EXHIBIT 12
- --------------------------------------------------------------------------------
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions, except ratios)
- --------------------------------------------------------------------------------
YEAR ENDED DECEMBER 31,
- -------------------------------------------------------------------------------------------
1993 1992 1991 1990 1989
- -------------------------------------------------------------------------------------------
Income (loss) from continuing operations before income tax
expense (benefit) $ (330) $ 753 $ 688 $ 16 $ 578
Add:
Interest costs 232 221 231 264 291
Estimated interest included in rentals (1) 44 43 36 35 30
- -------------------------------------------------------------------------------------------
Fixed charges as defined 276 264 267 299 321
Interest costs capitalized (10) (10) (9) (5) (7)
Losses of less than majority owned affiliates, net of
dividends 27 34 32 22 15
- -------------------------------------------------------------------------------------------
Income (loss) as adjusted $ (37) $ 1,041 $ 978 $ 332 $ 907
--------- --------- --------- --------- ---------
--------- --------- --------- --------- ---------
- -------------------------------------------------------------------------------------------
Ratio of earnings to fixed charges (0.13) 3.94 3.66 1.11 2.83
--------- --------- --------- --------- ---------
--------- --------- --------- --------- ---------
- -------------------------------------------------------------------------------------------
<FN>
(1) Represents the estimated interest portion of rents.
(2) Earnings were inadequate to cover fixed charges for the year-ended December
31, 1993, due to the provision for the restructuring program costs. The
amount of the coverage deficiency is $313 million.
32