Exhibit 12.01
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
(Dollars in millions, except ratios)
Six Months Ended Year Ended
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June 30, June 30, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2000 1999 1999 1998 1997 1996 1995
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Income before taxes on income $391.1 $290.9 $674.9 $482.3 $665.8 $519.1 $356.9
Adjustments:
Share of earnings before taxes of 50% owned companies 106.1 72.2 167.8 175.2 111.3 129.5 94.7
Gain (loss) before taxes of greater than 50% owned
unconsolidated subsidiary (1.4) (1.2) 0.7 (3.1)
Distributed income of less than 50% owned companies
and share of loss if debt is guaranteed (1.1)
Amortization of capitalized interest 5.8 7.4 14.5 14.4 16.6 11.8 9.6
Fixed charges net of capitalized interest 82.8 73.5 156.9 138.8 154.9 113.8 90.8
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Earnings before taxes and fixed charges as adjusted $584.4 $444.0 $1,012.9 $809.6 $948.6 $774.9 $548.9
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Fixed charges:
Interest incurred $72.0 $66.7 $134.5 $113.6 $107.7 $79.4 $71.7
Share of interest incurred of 50% owned companies and
interest on guaranteed debt of less than 50% owned
companies 14.1 18.7 33.5 45.4 51.5 38.8 10.2
Interest incurred by greater than 50% owned
unconsolidated subsidiary 0.7
Portion of rent expense which represents interest factor 11.4 10.4 21.4 19.4 17.2 13.7 14.6
Share of portion of rent expense which represents
interest factor for 50% owned companies 3.1 2.6 5.0 5.0 3.8 1.4 2.7
Portion of rent expense which represents interest factor
for greater than 50% owned unconsolidated subsidiary
Amortization of debt costs 1.7 1.7 3.9 3.4 1.8 2.6 0.5
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Total fixed charges 102.3 100.1 198.3 186.8 182.0 135.9 100.4
Capitalized interest (19.5) (26.6) (41.4) (48.0) (27.1) (22.1) (9.6)
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Total fixed charges net of capitalized interest $82.8 $73.5 $156.9 $138.8 $154.9 $113.8 $90.8
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Preferred dividends:
Preferred dividend requirements $0.4 $2.9 $3.5 $15.3 $15.3 $15.7 $15.7
Ratio of pre-tax income to income before minority
interest and equity earnings 2.0 1.4 1.4 1.4 1.5 1.5 1.5
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Pre-tax preferred dividend requirement 0.8 4.1 4.9 21.4 23.0 23.6 23.6
Total fixed charges 102.3 100.1 198.3 186.8 182.0 135.9 100.4
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Fixed charges and pre-tax preferred dividend requirement $103.1 $104.2 $203.2 $208.2 $205.0 $159.5 $124.0
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Ratio of earnings to combined fixed charges and
preferred dividends 5.7x 4.3x 5.0x 3.9x 4.6x 4.9x 4.4x
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