Exhibit (12)
SNAP-ON INCORPORATED
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
Three Months Ended Nine Months Ended
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Sept. 28, Sept. 29, Sept. 28, Sept. 29,
2002 2001 2001 2002
------------- -------------- -------------- -----------
Net earnings $ 19.2 $ .6 $ 72.9 $ 36.4
Add (deduct):
Income taxes 10.9 2.6 39.4 26.7
Minority interest in earnings
of consolidated subsidiaries .9 .6 2.0 1.6
Cumulative effect - - (2.8) 2.5
---------- ----------- --------- --------
Net earnings as defined 31.0 3.8 111.5 67.2
Fixed charges:
Interest on debt 6.9 9.1 22.2 27.2
Interest element of rentals 1.3 1.3 3.9 3.9
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Total fixed charges 8.2 10.4 26.1 31.1
---------- ----------- --------- --------
Total adjusted earnings available
for payment of fixed charges $ 39.2 $ 14.2 $ 137.6 $ 98.3
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Ratio of earnings to fixed charges 4.8 1.4 5.3 3.2
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For purpose of computing this ratio, "Net Earnings" consists of (i) income
from continuing operations before income taxes and adjusted for minority
interest, and (ii) "Fixed Charges," which consists of interest on debt and the
estimated interest portion of rents.