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Baxter International Inc. and Subsidiaries
Exhibit 12 - Computation of Ratio of Earnings to Fixed Charges
(Unaudited - in millions, except ratios)
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Year ended December 31 1994 1993(2) 1992 1991 1990
Income from continuing operations
before income tax expense and
cumulative effect of accounting change $801 $(330) $753 $688 $16
Add:
Interest costs 242 232 221 231 264
Estimated interest included
in rentals (1) 43 44 43 36 35
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Fixed charges as defined 285 276 264 267 299
Interest costs capitalized (5) (10) (10) (9) (5)
Losses of less than majority owned
affiliates, net of dividends 18 27 34 32 22
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Income as adjusted $1,099 $(37) $1,041 $978 $332
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Ratio of earnings to fixed charges 3.86 (.13) 3.94 3.66 1.11
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Six months ended June 30 1995
Income before income taxes $429
Add:
Interest costs 107
Estimated interest included in rentals(1) 22
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Fixed charges as defined 129
Interest costs capitalized (3)
Losses of less than majority
owned affiliates, net of dividends 3
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Income as adjusted $558
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Ratio of earnings to fixed charges 4.32
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<FN>
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(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.