% owned affiliates:
Equity in earnings (losses)............... $ 37.3 $ 19.4 $ 36.4 $ 36.6 $ 36.6
Less: Amounts distributed.............. 3.6 3.2 59.5 3.3 $ 3.3
Undistributed earnings (losses) from
less-than 50% owned affiliates........... $ 33.7 $16.2 $ (23.1) $ 33.3 $ 33.3