EXHIBIT 12.1
TWE
RATIO OF EARNINGS TO FIXED CHARGES
(IN MILLIONS, EXCEPT RATIOS)
NINE MONTHS
ENDED
SEPTEMBER 30, YEARS ENDED DECEMBER 31,
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1998 1997 1997 1996 1995 1994 1993
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Earnings:
Income before income taxes and extraordinary
items....................................... $ 490 $ 547 $ 722 $ 280 $ 183 $201 $272
Interest expense............................... 418 358 490 475 571 563 573
Amortization of capitalized interest........... 11 32 48 36 33 25 19
Portion of rents representative of an interest
factor...................................... 52 52 72 68 58 47 39
Preferred stock dividend requirements of
majority-owned subsidiaries................. 15 14 19 -- -- -- --
Adjustment for partially-owned subsidiaries and
50%-owned companies......................... 243 238 323 219 175 24 22
Undistributed (earnings) losses of less than
50%-owned companies......................... 37 1 (13) 21 76 58 14
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Total earnings............................ $1,266 $1,242 $1,661 $1,099 $1,096 $918 $939
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Fixed Charges:
Interest expense............................... $ 418 $ 358 $ 490 $ 475 $ 571 $563 $573
Capitalized interest........................... 3 32 33 39 33 25 20
Portion of rents representative of an interest
factor...................................... 52 52 72 68 58 47 39
Preferred stock dividend requirements of
majority-owned subsidiaries................. 15 14 19 -- -- -- --
Adjustment for partially-owned subsidiaries and
50%-owned companies......................... 45 14 22 22 27 24 22
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Total fixed charges....................... $ 533 $ 470 $ 636 $ 604 $ 689 $659 $654
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Ratio of earnings to fixed charges............... 2.4x 2.6x 2.6x 1.8x 1.6x 1.4x 1.4x
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