EXHIBIT (12)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
---------------------------------------------------
Millions of Dollars
Years Ended June 30
-------------------------------------------------
1990 1991 1992 1993 1994
------ ------ ------ ------ ------
EARNINGS AS DEFINED
- - -------------------
Earnings from operations before income taxes
after eliminating undistributed earnings
of 20% to 50% owned affiliates $2,401 $2,652 $2,870 $ 294 $3,307
Fixed charges excluding capitalized interest 480 435 584 631 569
-------- -------- -------- -------- --------
TOTAL EARNINGS, AS DEFINED $2,881 $3,087 $3,454 $ 925 $3,876
====== ====== ====== ====== ======
FIXED CHARGES, AS DEFINED
- - -------------------------
Interest expense $ 442 $ 395 $ 510 $ 552 $ 482
1/3 of rental expense 38 40 74 79 87
------- ------- ------- ------- -------
480 435 584 $ 631 $ 569
Capitalized interest 3 17 25 25 19
------- ------- ------- ------- -------
TOTAL FIXED CHARGES, AS DEFINED $ 483 $ 452 $ 609 $ 656 $ 588
====== ====== ====== ====== ======
RATIO OF EARNINGS TO FIXED CHARGES 6.0 6.8 5.7 1.4 6.6